活动现场，可孚人工智能研究院执行院长吕易之博士以《智享健康，定义未来》为题发表专题报告，系 统阐述了研究院的战略布局与发展蓝图。研究院将采用扁平化的"一中心四组"管理模式，旨在通过"医 疗设备智能化"与"医疗服务AI化"的双轮驱动，实现从底层算力、数据资产到端侧应用的全链路闭环医 疗服务。 本报讯 （记者何文英）2月5日，可孚人工智能研究院在长沙正式揭牌，此举标志着可孚医疗在"AI+医 疗"领域的布局由单点应用探索，迈入体系化、平台化推进的全新发展阶段。 据悉，研究院预计于今年发布可孚内部大模型1.0版本，并率先在新款呼吸机上完成首个端侧AI算法的 工程化验证，推动设备从"数据记录者"升级为"健康分析师"。后续，相关技术将逐步拓展至血压计、护 理设备及各类健康监测产品，构建统一的个人健康数字画像与风险评估体系，为每个人打造专属的AI 健康管家。 深耕家用医疗器械行业二十年，可孚医疗已形成覆盖健康监测、康复辅具、呼吸支持、医疗护理及中医 理疗五大领域、近万个规格的产品体系，累计服务全球超过5000万个家庭，具备较为完整的家庭健康应 用场景和持续增长的真实用户与数据基础。 随着人工智能在医疗领域的应用不断深化，行 ...

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.