Core Viewpoint - Kefu Medical, known for its "Beibeijia" brand, is facing dual challenges of growth bottlenecks and transformation difficulties despite impressive sales figures driven by marketing efforts [1][2]. Financial Performance - Kefu Medical's revenue from 2022 to 2024 showed stagnation, with figures of 2.977 billion, 2.854 billion, and 2.983 billion respectively [2]. - The company's net profit during the same period was 301 million, 254 million, and 312 million, indicating a lack of significant growth [2]. - In the first half of 2025, revenue declined by 4.03% year-on-year to 1.496 billion, while net profit fell by 9.51% to 167 million [2]. - The rehabilitation aids segment, despite being the largest business area, saw a revenue drop of 6.41% to 563 million in the first half of 2025 [2][3]. Product Structure - The revenue breakdown shows that rehabilitation aids are the largest segment, but their performance is declining, raising concerns about growth potential [2]. - Medical care and health monitoring segments are growing, with revenues of 424 million and 271 million respectively, showing increases of 9.67% and 12.89% [3]. Sales and Marketing - Kefu Medical's sales expenses reached 480 million in the first half of 2025, accounting for 32.1% of total revenue, indicating high marketing costs [10]. - The company has maintained a stable dividend strategy, distributing a total of 1.235 billion in dividends since its listing, with a cash dividend of 6 yuan per 10 shares in 2025 [7]. Transformation Challenges - The company's reliance on marketing-driven growth has not fundamentally changed its business model, raising questions about the sustainability of this approach [8]. - R&D investment is insufficient, with only 40 million allocated in the first half of 2025, representing just 2.68% of revenue, and a decline in R&D spending from 118 million to 96.4 million from 2022 to 2024 [10]. International Expansion - Kefu Medical's overseas revenue reached 96.76 million in the first half of 2025, a growth of over 200%, primarily driven by acquisitions [11]. - The company faces challenges in integrating diverse acquisitions and achieving synergies, with overseas revenue only accounting for 6.5% of total revenue [13]. - The aggressive expansion strategy may lead to financial burdens and integration risks, particularly in mature markets with intense competition [11][13]. Conclusion - Kefu Medical's ambition to transition from a marketing-driven to a technology-driven company is commendable, but it faces significant hurdles in achieving sustainable growth and innovation [14].
背背佳母公司可孚医疗：矫姿王牌的“转型”何去何从？