可孚医疗公告，公司与广州丹麓股权投资管理有限公司、杭州高科技创业投资管理有限公司、深圳市新 浩新兴创业投资有限公司、杭州拱墅产业基金有限公司及红杉煜慧（厦门）股权投资合伙企业签订《合 伙协议》，共同投资设立杭州拱墅区丹麓人才智能创业投资基金合伙企业（有限合伙）。基金全体合伙 人认缴出资8000万元，公司以自有资金认缴出资2000万元，认缴出资比例为25.00%。近日，基金已完 成工商注册登记，并取得杭州市拱墅区市场监督管理局颁发的营业执照。 ...

证券代码：301087 证券简称：可孚医疗 公告编号：2026-015 可孚医疗科技股份有限公司 关于与专业投资机构共同设立创业投资基金的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、对外投资概述 可孚医疗科技股份有限公司（以下简称"公司"）与广州丹麓股权投资管理 有限公司（以下简称"广州丹麓"）、杭州高科技创业投资管理有限公司（以下 简称"杭高投"）、深圳市新浩新兴创业投资有限公司、杭州拱墅产业基金有限 公司（以下简称"拱墅人才科创基金"）及红杉煜慧（厦门）股权投资合伙企业 （有限合伙）签订《合伙协议》，共同投资设立杭州拱墅区丹麓人才智能创业投 资基金合伙企业（有限合伙）（以下简称"基金"或"合伙企业"）。基金全体 合伙人认缴出资 8,000 万元，公司以自有资金认缴出资 2,000 万元，认缴出资比 例为 25.00%。近日，基金已完成工商注册登记，并取得杭州市拱墅区市场监督 管理局颁发的营业执照。 根据《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自 律监管指引第 7 号——交易与关联交易》《公司章程》等有关规定，本次投资事 项 ...

有投资者在互动平台向可孚医疗提问："董秘好，公司没有发布业绩预告，现在能否发布业绩快报，提 升投资者信心？" 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 针对上述提问，可孚医疗回应称："尊敬的投资者，您好！公司严格按照相关法律法规及规范性文件的 规定履行信息披露义务，根据目前财务部门的初步测算，公司2025年度经营业绩未触及需披露业绩预告 或业绩快报的情形，因此无需披露相关业绩预告或业绩快报。公司2025年年度报告预约披露时间为2026 年3月10日，具体经营及财务数据请以届时公司在指定信息披露媒体披露的定期报告为准。感谢您的关 注。" ...

Core Viewpoint - The report from Guosen Securities indicates that the medical services and consumer-related sectors have experienced long-term adjustments, resulting in valuations at historical lows. By 2026, improvements in supply structure, increased treatment volumes, and store optimization are expected to lead to a dual recovery in fundamentals and valuations, with AI empowerment providing new momentum for leading companies [1][2]. Group 1: Medical Services and Consumer Sectors - The medical services and consumer-related sectors are currently undervalued and poised for performance recovery, with a focus on specific sub-sectors [2]. - In medical services, improvements in supply structure and consumer environment are anticipated to gradually revive business, with stable customer spending and increased treatment volumes. Leading companies are expected to provide positive earnings guidance for 2026, indicating a potential dual recovery in fundamentals and valuations. AI-related business developments are also expected to drive new growth for leading medical service firms. Key companies to watch include Aier Eye Hospital (300015), Gushengtang, Tongce Medical (600763), and Haijia Medical [2]. - The pharmacy sector has shown significant marginal improvement in performance since Q3 2025, with leading companies improving same-store performance quarterly. Regulatory support from nine ministries emphasizes the long-term development direction of industry concentration and chain rate enhancement, with non-pharmaceutical adjustments and store structure optimization driving short-term performance improvements. Key companies include Yifeng Pharmacy (603939) and Dazhenglin (603233) [2]. Group 2: Home Medical Devices - The growth of home medical device companies is driven by increased product penetration and domestic production rates. Rapid growth is observed in products like Continuous Glucose Monitors (CGM) and sleep apnea machines, with leading domestic brands expanding internationally. Traditional categories like blood pressure monitors are increasingly focusing on the high-end market, with domestic brands steadily increasing market share. The combination of high domestic growth and new overseas markets is expected to contribute to sustained performance growth for home medical device companies. Key companies include Yuyue Medical (002223), Kefu Medical (301087), Sanofi Biological (300298), and Ruimaite (301367) [3]. Group 3: Innovative Drug Development - The collaboration for the international expansion of innovative drugs continues to deepen, with recent significant agreements between Shiyao Group and AstraZeneca, as well as Innovent Biologics and Eli Lilly. These collaborations highlight the growing recognition of China's innovative drug development capabilities by multinational pharmaceutical companies, showcasing the efficiency and cost advantages of Chinese innovative drugs [4]. Group 4: Investment Portfolio for 2026 - The investment portfolio for 2026 includes A-shares such as Mindray Medical (300760), United Imaging Healthcare, WuXi AppTec (603259), New Industry (300832), Meihua Medical (301363), Adebiotech (300685), Zhend Medical (603301), Yaokang Biological, Kingmed Diagnostics (603882), Aier Eye Hospital, Yuyue Medical, Yifeng Pharmacy, and Dazhenglin; H-shares include Kangfang Biologics, Kelun-Botai Biologics-B, Hutchison China MediTech, Kangnuo-B, Sanofi Biopharma, Gushengtang, and Aikang Medical [5].

Core Viewpoint - As of February 10, 2026, the total number of shareholders for Kewei Medical is approximately 17,000 [2] Company Summary - Kewei Medical has engaged with investors through an interactive platform, providing insights into its shareholder structure [2] - The company is actively communicating with its investors, indicating a focus on transparency and engagement [2]

医疗器械 渠道积淀筑底，自研驱动与战略拓展打开成长空间 可孚医疗（301087.SZ） 证券研究报告/公司深度报告 2026 年 02 月 11 日 | 评级： | 买入（首次） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | | | 营业收入（百万元） | 2,854 | 2,983 | 3,384 | 4,098 | 5,100 | | 分析师：祝嘉琦 | | 增长率 yoy% | -4% | 5% | 13% | 21% | 24% | | 执业证书编号：S0740519040001 | | 归母净利润（百万元） | 254 | 312 | 359 | 436 | 551 | | Email：zhujq@zts.com.cn | | 增长率 yoy% | -16% | 23% | 15% | 22% | 26% | | | | 每股收益（元） | 1.22 | 1.49 | 1.72 | 2.09 | ...

Core Viewpoint - Kefu Medical is transitioning from hardware manufacturing to an "AI + healthcare" strategy, focusing on intelligent health management systems and product innovation [2] Group 1: Stock Performance - Kefu Medical's stock price closed at 55.20 yuan on February 10, 2026, with a daily increase of 1.28% and a trading volume of 139 million yuan [1] - Institutional investors showed optimism with a net inflow of 10.61 million yuan, while retail investors experienced net outflows of 2.41 million yuan and 8.20 million yuan respectively [1] - Over the past five trading days, the stock has risen by 3.36%, but it has decreased by 6.91% over the last 20 days, indicating significant volatility [1] Group 2: Recent Developments - On February 5, 2026, Kefu Medical established the Kefu Artificial Intelligence Research Institute in Changsha, Hunan, marking a strategic upgrade towards AI and data capabilities [2] - The research institute will focus on medical large models and multi-modal data analysis, aiming to transition products from functional devices to intelligent health management terminals [2] - The company plans to release the internal large model version 1.0 this year, initially validating AI algorithms on new respiratory devices [2] Group 3: Financial Performance - Kefu Medical reported a revenue of 2.398 billion yuan for the first three quarters of 2025, a year-on-year increase of 6.63%, with a net profit of 260 million yuan, up 3.30% [3] - The third quarter saw a significant revenue increase of 30.72% year-on-year, reaching 902 million yuan, with net profit and net profit excluding non-recurring items growing by 38.68% and 62.68% respectively [3] - The company's debt ratio stands at 27.37%, with financial expenses recorded at -3.77 million yuan, indicating stable financial operations [3] Group 4: Institutional Insights - Recent market attention towards Kefu Medical has been moderate, with neutral sentiment, but frequent institutional research activity [4] - Ten institutions have set a consensus target price of 54.56 yuan, indicating a potential downside of 1.16% from the latest stock price of 55.39 yuan [4] - Over the past 90 days, five institutions have rated the stock as "buy" or "hold," reflecting confidence in its long-term growth potential, with projected net profit growth of 17.13% in 2025 and 26.37% in 2026 due to AI technology implementation and industry demand expansion [4]

医疗器械 渠道积淀筑底，自研驱动与战略拓展打开成长空间 可孚医疗（301087.SZ） 证券研究报告/公司深度报告 2026 年 02 月 11 日 | 评级： | 买入（首次） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | | | 营业收入（百万元） | 2,854 | 2,983 | 3,384 | 4,098 | 5,100 | | 分析师：祝嘉琦 | | 增长率 yoy% | -4% | 5% | 13% | 21% | 24% | | 执业证书编号：S0740519040001 | | 归母净利润（百万元） | 254 | 312 | 359 | 436 | 551 | | Email：zhujq@zts.com.cn | | 增长率 yoy% | -16% | 23% | 15% | 22% | 26% | | | | 每股收益（元） | 1.22 | 1.49 | 1.72 | 2.09 | ...

Core Viewpoint - The stock of Kefu Medical (301087) has shown a positive performance with a closing price of 55.2 yuan, reflecting a 1.28% increase as of February 10, 2026, with significant trading activity and a notable net inflow of funds [1] Financial Performance - For the first three quarters of 2025, Kefu Medical reported a main revenue of 2.398 billion yuan, representing a year-on-year increase of 6.63% [2] - The net profit attributable to shareholders reached 260 million yuan, up 3.3% year-on-year, while the net profit after deducting non-recurring items was 222 million yuan, reflecting a 1.46% increase [2] - In Q3 2025 alone, the company achieved a quarterly revenue of 902 million yuan, marking a significant year-on-year growth of 30.72% [2] - The quarterly net profit attributable to shareholders was approximately 92.83 million yuan, which is a 38.68% increase year-on-year, and the net profit after deducting non-recurring items was about 85.80 million yuan, up 62.68% [2] - The company's debt ratio stands at 27.37%, with investment income of 18.18 million yuan and financial expenses of -3.77 million yuan, while maintaining a gross profit margin of 53.35% [2] Market Activity - On February 10, 2026, the stock experienced a trading volume of 25,100 hands and a total transaction amount of 139 million yuan [1] - The net inflow of main funds was 10.61 million yuan, accounting for 7.65% of the total transaction amount, while retail investors saw a net outflow of 8.20 million yuan, representing 5.91% of the total [1]

Core Viewpoint - The announcement from Kewei Medical indicates that the total guarantees provided by the company amount to RMB 43,307.47 million, which represents 9.03% of the company's most recent audited net assets attributable to shareholders [2] Group 1 - The total amount of guarantees provided by the company is RMB 43,307.47 million [2] - The guarantees are exclusively for the company's wholly-owned subsidiaries [2] - There are no overdue external guarantees, no litigation related to external guarantees, and no losses incurred from guarantees resulting in adverse judgments [2]