Group 1: Meeting Details - The meetings are scheduled for May 7, 2025, with various institutions participating both online and in-person [1][2][3][4] - A total of 143 participants from different financial institutions are listed, indicating a significant interest in the event [1][4] Group 2: Participant Breakdown - Major institutions include Anxin Fund, BlackRock, and Guotai Junan Securities, with multiple representatives attending [1][2][4] - The majority of participants (approximately 70%) are attending online, reflecting a trend towards virtual engagement in the financial sector [1][2][3] Group 3: Representation by Institution - Anxin Fund has three representatives, while Guotai Junan Securities has four, showcasing their active involvement [1][4] - Other notable participants include China Merchants Bank and Huatai Securities, each with multiple attendees [2][4] Group 4: Event Format - The event features both online and in-person formats, allowing flexibility for participants [1][2] - The online format is particularly favored, with a significant number of attendees opting for this method [1][3]

Group 1: Company Performance and Market Opportunities - The company reported significant growth in the sanitary napkin segment, with a market size in China exceeding 100 billion RMB, indicating vast growth potential despite being a relatively small player [5] - The aging population and increasing health management needs are driving demand for medical supplies, creating a larger market space for the company [2] - The company aims to enhance its market competitiveness by focusing on disposable medical supplies through acquisitions and expanding its product categories [2] Group 2: Strategic Initiatives - The company is committed to providing integrated solutions for hospitals, pharmacies, and home care, addressing pain points in quality, supply chain, and digital integration [2] - Continuous investment in R&D is prioritized to innovate products that fill market gaps and meet patient and healthcare institution needs [2] - The company is advancing smart manufacturing and AI technology applications to improve production efficiency and reduce costs [2] Group 3: Channel Strategy and Growth Projections - The medical segment's channel strategy includes overseas business, domestic hospital lines, consumer medical business, and cross-border e-commerce, with a focus on significant growth in domestic hospital lines in 2025 [9][10] - The overseas business is primarily focused on Europe, while the domestic hospital segment is being segmented into traditional dressings, surgical materials, and high-end dressings [9] - The cross-border e-commerce channel has been the fastest-growing, particularly on platforms like Amazon, despite potential impacts from current tariff policies [10] Group 4: Impact of Tariff Policies - The company anticipates limited impact from U.S. tariff policies, with affected sales in overseas divisions and cross-border e-commerce remaining in single-digit percentages of the medical segment [6][7] - Strategies to mitigate tariff impacts include increasing investments in South America and expanding existing U.S. operations [6][7] - The company maintains strong competitive advantages in the U.S. market for medical supplies, with various strategies to manage tariff-related challenges [7] Group 5: Brand Management and Investor Relations - The company has implemented a market value management system to protect and return value to investors, with regular monitoring against industry benchmarks [11] - A rising trend in dividend payouts has been established, with plans for mid-year dividends starting in 2024 [11] - The company emphasizes transparency and communication with investors, enhancing information disclosure and hosting performance briefings [11] Group 6: Product Development and Consumer Engagement - The company is focusing on product innovation in the sanitary napkin sector, utilizing high-quality cotton and advanced technologies to enhance user experience [5] - Initiatives to improve consumer trust include product traceability through QR codes and real-time factory monitoring [14][15] - The company is actively engaging with consumers for feedback on product improvements, integrating suggestions into new product developments [14]

Summary of the Conference Call for稳健医疗 Company Overview - **Company Name**: 稳健医疗 (Steady Medical) - **Industry**: Medical and Consumer Goods - **Listing Year**: 2020 - **Business Segments**: Medical supplies and consumer products Key Points and Arguments - **Revenue Composition**: As of 2023, the consumer goods segment accounts for over 50% of total revenue, with health lifestyle consumer goods projected to reach 55.6% in 2024, reflecting a year-on-year growth of 17% [2][4] - **Product Performance**: The highest revenue contributor is the dry and wet cotton soft towel, which holds a 17.4% share and has seen growth exceeding 30%. Sanitary napkins experienced over 70% growth in Q1 2025 [2][4] - **Brand Development**: The brand 全棉时代 (Cotton Era) emphasizes cotton health and medical-grade concepts, leading to high consumer loyalty. The brand has expanded from cotton soft towels to sanitary napkins and other categories, benefiting from national standards events [2][5] - **Channel Strategy**: The company maintains a balanced online and offline sales strategy, with a ratio of approximately 6:4. Online platforms like Douyin have shown rapid revenue growth and improved profit margins, achieving a 2.5 percentage point increase in overall profit margin in Q1 2025 [2][6] - **Store Expansion Plans**: The company plans to open 60 new 全棉时代 stores in 2025, focusing on profitable store formats of 300-500 square meters and over 800 square meters [2][8] - **Marketing Strategy**: Future marketing efforts will focus on promoting cotton and medical-grade product concepts, leveraging public sentiment and consumer recognition for brand marketing and product iteration [2][9] Financial Performance - **Gross Margin**: The overall gross margin for 2024 is reported at 47.3%, with a recovery to 48.5% in Q1 2025, driven by improved efficiency in consumer goods and cost control [2][11] - **Profit Growth Projections**: The company anticipates a compound annual growth rate (CAGR) of nearly 20% in revenue and close to 30% in profit over the next three years, with a target valuation of 32 times earnings by 2026, corresponding to a market cap of approximately 400 billion [3][14] Additional Insights - **Consumer Loyalty**: The brand's consumer loyalty is highlighted by high repurchase rates, particularly for sanitary napkins, which have gained consumer trust due to medical-grade standards [5] - **Market Position**: Although the market share remains in single digits, the growth potential is significant, especially in the context of domestic demand expansion [5][14] - **Medical Segment Outlook**: The medical segment is expected to see stable long-term growth, with a projected revenue increase of 1.1 percentage points in 2024, and a 10% increase in Q1 2025 when excluding consolidation factors [12][13] This summary encapsulates the key insights from the conference call, providing a comprehensive overview of the company's performance, strategies, and future outlook.

特此公告。 稳健医疗用品股份有限公司董事会 二〇二五年五月八日 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 为使投资者进一步了解公司的财务状况、经营情况及发展规划，稳健医疗 用品股份有限公司（以下简称"公司"）将于 2025 年 5 月 13 日（星期二） 15:30-16:30 在全景网举行 2024 年度暨 2025 年第一季度网上业绩说明会，本次 说明会将采用网络远程方式举行，投资者可登陆全景网"投资者关系互动平台" （http://ir.p5w.net）参与本次业绩说明会。 出席本次业绩说明会的人员有：董事长兼总经理李建全先生，董事、副总 经理兼首席财务官方修元先生，独立董事王志芳女士，副总经理兼董事会秘书 陈惠选女士。为充分尊重投资者，提升交流的针对性，现就公司 2024 年度暨 2025 年第一季度网上业绩说明会提前向投资者公开征集问题，广泛听取投资者 的意见和建议。投资者可于 2025 年 5 月 12 日（星期一）15:30 前访问 http://ir.p5w.net/zj/ 或扫描下方二维码，进入问题征集专题页面进行提问。公司 将在本次业 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 8.978 billion yuan for 2024, representing a year-on-year increase of 9.69%, and a net profit attributable to shareholders of 695 million yuan, up 19.81% year-on-year [2] - The first quarter of 2025 saw a revenue of 2.605 billion yuan, a significant increase of 36.47% year-on-year, with the medical segment growing by 46.3% and the consumer goods segment by 28.8% [2] - The company is expected to maintain a positive development trend, driven by strong sales growth from its key products and effective brand activities [2][3] Revenue Summary - In 2024, the medical business generated revenues of 7.81 billion yuan, 8.26 billion yuan, and 4.03 billion yuan from high-end dressings, operating room consumables, and health personal care, respectively, with year-on-year growth rates of 31.21%, 48.83%, and 34.98% [3] - The consumer goods segment achieved revenues of 15.57 billion yuan, 7.00 billion yuan, 9.65 billion yuan, and 9.63 billion yuan from various products, with year-on-year growth rates of 31.19%, 18.03%, 15.39%, and 13.21% respectively [3] Channel Performance - In 2024, the consumer goods segment's revenue from online, offline stores, and supermarkets was 3.07 billion yuan, 1.487 billion yuan, and 320 million yuan, with year-on-year growth rates of 18.87%, 9.24%, and 33.4% respectively [4] - The company has nearly 61 million members, reflecting a 15.8% increase from the previous year, indicating strong brand penetration [4] Profitability Analysis - The company's gross margin and net margin for 2024 were 47.32% and 8.25%, respectively, with a slight decrease in gross margin due to cotton price fluctuations [5] - For the first quarter of 2025, the gross margin and net margin improved to 48.46% and 10.05%, respectively, driven by contributions from newly acquired companies [5] Investment Recommendations - The company is expected to continue its core strategy of "product leadership and operational excellence," focusing on both medical and consumer segments [7] - Revenue projections for 2025-2027 are adjusted to 112.50 billion yuan, 129.65 billion yuan, and 149.97 billion yuan, with corresponding EPS estimates of 1.72 yuan, 2.09 yuan, and 2.53 yuan [7]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported strong performance in Q1, with significant contributions from both the medical and consumer goods sectors [1][13] - The revenue for 2024 reached 8.98 billion yuan, a year-on-year increase of 9.7%, while the net profit attributable to shareholders was 700 million yuan, up 19.8% [5][6] - The company has adjusted its profit forecasts for 2025 and 2026, increasing the net profit estimates by 17% and 18% respectively [13] Financial Performance - In Q1 2025, the company achieved a revenue of 2.61 billion yuan, representing a year-on-year growth of 36.5%, and a net profit of 250 million yuan, up 36.3% [6] - The medical consumables segment saw a revenue increase of 1.1% in 2024, while the consumer goods segment grew by 17.1% [7][9] - The gross profit margin for 2024 decreased by 1.7 percentage points to 47.3%, with a notable decline in the medical consumables segment [11][19] Revenue Breakdown - The medical consumables accounted for 43.5% of total revenue in 2024, with a significant contribution from the acquisition of GRI [7] - The consumer goods segment, which includes health and personal care products, represented 55.6% of total revenue in 2024, with strong growth in online and offline sales channels [9][10] Future Projections - The company forecasts revenues of 11.17 billion yuan in 2025, with a growth rate of 24.4%, and a net profit of 1.02 billion yuan, reflecting a growth rate of 46.6% [14] - The projected EPS for 2025 is 1.75 yuan, with a P/E ratio of 30 [14][20] Market Position - The company is expanding its market presence through both organic growth and acquisitions, with a focus on enhancing its overseas capabilities [13] - The consumer goods segment is leveraging a product strategy centered around popular items, contributing to robust sales growth [13]

2025 年 5 月 7 日 公司研究 Q1 业绩表现亮眼，医疗和消费品板块协同发力 ——稳健医疗（300888.SZ）2024 年年报及 2025 年一季报点评 增持（维持） 当前价：52.22 元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 5.82 | | 总市值(亿元)： | 304.09 | | 一年最低/最高(元)： | 22.99/54.80 | | 近 3 月换手率： | 61.74% | 股价相对走势 -30% -12% 6% 24% 42% 04/24 07/24 10/24 01/25 稳健医疗 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % ...

上 市 公 司 美容护理 | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 19.60 | | 资产负债率% | 31.72 | | 总股本/流通 A 股（百万） | 582/176 | | 流通 B 股/H 股（百万） | -/- | 2025 年 05 月 05 日 稳健医疗 (300888) ——两大业务均加速增长，分红率稳步提升 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 30 日 | | --- | --- | | 收盘价（元） | 52.22 | | 一年内最高/最低（元） | 54.80/23.31 | | 市净率 | 2.7 | | 息率（分红/股价） | 1.72 | | 流通 A 股市值（百万元） | 9,165 | | 上证指数/深证成指 | 3,279.03/9,899.82 | | 注："息率"以最近一年已公布分红计算 | | 一年内股价与大盘对比走势： -40% -20% 0% 20% 40% 60% 80% 04-30 05-31 06-30 07-31 08-31 09-3 ...

2025 年 05 月 05 日 投资评级：买入（维持） | 日期 | 2025/4/30 | | --- | --- | | 当前股价(元) | 52.22 | | 一年最高最低(元) | 54.80/23.31 | | 总市值(亿元) | 304.09 | | 流通市值(亿元) | 91.65 | | 总股本(亿股) | 5.82 | | 流通股本(亿股) | 1.76 | | 近 3 个月换手率(%) | 204.85 | 股价走势图 美容护理/个护用品 2025Q1 净利润高增，消费品业务延续强劲品牌势能 数据来源：聚源 -30% 0% 30% 60% 90% 2024-05 2024-09 2025-01 稳健医疗 沪深300 相关研究报告 《Q3 收入提速重启增长道路，股权激 励彰显信心—公司信息更新报告》 -2024.10.31 《收购 GRI 协同赋能，打造全球耗材 一站式解决方案—公司信息更新报 告》-2024.9.26 《消费高质量增长&医疗恢复增长，看 好新元年向上—公司信息更新报告》 -2024.8.30 | | | ——公司信息更新报告 | | --- | --- | --- | | ...

美容护理/个护用品 2025Q1 净利润高增，消费品业务延续强劲品牌势能 2025 年 05 月 05 日 投资评级：买入（维持） | 日期 | 2025/4/30 | | --- | --- | | 当前股价(元) | 52.22 | | 一年最高最低(元) | 54.80/23.31 | | 总市值(亿元) | 304.09 | | 流通市值(亿元) | 91.65 | | 总股本(亿股) | 5.82 | | 流通股本(亿股) | 1.76 | | 近 3 个月换手率(%) | 204.85 | 股价走势图 数据来源：聚源 -30% 0% 30% 60% 90% 2024-05 2024-09 2025-01 稳健医疗 沪深300 相关研究报告 《Q3 收入提速重启增长道路，股权激 励彰显信心—公司信息更新报告》 -2024.10.31 《收购 GRI 协同赋能，打造全球耗材 一站式解决方案—公司信息更新报 告》-2024.9.26 《消费高质量增长&医疗恢复增长，看 好新元年向上—公司信息更新报告》 -2024.8.30 | | | ——公司信息更新报告 | | --- | --- | --- | | ...