全棉时代销售规模和销售量持续扩张，得益于产品实际用途拓宽消费人 群和商家营销策略，营销套餐和优惠价格策略也推动销量快速增长，但 行业竞争加剧，长尾现象明显。 棉柔巾产品同质化表面程度较高，但原材料差异显著，全棉时代采用 100%纯棉，成本高于涤纶短纤和粘胶短纤，且化纤产品可能含有刺激 性化学物质，全棉时代需通过宣传区分度提升品牌定位。 全棉时代自 2021 年起走卓越运营和产品领先道路，通过提升单价、减 少折扣、收缩 SKU 等措施应对价格竞争，提升毛利率，优化库存周转天 数及制造费用占比，并强化品牌营销。 全棉时代自 2021 年以来逐步收缩 SKU 数量，实现规模效应，有效控制 成本，提高利润率，同时针对旧有 SKU 进行升级，并推出方向性的新品， 优化库存周转天数，降低制造费用占比。 国家标准出台及地方监管抽查提高了消费者对产品认知度，全棉时代凭 借 100%纯天然原材料优势，进一步强化其高品质定位，有助于增强市 场竞争力并赢得更多消费者信任。 Q&A 全棉时代的棉柔巾业务在 2024 年实现了 31%左右的收入增长，这一变化的 原因是什么？ 2024 年，全棉时代的棉柔巾业务收入同比增长了 31%，这 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][34]. Core Insights - The company achieved a revenue growth of 31.3% year-on-year in the first half of 2025, reaching 5.3 billion yuan, with a net profit increase of 28.1% to 490 million yuan [9][34]. - The medical segment saw a significant revenue increase of 46.4% to 2.52 billion yuan, while the consumer goods segment grew by 20.3% to 2.75 billion yuan [9][10]. - The company is focusing on integrating its medical business and expanding its market share, supported by strong cash flow and a good dividend level [34]. Summary by Sections Financial Performance - In the first half of 2025, the company's revenue increased by 31.3% to 5.3 billion yuan, and net profit rose by 28.1% to 490 million yuan [9][34]. - The gross profit margin remained stable overall, with the medical business's gross margin decreasing by 0.7 percentage points to 37.4%, while the consumer goods segment's gross margin improved by 1.7 percentage points to 58.6% [20][34]. Medical Segment - The medical segment's revenue for the first half of 2025 was 2.52 billion yuan, a year-on-year increase of 46.4%. Excluding the contribution from the newly acquired GRI, the revenue grew by 13.2% to 1.95 billion yuan [9][30]. - Key growth drivers included surgical consumables, which surged by 193.5% to 740 million yuan, and stable growth in high-end dressings and health personal care products [3][30]. Consumer Goods Segment - The consumer goods segment reported a revenue increase of 20.3% to 2.75 billion yuan, with core products like sanitary napkins leading the growth, achieving a 67.6% increase to 530 million yuan [10][34]. - The company experienced a decline in the number of stores, closing three to a total of 484, while online sales grew by 23.6% to 1.71 billion yuan [10][34]. Future Outlook - The company has slightly adjusted its profit forecast for 2025-2027, expecting net profits of 1.01 billion, 1.17 billion, and 1.35 billion yuan respectively, with growth rates of 44.7%, 16.1%, and 15.5% [34]. - The target price has been revised to 48-52 yuan, corresponding to a PE ratio of 24-26x for 2026 [34].

Core Viewpoint - On August 25, 2023, brokerage firms provided target prices for listed companies, with notable increases in target prices for companies in the agriculture, coal mining, and construction materials sectors, indicating potential investment opportunities in these industries [1][2]. Target Price Increases - The companies with the highest target price increases were: - Longping High-Tech (隆平高科) with a target price increase of 38.75% to 14.00 CNY [2] - Xinji Energy (新集能源) with a target price increase of 37.40% to 9.00 CNY [2] - Beixin Building Materials (北新建材) with a target price increase of 36.57% to 36.90 CNY [2] Brokerage Recommendations - A total of 163 listed companies received brokerage recommendations on August 25, with notable mentions: - Shede Liquor (舍得酒业) received 4 recommendations [4] - Shuiyang Co. (水羊股份) and Marubi Biotechnology (丸美生物) each received 3 recommendations [4] Rating Adjustments - One company had its rating upgraded: - Guodian Power (国电电力) was upgraded from "Hold" to "Buy" by Huayuan Securities [5] - Three companies had their ratings downgraded: - Minhe Livestock (民和股份) from "Buy" to "Hold" [6] - Chifeng Gold (赤峰黄金) from "Buy" to "Hold" [6] - Silan Microelectronics (士兰微) from "Buy" to "Hold" [6] First-Time Coverage - Seven companies received first-time coverage with positive ratings: - Ganhua Science and Technology (甘化科工) received a "Buy" rating from Dongwu Securities [7] - Wangneng Environment (旺能环境) received a "Buy" rating from Xinda Securities [7] - Yingliu Co. (应流股份) received an "Increase" rating from Shanxi Securities [7] - New Clean Energy (新洁能) received an "Increase" rating from Industrial Securities [7] - Weijian Medical (稳健医疗) received a "Buy" rating from Northeast Securities [7]

Group 1: Company Insights - Wondfo Medical achieved a 13% year-on-year growth in Q2, with sales growth rebounding in July and August, focusing on four strategic initiatives for business development [1] - Gree Innovation reported strong growth across various business lines in Q2 2024, with NOR Flash growing in the high single digits and niche DRAM exceeding 50% growth [2] - GoodWe's data center business is segmented into three major areas, with a focus on digital energy and infrastructure, while facing slight declines in overseas gross margins [3] - Kode CNC has completed the main construction of its factories in Yinchuan and Shenyang, with plans to start operations in the second half of the year [4] Group 2: Market Trends and Projections - The medical sector is expected to see significant growth, with a focus on enhancing product structure and production efficiency, alongside the introduction of new products in the second half of the year [1] - The demand for niche DRAM is projected to remain tight throughout the year, with significant revenue growth expected in the second half [2] - The renewable energy business of GoodWe may experience a slowdown, but the company aims to continue expanding in digital energy and infrastructure sectors [3] - Kode CNC is positioned to leverage its experience in processing lightweight materials, which is critical for the aerospace industry [4] Group 3: Financial Performance - Wondfo Medical's gross margin improved in the first half of the year, with plans to optimize product mix and channel structure to enhance profitability [1] - Gree Innovation maintains stable overall gross margins, with expectations of slight price increases in Flash and improved DRAM margins [2] - GoodWe's overseas business saw a slight decrease in gross margin compared to the previous year [3] - Kode CNC is collaborating with major industry players to establish a testing base for high-end CNC machine tools, indicating a strategic focus on advanced manufacturing [4]

证券之星消息，根据市场公开信息及8月25日披露的机构调研信息，泉果基金近期对6家上市公司进行了调研，相关名单如下： 调研纪要：良信股份数据中心业务分为互联网企业、运营商、单体项目三大板块，市场占有率集中在HVDC、UPS。下半年新能源业务增速可能 放缓，将在数字能源、基础设施领域持续发力。海外大客户对产品有技术升级需求，原有供应商存在产能瓶颈，良信与海外大客户合作配合度较 好。海外业务上半年毛利率与去年同期相比略有小幅下降。新能源BU中光伏、储能、风能占据较大份额，还有新能源汽车、充电桩、箱式变电站 等增速较快的业务模块，以及核电、氢能领域的布局。 1）稳健医疗 （泉果基金参与公司业绩说明会&线上调研） 5）百利天恒 （泉果基金管理有限公司参与公司2025年半年报业绩说明会） 调研纪要：全棉时代第二季度实现13%同比增长，7-8月销售增速回升，坚持四大战略推动业务发展。医疗板块成长空间大，将围绕三大战略展 开，重点提升产品结构和生产效率，推进海外供应链建设。棉柔巾业务增长持续好于大盘，下半年将推出多款新品，加强渠道建设。GRI上半年 受中美关税战影响，但供应链已全面恢复，预计下半年趋势向好。高端敷料、手术室耗 ...

Group 1: Company Insights - Jin Ying Fund recently conducted research on six listed companies, including Wenjian Medical, which reported a 13% year-on-year growth in Q2 and plans to enhance product structure and production efficiency [1] - Te Bao Bio is focusing on functional cure for hepatitis B, exploring combination therapies and expanding its clinical management network [1] - Rui Jie Network's data center product revenue growth is driven by internet clients, with over 90% of revenue coming from this sector, and expects continued strong demand for cloud computing infrastructure [2] - Bai Li Tian Heng is collaborating with BMS on key clinical trials for cancer treatments and has made progress in its nuclear medicine platform [3] - Lian Ying Laser achieved a revenue of 1.533 billion yuan in H1 2025, with a 5.3% year-on-year increase, and has set an annual order target of 4.5 billion yuan [4][5] - Lepu Medical's subsidiary focuses on elderly care services, and the company has received approval for its self-developed facial filler product [6] Group 2: Industry Trends - The medical sector is seeing significant growth potential, particularly in high-end dressings and health personal care, with a focus on optimizing product mix and channel structure [1] - The internet industry is expected to continue increasing capital expenditure on intelligent computing, indicating a robust demand for data center products [2] - The oncology treatment market is evolving with new drug candidates entering clinical trials, reflecting a growing focus on innovative cancer therapies [3] - The lithium battery equipment market is experiencing steady growth, with significant orders from both lithium and non-lithium sectors [4][5] - The healthcare technology sector is advancing with AI-integrated monitoring devices, indicating a trend towards more personalized and efficient healthcare solutions [6]

Core Viewpoint - The company, Steady Medical, is experiencing positive growth in its core business segments, particularly in its cotton-based products, while maintaining an optimistic outlook on the medical supplies market. Group 1: Company Performance - As of August 25, 2025, Steady Medical's stock price is 41.90 yuan, down 0.45% from the previous trading day, with a trading volume of 107,787 lots and a transaction amount of 4.52 billion yuan [1] - The company's brand "Cotton Era" continues to outperform the industry average in the cotton soft towel segment, with plans to launch differentiated packaging products focusing on emotional value in the second half of the year [1] - The gross margin for Cotton Era improved by 1.7 percentage points year-on-year, and the operating profit margin has rebounded to 14% [1] Group 2: Business Outlook - The company maintains an optimistic view on its medical segment, believing that there is significant growth potential in the domestic medical consumables market [1] - The GRI business acquired by the company has shown positive operational performance since July, with strong order momentum in August [1] Group 3: Capital Flow - On August 25, the net inflow of main funds was 4.0745 million yuan, while the cumulative net outflow over the past five days reached 11.1772 million yuan [1]

Core Viewpoint - The company, Stable Medical, is optimistic about the growth potential of its cotton soft towel business, driven by consumer preference for 100% cotton products over synthetic materials, and plans to enhance product offerings and channel strategies to achieve high growth in the second half of the year [1] Product Strategy - The company will focus on using 100% cotton as raw material without adding chemical fibers, aiming to upgrade the product experience around "softness" [1] - New product launches include adult cream facial towels and upgraded classic cotton soft towels, which have improved softness by 45% without softeners [1] - The company plans to introduce differentiated packaging products that emphasize emotional value in the second half of the year [1] Market Expansion - The company aims to expand its product range to meet diverse consumer needs, including beauty and personal care applications, with packaging upgrades for various usage scenarios [1] - The company will explore new market segments by developing products tailored to different demographics and preferences [1] Channel Strategy - In response to the slowdown in traditional e-commerce growth, the company will embrace high-growth channels such as interest e-commerce and instant retail (O2O delivery economy) [1] - The company is committed to strengthening its channel construction to enhance market reach [1] Growth Confidence - The company expresses strong confidence in restoring high growth for its cotton soft towel business in the second half of the year through product innovation, new product promotion, and channel development [1]

证券日报网讯稳健医疗（300888）8月25日发布公告，在公司回答调研者提问时表示，关于去年并购的 公司GRI，上半年受中美关税战影响，供应链在3月后遭遇直接冲击，4-6月对美出口暂停，导致GRI第 二季度亏损，但上半年整体仍实现盈利；目前GRI供应链已全面恢复，7月经营业绩向好，8月订单势头 旺盛，这得益于客户对其美国本土工厂及多米尼加近岸生产基地扩张的认可，以及对供应链信任度的提 升，客户订单从6月起逐步增多，因此预计下半年趋势将向好。同时，经预测，GRI未来业绩与并购之 初的现金流预测无较大偏差，公司将持续关注其运营效率与盈利状况，逐步提升其盈利能力。公司持续 推进GRI的整合工作，就组织架构、信息化数字化建设、智能制造改造及海外供应链布局达成共识，计 划下半年进一步推进，公司对GRI后续业绩充满信心。 ...

证券日报网讯稳健医疗（300888）8月25日发布公告，在公司回答调研者提问时表示，上半年全棉时代 毛利率同比提升1.7个百分点，核心驱动力有三：一是品类结构改善，卫生巾、贴身衣物等高毛利产品 增速高于整体，拉动毛利水平提升；二是有纺服装类新品售罄率创历史新高，库存下降，助力价值回 归；三是渠道结构优化，线上业务增长更快，且线上利润率优于线下，进一步推动毛利率改善。在以上 因素带动下，上半年全棉时代营业利润率达14%，回归至2018年的较好水平。展望下半年及未来1-2 年，全棉时代有信心延续上述发展方向以持续优化经营利润率。一方面优化商品组合，提升新品售罄 率、降低库存天数。另一方面优化渠道结构，做好渠道组合，以盈利渠道引领增长，并改善渠道覆盖模 式。例如针对线下KA(商超)这一传统难题，上半年已通过聚焦胖东来、山姆等优质客户，拓展更多品 类入驻，显著提升了KA渠道的盈利能力。另外随着奈丝公主卫生巾品牌知名度提升与线下接受度的提 高，经销商、代理商积极性及终端转化率增强，KA渠道盈利水平进一步改善。综上，全棉时代对下半 年延续毛利率及营业利润率提升态势、保持经营状况向好具有较强信心。 ...