随着"出海"业务的升温，不少A股龙头公司都踏上了境外资本化征程。 作为兼具医疗和消费属性的医疗器械企业，稳健医疗（300888.SZ）的境外证券化计划亦备受关注。 根据稳健医疗管理层规划，2025年全棉时代年度规划新增门店数为50家，较此前的规划减少了一半。 对此，全棉时代高级副总裁廖美珍向信风表示，一方面是因为新开的商业地产项目有所减少，因此整体 下调了新增门店数；另一方面是因为目前新开门店的规模较大，不再新设面积在100-200平米的门店， 主要考虑300平米以上的门店。 9月17日，稳健医疗在武汉举办上市五周年活动，董事长李建全就该话题对信风作出了回应：海外上市 仍不是目前考虑的重点。 "我觉得目前海外上市不是我们考虑的重点。总的来讲，不管今天我们国内面临着多么大的困难，中国 还是一个非常每年保持增长的国家，消费人群也在不断增加，所以发展空间还是非常大。"李建全指 出。 李建全进一步表示："我们产品、品牌是要走出去，但是不是一定要在海外上市？我觉得起码目前不是 我个人在考虑的问题。如果我们团队还要讨论，那也没问题。我个人是觉得还没到时候。" 事实上，稳健医疗曾于2005年至2012年在美股上市，直至20 ...

Group 1 - The first global flagship store of Cotton Era, a subsidiary of Weijian Medical, has opened in Wuhan, Hubei Province, as part of the "big store strategy" aimed at enhancing brand image and sales through optimized service and digital management [1] - The flagship store features a unique spatial design and immersive experience to deepen consumer brand recognition and expand brand influence, according to Lin Xianping, Executive Deputy Secretary-General of the Chinese Urban Expert Think Tank Committee [1] - As of June 2025, Cotton Era plans to have 484 stores nationwide, with the flagship store marking a significant step in the company's brand development strategy [1] Group 2 - Miniso is also accelerating its "big store strategy," with its first city park store in South China opening in August, attracting over 10,000 visitors on the opening day [1] - Miniso's Chief Marketing Officer Liu Xiaobin stated that the total number of city park stores is expected to reach 25 to 30 by the end of the year, with simultaneous overseas expansion [1] - Pop Mart's flagship store upgrade is progressing well, with its first city flagship store in Anhui opening in July, becoming a new landmark in the trendy toy sector [1] Group 3 - International brands like Apple and Nike have long adopted the strategy of opening flagship stores in core urban areas and cultural tourism spots, which helps in brand building and consumer recognition [2] - The essence of the "big store strategy" is to shift from merely selling products to providing immersive experiences and lifestyle solutions, thereby seizing competitive advantages in the market [2] - This strategy requires companies to possess stronger product and operational capabilities, potentially marking a new starting point for the high-end positioning of Chinese brands [2]

Core Viewpoint - The event celebrated the fifth anniversary of the company, highlighting its achievements and future growth plans under the theme "Brand Upward, Steady Growth" [1] Group 1: Company Achievements - The company has achieved a compound annual growth rate of approximately 15% in revenue over the past five years, with projected revenue reaching 9 billion yuan in 2024 [2] - The company has maintained resilience through various economic cycles, with its medical and consumer goods sectors showing strong growth [2] - Cumulatively, the company has distributed 2.88 billion yuan in cash dividends and repurchased shares worth 690 million yuan, representing 100.3% of the net funds raised during its IPO [3] Group 2: ESG Strategy - The company released its ESG strategy, emphasizing its commitment to sustainable development and social responsibility [5] - The company has set carbon peak and carbon neutrality goals, focusing on green product development and responsible supply chains [5] - The company has received an A rating in the Wind ESG assessment for 2025, reflecting its governance and environmental efforts [5] Group 3: Future Outlook - The company aims to continue innovation and global expansion, leveraging research and development to enhance its product offerings [8] - The company plans to strengthen its position in high-growth areas such as advanced wound management and green operating rooms [7] - The company envisions becoming a global leader in high-quality products, contributing to the global healthcare sector [8]

Core Insights - The company celebrated its five-year anniversary since going public, highlighting its growth and commitment to long-term value creation for shareholders and society [2][3] Financial Performance - The company achieved a compound annual growth rate (CAGR) of approximately 15% in revenue over the past five years, with projected revenue reaching 9 billion yuan in 2024 [2] - Cumulative cash dividends amounted to 2.88 billion yuan by mid-2025, with share buybacks totaling 690 million yuan, representing 100.3% of the net proceeds from the initial public offering [3] Business Strategy - The company has maintained a dual strategy focusing on both medical and consumer products, with core products like cotton soft towels and sanitary napkins driving growth in the consumer segment [2] - The company emphasizes a commitment to "investor-centric" principles, actively returning value to the capital market through cash dividends and share buybacks [3] ESG Initiatives - The company launched its ESG strategy, integrating sustainable development into its operations and governance, and has achieved an A-level ESG rating for 2025 [4] - The company aims to address climate change by setting carbon peak and neutrality goals, promoting green products, and enhancing the sustainability of the cotton industry [4] Product Quality and Innovation - The company showcased its commitment to product quality during factory tours, emphasizing strict quality control and safety measures in its production processes [5] - Future plans include focusing on high-growth areas such as advanced wound management and medical-grade personal care products, leveraging technological innovation to meet market demands [6] Future Outlook - The company aims to position itself as a global leader in high-quality products, with a vision to enhance its brand recognition and market presence over the next 35 years [6]

Market Overview - The personal care products sector experienced a significant increase of 28.19% on September 17, with Beijia leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Stock Performance - Beijia (603059) closed at 32.96, with a rise of 2.33% and a trading volume of 52,600 shares, resulting in a transaction value of 173 million yuan [1] - Baiya Co. (003006) closed at 29.20, up 1.81%, with a trading volume of 30,300 shares and a transaction value of 88.45 million yuan [1] - Dengkang Oral (001328) closed at 40.62, increasing by 1.32%, with a trading volume of 23,600 shares and a transaction value of 96.33 million yuan [1] - Zhongshun Jierou (002511) closed at 8.48, up 0.71%, with a trading volume of 136,300 shares and a transaction value of 115 million yuan [1] - Stable Medical (300888) closed at 39.74, with a slight increase of 0.23%, trading 78,700 shares for a total value of 316 million yuan [1] Capital Flow - The personal care products sector saw a net outflow of 8.42 million yuan from institutional investors and 13.61 million yuan from speculative funds, while retail investors contributed a net inflow of 22.03 million yuan [2] - The capital flow data indicates that the sector is experiencing mixed investor sentiment, with institutional and speculative funds withdrawing while retail investors are increasing their positions [2][3] Individual Stock Capital Flow - For Yanjing Co. (300658), there was a net inflow of 27.24 million yuan from institutional investors, while speculative funds saw a net outflow of 14.17 million yuan [3] - Beijia (603059) had a net inflow of 4.35 million yuan from institutional investors, with speculative funds contributing a net inflow of 10.65 million yuan [3] - Dengkang Oral (001328) experienced a net inflow of 1.30 million yuan from institutional investors, while retail investors contributed a net inflow of 2.24 million yuan [3]

Investment Rating - The report maintains a "Buy" rating for several companies in the service consumption sector, including Gu Ming, Mi Xue, Cha Bai Dao, Xiao Cai Yuan, Da Shi, and others [7][8]. Core Insights - The recent policy measures aimed at expanding service consumption are expected to boost the service sector, particularly in areas such as cultural tourism, IP consumption, and elderly care [1][2]. - The report highlights the potential for significant growth in China's service consumption, with the current contribution of service industry value added to GDP at 57%, compared to around 70% in developed countries, indicating room for expansion [1][2]. - The report emphasizes the importance of high-quality service supply and the integration of new technologies and business models to enhance the service sector [1][4]. Summary by Sections Policy Measures - The report outlines five key areas with 19 specific measures to promote service consumption, including the cultivation of service consumption platforms and the enhancement of high-quality service supply [3][4]. - Specific initiatives include optimizing cultural product offerings, extending operating hours for tourist attractions, and promoting long-term care insurance [3]. Market Performance - As of August 2025, retail and catering revenue reached 449.6 billion yuan, showing a year-on-year growth of 2.1%, indicating a recovery from previous lows [4]. - Domestic travel during the first half of 2025 saw 3.285 billion trips, a 20.6% increase year-on-year, with spending reaching 3.15 trillion yuan, up 15.2% [4]. Company Recommendations - The report suggests focusing on leading companies with growth potential and strong market positions, such as Gu Ming, Mi Xue, and others, which are expected to benefit from policy support and industry consolidation [5][8]. - Specific companies highlighted for their growth potential include Gu Ming (1364 HK), Mi Xue Group (2097 HK), and others, with target prices set for each [8][12]. Financial Performance - Gu Ming reported a 34.4% year-on-year increase in GMV to 14.1 billion yuan in the first half of 2025, with a net profit of 1.625 billion yuan, reflecting a 121.5% increase [13]. - Mi Xue Group's revenue for the first half of 2025 was 14.87 billion yuan, a 39.3% increase year-on-year, with a net profit of 2.69 billion yuan, up 42.9% [15]. Growth Outlook - The report anticipates that as the new measures are implemented, the service sector will experience a surge in high-quality supply and innovative business models, driving domestic demand growth [4][5].

| 股东名称 | 所持限售股份总 | 本次解除限售股 | 本次实际可上市 | 备注 | | --- | --- | --- | --- | --- | | | 数(股) | 份数量(股) | 流通数量(股) | | | 稳健集团有限公司 | 406,614,387 | 406,614,387 | 406,614,387 | 汗 | 中国经济网北京9月17日讯 稳健医疗（300888.SZ）12日发布关于首次公开发行前已发行股份上市 流通提示性公告。截至公告日，公司总股本582,329,808股，其中有限售条件股份数量为407,246,427 股，占公司总股本比例为69.93%；无限售条件股份数量为175,083,381股，占公司总股本比例为 30.07%。本次上市流通的限售股为公司首次公开发行前股份406,614,387股，占公司总股本比例 69.8254%。本次限售股份上市流通日期为2025年9月17日（星期三）。 稳健医疗募集资金总额为37.15亿元，扣除发行费用后，募集资金净额为35.59亿元。稳健医疗最 终募集资金净额较原计划多21.33亿元。稳健医疗2020年9月11日发布的招股说明书显示，公司计划 ...

Group 1 - The State Council will hold two press conferences on September 17, focusing on policies to expand service consumption and the high-quality development of central enterprises during the 14th Five-Year Plan [2] - The 12th Beijing Xiangshan Forum will take place from September 17 to 19, featuring representatives from developed countries, emerging powers, and conflict-affected regions, with increased participation from former military and political leaders and renowned experts [2] - A total of 9 companies will have their restricted shares unlocked today, with a combined unlock volume of 537 million shares, amounting to a market value of 17.886 billion yuan [2] Group 2 - Among the companies with unlocked shares, three have over 10 million shares released: Shenguan Medical (407 million shares), Geling Deep Vision (70.296 million shares), and Blue Focus (52.696 million shares) [3] - In terms of market value, Shenguan Medical leads with 16.122 billion yuan, followed by Geling Deep Vision with 1.237 billion yuan and Blue Focus with 370 million yuan [3] - On September 17, 16 companies reported progress on stock repurchase plans, with three companies disclosing new repurchase proposals and eight companies having their plans approved by shareholders [3] Group 3 - The People's Bank of China will have 304 billion yuan of 7-day reverse repos maturing today, with an operation rate of 1.40% [4] - Upcoming data releases include the U.S. EIA crude oil inventory and the U.K. August CPI month-on-month rate [4]

Summary of Key Points Core Viewpoint - On September 17, a total of 9 companies had their restricted shares unlocked, with a total unlock volume of 537 million shares, amounting to a market value of 17.886 billion yuan based on the latest closing prices [1] Group 1: Unlock Volume - Three companies had unlock volumes exceeding 10 million shares: Shenguan Medical (40.7 million shares), Geling Deep Vision (7.02968 million shares), and BlueFocus Communication Group (5.2696 million shares) [1] Group 2: Unlock Market Value - Three companies had unlock market values exceeding 100 million yuan: Shenguan Medical (16.122 billion yuan), Geling Deep Vision (1.237 billion yuan), and BlueFocus Communication Group (370 million yuan) [1] Group 3: Unlock Ratio - Two companies had unlock ratios exceeding 10% of their total share capital: Shenguan Medical (69.83%) and Geling Deep Vision (27.14%), while BlueFocus Communication Group had an unlock ratio of 1.47% [1]

在上市五周年的重要节点，稳健医疗（300888.SZ）宣布全面升级ESG（环境、社会和公司治理）战 略，明确以"呵护健康、关爱生命、保护环境，让世界更美好"为愿景，围绕"守护地球、产品领先、员 工成长、共促社区、稳健治理"五大支柱，系统构建起可持续发展的战略架构与管理体系。公司通过推 动绿色制造、可持续产品、人才成长、社会公益与合规治理，将ESG理念深度融入经营全流程，在价值 创造与社会责任之间探索良性循环。 其中，"守护地球"聚焦气候变化与碳目标管理，推动绿色制造、能源与水资源管理及循环经济探 索；"产品领先"强调以可持续与高质量并重的产品为核心竞争力，通过研发创新加快绿色包装与环保原 材料的应用；"员工成长"突出以人为本，完善人力资本发展和职业健康安全体系，推动多元平等与员工 福祉建设；"共促社区"秉持社会价值优先原则，持续拓展公益实践，提升医疗可及性；"稳健治理"则通 过健全治理架构，强化商业道德、合规管理与信息安全，推动责任经营常态化。五大支柱相互支撑，为 公司高质量发展注入持久动能。 稳健治理 夯实可持续发展的制度根基 治理是ESG体系的首要维度，也是资本市场评估企业稳健性的基石。稳健医疗近年来不断 ...