Group 1 - The core issue raised by investors is the shift in the development stage of the artificial blood vessel project from "human trials" to "animal trials" after the collaboration with Wuhan Textile University in June 2023 [1] - The company, Steady Medical (300888.SZ), confirmed on September 23 that the artificial blood vessel project is planned to enter the animal trial phase, indicating a longer research and development cycle [1] - The company stated that any significant progress in the project will be communicated to the market in a timely manner [1]

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2025-09-23 | 300888 | 稳健医疗 | 37.70 | 5.31 | | 200.10 中国中金财富证券 | 中国中金财富证券 | | | | | | | | 有限公司深圳分公 | 有限公司深圳分公 | | | | | | | | Ta | ia | | 2025-09-23 | 300888 | 稳健医疗 | 30.81 | 7.62 | | 234.68 中国中金财富证券 | 中国中金财富证券 | | | | | | | | 有限公司深圳分公 | 有限公司深圳分公 | | | | | | | | n | n | | 2025-09-23 | 300888 | 稳健医疗 | 37.39 | 5.35 | | 200.02 中国中金财富证券 | 中国中金财富证券 | | | | | | | | 有限公司深 ...

Company Overview - Steady Medical is located in Longhua District, Shenzhen, Guangdong Province, and was established on August 24, 2000. The company went public on September 17, 2020. Its main business involves the research, production, and sales of cotton products [1] - The company's revenue composition includes: consumer products - wet and dry cotton towels 19.87%, medical consumables - surgical room consumables 18.15%, medical consumables - traditional wound care and dressing products 13.88%, consumer products - sanitary napkins 13.02%, consumer products - adult clothing 12.73%, consumer products - baby clothing and supplies 11.36%, consumer products - other fiber products 5.24%, consumer products - other non-woven products 4.88%, and others 0.87% [1] Financial Performance - As of June 30, 2025, Steady Medical achieved operating revenue of 5.296 billion yuan, representing a year-on-year growth of 31.31%. The net profit attributable to the parent company was 492 million yuan, with a year-on-year increase of 28.07% [2] - Since its A-share listing, the company has distributed a total of 2.875 billion yuan in dividends, with 1.729 billion yuan distributed in the past three years [3] Shareholder Structure - As of June 30, 2025, the number of shareholders of Steady Medical was 27,900, an increase of 30.38% compared to the previous period. The average number of circulating shares per person was 6,290, a decrease of 23.30% [2] - The top circulating shareholder is Huabao Zhongzheng Medical ETF, holding 7.4347 million shares as a new shareholder. The second-largest shareholder is E Fund Growth Enterprise Board ETF, holding 4.5371 million shares, a decrease of 113,400 shares compared to the previous period [3]

Market Overview - The personal care products sector increased by 0.82% on September 19, with Beijia leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - Beijia (603059) closed at 34.19, up 2.46% with a trading volume of 70,200 shares and a turnover of 239 million yuan [1] - Baiya Co. (003006) closed at 28.83, up 2.13% with a trading volume of 29,500 shares and a turnover of 85.02 million yuan [1] - Zhongshun Jierou (002511) closed at 8.52, up 1.79% with a trading volume of 164,400 shares and a turnover of 140 million yuan [1] - Liangmian Needle (600249) closed at 6.19, up 1.14% with a trading volume of 241,200 shares and a turnover of 148 million yuan [1] - Other notable stocks include Dengkang Oral (001328) at 39.11, up 0.51%, and Yiyi Co. (001206) at 28.89, up 0.45% [1] Capital Flow - The personal care products sector experienced a net outflow of 31.20 million yuan from institutional investors, while retail investors saw a net inflow of 22.65 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment among different investor types [2] Individual Stock Capital Flow - Liangmian Needle (600249) had a net inflow of 11.98 million yuan from institutional investors, while retail investors had a net outflow of 16.54 million yuan [3] - Beijia (603059) saw a net inflow of 1.61 million yuan from institutional investors, with retail investors experiencing a net outflow of 7.37 million yuan [3] - Zhongshun Jierou (002511) had a net outflow of 2.91 million yuan from institutional investors, while retail investors had a net inflow of 3.65 million yuan [3]

Core Viewpoint - The company, Steady Medical, is currently not prioritizing overseas listing despite the growing trend of A-share companies seeking international capital. The focus remains on domestic growth and market expansion [1][2]. Group 1: Company Strategy - Steady Medical's chairman, Li Jianquan, emphasized that overseas listing is not a current focus, as the domestic market continues to show significant growth potential [1]. - The company previously listed on the US stock market from 2005 to 2012 before returning to the A-share market in September 2020 [1]. Group 2: Financial Performance - For the first half of 2025, Steady Medical reported revenues of 5.296 billion yuan and a net profit attributable to shareholders of 492 million yuan, reflecting year-on-year growth of 31.31% and 28.07%, respectively [2]. - The consumer brand "All Cotton Era" is a key growth driver, generating 2.75 billion yuan in revenue in the first half of 2025, with over 20% year-on-year growth [2]. Group 3: Store Expansion Plans - The annual plan for new stores under "All Cotton Era" has been reduced to 50, down by half from previous projections, due to fewer new commercial real estate projects and a shift towards larger store formats [3]. - The first global flagship store for "All Cotton Era" is set to open in Wuhan, targeting mid-to-high-end consumers and featuring a product range that includes home goods and outdoor apparel [4]. - Future flagship stores are planned for major cities like Beijing, Shanghai, Chengdu, Shenzhen, and Xi'an, with a focus on suitable projects to avoid excessive costs [4].

Group 1 - The first global flagship store of Cotton Era, a subsidiary of Weijian Medical, has opened in Wuhan, Hubei Province, as part of the "big store strategy" aimed at enhancing brand image and sales through optimized service and digital management [1] - The flagship store features a unique spatial design and immersive experience to deepen consumer brand recognition and expand brand influence, according to Lin Xianping, Executive Deputy Secretary-General of the Chinese Urban Expert Think Tank Committee [1] - As of June 2025, Cotton Era plans to have 484 stores nationwide, with the flagship store marking a significant step in the company's brand development strategy [1] Group 2 - Miniso is also accelerating its "big store strategy," with its first city park store in South China opening in August, attracting over 10,000 visitors on the opening day [1] - Miniso's Chief Marketing Officer Liu Xiaobin stated that the total number of city park stores is expected to reach 25 to 30 by the end of the year, with simultaneous overseas expansion [1] - Pop Mart's flagship store upgrade is progressing well, with its first city flagship store in Anhui opening in July, becoming a new landmark in the trendy toy sector [1] Group 3 - International brands like Apple and Nike have long adopted the strategy of opening flagship stores in core urban areas and cultural tourism spots, which helps in brand building and consumer recognition [2] - The essence of the "big store strategy" is to shift from merely selling products to providing immersive experiences and lifestyle solutions, thereby seizing competitive advantages in the market [2] - This strategy requires companies to possess stronger product and operational capabilities, potentially marking a new starting point for the high-end positioning of Chinese brands [2]

Core Viewpoint - The event celebrated the fifth anniversary of the company, highlighting its achievements and future growth plans under the theme "Brand Upward, Steady Growth" [1] Group 1: Company Achievements - The company has achieved a compound annual growth rate of approximately 15% in revenue over the past five years, with projected revenue reaching 9 billion yuan in 2024 [2] - The company has maintained resilience through various economic cycles, with its medical and consumer goods sectors showing strong growth [2] - Cumulatively, the company has distributed 2.88 billion yuan in cash dividends and repurchased shares worth 690 million yuan, representing 100.3% of the net funds raised during its IPO [3] Group 2: ESG Strategy - The company released its ESG strategy, emphasizing its commitment to sustainable development and social responsibility [5] - The company has set carbon peak and carbon neutrality goals, focusing on green product development and responsible supply chains [5] - The company has received an A rating in the Wind ESG assessment for 2025, reflecting its governance and environmental efforts [5] Group 3: Future Outlook - The company aims to continue innovation and global expansion, leveraging research and development to enhance its product offerings [8] - The company plans to strengthen its position in high-growth areas such as advanced wound management and green operating rooms [7] - The company envisions becoming a global leader in high-quality products, contributing to the global healthcare sector [8]

Core Insights - The company celebrated its five-year anniversary since going public, highlighting its growth and commitment to long-term value creation for shareholders and society [2][3] Financial Performance - The company achieved a compound annual growth rate (CAGR) of approximately 15% in revenue over the past five years, with projected revenue reaching 9 billion yuan in 2024 [2] - Cumulative cash dividends amounted to 2.88 billion yuan by mid-2025, with share buybacks totaling 690 million yuan, representing 100.3% of the net proceeds from the initial public offering [3] Business Strategy - The company has maintained a dual strategy focusing on both medical and consumer products, with core products like cotton soft towels and sanitary napkins driving growth in the consumer segment [2] - The company emphasizes a commitment to "investor-centric" principles, actively returning value to the capital market through cash dividends and share buybacks [3] ESG Initiatives - The company launched its ESG strategy, integrating sustainable development into its operations and governance, and has achieved an A-level ESG rating for 2025 [4] - The company aims to address climate change by setting carbon peak and neutrality goals, promoting green products, and enhancing the sustainability of the cotton industry [4] Product Quality and Innovation - The company showcased its commitment to product quality during factory tours, emphasizing strict quality control and safety measures in its production processes [5] - Future plans include focusing on high-growth areas such as advanced wound management and medical-grade personal care products, leveraging technological innovation to meet market demands [6] Future Outlook - The company aims to position itself as a global leader in high-quality products, with a vision to enhance its brand recognition and market presence over the next 35 years [6]

Market Overview - The personal care products sector experienced a significant increase of 28.19% on September 17, with Beijia leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Stock Performance - Beijia (603059) closed at 32.96, with a rise of 2.33% and a trading volume of 52,600 shares, resulting in a transaction value of 173 million yuan [1] - Baiya Co. (003006) closed at 29.20, up 1.81%, with a trading volume of 30,300 shares and a transaction value of 88.45 million yuan [1] - Dengkang Oral (001328) closed at 40.62, increasing by 1.32%, with a trading volume of 23,600 shares and a transaction value of 96.33 million yuan [1] - Zhongshun Jierou (002511) closed at 8.48, up 0.71%, with a trading volume of 136,300 shares and a transaction value of 115 million yuan [1] - Stable Medical (300888) closed at 39.74, with a slight increase of 0.23%, trading 78,700 shares for a total value of 316 million yuan [1] Capital Flow - The personal care products sector saw a net outflow of 8.42 million yuan from institutional investors and 13.61 million yuan from speculative funds, while retail investors contributed a net inflow of 22.03 million yuan [2] - The capital flow data indicates that the sector is experiencing mixed investor sentiment, with institutional and speculative funds withdrawing while retail investors are increasing their positions [2][3] Individual Stock Capital Flow - For Yanjing Co. (300658), there was a net inflow of 27.24 million yuan from institutional investors, while speculative funds saw a net outflow of 14.17 million yuan [3] - Beijia (603059) had a net inflow of 4.35 million yuan from institutional investors, with speculative funds contributing a net inflow of 10.65 million yuan [3] - Dengkang Oral (001328) experienced a net inflow of 1.30 million yuan from institutional investors, while retail investors contributed a net inflow of 2.24 million yuan [3]

Investment Rating - The report maintains a "Buy" rating for several companies in the service consumption sector, including Gu Ming, Mi Xue, Cha Bai Dao, Xiao Cai Yuan, Da Shi, and others [7][8]. Core Insights - The recent policy measures aimed at expanding service consumption are expected to boost the service sector, particularly in areas such as cultural tourism, IP consumption, and elderly care [1][2]. - The report highlights the potential for significant growth in China's service consumption, with the current contribution of service industry value added to GDP at 57%, compared to around 70% in developed countries, indicating room for expansion [1][2]. - The report emphasizes the importance of high-quality service supply and the integration of new technologies and business models to enhance the service sector [1][4]. Summary by Sections Policy Measures - The report outlines five key areas with 19 specific measures to promote service consumption, including the cultivation of service consumption platforms and the enhancement of high-quality service supply [3][4]. - Specific initiatives include optimizing cultural product offerings, extending operating hours for tourist attractions, and promoting long-term care insurance [3]. Market Performance - As of August 2025, retail and catering revenue reached 449.6 billion yuan, showing a year-on-year growth of 2.1%, indicating a recovery from previous lows [4]. - Domestic travel during the first half of 2025 saw 3.285 billion trips, a 20.6% increase year-on-year, with spending reaching 3.15 trillion yuan, up 15.2% [4]. Company Recommendations - The report suggests focusing on leading companies with growth potential and strong market positions, such as Gu Ming, Mi Xue, and others, which are expected to benefit from policy support and industry consolidation [5][8]. - Specific companies highlighted for their growth potential include Gu Ming (1364 HK), Mi Xue Group (2097 HK), and others, with target prices set for each [8][12]. Financial Performance - Gu Ming reported a 34.4% year-on-year increase in GMV to 14.1 billion yuan in the first half of 2025, with a net profit of 1.625 billion yuan, reflecting a 121.5% increase [13]. - Mi Xue Group's revenue for the first half of 2025 was 14.87 billion yuan, a 39.3% increase year-on-year, with a net profit of 2.69 billion yuan, up 42.9% [15]. Growth Outlook - The report anticipates that as the new measures are implemented, the service sector will experience a surge in high-quality supply and innovative business models, driving domestic demand growth [4][5].