Investment Rating - The report assigns an "Accumulate" rating to the company [1] Core Viewpoints - The company is a leading player in the home medical device sector, with a diverse product line and steady growth in performance. It focuses on research, production, sales, and service of home medical devices, having established itself as a well-known enterprise in the industry [7][13] - The company is concentrating resources on core products to enhance competitiveness and optimize product structure, particularly in rehabilitation aids, health monitoring, medical care, respiratory support, and hearing aid sectors [9][39] - The company has built a multi-channel marketing network, integrating large e-commerce platforms, chain pharmacies, and self-operated stores to capture opportunities in interest e-commerce [8][72] Summary by Sections Company Overview - The company specializes in home medical devices and has developed a strong market presence since its establishment in 2007. It has evolved from retail operations to becoming a pioneer in its own brand, "Kefu" [13][14] Product Focus - The company has systematically organized its five major product lines, focusing on core products to drive upgrades and enhance competitiveness. The rehabilitation aids segment has seen significant growth due to acquisitions and increased demand from an aging population [39][40] - Health monitoring remains a traditional stronghold, with innovative products like integrated blood glucose and uric acid testing devices expected to drive future revenue growth [45][47] - The medical care segment is anticipated to return to normalized growth, with plans to enhance product offerings in beauty repair and wound care [50][55] - The respiratory support segment, while currently small, has significant growth potential with new product launches planned [57][58] - The hearing aid business is experiencing steady growth, driven by an increase in the number of retail outlets and enhanced service capabilities [63][66] Channel Strategy - The company has established a comprehensive marketing network that combines online and offline channels, achieving significant online sales growth through platforms like Tmall and JD.com [77][78] - The company is leveraging interest e-commerce channels to enhance brand visibility and consumer engagement, utilizing live streaming and short video promotions to tap into potential customer needs [79][84] Financial Forecast - Revenue projections for 2024-2026 are estimated at 32.47 billion, 38.33 billion, and 45.24 billion yuan, with corresponding net profits of 3.21 billion, 4.31 billion, and 5.52 billion yuan, indicating robust growth [9][88] - The company is expected to maintain a strong gross margin, with improvements anticipated in product quality and operational efficiency [26][29]

证券代码：301087 证券简称：可孚医疗 公告编号：2025-004 可孚医疗科技股份有限公司 关于回购公司股份实施结果暨股份变动公告 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。 可孚医疗科技股份有限公司（以下简称"公司"）2024 年 1 月 25 日召开第 二届董事会第六次会议及第二届监事会第六次会议，审议并通过《关于回购公司 股份方案的议案》。公司计划使用自有资金以集中竞价交易方式回购公司人民币 普通股 A 股股份，用于实施员工持股计划或者股权激励。本次拟用于回购的资 金总额为不低于人民币 5,000 万元（含）且不超过人民币 10,000 万元（含），回 购股份价格不超过人民币 53.00 元/股（含），回购股份期限自公司董事会审议通 过本次回购股份方案之日起十二个月内。具体内容详见公司于 2024 年 1 月 26 日在巨潮资讯网（http://www.cninfo.com.cn）披露的《关于回购公司股份方案的 公告》（公告编号：2024-003）。 2024 年年度权益分派实施后，本次回购股份价格上限由不超过人民币 53.00 元/股（含）调 ...

证券代码：301087 证券简称：可孚医疗 公告编号：2025-003 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投资基金的进展公告 备案日期：2025 年 1 月 22 日 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"）作为有限合伙人，以自有 资金投资长沙湘江善诺创业投资合伙企业(有限合伙)（以下简称"湘江善诺"）。 湘江善诺全体合伙人认缴出资总额为 20,000 万元，公司认缴出资 900 万元，认 缴出资比例为 4.50%。具体内容详见公司于 2024 年 11 月 18 日在巨潮资讯网 （http://www.cninfo.com.cn）披露的《关于与专业投资机构共同设立投资基金的 公告》（公告编号：2024-079）。 二、进展情况 近日，公司收到基金管理人通知，根据《中华人民共和国证券投资基金法》 和《私募投资基金监督管理暂行办法》等法律法规的要求，湘江善诺已在中国证 券投资基金业协会完成私募投资基金备案登记手续，并取得《私募投资基金备案 证明》，相关备案信息如下： 基金名称：长沙湘江善诺创业投资合伙企业(有限合伙) 管理人名称：深圳前海上善金石私募股权投资基金管理有限公 ...

Group 1 - Hunan Yajian Medical Development Co., Ltd. has been established with a registered capital of 20 million yuan [1] - The legal representative of the company is Zhang Zhiming [1] - The business scope includes food sales, drug retail, disinfection equipment sales, third-class medical device operations, sales of mobility aids and parts, and maternal and infant products [1] Group 2 - The company is wholly owned by Kefu Medical [1]

证券代码：301087 证券简称：可孚医疗 公告编号：2024-081 可孚医疗科技股份有限公司 关于回购公司股份的进展公告 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。 可孚医疗科技股份有限公司（以下简称"公司"）于 2024 年 1 月 25 日召开 第二届董事会第六次会议及第二届监事会第六次会议，审议并通过《关于回购公 司股份方案的议案》。公司计划使用自有资金以集中竞价交易方式回购公司人民 币普通股 A 股股份，用于实施员工持股计划或者股权激励。本次拟用于回购的 资金总额为不低于人民币 5,000 万元（含）且不超过人民币 10,000 万元（含）， 回购股份价格不超过人民币 53.00 元/股（含），回购股份期限自公司董事会审议 通过本次回购股份方案之日起十二个月内。具体内容详见公司在巨潮资讯网 （http://www.cninfo.com.cn）披露的相关公告。 2023 年年度权益分派实施后，本次回购股份价格上限由不超过人民币 53.00 元/股（含）调整为不超过人民币 51.83 元/股（含）；2024 年半年度权益分派实 施后，回购股份价格上 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, Kefu Medical [9][13][141]. Core Insights - Kefu Medical, established in 2009, specializes in the research, production, sales, and service of medical devices, covering five major areas: health monitoring, rehabilitation aids, respiratory support, medical care, and traditional Chinese medicine therapy [8][31]. - The company has shown a steady recovery post-COVID, with a 3% year-on-year revenue increase in the first half of 2024, excluding protective products, regular product revenue grew over 20% [8][42]. - The report forecasts revenue growth for 2024-2026 at 31.81 billion, 38.31 billion, and 45.47 billion yuan, with net profits of 3.60 billion, 4.57 billion, and 5.59 billion yuan respectively, indicating a strong growth trajectory [9][135]. Summary by Sections Company Overview - Kefu Medical has a diverse product line and has been focusing on enhancing its R&D capabilities and expanding sales channels to maintain its competitive edge [31][95]. - The company has a relatively concentrated ownership structure, with significant stakes held by its founders [31][42]. Financial Performance - In 2023, Kefu Medical reported revenues of 28.54 billion yuan, a 4% decline due to high base effects from 2022, but with a compound annual growth rate (CAGR) of 18% from 2019 to 2023 [42][147]. - The company expects to enter a long-term growth phase as the impacts of COVID-19 diminish [42][135]. Business Segments - Rehabilitation aids are the largest revenue contributor, accounting for 27% of total revenue in 2023, followed by medical care (26%), health monitoring (21%), and respiratory support (16%) [45][149]. - The report highlights the potential for growth in the hearing aid segment, with the company operating 814 stores under the "Jianer" brand, which has shown a 33.48% revenue increase in the first half of 2024 [128][131]. Market Position and Strategy - Kefu Medical has established a robust online and offline sales network, leveraging major e-commerce platforms and a significant number of physical stores to enhance market penetration [7][65]. - The company is actively expanding its interest e-commerce initiatives, which have seen a 200% revenue increase in 2023 [65][94]. Valuation - The report estimates a reasonable market value of 9.4 billion yuan for Kefu Medical, suggesting a potential upside of approximately 21% from its market capitalization as of November 26, 2024 [9][141].

告编号：2024-047）。 二、进展情况 近日，公司收到基金管理人通知，根据《中华人民共和国证券投资基金法》 和《私募投资基金监督管理暂行办法》等法律法规的要求，通和四期已在中国证 券投资基金业协会完成私募投资基金备案登记手续，取得《私募投资基金备案证 明》，相关备案信息如下： 证券代码：301087 证券简称：可孚医疗 公告编号：2024-080 可孚医疗科技股份有限公司 关于与专业投资机构共同投资的进展公告 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"）作为有限合伙人，以自有 资金投资合肥通和四期股权投资合伙企业（有限合伙）（以下简称"通和四期"）。 通和四期全体合伙人认缴出资总额为 100,000 万元，公司认缴出资 2,000 万元， 认缴出资比例为 2.00%。具体内容详见公司于 2024 年 6 月 27 日在巨潮资讯网 （http://www.cninfo.com.cn）披露的《关于与专业投资机构共同投资的公告》（公 四、备查文件 1 《私募投资基金备案证明》。 特此公告。 可孚医 ...

Core Viewpoint - The company, Kewei Medical, is optimistic about future revenue growth driven by the launch of innovative products in the health monitoring and respiratory support sectors in the second half of the year [1] Group 1: Revenue Channels - The company's online channel revenue accounts for approximately two-thirds, while offline channel revenue makes up about one-third, consistent with industry terminals [2] - Sales are generally better in the first and fourth quarters, with winter being a peak season for chronic disease, leading to high demand for health monitoring, medical care, and respiratory support products [2] - The second and third quarters may experience reduced sales due to decreased foot traffic in offline channels caused by hot summer weather [2] Group 2: Seasonal Sales Trends - The company anticipates a sales peak during promotional events such as Double Eleven, Double Twelve, and year-end sales, which coincide with the winter demand surge [2]

Group 1: Financial Performance - The company achieved double-digit growth in both revenue and net profit in Q3 2024, driven by a focus on core products and multi-channel strategies, including e-commerce [2] - Online sales account for approximately 66.67% of total revenue, while offline sales make up about 33.33%, aligning with industry averages [3] Group 2: Product Innovation - New products launched in the health monitoring and respiratory support sectors are expected to drive future revenue growth, including a blood glucose and uric acid testing device and a continuous glucose monitor [2] - The company introduced several innovative respiratory support products, such as the second-generation sleep apnea machine and portable sleep apnea devices [2] Group 3: Seasonal Sales Trends - Sales are typically stronger in Q1 and Q4 due to increased demand during the winter months and promotional events like Double Eleven and Double Twelve [3] - Sales in Q2 and Q3 may decline due to reduced foot traffic in offline channels during the hot summer months [3] Group 4: Sales Strategy and Future Plans - The company aims to maintain stable sales expense ratios while enhancing e-commerce operational efficiency and expanding hearing aid business revenue [3] - Future expansion plans for the hearing aid segment will adapt to market conditions, with a commitment to becoming a leading hearing chain enterprise in China [4]

关于与专业投资机构共同设立投资基金的公告 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 证券代码：301087 证券简称：可孚医疗 公告编号：2024-079 可孚医疗科技股份有限公司 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 项无需提交董事会、股东大会审议，不构成关联交易，亦不构成《上市公司重大 资产重组管理办法》规定的重大资产重组。 2、股东信息 二、合作方基本情况 （一）普通合伙人 1、基本注册信息 企业名称：深圳前海上善金石私募股权投资基金管理有限公司 法定代表人：戎涛 注册资本：2,000 万元人民币 成立时间：2016 年 1 月 19 日 企业类型：有限责任公司 1 注册地址：深圳市前海深港合作区前湾一路 1 号 A 栋 201 室（入驻深圳市 前海商务秘书有限公司） 经营范围：私募股权投资基金管理（须在中国证券投资基金业协会完成登记 备案后方可从事经营活动）(不得从事证券投资活动；不得以公开方式募集资金 开展投资活动；不得从 ...