3月15日，央视"3·15"晚会曝光梁山希希纸制品有限公司违规收购纸尿裤、卫生巾残次料事件，多家知 名品牌被间接提及，迅速引发社会关注。面对市场关切，全棉时代母公司稳健医疗在3月20日回复深交 所关注函的公告中表示，全棉时代与涉事公司无任何关联，原材料采购、残次品处理合法合规。 此外，记者注意到，全棉时代近日通过官方微博、微信公众号连续发布内容，公开其产品质检结果、残 次料处理升级流程，以及奈丝公主卫生巾生产线。 全棉时代：与涉事公司无关联，彻底销毁残次品，杜绝违规流通 全棉时代：近三年522次抽检100%合格，原材料及 产品可追溯 3月21日，全棉时代在官方微博连发数条内容，公开其产品质检结果和残次料处理升级措施，内容包 括： 3月20日，稳健医疗回复深交所关注函中声明，3月15日当晚，旗下品牌全棉时代第一时间组建专项小组 对相关事项展开全面自查，积极配合各地市场监督管理部门进行调查，目前已向公安机关报案。经自 查，全棉时代与涉事企业无任何业务往来、合作关系及关联关系，未参与315报道中所述违规业务。针 对众多网友关注的原材料及残次料处理问题，公告做了详细说明。"公司对原材料供应商准入、来料质 量检测和入库 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [7]. Core Insights - The company has taken proactive measures in response to a recent incident involving the illegal recycling of sanitary products, aiming to protect consumer interests and restore brand confidence [7]. - The company's dual business model, encompassing both medical and consumer products, is showing strong growth potential despite short-term disruptions [7]. - The financial forecast indicates a recovery in revenue and profit margins, with expected net profits of 7.9 billion, 10.3 billion, and 11.6 billion for the years 2024 to 2026, respectively [7]. Financial Data Summary - Total revenue for 2023 is projected at 8.185 billion, with a year-on-year decline of 27.9%. However, revenue is expected to grow to 10.780 billion in 2025, reflecting a 23.1% increase [6][17]. - The net profit for 2023 is estimated at 580 million, with a significant year-on-year decrease of 64.8%. The profit is expected to recover to 1.026 billion by 2025, marking a 29.8% increase [6][17]. - The gross margin is projected to stabilize around 48% over the next few years, with a slight improvement expected by 2026 [6][17]. Business Performance Insights - The consumer products segment has shown resilience, with a 14% year-on-year revenue growth in the first three quarters of 2024, driven by strong sales in key product categories [7]. - The medical business has also demonstrated a recovery, achieving double-digit growth in Q3 2024, supported by high-demand products and strategic acquisitions [7]. - The company has implemented a stock incentive plan, indicating confidence in achieving revenue growth of 13-18% from 2025 to 2027 [7].

Core Viewpoint - The company, Steady Medical, has responded to concerns raised by the Shenzhen Stock Exchange regarding allegations of improper handling of defective sanitary products, asserting that it has no involvement in the reported violations and has initiated a thorough internal investigation [1][2][7]. Group 1: Company Response to Allegations - On March 15, the company formed a special team to conduct a comprehensive self-examination and is cooperating with local market supervision authorities [2][7]. - The company confirmed that it was unaware of any involvement in the reported violations and has no transactional or cooperative relationships with the companies involved in the allegations [2][7]. Group 2: Internal Control Mechanisms - The company has established a series of management systems for raw material procurement and quality management, ensuring strict control over supplier qualifications and incoming material quality [5]. - The company has implemented a waste management regulation that mandates defective materials to be handled by qualified recycling entities, with cross-checks by warehouse, administrative, and financial personnel before disposal [6][7]. Group 3: Measures for Consumer Protection - To enhance consumer protection and prevent the illegal reuse of defective materials, the company has decided to terminate its cooperation with recycling entities for sanitary product waste disposal [8]. - All defective sanitary product materials will now be destroyed by the company through crushing or environmentally friendly incineration, with records kept for future reference [9].

证券代码：300888 证券简称：稳健医疗 公告编号：2025-001 稳健医疗用品股份有限公司 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。 稳健医疗用品股份有限公司（以下简称"公司"）于近日收到深圳证券交易所 《关于对稳健医疗用品股份有限公司的关注函》（创业板关注函〔2025〕第 1 号） （以下简称"关注函"），要求公司就 2025 年 3 月 15 日媒体报道中提及全棉时代 卫生用品的相关事项进行自查并说明。3 月 15 日当晚，公司第一时间组建专项 小组对相关事项展开全面自查，积极配合各地市场监督管理部门进行调查，目前 已向公安机关报案。公司已向深圳证券交易所书面回复并同时抄送深圳证监局上 市公司监管处，现将回复内容公告如下： 问题 1：你公司是否知悉、参与报道所述违规业务，和涉事违规公司是否存 在交易往来或者应予说明的关联、合作关系。 回复：经自查，公司并不知悉且未曾以任何形式参与报道所述违规业务，与 涉事违规公司不存在任何交易往来及合作关系，亦不存在任何关联关系。 问题 2：你公司有关原材料采购、生产残次品处置的制度和实际执行情况， 内部控制机 ...

摘要 广发证券 新消费主义研究 20250318 Q&A 2025 年 1-2 月份服装家纺终端数据表现如何？整体消费趋势如何？ 2025 年 1-2 月份，限额以上企业服装鞋帽针纺织品零售额同比增长了 3.3%，而 全国实物商品网上零售额则累计下降了 0.6%。这一增长率好于 2024 年 11 月的 下降 4.5%和 12 月的下降 0.3%。相比之下，2024 年同期限额以上企业服装鞋帽 针纺织品零售额同比增长为 1.9%，并非低基数。因此，我们认为服装家纺消费 有所回暖。从结构上看，线下零售表现优于线上。此外，从上市样板公司的情 • 服装家纺消费回暖，线下零售优于线上，轩辕装及童装、专业运动休闲龙 头公司领跑。预计 2025 年受益于低基数，业绩有望逐季加速，多数公司估 值处于历史低位，上游纺织制造板块增速预期不如去年。 • 超高分子量聚乙烯（UHMWPE）需求预计以每年约 20%速度增长，应用场景 持续拓展，国内行业起步晚但发展空间广阔。建议关注涉及 UHMWPE 材料的 公司，如南山智尚、恒辉安防等。 • 呼和浩特市育儿补贴政策对童装市场形成利好，全国已有约 33 个省市县出 台类似政策。2021 ...

人民财讯3月16日电，3月16日，稳健医疗收到深交所关注函。 深交所称，3月15日，有媒体报道某纸制品有限公司（简称"涉事违规公司"）收购品牌纸尿裤和卫生巾 残次品，违规翻新后销售，或者处理形成回收料回售，其中提及稳健医疗品牌产品。 请公司自查并说明：1、你公司是否知悉、参与报道所述违规业务，和涉事违规公司是否存在交易往来 或者应予说明的关联、合作关系。 2、你公司有关原材料采购、生产残次品处置的制度和实际执行情况，内部控制机制是否有效运转，是 否存在采购不合格原材料、残次品违规流通或者处置的漏洞，如是，你公司拟采取的整改完善、消除影 响措施。 ...

Market Overview - In February, the A-share market saw the CSI 300 index rise by 1.9%, while the textile and apparel sector increased by 1.3%[13] - The Hong Kong market's Hang Seng Index rose by 3.2%, with the textile and apparel sector index up by 2.9%[13] - The US market experienced a decline, with the S&P 500 index down by 1.4% and the consumer discretionary sector down by 9.4%[13] Brand Performance - In January, outdoor and women's apparel sales on Tmall, JD, and Douyin platforms saw significant growth, with respective year-on-year increases of 56% and 45%[19] - Notable brands such as KOLONSPORT and Bi Yin Le Fen achieved year-on-year sales growth of 81% and 101% respectively[24] - Major brands like Nike and Adidas reported year-on-year sales growth of 21% and 34% respectively on these platforms[24] Manufacturing Insights - Vietnam's textile and footwear exports grew by 3.4% and 2.7% year-on-year in January, despite high base effects[2] - Key Taiwanese manufacturers like Yu Yuan and Zhi Qiang reported over 20% growth in January, with Yu Yuan achieving record revenue for the month[2] - Nanshan Zhishang's stock surged by 81.5% due to its involvement in robotic tendon materials, indicating strong future demand[16] Investment Recommendations - The report recommends focusing on undervalued Hong Kong stocks and brands with new growth potential, such as All Cotton Era and Hai Lan Home[3] - For textile manufacturing, companies like Shenzhou International and Huali Group are highlighted for their strong growth prospects and market share potential[3] Risk Factors - Potential risks include macroeconomic weakness, international political and economic uncertainties, and significant fluctuations in exchange rates and raw material prices[3]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company is expected to experience rapid earnings growth in 2025, driven by improvements in both its consumer goods and medical supplies businesses. The consumer goods segment is projected to achieve a CAGR of approximately 14% from 2024 to 2026, while the medical supplies segment is anticipated to stabilize and grow healthily following the acquisition of GRI, which opens up long-term overseas business opportunities [1][2][3]. Summary by Sections Company Overview - The company is a leading player in the health consumption sector, with its main businesses including health consumer products and medical supplies. The consumer goods segment accounted for 52% of revenue in 2023, while medical supplies made up 48% [15][18]. Consumer Goods Business - The consumer goods segment is expected to continue its healthy growth trajectory, supported by product innovation and effective marketing strategies. Key products such as sanitary napkins and cotton soft towels are driving this growth. The company has established a comprehensive channel strategy that optimizes offline store structures, contributing to sales and improving channel profitability [2][3][15]. Medical Supplies Business - The medical supplies segment has seen significant fluctuations in revenue and profit in the past but is now entering a stable growth phase. The acquisition of GRI is expected to enhance the company's overseas business capabilities. The company anticipates continued growth in high-end medical dressings and surgical packs, with the self-owned brand gaining recognition in domestic markets [3][15]. Financial Projections - The company’s revenue is projected to reach approximately 9.09 billion yuan in 2024, 11.12 billion yuan in 2025, and 12.52 billion yuan in 2026, reflecting year-on-year growth rates of 11.1%, 22.3%, and 12.6%, respectively. The net profit attributable to the parent company is expected to grow by 28.9% in 2024 and 41.6% in 2025 [4][5][18]. Stock Performance and Valuation - The company's market capitalization is currently around 218 billion yuan, with a projected PE ratio of 21 times for 2025. The target market capitalization is estimated to be around 280 billion yuan, indicating a potential upside of 25% to 30% [4][6].

证券研究报告 | 公司深度 gszqdatemark 2025 02 26 年 月 日 稳健医疗（300888.SZ） 健康消费引领增长，医疗耗材持续向上 两大业务基本面同步改善，2025 年期待业绩快速释放。2024 年公司基本面企稳 并逐步向好，2025 年业绩有望实现快速增长。1）消费品业务：2024 年以来同比 快速增长，主要得益于产品推新、精准营销等措施逐渐取得成效，伴随着品牌心智 逐步建立，未来有望迈入高质量增长、渠道利润率持续改善的阶段，我们预计 2024~2026 年业务收入 CAGR 约 14%。2）医用耗材业务过去收入及利润波动较 大，影响公司报表业绩表现，2024 年逐步进入正常轨道，未来主业预计健康增长， 同时收购 GRI 为中长期海外业务打开空间。综合来看，我们期待未来两大业务协 同发展，预计共同驱动 2024 年公司收入增长 11%/归母净利润增长 30%左右，预 计 2025 年收入增长 22%/归母净利润增长 40%左右。 此前公司发布股权激励计划，有望激发中长期业绩潜力。发布股权激励计划草案， 针对 2025~2027 年设置业绩目标。此前公司发布股权激励计划草案，考核年度为 ...

暴利行业持续分化洗牌。 作者 | 贝壳XY 编辑 | 小白 正所谓，爱美之心，人皆有之。如今，美容护理已越发融入人们的日常生活中，其市场需求持续扩 大。国家统计局数据显示，我国化妆品类零售总额在过去二十多年里呈现稳步提升，2023年达到4,14 2亿元，较2011年增长接近3倍。 但2024年1-11月的情况却有些不同，化妆品类零售总额罕见出现负增长，同比下滑了1.3%，莫非化妆 品生意不好做了？ （来源：Choice终端，制表：市值风云APP） 这组数据背后，其实意味着两层含义，其一是化妆品需求的小幅减少，其二则是行业内卷越发严重。 消费需求越发向头部品牌集中，质量不佳、规模较小、生产不良的尾部企业正逐渐被淘汰出局，一场 席卷整个行业的大洗牌或许正在进行。 动荡过后，仍能留在牌桌上的企业必定各有各的看家本领，今天我们便从美容护理板块前十大市值公 司来一探究竟。 参考申万行业分类及截至2024年12月31日的市值排名，前十大公司分别为爱美客（300896.SZ）、珀 莱雅（603605.SH）、华熙生物（688363.SH）、稳健医疗（300888.SZ）、锦波生物（832982.BJ）、 贝泰妮（30095 ...