Core Insights - The China Securities Regulatory Commission (CSRC) has requested additional information from Kefu Medical regarding its overseas listing application, specifically concerning its domestic subsidiaries and compliance with regulations [1] - Kefu Medical is one of the largest home medical device companies in China, ranking second in sales among all home medical device enterprises according to Frost & Sullivan [2] - The company has expanded its global presence, covering over 60 countries and regions across Asia, Africa, Europe, and America, attracting a growing loyal customer base [2] Group 1 - The CSRC requires Kefu Medical to clarify whether its domestic subsidiaries fall under the prohibitions outlined in the "Interim Measures for the Administration of Overseas Issuance and Listing of Domestic Enterprises" [1] - Kefu Medical operates 738 self-owned stores in China, with 689 being "Jianer Hearing" service centers, covering over 135 cities [2] - The "Jianer Hearing" service centers provide professional hearing testing services and supply various high-quality hearing aid products, including Kefu's own brand [2] Group 2 - The CSRC has asked Kefu Medical to provide details on its subsidiaries' business scope, including advertising services, and whether they have obtained the necessary licenses [1] - Kefu Medical's "Jianer Hearing" ranks among the top three in the industry based on the number of hearing aid fitting centers in China as of the end of 2024 [2] - The company is also required to explain its compliance with foreign investment restrictions as outlined in the "Negative List for Foreign Investment Access (2024 Edition)" [1]

Core Viewpoint - Company Kefu Medical is seeking to list on the Hong Kong main board after less than four years on the ChiNext, indicating a strategic move beyond mere secondary financing [1] Group 1: Company Overview - Kefu Medical has been focused on the home medical device industry since its establishment in 2007, providing convenient solutions for consumers and patients seeking high-quality and advanced home medical devices [2] - The company's product portfolio includes over 20 categories, with a significant emphasis on online sales, achieving a total online sales revenue of 1.981 billion in 2024 [2] - Revenue figures for Kefu Medical from 2022 to 2025 (first six months) are as follows: 2.977 billion, 2.854 billion, 2.983 billion, and 1.496 billion respectively, with net profits of 302 million, 253 million, and 3.02 billion [2][4] Group 2: Product Performance - The rehabilitation aids segment has shown the most significant growth, with revenues of 526 million, 718 million, and 1.039 billion from 2022 to 2024, accounting for 17.7%, 25.2%, and 34.8% of total revenue respectively [4] - Kefu Medical operates 738 self-owned stores in China, with 689 being "Jianer Hearing" service centers, covering over 135 cities [4] Group 3: Market Dynamics - The global home medical device market is projected to have a combined share of approximately 63.3% from home rehabilitation aids, medical care products, health monitoring products, and respiratory support devices in 2024, expected to rise to 64.1% by 2030 [5] - In China, online sales through platforms like Taobao, JD.com, Douyin, and Xiaohongshu are expected to account for about 44.3% of total market sales in 2024, while offline channels contribute 55.7% [5] Group 4: Strategic Expansion - Kefu Medical is actively expanding into overseas markets through platforms like TikTok Shop, Temu, and Amazon, with overseas business revenue steadily increasing since 2022 [5] - The company aims to use the funds raised from the Hong Kong listing to promote overseas sales channels and establish a distribution network, as well as for potential strategic investments and acquisitions globally [5] - If the Hong Kong listing is successful, Kefu Medical will establish an "A+H" dual capital platform, enhancing its financial strength and brand influence [5]