Core Viewpoint - The company, Kewei Medical, is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international presence and brand influence [2][3]. Group 1: Company Overview - Kewei Medical specializes in the research, production, sales, and service of medical devices, covering health monitoring, rehabilitation aids, respiratory support, medical care, and traditional Chinese medicine [2]. - The company was listed on the A-share market in October 2021, achieving a net profit of approximately 429 million yuan that year, but experienced a decline in the following two years, with a recovery to 312 million yuan in 2024 [2][6]. Group 2: Internationalization Strategy - The management has indicated that the H-share issuance aligns with national policies supporting companies to "go global," and the Hong Kong market offers a high degree of internationalization and quality financing opportunities [3]. - The company aims to enhance its overseas business capabilities and optimize cross-border mergers and acquisitions through the establishment of the H-share platform [3]. Group 3: Recent Acquisitions - In the first half of the year, Kewei Medical completed acquisitions of Shanghai Huazhou and Ximaner, which are expected to strengthen its overseas business resources [2][4]. - Shanghai Huazhou, established in 2002, is a well-known domestic manufacturer of pressure-sensitive adhesive products, with over 60% of its revenue coming from overseas [4]. - Ximaner, founded in 1988, operates retail and wholesale medical device centers in Hong Kong, enhancing Kewei Medical's market presence [5]. Group 4: Financial Performance - In 2024, Kewei Medical reported revenues of 2.983 billion yuan, a year-on-year increase of 4.53%, and a net profit of 312 million yuan, up 22.6% [6]. - The company’s domestic revenue accounted for approximately 98.02% of total revenue, while overseas revenue was only about 59.15 million yuan, indicating that international operations are still in the development phase [6]. - The company has experienced significant fluctuations in performance since its IPO, with net profit dropping to approximately 254 million yuan in 2023 after a peak in 2021 [6]. Group 5: Recent Challenges - In the first quarter of the current year, Kewei Medical's revenue decreased by 8.59% to approximately 738 million yuan, and net profit fell by 9.68% to about 91.43 million yuan [7]. - The company’s sales expenses increased by 31.4% to approximately 973 million yuan, primarily due to the expansion of its retail network and increased marketing investments [6][7].
A股上市即业绩巅峰 可孚医疗拟赴港IPO