Core Viewpoint - The stock of Steady Medical (300888) shows a slight increase in price, with significant net inflows from retail investors, while institutional and speculative funds are experiencing net outflows [1][2]. Financial Performance - For the first three quarters of 2025, Steady Medical reported a main business revenue of 7.897 billion yuan, a year-on-year increase of 30.1% [3] - The net profit attributable to shareholders reached 732 million yuan, up 32.36% year-on-year [3] - The third quarter alone saw a main business revenue of 2.601 billion yuan, a 27.71% increase year-on-year, and a net profit of 240 million yuan, up 42.11% year-on-year [3] - The company’s gross profit margin stands at 48.32%, which is higher than the industry average of 42.36% [3] Market Position - Steady Medical has a total market capitalization of 23.456 billion yuan, ranking 4th in the beauty and personal care industry [3] - The company has a net asset value of 12.263 billion yuan, ranking 1st in the industry [3] - The price-to-earnings ratio (P/E) is 24.04, significantly lower than the industry average of 42.43, indicating a potentially undervalued stock [3] Investment Sentiment - Over the past 90 days, 19 institutions have rated the stock, with 15 buy ratings and 4 hold ratings [4] - The average target price set by institutions is 5.511 billion yuan [4]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][19]. Core Views - The company has demonstrated strong performance in the third quarter, with revenue growth of 28% year-on-year and a 51% increase in net profit attributable to the parent company. For the third quarter of 2025, revenue is expected to reach 2.6 billion yuan, a year-on-year increase of 27.7%, and net profit is projected at 240 million yuan, up 42.1% year-on-year [1][3]. - The growth is driven by both external acquisitions and internal optimization, with a significant increase in surgical consumables revenue due to the acquisition of GRI, which saw a year-on-year growth of 185.3% to 1.15 billion yuan. The company is also focusing on high-value, high-margin products, which are becoming a key support for organic growth [2][19]. - The company maintains a strong cash flow, supporting a good dividend level, and is expected to achieve net profits of 1.01 billion, 1.17 billion, and 1.35 billion yuan for 2025-2027, representing year-on-year growth of 44.7%, 16.1%, and 15.5% respectively [3][19]. Summary by Sections Financial Performance - In the third quarter, the company achieved a gross margin of 48.3%, an increase of 1.3 percentage points year-on-year. The net profit margin attributable to the parent company increased by 1.3 percentage points to 8.4% [1][2]. - The company’s inventory increased by 9.3% year-on-year to 2.14 billion yuan, with inventory turnover days decreasing by 11 days to 136 days [1]. Revenue Breakdown - For the first three quarters, total revenue reached 3.83 billion yuan, a year-on-year increase of 44.4%. The third quarter alone is expected to contribute 1.39 billion yuan, up 47.2% year-on-year [2]. - The overseas revenue significantly improved, with a year-on-year increase of 81.7% to 2.18 billion yuan, accounting for 57% of the medical segment [2]. Product Performance - High-end dressings generated revenue of 720 million yuan, a year-on-year increase of 26.2%, while health personal care products reached 360 million yuan, up 24.6% [2]. - The company’s consumer products, particularly the cotton sanitary napkins, showed strong growth, with revenue increasing by 19.1% to 4.01 billion yuan in the first three quarters [2].

Investment Rating - The investment rating for the company is "Outperform the Market" [4][19]. Core Views - The company has shown strong performance in the third quarter, with revenue and profit accelerating. Revenue increased by 28% year-on-year, and the net profit attributable to shareholders (excluding non-recurring items) grew by 51% [1][3]. - The company is benefiting from both external acquisitions and internal optimization, with a significant increase in revenue from surgical consumables due to the acquisition of GRI, which saw a year-on-year growth of 185.3% [2][19]. - The company is expected to maintain strong growth, with projected net profits for 2025-2027 at 1.01 billion, 1.17 billion, and 1.35 billion yuan, representing year-on-year growth of 44.7%, 16.1%, and 15.5% respectively [3][20]. Summary by Sections Financial Performance - In the third quarter, the company reported a revenue of 2.6 billion yuan, a year-on-year increase of 27.7%, and a net profit of 240 million yuan, up 42.1% year-on-year. The gross margin was 48.3%, an increase of 1.3 percentage points [1][2]. - For the first three quarters, the company achieved a revenue of 3.83 billion yuan, a year-on-year increase of 44.4%, with the third quarter alone contributing 1.39 billion yuan, up 47.2% [2][19]. Product and Market Dynamics - The acquisition of GRI has significantly boosted the company's overseas performance, with international revenue increasing by 81.7% to 2.18 billion yuan, accounting for 57% of the medical segment [2][19]. - The company has also optimized its product structure, with high-value, high-margin products becoming a key driver of organic growth. High-end dressings generated 720 million yuan in revenue, a year-on-year increase of 26.2% [2][19]. Future Outlook - The company maintains a target price of 48-52 yuan, corresponding to a PE ratio of 24-26x for 2026, indicating confidence in continued strong performance [3][19]. - The company is expected to sustain a good dividend level supported by robust cash flow, reflecting its strong growth potential [3][19].

Investment Rating - The report maintains a "Buy" rating for the company with an expected relative return of over 20% within the next six months [6][18]. Core Insights - The company reported a revenue of 2.6 billion yuan in Q3 2025, a year-on-year increase of 28%, and a net profit attributable to shareholders of 240 million yuan, up 42% year-on-year [1]. - For the first three quarters of 2025, the company achieved a total revenue of 7.9 billion yuan, reflecting a 30% year-on-year growth, with a net profit of 730 million yuan, an increase of 32% year-on-year [1]. - The gross profit margin for the first three quarters of 2025 reached 48.3%, a slight increase of 0.2 percentage points year-on-year, while the net profit margin also improved by 0.2 percentage points to 9.3% [1]. - The medical segment saw a revenue of 3.8 billion yuan in the first three quarters of 2025, a significant increase of 44% year-on-year, with notable growth in key product categories [2]. - The consumer segment generated 4 billion yuan in revenue during the same period, marking a 19% year-on-year increase, driven by strong performance in e-commerce channels [3]. Financial Performance Summary - The company adjusted its revenue forecasts for 2025-2027 to 11.2 billion, 13.2 billion, and 15 billion yuan respectively, with net profits projected at 1.04 billion, 1.23 billion, and 1.46 billion yuan [5]. - Earnings per share (EPS) are expected to be 1.79, 2.12, and 2.50 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 22, 19, and 16 times [5]. Market Position and Strategy - The company is focusing on enhancing brand and channel development, with successful marketing campaigns and the opening of flagship stores to boost brand image and customer loyalty [4]. - The overseas market is becoming increasingly important, with foreign sales channels generating 2.18 billion yuan, a year-on-year increase of 81.7%, and accounting for 57% of the medical segment's revenue [2].

Group 1: Financial Performance - In the first three quarters of 2025, the company achieved a total revenue of 7.9 billion CNY, a year-on-year increase of 30.1% [1] - The medical segment generated 3.83 billion CNY, growing by 44.4%, while the consumer segment reached 4.01 billion CNY, with a growth of 19.1% [1] - The overall gross margin improved due to a higher proportion of high-value, high-margin products in the medical segment [1][8] Group 2: Sales Channels and Growth - Overseas sales in the medical segment accounted for 57% of revenue, with a year-on-year growth of 81.7% [2] - E-commerce channels in the consumer segment grew by 23.5%, with Douyin (TikTok) and interest e-commerce showing nearly 80% growth [2] - The supermarket channel saw a 53.4% increase, indicating rapid development in core channels [2] Group 3: Product Performance - The sanitary napkin category saw a 56% year-on-year revenue increase, driven by new product launches [3] - The adult clothing segment experienced a 13% growth, focusing on comfortable home and innerwear [3] - High-end dressing products in the medical segment achieved significant growth, with surgical consumables and high-end dressings showing increases of 185.3% and 26.2%, respectively [16] Group 4: Strategic Outlook - The company plans to enhance its product offerings in adult clothing and sanitary napkins, focusing on consumer needs and market trends [4] - Future strategies include expanding overseas markets, particularly in Southeast Asia and the Middle East, with a focus on high-end dressing products [5][14] - The company has completed a three-year strategic plan for both medical and consumer segments, emphasizing product and channel development [18] Group 5: Integration and Management - The integration of GRI is progressing positively, with improved supply chain performance and enhanced client confidence [6] - The management has implemented a global functional management model to improve operational efficiency [6] - The company is committed to sustainable growth and delivering verifiable performance to investors [18]

Group 1: Meeting Details - The online research meeting took place on October 28, 2025, involving multiple institutions [1][2][3][4][5][6] - A total of 167 participants from various financial institutions attended the online research meeting [1][2][3][4][5][6] Group 2: Participating Institutions - Notable institutions included Baijia Fund, Bainian Insurance, and Bosera Fund among others [1][2][3][4][5][6] - The list of participants also featured major securities firms such as Guotai Junan Securities, Huatai Securities, and CITIC Securities [1][2][3][4][5][6] Group 3: Research Focus - The research aimed to gather insights on market trends and investment strategies from various financial entities [1][2][3][4][5][6] - Participants were expected to share their perspectives on the current economic climate and its impact on investment decisions [1][2][3][4][5][6]

Core Insights - The stock of Steady Medical (300888) closed at 40.25 yuan on October 28, 2025, with a 4.6% increase and a trading volume of 169,900 shares, amounting to a total transaction value of 689 million yuan [1][2]. Financial Performance - For Q3 2025, Steady Medical reported a main revenue of 7.897 billion yuan, a year-on-year increase of 30.1%, and a net profit attributable to shareholders of 732 million yuan, up 32.36% year-on-year [5]. - The company's Q3 single-quarter main revenue was 2.601 billion yuan, reflecting a 27.71% year-on-year increase, while the single-quarter net profit was 240 million yuan, up 42.11% year-on-year [5]. - The company’s gross profit margin stands at 48.32%, with a net profit margin of 9.81% [5]. Market Position - Steady Medical has a total market capitalization of 23.439 billion yuan, ranking 4th in the beauty and personal care industry [5]. - The company has a net asset value of 12.263 billion yuan, leading the industry rankings [5]. - The price-to-earnings ratio (P/E) is 24.02, significantly lower than the industry average of 42.38, indicating a potentially undervalued stock [5]. Capital Flow - On October 28, 2025, the net outflow of main funds was 16.2688 million yuan, accounting for 2.36% of the total transaction value, while retail investors saw a net inflow of 48.1221 million yuan, representing 6.98% of the total transaction value [1][2]. - The financing data indicates a net repayment of 16.5646 million yuan on the same day, with a financing balance of 306 million yuan [3]. Institutional Ratings - Over the past 90 days, 18 institutions have rated the stock, with 15 buy ratings and 3 hold ratings, and the average target price set at 55.11 yuan [6].

Summary of the Conference Call for稳健医疗 Company Overview - The conference call discusses the performance and strategic direction of稳健医疗, particularly focusing on its consumer and medical business segments. Key Points Industry and Company Performance - **Consumer Products Growth**: The strategic categories such as sanitary napkins (up 55.9%), cotton soft towels (benefiting from endorsement by Sun Yingsha), and adult apparel (up 13%) showed outstanding performance, with online channels, especially e-commerce and Douyin, growing by 25% and 42% respectively, significantly boosting sales [2][3][5] - **Medical Business Growth**: The medical segment saw a revenue increase of 47.2%, with high-end dressings growing by 26%, surgical consumables by 15%, and health clients by 25% [4][16] Strategic Initiatives - **International Expansion**: The company’s overseas business grew significantly, with self-owned brands in Southeast Asia and the Middle East increasing by 24%, and cross-border e-commerce growing by 45%. High-end dressings performed particularly well on Amazon [2][7][22] - **Integration and Optimization**: Following the GIA acquisition, the company faced initial profit challenges due to tariffs but has since seen recovery in the supply chain, with plans for organizational restructuring and smart manufacturing upgrades [2][9][24] Product Development and Innovation - **New Product Launches**: The company plans to continue innovating in strategic categories, particularly in sanitary napkins and cotton soft towels, focusing on user needs and product upgrades [3][21] - **Market Adaptation**: The company is adapting its product offerings to different demographics and usage scenarios, ensuring a diverse range of products for various consumer needs [21] Channel Strategy - **E-commerce and Douyin**: The company is leveraging high-quality content to attract traffic on Douyin, with a focus on rapidly growing categories such as maternal and infant products [10][11] - **Retail Expansion**: The company plans to expand into key accounts like Sam's Club and is upgrading existing offline stores to enhance efficiency and sales performance [11][12] Financial Performance - **Profit Margin Improvement**: The third quarter saw a significant increase in profit margins due to supply chain recovery, cost control, and synergy across business segments, with gross margins rising by 2.5-3 percentage points [12][13] - **Future Outlook**: The company aims for a growth target of 13% to 18% in its equity incentive plan, with confidence in achieving its annual goals [20][24] Challenges and Risks - **Tariff Impact**: The GIA acquisition initially led to lower profits due to tariffs, but recovery is underway as supply chains stabilize [9][24] - **Market Conditions**: The company is navigating a challenging economic environment but remains focused on sustainable growth and long-term strategies [24] Additional Insights - **Consumer Trends**: The company is observing shifts in consumer behavior, particularly in the maternal and infant segments, and is preparing for potential increases in demand as birth rates fluctuate [19] - **Global Supply Chain Strategy**: The company is enhancing its global supply chain strategy to ensure efficient resource allocation and market responsiveness [8][22] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting the company's performance, growth strategies, and market challenges.

Core Insights - The company reported a revenue of 7.897 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 30.10% [1] - Net profit attributable to shareholders reached 732 million yuan, up 32.36% year-on-year, with a basic earnings per share of 1.26 yuan [1] - In Q3 2025, the company achieved a revenue of 2.6 billion yuan, a 27.7% increase year-on-year, and a net profit of 240 million yuan, up 42.1% year-on-year [1] Revenue Breakdown - The medical segment generated a total revenue of 3.83 billion yuan in the first three quarters, reflecting a growth of 44.4% year-on-year [1] - Core categories such as surgical consumables, high-end dressings, and health personal care products achieved revenues of 1.15 billion yuan, 720 million yuan, and 360 million yuan respectively, with year-on-year growth rates of 185.3%, 26.2%, and 24.6% [2] Market Expansion - The international sales channel reported a revenue of 2.18 billion yuan, marking an 81.7% increase year-on-year, with Southeast Asia and the Middle East showing significant growth [2] - The company's overseas sales accounted for 57% of the medical segment, indicating a strong international market presence [2] - The C-end business, including domestic pharmacies and e-commerce channels, grew by 25.8%, with cross-border sub-brands on Amazon seeing over 45% growth year-on-year [2] Strategic Focus - The company is optimizing its product structure, increasing the proportion of high-value, high-margin products, and enhancing its competitive advantage in high-end dressing development [1] - The company is expanding its market presence in both domestic and international surgical consumables while fostering growth in health personal care categories such as home wound care and medical aesthetics [1]

Core Insights - The company reported a significant increase in revenue and profit for the first three quarters of 2025, with total revenue reaching 7.897 billion and net profit attributable to shareholders at 732 million, reflecting year-on-year growth of 30.10% and 32.36% respectively [1] - The consumer segment, particularly the ToC brand "Cotton Era," has been a key driver of growth, achieving revenue of 4.01 billion with a year-on-year increase of 19.1% [1] - The medical segment has also shown strong performance, with revenue of 3.83 billion, marking a substantial year-on-year growth of 44.4% [2] Consumer Segment Performance - The "Cotton Era" brand has focused on core categories and strategic products, leading to differentiated growth advantages [1] - Notable products include the "Princess Nais" sanitary napkins, which generated 760 million in sales, a remarkable increase of 63.9% [1] - Other core categories such as wet and dry cotton soft towels and adult apparel also maintained steady growth, with revenues of 1.17 billion and 750 million, reflecting year-on-year growth of 15.7% and 17.3% respectively [1] Channel Development - The company has established a synergistic online and offline sales strategy, with e-commerce channels generating 2.46 billion in revenue, a year-on-year increase of 23.5% [2] - Interest e-commerce platforms, particularly Douyin, have seen nearly 80% growth, becoming a new growth engine for online sales [2] - The supermarket channel has expanded rapidly, achieving 360 million in revenue, a significant increase of 53.4% [2] Medical Segment Performance - The medical segment has optimized its product structure, with core categories such as surgical consumables and high-end dressings showing rapid growth [3] - Surgical consumables achieved revenue of 1.15 billion, a staggering increase of 185.3% [3] - High-end dressings and health personal care products also contributed positively, with revenues of 720 million and a year-on-year growth of 26.2% and 24.6% respectively [3] Future Strategy - The company aims to continue its strategy of "product leadership, excellent operations, and global vision," focusing on core areas and expanding both domestic and international markets [3] - Ongoing product innovation, channel penetration, and brand upgrades are expected to enhance the company's core competitiveness in the health sector [3]