Investment Rating - The report maintains a "Buy" rating for the company [2][6][7] Core Insights - The company reported a strong performance in H1 2025, with total revenue reaching 5.3 billion yuan, a year-on-year increase of 31.3%, and a net profit attributable to shareholders of 492 million yuan, up 28.1% [6][12] - The medical business showed significant growth, with revenue in the medical segment increasing by 46.4% year-on-year, contributing 47% to total revenue [7][12] - The consumer goods segment also performed well, with a revenue increase of 20.3% year-on-year, accounting for 52% of total revenue [7][12] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 10.779 billion yuan, with a year-on-year growth rate of 20.1% [6][18] - The net profit attributable to shareholders is forecasted to reach 1.026 billion yuan in 2025, reflecting a significant increase of 47.5% year-on-year [6][18] - The earnings per share (EPS) for 2025 is projected to be 1.76 yuan, with a price-to-earnings (PE) ratio of 24 [6][18] Business Performance - The medical business's revenue for H1 2025 was 2.52 billion yuan, with a gross margin of 37.4% [7][12] - The consumer goods segment's revenue for H1 2025 was 2.75 billion yuan, with a gross margin of 58.6% [7][12] - The company has maintained a strong cash position, with cash and cash equivalents amounting to approximately 1.5 billion yuan [7][12]

Financial Performance - The company reported a total revenue of 5.296 billion yuan for the first half of 2025, representing a year-on-year increase of 31.31% [1] - The net profit attributable to shareholders reached 492 million yuan, up 28.07% year-on-year [1] - In Q2 2025, total revenue was 2.691 billion yuan, with a year-on-year growth of 26.66%, and net profit was 243 million yuan, increasing by 20.68% [1] Key Financial Ratios - Gross margin stood at 48.33%, a decrease of 0.79% compared to the previous year [1] - Net margin was 9.78%, down 2.85% year-on-year [1] - The ratio of selling, general, and administrative expenses to revenue was 31.72%, a decrease of 3.65% year-on-year [1] Accounts Receivable and Cash Flow - Accounts receivable amounted to 1.205 billion yuan, accounting for 173.23% of the net profit, indicating a significant receivables issue [2] - Operating cash flow per share increased by 77.62% to 0.58 yuan [1] Investment and Debt - The company’s interest-bearing debt rose to 2.084 billion yuan, an increase of 34.92% [1] - Cash and cash equivalents decreased by 60.88% to 1.532 billion yuan [1] Market Position and Growth Strategy - The company is focusing on high-potential product categories such as high-end dressings and surgical kits, aiming to establish a leading position in niche markets [7] - The domestic hospital business is expected to grow significantly, with strategies to enhance market share through competitive pricing and product promotion [8] Fund Management and Investor Interest - The company is held by a prominent fund manager, who has recently increased their stake, indicating strong investor confidence [2] - The largest fund holding the company is the "交银内需增长一年持有混合" fund, which has shown a significant increase in value over the past year [3]

Core Insights - The stock price of the company, Steady Medical, was reported at 42.09 yuan as of August 22, 2025, with a slight decrease of 0.14% from the previous trading day [1] - The company operates in two main business segments: medical consumables and consumer products, with brands including "Steady Medical" and "All Cotton Era" [1] - For the first half of 2025, the company reported total revenue of 52.96 billion yuan, representing a year-on-year growth of 31.31%, and a net profit attributable to shareholders of 4.92 billion yuan, up 28.07% [1] Financial Performance - Revenue from the medical consumables segment reached 25.2 billion yuan, while the consumer products segment generated 27.5 billion yuan in revenue [1] - The sanitary napkin category showed remarkable performance, with revenue increasing by 67.6% to 5.32 billion yuan [1] - The company plans to distribute a cash dividend of 4.5 yuan per 10 shares to all shareholders, totaling 2.62 billion yuan [1] Market Activity - On August 22, 2025, the net outflow of main funds was 35.93 million yuan, with a cumulative net outflow of 37.78 million yuan over the past five days [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][6]. Core Insights - The company reported a strong performance in H1 2025, achieving revenue of 5.3 billion yuan, a year-on-year increase of 31.3%, and a net profit attributable to shareholders of 490 million yuan, up 28.1% year-on-year [5][6]. - The medical segment showed robust growth, with revenue of 2.52 billion yuan in H1, a year-on-year increase of 46.4%. Excluding the newly acquired GRI, the medical segment's revenue was 1.95 billion yuan, up 13.2% year-on-year [5][6]. - The consumer goods segment also performed well, with revenue of 2.75 billion yuan in H1, a year-on-year increase of 20.3%. The core product categories, such as sanitary napkins, saw significant growth, with revenue increasing by 67.6% [5][6]. Financial Performance Summary - H1 2025 revenue breakdown: - Medical segment: 2.52 billion yuan, up 46.4% year-on-year - Consumer goods segment: 2.75 billion yuan, up 20.3% year-on-year - H1 2025 net profit: 490 million yuan, up 28.1% year-on-year - H1 2025 gross margin: 48.3%, down 0.4 percentage points year-on-year [5][6]. Earnings Forecast and Investment Recommendations - The company plans to distribute a mid-term dividend of 260 million yuan, with a payout ratio of 53% [5][6]. - Forecasted net profits for 2025-2027 are 1 billion yuan, 1.21 billion yuan, and 1.45 billion yuan, with growth rates of 43.8%, 21.0%, and 19.7% respectively [5][6].

Core Insights - The company reported a significant increase in revenue and profit for the first half of 2025, with total revenue reaching 5.296 billion yuan, a year-on-year growth of 31.31%, and a net profit attributable to shareholders of 492 million yuan, up 28.07% [2] - The medical segment showed strong performance, with revenue of 2.52 billion yuan, a 46.4% increase, and notable growth in high-end dressings and surgical consumables [2][3] - The consumer goods segment also experienced steady growth, with the brand "全棉时代" generating 2.75 billion yuan in revenue, a 20.3% increase, driven by strong online sales [3] Financial Performance - The company achieved a gross margin of 58.6% in the consumer goods segment, an increase of 1.7 percentage points, and an operating profit margin of 14%, up 1.2 percentage points [3] - The medical segment's operating profit margin improved to 8.6%, reflecting enhancements in product structure and operational efficiency [3] Shareholder Returns - The company has committed to shareholder returns, announcing a cash dividend of 4.5 yuan per 10 shares, totaling 262 million yuan, and cumulative cash dividends of 2.88 billion yuan since its listing [4] - The total amount returned to shareholders, including share buybacks, reached 3.57 billion yuan, exceeding the net proceeds from its initial public offering [4] Strategic Direction - The company plans to focus on product leadership and operational excellence, particularly in the medical segment, emphasizing surgical consumables and high-end dressings [5] - In the consumer goods segment, the brand "全棉时代" aims to enhance its market presence through a strategy centered on quality and comprehensive channel management [5]

国金证券8月22日发布研报称，给予稳健医疗（300888.SZ）买入评级。评级理由主要包括：1）消费品 板块品牌力持续提升，推动收入稳健增长；2）医疗板块内生外延并举，增长动能强劲；3）盈利水平稳 中有升，费用管控效果显现；4）双轮驱动战略持续推进。风险提示：市占率提升不及预期、多品类增 长不及预期、限售股解禁风险。 （文章来源：每日经济新闻） ...

Core Insights - The company reported a significant increase in revenue and profit for the first half of 2025, with total revenue reaching 5.3 billion yuan, a year-on-year growth of 31.3%, and net profit attributable to shareholders at 490 million yuan, up 28.1% [1] - The medical and consumer segments both contributed to this growth, with revenues of 2.52 billion yuan and 2.75 billion yuan respectively, marking increases of 46.4% and 20.3% [1] Group 1: Consumer Segment Performance - The consumer brand, 全棉时代, achieved revenue of 2.75 billion yuan in the first half of 2025, reflecting a growth of 20.3% [2] - Key products such as the core dry and wet cotton soft towels saw sales increase to 810 million yuan, a growth of 19.5%, while sanitary napkins experienced a remarkable revenue increase of 67.6%, reaching 530 million yuan [2] - The brand's membership base grew to nearly 67 million, a 7.7% increase from the previous year, indicating strong customer loyalty and engagement [3] Group 2: Medical Segment Performance - The medical segment reported revenue of 2.52 billion yuan, a substantial increase of 46.4%, with organic growth excluding acquisitions contributing to a 13.2% rise [4] - Key innovations in the medical field included a 193.5% increase in revenue from surgical consumables, reaching 740 million yuan, and a 25.7% increase in high-end dressings, totaling 480 million yuan [4] - The company holds 1,109 R&D patents and 701 medical product registration certificates, establishing a strong foundation for future growth in both domestic and international markets [4] Group 3: Brand and Financial Strategy - The company announced a cash dividend distribution plan of 260 million yuan, representing 53.26% of net profit, reflecting a commitment to shareholder returns [5] - The brand aims to enhance its image and market position through various promotional activities and product innovations, reinforcing its commitment to quality and consumer health [5] - The company is focused on a long-term vision of sustainable growth, emphasizing the importance of brand elevation and maintaining industry leadership through continuous investment in R&D and quality control [5]

Group 1 - The core viewpoint of the news is that Steady Medical (300888.SZ) has reported its semi-annual results for 2025, highlighting significant institutional ownership and changes in fund holdings [1] - As of August 21, 2025, 39 institutional investors hold a total of 456 million shares of Steady Medical, representing 78.28% of the company's total equity [1] - The top ten institutional investors collectively own 75.93% of the shares, with a slight decrease of 0.51 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 12 funds increased their holdings, with a total increase of 0.24%, while 8 funds decreased their holdings, accounting for a 0.13% decrease [2] - New public funds disclosed during this period total 12, while 37 funds were not disclosed compared to the previous quarter [2] - In the insurance capital sector, one insurance company reduced its holdings slightly, while one pension fund was not disclosed compared to the previous quarter [2] Group 3 - Foreign investment sentiment shows that one foreign fund, Hong Kong Central Clearing Limited, reduced its holdings slightly [3]

公司最新毛利率为48.33%，较上季度毛利率减少0.12个百分点，较去年同期毛利率减少0.38个百分点。最新ROE为4.27%。 公司摊薄每股收益为0.84元。 公司最新总资产周转率为0.29次。最新存货周转率为1.40次，较去年同期存货周转率减少0.03次，同比较去年同期下降2.16%。 2025年8月22日，稳健医疗(300888.SZ)发布2025年中报。 公司营业总收入为52.96亿元。归母净利润为4.92亿元。经营活动现金净流入为3.40亿元。 公司最新资产负债率为31.87%，较上季度资产负债率增加0.15个百分点，较去年同期资产负债率增加4.48个百分点。 | 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 | | --- | 公司股东户数为2.79万户，前十大股东持股数量为4.42亿股，占总股本比例为75.83%，前十大股东持股情况如下： ...

（文章来源：证券日报） 证券日报网讯 8月21日晚间，稳健医疗发布公告称，公司第四届董事会第七次会议审议通过了《关于公 司〈2025年半年度报告及摘要〉的议案》等多项议案。 ...