---
title: "New Stock Preview | After three years on the Growth Enterprise Market, COFOE seeks a new platform for internationalization by venturing into the Hong Kong stock market"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/258206813.md"
description: "COFOE submitted a listing application to the Hong Kong Stock Exchange three years after completing its A-share financing, seeking to list on the main board in Hong Kong. Since its establishment in 2007, the company has focused on home medical devices, with products covering over 200 categories and establishing an international market in more than 60 countries and regions. Online sales are expected to reach 1.981 billion yuan in 2024, with overall profitability remaining stable. COFOE's strategic intent may not only be for secondary financing but also to further expand its international market"
datetime: "2025-09-21T03:32:03.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/258206813.md)
  - [en](https://longbridge.com/en/news/258206813.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/258206813.md)
generator: "portal-rs"
---

# New Stock Preview | After three years on the Growth Enterprise Market, COFOE seeks a new platform for internationalization by venturing into the Hong Kong stock market

Less than four years after its listing on the ChiNext, COFOE recently submitted a prospectus to the Hong Kong Stock Exchange, seeking to list on the main board in Hong Kong.

According to the Hong Kong Stock Exchange, COFOE Medical Technology Co., Ltd. has submitted a listing application to the main board, with Huatai International and BNP PARIBAS as joint sponsors.

So, why is COFOE Medical initiating a Hong Kong IPO again just over three years after completing its A-share financing? Is its strategic intention merely for "secondary financing"? The underlying motivations may be gleaned from the company's fundamentals and industry background.

## Rehabilitation Aids Drive Growth

According to the prospectus, since its establishment in 2007, COFOE Medical has been deeply engaged in the home medical device industry, consistently committed to providing convenient solutions for consumers and patients seeking high-quality and advanced home medical devices. To date, the company's product portfolio covers over 200 product categories and tens of thousands of product specifications. According to Frost & Sullivan, based on sales in China in 2024, the company ranks second among all home medical device enterprises. At the same time, the company is actively expanding its international market, with its business covering over 60 countries and regions in Asia, Africa, Europe, and America, gradually establishing a global user base.

In terms of channels, the company is actively expanding its online market. To date, COFOE Medical has achieved full coverage of all major e-commerce platforms, including Tmall, JD.com, Douyin, Xiaohongshu, Pinduoduo, and Yaoshi Bang. In 2024, COFOE Medical's online sales reached 1.981 billion yuan (RMB, the same below), ranking second among home medical device companies in China.

In terms of performance, COFOE Medical achieved revenues of 2.977 billion yuan, 2.854 billion yuan, 2.983 billion yuan, and 1.496 billion yuan for the years 2022, 2023, 2024, and the first six months of 2025, respectively; during the same period, net profits were 302 million yuan, 253 million yuan, 312 million yuan, and 167 million yuan, with overall profitability remaining stable.

By sales segment, the company's business can be divided into three main categories: sales of medical health products, custom manufacturing, and other businesses. Among them, medical health products contribute about 90% of revenue, which can be further subdivided into five categories: rehabilitation aids, medical care, health monitoring, respiratory support, and traditional Chinese medicine therapy.

![image.png](https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250921/1758425314835026.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)

Among the five categories of products, rehabilitation aids have shown the most significant growth. From 2022 to 2024, revenue from this business was 526 million yuan, 718 million yuan, and 1.039 billion yuan, accounting for 17.7%, 25.2%, and 34.8% of total revenue, respectively. The growth in revenue during this period is mainly attributed to the increased sales of flagship products—corrective and posture products and hearing aids. In 2024, driven by enhanced marketing efforts on social media e-commerce platforms, the sales of corrective and posture products through direct online sales increased. The increase in hearing aid sales is mainly consistent with the expansion of the company's "Healthy Ear Hearing" offline store network According to Zhitong Finance APP, as of June 30, 2025, COFOE has 738 self-owned stores in China, of which 689 are "Jian'er Hearing" service centers, covering over 135 cities in China. Among them, the "Jian'er Hearing" service centers provide professional hearing testing services and supply various high-quality hearing aid products, including its own COFOE brand. According to data from Frost & Sullivan, as of the end of 2024, Jian'er Hearing ranks among the top three in the industry based on the number of hearing aid fitting centers in China.

However, it is important to note that since the beginning of this year, due to the company's strategic adjustment of online advertising and promotion schedules, focusing on the second half of 2025, the sales of the company's corrective and posture products, wheelchairs, and nursing beds in the first half of this year have slightly decreased compared to the same period last year.

## Global Layout, Seeking New Growth Points

From the industry perspective, in 2024, home rehabilitation aids, medical care products, health monitoring products, and respiratory support devices together account for approximately 63.3% of the global home medical device market, and it is expected to further increase to 64.1% by 2030, still constituting the main part of the market.

In the Chinese market, the sales of home medical devices mainly rely on the synergy of online and offline dual channels. In 2024, terminal sales revenue achieved through e-commerce platforms such as Taobao, JD.com, Douyin, and Xiaohongshu accounted for about 44.3% of the overall market; offline channels contributed 55.7% of sales, with retail pharmacies and medical device specialty stores occupying a core position, while the remaining portion comes from supermarkets and stores near medical institutions. With the rapid development of social media content e-commerce and instant retail models (such as Meituan), the online penetration rate is expected to continue to rise, likely reaching 67.1% by 2030. Driven by this trend, several leading domestic companies, including this group, have proactively laid out online channels to support business expansion. In 2024, based on online sales revenue of home medical devices, COFOE ranked second nationwide.

Currently, the market structure of home medical devices in China is still relatively fragmented, with diverse types of participants, including large domestic enterprises, multinational groups, and technology startups. Among them, Yuyue Medical, with an operating income of 7.566 billion yuan and a net profit attributable to the parent company of 1.806 billion yuan in 2024, firmly holds the market leader position, significantly ahead of COFOE in terms of revenue and profit scale. In addition, COFOE also faces fierce competition from local listed companies such as Sanor and international brands like Omron and Roche, highlighting the highly diversified and competitive nature of this sector.

To explore new growth, COFOE has actively expanded into overseas markets in recent years, accelerating its globalization layout by entering mainstream cross-border e-commerce platforms such as TikTok Shop, Temu, and Amazon. This move has shown initial results, with the proportion of the company's overseas business revenue steadily increasing from only 1.4% in 2022 to 2.0% in 2024, and significantly climbing to 6.5% in the first half of 2025, demonstrating a good expansion momentum.

However, rapid overseas expansion is also accompanied by significant characteristics of a strategic investment period. It is worth noting that the gross profit margin of the company's current overseas sales has further decreased to 21.79%, which is only about 40% of the gross profit margin in the domestic market This data indicates that COFOE is currently in a proactive investment phase, exchanging profit margins for market share, and its international business profitability still needs to be gradually released through the formation of scale effects and brand premiums.

According to the app of Zhitong Finance, one of the main purposes of this Hong Kong listing is global expansion. The prospectus shows that COFOE expects to raise funds to promote overseas sales channels and establish a distribution network, explore potential strategic investments and acquisition opportunities globally, as well as research and technological innovation for smart respiratory and oxygen products, and expand domestic sales channels and distribution networks, brand promotion, and marketing activities.

If the Hong Kong listing is successfully completed, COFOE will form an "A+H" dual capital platform layout, which is expected to further enhance its financial strength and brand influence. In the context of global market expansion and intensified industry competition, the company still needs to seek steady development between overseas investment and profit balance, product innovation, and channel synergy. Its internationalization process and consolidation of domestic market position in the future are worth continuous attention

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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**