Company Overview - Company name is稳健医疗, which focuses on the research, production, and sales of cotton-based products [1] - Main products include high-end wound dressings, traditional wound care and bandaging products, surgical consumables, infection protection products, health personal care products, cotton towels, cotton sanitary napkins, cotton wet wipes, non-woven consumer products, baby products, and adult clothing [1] - The company has consistently ranked among the top three in China's medical dressing exports for several years [1] Financial Performance - For Q1 2025, the company reported revenue of 2.605 billion yuan, a year-on-year increase of 36.47% [2] - Net profit for the same period was 249 million yuan, also reflecting a year-on-year growth of 36.26% [2] - The sales gross margin stood at 48.46% [2] Market Position - The company's current rolling price-to-earnings (PE) ratio is 30.45, while the average PE ratio for the beauty and personal care industry is 39.12 [1][2] - The industry median PE ratio is 42.46, placing the company at 13th in the industry ranking [1] - The total market capitalization of the company is 23.188 billion yuan [1] Capital Flow - On June 26, the company experienced a net outflow of main funds amounting to 2.0955 million yuan, with a total outflow of 24.8019 million yuan over the past five days [1]

Group 1 - A total of 30 companies were investigated by institutions on June 24, with 17 companies specifically targeted by funds [1][2] - The most popular company among funds was Steady Medical, which had 37 participating funds, followed by Obsidian Technology with 20 funds and Tianshan Electronics with 10 funds [1][2] - The companies investigated belong to 12 different industries, with the electronics and computer sectors having the highest representation, each with 3 stocks [1] Group 2 - Among the companies investigated, 9 had a total market capitalization of less than 10 billion yuan, including Aoya Co., Ltd., Weili Transmission, and Pengyao Environmental Protection [1] - In terms of market performance, 11 stocks among the investigated companies saw an increase in the last 5 days, with Tianshan Electronics, Obsidian Technology, and Honghua Digital Science leading with gains of 25.51%, 14.21%, and 6.00% respectively [1][2] - Conversely, 6 stocks experienced declines, with Mankalon, Aoya Co., Ltd., and Steady Medical showing the largest drops of 10.37%, 8.56%, and 6.61% respectively [1][2] Group 3 - In terms of net capital inflow over the last 5 days, 7 stocks saw positive inflows, with Obsidian Technology attracting the most at 105 million yuan, followed by Haixia Co., Ltd. and Robotech with inflows of 27.48 million yuan and 14.63 million yuan respectively [2]

Core Viewpoint - The company, Steady Medical, has shown strong performance in its consumer products and medical business segments, with significant growth in sales and profits, particularly during promotional events like the 618 shopping festival. Group 1: Consumer Products Performance - The consumer products segment performed well during the 618 shopping festival, with key categories such as facial towels, baby wet and dry wipes, and baby wraps ranking first in sales on platforms like Tmall and JD.com [2] - The company achieved notable sales growth in sanitary napkins and underwear, with traditional platforms like Tmall and JD.com showing good growth, while Douyin saw breakthrough growth during the event [2] - The company is confident in achieving its equity incentive goals for the year [2] Group 2: E-commerce Strategy - Online channels contribute over 60% to the overall revenue of the consumer products business, making it a primary source of profit [3] - The company covers a wide range of online platforms, including traditional e-commerce sites and interest-based platforms like Douyin and Xiaohongshu, as well as its own website and mini-programs [3] - Future strategies include focusing on strategic product development on traditional platforms and leveraging interest-based platforms for content dissemination to drive growth [3] Group 3: Adult Apparel Business Changes - The adult apparel segment has undergone changes to enhance market competitiveness, focusing on underwear and loungewear [4] - The company has strengthened its core fabric research and innovation, emphasizing comfort and health in its cotton products [4] - A high-profile endorsement from actress Zhao Liying has been utilized to boost brand awareness, with interactive marketing strategies during the 618 festival [4] Group 4: Membership Growth - As of the end of Q1 2025, the total membership across all channels exceeded 64 million, reflecting a 3.5% increase since the beginning of the year [5] - The company aims to enhance member engagement and loyalty through improved services and participation in brand activities [5] - A themed event focusing on comfort and environmental sustainability was held to engage young consumers [5] Group 5: Medical Business Development - The medical business strategy focuses on developing high-potential products like high-end dressings and surgical kits while nurturing emerging categories such as masks and disinfectants [6] - The company anticipates continued growth in high-end dressings and surgical supplies, with stable growth expected in traditional wound dressings [6] - The demand for infection prevention products is expected to normalize, providing stable revenue contributions [6] Group 6: Domestic Hospital Business Strategy - The domestic hospital business is expected to achieve good growth in 2025, focusing on traditional wound care, surgical supplies, and high-end dressings [7] - The company plans to leverage procurement opportunities to increase market share in traditional wound care [7] - Efforts are being made to promote non-standardized products and expand market opportunities in surgical supplies [7] Group 7: Financial Performance - For Q1 2025, the company reported a main revenue of 2.605 billion yuan, a year-on-year increase of 36.47%, and a net profit of 249 million yuan, also up 36.26% [8] - The company’s gross profit margin stands at 48.46%, indicating strong profitability [8] - Recent institutional ratings show 19 buy ratings and 3 hold ratings, with an average target price of 57.07 yuan [8]

Summary of the Conference Call for Steady Medical and All Cotton Era Industry and Company Overview - The conference call primarily discusses the performance and strategies of Steady Medical and its brand All Cotton Era in the sanitary products and medical supplies industry [2][3][4]. Key Points and Arguments Overall Growth and Performance - Steady Medical expects to maintain high growth in 2025 despite the impact of the 315 incident, with strong online and offline performance in sanitary napkins, particularly the Nice Princess brand [2][3]. - The company has not adjusted its annual growth target and remains confident in improving profitability, aiming to achieve its annual equity incentive goals [2][6]. Product Performance - The Nice Princess sanitary napkin has a repurchase rate exceeding 60% on Douyin, indicating strong consumer loyalty [4][12]. - The cotton soft towel category is focusing on supply chain safety marketing in the short term, with plans to return to material education and launch new products in the second half of 2025 [2][9]. Financial Metrics - Q2 gross margin is expected to improve due to lower raw material costs and product structure adjustments, despite increased marketing expenses following the 315 incident [7][21]. - The company achieved a double-digit revenue and profit increase in Q1 2025, with overall growth expected to remain in the high double digits [3][6]. Market Competition - The sanitary napkin market is highly competitive, with new players entering and shifting brand rankings. All Cotton Era focuses on safety and comfort, leveraging its medical background and clean production facilities to differentiate itself [10][12]. - The company has made significant progress in brand recognition and market share, entering the top ten rankings during the 618 shopping festival [10][11]. Channel Performance - Steady Medical's key products are performing well in Douyin and KA channels, with high e-commerce achievement rates. However, offline store sales are slightly sluggish but do not significantly impact overall profitability [5][18]. - The company plans to open 60 new stores in 2025, focusing on high-quality growth and profitability for each new location [19][20]. Future Product Plans - In 2025, All Cotton Era plans to focus on three strategic product categories: cotton soft towels, sanitary napkins, and intimate apparel, with significant market potential in each [23][28]. - The company aims to enhance consumer understanding of its products through material education and marketing, emphasizing its core advantages of 100% cotton materials and medical endorsements [9][28]. Medical Business Insights - The medical segment is seeing good growth domestically, with a focus on high-margin products and expanding customer bases in hospitals [15][21]. - The acquisition of GRI has brought additional capacity and sales growth, particularly in the U.S. market, despite potential goodwill impairment risks due to geopolitical factors [24]. Marketing and Brand Strategy - All Cotton Era is enhancing its brand promotion for medical-grade products, emphasizing its advantages over new national standards [24]. - The company is actively expanding its presence in KA channels and optimizing product categories to increase market penetration [25][26]. Additional Important Insights - The company is optimistic about the second half of 2025, expecting significant sales growth in sanitary napkins and intimate apparel, particularly in KA and Douyin channels [16][17]. - The overall market for sanitary napkins exceeds 100 billion yuan, with intimate apparel also exceeding 100 billion yuan, indicating substantial growth opportunities [23].

| 序号 | | | | 机构名称 | 姓名 | 参会方式 | | | 调研时间 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 124 | | | | 深圳市睿德信投资 | 肖斌 | 线上 | 2025 | 年 | 6 月 | 24 | 日 | | 125 | | | | 深圳市尚诚资管 | 黄向前 | 线上 | 2025 | 年 | 月 6 | 24 | 日 | | 126 | | | | 深圳中天汇富基金 | 古道和 | 线上 | 2025 | 年 | 6 月 | 24 | 日 | | 127 | | | | 施罗德基金 | 童若凡 | 线上 | 2025 | 年 | 6 月 | 24 | 日 | | 128 | | | | 世纪证券 | 周维 | 线上 | 2025 | 年 | 6 月 | 24 | 日 | | 129 | | | | 首创证券 | 郭琦 | 线上 | 2025 | 年 | 6 月 | 24 | 日 | | 130 | | | | 太平养老保险 | 赵莹 | 线上 | 2 ...

Group 1: Sales Performance - The consumer goods business performed well during the 618 promotion, with key categories like facial towels and baby wipes ranking first in sales on platforms like Tmall and JD [1] - The overall sales growth during the promotion was strong, with significant increases noted on traditional platforms and a breakthrough on Douyin [1] Group 2: E-commerce Strategy - Online channels contribute over 60% to the overall revenue of the consumer goods business, making them a primary profit source [1] - The company plans to enhance its presence on traditional e-commerce platforms while leveraging interest-based platforms for content dissemination and new growth opportunities [1][2] Group 3: Adult Apparel Business - The adult apparel segment has undergone changes to enhance market competitiveness, focusing on core products like underwear and loungewear [3] - The company has engaged a high-profile celebrity for marketing, which has positively impacted brand visibility and sales during promotional events [3] Group 4: Membership Growth - As of Q1 2025, the total membership exceeded 64 million, reflecting a 3.5% increase since the beginning of the year [4] - The company aims to enhance member engagement and retention through improved services and brand activities [4] Group 5: Medical Business Strategy - The medical business focuses on developing high-potential products like high-end dressings and surgical kits, with expectations for strong growth in these categories [5] - The company anticipates stable growth in traditional wound dressing products and a return to normal demand for infection prevention products [5] Group 6: Domestic Hospital Business - The domestic hospital business is expected to achieve good growth in 2025, focusing on traditional wound care, surgical supplies, and high-end dressings [6][7] - The company plans to capitalize on procurement opportunities and expand its sales team to enhance market presence and product offerings [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is experiencing growth driven by its strategic product categories, with a stable and positive trend that shows certainty [4] - The cotton soft towel maintains its top position on e-commerce platforms, while the sanitary napkin category shows impressive growth [4] - The company's dual-track model of "medical + consumer" is expected to continue to drive volume growth, supported by a strong brand presence and consumer education [4][9] Summary by Relevant Sections Recent Performance - The brand "全棉时代" achieved a GMV growth of 33% year-on-year on Douyin from June 1 to June 15, while "奈丝公主" saw a GMV increase of 204% during the same period [4] - During the JD 618 sales event, categories such as sleepwear and disposable underwear saw double-digit growth, with "全棉时代" ranking 6th in the overall underwear category, achieving over 100% year-on-year growth [3] Product Development - The company launched its first natural cotton core sterilized sanitary napkin on June 16, enhancing safety through multiple protective measures [4] - The cotton soft towel remains the top seller on both Tmall and JD platforms, reinforcing its competitive advantage through a "medical-grade standard + all-cotton material" positioning [4] Financial Projections - Revenue projections for 2025-2027 are estimated at 115.08 billion, 130.80 billion, and 148.47 billion yuan respectively, with net profits expected to be 9.95 billion, 11.70 billion, and 13.51 billion yuan [9][10] - The company is expected to achieve a PE ratio of 24, 20, and 18 times for the years 2025, 2026, and 2027 respectively [9][10] Market Performance - As of June 20, 2025, the company's stock price is 40.87 yuan, with a market capitalization of approximately 23.8 billion yuan [5][10] - The company's performance over the last 12 months shows a significant increase of 57.6%, compared to a 9.8% increase in the CSI 300 index [5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [14]. Core Insights - The company focuses on "cotton" as its core material, with a synergistic development of medical and consumer sectors, and both are expected to experience upward cycles starting in 2024 [8][22]. - The personal care industry is witnessing a shift towards online sales, with domestic brands leveraging innovation and marketing to capture market share [9][44]. - The sanitary napkin market is large and mature, with opportunities arising from changes in market dynamics, particularly driven by domestic brand competition and consumer awareness [10][58]. - The company has demonstrated strong growth potential, with a revenue CAGR of 19% from 2015 to 2024, driven by a 25% CAGR in consumer revenue during the same period [8][27]. Summary by Sections "Cotton" as Core, Upward Cycle - The company has established a strong management team since 2020 and is set to implement stock incentives in 2024, aiming for significant growth in both medical and consumer sectors [8][22]. - Revenue growth is supported by a CAGR of 19% from 2015 to 2024, with consumer revenue growing at 25% [8][27]. Supply and Demand Resonance, Personal Care Industry - The online penetration rate for personal care products has rapidly increased to 60%, with domestic brands innovating to meet consumer demands for health and quality [9][44]. - Douyin has emerged as a key platform for new brands, facilitating effective marketing and sales conversion [50]. Sanitary Napkin Market Restructuring - The sanitary napkin market is expected to grow to 105 billion yuan in 2024, with a CAGR of 4% from 2015 to 2024 [58]. - The market is transitioning from volume-driven growth to price-driven growth, with online sales expected to account for 32% of the market by 2024 [58]. R&D as Foundation, Differentiated Layout Promotes Alpha - The company emphasizes R&D to achieve product differentiation and competitive advantage, particularly in non-woven products [11][30]. - The sales efficiency of non-woven products is significantly higher than that of woven products, contributing to better profit margins [11][30]. Stock Price Review and Valuation Analysis - The stock price and valuation have shown upward trends since Q3 2024, reflecting a recovery in both consumer and medical sectors [12][27]. - Compared to other new consumer companies, the company maintains a favorable valuation and growth potential [12].

沪指6月16日上涨0.35%，申万所属行业中，今日上涨的有18个，涨幅居前的行业为传媒、通信，涨幅 分别为2.70%、2.11%。跌幅居前的行业为农林牧渔、美容护理，跌幅分别为0.76%、0.49%。美容护理 行业位居今日跌幅榜第二。 资金面上看，两市主力资金全天净流出2.93亿元，今日有10个行业主力资金净流入，传媒行业主力资金 净流入规模居首，该行业今日上涨2.70%，全天净流入资金31.81亿元，其次是计算机行业，日涨幅为 1.99%，净流入资金为26.70亿元。 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 300888 | 稳健医疗 | -3.77 | 6.48 | -3571.59 | | 600315 | 上海家化 | -3.74 | 2.31 | -3411.57 | | 603630 | 拉芳家化 | 0.50 | 5.29 | -1952.65 | | 688363 | 华熙生物 | 3.31 | 0.95 | -1406.98 | | 002243 | 力合科创 | -0. ...

Company Overview - Company name is稳健医疗, which closed at 50.47 yuan on June 10, with a 2.25% increase, resulting in a rolling PE ratio of 38.59 times and a total market value of 29.39 billion yuan [1] - The main business of the company includes research, production, and sales of cotton-based products, with key products being high-end wound dressings, traditional wound care products, surgical consumables, infection protection products, and personal health products [1] Financial Performance - For Q1 2025, the company reported revenue of 2.605 billion yuan, a year-on-year increase of 36.47%, and a net profit of 249 million yuan, also up 36.26%, with a gross profit margin of 48.46% [2] - The company's PE ratio is 38.59 (TTM) and 42.26 (static), with a price-to-book ratio of 2.58 [2] Industry Comparison - The average PE ratio for the beauty and personal care industry is 44.04, with a median of 49.17, placing the company at 14th in the industry ranking [1][2] - The total market value of the industry averages 115.99 billion yuan, with the median at 74.78 billion yuan [2] Market Position - The company has consistently ranked among the top three exporters of medical dressings in China for several years [1] - The "winner" brand has entered over 2,000 hospitals and nearly 40,000 pharmacies in China, with a significant presence in major chains [1]