-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 ...

医药生物/医疗器械 -20% 0% 20% 40% 60% 2024-08 2024-12 2025-04 2025-08 可孚医疗 沪深300 数据来源：聚源 相关研究报告 《2024Q3 收入利润符合预期，线上增 长依旧强劲—公司信息更新报告》 -2024.11.5 《2024H1 收入利润符合预期，毛利率 水平提升明显—公司信息更新报告》 -2024.8.29 Yoy 可孚医疗（301087.SZ） 2025H1 业绩符合预期，海外业务蓄势待发 2025 年 08 月 26 日 投资评级：买入（维持） | 日期 | 2025/8/26 | | --- | --- | | 当前股价(元) | 41.24 | | 一年最高最低(元) | 47.50/28.10 | | 总市值(亿元) | 86.23 | | 流通市值(亿元) | 80.11 | | 总股本(亿股) | 2.09 | | 流通股本(亿股) | 1.94 | | 近 3 个月换手率(%) | 91.16 | 股价走势图 余汝意（分析师） 石启正（联系人） yuruyi@kysec.cn 证书编号：S0790523070002 shiqizhen ...

在智能化布局方面，可孚医疗将"物联网+AI"逐步融入产品与服务。呼吸机云平台已实现远程设备监控 与大数据分析，并引入AI大模型进行数据解读与个性化健康管理；医用放大镜小程序可基于检测结果 自动生成健康建议；智慧血压计、血糖仪、制氧机等项目有序推进，逐步构建覆盖多使用场景的智能健 康管理生态系统。 全面自主掌控的销售渠道一直是可孚医疗稳定发展的重要抓手。今年上半年，可孚医疗线上渠道收入近 10亿元，占总营收65%。自2014年起布局线上渠道，可孚医疗电商团队积累了丰富的运营经验，在天 猫、京东等传统电商平台的医疗器械类目长期占据领先地位，形成了以数据分析为驱动的精准运营体 系。面对兴趣电商崛起，可孚医疗加大对抖音、快手、小红书等平台投入，通过直播、短视频等方式， 打造呼吸机、血糖尿酸一体机、体温计等潜力产品，使兴趣电商成为增长新引擎。 在线下渠道，可孚医疗与全国数十家百强连锁药企建立长期合作关系，产品覆盖全国20余万家药店。同 时，加快即时零售平台布局，以满足消费者"即时、便捷、到家"的健康需求。上半年，线下渠道收入近 5亿元，同比增长12.5%，其中旗下听力验配连锁品牌"健耳听力"营业收入同比增长超20%。 ...

可孚医疗 2025 年上半年营收 14.51 亿元，同比增长 14.5%，拟每 10 股派发现金红利 6 元。线上渠道收入占比 65%，线下占比 31%。预计 全年营收增长超 10%，第三、四季度营收预计分别同比增长 20%以上。 各业务板块中，健康监测和医疗护理分别增长 12%和 9.2%，中医理疗 增长 6%，康复辅具和呼吸支持分别下降 6.5%和 43.3%。预计康复辅 具和医疗护理全年增长 10%左右，健康监测增长约 16%，呼吸支持恢 复至 8%左右增长，中医理疗维持 10%-15%增长。 海外业务显著增长，上半年营收约 1 亿元。完成对上海华洲和香港喜曼 拉的收购，有助于拓展欧美市场及香港零售渠道。预计下半年海外收入 将超过 3 亿元，并将海外发展作为战略重点。 健耳听力上半年营收 1.56 亿元，同比增长 22%，但净利润亏损 516 万 元，亏损同比收窄。毛利率保持在 70%以上。将重点提升新开门店营收 能力与盈利水平，同时稳定老店铺营收规模。 呼吸支持业务上半年亏损，主要因市场需求波动和成本控制不力。取消 瑞士曼代理业务后，自有呼吸机表现良好，7 月收入增长至 1,000 多万 元，毛利率超 ...

Core Viewpoint - Company plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its global strategy and brand recognition [2] Group 1: Company Overview - Company is a leading enterprise in personal health management, specializing in the research, production, sales, and service of medical devices [4] - As of the end of 2024, the company has 92 subsidiaries and 794 branches, establishing a comprehensive network for research, production, marketing, and service [4] - Product offerings span five major areas: health monitoring, rehabilitation aids, respiratory support, medical care, and traditional Chinese medicine therapy [4] Group 2: Internationalization Strategy - Company views internationalization as a key strategic direction, combining organic growth with mergers and acquisitions to enhance overseas business [4] - Significant investments are being made in overseas operations, focusing on local product development and market registration [4] - Recent acquisitions include Shanghai Huazhou and Ximaner, aimed at strengthening overseas resources and market presence [5] Group 3: Financial Performance - In 2024, the company achieved revenue of 2.983 billion yuan, a year-on-year increase of 4.53%, and a net profit of 312 million yuan, up 22.60% [8] - Overseas revenue remains small, accounting for approximately 59.15 million yuan, or 1.98% of total revenue [8] - In Q1 2025, the company experienced a decline in performance, with revenue of 738 million yuan, down 8.59%, and net profit of 91.43 million yuan, down 9.68% [8] Group 4: Product Performance - In Q2, the company reported stable overall operations with strong demand for certain products, including hearing aids and home testing kits [9] - The self-developed respiratory machine has shown outstanding performance, achieving industry-leading noise reduction [9] - The blood glucose and uric acid testing device, utilizing a unique dual-testing technology, continues to lead in its niche market [9]

Group 1: Company Performance - The overall operating status in Q2 remained stable, with strong growth in hearing aids, home testing reagents, dressings, and adult care products [2] - The self-developed ventilator achieved outstanding performance, ranking first in sales on Douyin, with industry-leading noise reduction and performance [3] - The blood glucose and uric acid integrated machine showcases a unique dual-testing technology, reducing user burden and medical costs [3] Group 2: Hong Kong Listing Rationale - The current national policy supports companies "going global," making the Hong Kong listing aligned with policy direction and beneficial for international development [4] - The Hong Kong market offers a high degree of internationalization, providing a quality financing platform for companies [4] - Establishing an H-share platform is a strategic move to enhance overseas business capabilities and improve cross-border M&A efficiency [4] Group 3: International Business Strategy - The company aims for internationalization through a combination of organic growth and acquisitions, continuously enhancing its overseas business layout [5] - Significant investments are being made in overseas markets, with local product development and registration efforts underway [5] - The company completed acquisitions of Huazhou and Ximan in the first half of the year, enhancing overseas business resources [5] Group 4: Acquisition Projects - Huazhou, established in 2002, is a leading manufacturer of pressure-sensitive adhesive products, with over 60% of its revenue from overseas [6] - Ximan, with nearly 40 years of experience, operates retail medical device centers and will help the company penetrate the Hong Kong market [7] - Future acquisitions will focus on companies that can enhance product lines or technical capabilities and those with established distribution networks or brand influence [7] Group 5: Hearing Aid Business Outlook - The hearing aid business is focused on improving operational quality and has seen some improvement in profitability [7] - The Chinese hearing aid market has significant growth potential but faces challenges such as low public awareness and usage rates [7] - The company plans to provide comprehensive services for hearing-impaired individuals, leveraging its core competitive advantage in personalized solutions [7]