法律意见书 湖南启元律师事务所 关于可孚医疗科技股份有限公司 2021年限制性股票激励计划回购注销部分限制性股票以及 湖南启元律师事务所 关于 可孚医疗科技股份有限公司 2021年限制性股票激励计划回购注销部分 限制性股票以及作废部分限制性股票的 作废部分限制性股票的法律意见书 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""可孚医疗"）的委托，作为特聘专项法律顾问为公司2021年限制性 股票激励计划项目（以下简称"2021年激励计划"）提供法律服务。 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》"）、中国证券监督管理委员会（以 下简称"中国证监会"）、《上市公司股权激励管理办法》（以下简称"《管理办 法》"）、《深圳证券交易所创业板股票上市规则》（2024年修订）（以下简称"《上 市规则》"）以及公司《2021年限制性股票激励计划（草案）》（以下简称"《2021 年激励计划》（草案）"）、《2021年限制性股票激励计划实施考核管理办法》 （以下简称"《2021年考核管理办 ...

关于可孚医疗科技股份有限公司 2024年度募集资金存放与使用情况 专项报告的鉴证报告 信会师报字[2025]第ZA12127号 可孚医疗科技股份有限公司全体股东： 我们接受委托，对后附的可孚医疗科技股份有限公司（以下简称 "可孚医疗"）2024年度募集资金存放与使用情况专项报告（以下简称 "募集资金专项报告"）执行了合理保证的鉴证业务。 一、董事会的责任 可孚医疗科技股份有限公司 募集资金年度存放与使用情况专项 报告的鉴证报告 2024 年度 可孚医疗董事会的责任是按照中国证券监督管理委员会《上市公 司监管指引第2号——上市公司募集资金管理和使用的监管要求 （2022年修订）》（证监会公告〔2022〕15号）、《深圳证券交易所 上市公司自律监管指引第2号——创业板上市公司规范运作》以及《深 圳证券交易所创业板上市公司自律监管指南第2号——公告格式》的 相关规定编制募集资金专项报告。这种责任包括设计、执行和维护与 募集资金专项报告编制相关的内部控制，确保募集资金专项报告真实、 准确、完整，不存在虚假记载、误导性陈述或重大遗漏。 二、注册会计师的责任 我们的责任是在执行鉴证工作的基础上对募集资金专项报告发 表鉴证 ...

可孚医疗科技股份有限公司 审计报告及财务报表 二○二四年度 可孚医疗科技股份有限公司 审计报告及财务报表 （2024 年 01 月 01 日至 2024 年 12 月 31 日止） | | 目录 | 页次 | | --- | --- | --- | | 一、 | 审计报告 | 1-5 | | 二、 | 财务报表 | | | | 合并资产负债表和母公司资产负债表 | 1-4 | | | 合并利润表和母公司利润表 | 5-6 | | | 合并现金流量表和母公司现金流量表 | 7-8 | | | 合并所有者权益变动表和母公司所有者权益变动表 | 9-12 | | | 财务报表附注 | 1-141 | 审 计 报 告 信会师报字[2025]第 ZA12125 号 可孚医疗科技股份有限公司全体股东： 一、 审计意见 我们审计了可孚医疗科技股份有限公司（以下简称可孚医疗）财 务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公 司所有者权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的 规定编 ...

Investment Rating - The report maintains a "Buy" rating for the agriculture, forestry, animal husbandry, and fishery sector [4] Core Viewpoints - The report indicates that the pig farming sector currently has a large safety margin due to sufficient trading expectations, with potential pressure on pig output in the first half of 2025 [3][4] - The report highlights that the supply of breeding sows continues to decline, with the number of breeding sows at 40.39 million heads, down 1.0% quarter-on-quarter [2][13] - The report notes that the average price of live pigs has decreased to 15.2 yuan/kg in March, reflecting a 3.6% decline month-on-month, while the average price of piglets has increased by 2.8% month-on-month [18][34] Summary by Sections 1. Pig Farming Sector - The average weight of pigs at slaughter has increased to 128.94 kg, up 0.37 kg week-on-week, indicating a potential supply-demand balance [35] - The total number of pigs slaughtered in Q1 2025 was 19.476 million heads, a year-on-year increase of 0.11% and a quarter-on-quarter increase of 6.86% [14] - The average profit per pig has decreased to 84 yuan per head for large-scale farms and 54 yuan per head for smallholders, down from 131 yuan and 75 yuan respectively in February [18] 2. Investment Recommendations - The report recommends focusing on pig farming companies with high output and cost recovery, specifically recommending Muyuan Foods and Shennong Group, while suggesting to pay attention to Wens Foodstuff Group and Juxing Agriculture [3] - For the post-cycle sector, the recovery in pig inventory is expected to boost demand for feed and veterinary products, with a recommendation to focus on Haida Group [3] - In the planting chain, the report suggests that the strong grain prices due to Sino-US tariff disputes present investment opportunities, recommending companies like Suqian Agricultural Development and Beidahuang [3] 3. Market Performance - The agriculture, forestry, animal husbandry, and fishery sector underperformed the market, with a decline of 0.16% compared to a 0.56% increase in the Shanghai Composite Index [26] - The report details that the animal health, feed, and agricultural product processing sectors saw varying performance, with animal health up 5.42% and poultry farming down 1.22% [26][29]

Investment Rating - The report maintains a "Buy" rating for the agriculture, forestry, animal husbandry, and fishery sector [4]. Core Viewpoints - The report indicates that the pig farming sector has a significant safety margin under the current trading expectations, with potential pressure on pig output in the first half of 2025 due to high levels of new piglets [3][4]. - The report highlights that the supply of pigs is expected to rebound, which will boost demand for feed and animal health products, leading to a valuation recovery in related sectors [3]. - The report emphasizes investment opportunities in the planting chain due to rising grain prices amid US-China tariff tensions, recommending several companies in this space [3]. Summary by Sections 1. Pig Farming Sector - The average price of pigs has decreased to 14.95 yuan/kg as of April 25, 2025, with a week-on-week change of -0.13% [35]. - The total number of pigs slaughtered in Q1 2025 was 19,476 million heads, showing a year-on-year increase of 0.11% and a quarter-on-quarter increase of 6.86% [14]. - The average profit per pig has continued to decline, with large-scale farms reporting a profit of 84 yuan per head in March, down from 131 yuan in February [18]. 2. Key Data Tracking - The number of breeding sows as of the end of March 2025 was 40.39 million heads, reflecting a quarter-on-quarter decrease of 1.0% [13]. - The average weight of pigs at slaughter has increased to 128.94 kg, with a week-on-week increase of 0.37 kg [35]. - The average price of piglets in March 2025 was 37.24 yuan/kg, with a year-on-year increase of 16% [18]. 3. Investment Recommendations - The report recommends focusing on pig farming companies with high output and cost recovery, specifically mentioning Muyuan Foods and Shennong Group, while also suggesting attention to Wens Foodstuff Group and Juxing Agriculture [3]. - For the post-cycle sector, the report suggests that the rebound in pig inventory will enhance demand for feed and animal health products, recommending Hai Da Group [3]. - In the planting chain, the report highlights investment opportunities in companies like Suqian Agricultural Development, Beidahuang, and Hainan Rubber due to strong grain prices [3].

先看海外要闻： 沃勒等美联储高官讲话令市场的降息预期升温，美国股债齐涨，金油反弹。 消息称特朗普考虑对华关税分级方案。（央视） 美股收盘道指涨1.23%，标普500指数涨2.03%，纳斯达克涨2.74%。 特斯拉、英伟达、微软、亚马逊均收涨超3%。财报后，下调指引的宝洁跌近4%，谷歌盘后跳涨超5%。 中概指数盘初跌1.5%后转涨，录得四连阳。小马智行涨超39%，奥斯汀科技涨超32%，阿特斯涨超18%，蔚来涨超6%。 美联储官员讲话后，美债收益率加速下行。两年期美债收益率和美元指数脱离一周高位。离岸人民币盘中跌近200点失守7.30。 大家早上壕！ 国内重大事件汇总： 1、工信部等七部门印发《医药工业数智化转型实施方案（2025-2030年）》：深化人工智能赋能应用。支持相关单位建立医药大模型创新平台。 开展"人工智能赋能医药全产业链"应用试点。 2、工信部公开征求对《关于加强电动自行车强制性国家标准实施 促进新产品有序供应的意见（征求意见稿）》的意见。 3、外交部：中美没有就关税问题磋商或谈判，更谈不上达成协议。 4、20个部门联合部署跨境贸易便利化专项行动。 5、财政部下达水利发展资金471亿元，聚焦保安全 ...

Core Insights - The medical bed industry in China is experiencing steady growth, with the market size reaching 15.184 billion yuan in 2023 and projected to grow to approximately 17.363 billion yuan in 2024, driven by an aging population and increasing demand for medical services [1][9]. Industry Definition and Classification - Medical beds, also known as healthcare beds, are specialized equipment designed for medical institutions, providing a safe and comfortable platform for patient diagnosis, treatment, care, and rehabilitation [1]. Industry Chain Analysis - The medical bed industry chain consists of four main segments: upstream raw materials and components supply, midstream manufacturing, downstream application services, and supporting industries. The upstream includes suppliers of metals, plastics, and electronic components, while midstream manufacturers produce various types of medical beds. Downstream applications cover hospitals, nursing homes, and home care, with a focus on after-sales services [3]. Development History - The Chinese medical bed industry has evolved over 40 years from reliance on imports to self-innovation. The industry has progressed through several phases: initial reliance on foreign technology, rapid domestic growth driven by healthcare reforms, and the current phase of high-quality development focusing on technology integration and green manufacturing [5]. Current Industry Status - The medical bed market in China is diverse, with ordinary beds holding a significant market share, while multifunctional and electric beds are growing rapidly. The increasing elderly population is expected to drive demand for specialized medical beds [9][12]. Downstream Application Analysis - Hospitals dominate the downstream application of medical beds, accounting for 68% of the market, followed by nursing homes at 18% and home care at 12%. Other institutions, such as rehabilitation centers, make up 2% [12]. Key Enterprises Analysis - The competitive landscape of the medical bed industry is diverse, with companies like Mindray focusing on high-end, intelligent medical beds, while others like Xinhua Medical offer a wide range of products. Companies such as Kofor Medical and Sykon Medical specialize in specific market segments, contributing to a complex competitive environment [14][18]. Future Development Trends - The future of the medical bed industry is expected to focus on high-end technology integration, lightweight materials, and multifunctional designs. High-end beds will incorporate smart sensors and AI for real-time monitoring, while lightweight designs will enhance mobility and comfort. Multifunctional beds will enable various clinical applications, improving efficiency and patient care [20][21][23].

Core Insights - The 91st China International Medical Equipment (Spring) Expo (CMEF) was held from April 8 to 11, showcasing the latest achievements in the global medical device sector and promoting high-quality development across the entire industry chain [1] Strategic Collaborations - JD Health signed a strategic cooperation agreement with Yuyue Medical to jointly develop the Anaitang 5th generation dynamic blood glucose meter, aiming to create a comprehensive diabetes management platform that integrates AI-assisted interventions and home healthcare services, potentially covering over 5 million diabetic households [3] - A partnership with Omron Health was established to enhance AIoT blood pressure management, focusing on new product launches, health data interoperability, and innovative applications of AI technology in health management [3] - JD Health and ResMed are collaborating to reshape respiratory health services, aiming to provide a full-cycle solution from hardware sales to comprehensive health management services [4] Product Launches and Market Growth - JD Health partnered with Inco Medical to launch the Syntex™ synthetic latex gloves, utilizing a rapid delivery network to ensure swift product availability, with projected revenue growth of 200% in 2024 [4] - A collaboration with ZhenDe Medical focuses on customized products like varicose vein stockings and surgical masks, enhancing the internet+ healthcare ecosystem [5] - The company aims to redefine chronic wound care with a 24-hour response system, targeting over 500,000 chronic wound patients by 2025 [6] Industry Trends and Future Outlook - The medical device industry in China is experiencing rapid growth driven by policy incentives and consumer demand, with JD Health emerging as a preferred platform for global medical device companies [6] - JD Health's collaboration with Sanofi resulted in the successful launch of the second-generation dynamic blood glucose meter, achieving sales of over 10,000 units [6] - The company plans to continue promoting high-end products and innovative solutions in the medical device sector, aiming to break away from homogeneous competition and foster sustainable development [8]

Group 1 - The A-share soybean sector experienced a short-term surge, with Xinda Co., Ltd. hitting the daily limit up [1] - Weiweijia Co., Ltd. previously reached the limit up, indicating strong market interest [1] - Other companies such as Nongfa Seed Industry, Beidahuang, Qiule Seed Industry, Jiahua Co., Ltd., and Sukang Agricultural Development also saw increases [1]

Industry Overview - Molecular sieve oxygen production, also known as pressure swing adsorption oxygen production, is a type of ambient temperature air separation technology that utilizes the larger diameter of nitrogen molecules to separate oxygen from air [1][2] - The demand for medical oxygen is continuously growing due to the aging population, increasing chronic disease patients, and the strengthening of grassroots medical institutions [1][11] - The market size of China's medical molecular sieve oxygen industry has expanded from 220 million yuan in 2018 to 425 million yuan in 2024 [1][11] Industry Status - The aging population in China is projected to reach 22.023 million people aged 65 and above by 2024, increasing from 8.9% in 2010 to 15.6% of the total population [9] - The medical molecular sieve oxygen industry has developed a complete industrial chain, including raw material supply, production, and application of oxygen machines [7][11] Competitive Landscape - Major companies in the medical molecular sieve oxygen market include Yuyue Medical, Tai Rui Medical, and Mindray Medical, which leverage strong technical capabilities and brand influence to capture significant market shares [13][14] - New and emerging companies are adopting differentiated strategies to compete, focusing on specific niches or customized services [13] Development Trends - The market for medical molecular sieve oxygen machines is expected to grow significantly, with projections indicating a rise to 706 million yuan by 2029 [18] - Technological innovations in new molecular sieve materials are enhancing the performance of oxygen machines, leading to faster adsorption speeds and improved user experience [19] - Government policies supporting the medical health industry, including funding subsidies and tax incentives, are accelerating technological advancements and industry upgrades [20]