Core Viewpoint - The company, Steady Medical, is transitioning from product export to brand export, aiming to establish itself as a leading global health enterprise through high-quality products and operational excellence [1][4][6]. Group 1: Company History and Development - Founded in 1991 by Li Jianquan, Steady Medical initially focused on medical dressings and later launched the consumer brand "Cotton Era" in 2009, marking its entry into the consumer goods market [1][2]. - The company faced significant challenges in its early years, including nearly 200 million yuan in cumulative losses over the first four years of Cotton Era's establishment, due to high costs and consumer unfamiliarity with cotton products [3][4]. - Steady Medical's commitment to quality over cost has been a cornerstone of its growth, leading to its emergence as a top exporter of medical dressings in China [2][3]. Group 2: Business Model and Strategy - The company operates a dual business model focusing on both medical and consumer products, leveraging the same supply chain and technology standards for synergy [4][5]. - Steady Medical emphasizes innovation and high-quality product development, with a vision of "Cotton Changing the World," and has established itself as a leader in the cotton towel market [4][5]. - The company has invested 2.062 billion yuan in R&D from 2020 to mid-2025, establishing a complete innovation cycle that has contributed to significant revenue growth [5][6]. Group 3: Financial Performance - In the first half of 2025, Steady Medical reported revenues of 5.296 billion yuan, a year-on-year increase of 31.31%, with net profits of 492 million yuan, up 28.07% [5][6]. - The medical segment achieved revenues of 2.52 billion yuan, growing by 46.4%, while Cotton Era generated 2.75 billion yuan, reflecting a 20.3% increase [5][6]. Group 4: Global Expansion and Acquisitions - The company is shifting towards brand export, highlighted by its acquisition of 75.2% of the U.S. medical consumables company GRI for 120 million USD, which is a key step in its globalization strategy [5][6]. - Steady Medical's overseas sales channels generated 1.43 billion yuan in revenue in the first half of 2025, marking an 81.3% increase, with products sold in over 110 countries [6][7]. - The company plans to transition 90% of its overseas medical business to its own brand, moving away from OEM production, while Cotton Era aims to solidify its domestic presence before expanding internationally [6][7].

Market Overview - The personal care products sector experienced a decline of 0.63% on October 22, with Baiya Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Stock Performance - Key stocks in the personal care sector showed varied performance, with Jieya Co., Ltd. increasing by 4.97% to a closing price of 36.95 [1] - Baiya Co., Ltd. closed at 22.60, down 1.95%, with a trading volume of 76,400 shares and a transaction value of 173 million yuan [2] - Other notable declines included Duncon Oral Care down 1.36% and Stable Medical down 0.86% [2] Capital Flow - The personal care products sector saw a net outflow of 26.09 million yuan from institutional investors, while retail investors had a net inflow of 21.82 million yuan [2] - The capital flow data indicates that retail investors were more active in the market compared to institutional investors [3] Individual Stock Capital Flow - For individual stocks, the net inflow for Jieya Co., Ltd. was 8.44 million yuan from institutional investors, while it faced a net outflow of 20.48 million yuan from retail investors [3] - Duncon Oral Care had a net inflow of 1.64 million yuan from institutional investors, but also saw outflows from retail investors [3]

Core Viewpoint - The stock of Steady Medical (300888) has shown a decline in price and mixed capital flow trends, indicating potential volatility in investor sentiment and market performance [1][2][3]. Group 1: Stock Performance - As of October 21, 2025, Steady Medical's stock closed at 38.25 yuan, down 0.75% with a turnover rate of 0.77% and a trading volume of 44,600 shares, amounting to a total transaction value of 170 million yuan [1]. - Over the past five days, the stock has experienced a total decline of 3.14%, with the highest closing price at 39.32 yuan on October 16, 2025 [2]. Group 2: Capital Flow Analysis - On October 21, 2025, the net outflow of main funds was 896,300 yuan, accounting for 0.53% of the total transaction value, while retail investors saw a net inflow of 1,175,640 yuan, representing 6.91% of the total transaction value [1][2]. - The financing data indicates a net purchase of 4,518,200 yuan on October 21, 2025, with a total financing balance of 316 million yuan [3]. Group 3: Financial Metrics and Industry Comparison - Steady Medical's total market capitalization is 22.274 billion yuan, with a net asset value of 12.276 billion yuan, and a net profit of 492 million yuan, ranking 4th, 1st, and 3rd respectively in the beauty care industry [5]. - The company reported a gross margin of 48.33% and a net profit margin of 9.78%, both of which are above the industry averages [5]. - For the first half of 2025, the company achieved a main revenue of 5.296 billion yuan, a year-on-year increase of 31.31%, and a net profit of 492 million yuan, up 28.07% year-on-year [5]. Group 4: Institutional Ratings - In the last 90 days, 19 institutions have rated Steady Medical, with 16 buy ratings and 3 hold ratings, indicating a generally positive outlook [6]. - The average target price set by institutions over the past 90 days is 55.11 yuan, suggesting potential upside from the current trading price [6].

Market Overview - The personal care products sector experienced a decline of 0.29% on October 20, with Dengkang Oral Care leading the drop [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Stock Performance - Key stocks in the personal care sector showed varied performance, with Jeya Co. rising by 3.83% to a closing price of 34.72, and Dengkang Oral Care falling by 3.21% to 39.56 [1][2] - Other notable performers included Runben Co. with a 2.97% increase and Liangmian Needle with a 2.87% increase [1][2] Trading Volume and Value - Jeya Co. had a trading volume of 31,000 shares and a transaction value of 108 million yuan, while Dengkang Oral Care had a trading volume of 25,900 shares and a transaction value of 104 million yuan [1][2] Capital Flow - The personal care products sector saw a net inflow of 24.78 million yuan from institutional investors, while retail investors experienced a net outflow of 11.31 million yuan [2][3] - Major stocks like Liangmian Needle had a net inflow of 16.20 million yuan from institutional investors, while Dengkang Oral Care had a net inflow of 4.53 million yuan [3]

Market Overview - The personal care products sector experienced a decline of 1.51% on October 17, with Baiya Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Stock Performance - Notable stock performances included: - Dengkang Oral Care (001328) closed at 40.87, up 1.67% with a trading volume of 24,700 shares and a turnover of 101 million yuan [1] - Yanjing Co., Ltd. (300658) closed at 8.18, up 1.36% with a trading volume of 161,700 shares and a turnover of 132 million yuan [1] - Beijia Clean (603059) closed at 34.10, up 1.25% with a trading volume of 32,100 shares and a turnover of 109 million yuan [1] - However, major declines were seen in companies like Huayue Nursing (605009), which closed at 33.18, down 1.83% [2] Capital Flow Analysis - The personal care products sector saw a net outflow of 15.88 million yuan from institutional investors and 61.87 million yuan from retail investors, while individual investors contributed a net inflow of 77.74 million yuan [2] - Detailed capital flow for specific stocks showed: - Runben Co., Ltd. (603193) had a net inflow of 8.22 million yuan from institutional investors but a net outflow of 9.27 million yuan from retail investors [3] - Beijia Clean (603059) experienced a net inflow of 4.71 million yuan from institutional investors but a net outflow of 8.99 million yuan from retail investors [3] - Major outflows were noted for Juyuan Co., Ltd. (003006), with a net outflow of 2.70 million yuan from institutional investors [3]

Market Overview - The personal care products sector increased by 1.26% on October 15, with Dengkang Oral leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Stock Performance - Dengkang Oral (001328) closed at 40.60, with a rise of 6.53% and a trading volume of 47,800 shares, totaling a transaction value of 191 million [1] - Reliable Co. (301009) saw a closing price of 13.92, up 3.49%, with a trading volume of 68,500 shares [1] - HaoYue Care (6005009) closed at 34.17, increasing by 2.67% with a trading volume of 34,200 shares [1] - Other notable performances include Liangmian Needle (600249) at 6.10 (+2.52%) and Baiya Co. (003006) at 25.03 (+2.33%) [1] Capital Flow - The personal care products sector experienced a net inflow of 23.62 million from institutional investors, while retail investors saw a net outflow of 33.67 million [2][3] - The main capital inflow was led by Baiya Co. (003006) with 12.07 million, followed by Liangmian Needle (600249) with 10.93 million [3] - Conversely, the largest outflow was from Reliable Co. (301009) with a net outflow of 5.22 million [3]

Core Viewpoint - The stock of Steady Medical (300888) has shown a slight increase, with significant net inflows from institutional investors, indicating positive market sentiment towards the company [1][4]. Financial Performance - As of the latest report, Steady Medical's total revenue for the first half of 2025 reached 5.296 billion yuan, 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 excluding non-recurring items was 461 million yuan, reflecting a 40.9% increase [3] - The company's second-quarter performance showed a 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 22.554 billion yuan, ranking 4th in the beauty and personal care industry [3] - The company has a net asset value of 12.276 billion yuan, leading the industry [3] - The price-to-earnings ratio (P/E) stands at 22.92, which is lower than the industry average of 30.51, indicating a potentially undervalued stock [3] Investment Sentiment - In the past 90 days, 19 institutions have rated the stock, with 16 buy ratings and 3 hold ratings, suggesting strong institutional confidence [4] - The average target price set by institutions for the stock is 55.11 yuan, indicating potential upside from the current price [4] Capital Flow - On October 14, 2025, the stock experienced a net inflow of 14.4665 million yuan from institutional investors, accounting for 7.86% of the total trading volume [1][2] - Retail investors showed a net outflow of 16.0052 million yuan, representing 8.69% of the total trading volume, indicating a divergence in sentiment between institutional and retail investors [1][2]

Market Overview - The personal care products sector experienced a slight decline of 0.06% on October 14, with Yanjiang Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Stock Performance - Key stocks in the personal care sector showed varied performance, with Jieya Co., Ltd. increasing by 5.08% to a closing price of 35.18 [1] - Other notable performers included Zhongshun Jiesang, which rose by 0.83% to 8.50, and Wanjian Medical, which increased by 0.52% to 38.73 [1] - Conversely, Yanjiang Co., Ltd. saw a significant decline of 5.68%, closing at 8.64 [2] Trading Volume and Value - Jieya Co., Ltd. had a trading volume of 31,700 hands and a transaction value of approximately 108 million yuan [1] - Zhongshun Jiesang recorded a trading volume of 148,600 hands with a transaction value of about 126 million yuan [1] - The overall personal care products sector saw a net outflow of 24.89 million yuan from main funds, while retail investors contributed a net inflow of 20.18 million yuan [2][3] Fund Flow Analysis - Wanjian Medical attracted a net inflow of 14.47 million yuan from main funds, representing 7.86% of its total [3] - Jieya Co., Ltd. also saw a net inflow of 11.52 million yuan from main funds, accounting for 10.70% [3] - In contrast, Yanjiang Co., Ltd. experienced a net outflow of 5.14 million yuan from main funds, indicating a negative sentiment [3]

Core Viewpoint - The stock of Steady Medical (300888) closed at 38.53 yuan on October 13, 2025, reflecting a decline of 2.31% with a turnover rate of 0.91% and a trading volume of 52,800 shares, amounting to a transaction value of 204 million yuan [1]. Group 1: Trading Information Summary - On October 13, the net outflow of main funds was 7.67 million yuan, while retail investors saw a net inflow of 10.65 million yuan [2][3]. Group 2: Company Announcement Summary - The second lock-up period of the first employee stock ownership plan of Steady Medical expired on October 11, 2025, with the unlocking conditions achieved. The number of shares eligible for unlocking this time is 143,071 shares, which accounts for approximately 0.02% of the company's total share capital [2][3]. - The shares are subject to a three-phase unlocking plan, with the second phase allowing for 30% of the total shares held under the plan to be unlocked. The actual number of shares that holders can claim will depend on performance evaluations, categorized as excellent, good, qualified, or unqualified, corresponding to 100%, 80%, 50%, and 0% of the shares, respectively [2].

Core Viewpoint - The recent announcement by the company regarding the unlocking of the second phase of its employee stock ownership plan indicates a strategic move to align employee interests with company performance, while also reflecting on the company's current stock performance and market valuation [1]. Group 1: Stock Performance - As of October 13, 2025, the stock price of the company is 38.53 yuan, down 2.31% from the previous trading day [1]. - The stock opened at 38.68 yuan, reached a high of 38.95 yuan, and a low of 38.27 yuan, with a trading volume of 2.04 billion yuan and a turnover rate of 0.91% [1]. Group 2: Employee Stock Ownership Plan - The second lock-up period of the company's first employee stock ownership plan ended on October 11, 2025, with the unlocking conditions met [1]. - The stock is unlocked in three phases, with the second phase allowing for 30% of the total shares held under the plan to be released [1]. - As of October 11, 2023, 505,000 shares have been transferred to the employee stock ownership plan account, with 143,071 shares eligible for unlocking, representing approximately 0.02% of the company's total share capital [1]. - The actual number of shares allocated to holders will depend on performance evaluations, categorized as excellent, good, qualified, and unqualified, corresponding to allocation ratios of 100%, 80%, 50%, and 0% respectively [1]. - The management committee will sell the vested shares in compliance with regulatory requirements, and the board's compensation and assessment committee believes this unlocking aligns with regulations and does not harm the interests of the company and its shareholders [1].