2020年9月17日，深圳证券交易所内钟声回荡，稳健医疗（300888.SZ）正式挂牌创业板，成为中国大健康产业中一家兼具医疗内核与消费特色的上市公司。 韧性增长：结构优化与战略协同的双重奏鸣 2025年上半年，面对复杂多变的全球经贸环境和国内消费市场波动，稳健医疗展现出较强的抗周期能力。报告期内，公司实现营业收入53.0亿元，同比增长 31.3%；归属于上市公司股东净利润4.9亿元，扣除非经常性损益后净利润4.6亿元，同比增幅分别达到28.1%和40.9%。这份成绩的背后，是医疗与消费两大 业务板块高效协同、彼此赋能的战略成果。 医疗板块作为公司发展的根基，在"内生提速，外延并购"的双重策略推动下，2025年上半年实现营业收入25.2亿元，同比增长46.4%，其中第二季度单季营 收达到12.6亿元，增速高达46.5%。这一显著增长，一方面源于感染防护与伤口护理等传统产品线的需求企稳，另一方面则得益于手术室耗材、高端敷料等 高附加值产品在海外市场的快速扩张。 特别值得一提的是公司在美国及加勒比地区的产能布局——通过并购美国GRI公司以及扩建多米尼加近岸生产基地，稳健医疗有效构建了"本土制造+近岸供 应"的全球 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7][23] Core Insights - The company successfully held its five-year anniversary event, focusing on "brand enhancement and steady growth," showcasing a resilient growth trajectory with a compound annual growth rate (CAGR) of 14% in revenue from 2019 to 2024 [7] - The company reported a total revenue of 8.978 billion yuan in 2024, with a net profit attributable to shareholders of 695 million yuan, demonstrating strong performance across economic cycles [7] - The company emphasizes shareholder returns, with cumulative cash dividends and buybacks reaching 3.57 billion yuan, fully utilizing IPO funds [7] - The two main business segments, consumer products and medical services, are experiencing high-quality development, with clear strategic directions for future growth [7] Financial Data and Profit Forecast - Total revenue is projected to reach 10.779 billion yuan in 2025, with a year-on-year growth rate of 20.1% [6] - The net profit attributable to shareholders is expected to be 1.026 billion yuan in 2025, reflecting a significant year-on-year increase of 47.5% [6] - Earnings per share (EPS) is forecasted to be 1.76 yuan in 2025, with a projected price-to-earnings (PE) ratio of 21 [6] - The gross margin is expected to remain stable, with a slight increase to 48.3% in 2025 [6] Business Segment Performance - The consumer products segment, particularly the "All Cotton Era" brand, achieved revenue of 27.5 billion yuan in the first half of 2025, a year-on-year increase of 20.3% [7] - The medical segment reported revenue of 25.2 billion yuan in the first half of 2025, a substantial year-on-year growth of 46.4% [7] - Key products in the consumer segment, such as cotton soft towels and sanitary napkins, showed strong growth, with revenues of 8.1 billion yuan and 5.3 billion yuan, respectively [7] ESG Strategy - The company has released its ESG strategy, highlighting its commitment to environmental, social, and governance responsibilities, achieving a Wind ESG rating of A in 2025 [7] - The strategy includes setting carbon peak and carbon neutrality goals, promoting green upgrades in the cotton industry, and building a responsible supply chain [7] Marketing Initiatives - The company announced a partnership with international table tennis champion Sun Yingsha as its global brand ambassador, aiming to enhance brand recognition and drive sales during peak shopping seasons [7]

Group 1: Company Insights - The report highlights the emergence of China's "Stargate" project, which aims to solidify the core position of domestic computing power, with the successful integration of four national-level computing platforms and six data centers into the Yangtze River Delta hub in Wuhu [4][5] - The computing power public service platform in Wuhu has connected to 34 data centers, aggregating nearly 640P of general computing power, 26,000P of intelligent computing power, 33.3P of supercomputing power, and 2,070 qubits of quantum computing power [4][5] - The report indicates that the share of intelligent computing power in China's total computing power is expected to rise from 3% in 2016 to 35% by 2025, with over 250 intelligent computing centers already established or under construction [5][6] Group 2: Industry Trends - The report discusses the strategic restructuring of coal assets between Pingmei Group and Henan Energy Group, which is seen as a timely move for regional coal asset reorganization [14] - The coal industry is experiencing a slight decrease in port coal prices, while pithead coal prices continue to rise, indicating a mixed supply-demand scenario [15] - The report notes that the petrochemical industry is expected to see an average annual growth of over 5% in added value from 2025 to 2026, driven by a new growth plan released by seven government departments [19][20]

2025 年 09 月 28 日 公司研究 评级：买入(维持) | | | | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 林昕宇 S0350522110005 | | | | linxy01@ghzq.com.cn | | 证券分析师： | | 赵兰亭 S0350524080004 | | | | zhaolt@ghzq.com.cn | | 联系人 | ： | 孙馨竹 S0350124060027 | | | | sunxz@ghzq.com.cn | [Table_Title] 锚定"品牌向上、稳健增长" ，医疗&消费 协同发展 ——稳健医疗（300888）公司动态研究 最近一年走势 | 相对沪深 | 300 表现 | | 2025/09/26 | | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 稳健医疗 | | -9.2% | -4.4% | 43.7% | | 沪深 300 | | 2.2% | 15.3% | 28.3% | 2）医疗板块：老龄化显著推动医疗需求提升，提供医用耗材一 ...

Core Insights - The China International Medical Equipment Fair (CMEF Autumn Exhibition) was held in Guangzhou from September 25 to 27, showcasing Steady Medical's green medical solutions and medical beauty products [1] - Steady Medical presented a full-process scenario of a green operating room, emphasizing the lightweight design of lead-free radiation protection clothing, which reduces the burden on medical staff by 30% [1] - The disposable surgical packs made from all-cotton spunlace non-woven fabric, combined with an intelligent liquid management system, ensure standardized supply and functional safety for surgeries across six departments [1] - A seminar on medical consumables management and the launch of a health economics research project for disposable surgical packs was hosted by Steady Medical, with the chairman, Li Jianquan, participating [1] - The project aims to provide key decision-making support for hospitals' refined management transformation by scientifically calculating the lifecycle costs of disposable surgical packs [1] Industry Insights - The Vice President of Tongji Hospital, Zhu Wei, emphasized that the construction of green hospitals requires long-term efforts and that the optimization of low-value consumables management should be a continuous process [2] - There is a call for a focus on the concept of green hospitals, with actions to be taken to promote refined, information-based, and process-optimized management practices [2] - The industry is encouraged to work together to advance hospitals towards green, efficient, and high-quality development [2]

Market Overview - The personal care products sector experienced a decline of 0.45% on September 26, with Beijiajie leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Key stocks in the personal care sector showed varied performance, with Jeya Co. rising by 2.20% to a closing price of 31.18, while Beijiajie fell by 3.31% to 34.21 [1][2] - Other notable performances include: - Dengkang Oral at 39.28, up 1.42% - Yanjing Co. at 8.23, up 0.61% - Stable Medical at 37.65, down 0.50% [1][2] Capital Flow - The personal care products sector saw a net outflow of 14.44 million yuan from institutional investors and 12.17 million yuan from retail investors, while individual investors contributed a net inflow of 26.61 million yuan [2] - Detailed capital flow for specific stocks indicates: - Yanjing Co. had a net outflow of 6.26 million yuan from institutional investors [3] - Reliable Co. saw a net inflow of 6.14 million yuan from institutional investors [3] - Dengkang Oral experienced a net inflow of 5.26 million yuan from institutional investors [3]

（文章来源：证券日报） 证券日报网讯稳健医疗9月25日在互动平台回答投资者提问时表示，基于对公司未来发展的信心，控股 股东——稳健集团有限公司，在IPO上市解禁后，连续两年自愿延长限售期并出具了《关于自愿延长限 售期的承诺》，前述限售期已于2025年9月16日到期。目前，控股股东表示对公司发展充满信心，坚定 看好"医疗+消费"两大业务板块的发展，控股股东明确表示限售到期后暂无减持计划。若未来控股股东 有计划减持股份，公司将按照法律法规要求，督促股东及时、准确地进行信息披露。 ...

证券日报网讯稳健医疗9月25日在互动平台回答投资者提问时表示，公司管理层始终致力于提升公司经 营业绩和股东价值。关于股票回购计划，公司会根据市场情况、经营状况审慎考虑并作出决策。如有相 关计划，公司将严格按照监管要求，履行审议程序并及时披露，请投资者关注公司公告。 （文章来源：证券日报） ...

证券日报网讯 9月24日晚间，稳健医疗（300888）发布公告称，公司于2025年9月24日召开职工代表大 会，经与会职工代表审议，同意选举张燕女士为公司第四届董事会职工代表董事。 ...

北京市中伦（深圳）律师事务所 关于稳健医疗用品股份有限公司 2025 年第一次临时股东会的 法律意见书 致：稳健医疗用品股份有限公司 北京市中伦（深圳）律师事务所 关于稳健医疗用品股份有限公司 2025 年第一次临时股东会的 法律意见书 二〇二五年九月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 一、 本次股东会的召集和召开程序 （一） 本次股东会的召集 为召开本次股东会，公司董事会于 2025 年 8 月 22 日在巨潮资讯网 （http://www.cninfo.com.cn/）上公告了《稳健 ...