New Stock News | Cofoe Medical Technology (301087.SZ) submits a second application to the Hong Kong Stock Exchange, ranking second among domestic household medical device companies in China.

According to the disclosure by the Hong Kong Stock Exchange on March 16, Cofoe Medical Technology Co., Ltd. (abbreviated as: Cofoe Medical Technology, 301087.SZ) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with Huatai International and BNP Paribas as its joint sponsors. This is the company's second submission to the Hong Kong Stock Exchange, having previously filed a prospectus on August 29, 2025. According to data from Frost & Sullivan, based on domestic revenue in 2024, the company ranks second among all domestic medical device companies in China, with a market share of 2.1%. Company Profile The prospectus shows that Cofoe Medical Technology is one of the largest domestic medical device companies in China. Since its establishment in 2007, the company has been deeply involved in the domestic medical device industry, always dedicated to providing convenient solutions for consumers and patients seeking high-quality and advanced home medical devices. As of the latest feasible date, Cofoe Medical Technology's product portfolio covers over 200 product categories and tens of thousands of products. With changes in the population structure and lifestyle in modern society, the company strategically focuses on five categories of home medical devices with strong growth potential and significant market demand, including rehabilitation aids, medical care products, health monitoring products, respiratory support products, and traditional Chinese medical therapy products, among others. Specifically, in 2024, based on domestic revenue, the company ranked first among all rehabilitation aid product companies in China, with a market share of 2.4%. In 2024, the market for domestic rehabilitation aid products accounted for 23.5% of the Chinese home medical device market. Cofoe Medical Technology implements a multi-brand marketing strategy to cater to the diverse needs of patients and customers. By giving each brand a unique market positioning and target customer group while ensuring that all brands share the core values of the company's main brand Kofu, the company has successfully established a comprehensive product portfolio consisting of a large number of branded products. In 2025, the company also entered into a strategic cooperation with Royal Philips, through which the company obtained authorization to distribute Philips-branded health monitoring products in the Greater China region. During the historical period, the company mainly had 11 proprietary brands and primarily sold 16 third-party branded products. Financial Data Revenue In the financial years 2023, 2024, and 2025, the company reported revenues of approximately RMB 2.854 billion, RMB 2.983 billion, and RMB 3.387 billion, respectively. Gross profit and gross profit margin In the financial years 2023, 2024, and 2025, the company recorded gross profits of approximately RMB 1.173 billion, RMB 1.509 billion, and RMB 1.752 billion, with corresponding gross profit margins of 41.1%, 50.6%, and 51.7%, respectively. Net profit for the year/period In the financial years 2023, 2024, and 2025, the company recorded net profits for the year/period of approximately RMB 253 million, RMB 312 million, and RMB 370 million, respectively. Industry Overview The global medical device market covers a wide range of product categories, including in vitro diagnostics (IVD), high-value medical consumables, and medical imaging (MI) equipment, among others, showing steady growth in recent years. From 2019 to 2024, the global medical device market size grew from USD 446.6 billion to USD 623 billion, with a compound annual growth rate of 6.9%. Driven by factors such as the acceleration of aging population trends, evolution of disease spectrum, increase in healthcare expenditure, and demand for better treatment options, the global medical device market is expected to reach USD 869.7 billion by 2030. Home medical devices refer to medical devices, consumables, and other products used by individuals in home settings for disease prevention, health monitoring, rehabilitation treatment, health management, or daily healthcare. These are typically operated by non-professionals, such as patients or consumers. The market size of the home medical device segment reached USD 118.2 billion in 2024, accounting for 19.0% of the total market. From 2024 to 2030, the global home medical device market is expected to grow at a compound annual growth rate of 6.4%, faster than the overall medical device market. During the historical period, the development of the medical device industry in China grew faster than the global medical device industry, with a compound annual growth rate of 8.6% from 2019 to 2024, reaching RMB 941.7 billion in 2024. The decline in the size of the Chinese medical device market in 2024 was mainly due to a slowdown in the procurement of clinical medical devices, as advanced purchases were driven by subsidized loans in 2023. This was further restrained by tightening regulatory policies on the sale of high-value medical devices. However, as short-term fluctuations normalize, the market is expected to recover. With the promotion of preventive health needs, digitalization, and the application of artificial intelligence, the overall market size is expected to reach RMB 1,326 billion by 2030, with a compound annual growth rate of 5.9%. It is worth noting that the home medical device sub-segment accounted for a 21.0% market share in 2024 (RMB 198.2 billion) and is expected to surpass the growth rate of the overall medical device market by 7.9% compound annual growth rate by 2030. Currently, home medical devices cover various product categories, including home rehabilitation aids, medical care products, home health monitoring products, and home respiratory support products. In 2024, based on revenue calculations, the combined market share of home rehabilitation aids, medical care products, home health monitoring products, and home respiratory support products accounted for 63.3% of the global home medical device market and is expected to reach 64.1% by 2030. From 2019 to 2024, based on revenue calculations, the Chinese home medical device market grew from RMB 122.4 billion to RMB 198.2 billion. In 2024, the combined market share of home rehabilitation aids, medical care products, home health monitoring products, home respiratory support products, and traditional Chinese medical therapy products accounted for 65.1% of the Chinese home medical device market total share. The Chinese home medical device market covers online and offline channels. The online market share increased significantly from 25% in 2019 to 44.3% in 2024. With the development of e-commerce, social media, and real-time retail, online penetration is expected to reach 67.1% by 2030. In 2024, based on revenue calculations, the group ranked second in the Chinese online home medical device market. Home rehabilitation aids are medical devices designed to assist in rehabilitation, functional recovery, and daily health maintenance. These products play a crucial role in restoring physical function, relieving pain, and accelerating postoperative healing to improve the quality of life for chronic disease patients. Major product categories include wheelchairs, mobility scooters, hearing aids, and visual aids, among others. From 2019 to 2024, the global home rehabilitation aid market grew from USD 19 billion to USD 28.8 billion. The market is expected to grow at a compound annual growth rate of 7.1%, reaching USD 43.6 billion by 2030. In terms of revenue, the Chinese home rehabilitation aid market size increased from RMB 27.2 billion in 2019 to RMB 46.5 billion in 2024. With continued growth in the elderly and disabled population, increased awareness of health management among residents, and rising disposable income, the Chinese home rehabilitation aid market is expected to grow at a compound annual growth rate of 8.2% to reach RMB 74.5 billion by 2030. Board of Directors Information The board of directors currently consists of seven directors, including four executive directors and three independent non-executive directors. Shareholding Structure Mr. Zhang Min holds 5.80% of the shares, Ms. Nie Juan holds 1.67%, Changsha Xie brand holds 40.73%, Changsha Keyuan holds 5.80%, Mr. Zhang Zhiming holds 3.48%, and other A-share shareholders collectively hold 42.52%. Ms. Nie Juan is the spouse of Mr. Zhang Min. Changsha Xie brand is owned 90% by Mr. Zhang Min and 10% by Ms. Nie Juan. Mr. Zhang Min is the managing partner and general partner of Changsha Keyuan, holding a 5% partnership interest in Changsha Keyuan; Ms. Nie Juan is a limited partner of Changsha Keyuan, holding a 55% partnership interest in Changsha Keyuan. Mr. Zhang Zhiming is a limited partner of Changsha Keyuan, holding a 40% partnership interest. Intermediary Team Joint Sponsors: Huatai Financial Holdings (Hong Kong) Limited, BNP Paribas Securities (Asia) Limited Company Legal Advisor: Hong Kong and US law: Milbank LLP; Chinese law: Hunan Qiyuan Law Firm Joint Sponsors Legal Advisor: Hong Kong law: Jingtian & Gongcheng Law Firm; Chinese law: Jingtian & Gongcheng Law Firm Auditors and Reporting Accountants: Ernst & Young Hua Ming Industry Consultant: Frost & Sullivan Consulting (Beijing) Co., Ltd. Shanghai Branch Compliance Advisor: SOMERLEY CAP Limited