可孚医疗科技股份有限公司Cofoe Medical Technology Co., Ltd.01187.HK
经销商渠道贡献收入约四成并持续优化网络
In 2023, 2024 and 2025, revenue generated from distributors was RMB1,573.2 million, RMB1,317.1 million and RMB1,402.8 million, respectively, representing 55.1%, 44.2% and 41.4% of the total revenue from the same years, respectively.
Financial Information · 第 187 页
As of December 31, 2023, 2024 and 2025, we engaged 26, 32 and 73 online distributors, respectively.
Business · 第 122 页
We believe that our sales reflect the actual demand from end customers, thus minimizing the risk of channel stuffing and inventory backlog within the distribution network, as (i) we require our distributors to report to us on, and to maintain a reasonable level of, their inventory and adjust our supply to them to prevent channel stuffing accordingly; and (ii) we generally do not grant long credit periods to distributors or set minimum purchase requirements, encouraging distributors to be more cautious in their ordering to align their purchases with actual sales patterns and market demand.
We sell both our proprietary and brand partners’ products through an omnichannel sales network that integrates (i) direct-to-consumer (“DTC”) sales through self-operated stores on major e-commerce platforms to end consumers, and (ii) distributor-based sales, which refer to sales through third-party intermediaries that do not involve direct transactions with end consumers.
Business · 第 134 页
We terminated cooperation with 61, 68 and 105 retailers in 2023, 2024 and 2025, primarily attributable to the following categories of reasons: (i) the termination of cooperation with certain brand partners, which resulted in the corresponding termination of relationships with their retailers, and (ii) adjustments in the sales strategies of certain brand partners, under which we discontinued cooperation with the relevant retailers.
Business · 第 140 页
We believe the risk of channel stuffing is minimal. We generally do not impose mandatory sales targets on our distributors, allowing purchases to reflect actual market demand rather than sales pressure.
For the years ended December 31, 2023, 2024 and 2025, our total sales to distributors amounted to RMB5,747.3 million, RMB6,323.3 million and RMB8,811.9 million, respectively, accounting for 85.8%, 90.8% and 89.2%, respectively, of our revenue for the corresponding years. For the years ended December 31, 2023, 2024 and 2025, our total sales to our top five distributors amounted to RMB2,514.3 million, RMB2,602.3 million and RMB4,639.3 million, respectively, accounting for 43.7%, 41.2% and 52.6%, respectively, of our revenue for the corresponding years.
Business · 第 154 页
During the Track Record Period, the terminations of distributors were primarily due to phase-out of distributors that failed to meet our standards for selecting distributors, and the voluntary withdrawal of certain distributors from the distribution network due to changes in their own strategic or business plans.
Business · 第 155 页
We typically grant the distributor a stocking quota. For any amount exceeding this quota, payment must be made in advance, and delivery will be arranged upon receipt of payment.
During the Track Record Period and as of the Latest Practicable Date, we had one distributor, which remained the same distributor throughout such period.
Business · 第 151 页
Sales to this distributor accounted for less than 0.5% of our revenue in each year during the Track Record Period, respectively.
Business · 第 151 页
We have adopted internal control measures to prevent channel stuffing by the distributor.
北京天星医疗股份有限公司STAR SPORTS MEDICINE CO., LTD.01609.HK
全部收入来自经销商销售模式
During the Track Record Period, all of our revenue were generated from the sales of our products to distributors.
Business · 第 140 页
During the Track Record Period, we had 24, 49 and 66 distributors overseas in 2023, 2024 and 2025, respectively.
Business · 第 141 页
To prevent channel cannibalization and stuffing, we define exclusive geographical regions or designated hospitals and product scopes in distribution agreements, ensuring organized market coverage and minimizing overlap.
As of December 31, 2023 and 2024 and 2025, we had 133, 194 and 191 channel partners, respectively.
Business · 第 181 页
The number of channel partners we terminated cooperation with was relatively high in 2025, primarily because we refined our channel network to phase out certain underperforming channel partners.
Business · 第 181 页
We believe the risk of channel stuffing within our channel network is low, considering that (i) we maintained long-term collaboration relationship with channel partners; and (ii) we typically do not allow channel partners to return products to us unless there are product quality issues caused by us.
北京圆心科技集团股份有限公司Beijing Yuanxin Technology Group Co., Ltd.
面向第三方药房及药品经销商的批发业务
We had 129,503, 88,856 and 79,589 customers for our wholesale pharmacy services in 2023, 2024 and 2025, respectively.
Business · 第 117 页
The Directors of our Company are of the view that, based on the characteristics of our wholesale pharmacy business, our arrangement in place with the wholesale customers is not the typical “distributorship model” contemplated under Chapter 4.5 of the Guide for New Listing Applicants.
Business · 第 118 页
We generally do not set any minimum purchase amount or a minimum sales target for our wholesale customers.
During the Track Record Period, in addition to direct sales, we also sold highly standardized ICT products through ICT distributors.
Business · 第 141 页
Number of distributors at the end of the period | 305 | 327 | 353
Business · 第 142 页
In addition, we believe the risk of channel stuffing is low in relation to our sales with ICT distributors because: (i) we do not accept any return or exchange of our products sold to our customers except for defective products.
As of December 31, 2025, we collaborated with 1,139 distributors worldwide.
Business · 第 137 页
Our relationships with these distributors operate on a seller-buyer basis, where they purchase products from us to resell to installers and/or end users.
Business · 第 137 页
Revenue generated from our distributor sales in 2023, 2024 and 2025 was RMB674.8 million, RMB709.3 million and RMB970.4 million, respectively.
During the Track Record Period, we sold substantially all our commercialized drug products in China to third-party distributors, who are our direct customers responsible for on-selling and delivering our products generally to hospitals, medical institutions and pharmacies.
Business · 第 206 页
During the Track Record Period, sales to our distributors amounted to RMB129.7 million and RMB247.5 million in 2024 and 2025, respectively.
Business · 第 206 页
Furthermore, we maintain a policy imposing penalties for unauthorized sales, including financial sanctions and potential termination of distribution agreements.
In 2023, 2024 and 2025, our sales to distributors were RMB289.3 thousand, RMB2.2 million and RMB3.7 million, constituting 0.8%, 3.7% and 3.4% of the total revenue in the respective years.
Business · 第 168 页
Therefore, the risk of channel stuffing by our distributors is low.
Therefore, our global sales rely on local distributors, which are primarily responsible for product installation and after-sales services.
Business · 第 118 页
We recorded an increase in the number of our distributors in 2025, mainly as a result of our acquisition of five distributors with sales channel resources.
Business · 第 120 页
We have implemented measures to prevent channel stuffing, with a focus on reasonable purchase target setting, regular inventory supervision, proactive overstock management and return controls.
Under these agreements, we sell products to distributors and recognize revenue when they accept products upon delivery.
Business · 第 145 页
We terminated the distributorship with 12, 14 and 15 distributors in 2023, 2024 and 2025, respectively, primarily due to contract expiration, their failure to meet target order amount and their change of business.
Business · 第 147 页
Additionally, we do not face channel stuffing risks due to the limited shelf life of our IVD test kits, which is typically no longer than one year.
In 2023, 2024 and 2025, our revenue generated from distributorship amounted to 78.5%, 78.3% and 78.1%, respectively.
Summary · 第 2 页
We monitor distributors’ inventory by requiring them to submit procurement orders, sales reports, inventory reports, downstream customer orders and shipping documents.
Business · 第 149 页
If we identify any discrepancies, such as when a distributor’s inventory levels do not align with the agreed delivery schedule, we would promptly work with the distributor and the relevant customers to investigate and address the issue, thereby minimizing channel stuffing risk.
For the years ended December 31, 2023, 2024, and 2025, revenue generated from our distribution partnership amounted to RMB1,139.2 million, RMB1,238.2 million, and RMB1,248.6 million, respectively, accounting for 70.6%, 70.3%, and 67.0% of our total revenue from product sales for the same periods.
Business · 第 148 页
For most of our distributors, we follow a payment-inadvance policy, which effectively eliminates incentives for distributors to hold excess inventory, thereby largely preventing inventory buildup.
Business · 第 152 页
As of December 31, 2023, 2024, 2025 and the Latest Practicable Date, the unsold inventories of our products held by the distributors we traced amounted to approximately RMB131.3 million, RMB151.3 million, RMB145.0 million and RMB119.3 million, respectively.
In 2023, 2024 and 2025, we had five, five and five distributors, respectively. In 2023, 2024 and 2025, the revenue from our distributors amounted to RMB34.1 million, RMB20.8 million and RMB19.2 million, respectively, representing 24.6%, 13.9% and 10.9%, respectively, of the total revenue for the same years.
Business · 第 146 页
We maintain a buyer-seller relationship with our distributors. They directly purchase equipment from us and resell to end users of such equipment. We believe the risk of channel stuffing is remote in our distribution network. We do not impose minimum purchase requirement on distributors and we generally do not allow returns of products sold to distributors, except for defective products.
Business · 第 146 页
To the best of our knowledge, all of our distributors are Independent Third Parties.
As of December 31, 2023, 2024 and 2025, we had ten, six and four distributors, respectively.
Business · 第 146 页
For the three years ended December 31, 2025, revenue from distributors amounted to RMB34.1 million, RMB25.4 million and RMB28.7 million, representing 5.6%, 3.8% and 3.3% of our total revenue for the respective periods.
Business · 第 146 页
We believe the risk of channel stuffing is effectively mitigated due to factors inherent in our business model and relationships with the distributors.
As of December 31, 2023, 2024 and 2025, we collaborated with 88, 130 and 111 third-party agents, respectively.
Business · 第 155 页
In 2023, 2024 and 2025, our revenue attributable to third-party agents amounted to RMB11.6 million, RMB13.4 million and RMB15.7 million, respectively, accounting for 1.8%, 1.8% and 2.0% of our total subscription revenues, respectively.
Business · 第 155 页
During the Track Record Period, we generally engaged with these agents under either a commission model or a distributor model.