中邮证券研报指出，可孚医疗上半年实现归属于母公司所有者的净利润1.67亿元，同比下降9.51%。 2025年H1公司对盈利能力偏弱、发展潜力有限的低效品类及产品型号实施战略性调整，公司毛利率同 比增加1.8个百分点。公司部分核心品类增长动能强劲，呈现良好发展势头。2025年H1公司部分核心品 类增长动能强劲。自主研发的呼吸机自第二季度起销售放量，增速显著提升；血糖尿酸一体机、预热款 体温计、居家检测试纸等核心产品也呈现良好发展势头。通过持续的产品迭代升级和渠道优化，公司进 一步夯实了核心品类的市场地位与竞争优势，为未来业绩增长奠定了坚实基础。公司健耳听力业务持续 发展，2025年H1健耳听力营业收入同比增长超20%。公司将加速推进数字化战略落地，全面启用新一 代零售管理系统，以数据驱动营销策略制定、产品结构调整及库存周转管理，持续提升运营精准度。认 为随着健耳听力老店数量占比的提升，健耳听力业务利润有望逐步扭亏为盈，有望成为公司第二成长曲 线。 ...

公司对盈利能力偏弱、发展潜力有限的低效品类及产品型号实施战略性调整，毛利率同比增加1.8 个百 分点2025 年H1 公司对盈利能力偏弱、发展潜力有限的低效品类及产品型号实施战略性调整，公司毛利 率同比增加1.8 个百分点。分板块来看，康复辅具类产品实现收入5.63 亿元，占比37.63%；医疗护理类 产品实现收入4.24 亿元，占比28.32%；健康监测产品实现收入2.71亿元，占比18.11%。 公司部分核心品类增长动能强劲，呈现良好发展势头2025 年H1 公司部分核心品类增长动能强劲。自主 研发的呼吸机自第二季度起销售放量，增速显著提升；血糖尿酸一体机、预热款体温计、居家检测试纸 等核心产品也呈现良好发展势头。通过持续的产品迭代升级和渠道优化，公司进一步夯实了核心品类的 市场地位与竞争优势，为未来业绩增长奠定了坚实基础。 业绩简评 公司发布2025 年半年报，2025 年H1 公司实现营业收入14.96亿元，同比下降4.03%；实现归属于母公司 所有者的净利润1.67 亿元，同比下降9.51%；归属于母公司所有者的扣除非经常性损益的净利润为1.36 亿元，同比下降17.98%。 健耳听力业务持续发展， ...

证券研究报告：医药生物 | 公司点评报告 发布时间：2025-09-12 股票投资评级 资料来源：聚源，中邮证券研究所 l 业绩简评 公司发布 2025 年半年报，2025 年 H1 公司实现营业收入 14.96 亿元，同比下降 4.03%；实现归属于母公司所有者的净利润 1.67 亿 元，同比下降 9.51%；归属于母公司所有者的扣除非经常性损益的净 利润为 1.36 亿元，同比下降 17.98%。 l 公司对盈利能力偏弱、发展潜力有限的低效品类及产品 型号实施战略性调整，毛利率同比增加 1.8 个百分点 2025 年 H1 公司对盈利能力偏弱、发展潜力有限的低效品类及产 品型号实施战略性调整，公司毛利率同比增加 1.8 个百分点。分板块 来看，康复辅具类产品实现收入 5.63 亿元，占比 37.63%；医疗护理 类产品实现收入4.24亿元，占比28.32%；健康监测产品实现收入2.71 亿元，占比 18.11%。 公司基本情况 | 最新收盘价（元） | 40.95 | | --- | --- | | 总股本/流通股本（亿股）2.09 | / 1.94 | | 总市值/流通市值（亿元）86 | / 80 | ...

-14% 5% 25% 44% 63% 8/24 11/24 2/25 5/25 可孚医疗 沪深300 [Table_Author] 分析师：谭国超 执业证书号：S0010521120002 邮箱：tangc@hazq.com 分析师：李婵 执业证书号：S0010523120002 邮箱：lichan@hazq.com [相关报告 Table_CompanyReport] 1.【华安医药】公司点评：可孚医疗 （301087）：产品丰富+渠道多元，收 入增长持续稳健 2025-05-04 可孚医疗（ [Table_StockNameRptType] 301087） 公司点评 线上渠道稳健，海外市场进展迅速 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-08-28 | | [Table_BaseData] 收盘价（元） | 41.04 | | 近 12 个月最高/最低（元） | 45.70/26.90 | | 总股本（百万股） | 209 | | 流通股本（百万股） | 194 | | 流通股比例（%） | 92.90 | | 总市值（亿元 ...

Core Insights - The company, Kewei Medical, reported a revenue of 1.496 billion yuan and a net profit of 167 million yuan for the first half of 2025, with a proposed cash dividend of 6 yuan per 10 shares, totaling 122 million yuan [1] - R&D and innovation are identified as the long-term growth engines for Kewei Medical, with over a hundred new products launched annually based on market feedback [1] - The company has seen significant sales growth in its core product categories, particularly in respiratory devices and a blood glucose and uric acid testing machine, which leads the market in its segment [1] Financial Performance - Kewei Medical achieved a revenue of 1.496 billion yuan and a net profit of 167 million yuan in the first half of 2025 [1] - The company plans to distribute a cash dividend of 122 million yuan, reflecting its strong financial position [1] Product Innovation - The respiratory machine's sales surged in Q2 due to enhanced noise reduction and intervention accuracy, ranking first in sales on Douyin [1] - The innovative blood glucose and uric acid testing device requires only one test strip and a drop of blood for simultaneous measurement, maintaining a leading position in its niche [1] - Other products like infrared thermometers and home testing strips also showed steady growth [1] Smart Technology Integration - Kewei Medical is integrating "IoT + AI" into its products and services, including remote monitoring and personalized health management through a cloud platform [2] - The company is developing a smart health management ecosystem with various projects like smart blood pressure monitors and oxygen machines [2] Sales Channels - Online sales accounted for nearly 1 billion yuan, representing 65% of total revenue, with a strong presence on platforms like Tmall and JD [2] - The company is expanding its presence on interest-based e-commerce platforms like Douyin and Kuaishou to drive growth [2] - Offline sales reached nearly 500 million yuan, with a 12.5% year-on-year increase, and the hearing aid brand "Jianer Hearing" saw over 20% revenue growth [2] Global Expansion - Kewei Medical is accelerating its global strategy, with overseas revenue nearing 100 million yuan, a growth of over 200% [3] - The company completed two significant acquisitions to enhance its international market penetration [3] - A plan for a Hong Kong listing has been initiated to boost international market recognition and support its global strategy [3] Competitive Advantage - Analysts note that Kewei Medical is forming a differentiated competitive advantage through core product innovation, multi-channel collaboration, and deepening overseas market presence [3]

证券代码：301087 证券简称：可孚医疗 可孚医疗科技股份有限公司 投资者关系活动记录表 编号：2025-006 | 投资者关系活动类 | 特定对象调研 □分析师会议 | | --- | --- | | 别 | □媒体采访 业绩说明会 | | | □新闻发布会 □路演活动 | | | 现场参观 | | | 其他 电话会议 | | 参与单位名称及人 | 华夏基金、嘉实基金、、前海开源基金、Dymon Asia Capital、前海海运通、 | | 员姓名 | 大家资产、大摩基金、国金证券、华源证券、国盛证券、中信证券、中邮证券、 | | | 天风证券、兴业证券、信达证券、华创证券、中信建投证券、东方财富证券、 | | | 博远基金、国任保险、东北证券、高毅资产、国泰海通、泓德基金、华盖资本、 | | | 华金证券、华西自营、华夏创新、明河投资、青骊投资、山东嘉信、上海坤阳、 | | | 上海盘京、上海勤辰、上海人寿、彤心雕珑、上海证券、尚石投资、尚诚资管、 | | | 一诺基金、太朴生命科学投资、泰信基金、英大自营、甬兴证券、招商基金、 | | | 中银基金、中信证券、浙商资管、真脉投资、中加基金、中 ...

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.