可孚医疗要去港股，净利下滑！

Core Viewpoint - Kefu Medical Technology Co., Ltd. has submitted an application for a dual listing on the Hong Kong Stock Exchange, marking the official start of its A+H dual listing strategy, following its previous listing on the A-share market [1][5]. Group 1: Company Overview - Kefu Medical, established in 2007, focuses on five categories of home medical devices, including rehabilitation aids, medical care products, health monitoring devices, respiratory support products, and traditional Chinese medicine therapy products, making it one of the largest home medical device companies in China [5][6]. - According to Frost & Sullivan, Kefu Medical ranks second among all home medical device companies in China by sales revenue for 2024 [6]. Group 2: Financial Performance - Kefu Medical's revenue for the years 2022 to 2025 (first half) is approximately 2.977 billion, 2.854 billion, 2.983 billion, and 1.496 billion yuan, respectively, with a compound annual growth rate of 2.9% over the past three years [7]. - The company's net profit for the same period is approximately 302 million, 253 million, 312 million, and 167 million yuan, indicating a decline in profitability in 2023, with a further 9.5% year-on-year decrease in net profit in the first half of 2025 [8]. Group 3: Market Position and Strategy - Kefu Medical has achieved significant online sales success, with 2024 online sales reaching 1.981 billion yuan, ranking second among home medical device companies in China [10]. - The company has established a comprehensive presence on major e-commerce platforms, leveraging "Douyin + e-commerce" strategies to capture market share [11]. - Kefu Medical is actively expanding its overseas business, with international revenue accounting for only 1.98% of total revenue in 2024, but showing significant growth of over 200% in the first half of 2025 [11]. Group 4: Future Plans - The funds raised from the Hong Kong listing will primarily be used for product research and development, global sales network expansion, business development, brand marketing, and supplementing working capital [11].