稳健医疗消费品和医疗板块营收占比分别为 52%和 48%（截至 2025 年一季度），消费品板块利润贡献更大，占整体营业利润率约 60%。公 司股权激励方案设定未来三年营收增长触发值和目标值分别不低于 13% 和 18%。 公司 2013-2019 年营收增速达 24%，主要由消费品板块拉动。2024 年营收恢复常态，自二季度起持续转正。2025 年一季度，医疗耗材和 消费品板块营收均恢复至双位数增长。 干湿棉柔巾市场规模达百亿元，预计未来增速约 7%。全棉时代在洗脸 巾类目中份额达 15%以上，公司整体市占率约 20%以上，稳居该品类 第一名。 卫生巾行业零售规模约千亿元，零售价预计未来几年增长约 3%。奈斯 公主卫生巾一季度营收同比增长超过 70%，受益于行业安全性舆情和全 棉材质优势。 公司通过消费者教育，强化全棉品质认知，推动干湿棉柔巾恢复双位数 增长。2025 年一季度消费品板块营收同比增长接近 30%，核心单品增 长显著。 Q&A 稳健医疗 20250603 摘要 稳健医疗是一家以品牌和产品力驱动的医疗与消费品大健康企业，主要业务分 为医疗耗材和消费品两大板块。公司依托稳健医疗与全棉时代两大品牌协 ...

证券代码：300888 证券简称：稳健医疗 稳健医疗用品股份有限公司投资者关系活动记录表 4. 请介绍棉柔巾市场的发展情况及公司棉柔巾品类的市场打法。 编号：2025-004 | 投资者关系活 | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | | （电话会议） √现场参观 √其他  5 月 28 日 公司调研： | | | 招商基金：侯杰、虞秀兰、王奇玮、马思瑶、徐生、巫亚军 | | | 国泰海通：刘佳昆、熊亮 | | | 月 日 线上电话会：  5 29 | | | 百年资管：胡戈游、戴斌、王文心 | | | 国海证券：林昕宇、赵兰婷、孙馨竹 | | 参与单位名称 |  5 月 29 日 公司调研： | | 及人员姓名 | 景顺长城：邓敬东、张欢、孙雪琬 | | | Cyber Atlas Capital：戴雯雯 | | | 中金公司：徐卓楠、刘玉雯 | | | 月 日 公司调研：  5 30 | | | 农银汇理：张峰、廖凌 | | | 华泰证券：樊俊豪 | | 时间 | 2025 年 5 月 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [4][9]. Core Views - The company is gradually returning to normal operations, with a strong confidence signal from the equity incentive plan launched in 2024, and an upward brand trajectory expected in 2025 [2][4]. - The company has established itself as a leading player in the medical and consumer health sectors, with significant growth potential in both segments [2][4]. Summary by Sections Company Overview - The company, established in 1991, has become a leading brand in the medical and consumer health sectors in China, with two main brands: "Winner" and "Purcotton" [2][16]. - The business covers various fields including wound care, infection protection, personal care, family care, maternal and infant care, and home textiles [2][16]. Consumer Products Segment - The "Purcotton" brand leverages its strong medical background to create a comprehensive range of cotton-based products, targeting family consumption across various scenarios [3][44]. - Key products include cotton soft towels and sanitary napkins, with the former showing a market capacity of over 100 billion and a growth rate of 38.6% in Q1 2025 [3][44]. - The sanitary napkin market is valued at over 100 billion, with a remarkable growth of 73.5% in Q1 2025, driven by quality improvements and effective marketing strategies [3][57]. Medical Supplies Segment - The medical supplies segment has shown resilience, with a 12% growth in internal revenue since the second half of 2024, excluding GRI [3][4]. - In Q1 2025, the medical supplies segment's exports grew by 84.1%, indicating strong international demand, particularly in Europe and Japan [3][4]. - The company is enhancing its local production and operational capabilities in the U.S. following the completion of the GRI acquisition, which is expected to reduce risks in expanding overseas [3][4]. Financial Forecast and Investment Recommendations - The company is projected to achieve net profits of 10.4 billion, 12.4 billion, and 14.7 billion from 2025 to 2027, with year-on-year growth rates of 50.1%, 19.0%, and 18.8% respectively [4][11]. - The current stock price corresponds to a PE ratio of 27X for 2025, slightly below the average of comparable companies, indicating a favorable investment opportunity [4][11].

Summary of the Conference Call for稳健医疗 Company Overview - **Company**: 稳健医疗 (Steady Medical) - **Industry**: Medical and Consumer Products Key Points Financial Performance - In 2024, the company has recovered from the pandemic impact, achieving positive quarterly revenue growth and improving profitability, with continued growth in Q1 2025 [2][3] - The company set revenue growth targets of 13% to 18% for its medical and consumer segments through an equity incentive plan, boosting market confidence [2][3] Medical Segment - The medical segment has improved profitability through product structure adjustments, inventory management, and talent incentives, although it has not yet returned to pre-pandemic levels [2][4][5] - High-margin products like advanced dressings and health personal care items are gaining a larger share of the medical business [4] - The medical business has significant growth potential across various channels, including hospitals, OTC, and e-commerce [4][9] Consumer Segment - The consumer segment focuses on strategic categories such as cotton soft towels, sanitary napkins, newborn clothing, and adult personal wear, with cotton soft towels and sanitary napkins showing strong growth potential [2][5][8] - The company has shifted from a multi-SKU strategy to a focused strategy, enhancing brand recognition and reducing price competition [5] - The sanitary napkin market has shown limited impact from the 315 public opinion incident, with e-commerce data recovering [6][7] Market Potential - The cotton soft towel market is projected to exceed 10 billion yuan, with a growth rate of approximately 20% annually, while the sanitary napkin market is estimated between 30 billion to 40 billion yuan [8] - The company plans to leverage successful products for brand iteration and expand into new markets through user management and private domain operations [8] Long-term Outlook - Both the medical and consumer segments are expected to have significant growth potential, with the company positioned as a viable investment target despite short-term fluctuations due to the pandemic [9][10] - The company aims to continue its equity incentive goals and capitalize on the growth opportunities in both segments [10]

Trading Information Summary - On May 23, 2025, the stock price of Steady Medical (300888) closed at 48.88 yuan, down 1.21%, with a turnover rate of 2.18% and a trading volume of 38,300 shares, resulting in a transaction amount of 189 million yuan [1] - The fund flow on the same day indicated that the main funds had a net outflow of 11.97 million yuan, while speculative funds had a net outflow of 17.44 million yuan, and retail investors had a net inflow of 29.41 million yuan [1][3] Company Announcement Summary - Steady Medical announced its 2024 annual equity distribution plan, which was approved at the shareholders' meeting on May 21, 2025. The company will distribute a cash dividend of 2.50 yuan (including tax) for every 10 shares, totaling 145.58 million yuan [1] - The record date for the distribution is set for May 29, 2025, and the ex-dividend date is May 30, 2025. The cash dividends for A-share shareholders will be distributed by China Securities Shenzhen Branch, while some dividends will be distributed directly by the company [1] - The adjusted minimum selling price for shares is set at 48.90 yuan per share, and the grant price for the restricted stock incentive plan is adjusted to 15.14 yuan per share [1]

Core Viewpoint - The company,稳健医疗, reported a decline in stock price and provided key financial performance metrics for 2024, indicating growth in revenue and net profit despite a slight decrease in stock value [1][2]. Group 1: Financial Performance - In 2024, the company achieved a total revenue of 8.98 billion yuan, representing a year-on-year growth of 9.7%. Excluding infection prevention products, revenue reached 8.62 billion yuan, with an 18.6% increase [2][4]. - The net profit attributable to shareholders for the year was 700 million yuan, with a 19.8% year-on-year growth. After excluding non-recurring gains and losses, the net profit was 590 million yuan, reflecting a 43.4% increase [2][4]. - The diluted earnings per share for 2024 was 1.19 yuan, marking a 21.43% increase compared to the previous year [2]. Group 2: Cash Flow and Returns - The net cash flow from operating activities was 1.263 billion yuan [4]. - The weighted average return on equity was 6.07%, an increase of 1.04 percentage points year-on-year [2]. Group 3: Dividend Distribution - The board approved a cash dividend distribution plan of 2.50 yuan per 10 shares, with a record date of May 29, 2025, and an ex-dividend date of May 30, 2025 [3]. - The minimum price for share reduction was adjusted to 48.90 yuan per share, and the grant price for restricted stock incentive plans was set at 15.14 yuan per share [3].

Core Points - The company has announced its 2024 annual profit distribution plan, which was approved at the shareholders' meeting on May 21, 2025, involving a cash dividend of 2.50 RMB per 10 shares, totaling 145,582,452.00 RMB [1][2] Distribution Plan - The distribution is based on a total of 582,329,808 shares, with no stock dividends or capital reserves being converted into shares [1] - The cash dividend will be distributed to all shareholders, with specific tax considerations for different types of investors, including a reduced rate for certain foreign investors [1][2] Key Dates - The record date for the distribution is set for May 29, 2025, and the ex-dividend date is May 30, 2025 [2] Distribution Method - Cash dividends will be directly credited to the shareholders' accounts through their securities companies or other custodians [2] Adjustments - The ex-dividend price will be adjusted to reflect the cash dividend, reducing the previous trading day's closing price by 0.2500000 RMB per share [2] Shareholder Commitments - The controlling shareholder and actual controller have committed to a minimum selling price of 48.90 RMB per share for any shares sold within two years after the lock-up period [3] Incentive Plan Adjustments - The share price for the 2024 restricted stock incentive plan will be adjusted to 15.14 RMB per share following the completion of the profit distribution [4]

稳健医疗用品股份有限公司（以下简称"公司"或"本公司"）2024 年年度 权益分派方案已获 2025 年 5 月 21 日召开的 2024 年年度股东大会审议通过，现 将权益分派事宜公告如下： 一、股东大会审议通过的权益分派方案 1、公司 2024 年年度股东大会审议通过的权益分派方案为：以现有公司总股 本 582,329,808 股为基数，向全体股东每 10 股派发现金股利 2.50 元（含税）， 合计派发现金股利 145,582,452.00 元（（含税），不以公积金转增股本，不送红股， 剩余未分配利润滚存至下一年度。在利润分配预案披露至实施期间，若享有利润 分配权的股份总额发生变动，公司将按照现金分红比例不变、现金分红总金额变 化的原则进行相应调整。 稳健医疗用品股份有限公司 2024 年年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 证券代码：300888 证券简称：稳健医疗 公告编号：2025-016 2、自上述分配方案披露至实施期间，公司股本总额未发生变化。 3、本次实施的分配方案与股东大会审议通过的分配方案一致。 4、本次实 ...

证券代码：300888 证券简称：稳健医疗 公告编号：2025-015 稳健医疗用品股份有限公司 2024 年年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1.本次股东大会无增加、变更、否决议案的情况； 2.本次股东大会未涉及变更以前股东大会决议的情形。 一、会议召开和出席情况 （一）股东大会届次：2024 年年度股东大会 （二）会议召集人：公司董事会 （三）会议召开时间： 2.网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 5 月 21 日的交易时间，即 9:15-9:25，9:30-11:30 和 13:00-15:00； 通过深圳证券交易所互联网投票系统（http://wltp.cninfo.com.cn）投票的具体 时间为：2025 年 5 月 21 日 9:15-15:00。 （四）会议召开地点：广东省深圳市龙华区民治街道北站社区汇隆商务中心 2 号楼 42 层。 （五）会议召开方式：采取现场投票与网络投票相结合的方式。 （六）会议主持人：公司董事长李建全先生 （七）本次股东大会的召集、 ...

北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 北京市中伦（深圳）律师事务所 关于稳健医疗用品股份有限公司 2024 年年度股东大会的 法律意见书 二〇二五年五月 北京市中伦（深圳）律师事务所 关于稳健医疗用品股份有限公司 2024 年年度股东大会的 法律意见书 致：稳健医疗用品股份有限公司 根据中国证券监督管理委员会发布的《上市公司股东会规则（2025 年修订）》 （下称"《股东会规则》"）的有关规定，北京市中伦（深圳）律师事务所（下称 "本所"）接受稳健医疗用品股份有限公司（下称"公司"）的委托， ...