湖南夫妇卖背背佳：年入29.83亿，全国第一，港股上市

Core Viewpoint - The company Kefu Medical, known for its home health products, is preparing for an IPO on the Hong Kong Stock Exchange, aiming for a dual listing in both A-share and H-share markets [2] Company Overview - Kefu Medical, headquartered in Hunan, specializes in home health products such as blood pressure monitors, blood glucose meters, hearing aids, wheelchairs, nebulizers, and COVID-19 testing kits [3][4] - As of September 22, 2023, Kefu Medical has a market capitalization of 8.241 billion RMB [5] Business Development - Founded by Zhang Min in 2007, Kefu Medical started as a small medical device retail store and has since evolved into a significant player in the home medical device market [6][8] - The company launched its first online flagship store on Tmall in 2014, expanding its sales channels and reaching consumers in remote areas [10] Product Line and Revenue - Kefu Medical offers over 200 products across five core treatment areas: rehabilitation aids, medical care, health monitoring, respiratory support, and traditional Chinese medicine therapy [11] - In 2024, the revenue from rehabilitation aids is projected to be 1.039 billion RMB, accounting for 34.8% of total revenue, with the "Beibeijia" posture corrector holding a nearly 30% market share in its category [12] Sales Channels - Online sales dominate Kefu Medical's revenue structure, contributing 1.981 billion RMB (66.4% of total revenue) in 2024, with significant performance on platforms like Tmall, JD, Douyin, and Xiaohongshu [14] - The company operates 738 self-owned stores, primarily "Jianer Hearing" service centers, covering over 135 cities [14] Market Presence - Kefu Medical ranks second in the Chinese home medical device market by sales revenue and first in the rehabilitation aids segment [16] - The "Beibeijia" brand leads in sales of posture correctors, while the "Jianer Hearing" brand ranks among the top three in the hearing aid industry [17][18] Financial Performance - Kefu Medical's revenue for 2022, 2023, and 2024 was 2.977 billion RMB, 2.854 billion RMB, and 2.983 billion RMB, respectively, with a gross profit margin improvement from 37.8% in 2022 to 50.6% in 2024 [19] Industry Trends - The aging population in China, with over 310 million people aged 60 and above by 2024, drives demand for home medical devices [20] - The increasing public health awareness and the growing chronic disease patient population further enhance the need for home health management solutions [22] Future Opportunities - The home medical device industry is undergoing significant transformation, with opportunities arising from smart technology integration, diversified consumer groups, multi-functional products, and the rise of domestic brands [23][24][28]