可孚医疗2025年三季报显示，前三季度公司主营收入23.98亿元，同比上升6.63%；归母净利润2.6亿 元，同比上升3.3%；扣非净利润2.22亿元，同比上升1.46%；其中2025年第三季度，公司单季度主营收 入9.02亿元，同比上升30.72%；单季度归母净利润9282.98万元，同比上升38.68%；单季度扣非净利润 8580.27万元，同比上升62.68%；负债率27.37%，投资收益1818.06万元，财务费用-377.36万元，毛利率 53.35%。可孚医疗（301087）主营业务：家用医疗器械的研发、生产、销售和服务。 该股最近90天内共有7家机构给出评级，买入评级6家，增持评级1家；过去90天内机构目标均价为 54.56。 资金流向名词解释：指通过价格变化反推资金流向。股价处于上升状态时主动性买单形成的成交额是推 动股价上涨的力量，这部分成交额被定义为资金流入，股价处于下跌状态时主动性卖单产生的的成交额 是推动股价下跌的力量，这部分成交额被定义为资金流出。当天两者的差额即是当天两种力量相抵之后 剩下的推动股价上升的净力。通过逐笔交易单成交金额计算主力资金流向、游资资金流向和散户资金流 向。 ...

股 票 研 究 可孚医疗引入飞利浦家庭健康监测设备 可孚医疗(301087) 公司调研简报 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 孟陆(分析师) | 010-56535972 | menglu@gtht.com | S0880525040073 | | 余文心(分析师) | 021-38676666 | yuwenxin@gtht.com | S0880525040111 | 本报告导读： 我国家用医疗器械领军企业可孚医疗与皇家飞利浦（Royal Philips）正式签署战略合 作协议。双方将围绕多款家庭健康监测设备开展深度合作，让高品质健康科技产品 更广泛地进入我国市场。 投资要点： | | | [Table_Industry] 医药/必需消费 | [Table_Invest] 评级： | 增持 | | --- | --- | | [Table_Target] 目标价格(元): | 53.84 | [Table_Market] 交易数据 | 52 周内股价区间(元) | 30.48-46.02 | | --- | ...

文/华夏大健康研究院 11月21日下午，由华夏时报社主办的"2025第五届华夏大健康产业发展暨康复服务大会"在北京成功举 行。本次大会以"智领健康未来"为主题，汇聚产业界、学术界、研究机构及投资方等多方代表，旨在整 合全链条资源，把脉行业趋势，探索发展路径。 现场设置了多场高水平圆桌对话，聚焦创新药、脑机接口、AI医疗、中医药转化等前沿议题，深入探 讨行业热点与突破方向。会议还集中发布并展示了一批具有示范意义与前瞻价值的创新典型案例，涵盖 赋能美好生活、ESG、创新药、中医药、生物科技、AI医疗、硬核科技与社会心理服务等八大类别，从 企业实践、技术应用、品牌建设与人物故事等多维度，展现了大健康领域的活力、深度与创新成果。 USANA葆婴：以科学之力，筑健康大家庭 USANA葆婴始终以"成为世界上最健康的大家庭"为愿景，从科学研发到产品质量，从体重管理到母婴 关怀再到全民健康，每一步都彰显着品牌对"美好生活"的深刻理解与务实行动。USANA葆婴将健康理 念融入产品设计，所有保健食品均获得国家注册或备案凭证，原料优质安心，生产过程严格遵循保健食 品GMP规范。这种对质量的执着追求，让USANA葆婴连续多年获得"消 ...

12 月 9日，可孚医疗与皇家飞利浦（Royal Philips）正式签署战略合作协议。双方将围绕多款家庭健康监测设备开展深度合作，让高品质健康科技产品 更广泛地进入中国家庭。 根据协议，可孚医疗将获得皇家飞利浦多款家庭健康监测设备中国地区的品牌授权，包括血糖仪、血压计、持续葡萄糖监测仪（CGM）、体温计、脉 搏血氧仪、肺功能仪、体重秤等产品。双方将共同推进相关产品的技术研发、本地化适配与迭代升级，并由可孚医疗全面负责其在中国的生产制造、品牌运 营、渠道布局与服务体系建设，实现研发创新与产业能力的深度融合。 此次合作是国际知名品牌与中国本土龙头企业在技术、品牌与产业链能力上的深度协同。双方将整合飞利浦的百年科技积淀、全球品牌资源与临床技术 优势，叠加可孚医疗在创新研发、智能制造、渠道运营等方面的综合实力，共同构建面向中国家庭的智慧健康管理生态。 飞利浦是全球领先的健康科技企业，长期致力于通过创新提升人们的健康与福祉。依托先进技术与深厚的临床技术沉淀和消费者洞察，为消费者提供个 人健康解决方案，并为医疗服务提供者及其在医院和家庭场景中的患者提供专业医疗解决方案。除自有产品外，飞利浦还通过严格筛选的品牌授权合作伙 ...

12月9日，中国家用医疗器械领军企业可孚医疗（301087）与皇家飞利浦（Royal Philips）正式签署战略 合作协议。双方将围绕多款家庭健康监测设备开展深度合作，让高品质健康科技产品更广泛地进入中国 家庭。 根据协议，可孚医疗将获得皇家飞利浦多款家庭健康监测设备在大中华区（覆盖中国大陆、香港、澳门 及台湾地区）的品牌授权，包括血糖仪、血压计、持续葡萄糖监测仪（CGM）、体温计、脉搏血氧 仪、肺功能仪、体重秤等产品。可孚医疗将负责产品的本地化运营、市场推广与服务体系建设。 国际品牌与本土龙头双向赋能 此次合作是国际知名品牌与中国本土龙头企业在技术、品牌与产业链能力上的深度协同。双方将整合飞 利浦的百年科技积淀、全球品牌资源与临床技术优势，叠加可孚医疗在创新研发、智能制造、渠道运营 等方面的综合实力，共同构建面向中国家庭的智慧健康管理生态。 皇家飞利浦是全球领先的健康科技企业，长期致力于通过创新提升人们的健康与福祉。依托先进技术与 深厚的临床技术沉淀和消费者洞察，为消费者提供个人健康解决方案，并为医疗服务提供者及其在医院 和家庭场景中的患者提供专业医疗解决方案。除自有产品外，飞利浦还通过严格筛选的品牌授权 ...

可孚医疗董事长张敏表示，感谢飞利浦对可孚在研发、生产、渠道等方面综合能力的认可与信任。可孚 医疗将依托本地化生产能力及全链条运营优势，持续提升产品品质、优化用户体验，为中国家庭提供更 专业、精准的健康监测解决方案。 长沙晚报掌上长沙12月9日讯（全媒体记者 曹开阳）12月9日，中国家用医疗器械领军企业、长沙上市 公司可孚医疗与皇家飞利浦（Royal Philips）正式签署战略合作协议。双方将围绕多款家庭健康监测设 备开展深度合作，让高品质健康科技产品更广泛地进入中国家庭。 根据协议，可孚医疗将获得皇家飞利浦多款家庭健康监测设备中国地区的品牌授权，包括血糖仪、血压 计、持续葡萄糖监测仪（CGM）、体温计、脉搏血氧仪、肺功能仪、体重秤等产品。双方将共同推进 相关产品的技术研发、本地化适配与迭代升级，并由可孚医疗全面负责其在中国的生产制造、品牌运 营、渠道布局与服务体系建设，实现研发创新与产业能力的深度融合。 强强联合 国际品牌与本土龙头双向赋能 此次合作是国际知名品牌与中国本土龙头企业在技术、品牌与产业链能力上的深度协同。双方将整合飞 利浦的百年科技积淀、全球品牌资源与临床技术优势，叠加可孚医疗在创新研发、智能 ...

本报讯(记者何文英)近日，国内家用医疗器械领军企业可孚医疗（301087）科技股份有限公司(简称"可 孚医疗")在生物传感技术领域取得重要突破，其研究成果以《Single-channel electrochemical biosensor for simultaneous monitoring of glucose and uric acid》(用于同步检测葡萄糖和尿酸的单通道电化学生物传感 器)为题，发表在生物传感领域国际顶级期刊《Biosensors and Bioelectronics》。 论文第一作者为可孚医疗生物传感与创新材料研究院副院长全昌云，通讯作者为徐斌杰院长和阳明辉教 授。这是可孚医疗科研团队首次在国际顶级期刊发表科研论文，标志着企业在关键核心传感技术自主创 新上实现重大进展。 据了解，《Biosensors and Bioelectronics》是英国出版商Elsevier旗下具有高影响力的国际期刊，也是生 物技术与生物传感器领域排名靠前的核心期刊，影响因子为10.5，SCI一区。 攻克单通道双指标检测难题 当前，我国糖尿病和高尿酸血症(痛风)患者规模庞大，不少人长期面临"双高"风险。传统 ...

Core Viewpoint - Yuyue Medical is facing significant challenges in achieving its ambitious five-year targets of 10 billion in revenue and 100 billion in market value, as evidenced by its latest financial report showing a decline in net profit despite revenue growth [1] Group 1: Financial Performance - In the first three quarters of 2025, Yuyue Medical reported revenue of 6.545 billion, an increase of 8.58% year-on-year, but net profit decreased by 4.28% to 1.466 billion [1] - The third quarter saw a dramatic 36% year-on-year drop in net profit, indicating a "revenue without profit" situation [1] Group 2: Expansion Aftermath - Since its listing in 2008, Yuyue Medical has engaged in numerous acquisitions, resulting in a significant increase in goodwill from 806 million in 2020 to 1.107 billion in 2023, with a slight decrease expected in 2024 [2] - The company has faced nearly 100 million in goodwill and credit impairment losses in 2023 and 2024 [2] - Sales expenses surged to 1.233 billion in the first three quarters of 2025, a 33.15% increase year-on-year, significantly outpacing revenue growth [2] Group 3: Industry Competition and Trust Issues - The home medical device sector is experiencing intensified price competition, with foreign brands penetrating the mid-to-low-end market and domestic companies accelerating technological advancements [3] - Yuyue Medical has faced compliance issues, including a 2.7 million fine for price gouging during the pandemic and the loss of a military procurement pre-bid qualification due to violations [3] - Customer complaints regarding product quality and service have exceeded 500, damaging the brand's reputation [3] Group 4: Transformation Efforts - To address growth challenges, Yuyue Medical is focusing on transformation by increasing investment in new products and integrating AI into its offerings [4] - Despite these efforts, the company's net profit excluding non-recurring items fell by 8.21% year-on-year in the first three quarters of 2025, indicating ongoing weakness in core business profitability [4] - Government subsidies and investment income have become crucial for supporting profits, highlighting the sluggish growth of the main business [4] Conclusion - Yuyue Medical's ambitious targets appear increasingly distant due to accumulated goodwill risks, rising sales expenses, fierce industry competition, and frequent compliance disputes [5] - The success of AI and new products as potential solutions will depend on the company's ability to balance profitability, product trust, and strategic execution [5]

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]

Core Insights - The eighth China International Import Expo (CIIE) is being held in Shanghai from November 5 to 10, showcasing innovations in various sectors, including healthcare [1] - Kefu Medical launched a new generation of bone conduction hearing aids equipped with Tencent's AI algorithm and signed a strategic cooperation agreement with Tencent Cloud to enhance hearing health solutions in China [1][4] Company Overview - Kefu Medical has been in the home medical device industry for nearly 20 years, establishing a comprehensive industrial chain covering R&D, production, sales, and services [3] - The company has over 700 direct hearing fitting centers across China and employs more than 1,200 professional hearing fitters to provide specialized services [3] Market Context - According to the World Health Organization, approximately 1.5 billion people globally suffer from varying degrees of hearing loss, with 15.84% of China's population affected, translating to about 220 million individuals [3] - The prevalence of disabling hearing loss in China exceeds 70 million, highlighting a significant public health issue exacerbated by an aging population [3] Technology and Innovation - The collaboration between Kefu Medical and Tencent aims to leverage AI for improving hearing aid technology, focusing on voice enhancement and noise suppression tailored to Chinese users [4] - The partnership seeks to address the challenges faced by hearing-impaired individuals, aiming to increase the adoption rate of hearing aids in China, which currently stands at about 5%, significantly lower than the 20%-30% rates in Western countries [3] Future Initiatives - Kefu Medical plans to continue promoting AI integration in hearing rehabilitation and expand public welfare projects to enhance access to quality hearing health resources [4] - The strategic cooperation is positioned as a solution to the long-standing challenges faced by the hearing-impaired community, contributing to the broader goal of achieving "Healthy China 2030" [4]