特此公告。 稳健医疗用品股份有限公司董事会 二〇二五年五月八日 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。 为使投资者进一步了解公司的财务状况、经营情况及发展规划，稳健医疗 用品股份有限公司（以下简称"公司"）将于 2025 年 5 月 13 日（星期二） 15:30-16:30 在全景网举行 2024 年度暨 2025 年第一季度网上业绩说明会，本次 说明会将采用网络远程方式举行，投资者可登陆全景网"投资者关系互动平台" （http://ir.p5w.net）参与本次业绩说明会。 出席本次业绩说明会的人员有：董事长兼总经理李建全先生，董事、副总 经理兼首席财务官方修元先生，独立董事王志芳女士，副总经理兼董事会秘书 陈惠选女士。为充分尊重投资者，提升交流的针对性，现就公司 2024 年度暨 2025 年第一季度网上业绩说明会提前向投资者公开征集问题，广泛听取投资者 的意见和建议。投资者可于 2025 年 5 月 12 日（星期一）15:30 前访问 http://ir.p5w.net/zj/ 或扫描下方二维码，进入问题征集专题页面进行提问。公司 将在本次业 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 8.978 billion yuan for 2024, representing a year-on-year increase of 9.69%, and a net profit attributable to shareholders of 695 million yuan, up 19.81% year-on-year [2] - The first quarter of 2025 saw a revenue of 2.605 billion yuan, a significant increase of 36.47% year-on-year, with the medical segment growing by 46.3% and the consumer goods segment by 28.8% [2] - The company is expected to maintain a positive development trend, driven by strong sales growth from its key products and effective brand activities [2][3] Revenue Summary - In 2024, the medical business generated revenues of 7.81 billion yuan, 8.26 billion yuan, and 4.03 billion yuan from high-end dressings, operating room consumables, and health personal care, respectively, with year-on-year growth rates of 31.21%, 48.83%, and 34.98% [3] - The consumer goods segment achieved revenues of 15.57 billion yuan, 7.00 billion yuan, 9.65 billion yuan, and 9.63 billion yuan from various products, with year-on-year growth rates of 31.19%, 18.03%, 15.39%, and 13.21% respectively [3] Channel Performance - In 2024, the consumer goods segment's revenue from online, offline stores, and supermarkets was 3.07 billion yuan, 1.487 billion yuan, and 320 million yuan, with year-on-year growth rates of 18.87%, 9.24%, and 33.4% respectively [4] - The company has nearly 61 million members, reflecting a 15.8% increase from the previous year, indicating strong brand penetration [4] Profitability Analysis - The company's gross margin and net margin for 2024 were 47.32% and 8.25%, respectively, with a slight decrease in gross margin due to cotton price fluctuations [5] - For the first quarter of 2025, the gross margin and net margin improved to 48.46% and 10.05%, respectively, driven by contributions from newly acquired companies [5] Investment Recommendations - The company is expected to continue its core strategy of "product leadership and operational excellence," focusing on both medical and consumer segments [7] - Revenue projections for 2025-2027 are adjusted to 112.50 billion yuan, 129.65 billion yuan, and 149.97 billion yuan, with corresponding EPS estimates of 1.72 yuan, 2.09 yuan, and 2.53 yuan [7]

Core Viewpoint - The company reported a steady growth in revenue and net profit for 2024, with a significant increase in Q1 2025, indicating a positive trend in financial performance [3][4]. Financial Performance - In 2024, the company achieved a revenue of 8.98 billion yuan, a year-on-year increase of 9.7%, and a net profit attributable to shareholders of 700 million yuan, up 19.8% [3]. - For Q1 2025, the company reported a revenue of 2.61 billion yuan, representing a year-on-year growth of 36.5%, and a net profit of 250 million yuan, also up 36.3% [3]. Medical Consumables Segment - In 2024, the revenue from medical consumables accounted for 43.5% of total revenue, with a slight increase of 1.1% year-on-year. However, excluding the contribution from the acquired GRI, the revenue declined by 6.4% [4]. - The gross margin for medical consumables decreased by 3.9 percentage points to 36.5% in 2024, with a notable decline in the gross margin of infection protection products [4]. - In Q1 2025, the revenue from medical consumables surged by 46.3%, with a 10.5% growth when excluding GRI's impact [4]. Health and Lifestyle Products Segment - The health and lifestyle products segment accounted for 55.6% of total revenue in 2024, with a year-on-year growth of 17.1% and a slight decrease in gross margin by 1.0 percentage points [6]. - For Q1 2025, this segment's revenue grew by 28.8% year-on-year [6]. - Online and offline sales channels contributed to the revenue, with online sales growing by 18.9% and offline sales by 9.3% in 2024 [6][7]. Product Performance - In 2024, the revenue from infection protection products dropped significantly by 61.2%, while other product categories such as high-end wound dressings and surgical consumables showed strong growth [5]. - In Q1 2025, surgical consumables and high-end wound dressings experienced substantial growth rates of 196.8% and 21.1%, respectively [5].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported strong performance in Q1, with significant contributions from both the medical and consumer goods sectors [1][13] - The revenue for 2024 reached 8.98 billion yuan, a year-on-year increase of 9.7%, while the net profit attributable to shareholders was 700 million yuan, up 19.8% [5][6] - The company has adjusted its profit forecasts for 2025 and 2026, increasing the net profit estimates by 17% and 18% respectively [13] Financial Performance - In Q1 2025, the company achieved a revenue of 2.61 billion yuan, representing a year-on-year growth of 36.5%, and a net profit of 250 million yuan, up 36.3% [6] - The medical consumables segment saw a revenue increase of 1.1% in 2024, while the consumer goods segment grew by 17.1% [7][9] - The gross profit margin for 2024 decreased by 1.7 percentage points to 47.3%, with a notable decline in the medical consumables segment [11][19] Revenue Breakdown - The medical consumables accounted for 43.5% of total revenue in 2024, with a significant contribution from the acquisition of GRI [7] - The consumer goods segment, which includes health and personal care products, represented 55.6% of total revenue in 2024, with strong growth in online and offline sales channels [9][10] Future Projections - The company forecasts revenues of 11.17 billion yuan in 2025, with a growth rate of 24.4%, and a net profit of 1.02 billion yuan, reflecting a growth rate of 46.6% [14] - The projected EPS for 2025 is 1.75 yuan, with a P/E ratio of 30 [14][20] Market Position - The company is expanding its market presence through both organic growth and acquisitions, with a focus on enhancing its overseas capabilities [13] - The consumer goods segment is leveraging a product strategy centered around popular items, contributing to robust sales growth [13]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported strong performance in Q1, with significant contributions from both the medical and consumer goods sectors [1][13] - The revenue for 2024 reached 8.98 billion yuan, a year-on-year increase of 9.7%, while the net profit attributable to shareholders was 700 million yuan, up 19.8% [5][6] - The company has adjusted its profit forecasts for 2025 and 2026, increasing the net profit estimates by 17% and 18% respectively [13] Financial Performance - In Q1 2025, the company achieved a revenue of 2.61 billion yuan, representing a year-on-year growth of 36.5%, and a net profit of 250 million yuan, up 36.3% [6] - The medical consumables segment saw a revenue increase of 1.1% in 2024, while the consumer goods segment grew by 17.1% [7][9] - The gross profit margin for 2024 decreased by 1.7 percentage points to 47.3%, with a notable decline in the medical consumables segment [11][19] Revenue Breakdown - The medical consumables accounted for 43.5% of total revenue in 2024, with a significant contribution from the acquisition of GRI [7] - The consumer goods segment represented 55.6% of total revenue in 2024, with strong growth in online and offline sales channels [9][10] Future Projections - The company forecasts revenues of 11.17 billion yuan in 2025, with a growth rate of 24.4%, and a net profit of 1.02 billion yuan, reflecting a growth rate of 46.6% [14] - The projected EPS for 2025 is 1.75 yuan, with a P/E ratio of 30 [14][19]

Investment Rating - The industry maintains a rating of "Add" [6] Core Viewpoints - The textile and apparel industry is expected to recover in 2024, with a focus on quality brands in 2025. The apparel brands are projected to face profit pressure in 2024, with a slight improvement anticipated in Q1 2025 [1][4] - The textile manufacturing sector shows stable growth, with a significant profit increase driven by improved capacity utilization. The impact of recent tariff changes may accelerate industry optimization in the medium to long term [2][4] - The gold and jewelry sector exhibits performance divergence, with brands that focus on store expansion and product differentiation outperforming the industry average [3][4] Summary by Sections 1. Apparel Brands - In 2024, the revenue of key apparel companies (A-shares only) is expected to decline by 2.2%, with a net profit drop of 24.1%. The decline in profit is more significant than revenue due to negative operating leverage and increased expense ratios [1][21] - The gross margin for key apparel companies is projected to increase by 0.4 percentage points to 56.8% in 2024, with a further increase of 1.1 percentage points to 57.4% in Q1 2025 [1][33] - Cash flow for most brands in 2024 is expected to align with performance, maintaining a high dividend payout ratio [1][49] 2. Textile Manufacturing - The textile manufacturing sector is projected to see a revenue increase of 6.4% and a net profit growth of 26.9% in 2024, with leading companies like Shenzhou International and Huayi Group showing revenue growth rates of 15% and 19% respectively [2][4] - The revenue growth for key textile manufacturing companies is expected to slow down in Q4 2024 and Q1 2025 due to high base effects, but overall performance remains stable [2][4] - The sector is expected to benefit from a more integrated and internationalized supply chain, particularly for leading companies [2][4] 3. Gold and Jewelry - The gold and jewelry sector is expected to see a revenue decline of 1.7% in 2024, with a net profit increase of 3.6%. Companies with strong product differentiation and store expansion strategies are likely to outperform [3][4] - The consumption of gold jewelry is projected to decrease by 25% in 2024, while the demand for gold bars and coins is expected to rise by 25% [3][4] 4. Investment Recommendations - For apparel brands, recommended stocks include Anta Sports, with a projected PE of 18 times for 2025, and other companies like Tabo, Weigao Medical, and Hailan Home, with varying PE ratios [4][9] - In textile manufacturing, recommended stocks include Shenzhou International and Huayi Group, with projected PE ratios of 11 and 15 times respectively for 2025 [4][9] - In the gold and jewelry sector, companies like Chow Tai Fook and Chaohongji are highlighted, with projected PE ratios of 16 and 18 times for 2025 [4][9]

Core Viewpoint - The company, Steady Medical, has experienced a decline in stock price and is positioned within the beauty and personal care industry, with a current PE ratio lower than the industry average and median [1][3]. Company Overview - Steady Medical specializes in the research, production, and sales of cotton-based products across various sectors, including medical, personal care, and home care [2]. - The company's main products include high-end wound dressings, traditional wound care products, infection control products, and various personal care items [2]. - Steady Medical has consistently ranked among the top three exporters of medical dressings in China and has established a strong presence in hospitals and pharmacies [2]. Financial Performance - For Q1 2025, the company reported a revenue of 2.605 billion yuan, representing a year-on-year increase of 36.47%, and a net profit of 249 million yuan, also up by 36.26% [2]. - The sales gross margin for the same period was 48.46% [2]. Market Position - As of May 6, the company's stock closed at 50.87 yuan, with a rolling PE ratio of 38.90, compared to the industry average of 41.32 and median of 44.30 [1][3]. - The total market capitalization of Steady Medical is 29.623 billion yuan [1].

Investment Rating - The report maintains a "Positive" outlook on the textile and apparel industry, highlighting the resilience of the sports and outdoor segments [1]. Core Insights - The textile and apparel sector has shown mixed performance, with the SW textile and apparel index declining by 0.1% from April 25 to April 30, underperforming the SW All A index by 0.1 percentage points. The SW apparel and home textile index increased by 0.3%, outperforming the SW All A index by 0.3 percentage points, while the SW textile manufacturing index fell by 2.1%, underperforming the SW All A index by 2.1 percentage points [3][4]. - Key industry data indicates that the retail sales of clothing, shoes, and textiles totaled 386.9 billion yuan in the first quarter, reflecting a year-on-year growth of 3.4%. Textile and apparel exports reached 66.3 billion USD, a 0.6% increase year-on-year, with textile yarns and fabrics up by 4% and apparel down by 2% [3][34]. - Cotton prices have shown a downward trend, with the national cotton price index at 14,103 yuan/ton, down 0.7%, and international cotton prices also declining [3][36]. Summary by Sections Textile Sector - The textile manufacturing sector is experiencing performance divergence, with companies like Weixing showing high growth while others like Huali and Jiansheng report declines in net profit. High-quality stocks in the outdoor equipment supply chain, such as Zhejiang Natural, are seen as having significant rebound potential due to their limited exposure to the U.S. market and successful production ramp-up in Cambodia and Vietnam [10][11]. - The report emphasizes the importance of domestic demand recovery as a key investment theme for 2025, with a focus on high-quality domestic brands and new growth opportunities in outdoor and new consumption sectors [15]. Apparel Sector - The sports apparel segment is leading the market, with brands like Anta and FILA reporting significant year-on-year revenue growth of 65%-70%. Other brands like 361 Degrees also show double-digit growth, while Li Ning and Xtep report moderate growth. The home textile sector, particularly Luolai, has exceeded profit expectations [13][15]. - The report notes that the overall inventory levels in the sports segment are healthy, and discounting remains stable, indicating robust operational quality [13]. Market Dynamics - The report highlights the impact of U.S. tariffs on the textile manufacturing sector, suggesting that the cost burden will be shared among manufacturers, brand owners, and consumers. The long-term implications of the new tariff structure on global supply chains are expected to be significant, with a trend towards supply chain diversification and flexible production capacities [12][15]. - The report also discusses the performance of international apparel companies, noting that Skechers faced a 16% decline in sales in the Chinese market, attributed to increased competition and a slowdown in consumer spending [21][22].

面对复杂多变的外部环境，稳健医疗（300888）凭借多年的深耕细作与不断创新，于2024年收获了亮眼 的成绩，实现业绩与ESG表现的双轮驱动式发展。步入2025年，公司发展势头更为迅猛，第一季度的营 收和净利润均实现大幅增长，展现出强大的市场竞争力。其在医疗和消费品两大板块的布局持续优化， 产品创新与市场拓展协同推进，在行业内树立起独特的竞争优势，为全年的稳健发展奠定了坚实基础。 一季度营收创历史新高，机构看好公司今年增长潜力 医用耗材业务去年实现营收39.1亿元，同比增加1.1%，剔除感染防护产品后，在去年第一季度感染防护 产品带来的高基数的情况下，全年同比仍然保持了正增长。公司扣非后归母净利润大幅增长主要因上年 同期商誉减值、感染防护产品及相关设备损失较大。 进入2025年一季度，公司延续良好发展态势。公告显示，公司一季度实现营收26.05亿元，同比增长 36.47%，营收创上市以来同期新高；归母净利润2.49亿元，同比增长36.26%；扣非后归母净利润2.34亿 元，同比增长62.46%，增速创上市以来同期新高。其中，医疗板块营收12.5亿元，同比增长46.3%，得 益于手术室耗材、高端敷料和健康个护品 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [1]. Core Insights - The company has shown accelerated growth in both of its main business segments, with a notable increase in dividend payout ratio to 54.4% from 50% in the previous year [6]. - The first quarter of 2025 saw a significant revenue increase of 36% year-on-year, reaching 2.61 billion yuan, with net profit also rising by 36.3% to 249 million yuan [7][6]. - The consumer goods segment continues to perform well, with a revenue growth of 28.8% in Q1 2025, driven by strong sales in key products [6]. - The medical business has shown resilience, with a 46.3% year-on-year growth in Q1 2025, despite previous high base effects [6]. Financial Data and Profit Forecast - Total revenue for 2024 is projected at 89.78 billion yuan, with a year-on-year growth of 9.7%, and a net profit of 6.95 billion yuan, reflecting a 19.8% increase [5]. - The company expects net profits to reach 10.3 billion yuan in 2025, corresponding to a PE ratio of 30 [6]. - The gross margin for 2024 is reported at 47.3%, with an anticipated recovery in margins for both consumer and medical segments in 2025 [6].