Core Viewpoint - The article discusses the challenges and opportunities faced by Kefu Medical, particularly in relation to its acquisition of the brand "Beibeijia" and its upcoming plans for a Hong Kong IPO amid declining revenues and profits [2][3][4]. Group 1: Company Overview - Kefu Medical acquired the brand "Beibeijia" in 2022 for 177 million yuan, reviving a once-popular posture correction product that had faced significant challenges in the past [2][4]. - The company has a diverse product portfolio, including home medical devices, rehabilitation aids, and health monitoring products, with "Beibeijia" being a notable part of its offerings [5][12]. - Kefu Medical ranks second among home medical device companies in China, with a market share of nearly 30% in the posture correction segment [5]. Group 2: Financial Performance - In the first half of 2025, Kefu Medical reported revenues of approximately 1.5 billion yuan, a decline of 4% year-on-year, and a net profit of about 170 million yuan, down 9.5% [3][9]. - The company's revenue growth has been hindered by a significant reliance on a few major clients, with the top five clients contributing 36.7% of revenue in the first half of 2025 [9][10]. - The overall revenue has increased from about 2.4 billion yuan in 2020 to an estimated 3 billion yuan in 2024, but net profit has decreased from 424 million yuan in 2020 to an estimated 312 million yuan in 2024 [7][9]. Group 3: Market Challenges - "Beibeijia" has faced criticism regarding its effectiveness, with many consumers expressing dissatisfaction on social media and complaint platforms, leading to a divided market perception [10][12]. - The product is classified as a consumer-grade item rather than a medical device, which has led to consumer confusion regarding its intended use and effectiveness [12][15]. - Kefu Medical's marketing efforts have included significant advertising expenditures, which increased by 51% in 2024, but these have not translated into sustained revenue growth [10][18]. Group 4: Strategic Moves - Kefu Medical is pursuing a Hong Kong IPO to address funding needs for overseas expansion and ongoing acquisitions, as its previous fundraising efforts from the A-share market have been largely exhausted [24]. - The company has engaged in multiple acquisitions to expand its product offerings and market presence, including recent purchases of medical product companies [18][20]. - The firm has maintained a consistent dividend policy, distributing a total of 1.235 billion yuan in dividends since its IPO, even as it faces financial pressures [22][23].

Core Viewpoint - The company is targeting an IPO in both A-shares and Hong Kong to enhance its international presence and visibility in the global medical device sector [1] Group 1: International Expansion Strategy - The company's overseas revenue is currently limited, projected to account for only 6.5% of total revenue by mid-2025, indicating that international expansion is still in its early stages [3] - To grow its overseas segment, the company has adopted an aggressive acquisition strategy, starting with the purchase of Shanghai Huazhou, which has a strong international client base [3] - The company also acquired a well-established Hong Kong retailer, Hyman, to quickly establish a bridge between domestic and international markets [5] Group 2: Product and Marketing Strategy - The company's main revenue driver remains home rehabilitation products, particularly the "Beibeijia" brand, which has gained significant market attention [5] - After the brand's acquisition, it has successfully leveraged celebrity endorsements and social media marketing, achieving the top market position in its category [7] - Despite high sales and marketing expenditures, the company has not invested significantly in technological innovation, leading to concerns about its competitive edge compared to industry leaders [9] Group 3: Challenges and Future Outlook - The company's heavy reliance on sales over research and development may undermine confidence among high-end clients, making it difficult to differentiate products in the market [9] - While the company has a wide offline presence through numerous retail partnerships, it has yet to fully integrate its product lines and brand collaborations [11] - The company experienced a revenue slowdown post-pandemic, highlighting the need to explore new growth avenues while stabilizing its core business [11] - Overall, the company's future success will depend on effectively allocating marketing resources and deepening its home medical device offerings to ensure long-term sustainability [13]

Core Viewpoint - Company Kefu Medical has submitted an IPO application to the Hong Kong Stock Exchange, aiming to become the first "A+H" listed company in China's home medical device industry and expand its global market presence [2] Group 1: Financial Performance - Kefu Medical's revenue and net profit growth have slowed post-pandemic, with revenues of RMB 29.77 billion in 2022, RMB 28.54 billion in 2023, and projected RMB 29.83 billion in 2024, while net profits are expected to be RMB 3 billion in 2022, RMB 2.53 billion in 2023, and RMB 3.12 billion in 2024 [3][4] - In the first half of 2025, the company reported a 4% decline in revenue and a 9.7% drop in net profit compared to the previous year [3] Group 2: Product Segmentation - Rehabilitation aids have become Kefu Medical's largest revenue segment, contributing 38.8% of total revenue in the first half of 2025, with a gross margin of 61.99% [5] - The "Beibeijia" posture correction product has been a key growth driver, achieving sales of approximately RMB 5 billion in 2024 and capturing a 27.2% market share in its category [7][8] Group 3: Marketing and Sales Strategy - Kefu Medical's sales expenses reached RMB 4.8 billion in the first half of 2025, accounting for 32.1% of total revenue, while R&D expenses were only RMB 40.05 million, representing 2.68% [9][10] - The company heavily relies on online sales channels, with online direct sales increasing from 29.8% in 2022 to 35.8% in 2024 [11][12] Group 4: International Expansion - The IPO aims to enhance Kefu Medical's international financing capabilities and promote its globalization strategy, with overseas revenue rising from RMB 42.06 million in 2022 to RMB 96.76 million in the first half of 2025, now accounting for 6.5% of total revenue [13][14] - Recent acquisitions, including Hong Kong's Ximan Medical and Shanghai Huazhou, are expected to significantly boost overseas revenue and market presence [13][14]

本文自南都·湾财社 采写 | 南都·湾财社记者 陈盈珊 "背背佳"这个陪伴无数人青春的矫姿品牌，正带着母公司冲刺资本市场的新目标重回大众视野。 近日，可孚医疗科技股份有限公司（下称"可孚医疗"）正式向港交所主板递交上市申请，启动A+H双重上市进程。作为国内家用医疗器械领域的"隐形冠 军"，一年赚三亿、三年半营收破百亿的可孚医疗，此次瞄准境外资本市场究竟手握怎样的业绩底牌？光环之下又暗藏哪些挑战？ 从背背佳到医疗巨头 可孚医疗的二十年逆袭路 翻开可孚医疗的招股书，业绩曲线呈现出"震荡中优化"的鲜明特征。2022-2024年及2025年上半年，公司营收分别为29.77亿元、28.54亿元、29.83亿元、 14.96亿元——2023年因渠道扩张投入加大出现4.14%的阶段性下滑，2024年迅速回升4.53%，重回增长轨道；2025年上半年受行业季节性因素影响，营收 微降4.03%。 | | | 截至12月31日止年度 | | 截至6月30日止六個月 | | | --- | --- | --- | --- | --- | --- | | | 2022年 | 2023年 | 2024年 | 2024年 | 2025年 ...

Core Viewpoint - Kefu Medical, known for its posture correction brand "Beibeijia," is aiming for a dual listing on the Hong Kong Stock Exchange, showcasing its growth and challenges in the home medical device market [1] Group 1: Company Background and Growth - Kefu Medical started as a small company in Changsha, Hunan, in 2007, focusing on basic medical products and later integrated the "Beibeijia" brand to leverage its national recognition [2] - The company has expanded from a single product to a diversified portfolio, including rehabilitation aids and hearing health products, capitalizing on the user base of "Beibeijia" [2] Group 2: Sales and Revenue Performance - Kefu Medical's revenue for 2022, 2023, and 2024 was approximately 2.98 billion, 2.85 billion, and 2.98 billion RMB respectively, with a slight decline in 2023 due to increased channel expansion costs [5][6] - The rehabilitation aids segment has seen significant growth, with revenue increasing from 526 million RMB in 2022 to 1.04 billion RMB in 2024, driven by market demand from an aging population [7] Group 3: Profitability and Financial Metrics - The company's net profit for 2022, 2023, and 2024 was approximately 302 million, 253 million, and 312 million RMB respectively, with a notable increase in 2024 due to higher margins from rehabilitation aids [9][10] - Kefu Medical's gross margin improved from 37.84% in 2022 to 50.58% in 2024, attributed to increased production efficiency and a higher proportion of high-margin products [10] Group 4: Sales Channels and Market Strategy - Kefu Medical has established a strong online presence, achieving 19.90 billion RMB in online sales in 2024, while offline sales are gradually recovering [12] - The company is expanding its international presence, with overseas revenue reaching 59.15 million RMB in 2024, marking a growth of over 200% [14] Group 5: Challenges and Future Outlook - The company faces challenges in balancing short-term gains from established products with long-term investments in innovation, as well as managing high sales expenses [11][15] - Kefu Medical's ability to navigate regulatory hurdles and local market adaptations will be crucial for its international expansion efforts [14]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Viewpoints - The company reported a revenue of 1.496 billion yuan for the first half of 2025, a year-on-year decrease of 4.03%, with a net profit attributable to shareholders of 167 million yuan, down 9.51% year-on-year [4][5] - The second quarter of 2025 saw a revenue of 758 million yuan, a year-on-year increase of 0.87%, while the net profit attributable to shareholders was 76 million yuan, down 9.30% year-on-year [5] - The overall gross margin improved to 52.80% in Q2 2025, indicating effective product structure optimization [5] Revenue and Profit Analysis - The rehabilitation aids segment is the largest business area, generating 563 million yuan in revenue for H1 2025, a decrease of 6.41% year-on-year, primarily due to the streamlining of inefficient SKUs [5] - The medical care product segment achieved revenue of 424 million yuan, up 9.67% year-on-year, mainly due to the acquisition of Huazhou [5] - Health monitoring products generated 271 million yuan in revenue, a year-on-year increase of 12.89%, driven by strong sales of thermometers and home testing strips [5] Online and Overseas Market Performance - Online channels contributed 974 million yuan in revenue for H1 2025, a year-on-year increase of 3%, accounting for 67.28% of total operating income [6] - The company has implemented differentiated operational strategies for various e-commerce platforms, enhancing customer retention and repurchase rates through a refined membership system [6] - The overseas business performed exceptionally well, with revenue exceeding 100 million yuan, a year-on-year growth of over 200% [6] Strategic Acquisitions - In January 2025, the company completed the acquisition of Shanghai Huazhou, a leading domestic pressure-sensitive adhesive manufacturer, which will enhance its product line and support overseas market expansion [8] - In June 2025, the company acquired a controlling stake in Ximan Medical Systems, a well-known medical instrument retailer in Hong Kong, facilitating entry into the Hong Kong market and resource integration [8] Financial Forecast - Revenue projections for 2025-2027 are 3.58 billion yuan, 4.33 billion yuan, and 5.24 billion yuan, with growth rates of 20.0%, 21.0%, and 20.8% respectively [9] - Net profit attributable to shareholders is expected to reach 414 million yuan, 504 million yuan, and 613 million yuan for the same period, with growth rates of 32.7%, 21.8%, and 21.7% respectively [9] - The estimated EPS for 2025-2027 is 1.98 yuan, 2.41 yuan, and 2.93 yuan, corresponding to P/E ratios of 20x, 17x, and 14x [9]

Core Insights - Kefu Medical, the producer of the well-known product "Beibeijia," reported a strong performance for 2024, achieving a revenue of 2.983 billion yuan, a year-on-year increase of 4.53%, and a net profit of 312 million yuan, up 22.6% [1][3] - The growth in performance is attributed to the continuous expansion of core product lines and optimization of product structure, with a focus on technological advancements and market expansion [1][3] - The company has established a comprehensive online business presence, generating 1.99 billion yuan in online channel revenue, a growth of 8.94%, with significant contributions from interest e-commerce platforms like Douyin and Kuaishou [1][6] Financial Performance - Kefu Medical's revenue and net profit have shown a recovery in 2024 after a decline in 2022 and 2023, with the company reporting a net profit of 312 million yuan, a 22.6% increase from the previous year [3][4] - The company plans to distribute a cash dividend of 12 yuan per 10 shares, totaling approximately 244 million yuan, which represents 117.31% of the net profit for the year [1][3] - As of the end of 2024, Kefu Medical's financial structure remains robust, with a debt-to-asset ratio of 25.23% and a net cash flow from operating activities of 663 million yuan, reflecting a year-on-year increase of 68.45% [4][6] Product and R&D Development - Kefu Medical specializes in the research, production, and sales of medical devices, with a diverse product range including health monitoring, rehabilitation aids, respiratory support, and traditional Chinese medicine therapy [5][6] - The company has launched over 100 new products in 2024, including innovative devices such as a new generation blood glucose and uric acid testing machine, enhancing its product offerings in the respiratory support sector [5][6] - Kefu Medical's R&D investment has been significant, with expenditures of 118 million yuan, 114 million yuan, and 107 million yuan from 2022 to 2024, respectively, leading to a total of 592 authorized patents and 170 copyrights [6] Market Position and Strategy - The company has successfully established a strong online presence, covering major third-party e-commerce platforms, and is also deepening partnerships with leading chain pharmacies to solidify its market position [6] - Kefu Medical is advancing its global strategy, expanding its business to over 60 countries and regions, and has served more than 50 million families, indicating the effectiveness of its international expansion efforts [6]