Cofu Medical Rushes to Hong Kong Stock Market: Annual Revenue of 3.4 Billion Yuan, Profit of 370 Million Yuan, IPO Filing Already Approved

Why did AI · Kefu Medical choose to pursue a Hong Kong listing after going public on the A-shares market?

Lei Di Net Lei Jianping, March 17

Kefu Medical Technology Co., Ltd. (referred to as “Kefu Medical”) has updated its prospectus and is preparing to list on the Hong Kong Stock Exchange.

Kefu Medical has obtained IPO filing approval and the key to listing.

Kefu Medical was listed on the Shenzhen Stock Exchange in October 2021, issuing 40 million shares at a price of 93.09 yuan, raising 3.724 billion yuan. Due to the high pricing and large issuance scale at that time, Kefu Medical’s stock price fell below the offering price on its first trading day.

Kefu Medical has been listed on the A-shares market for nearly four years. As of today’s close, its stock price is 60.74 yuan, with a market capitalization of 12.688 billion yuan.

Annual revenue of 3.4 billion yuan, profit of 370 million yuan

Founded in 2007, Kefu Medical is a comprehensive home medical device company specializing in research and development, manufacturing, sales, and services. The company is located in Changsha, Hunan Province.

According to the prospectus, Kefu Medical’s revenue for 2023, 2024, and 2025 is projected to be 2.854 billion yuan, 2.983 billion yuan, and 3.387 billion yuan, respectively; gross profit is expected to be 1.173 billion yuan, 1.5 billion yuan, and 1.752 billion yuan; net profit during these periods is forecasted at 253 million yuan, 312 million yuan, and 370 million yuan.

Kefu Medical’s main customers include e-commerce platforms, chain pharmacies, distributors, and individual consumers. During 2023, 2024, and 2025, the top five customers contributed 43.8%, 33.7%, and 36.1% of total revenue, respectively.

In 2025, revenue from rehabilitation assistive devices was 1.178 billion yuan, accounting for 34.8%; medical care products contributed 730 million yuan, or 21.6%; health monitoring products contributed 556 million yuan, or 16.4%; respiratory support products contributed 261 million yuan, or 7.7%; traditional Chinese medicine therapy and other products contributed 241 million yuan, or 7.1%.

As of December 31, 2025, Kefu Medical held cash and cash equivalents of 1.295 billion yuan.

Zhang Min and his wife control 54% of the shares

The executive directors of Kefu Medical are Zhang Min, Zhang Zhiming, Xue Xiaoqiao, and He Bangjie; independent non-executive directors are Liu Aiming, Ning Huabo, and Ms. Shen Nan.

As of September 30, 2025, Changsha Medical Equipment Investment Co., Ltd. held 40.73% of shares; Zhang Min directly held 5.8%; Changsha Keyuan Tongchuang Venture Capital Partnership (Limited Partnership) held 5.8%; Zhang Zhiming held 3.48%; Ningbo Huai Ge Health Investment Management Partnership (Limited Partnership) and Ningbo Huai Ge Trust Venture Capital Partnership (Limited Partnership) held 2.13%; Huagai Capital Limited Liability Company – Capital D Health Industry (Beijing) Fund (Limited Partnership) held 2%; Nie Juan directly held 1.67%; Changsha Yuhua Economic Development Dingxin Private Equity Fund Partnership (Limited Partnership) held 1.02%; Xiangtan Chuangxing Dingxin Private Equity Fund Partnership (Limited Partnership) held 1%; Hu Jun held 0.96%.

Among them, Zhang Min and Nie Juan are a married couple and the actual controllers of the company. Zhang Min and Nie Juan jointly hold 100% of the equity in Medical Equipment Investment; Zhang Min is the executive director and general manager of Medical Equipment Investment. Zhang Min is a general partner and executive managing partner of Keyuan Tongchuang, holding 5% of its capital; Nie Juan is a limited partner of Keyuan Tongchuang, holding 55%; Zhang Zhiming is a limited partner, holding 40%.

Zhang Min and Nie Juan’s couple control a total of 53.94% of the company’s shares.

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