谨慎做出投资决策在会议开始前我们提醒各位投资者在主讲嘉宾发言结束后将留有提问时间下面有请公司领导发言谢谢尊敬的各位投资者大家下午好欢迎大家参加人间医疗2024年三季度业绩与股权激励项目说明会我是公司董事会秘书陈慧璇非常感谢各位一直以来的关注和支持 首先请允许我向大家介绍今天出席会议的华丽辰他们分别是医疗板块临时CEO张燕女士大家好全联时代副总裁赵敏珍女士大家好稳健医疗集团财务副总监赵燕女士大家好 希望通过今天真诚深入的交流能够帮助各位投资者更加深入了解公司同时听取各位的意见和建议下面由我对公司前三季度经营情况以及新推出的普选基地项目的情况进行简要介绍之后留时间与各位交流2024年是本届医疗发展的新元年我们摆脱了疫情对经营工作的影响 在医疗业务上专业分分在消费品业务上加速发展我们一上下一心的不懈努力下站在三季度末这个时点我们终于清醒的看到公司业绩逃过疫情带来的高基数影响营业收入以及营业性利润正是进入良性发展的向上之路感谢各位投资人分析师老师们一路 陪伴普遍医疗走过最艰难的时候另一方面本期报告由于去年非经营性的项目对表现增速影响较大对表观增速影响较大因此我将从营业收入和营业水平两方面对本期报告进行解读营业收入方面 ...

| --- | --- | --- | --- | --- | |-------|------------------|--------|----------|-------------------------------| | 序号 | 公司名称 | 姓名 | 参会方式 | 调研时间 | | 1 | 北京诚盛投资 | 吴畏 | 线上 | 2024 年 10 月 29 日 | | 2 | 北京诚盛投资 | 魏琦 | 线上 | 2024 年 10 月 29 日 | | 3 | 北京米度私募 | 臧宇峰 | 线上 | 2024 年 10 月 29 日 | | 4 | 财通证券 | 何栋 | 线上 | 2024 年 10 月 29 日 | | 5 | 财通证券资管 | 赵雯 | 线上 | 2024 年 10 月 29 日 | | 6 | 德邦证券 | 毕先磊 | 线上 | 2024 年 10 月 29 日 | | 7 | 东方财富证券 | 刘雪莹 | 线上 | 2024 年 10 月 29 日 | | 8 | 东方财富证券 | 何玮 | 线上 | 2024 年 10 月 29 日 | | 9 | 东方证券 | 施红 ...

证券代码：300888 证券简称：稳健医疗 编号：2024-007 | --- | --- | --- | |--------------|--------------------------------------------------------------------------|------------------------------------------------------------------------| | | □ 特定对象调研 | □ 分析师会议 | | 投资者关系活 | □ 媒体采访 √ | 业绩说明会 | | 动类别 | □ 新闻发布会 □ | 路演活动 | | | √ 现场参观 | | | | □ 其他 （电话会议） | | | 参与单位名称 | | 嘉实基金、交银施罗德基金、国寿资产等 71 位机构投资者，名单详见附件 | | 及人员姓名 | （排名不分先后） 2024 年 10 月 29 日 | 2024 年三季度业绩暨股权激励项目说明会 | | 时间 | 2024 年 10 月 30 日 | 现场调研 | | 地点 | 线上电话会 / 总部会议室 | | | 上市公 ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a current price of 31.90 CNY [1]. Core Views - The company reported a revenue of 6.07 billion CNY for the first three quarters of 2024, reflecting a year-on-year increase of 1.0%, while the net profit attributable to shareholders decreased by 74.3% to 550 million CNY [1]. - Excluding the impact of the previous year's urban renewal project, the net profit attributable to shareholders for the first three quarters declined by 29.6% [1]. - In Q3 2024, the company achieved a revenue of 2.04 billion CNY, a year-on-year increase of 16.8%, but the net profit attributable to shareholders fell by 88.5% to 170 million CNY [1]. - The company has implemented a restricted stock incentive plan, granting up to 7.48 million shares to approximately 308 individuals, which is about 1.28% of the total share capital [3]. Summary by Sections Financial Performance - The medical consumables business reported a revenue of 2.66 billion CNY for the first three quarters, a year-on-year decline of 11.5%, but Q3 alone saw a revenue increase of 13.1% [1]. - The health consumer goods segment achieved a revenue of 3.36 billion CNY for the first three quarters, growing by 13.7%, with Q3 revenue increasing by 20.6% [1][2]. - The company’s gross margin for the first three quarters decreased by 2.0 percentage points to 48.1% [1]. Inventory and Receivables - As of September 2024, inventory increased by 38.6% year-to-date to 1.99 billion CNY, with inventory turnover days rising by 10 days to 147 days [2]. - Accounts receivable increased by 46.8% year-to-date to 1.13 billion CNY, with turnover days increasing by 3 days to 42 days [2]. Future Outlook - The company completed the acquisition of 75.2% of GRI, a global medical consumables and industrial protection company, which is expected to enhance its overseas capacity and sales channels [2]. - The incentive plan aims to motivate employees and improve corporate governance, with performance targets set for revenue growth of 13% for the years 2025, 2026, and 2027 [3]. - The profit forecast for 2024-2026 has been adjusted downward by 20%, 17%, and 13% respectively, with expected EPS of 1.29, 1.50, and 1.76 CNY [3].

Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price of 40.88 CNY based on a 28x PE valuation for 2024 [3][6]. Core Insights - The company reported a revenue of 6.07 billion CNY for the first three quarters of 2024, a year-on-year increase of 0.99%, while the net profit attributable to the parent company was 550 million CNY, down 74.25% year-on-year. Excluding a one-time gain from a city renovation project, the net profit would have increased by 62.17% year-on-year [1]. - The medical consumables business showed double-digit growth in Q3 2024, with Q3 revenue reaching 940 million CNY, a 13.1% year-on-year increase. The high-end dressing and personal care segments grew by 33.5% and 36.2% respectively in the first three quarters [1]. - The consumer goods segment accelerated growth in Q3 2024, achieving a revenue of 1.08 billion CNY, a 20.6% year-on-year increase. Key products like cotton soft towels saw a 31.3% increase in revenue [1]. - The company announced a cash acquisition of 75.2% of GRI for approximately 120 million USD, which is expected to enhance its international competitiveness and operational capabilities [1]. - A new incentive plan was introduced alongside the Q3 report to set new growth targets for the medium to long term [1]. Financial Summary - The company’s revenue for 2023 is projected at 8.185 billion CNY, a decrease of 27.9% from 2022. The net profit attributable to the parent company is expected to be 580 million CNY, down 64.8% year-on-year [2][6]. - Earnings per share (EPS) for 2024, 2025, and 2026 are forecasted to be 1.46 CNY, 1.69 CNY, and 1.99 CNY respectively [2][6]. - The gross margin is expected to be 49.0% in 2023, with a slight decline projected in the following years [2][6].

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company has launched an equity incentive plan, aiming for growth driven by both medical and consumer sectors [1]. - For the first three quarters of 2024, the company reported a revenue of 6.07 billion, a year-on-year increase of 1%, while the net profit attributable to shareholders decreased by 74% to 550 million [1]. - The consumer goods segment showed robust growth, with a revenue increase of 14% to 3.36 billion in the first three quarters of 2024 [1]. - The medical consumables business has recently returned to positive growth, with a revenue of 2.66 billion in the first three quarters of 2024, despite a 12% year-on-year decline [1]. Summary by Sections Financial Performance - For Q1 to Q3 2024, the company achieved a revenue of 6.07 billion, up 1% year-on-year, and a net profit of 550 million, down 74% [1]. - The gross margin for Q1 to Q3 2024 decreased by 2.0 percentage points to 48.1% [1]. - In Q3 2024, revenue reached 2.04 billion, a 17% increase year-on-year, while the net profit attributable to shareholders was 170 million, down 88% [1]. Consumer Goods Business - The consumer goods segment's revenue for Q1 to Q3 2024 was 3.36 billion, reflecting a 14% year-on-year increase [1]. - Online sales outperformed offline, with online revenue growing by 14% and offline stores approaching double-digit growth [1]. - Key products like dry and wet cotton soft towels saw revenue growth of 31% and 47% respectively in Q1 to Q3 and Q3 alone [1]. Medical Consumables Business - The medical consumables segment reported a revenue of 2.66 billion for Q1 to Q3 2024, down 12% year-on-year, but showed a recovery with a 13% increase in Q3 [1]. - High-end dressing products experienced rapid growth, with revenue increasing by 10% in Q1 to Q3 [1]. - The company has made strategic acquisitions to expand its business footprint, including GRI [1]. Operational Management - Inventory turnover days increased by 10.4 days to 146.8 days, with year-end inventory rising by 35.7% to 1.99 billion [1]. - Operating cash flow for Q1 to Q3 2024 was 490 million, approximately 0.9 times the net profit attributable to shareholders [1]. Future Outlook - The company expects strong growth in net profit for 2024, driven by a low base effect from 2023 [1]. - An equity incentive plan has been proposed, targeting performance goals for 2025 to 2027, which is anticipated to enhance employee motivation and business development [1]. - The projected net profits for 2024 to 2026 are estimated at 812 million, 935 million, and 1.07 billion respectively, with a PE ratio of 23 times for 2024 [1].

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the near term [7]. Core Views - The company is expected to return to positive growth as the impact of public health events diminishes, with a projected revenue increase driven by improved cotton prices and effective management strategies [2][3]. - The introduction of an equity incentive plan aims to strengthen growth confidence among key personnel, with performance targets set for revenue growth over the next three years [2][3]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenues of 6.07 billion yuan, a year-on-year increase of 0.99%, while net profit attributable to shareholders was 553 million yuan, a decline of 74.25% [3]. - The gross margin for the first three quarters was 48.14%, down 2.03 percentage points year-on-year, primarily due to rising raw material costs and changes in product mix [2]. - The medical consumables segment generated 2.66 billion yuan in revenue, up 11.5% year-on-year, accounting for 43.7% of total revenue [3]. - The consumer goods segment saw revenues of 3.36 billion yuan, a 13.7% increase year-on-year, representing 55.4% of total revenue [4]. Future Projections - The company is projected to achieve revenues of 8.61 billion yuan, 9.81 billion yuan, and 11.08 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 5.2%, 13.9%, and 12.9% [8]. - Net profit attributable to shareholders is expected to reach 781.75 million yuan, 952.77 million yuan, and 1.16 billion yuan for the same years, reflecting growth rates of 34.7%, 21.9%, and 21.4% [8]. Valuation Metrics - The report provides projected earnings per share (EPS) of 1.34 yuan, 1.64 yuan, and 1.99 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 22.78, 18.69, and 15.39 [9].

Financial Performance - The company's revenue for Q3 2024 reached ¥2,036,537,874.74, representing a year-on-year increase of 16.80%[2] - Net profit attributable to shareholders decreased by 88.49% to ¥168,816,611.93, primarily due to a significant profit from a city renewal project in the previous year[2] - The net profit after deducting non-recurring gains and losses increased by 104.55% to ¥144,916,756.25, driven by improved operating profit[2] - The company’s net profit attributable to shareholders for the first three quarters was CNY 550 million, a decline of 74.3%, with Q3 net profit at CNY 170 million, down 88.5% year-on-year[17] - Excluding the impact of the urban renewal project from the previous year, the company’s Q3 net profit increased by 62.2%, with a non-GAAP net profit of CNY 140 million, up 104.6% year-on-year[17] - The company reported a total comprehensive income of approximately ¥570.32 million for Q3 2024, down from ¥2.19 billion in the same quarter last year, reflecting a decrease of about 74%[25] - Basic and diluted earnings per share for Q3 2024 were both ¥0.95, compared to ¥3.65 in Q3 2023, indicating a decline of approximately 74%[25] Cash Flow and Investments - Cash flow from operating activities increased by 119.30% year-on-year, totaling ¥487,659,782.40, indicating better management of operating funds[2] - The cash flow from operating activities showed a net increase of approximately ¥487.66 million, significantly up from ¥222.37 million in the previous year, marking an increase of about 119%[26] - The cash flow from investing activities showed a net outflow of approximately ¥750.84 million, a significant decrease from a net inflow of ¥246.65 million in the previous year[27] - The cash outflow for investments decreased by 42.01% to ¥2,472,422,859.10, reflecting reduced investments in financial products[8] Assets and Liabilities - Total assets as of the end of the reporting period were ¥17,844,221,255.63, up 4.28% from the end of the previous year[2] - The company reported a significant increase in accounts receivable by 46.78% to ¥1,128,143,737.66, mainly due to the acquisition of GRI[6] - Inventory increased by 38.59% to ¥1,987,804,580.09, also attributed to the GRI acquisition[6] - The company’s goodwill rose by 75.29% to ¥1,514,985,908.07, reflecting the impact of the GRI acquisition[6] - Total liabilities increased to ¥5,762,754,035.29 from ¥5,001,700,646.82, representing an increase of approximately 15.2%[22] Market and Business Strategy - The company plans to continue expanding its market presence and investing in new technologies following the recent acquisitions[2] - The company is focusing on expanding its international sales channels, with overseas sales revenue reaching CNY 1.2 billion in the first three quarters, a year-on-year increase of 12.7%[16] - The company acquired GRI in Q3, which is expected to enhance its overseas capacity, sales channels, and local operational capabilities[16] - The company actively participated in various industry conferences to enhance brand recognition and professional credibility, including the release of industry standards for disposable surgical drapes[18] - The company is focusing on expanding its market presence and investing in new product development to drive future growth[22] Revenue Segments - The medical consumables business generated CNY 2.66 billion in revenue for the first three quarters, a decrease of 11.5%, while Q3 revenue was CNY 940 million, increasing by 13.1% year-on-year[15][16] - The high-end dressing and health personal care segments saw revenues of CNY 570 million and CNY 290 million respectively, with year-on-year growth of 33.5% and 36.2%[16] - The consumer goods segment reported a total revenue of CNY 3.36 billion in the first three quarters, a year-on-year increase of 13.7%, accounting for 55.4% of total revenue[16] Cost and Profitability - Total operating costs increased to ¥5,429,693,699.00 from ¥5,112,656,537.02, representing an increase of about 6.2%[23] - The company's gross profit margin decreased, with gross profit calculated at ¥640,349,280.07, down from ¥897,785,979.98 in the previous period[23] - The company's net profit margin is under pressure due to rising costs, with operating expenses including sales and management costs increasing significantly[23]

证券简称：稳健医疗 证券代码：300888 稳健医疗用品股份有限公司 2024 年限制性股票激励计划 （草案） 稳健医疗用品股份有限公司 二〇二四年十月 稳健医疗用品股份有限公司 2024 年限制性股票激励计划（草案） 声 明 本公司及全体董事、监事保证本激励计划及其摘要不存在虚假记载、误导性 陈述或重大遗漏，并对其真实性、准确性、完整性承担个别和连带的法律责任。 本公司所有激励对象承诺，公司因信息披露文件中有虚假记载、误导性陈述 或者重大遗漏，导致不符合授予权益或权益归属安排的，激励对象应当自相关信 息披露文件被确认存在虚假记载、误导性陈述或者重大遗漏后，将由本激励计划 所获得的全部利益返还公司。 - 2 - 稳健医疗用品股份有限公司 2020 年限制性股票激励计划（草案） 特别提示 一、本激励计划依据《中华人民共和国公司法》、《中华人民共和国证券法》、 《上市公司股权激励管理办法》、《深圳证券交易所创业板股票上市规则（2024 年 修订）》、深圳证券交易所创业板上市公司自律监管指南第 1 号——业务办理》 等有关法律法规、规范性文件及《稳健医疗用品股份有限公司章程》制定。 二、本激励计划采取的激励工具为限 ...

证券代码：300888 证券简称：稳健医疗 公告编号：2024-072 稳健医疗用品股份有限公司 第四届董事会第四次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 稳健医疗用品股份有限公司（以下简称"公司"）第四届董事会第四次会议于 2024 年 10 月 25 日（星期五）以现场结合通讯方式召开。会议通知已于 2024 年 10 月 21 日 通过邮件和即时通讯工具的方式送达各位董事。本次会议应出席董事 7 人，实际出席董 事 7 人。本次会议由董事长李建全先生召集并主持，公司监事及高级管理人员列席了会 议，会议的召开符合《公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 表决结果：同意 7 票，反对 0 票，弃权 0 票。 2、审议通过了《关于公司<2024 年限制性股票激励计划（草案）>及其摘要的议 案》； 公司董事会认为：公司实施本次限制性股票激励计划有利于公司的持续发展， 有利于对核心人才形成长效激励机制，不存在损害公司及全体股东尤其是中小股东 利益的情形。公司本次限制性股票激励计划所授予的激励范围、标 ...