纺织服饰 2025H1 总结：运动户外景气成长，服饰制造格局优化 H 股运动鞋服：基本面表现稳健，关注优质公司。1）2025H1 运动鞋服重点公司营收同比增 长 9.1%至 659 亿元，扣除 2024H1 同期的一次性收益和亏损后，归母净利润增长 8.2%至 105.4 亿元，呈现稳健增长表现。2）从标的公司运营趋势来看，渠道端门店数量保持平稳， 同时加大差异化门店的拓展力度（例如安踏的冠军店、超级安踏，361 度的超品店等），产品 端聚焦跑步赛道强化跑鞋性能，同时逐步布局户外的新品类以谋求长期增长，中长期来看， 运动鞋服板块的稳健增长表现仍有望持续。 A 股品牌服饰：收入同比平稳，利润压力仍有体现。品牌服饰（A 股）重点公司 2025H1 收 入/归母净利润同比分别-0.1%/-17.5%（其中 Q1/Q2 收入同比分别-2.6%/+2.9%，归母净利 润同比分别-9.7%/-29.8%）。1）库龄结构正常，折扣压力相对较小，因此品牌商毛利率相对 稳定，但渠道、广宣等销售费用的投入致使净利率存在压力。2025H1 品牌服饰（仅 A 股） 重点公司毛利率为 57.9%，同比+0.6pct；销售费用率为 37 ...

证券之星消息，9月1日个护用品板块较上一交易日下跌1.87%，豪悦护理领跌。当日上证指数报收于 3875.53，上涨0.46%。深证成指报收于12828.95，上涨1.05%。个护用品板块个股涨跌见下表： 从资金流向上来看，当日个护用品板块主力资金净流出1.47亿元，游资资金净流入4856.31万元，散户资 金净流入9823.78万元。个护用品板块个股资金流向见下表： | 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 003006 | 自亚股份 | 603.35万 | 4.05% | 1389.62万 | 9.32% | -1992.97万 | -13.36% | | 001328 | 登康口腔 | 571.28万 | 6.48% | -460.85万 | -5.23% | -110.43万 | -1.25% | | 300888 稳健医疗 | | 174.35万 | 0.53% | 862.27万 | 2.64% ...

转自：新华财经 新华财经北京9月1日电 2025年9月，A股有179家公司的限售股面临解禁，合计解禁量约为162.28亿股，解禁规模3033.98亿元，环比下降约53.88%，同比上升约3.16%。其中，时代电气解 从行业分布来看，机械设备、计算机、电子行业解禁市值分别位列前三。 此外，共有10家公司、4.8亿限售股于9月迎上市周年解禁，解禁市值为302.55亿元，包括合合信息、无线传媒、富特科技等企业。 逾3000亿元限售股9月解禁 时代电气、南网储能解禁规模居前 截至2025年8月28日的数据显示，9月有179只股票面临解禁，合计解禁量为162.28亿股，以2025年8月28日收盘价计算，合计解禁市值3033.98亿元，环比下降约53.88%，同比上升约3.16 数据来源：新华财经、面包财经、公司公告 9月8日，南网储能将迎20.87亿定增配售股解禁，涉及股东为中国南方电网有限责任公司。本轮限售股解禁市值约为214.74亿元，约占总股本比例的65.3%。 9月解禁市值第三大的公司是稳健医疗。稳健医疗本轮解禁股共计4.07亿股，占总股本的69.83%，解禁市值约为170.25亿元。 此外，紫燕食品、兆讯传媒 ...

新华财经北京9月1日电 2025年9月，A股有179家公司的限售股面临解禁，合计解禁量约为162.28亿股，解禁规模3033.98亿元，环比下降约53.88%，同比上 升约3.16%。其中，时代电气解禁规模居首，解禁市值超200亿元。 从行业分布来看，机械设备、计算机、电子行业解禁市值分别位列前三。 此外，共有10家公司、4.8亿限售股于9月迎上市周年解禁，解禁市值为302.55亿元，包括合合信息、无线传媒、富特科技等企业。 逾3000亿元限售股9月解禁时代电气、南网储能解禁规模居前 截至2025年8月28日的数据显示，9月有179只股票面临解禁，合计解禁量为162.28亿股，以2025年8月28日收盘价计算，合计解禁市值3033.98亿元，环比下降 约53.88%，同比上升约3.16%。 图1：2024年9月至2025年9月限售股解禁规模 | 排名 | 证券简称 | 证券代码 | 解禁数量(万股) | 解禁市值(亿元) | | --- | --- | --- | --- | --- | | 1 | 时代电气 | 688187.5H | 58,958.57 | 287.13 | | 2 | 南网储能 | 60 ...

Core Viewpoint - The stock of Steady Medical (300888) has shown a positive performance with a closing price of 42.36 yuan, reflecting a 1.17% increase as of August 29, 2025, despite a net outflow of main funds [1][2]. Financial Performance - Steady Medical reported a main revenue of 5.296 billion yuan for the first half of 2025, representing a year-on-year increase of 31.31% [3]. - The net profit attributable to shareholders was 492 million yuan, up 28.07% year-on-year, while the net profit after deducting non-recurring gains and losses was 461 million yuan, increasing by 40.9% [3]. - In Q2 2025, the company achieved a single-quarter main revenue of 2.691 billion yuan, a 26.66% increase year-on-year, and a net profit of 243 million yuan, up 20.68% [3]. Market Position - Steady Medical's total market capitalization is 24.667 billion yuan, ranking 4th in the beauty and personal care industry [3]. - The company has a net asset of 12.276 billion yuan, ranking 1st in the industry, and a net profit of 492 million yuan, ranking 3rd [3]. - The company's price-to-earnings ratio (P/E) is 25.07, which is lower than the industry average of 31.93, ranking 3rd [3]. Fund Flow Analysis - On August 29, 2025, the main funds experienced a net outflow of 47.5893 million yuan, accounting for 6.42% of the total transaction amount [1][2]. - Retail investors showed a net inflow of 48.1353 million yuan, representing 6.49% of the total transaction amount on the same day [1][2]. - Over the past five days, the stock has seen fluctuations in fund flows, with varying levels of net inflows and outflows from main and retail investors [2]. Institutional Ratings - In the last 90 days, 20 institutions have rated the stock, with 17 buy ratings and 3 hold ratings [4]. - The average target price set by institutions over the past 90 days is 55.82 yuan [4].

瑞财经 钟鸣辰稳健医疗(SZ300888)近日发布2025年半年报，上半年营收利润双增。 | 1 000 / 8 / 010 | | --- | 据东方财富网数据，稳健医疗董事长兼总经理李建全2024年所获薪酬为294.7万元，相较上年薪酬307.3万元微降。 李建全，1957年出生，中国籍，清华大学工商管理硕士。其创建了"稳健医疗"、"全棉时代"两大品牌，现任稳健医疗用品股份有限公司董事长、总经理，深 圳全棉时代科技有限公司董事长、总经理。 稳健医疗2024年营业收入为89.78亿元，同比增长9.69%；归母净利润为6.95亿元，同比增长19.81%；扣非归母净利润为5.91亿元，同比增长43.40%；基本每 股收益1.19元。 公开资料显示，稳健医疗用品股份有限公司位于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，成立日期2000年8月24日，上市日期2020年 9月17日，公司主营业务涉及棉类制品的研发、生产、销售。 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业收入(元) | 5,296,211,956,92 ...

Macroeconomic Insights - The average import tax rate in the U.S. increased by 6.6 percentage points compared to the end of 2024, which is lower than market expectations[5] - If the average import tax rate rises by 10% this year, it could push the PCE year-on-year growth rate to 3.1% and the core PCE to 3.4% under stable demand conditions[7] Consumer and Business Impact - As of June, U.S. businesses bore approximately 63% of the tariff costs, while consumers accounted for less than 40%[6] - The consumer price sensitivity may lead businesses to absorb a significant portion of tariff costs, affecting pricing strategies[6] Durable Goods and Construction Sector - Domestic demand for construction remains weak, with steel and glass prices declining, while cement prices have rebounded due to enhanced production management[9] - Retail sales of passenger vehicles increased, with a year-on-year growth of 8% in daily sales from August 11 to August 17[10] Insurance Sector Performance - The insurance industry reported a total premium income of CNY 420.85 billion from January to July 2025, reflecting a year-on-year growth of 6.8%[14] - Life insurance premiums reached CNY 258.61 billion in July, marking a significant year-on-year increase of 33.5%[15] Steel Industry Outlook - China's crude steel production from January to July 2025 was 594 million tons, a decrease of 3.1% year-on-year, indicating a contraction in production capacity[25] - The steel industry is expected to stabilize in 2025 due to a combination of demand recovery and supply-side reductions[27]

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [7][6]. Core Insights - The company reported a strong performance in H1 2025, achieving revenue of 5.3 billion yuan, a year-on-year increase of 31%, and a net profit of 490 million yuan, up 28% year-on-year [1]. - The consumer goods segment showed robust growth, with revenue from the core product, wet and dry cotton towels, reaching 810 million yuan, a 19.5% increase year-on-year [2]. - The medical supplies segment also performed well, with total revenue of 2.52 billion yuan in Q2 2025, reflecting a 46.5% year-on-year growth [3]. Financial Performance - For H1 2025, the company achieved a gross margin of 48.3%, slightly down by 0.4 percentage points year-on-year, and a net margin of 9.8%, down by 0.3 percentage points [1]. - The consumer goods segment's gross margin improved to 58.6%, up 1.7 percentage points year-on-year, while the medical segment's gross margin decreased to 37.4%, down 0.7 percentage points [4]. - The company reported a net operating cash flow of 340 million yuan, indicating stable operational fundamentals [1]. Business Segments - The consumer goods business generated revenue of 2.75 billion yuan in H1 2025, a 20.3% increase year-on-year, with a notable performance from the "Nais Princess" sanitary napkin line, which saw a 67.6% increase in revenue [2]. - The medical supplies segment's revenue reached 2.52 billion yuan in Q2 2025, with surgical supplies and high-end dressings showing significant growth rates of 193.5% and 25.7% respectively [3]. Channel Strategy - The company has accelerated its omnichannel strategy, with online sales reaching 1.71 billion yuan, a 23.6% increase year-on-year, and offline stores contributing 724 million yuan, up 2.75% [5]. - The total number of offline stores reached 484, with a membership base of nearly 67 million, reflecting continued brand penetration [5]. Earnings Forecast - The report adjusts the earnings forecast, projecting net profits of 1.04 billion yuan, 1.26 billion yuan, and 1.49 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.79 yuan, 2.16 yuan, and 2.56 yuan [6].

Core Viewpoint - The stock of Steady Medical (300888) has shown a positive performance with a closing price of 41.87 yuan, reflecting a 2.25% increase on August 28, 2025, amidst varying capital flows from different investor groups [1][2]. Financial Performance - For the first half of 2025, Steady Medical reported a main revenue of 5.296 billion yuan, representing a year-on-year increase of 31.31% - The net profit attributable to shareholders was 492 million yuan, up 28.07% year-on-year - The net profit after deducting non-recurring gains and losses was 461 million yuan, marking a 40.9% increase year-on-year - In Q2 2025, the company achieved a single-quarter main revenue of 2.691 billion yuan, a 26.66% increase year-on-year, and a net profit of 243 million yuan, up 20.68% year-on-year [3]. Market Position - Steady Medical's total market capitalization stands at 24.382 billion yuan, significantly higher than the industry average of 11.443 billion yuan, ranking 4th in the industry - The company has a net asset value of 12.276 billion yuan, leading the industry with a ranking of 1st - The company's net profit of 492 million yuan ranks 3rd in the industry, while its price-to-earnings ratio (24.78) and price-to-book ratio (2.12) rank 4th and 5th respectively [3]. Investor Sentiment - Over the past 90 days, 19 institutions have rated the stock, with 16 buy ratings and 3 hold ratings - The average target price set by institutions for the stock is 55.82 yuan [4].

Core Viewpoint - The company, Steady Medical, has reported strong financial results for the first half of 2025, driven by its dual focus on the medical and consumer sectors, with significant year-on-year growth in both revenue and profit [2][4]. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 5.3 billion yuan, representing a year-on-year increase of 31.3% [2]. - The net profit attributable to shareholders reached 490 million yuan, up 28.1% year-on-year, while the net profit excluding non-recurring items was 460 million yuan, reflecting a growth of 40.9% [2]. - The medical segment contributed 2.52 billion yuan, while the consumer segment generated 2.75 billion yuan in revenue [2]. Group 2: Medical Segment Recovery - The medical segment, primarily under the "Steady Medical" brand, reported revenue of 2.52 billion yuan, a year-on-year increase of 46.4% [4]. - Excluding the contribution from the acquired company GRI, the medical segment achieved 1.95 billion yuan in revenue, marking a 13.2% increase compared to the same period in 2024 [4]. - The management expressed optimism about the medical segment's future growth, citing a stable increase in the aging population and a projected compound annual growth rate of approximately 6% in the medical consumables sector from 2024 to 2030 [4]. Group 3: Consumer Segment Growth - The consumer segment, centered around the "All Cotton Era" brand, generated 2.75 billion yuan in revenue, reflecting a year-on-year growth of 20.3% [7]. - Key products included cotton soft towels with revenue of 810 million yuan (up 19.5%), "Princess Nais" sanitary napkins with 530 million yuan (up 67.6%), and adult apparel with 520 million yuan (up 19.4%) [7]. - The high-margin "Princess Nais" sanitary napkin product significantly contributed to the overall gross margin increase of 1.7 percentage points to 58.6% [7]. Group 4: Marketing and Distribution Strategy - The company invested heavily in marketing, with advertising and promotional expenses reaching 501 million yuan, a 47.59% increase year-on-year [8]. - Online sales channels generated 1.71 billion yuan in revenue, up 23.6% year-on-year, indicating a strong focus on e-commerce [8]. - The company is adopting a cautious yet optimistic strategy for its offline store expansion, closing underperforming stores while opening new ones in high-potential areas [9]. Group 5: Dividend and Share Buyback - The company announced a cash dividend distribution plan of 260 million yuan, which accounts for 53.26% of the net profit attributable to shareholders [9]. - Since its listing, the company has distributed a total of 2.88 billion yuan in cash dividends and repurchased shares for 690 million yuan, totaling 3.57 billion yuan, which exceeds 100% of its net fundraising amount [9].