Core Viewpoint - Company Kefu Medical has submitted an IPO application to the Hong Kong Stock Exchange, aiming to become the first "A+H" listed company in China's home medical device industry and expand its global market presence [2] Group 1: Financial Performance - Kefu Medical's revenue and net profit growth have slowed post-pandemic, with revenues of RMB 29.77 billion in 2022, RMB 28.54 billion in 2023, and projected RMB 29.83 billion in 2024, while net profits are expected to be RMB 3 billion in 2022, RMB 2.53 billion in 2023, and RMB 3.12 billion in 2024 [3][4] - In the first half of 2025, the company reported a 4% decline in revenue and a 9.7% drop in net profit compared to the previous year [3] Group 2: Product Segmentation - Rehabilitation aids have become Kefu Medical's largest revenue segment, contributing 38.8% of total revenue in the first half of 2025, with a gross margin of 61.99% [5] - The "Beibeijia" posture correction product has been a key growth driver, achieving sales of approximately RMB 5 billion in 2024 and capturing a 27.2% market share in its category [7][8] Group 3: Marketing and Sales Strategy - Kefu Medical's sales expenses reached RMB 4.8 billion in the first half of 2025, accounting for 32.1% of total revenue, while R&D expenses were only RMB 40.05 million, representing 2.68% [9][10] - The company heavily relies on online sales channels, with online direct sales increasing from 29.8% in 2022 to 35.8% in 2024 [11][12] Group 4: International Expansion - The IPO aims to enhance Kefu Medical's international financing capabilities and promote its globalization strategy, with overseas revenue rising from RMB 42.06 million in 2022 to RMB 96.76 million in the first half of 2025, now accounting for 6.5% of total revenue [13][14] - Recent acquisitions, including Hong Kong's Ximan Medical and Shanghai Huazhou, are expected to significantly boost overseas revenue and market presence [13][14]
背背佳翻红背后，可孚医疗寻求「A+H」上市突围