长江商报消息 ●长江商报记者 徐佳 内生与外延并重，稳健医疗（300888.SZ）盈利能力持续回温。 半年报显示，2025年上半年，稳健医疗实现营业收入52.96亿元，同比增长31.31%；归属于上市公司股东的净利润 （净利润，下同）4.92亿元，同比增长28.07%；扣除非经常性损益的净利润（扣非净利润，下同）4.61亿元，同 比增长40.9%。 长江商报记者注意到，近两年来，稳健医疗多措并举推动业绩回升。除了收购境外资产之外，公司还加大力度控 制费用，提升运营效率。2025年上半年，稳健医疗的期间费用合计为18.74亿元，同比增长约27.4%；期间费用率 为35.39%，同比减少约1.08个百分点。 半年报显示，2025年上半年，稳健医疗的医疗及消费板块协同发展。其中，医疗板块整体实现营业收入25.2亿 元，同比增长46.4%；消费板块的全棉时代实现营业收入27.5亿元，同比增长20.3%。报告期内，公司医疗、消费 品板块的营业利润率分别达到8.6%、14%，同比提升0.9、1.2个百分点。 值得关注的是，半年报中，稳健医疗再次计划分红2.62亿元（含税，下同），占当期净利润的比例为53.26%。包 括本 ...

Summary of the Conference Call for稳健医疗 (2025) Company Overview - **Company**: 稳健医疗 - **Industry**: Medical and Consumer Products Key Financial Performance - **Revenue**: In the first half of 2025, the company achieved revenue of 53 billion, a year-on-year increase of 31% [3] - **Net Profit**: Net profit reached 4.9 billion, up 28% year-on-year [3] - **Medical Segment Revenue**: 25 billion, a 46% increase year-on-year, with a 13.2% increase after excluding Gri's impact [3] - **Consumer Segment Revenue**: 27.5 billion, a 20% increase year-on-year [3] Strategic Initiatives - **Core Strategies**: The company focuses on product leadership, operational excellence, brand elevation, and a global perspective [2] - **Product Development**: Continuous investment in R&D, with 22 patents and 53 medical product registrations obtained in the first half of 2025 [7] - **Market Expansion**: Plans to enhance brand reputation through international exhibitions and new product launches [11][12] Challenges and Responses - **Challenges**: Faced dual challenges from the 315 incident and tariff wars [4] - **Response Strategies**: - Optimizing product structure to increase the proportion of high-end medical supplies [4] - Focusing on the growing demand for medical services due to China's aging population [18] - Enhancing online sales channels and improving inventory turnover [4] Financial Metrics - **Sales Expense Ratio**: Decreased due to the lower sales expense ratio of Gri's ToB business [6] - **Management Expense Ratio**: Increased due to higher management costs from Gri, but remained stable when excluding Gri's impact [6] - **Gross Margin**: Overall gross margin improved to 58.6% [2] Consumer Segment Insights - **All-Cotton Era Performance**: Achieved significant growth in the consumer segment, with key products like奈斯公主卫生巾 growing by 68% [9] - **Online Sales Growth**: Online sales increased by 23.6%, with Douyin platform sales doubling [2] - **Future Product Strategy**: Plans to introduce new products and enhance existing ones to meet consumer demand for natural and soft cotton products [22] Taxation and Financial Management - **Corporate Tax Rate**: Increased due to a higher proportion of high-margin business and changes in tax policies [26][28] - **Tax Strategy**: Improved financial management to enhance deduction ratios and mitigate tax burdens [26] Future Outlook - **Growth Confidence**: Despite external challenges, the company remains confident in its growth trajectory, supported by a clear strategic path and strong market potential [9] - **Long-term Goals**: Focus on enhancing operational efficiency, brand influence, and global supply chain management to sustain growth [19][13] Additional Insights - **Market Trends**: Noted a shift in consumer preference towards 100% cotton products, indicating a growing market for natural materials [21][22] - **Store Operations**: Plans to optimize store operations by focusing on high-quality locations and enhancing customer experience [27][15] This summary encapsulates the key points from the conference call, highlighting the company's performance, strategies, challenges, and future outlook in the medical and consumer products industry.

上 市 公 司 美容护理 2025 年 08 月 24 日 稳健医疗 (300888) —— 消费品核心品类引领增长，医疗业务二季度提速 报告原因：有业绩公布需要点评 买入（维持） 本研究报告仅通过邮件提供给 中庚基金 使用。1 投资要点： | 市场数据： | 2025 年 08 月 22 日 | | --- | --- | | 收盘价（元） | 42.09 | | 一年内最高/最低（元） | 54.80/23.31 | | 市净率 | 2.1 | | 股息率%（分红/股价） | 1.54 | | 流通 A 股市值（百万元） | 7,391 | | 上证指数/深证成指 | 3,825.76/12,166.06 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 19.79 | | 资产负债率% | 31.87 | | 总股本/流通 A 股（百万） | 582/176 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-22 09-22 10-22 11-22 ...

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]

2025年8月22日，稳健医疗(300888.SZ)发布2025年半年度报告。截至2025年8月21日，共有39个机构投 资者披露持有稳健医疗A股股份，合计持股量达4.56亿股，占稳健医疗总股本的78.28%。其中，前十大 机构投资者包括稳健集团有限公司、中国银行股份有限公司-华宝中证医疗交易型开放式指数证券投资 基金、中国工商银行股份有限公司-易方达创业板交易型开放式指数证券投资基金、香港中央结算有限 公司、厦门乐源投资合伙企业(有限合伙)、中国农业银行股份有限公司-中证500交易型开放式指数证券 投资基金、国寿安保基金-中国人寿保险股份有限公司-分红险-国寿安保基金国寿股份均衡股票型组合单 一资产管理计划(可供出售)、国寿安保基金-中国人寿保险股份有限公司-分红险-国寿安保基金国寿股份 均衡股票型组合单一资产管理计划(可供出售)、中国人寿保险股份有限公司-传统-普通保险产品-005L- CT001沪、中国农业银行股份有限公司-交银施罗德内需增长一年持有期混合型证券投资基金，前十大 机构投资者合计持股比例达75.93%。相较于上一季度，前十大机构持股比例合计下跌了0.51个百分点。 外资态度来看，本期较上一 ...