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，首先，全棉时代 第二季度实现13%同比增长，公司朝着原定全年目标持续推动增长，7-8月以来，销售增速已开启回升 态势。展望未来，全棉时代将坚持"产品领先、卓越运营、品牌向上、全球视野"四大战略以推动业务发 展。 ...

稳健医疗业务结构均衡，消费品和医疗产品各占约 50%。2008 年起， 公司从医疗产品 ODM 出口转型为健康消费品公司，电商渠道占比超 60%，直营渠道约 30%。 2015-2024 年，公司营收复合增长率 19%，规模复合增长率 14%。2025 年上半年，公司整体盈利能力提升，净利率和毛利率均处 于周期向上阶段，预计公司将进入盈利改善周期。 公司股权结构集中，李董持股 51%。2019 年后加快引入消费品管理层， 团队架构稳定。2024 年发布股权激励计划，设定 25-27 年营收增长触 发值 13%和目标值 18%。 消费者习惯转向健康、悦己、品质便捷，内容营销平台加速渗透。公司 在棉柔巾和卫生巾领域进行创新，如添加乳霜、益生菌、全棉表层等， 并细化场景应用。 2024 年渠道结构变化，抖音增速放缓，天猫和京东提速。全棉时代等 品牌在传统渠道回暖，寻求新的增长动能。传统电商平台整体提速。 Q&A 稳健医疗 20250825 摘要 请介绍一下稳健医疗的公司背景及其主要业务结构。 稳健医疗是一家以棉为核心，涵盖医疗和消费板块协同发展的医疗健康企业。 公司的产品结构主要分为两大类：医疗产品和健康生活消费品 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported strong growth in its 2025 mid-year results, driven by dual business segments: consumer products and medical supplies. The revenue for the first half of 2025 reached 5.296 billion yuan, a year-on-year increase of 31.31%, while the net profit attributable to shareholders was 492 million yuan, up 28.07% year-on-year [7] - The consumer products segment showed robust performance, with revenue of 2.745 billion yuan in the first half of 2025, a year-on-year increase of 20.3%. The company experienced significant growth in its core product categories, particularly in sanitary napkins and cotton soft towels [7] - The medical supplies segment also performed well, with revenue of 2.515 billion yuan in the first half of 2025, a year-on-year increase of 46.39%. The company is focusing on internal growth and mergers to enhance its market position [7] - The company has adjusted its profit forecasts for 2025-2027, increasing the net profit estimates to 1.045 billion yuan, 1.237 billion yuan, and 1.494 billion yuan respectively, corresponding to P/E ratios of 23, 20, and 16 [7] Financial Summary - Total revenue for 2023 is projected at 8.185 billion yuan, with a year-on-year decrease of 27.89%. However, revenue is expected to grow to 11.219 billion yuan in 2025, reflecting a year-on-year increase of 24.96% [1][8] - The net profit attributable to shareholders is forecasted to rise from 580.4 million yuan in 2023 to 1.045 billion yuan in 2025, representing a year-on-year growth of 50.21% [1][8] - The latest diluted EPS is expected to increase from 1.00 yuan in 2023 to 1.79 yuan in 2025 [1][8] - The company's cash flow from operating activities for the first half of 2025 was 340 million yuan, a year-on-year increase of 75.82%, indicating strong cash generation capabilities [7]

Core Insights - The company has conducted investor relations activities, attracting significant institutional interest [1] - In the first half of the year, the company demonstrated strong performance with a net profit of 490 million yuan, representing a year-on-year increase of 28.1% [1] - The company maintains a product leadership strategy with a steady increase in patent and medical product registration certificates [1] Financial Performance - The net profit attributable to shareholders reached 490 million yuan, with a net profit of 460 million yuan after deducting non-recurring gains, marking year-on-year growth of 28.1% and 40.9% respectively [1] - Cumulative cash dividends amount to 2.88 billion yuan, with share buybacks totaling 690 million yuan, together accounting for 100.3% of the net proceeds from the initial public offering [1] Business Segments - The medical consumables business saw a year-on-year increase of 13.2%, with the second quarter's revenue growing by 15.3% compared to the previous year [2] - The consumer goods segment, particularly the "All Cotton Era" brand, achieved revenue of 2.75 billion yuan, reflecting a year-on-year growth of 20.3% [2] - The company has expanded its offline stores to 484, with 16 new openings in the first half of the year, and the total membership has grown to nearly 67 million, a 7.7% increase from the end of last year [2] Market Activities - The company actively participated in exhibitions and promotional activities, including the 91st China International Medical Equipment Expo and the third China International Supply Chain Promotion Expo [2] - A special program was launched in collaboration with CCTV to enhance brand image in the consumer healthcare sector [2]

Financial Performance - In the first half of 2025, the company achieved a total revenue of 5.3 billion yuan, representing a year-on-year growth of 31.3% [11] - The revenue for Q1 and Q2 was 1.9 billion yuan and 2.6 billion yuan respectively, showing a steady increase [12] - The overall gross profit margin remained stable, with the operating profit margin increasing by 0.7 percentage points compared to the same period last year [16] Profitability - The net profit attributable to shareholders was 490 million yuan, with a year-on-year growth of 28.1% [16] - The net profit excluding non-recurring gains and losses was 460 million yuan, reflecting a growth of 40.9% [16] - The company's asset-liability ratio decreased to 32%, indicating improved asset quality [18] Business Segments Medical Consumables - The medical segment generated a revenue of 2.52 billion yuan, with a year-on-year increase of 46.4% [29] - Excluding the contribution from the newly acquired GRI, the revenue was 1.95 billion yuan, up 13.2% year-on-year [29] - Key product categories such as surgical consumables and high-end dressings showed strong growth [29] Consumer Products - The consumer segment achieved a revenue of 2.75 billion yuan, growing by 20.3% year-on-year [40] - The core product, the Nai Si Princess sanitary napkin, significantly contributed to the overall growth [40] - The online sales channel generated 1.71 billion yuan, with a year-on-year increase of 23.6% [45] R&D and Innovation - The company emphasized R&D investment, with a steady increase in the number of patents and medical product registrations [18] - The focus on product innovation led to the development of high-end materials and improved product offerings [25][35] Shareholder Returns - The mid-term profit distribution plan for 2025 includes a cash dividend of 4.5 yuan per 10 shares, totaling 260 million yuan, which is 53% of the net profit attributable to shareholders [23] - Cumulatively, the company has distributed 2.88 billion yuan in cash dividends since its listing [23]

| 序号 | 机构名称 | 姓名 | 参会方式 | 调研时间 | | --- | --- | --- | --- | --- | | 83 | 吴昊龙 | 深圳市国晖投资 | 线上调研 | 2025/8/22 | | 84 | 李守强 | 深圳市君茂投资 | 线上调研 | 2025/8/22 | | 85 | 黄向前 | 深圳市尚诚资管 | 线上调研 | 2025/8/22 | | 86 | 黄敏 | 深圳市兴海荣投资 | 线上调研 | 2025/8/22 | | 87 | 周嘉声 | 深圳市智诚海威 | 线上调研 | 2025/8/22 | | 88 | 闵磊 | 深圳长青藤资管 | 线上调研 | 2025/8/22 | | 89 | 郭彬 | 太平洋证券 | 线上调研 | 2025/8/22 | | 90 | 黄成扬 | 泰康资管 | 线上调研 | 2025/8/22 | | 91 | 于梦鸽 | 天风证券 | 线上调研 | 2025/8/22 | | 92 | 孙海洋 | 天风证券 | 线上调研 | 2025/8/22 | | 93 | 张彤 | 天风证券 | 线上调研 | 2025/8/22 | | ...

[Table_Info1] [Table_Title] 证券研究报告 / 公司点评报告 消费品业务快速增长，品牌势能持续向上 --- 稳健医疗 2025 中报点评 事件： [Table_Summary] 公司发布 2025 年中报，2025H1 营业收入同比增长 31.3%至 53 亿元， 归母净利润同比增长 28.1%至 4.9 亿元。单 Q2 营业收入同比增长 26.7%至 26.9 亿元，归母净利润同比增长 20.7%至 2.4 亿元。 点评： 费用管控良好，盈利能力相对稳定。2025H1 公司毛利率同比下降 0.4pct 至 48.3%，医疗/消费品业务毛利率分别同比-0.7pct/+1.7pct 至 37.4%/58.6%。消费品业务毛利率提升主要得益于棉花价格下行及产品 结构改善。费用端，销售/管理费用率分别同比-2.5pct/+0.6pct。综合 2025H1 净利率同比下降 0.3pct 至 9.8%。 营运状况保持稳定。2025H1 公司存货同比增长 33.9%至 19.5 亿元，存 货周转天数同比下降 6 天至 142 天。应收/应付账款周转天数同比下降 1/16 天至 37/69 天。半 ...

Group 1: Business Performance and Growth Outlook - The company achieved a 13% year-on-year growth in the second quarter for its All Cotton Era brand, with sales growth showing a recovery trend since July [1] - The medical consumables sector is projected to grow at a compound annual growth rate (CAGR) of approximately 6% from 2024 to 2030, outpacing current GDP growth [3] - The penetration rate of disposable medical supplies in China is currently between 20-30%, indicating significant growth potential compared to over 90% in developed countries [3] Group 2: Strategic Initiatives - The company will focus on four strategic pillars: product leadership, operational excellence, brand elevation, and global vision to drive business development [1][2] - Plans to enhance product offerings include launching differentiated packaging for cotton soft towels and expanding into beauty-related products [5] - The company aims to optimize its store operations by focusing on high-quality core stores and closing underperforming locations [2][10] Group 3: Financial Performance and Profitability - The gross profit margin for the All Cotton Era brand increased by 1.7 percentage points year-on-year, driven by improved product mix and inventory management [9] - The overall operating profit margin reached 14%, returning to levels seen in 2018 [9] - The company's effective tax rate increased to 17.6% in Q2 due to changes in business structure and tax rates applicable to different segments [12] Group 4: Market Challenges and Responses - The GRI acquisition faced challenges due to U.S.-China trade tensions, impacting supply chains and leading to temporary losses; however, recovery is expected in the latter half of the year [6] - The company is actively pursuing automation and smart manufacturing to enhance production efficiency and competitiveness [4] - The focus on high-value membership services aims to improve customer retention and drive sales in physical stores [11]

Group 1: North Exchange Specialized and Innovative Index - The North Exchange Specialized and Innovative Index focuses on innovative small and medium-sized enterprises, emphasizing "specialized, refined, unique, and innovative" small giants, providing differentiated value as a rare high-quality small-cap growth index in the market [11][12] - The index consists of high-quality underlying assets, with a market capitalization median of 3.74 billion yuan, lower than other indices, indicating a focus on smaller companies [11] - The index has shown high growth potential, with a revenue compound annual growth rate (CAGR) of 40.4% over the past three years, and a high research and development investment ratio of 6.2% [11] Group 2: Saint Bella (2508HK) - Saint Bella is a well-known company in the high-end confinement service sector, aiming to provide comprehensive family care services from pregnancy to elderly care, with a projected adjusted net profit of 117 million, 191 million, and 287 million yuan for 2025-2027 [3][14] - The company has established four core advantages: strong brand recognition in high-end confinement services, a light asset model with standardized training, vertical and horizontal expansion in family services, and international market penetration targeting overseas Chinese [17] - The family care industry in China is expected to grow from 392.8 billion yuan in 2019 to 711.3 billion yuan in 2024, with a CAGR of 12.6%, indicating a favorable market environment for Saint Bella [17]

Group 1 - The report highlights that XPeng Motors achieved a record high gross margin in Q2 2025, with a revenue of 18.27 billion yuan, representing a year-on-year increase of 125.3% [5][6] - The gross margin for Q2 was 17.3%, up 3.3 percentage points from the same period in 2024, driven by the launch of high-priced models G6 and G9 [5][6] - The company expects to continue improving its overall gross margin in Q4 2025 with the release of new models and an increase in sales of range-extended vehicles [6][7] Group 2 - Shengnong Development reported a revenue of 8.856 billion yuan in H1 2025, a slight increase of 0.22% year-on-year, while net profit surged by 791.93% to 910 million yuan [11][13] - The company achieved growth in both production and sales, with chicken meat sales increasing by 2.5% and processed meat products by 13.21% [13] - The completion of the acquisition of Sun Valley Holdings has further optimized the supply chain and improved operational efficiency [13][14] Group 3 - Muyuan Foods reported a revenue of 76.463 billion yuan in H1 2025, a year-on-year increase of 34.46%, with net profit soaring by 1169.77% to 10.53 billion yuan [15][16] - The company sold 46.91 million pigs in H1 2025, with production costs decreasing to approximately 11.8 yuan/kg by July [16] - The company aims to reduce its overall debt by 10 billion yuan, having already decreased its total liabilities by 5.6 billion yuan by the end of Q2 2025 [15][16] Group 4 - Yanjin Food reported a revenue of 2.941 billion yuan in H1 2025, a year-on-year increase of 19.58%, with net profit rising by 16.70% to 373 million yuan [18][19] - The company’s revenue from konjac products increased by 155% to 790 million yuan, becoming a key growth driver [19][20] - The company is focusing on optimizing its cost structure and improving profitability through better product mix and channel strategies [20][21] Group 5 - Guocer Materials achieved a revenue of 2.154 billion yuan in H1 2025, a year-on-year increase of 10.29%, with net profit slightly up by 0.38% to 332 million yuan [22][24] - The company’s electronic materials segment saw a revenue increase of 23.65%, while the new energy materials segment grew by 26.36% [24][25] - The company is actively developing new materials and expanding its product offerings to meet the growing demand in various sectors [27][28] Group 6 - Yingliu Technology reported a revenue of 1.384 billion yuan in H1 2025, a year-on-year increase of 9.11%, with net profit rising by 23.91% to 188 million yuan [29][30] - The company’s new material and equipment segment experienced significant growth, with a revenue increase of 74.49% [31] - The company has secured multiple strategic partnerships in the nuclear energy sector, enhancing its order backlog [33][34] Group 7 - Shengquan Group reported a revenue of 5.351 billion yuan in H1 2025, a year-on-year increase of 15.67%, with net profit rising by 51.19% to 501 million yuan [37][38] - The company’s advanced electronic materials and battery materials segments achieved significant revenue growth, driven by increased demand [38][39] - The company is focusing on cost control and efficiency improvements to enhance profitability [39][40]