In 2025, Cofoe ACHieved annual revenue of RMB 3.387 billion, up 13.56% YoY, with net profit reaching RMB 372 million, up 19.20%. Total cash dividends for the year reached RMB 368 million, representing a 99.01% payout ratio. Overseas revenue surged 405.05% to RMB 299 million, covering 60+ countries and regions. On April 27, 2026, the company officially launched its H-share IPO on the Hong Kong Stock Exchange, offering shares at HKD 39.33, with up to 42.3936 million shares issued, targeting total proceeds of approximately HKD 1.062 billion, jointly sponsored by Huatai International and BNP Paribas, to build an A+H dual capital platform.
Company Profile (Updated April 2026)
Cofoe Medical Technology Co., Ltd. (可孚医疗科技股份有限公司) is a leADINg Chinese home medical device enterprise integrating R&D, manufacturing, sales, and service. Headquartered in Yuhua District, Changsha, Hunan Province, China, the company was founded in November 2009 by Chairman Zhang Min (张敏) and successfully listed on the Shenzhen Stock Exchange ChiNext Board (Ticker: 301087) on October 25, 2021.
Development History:
- 2007-2009: The company entered the home medical device track in 2007, and formally established Hunan Cofoe Medical Technology Development Co., Ltd. in November 2009
- December 2019: Reorganized into a joint-stock company and renamed Cofoe Medical Technology Co., Ltd.
- October 2021: Successfully listed on the Shenzhen Stock Exchange ChiNext Board (301087)
- April 2022: Acquired 100% equity of Oakton Trading and related Babaka intellectual property for RMB 177 million, bringing the national brand Babaka into the portfolio
- 2022: Acquired hearing aid brand Jianer Hearing (健耳听力), further expanding the rehabilitation aids segment
- 2024: Achieved revenue of RMB 2.983 billion, up 4.53% YoY; Babaka posture correction products contributed approximately RMB 500 million in revenue
- January 2025: Completed acquisition of 94.35% equity in Shanghai Huazhou Pressure Sensitive Adhesive Products Co., Ltd., supplementing European and American key customer channel resources
- June 2025: Completed acquisition of 87.60% equity in Himana Medical Systems Co., Ltd. (喜曼拿医疗), Rapidly entering the Hong Kong, china market
- 2025: Reached strategic cooperation with Royal Philips of the Netherlands, obtaining brand authorization for Philips home health monitoring devices including blood glucose, blood pressure, body temperature, and blood oxygen monitoring
- 2025: Acquired 30.74% equity in Shenzhen Rongxin Medical Technology Co., Ltd., strengthening global competitiveness in the respiratory health track
- April 27, 2026: Officially launched H-share IPO on the Hong Kong Stock Exchange, Sprinting toward an A+H dual capital platform
Core Mission: To provide users with lifetime trusted medical health products and one-stop solutions, building a leading enterprise for personal health management covering the full lifecycle.
Brand Matrix
Cofoe has built a multi-brand, full-category home medical device brand matrix:
- Cofoe (可孚): Core master brand, covering full-category products including health monitoring, respiratory support, and medical care
- Babaka (背背佳): National posture correction brand, focusing on body posture management and scientific shaping. Ranked first in China posture correction belt industry sales in 2024 with 27.2% market share
- Jianer Hearing (健耳听力): Professional hearing aid brand, with continuous expansion of store and product layout
- Jirui Medical (吉芮医疗): Electric wheelchair and rehabilitation mobility brand
- Yanglide (氧立得): Oxygen generation and respiratory health brand
- Huazhou (华舟): Dressing and pressure-sensitive adhesive products brand
- Tongci (通慈): Traditional Chinese medicine physiotherapy brand
Core Business Segments
Rehabilitation Aids (Core Revenue Pillar)
- 2025 Revenue: RMB 1.178 billion, accounting for 34.8% of total revenue, up 12.68% YoY
- Gross Margin: 63.2% (2023-2025: 48.4%, 62.1%, 63.2% respectively), the highest among all business segments
- Key Products: Babaka posture correction braces, seamless posture belts, digital hearing aids, smart hearing aids, posture and body shape management products
- Babaka Performance: In 2024, Babaka posture correction products contributed approximately RMB 500 million in revenue. In 2025, correction and posture product sales reached 3.624 million units, with average selling price of RMB 162, doubling compared to 2023
- Market Position: According to Frost & Sullivan, based on 2024 China market sales, Cofoe ranks first in China home rehabilitation aids market and second among overall home medical device enterprises
Health Monitoring
- 2025 Revenue: Approximately RMB 556 million, up 20.08% YoY
- Key Products: Blood glucose meters (including dual glucose and uric acid test strips), blood pressure monitors (including remote medical Bluetooth transmission models), thermometers (pre-heating models), Pulse oximeters, CGM continuous glucose monitoring systems, ECG monitoring devices
- Strategic Cooperation: In 2025, reached brand authorization cooperation with Royal Philips, obtaining Philips brand authorization for home health monitoring devices in Greater China
Medical Care
- 2025 Revenue: RMB 730 million, up 13.76% YoY, accounting for 21.6% of total revenue
- Key Products: Wound care products, advanced dressings, disposAble medical consumables, infection prevention products, basic nursing supplies
- Acquisition Synergy: Shanghai Huazhou pressure-sensitive adhesive products supplemented European and American key customer channel resources and advanced dressing product lines
Respiratory Support
- 2025 Revenue: Approximately RMB 261 million, accounting for 7.7% of total revenue
- H2 2025 Performance: Revenue surged 80.18% YoY in the second half, achieving strong rebound
- Key Products: Smart connected ventilators, bi-level ventilators, pure-sleep ventilators, DC compression nebulizers, oxygen concentrators, ventilator IoT cloud platform
- Strategic Investment: Acquired 30.74% equity in Rongxin Medical, strengthening global competitiveness in respiratory health track
TCM Physiotherapy and Others
- 2025 Revenue: Approximately RMB 244 million, up 35.14% YoY, the fastest-growing segment
- Key Products: TCM physiotherapy devices, massage equipment, moxibustion products, health wellness devices
- Brand: Tongci brand series products
Channel and Distribution Network
Online Channels
- 2025 Online Revenue: RMB 2.197 billion, up 10.37% YoY, accounting for 64.86% of total revenue
- Core Platforms: Tmall, JD.com, Douyin (TikTok), Kuaishou, Pinduoduo, and self-operated e-commerce
- Growth Highlights: Douyin and Kuaishou interest-commerce channels showed significant growth; Tmall and JD maintained stable performance
- Marketing Investment: In 2025, sales expenses reached RMB 1.158 billion, accounting for 34.19% of revenue, with over 40% spent on marketing and promotion
Offline Channels
- 2025 Offline Revenue: RMB 1.055 billion, up 23.94% YoY
- Directly Operated Stores: 700+ Cofoe-branded directly operated stores nationwide
- Pharmacy Coverage: Products entered 200,000+ pharmacies across China
- Hong Kong Market: Rapidly entered through acquisition of Himana Medical, which has nearly 40 years of history, with 30+ retail centers, 3 professional podiatry and orthotics centers, and 1 external counterpulsation therapy center
Globalization Strategy
- 2025 Overseas Revenue: RMB 299 million, surging 405.05% YoY, accounting for 8.82% of total revenue (1.98% in 2024)
- Market Coverage: Products entered 60+ countries and regions, serving tens of millions of families cumulatively
- Key Regions: Accelerating expansion in South America, Africa, and Southeast Asia, actively participating in international exhibitions such as ArabHealth and CMEF
- Cross-border E-commerce: Focusing on cultivating cross-border e-commerce as a new growth pole, exploring digital overseas expansion models
- Overseas Subsidiary Platforms: Using Shanghai Huazhou and Himana Medical as overseas business expansion platforms
Financial Performance
2025 Annual Report
- Operating Revenue: RMB 3.3875 billion, up 13.56% YoY
- Net Profit Attributable to Parent: RMB 371.6 million, up 19.20% YoY
- Non-Recurring Net Profit: RMB 298.0 million, up 8.33% YoY
- Basic EPS: RMB 1.83
- Gross Margin: 53.16%, up 1.31 percentage points YoY
- Net Margin: 10.93%, up 0.44 percentage points YoY
- Operating Cash Flow: RMB 696 million, up 4.97% YoY, resonating with net profit growth
- Total Assets: RMB 6.629 billion
- Net Assets Attributable to Parent: RMB 4.797 billion
- Debt-to-Asset Ratio: 26.04%, maintaining healthy financial structure
- Cash and Trading Financial Assets: RMB 2.439 billion
- Cash and Cash Equivalents: RMB 1.295 billion
- Current Ratio: 2.4, indicating healthy solvency
- Weighted Average ROE: Approximately 7.85%
2025 Quarterly Breakdown (Front-Low, Back-High Pattern)
- Q1 2025: Revenue RMB 738 million, down 8.59% YoY; Net profit RMB 91 million, down 9.68% YoY
- H1 2025: Revenue RMB 1.496 billion, down 4.03% YoY; Net profit RMB 167 million, down 9.51% YoY
- Q4 2025: Revenue RMB 990 million, up 34.79% YoY; Net profit RMB 111 million, up 86.17% YoY, strongly driving full-year performance
2024 Annual Report (Baseline)
- Operating Revenue: RMB 2.983 billion, up 4.53% YoY
- Net Profit Attributable to Parent: RMB 312 million, up 22.60% YoY
- Non-Recurring Net Profit: RMB 275 million, up 36.74% YoY
- Operating Cash Flow: RMB 663 million, up 68.43% YoY
- Overseas Revenue: RMB 59.15 million, up 18.61% YoY
Expense Structure (2025)
- Sales Expenses: RMB 1.158 billion, up 18.99% YoY, accounting for 34.19% of revenue
- R&D Expenses: RMB 87.28 million, down 9.47% YoY, accounting for 2.58% of revenue, the lowest level in three years
- Management Expenses: RMB 173.08 million
- Financial Expenses: Negative (covered by interest income)
- Total Three Expenses: RMB 1.328 billion, accounting for 39.21% of revenue
Shareholder Returns and Dividends
- 2025 Final Dividend: Cash dividend of RMB 12 per 10 shares (tax inclusive), totaling approximately RMB 246 million
- 2025 Interim Dividend: Approximately RMB 122 million distributed
- 2025 Total Dividends: RMB 368 million, accounting for 99.01% of 2025 net profit attributable to parent
- Historical Dividends: Continuous dividends for five years since 2021 listing, with cumulative cash dividends reaching RMB 1.481 billion
- Dividend Payout Ratios: 59.83%, 81.47%, 96.13%, and 117.44% for 2021-2024 respectively
R&D and Innovation
- R&D System: 3 research institutes, focusing on medical electronics and rehabilitation medicine, biosensing and innovative materials, respiratory support, and other key areas
- Production Bases: 4 production bases, promoting digital intelligent manufacturing for cost reduction and efficiency improvement
- Patent Portfolio: Cumulative authorized patents reaching 699 items
- Product Pipeline: Launched 100+ new products in 2024, including dual glucose and uric acid test strips, DC compression nebulizers, pure-sleep ventilators, bi-level ventilators, ventilator IoT cloud platform, remote medical Bluetooth blood pressure monitors, CGM continuous glucose monitoring systems, etc.
- Industry-University Collaboration: Deepening cooperation with universities and research institutions, building a mature R&D system
HKEX IPO Details (April 2026)
- Listing Venue: Main Board of Hong Kong Exchanges and Clearing Limited
- Share Type: H-shares (overseas listed foreign shares)
- Offer Price: HKD 39.33
- Shares to be Issued: Up to 42.3936 million shares
- Total Proceeds: Approximately HKD 1.062 billion
- Listing Expenses: Approximately HKD 54.8 million, accounting for about 5.2% of total proceeds
- Joint Sponsors: Huatai International, BNP Paribas
- Strategic Significance: First, accelerate global strategic layout and enhance international brand influence; second, broaden financing channels, build an A+H dual platform, and provide long-term capital support for R&D innovation, capacity building, and global business expansion
- CSRC Filing: Obtained the filing notice for overseas issuance and listing from China Securities Regulatory Commission
Company Information and Leadership
Corporate Overview
- Company Full Name: Cofoe Medical Technology Co., Ltd. (可孚医疗科技股份有限公司)
- Founded: November 2009
- Headquarters: Yuhua District, Changsha, Hunan Province, China
- Listing Venue: Shenzhen Stock Exchange ChiNext Board (A-share) / HKEX Main Board (H-share, in IPO)
- Ticker Symbol: 301087 (SZSE)
- Company Type: Public listed company (A-share)
- Industry: Medical Devices / Home Healthcare / Consumer Medical Products
- Registered Capital: RMB 209 million
- Legal Representative: Zhang Min
- Subsidiaries: 99
- Auditor: Ernst & Young Hua Ming LLP (Special General Partnership)
Leadership Team
- Chairman: Zhang Min
- Strategic Positioning: ＂Core Category Concentration + Globalization Layout＂ dual-wheel drive
2026 Outlook and Strategic Focus
Future Development Priorities
- HKEX Listing: Complete listing on Hong Kong Stock Exchange, formally establish A+H dual capital platform, enhance international financing capacity and brand recognition
- Core Category Scaling: Continue focusing on rehabilitation aids, health monitoring, respiratory support, and other strategic single products to drive scaled growth
- Overseas Expansion: Accelerate localization in South America, Africa, and Southeast Asia, improve product registration, channel building, and customer development systems, maintain high growth in overseas revenue
- Product Innovation: Advance mid-to-high-end product matrix, including CGM, smart ventilators, IoT-connected devices, dual glucose and uric acid test products, etc.
- Channel Optimization: Strengthen competitiveness on Douyin, Kuaishou, and other interest-commerce platforms, while expanding offline directly operated stores and pharmacy coverage depth
- R&D Investment: Address the challenge of declining R&D intensity (only 2.58% in 2025), increase investment in intelligent and digital product innovation, respond to cross-industry competition from tech giants such as Huawei and Xiaomi
- Brand Matrix Synergy: Deepen synergies among multi-brand portfolio including Babaka, Jianer Hearing, Jirui Medical, Yanglide, Huazhou, and Tongci
Contact Information
China Headquarters
- Address: Yuhua District, Changsha, Hunan Province, China
- Website: www.cofoe.com
Investor Relations
- Stock Exchange: Shenzhen Stock Exchange ChiNext Board
- Ticker: 301087
- Auditor: Ernst & Young Hua Ming LLP (Special General Partnership)
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