Core Viewpoint - Recently, Kefu Medical submitted its main board listing application to the Hong Kong Stock Exchange, officially starting the "A+H" dual listing process despite facing declining performance in the first half of 2025 [1][11] Group 1: Financial Performance - Kefu Medical is one of China's largest home medical device companies, with revenues of RMB 29.77 billion, RMB 28.54 billion, and RMB 29.83 billion from 2022 to 2024, indicating stagnation in growth [3] - The company's net profits during the same period were RMB 3.01 billion, RMB 2.54 billion, and RMB 3.12 billion, with a decline of 4% in revenue and 9.7% in net profit in the first half of 2025 [4] - Despite the financial downturn, Kefu Medical has maintained a stable dividend strategy, distributing a total of RMB 12.35 billion in dividends since its listing, with a cash dividend of RMB 6 per 10 shares in 2025 [4] Group 2: Product and Market Challenges - Kefu Medical faces challenges with its main products, particularly the "Beibeijia" posture correction device, which has been subject to controversy regarding its effectiveness [5][8] - The company acquired the operating entity of Beibeijia for RMB 1.77 billion and has positioned it as a "posture management expert," achieving revenue of RMB 5 billion in 2024, capturing a market share of 27.2% in the rehabilitation aids sector [6][8] - However, complaints about the product's efficacy have persisted, with users reporting a lack of noticeable correction effects and discomfort from prolonged use [8] Group 3: Marketing and R&D Expenditure - In the first half of 2025, Kefu Medical's sales expenses reached RMB 480 million, accounting for 32.1% of total revenue, while R&D expenses were only RMB 40 million, representing 2.68% [10] - From 2022 to 2024, sales and distribution expenses increased from RMB 619 million to RMB 973 million, while R&D spending decreased from RMB 118 million to RMB 96 million [10] Group 4: Globalization Strategy - Kefu Medical views its Hong Kong listing as a crucial step in advancing its globalization strategy, with plans to use the raised funds for product innovation, global sales network expansion, and brand marketing [11]
功效争议不断却年卖5亿，“背背佳”母公司可孚医疗赴港上市寻输血