（文章来源：证券日报） 证券日报网讯可孚医疗10月31日发布公告，在公司回答调研者提问时表示，2025年，健耳听力将"提升 存量门店经营质量"作为核心任务，聚焦线下听力验配中心的盈利改善。前三季度，听力业务实现稳步 增长，运营效率持续提升，整体经营实现大幅减亏。公司与腾讯云联合研发的新一代骨传导助听器将于 上海进博会正式发布。该产品搭载腾讯天籁Inside算法，可在复杂噪声环境中显著提升语音清晰度与可 懂度。目前，健耳听力在全国拥有近700家直营验配中心，通过骨传导助听器和线上渠道精准触达目标 用户，并引导至线下进行专业验配，形成"线上引流、线下服务"的闭环。这是公司独特的竞争优势，有 助于提升品牌影响力与市场覆盖。 ...

健耳听力业务则聚焦"提升存量门店经营质量"，前三季度实现稳步增长，运营效率持续提升，整体经营 大幅减亏。值得关注的是，公司与腾讯云联合研发的新一代骨传导助听器将于上海进博会正式发布，该 产品搭载腾讯天籁Inside算法，可在复杂噪声环境中显著提升语音清晰度与可懂度。截至目前，健耳听 力在全国拥有近700家直营验配中心，通过"线上引流、线下服务"闭环模式，形成独特竞争优势。 关于未来增长引擎，公司表示将持续推行核心单品聚焦战略，呼吸机、助听器、背背佳等品类依托产品 创新与渠道深耕，在细分领域保持领先。前三季度数据显示，核心品类驱动作用显著，公司正通过全球 化产品布局，打造具有国际竞争力的家庭健康管理品牌。 海外与并购整合：喜曼拿协同效应显现 海外业务高速增长 10月30日，可孚医疗（301087.SZ）以特定对象调研及电话会议形式接待了New Silk Road Investment、 民生加银基金、海富通基金、华安基金等超50家机构投资者。公司副总裁/董事会秘书薛小桥、副总裁/ 财务总监陈望朋及投资者关系经理罗晓旭就核心业务进展、海外整合、战略布局等关键问题与机构进行 深入交流。 在海外业务及并购整合方面，公 ...

Sales Performance and Growth Expectations - The sales of self-developed ventilators have seen rapid growth since late June, becoming a key driver of revenue in Q3 [2] - Future growth is expected to continue due to increasing brand recognition and an expanding product matrix [2][3] Product Development and Innovation - The company has launched its first ventilator mask and plans to introduce multiple new masks and next-generation ventilators next year [3] - The new ventilators feature noise control comparable to imported models and include smart pressure adjustment, automatic temperature and humidity regulation, and health monitoring capabilities [3] Hearing Aid Business - The hearing aid segment has achieved steady growth, with a focus on improving the profitability of offline fitting centers [3] - A new bone conduction hearing aid, developed in collaboration with Tencent Cloud, will be officially launched at the Shanghai Import Expo [3] International Business and Strategic Collaborations - The company has successfully integrated its management team with the Ximaner business, enhancing operational efficiency and product competitiveness [4] - Overseas B2B business has shown robust growth, supported by strong customer retention and successful integration of acquisitions [4] Core Product Categories Driving Growth - Key product categories contributing to revenue growth include ventilators, hearing aids, posture correction devices, home testing kits, and blood glucose monitors [4][5] - These categories are expected to have significant growth potential in both domestic and international markets [6] AI and Smart Health Devices - The company is advancing its smart health strategy by integrating AI technology into health monitoring and respiratory support devices [7] - AI applications are expected to enhance product performance and development efficiency [7] Financial Performance and Profitability - The gross profit margin increased by 2 percentage points to 53.35% in the first three quarters of the year [8] - The company is focusing on optimizing its product structure and enhancing the value of core products to improve profitability [8] Investment in Emerging Technologies - The company has made strategic investments in brain-computer interface technologies, including a focus on bionic eye and ear products [10] - These investments aim to create synergies with existing hearing aid businesses and expand into intelligent rehabilitation solutions [10]

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.

Key Points Summary of Kefu Medical Conference Call Company Overview - **Company**: Kefu Medical - **Industry**: Medical Devices Core Insights and Arguments 1. **Impact of Online Business Adjustments**: Kefu Medical's revenue and profit remained stable year-on-year in Q2 2025 despite adjustments in online business, with core product strategies proving effective [2][3][4] 2. **Product Performance**: The company reported strong market performance for its respiratory machines and dual glucose-uric acid test strips, with the latter achieving the highest sales in its category [3][4] 3. **New Product Launch**: A bone conduction hearing aid is set to launch in September 2025, developed in collaboration with Tencent to enhance product competitiveness [2][6] 4. **O2O Business Growth**: Rapid growth in the O2O restaurant business was noted, with expectations for the O2O medical device category to reach 6 billion this year [3][4] 5. **H Share Issuance**: Kefu Medical plans to issue H shares to support international expansion and acquisitions, with a focus on reducing dilution impact on A shares [2][5][9] 6. **Acquisition of Himala**: The acquisition of Himala, Hong Kong's largest medical device chain, aims to enhance market presence and product quality, with Himala generating approximately 200 million HKD in sales [2][8][19] 7. **International Strategy**: The company is targeting high-quality brands and channels in Europe and Southeast Asia for future acquisitions, leveraging China's competitive manufacturing capabilities [4][10][29] Additional Important Information 1. **Financial Performance**: Kefu Medical's overseas revenue is expected to exceed 100 million in H1 2025, with a projected total of over 300 million for the year, marking significant growth compared to previous years [4][13] 2. **Profit Margin Outlook**: The acquisition of Himala is anticipated to improve profit margins from 10% to over 16% through supplier adjustments and product restructuring [14][19] 3. **Market Dynamics**: The competitive landscape for blood glucose and rehabilitation products is intensifying, with ongoing price wars and innovation among major players [26] 4. **Sales Channel Performance**: Online sales accounted for nearly 70% of total sales in H1 2025, with Douyin showing the fastest growth among platforms [24][25] 5. **Future Growth Areas**: The company expects significant improvements in health monitoring categories, particularly in home testing and temperature measurement products [22][23] This summary encapsulates the key points discussed in the conference call, highlighting Kefu Medical's strategic initiatives, product performance, and market outlook.