证券代码：301087 证券简称：可孚医疗 公告编号：2025-082 可孚医疗科技股份有限公司 2025年第四次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东会未出现否决议案的情形。 2、本次股东会未涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 1、会议召开时间： （1）现场会议召开时间：2025 年 11 月 14 日（星期五）14:30。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 11 月 14 日的交易时间，即 9:15 - 9:25，9:30 - 11:30 和 13:00 - 15:00；通 过深圳证券交易所互联网投票系统（http://wltp.cninfo.com.cn）投票的具体时间 为：2025 年 11 月 14 日 9:15 - 15:00。 2、现场会议召开地点：长沙市雨花区万家丽中路一段 426 号高桥大健康医 药城 8 楼 801 会议室。 3、会议召开方式：采取现场投票与网络投票相结合的方式。 4、会议召集人：公司董事会。 5、会议 ...

湖南启元律师事务所 关于 可孚医疗科技股份有限公司 2025年第四次临时股东会的 法律意见书 二零二五年十一月 1 致：可孚医疗科技股份有限公司 湖南启元律师事务所（以下简称"本所"）接受可孚医疗科技股份有限公司（以 下简称"公司"）的委托，指派本所律师出席了公司 2025 年第四次临时股东会（以 下简称"本次股东会"），对本次股东会的召集和召开程序、出席会议人员及召集 人的资格、表决程序和表决结果的合法有效性进行现场律师见证，并发表本法律 意见。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以 下简称"《股东会规则》"）等我国现行法律法规、规范性文件以及《可孚医疗科 技股份有限公司章程》（以下简称"《公司章程》"）的有关规定出具本法律意见 书。 本所律师声明如下： （一）本所律师根据本法律意见书出具日以前已经发生或者存在的事实，严 格履行了法定职责，遵循了勤勉尽责和诚实信用原则，进行了充分的核查验证， 保证本法律意见所认定的事实真实、准确、完整，所发表的结论性意见合法、准 确，不存在虚假记载、误导性陈述或者重大 ...

Core Viewpoint - Kefu Medical's stock price has declined, closing at 44.13 yuan with a drop of 2.73%, currently in a state of breaking issue [1] Group 1: Company Overview - Kefu Medical submitted an application for the issuance of overseas listed foreign shares (H shares) to the Hong Kong Stock Exchange on August 29, 2025 [1] - The company was listed on the Shenzhen Stock Exchange's ChiNext board on October 25, 2021, with an initial public offering of 40 million shares at a price of 93.09 yuan per share [1] - The highest price recorded for Kefu Medical's stock was 95.00 yuan on October 26, 2021, the day after its listing [1] Group 2: Financial Highlights - Kefu Medical raised a total of 3.724 billion yuan from its initial public offering, with a net amount of 3.527 billion yuan after deducting issuance costs [1] - The final net fundraising amount exceeded the original plan by 2.52 billion yuan, which was initially set at 1.007 billion yuan for various projects including the construction of a health monitoring and medical care product production base [1] - The total issuance costs for the IPO amounted to 197 million yuan, with underwriting and sponsorship fees accounting for 174 million yuan [2] Group 3: Shareholder Returns - In 2021, Kefu Medical announced a dividend distribution plan, distributing 16.00 yuan in cash for every 10 shares and a capital reserve increase of 3.00 shares for every 10 shares held [2] - The total share capital increased from 160,375,000 shares to 208,487,500 shares following the dividend distribution [2]

Core Viewpoint - The company has reported strong growth in Q3 2025, achieving a revenue of 9.02 billion yuan, marking a 30.72% increase, and a net profit of 0.93 billion yuan, up 38.68%, leading to an "outperform" rating for the stock [1][2][3] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 23.98 billion yuan, reflecting a growth of 6.63%, and a net profit attributable to shareholders of 2.60 billion yuan, which is a 3.30% increase [2] - The gross margin stood at 53.35%, an increase of 1.97 percentage points, while the net margin was 10.82%, a decrease of 0.38 percentage points [2] Business Segments - The hearing aid segment, represented by Jianer Hearing, significantly reduced its losses and is expected to contribute positively to profits. The focus for 2025 will be on improving the operational quality of existing stores [3] - The international business has shown steady growth, with B2B operations benefiting from increased customer loyalty and rising order amounts. Successful integration of acquisitions like Huazhou and Ximan has laid a solid foundation for ongoing international growth [3]

Group 1 - Haitong International issued a report on November 12, giving KeFu Medical (301087.SZ, latest price: 44.5 CNY) an "outperform" rating with a target price of 53.84 CNY [1] - The rating rationale includes significant reduction in losses from the hearing aid business, which is expected to contribute to profits [1] - The international business is steadily improving, indicating potential for growth [1]

Core Insights - The eighth China International Import Expo (CIIE) showcased a growing interest in hearing aids, with major companies like Sonova and Oticon presenting their latest AI-driven products, indicating a shift towards advanced technology in this sector [1][4][6] Industry Trends - The hearing aid market is increasingly focusing on AI technology, with products designed to enhance user experience by improving sound clarity and reducing listening fatigue. For instance, Sonova's new hearing aids claim a 50% improvement in speech understanding and a 37% reduction in listening fatigue [4] - Domestic companies are also leveraging AI, as evidenced by Kefu Medical's collaboration with Tencent Cloud, which resulted in a new bone conduction hearing aid that improves speech clarity by up to 85% in noisy environments [4] Competitive Landscape - The competition in the hearing aid market is intensifying, with both domestic and international players adopting similar technological advancements. Companies are utilizing deep neural network algorithms to differentiate between voices and reduce background noise [4][6] - There is a significant price disparity between domestic and imported hearing aids, with Kefu's products priced below 3000 yuan, while Oticon's and Sonova's products can exceed 30,000 yuan for single-ear models [6] Consumer Considerations - The effectiveness of hearing aids is heavily influenced by the fitting process, which varies significantly based on the skill level of the fitters. Consumers are advised to research and choose reliable fitting services to avoid misleading practices [7]

Core Viewpoint - The stock of Kefu Medical (301087) has shown a decline in price and mixed capital flow trends, with institutional ratings remaining positive despite recent fluctuations in trading volume and price [1][2][4]. Group 1: Stock Performance - As of November 11, 2025, Kefu Medical's stock closed at 44.5 yuan, down 1.09% with a turnover rate of 0.78% and a trading volume of 15,200 lots, resulting in a transaction amount of 67.95 million yuan [1]. - Over the past five days, the stock has experienced a price decline, with a notable drop of 1.09% on November 11, following a decrease of 1.08% on November 10 [2]. Group 2: Capital Flow Analysis - On November 11, 2025, the net outflow of main funds was 312.12 thousand yuan, accounting for 4.59% of the total transaction amount, while retail investors saw a net inflow of 296.41 thousand yuan, representing 4.36% of the total [1][2]. - The capital flow data indicates a shift in investor sentiment, with retail investors showing a preference for buying despite the overall decline in stock price [2]. Group 3: Financial Metrics and Industry Comparison - Kefu Medical's total market capitalization is 9.296 billion yuan, with a net asset value of 4.75 billion yuan and a net profit of 260 million yuan, ranking 42nd, 29th, and 24th respectively in the medical device industry [3]. - The company reported a gross margin of 53.35% and a net margin of 10.82%, both of which are above the industry averages, indicating strong operational efficiency [3]. - For the first three quarters of 2025, Kefu Medical's main revenue reached 2.398 billion yuan, a year-on-year increase of 6.63%, while the net profit rose by 3.3% to 260 million yuan [3]. Group 4: Institutional Ratings - In the last 90 days, eight institutions have rated Kefu Medical with a "buy" recommendation, and the average target price set by these institutions is 53.84 yuan [4].

Core Points - The 8th China International Import Expo took place from November 5 to 10, showcasing a commitment to international trade and cooperation [1][3] - Changsha sent over 800 professional attendees to the expo, emphasizing its dedication to open innovation and global resource integration [3][16] - Notable companies like Metro, Fosun Pharma, and Volkswagen participated, highlighting their long-term engagement with the expo and Changsha's high-level opening policies [3][5] Group 1: Participation and Engagement - Changsha has consistently participated in the expo for eight years, demonstrating a strong commitment to procurement, project negotiations, and cultural exchanges [3][5] - Metro showcased 130 globally selected products, which are available in its stores nationwide, illustrating the direct impact of the expo on local consumers [3][5] - Fosun Pharma introduced a new particle therapy system, showcasing innovation in cancer treatment technology [3][10] Group 2: Innovation and Technology - Changsha's representation at the expo highlighted its technological advancements, with companies like SANY showcasing leading products in the construction machinery sector [7][10] - The introduction of new products, such as the AI-powered hearing aid by Kefu Medical, reflects the city's focus on cutting-edge innovation [10][12] - The collaboration between Toyota and Minmetals on a new energy storage system demonstrates the integration of international capital and technology [10][12] Group 3: Cultural and Economic Development - The expo served as a platform for showcasing traditional and modern cultural elements from Changsha, including local handicrafts and traditional medicine [12][14] - Changsha's new tea brand, Ningji, is expanding internationally, indicating the city's growing influence in the global beverage market [14][16] - The signing of 12 key projects during the expo highlights Changsha's strategic focus on smart manufacturing, cross-border trade, and AI capabilities [16][18] Group 4: Open Economy and Trade Growth - Changsha's import and export volume is projected to grow at an average rate of 4.3% from 2021 to 2024, with significant increases in trade with Africa [18] - The city has attracted nearly three-quarters of the province's actual foreign investment, showcasing its strong economic environment [18] - The establishment of various promotional and matchmaking events during the expo aims to enhance cooperation and attract high-quality goods and services to Changsha [16][18]

Core Viewpoint - The stock of Kefu Medical (301087) has shown a slight decline, with a closing price of 44.99 yuan on November 10, 2025, reflecting a decrease of 1.08% from the previous trading day [1] Group 1: Stock Performance and Trading Data - On November 10, 2025, the stock had a turnover rate of 0.97%, with a trading volume of 18,800 hands and a transaction value of 85.51 million yuan [1] - The net inflow of main funds was 2.63% of the total transaction value, while retail investors experienced a net outflow of 7.32% [1][2] - Over the past five days, the stock's closing prices fluctuated, with a peak of 45.48 yuan on November 7, 2025, and a notable increase of 30.72% in the third quarter's revenue compared to the previous year [2][3] Group 2: Financial Performance - Kefu Medical reported a total revenue of 2.6 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 6.63% [3] - The company's net profit for the same period was 2.6 million yuan, up 3.3% year-on-year, with a significant increase in the third quarter's net profit by 38.68% [3] - The company's gross margin stands at 53.35%, which is higher than the industry average of 51.22% [3] Group 3: Industry Comparison - Kefu Medical's total market value is 9.398 billion yuan, which is lower than the industry average of 11.616 billion yuan, ranking 42 out of 124 in the medical device sector [3] - The company's price-to-earnings ratio (P/E) is 27.09, significantly lower than the industry average of 62.58, indicating a potentially undervalued stock [3] - The return on equity (ROE) for Kefu Medical is 5.29%, which is substantially higher than the industry average of 0.15% [3]

Core Insights - The China International Import Expo (CIIE) serves as a significant platform for global trade and cooperation, facilitating cross-border collaboration and resource sharing among enterprises [1][6] Group 1: Technology Sharing - CIIE fosters an environment conducive to technology sharing, exemplified by the strategic partnership between Kewei Medical and Tencent Cloud, focusing on advancements in hearing aid algorithms [2] - The collaboration aims to enhance product performance significantly, leveraging AI voice recognition and acoustic modeling to improve user experience [2] Group 2: Brand Collaboration - CIIE acts as a crucial springboard for companies to expand into global markets, as demonstrated by Yunquna's strategic partnership with Port Klang Free Trade Zone to facilitate logistics for Chinese manufacturers [4] - The partnership aims to provide better access and services for Chinese manufacturing enterprises, particularly in the light industry sector, enhancing bilateral cooperation in logistics [4] Group 3: Industry Cooperation - Abbott signed a memorandum with the National Health Commission to promote reproductive health services, highlighting the expo's role in fostering health initiatives [3] - Karcher and Daqing Baoshihua Property Management signed a strategic agreement to integrate cleaning technology with service operations, showcasing the synergy between global technology and local service capabilities [3] Group 4: Market Expansion - The expo enables foreign brands to enhance their market presence in China, as seen with the Swiss chocolate brand Lindt conducting interactive sessions to engage Chinese consumers [5] - Companies are increasingly seeking deep collaborations with domestic brands to boost their market influence and share knowledge in product innovation and supply chain management [5]