本文自南都·湾财社 采写 | 南都·湾财社记者 陈盈珊 "背背佳"这个陪伴无数人青春的矫姿品牌，正带着母公司冲刺资本市场的新目标重回大众视野。 近日，可孚医疗科技股份有限公司（下称"可孚医疗"）正式向港交所主板递交上市申请，启动A+H双重上市进程。作为国内家用医疗器械领域的"隐形冠 军"，一年赚三亿、三年半营收破百亿的可孚医疗，此次瞄准境外资本市场究竟手握怎样的业绩底牌？光环之下又暗藏哪些挑战？ 从背背佳到医疗巨头 可孚医疗的二十年逆袭路 翻开可孚医疗的招股书，业绩曲线呈现出"震荡中优化"的鲜明特征。2022-2024年及2025年上半年，公司营收分别为29.77亿元、28.54亿元、29.83亿元、 14.96亿元——2023年因渠道扩张投入加大出现4.14%的阶段性下滑，2024年迅速回升4.53%，重回增长轨道；2025年上半年受行业季节性因素影响，营收 微降4.03%。 | | | 截至12月31日止年度 | | 截至6月30日止六個月 | | | --- | --- | --- | --- | --- | --- | | | 2022年 | 2023年 | 2024年 | 2024年 | 2025年 ...

Core Insights - The community group buying model, once favored by capital, is facing decline as major players withdraw from the market, leading to speculation about its sustainability and the rise of instant retail as a new battleground [1][3][4] - Instant retail is emerging as a response to consumer demand for immediacy, with major companies like Meituan, JD, and Alibaba investing heavily to capture a share of this trillion-yuan market [1][6][11] Community Group Buying - Community group buying combines online ordering with offline pickup, aiming to reduce costs by eliminating intermediaries and lowering logistics expenses [2] - The model saw massive capital influx starting in late 2020, with companies like Meituan and Pinduoduo offering substantial subsidies to attract users, leading to unsustainable growth [2][3] - The decline is attributed to overestimation of market potential, underestimation of costs, and low customer loyalty due to reliance on price-sensitive consumers [3][4] Instant Retail - Instant retail focuses on meeting the immediate needs of consumers, offering delivery within 30 minutes, and is projected to exceed 1 trillion yuan by 2025 [6][11] - Major players are establishing clear strategies in instant retail, with Meituan leading the market, followed by Alibaba and JD, all leveraging their logistics and supply chain strengths [6][7][9] - Instant retail addresses real consumer demand for speed and convenience, particularly in fresh produce and daily necessities [6][11] Challenges and Opportunities - Instant retail faces challenges such as high delivery costs and low profit margins, similar to community group buying, with intense competition leading to price wars [8][10] - The market is expected to consolidate, with smaller retailers struggling to survive, while larger chains may expand through acquisitions [9][10] - To thrive, instant retail platforms must focus on optimizing supply chains, enhancing service quality, and shifting towards higher-priced offerings to improve margins [11][12]