近日，可孚医疗向港交所递交主板上市申请，正式启动"A+H"双重上市进程。 这家以"背背佳"闻名的企业，在2025年上半年业绩双降的背景下，仍向大股东高额分红，同时寻求港股 上市。 作为国内家用医疗器械行业的领军企业，可孚医疗面临着主力产品增长乏力、营销投入高企、研发投入 缩减、海外市场尚未形成有效支撑等多重挑战。 2022年4月，可孚医疗以1.77亿元收购背背佳运营主体橡果贸易，并重新战略定位其为"体态管理专 家"。随后公司加大推广力度，布局抖音赛道、赞助综艺《快乐再出发》，2024年还官宣白鹿为品牌代 言人等。 背背佳也不负众望，为可孚带来可观业绩回报。2024年，包含背背佳在内的矫姿带产品收入5亿元，市 场份额达到27.2%，成为公司康复辅具板块的重要收入来源。 营利双降与高分红并存 招股书披露，可孚医疗是中国最大的家用医疗器械企业之一。专业从事家用医疗器械的研发、生产、销 售和服务，可孚医疗覆盖健康监测、康复辅具、呼吸支持、医疗护理及中医理疗五大领域。2021年10 月，可孚医疗以93.09元发行价登陆创业板，募资37.24亿元。但上市首日即破发，开盘跌超10%，收盘 市值为142.35亿元。截至记者发 ...

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: Core Product Strategy - The company focuses on core product categories including hearing aids, diagnostic reagents, and respiratory devices, aiming to enhance market competitiveness through innovation and digital marketing tools [2][3] - Significant growth is expected in core products, which will drive future revenue and profit [2][3] Group 2: Financial Performance and Market Impact - In Q1 2024, the company optimized its product structure, leading to a slight revenue decline but improved operational quality [4] - The medical care and health monitoring segments showed good growth, while the respiratory support segment experienced a decline due to strategic adjustments [4] - National subsidy policies positively impacted sales for eligible products, contributing to growth [4] Group 3: Future Product Development - The company plans to launch a new generation of respiratory devices in 2025, enhancing performance and user experience [5] - AI technology will be integrated into various health monitoring products to improve precision and smart health management [6] Group 4: Medical Care Business Growth - The medical care segment is projected to grow over 8% YoY in 2024, excluding the impact of mask sales [8] - The company aims to enhance the competitiveness of core products through refined operations and channel development [8] Group 5: Hearing and Overseas Market Strategy - The hearing aid market is viewed positively, with plans to improve store profitability through cost control and management [9] - The overseas business is in a strategic cultivation phase, with good growth in foreign trade revenue and optimistic future prospects [9] Group 6: M&A Strategy - The company will focus on core business development while exploring M&A opportunities that align with its strategic direction and enhance competitive advantages [10]