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Leidi Network, Lei Jianping, March 17
Kefu Medical Technology Co., Ltd. (referred to as &#34;Kefu Medical&#34;) has updated its prospectus and is preparing to list on the Hong Kong Stock Exchange.
Kefu Medical has obtained IPO filing and has the key to go public.
Kefu Medical was listed on the Shenzhen Stock Exchange in October 2021, issuing 40 million shares at an issue price of 93.09 yuan, raising 3.724 billion yuan. Due to the high pricing and large issuance scale at that time, Kefu Medical was in a state of breaking the issue price on its first day of listing.
Kefu Medical has been listed on the A-share market for nearly 4 years. As of today's close, Kefu Medical's stock price is 60.74 yuan, with a market capitalization of 12.688 billion yuan.
Annual revenue of 3.4 billion, profit of 370 million
Kefu Medical was established in 2007 and is a comprehensive home medical device company specializing in the research and development, production, sales, and service of home medical devices. The company is located in Changsha, Hunan Province.
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The prospectus shows that Kefu Medical's revenue for 2023, 2024, and 2025 is expected 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 is expected to be 253 million yuan, 312 million yuan, and 370 million yuan, respectively.
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Kefu Medical's customers mainly include e-commerce platforms, chain pharmacies, distributors, and individual consumers. In 2023, 2024, and 2025, Kefu Medical's top five customers contributed 43.8%, 33.7%, and 36.1% of total revenue, respectively, during the historical performance period.
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In 2025, Kefu Medical's revenue from rehabilitation assistive devices is expected to be 1.178 billion yuan, accounting for 34.8%; revenue from medical care products is expected to be 730 million yuan, accounting for 21.6%
Revenue from health monitoring products was 556 million yuan, accounting for 16.4%; revenue from respiratory support products was 261 million yuan, accounting for 7.7%; revenue from traditional Chinese medicine therapy and other products was 241 million yuan, accounting for 7.1%.
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As of December 31, 2025, the cash and cash equivalents held by KeFu Medical amounted to 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; the independent non-executive directors are Liu Aiming, Ning Huabo, and Ms. Shen Nan.
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As of September 30, 2025, Changsha Medical Investment Co., Ltd. held 40.73% of the shares, Zhang Min directly held 5.8%, Changsha Keyuan Tongchuang Venture Capital Partnership (Limited Partnership) held 5.8%, Zhang Zhiming held 3.48%, and Ningbo Huige Health Investment Management Partnership (Limited Partnership) - Ningbo Huige Gongxin Venture Capital Partnership (Limited Partnership) held 2.13%;
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Huagai Capital Co., Ltd. - Capital 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 Chancheng Dingxin Private Equity Fund Enterprise (Limited Partnership) held 1%, and Hu Jun held 0.96%.
Among them, Zhang Min and Nie Juan are married and are the actual controllers of the company. Zhang Min and Nie Juan together hold 100% of the shares of Medical Investment, with Zhang Min as the executive director and Nie Juan as the general manager of Medical Investment. Zhang Min is a general partner and executive partner of Keyuan Tongchuang, holding 5% of the capital contribution of the enterprise; Nie Juan is a limited partner of Keyuan Tongchuang, holding 55% of the capital contribution of the enterprise; Zhang Zhiming is a limited partner of Keyuan Tongchuang, holding 40% of the capital contribution of the enterprise.
Zhang Min and Nie Juan together control 53.94% of the company's shares
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Kefu Medical Technology Co., Ltd. has obtained IPO filing and is preparing to list on the Hong Kong Stock Exchange. The company's revenue in 2022 was 3.4 billion, with a profit of 370 million. Kefu Medical was established in 2007 and focuses on the research, production, and sales of home medical devices. Revenue is expected to be 2.854 billion, 2.983 billion, and 3.387 billion from 2023 to 2025, respectively. Major customers include e-commerce platforms and chain pharmacies. The Zhang couple controls 54% of the shares

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