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 ...

Key Points Summary of Kefu Medical Conference Call Company Overview - **Company**: Kefu Medical - **Industry**: Medical Devices and Healthcare Financial Performance - **H1 2025 Revenue**: 1.451 billion CNY, up 14.5% YoY [2] - **Net Profit**: 166 million CNY, down 9.5% YoY [3] - **Cash Flow**: Operating cash flow of 351 million CNY, up 14.5% YoY [3] - **Dividend**: Proposed cash dividend of 6 CNY per 10 shares, totaling 120 million CNY [3] Revenue Breakdown by Segment - **Health Monitoring**: 270 million CNY, up 12% [4] - **Medical Care**: 420 million CNY, up 9.2% [4] - **Rehabilitation Aids**: 560 million CNY, down 6.5% [4] - **Respiratory Support**: 100 million CNY, down 43.3% [4] - **Traditional Chinese Medicine Therapy**: 90 million CNY, up 6% [4] Growth Expectations - **Full Year Revenue Growth**: Expected to exceed 10% [2] - **Q3 Revenue Forecast**: Approximately 850 million CNY, up over 20% YoY [11] - **Q4 Revenue Forecast**: Expected to exceed 900 million CNY, up over 20% YoY [11] - **Segment Growth Projections**: - Rehabilitation Aids and Medical Care: ~10% growth - Health Monitoring: ~16% growth - Respiratory Support: Recovery to ~8% growth - Traditional Chinese Medicine: 10%-15% growth [12] Online and Offline Sales Channels - **Online Revenue**: 970 million CNY, 65% of total revenue [6] - **Offline Revenue**: 470 million CNY, 31% of total revenue [6] - **Sales Platforms**: Major online sales through Tmall, JD, and Douyin [6] International Expansion - **Overseas Revenue**: Approximately 100 million CNY in H1 2025, significant growth [8] - **Acquisitions**: Completed acquisitions of Shanghai Huazhou and Hong Kong Ximanla to enhance market presence in Europe and Hong Kong [8] - **Future Expectations**: Anticipated overseas revenue to exceed 300 million CNY in H2 2025 [18] Product Innovation and Development - **AI and Digitalization**: Focus on integrating AI in health monitoring devices [5][20] - **New Product Launches**: Introduction of innovative products like bone conduction hearing aids and electric wheelchairs [7] - **R&D Investment**: 40 million CNY in R&D, with a focus on improving product performance and user experience [28] Challenges and Risks - **Respiratory Support Losses**: Losses attributed to market demand fluctuations and cost control issues [16] - **Sales Expenses**: Sales expense ratio at 32%, with significant investment in hearing aid business [28] Strategic Focus - **Core Product Strategy**: Core products contribute over 80% of total revenue, with plans to develop more high-revenue products [22] - **Market Positioning**: Emphasis on enhancing brand influence and market share through product innovation and strategic acquisitions [32] Conclusion - **Overall Outlook**: Kefu Medical is positioned for growth with a focus on innovation, international expansion, and improving operational efficiency, despite facing challenges in certain segments. The company aims to leverage its strengths in AI and digital health to enhance its product offerings and market presence.

Group 1 - The stock price of Jiuan Medical is reported at 39.11 yuan, down 0.15% from the previous trading day, with a trading volume of 3.98 billion yuan [1] - Jiuan Medical primarily engages in the research, production, and sales of home medical health electronic products, including blood pressure monitors, blood glucose meters, and thermometers [1] - As of August 4, Jiuan Medical has completed a stock buyback amounting to 1.68 billion yuan this year, ranking among the top in the A-share market [1]

正式报名：首届全球心血管大会 | 重磅亮点 合作伙伴征集：2025全球手术机器人大会 2025年4月26日， 鱼跃医疗 发布了2024年年报以及2025一季报。 | | | 2023 年 | | 本年比 | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | 上年增 | 2022 年 | | | | 2024 年 | | | 视 | | | | | | 调整前 | 调整后 | 调整后 | 调整前 | 调整后 | | 营业收入 | 7.565.819.017.28 | 7.971.734.452.47 | 7.971.734.452.47 | -5.09% | 7.101.679.159.74 | 7.101.679.159.74 | | (元) | | | | | | | | 归属于上市 公司股东的 | 1.805.700.655.26 | 2.395.853.276.49 | 2.395.853.276.49 | -24.63% | 1.595.037.435.14 | 1.595.037.435.14 | | 净利润 | | | | | | ...