证券日报网讯 可孚医疗8月26日发布公告，在公司回答调研者提问时表示，深耕家用医疗器械近二十 载，公司已逐步构建起覆盖健康监测、康复辅具、呼吸支持、医疗护理及中医理疗五大领域的完善产品 矩阵，同时构建了以数据为驱动、全渠道协同的运营体系，数十款核心品类在主流电商平台长期稳居销 量前列。公司积极通过内部调整、精细化运营，各平台核心品类保持了良好增长。近年来，兴趣电商平 台凭借创新内容迅速崛起，拥有庞大的用户群体。公司也加大对兴趣电商平台的投入，通过短视频、直 播等形式，直观展示医疗器械产品功能和使用方法，具有良好的品牌传播和产品销售功能，能够深入挖 掘用户的潜在需求，提升医疗器械产品的渗透率。 （编辑 王雪儿） ...

Group 1 - The core initiative is the "2025 Shandong Silver Economy Brand Selection Activity" launched by Qilu Evening News to support the development of the silver economy and enhance the well-being of the elderly [1][2] - The selection process involves public voting and expert evaluation, with over 130,000 users participating in the voting phase [3][4] - The event aims to create an ecosystem for the silver economy by gathering enterprises from various sectors including elderly care services, smart technology, and financial services [2][4] Group 2 - The selection activity has attracted significant attention from enterprises across Shandong, with hundreds of companies participating through social registration and institutional recommendations [2][3] - The evaluation committee consists of relevant departments, industry associations, and experts, utilizing big data metrics to assess brand influence in the silver economy [4] - Six influential brands and exemplary figures in the silver economy were ultimately selected, showcasing excellence in innovation, service quality, and user reputation [4]

Core Viewpoint - The company, Kewei Medical, is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international presence and brand influence [2][3]. Group 1: Company Overview - Kewei Medical specializes in the research, production, sales, and service of medical devices, covering health monitoring, rehabilitation aids, respiratory support, medical care, and traditional Chinese medicine [2]. - The company was listed on the A-share market in October 2021, achieving a net profit of approximately 429 million yuan that year, but experienced a decline in the following two years, with a recovery to 312 million yuan in 2024 [2][6]. Group 2: Internationalization Strategy - The management has indicated that the H-share issuance aligns with national policies supporting companies to "go global," and the Hong Kong market offers a high degree of internationalization and quality financing opportunities [3]. - The company aims to enhance its overseas business capabilities and optimize cross-border mergers and acquisitions through the establishment of the H-share platform [3]. Group 3: Recent Acquisitions - In the first half of the year, Kewei Medical completed acquisitions of Shanghai Huazhou and Ximaner, which are expected to strengthen its overseas business resources [2][4]. - Shanghai Huazhou, established in 2002, is a well-known domestic manufacturer of pressure-sensitive adhesive products, with over 60% of its revenue coming from overseas [4]. - Ximaner, founded in 1988, operates retail and wholesale medical device centers in Hong Kong, enhancing Kewei Medical's market presence [5]. Group 4: Financial Performance - In 2024, Kewei Medical reported revenues of 2.983 billion yuan, a year-on-year increase of 4.53%, and a net profit of 312 million yuan, up 22.6% [6]. - The company’s domestic revenue accounted for approximately 98.02% of total revenue, while overseas revenue was only about 59.15 million yuan, indicating that international operations are still in the development phase [6]. - The company has experienced significant fluctuations in performance since its IPO, with net profit dropping to approximately 254 million yuan in 2023 after a peak in 2021 [6]. Group 5: Recent Challenges - In the first quarter of the current year, Kewei Medical's revenue decreased by 8.59% to approximately 738 million yuan, and net profit fell by 9.68% to about 91.43 million yuan [7]. - The company’s sales expenses increased by 31.4% to approximately 973 million yuan, primarily due to the expansion of its retail network and increased marketing investments [6][7].

Core Viewpoint - Company Kefu Medical is planning to issue H-shares and list on the Hong Kong Stock Exchange, aiming to raise funds primarily for product R&D and global sales network expansion [1] Group 1: Company Overview - Kefu Medical's latest stock price is 38.05 yuan, reflecting a 1.47% increase from the previous trading day [1] - The company specializes in the R&D, production, and sales of medical devices, covering areas such as rehabilitation aids, medical care, and traditional Chinese medicine therapy [1] Group 2: Financial Performance - In 2024, Kefu Medical is projected to achieve revenue of 2.983 billion yuan, with overseas business revenue of 59.15 million yuan, accounting for 1.98% of total revenue [1] - In Q1 2025, the company's operating revenue was 738 million yuan, representing a year-on-year decline of 8.59%, while net profit was 91.425 million yuan, down 9.68% year-on-year [1] - The company stated that its operational performance remained stable in Q2 [1] Group 3: Strategic Moves - To expand its overseas market presence, Kefu Medical has completed acquisitions of Shanghai Huazhou and Ximaner, with Shanghai Huazhou's overseas revenue accounting for over 60% [1]

Group 1 - The silver economy in China is experiencing positive growth in the first half of the year, supported by various policy measures, with significant potential in consumer spending among the elderly population [1] - Revenue from community elderly care services, institutional elderly care services, and home-based elderly care services increased by 30.4%, 22.6%, and 18% year-on-year, respectively [1] - Health-related consumption is also on the rise, with sales of mobility aids, hearing aids, elderly nutrition and health products, and health monitoring devices growing by 32.2%, 30.1%, and 7.5% year-on-year, respectively [1] Group 2 - The entertainment and leisure sector for the elderly has seen quality upgrades, with sales of elderly tourism services, sports health services, and cultural entertainment activities increasing by 26.2%, 23.9%, and 20.7% year-on-year, indicating a shift from mere "elderly care" to "enjoying old age" [1] - The supply side also shows growth, with revenues from elderly and disabled care services, age-friendly household services, and age-friendly social care services rising by 40.9%, 14.1%, and 8.8% year-on-year, respectively [1] - The number of entities engaged in the production of silver products increased by 14.1% year-on-year, with sales revenues from age-friendly fitness equipment, rehabilitation aids, and nutritional health food manufacturing growing by 14.7%, 12.1%, and 6.9% year-on-year, respectively [1]

Core Insights - The silver economy in China is experiencing robust growth in the first half of the year, supported by various policy measures, with significant potential in consumer spending among the elderly population [1] Demand Analysis - Revenue from community elderly care services, institutional elderly care services, and home-based elderly care services increased by 30.4%, 22.6%, and 18% year-on-year, respectively [1] - Health-related consumption showed impressive growth, with sales of mobility aids and hearing aids, senior nutrition and health products, and health monitoring devices rising by 32.2%, 30.1%, and 7.5% year-on-year, respectively [1] - The entertainment sector for the elderly is also upgrading, with revenues from elderly tourism services, sports health services, and cultural entertainment activities increasing by 26.2%, 23.9%, and 20.7% year-on-year, indicating a shift from mere "elderly care" to "enjoying old age" [1] Supply Analysis - Revenue from elderly and disabled care services, age-friendly household services, and age-friendly social care services grew by 40.9%, 14.1%, and 8.8% year-on-year, respectively [1] - The number of entities engaged in the production of silver products increased by 14.1% year-on-year; sales revenue from age-friendly fitness equipment manufacturing, rehabilitation aids manufacturing, and health food manufacturing rose by 14.7%, 12.1%, and 6.9% year-on-year, respectively [1]

Core Viewpoint - The company, Xiangyu Medical, is experiencing a decline in stock price and has a high price-to-earnings (PE) ratio compared to its industry peers, indicating potential overvaluation in the market [1][3]. Group 1: Company Performance - As of the latest quarterly report for Q1 2025, the company achieved a revenue of 186 million yuan, representing a year-on-year increase of 10.02% [3]. - The net profit for the same period was 22.95 million yuan, showing a significant decline of 41.26% year-on-year [3]. - The gross profit margin stands at 65.30%, indicating a strong profitability despite the drop in net profit [3]. Group 2: Market Position - The current stock price of Xiangyu Medical is 57.45 yuan, with a rolling PE ratio of 105.87 times, which is significantly higher than the industry average of 55.70 times and the industry median of 39.08 times [1][3]. - The total market capitalization of the company is approximately 9.192 billion yuan [1]. Group 3: Industry Recognition - The company has received multiple awards for its projects, including the first prize from the Chinese Rehabilitation Medicine Association for its project on chronic musculoskeletal diseases [2]. - Other notable awards include the first prize for the high-performance non-invasive brain-machine interface technology from Tianjin and various other provincial and national recognitions for its innovative rehabilitation technologies [2].

Core Viewpoint - Xiangyu Medical's stock closed at 44.97 yuan, down 2.24%, with a rolling PE ratio of 82.87 times, indicating a high valuation compared to the industry average [1][3]. Company Overview - Xiangyu Medical specializes in the research, production, and sales of rehabilitation medical devices, offering over a thousand products across ten categories, including rehabilitation therapy, training, and assessment [2]. - The company has received multiple awards for its projects, including first prizes for various rehabilitation technology initiatives from different medical and scientific associations [2]. Financial Performance - In the first quarter of 2025, the company reported revenue of 186 million yuan, a year-on-year increase of 10.02%, while net profit was 22.95 million yuan, reflecting a decline of 41.26% [3]. - The gross profit margin for the company stood at 65.30% [3]. Market Position - Xiangyu Medical's PE ratio of 82.87 times is significantly higher than the industry average of 53.65 times and the median of 37.22 times, placing it at the 102nd position in the industry ranking [1][3]. - As of March 31, 2025, the number of shareholders increased to 5,895, with an average holding value of 352,800 yuan per shareholder [1].

Core Insights - The development of the silver economy is a crucial response to population aging, fostering new economic growth and enhancing the quality of life for citizens [1][3] Group 1: Service Sector Growth - In the first half of the year, the sales revenue of elderly care services, including disability care, home services, and social assistance, increased by 40.9%, 14.1%, and 8.8% respectively, significantly outpacing the national average service sector growth by 37.7, 10.9, and 5.6 percentage points [1] - Community, institutional, and home elderly care services saw sales revenue growth of 30.4%, 22.6%, and 18% respectively, indicating a strong demand for these services [2] Group 2: Manufacturing Sector Growth - The number of entities engaged in silver product manufacturing grew by 14.1% year-on-year, with sales revenue for elderly fitness equipment, rehabilitation aids, and nutritional health products increasing by 14.7%, 12.1%, and 6.9% respectively, surpassing the average manufacturing sector growth by 9.5, 6.9, and 1.7 percentage points [1] Group 3: Health and Wellness Trends - Health-related consumption is on the rise, with sales of mobility aids, elderly nutrition and health products, and health monitoring devices increasing by 32.2%, 30.1%, and 7.5% respectively, reflecting a shift towards proactive health management [2] Group 4: Digital Economy Impact - The rapid development of the digital economy is empowering the silver economy, with a 16.9% year-on-year increase in spending on information technology services by silver economy enterprises. Sales revenue for smart elderly care technology services and wearable devices grew by 33.7% and 32.6% respectively [2] Group 5: Policy Support - The tax authorities emphasize that developing the silver economy is essential for addressing aging issues and stimulating domestic demand. Ongoing tax and fee support policies will be implemented to enhance the effectiveness of the silver economy [3]

Group 1 - The silver economy in China is experiencing robust growth in the first half of the year, with increased supply of elderly services and products, and a continuous release of consumption potential among the elderly population [1] - Revenue from elderly care services, including disability care, home services, and social assistance, has seen significant year-on-year growth of 40.9%, 14.1%, and 8.8% respectively, surpassing the national average service industry growth rates by 37.7, 10.9, and 5.6 percentage points [1] - The number of entities engaged in the production of silver products has increased by 14.1% year-on-year, with sales revenue from elderly fitness equipment, rehabilitation aids, and nutritional health products growing by 14.7%, 12.1%, and 6.9% respectively, also exceeding the national manufacturing average growth rates [1] Group 2 - The elderly consumer market shows significant potential, driven by three core factors: essential needs, health, and self-enjoyment, with community, institutional, and home care services experiencing revenue growth of 30.4%, 22.6%, and 18% respectively [1] - Health-related consumption is on the rise, with sales of mobility aids, elderly nutrition and health products, and health monitoring devices increasing by 32.2%, 30.1%, and 7.5% respectively, indicating a shift towards proactive health management [2] - The trend of digitalization is emerging as a new direction for the silver economy, with significant integration of technologies such as 5G, AI, big data, and IoT, leading to a 16.9% year-on-year increase in IT service purchases by silver economy enterprises [2]