Investment Rating - The investment rating for the company is "Buy" with a target price of 60.06 RMB [8][9]. Core Views - The company reported a strong start in Q1 2025, with revenue growth accelerating. For 2024, the company achieved revenue of 8.98 billion RMB, a year-on-year increase of 9.7%, and a net profit of 700 million RMB, up 19.8% year-on-year. The Q1 2025 revenue was 2.61 billion RMB, reflecting a year-on-year growth of 36.5% [1][5]. - The growth in revenue and profit is attributed to the acceleration in consumer goods and the consolidation of GRI in the medical business. The consumer goods segment is showing improvement, and the medical segment has effectively absorbed high base pressures [1][2]. Summary by Sections Consumer Goods - In 2024 and Q1 2025, the health lifestyle consumer goods segment achieved revenues of 4.99 billion RMB and 1.34 billion RMB, respectively, with year-on-year growth of 17.1% and 28.8%. Key product categories such as cotton soft towels and sanitary napkins saw significant growth, with revenues increasing by 31% and 18% respectively in 2024 [2]. Medical Supplies - The medical supplies segment reported revenues of 3.91 billion RMB in 2024 and 1.25 billion RMB in Q1 2025, with year-on-year growth of 1.1% and 46.3%. The infection protection products faced a high base pressure, with a revenue decline of 61.2% in 2024, but this pressure is gradually being absorbed [3]. Financial Metrics - The gross margin for 2024 decreased by 1.7 percentage points to 47.3%, primarily due to rising raw material costs. The expense ratio also decreased by 1.7 percentage points to 35.5%, benefiting from revenue growth diluting expenses [4]. - The company has adjusted its revenue forecasts for 2025-2026 upwards, with expected net profits of 1.06 billion RMB, 1.30 billion RMB, and 1.59 billion RMB for 2025, 2026, and 2027 respectively. The target price is based on a 33 times PE ratio for 2025 [5][9].

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 60.06 [8][9]. Core Insights - The company reported a revenue of RMB 8.98 billion in 2024, a year-on-year increase of 9.7%, and a net profit of RMB 700 million, up 19.8% year-on-year. The revenue exceeded previous expectations, while profit was slightly below due to an asset impairment loss of approximately RMB 240 million [1]. - In Q1 2025, the company achieved a revenue of RMB 2.61 billion, representing a year-on-year growth of 36.5%, and a net profit of RMB 250 million, also up 36.3% year-on-year. This growth is attributed to accelerated consumer goods sales and the consolidation of GRI in the medical segment [1]. - The company is expected to benefit from a dual growth strategy in consumer and medical sectors, with a strong growth momentum anticipated in 2025 [1]. Summary by Sections Consumer Products - The health and lifestyle consumer products segment generated revenues of RMB 4.99 billion in 2024 and RMB 1.34 billion in Q1 2025, with year-on-year growth rates of 17.1% and 28.8%, respectively. Key product categories such as cotton soft towels and sanitary napkins saw double-digit growth [2]. Medical Supplies - The medical supplies segment reported revenues of RMB 3.91 billion in 2024 and RMB 1.25 billion in Q1 2025, with year-on-year growth of 1.1% and 46.3%, respectively. The high base effect from infection prevention products is gradually being digested, while regular products showed strong growth [3]. Financial Metrics - The gross margin for 2024 decreased by 1.7 percentage points to 47.3%, primarily due to rising raw material costs. The expense ratio also decreased by 1.7 percentage points to 35.5%, benefiting from revenue growth [4]. - The company has adjusted its revenue forecasts for 2025-2026 upwards, with expected net profits of RMB 1.06 billion, RMB 1.30 billion, and RMB 1.59 billion for 2025, 2026, and 2027, respectively. The corresponding EPS is projected to be RMB 1.82, RMB 2.23, and RMB 2.73 [5].

Core Insights - The company reported a revenue of 8.98 billion yuan for 2024, representing a year-on-year growth of 9.7% [1] - Excluding infection protection products, the revenue was 8.62 billion yuan, with a year-on-year growth of 18.6% [1] - The net profit attributable to shareholders was 700 million yuan, showing a year-on-year increase of 19.8% [1] - The non-recurring net profit attributable to shareholders was 590 million yuan, reflecting a year-on-year growth of 43.4% [1] Business Segments - The company operates in two main business segments: medical consumables and consumer products [1] - The medical consumables segment, branded as Winner, generated a revenue of 3.91 billion yuan, with a slight year-on-year increase of 1.1% [1] - The consumer products segment, branded as Purcotton, achieved a revenue of 4.99 billion yuan, marking a year-on-year growth of 17.1% [1] Profit Distribution - The board approved a profit distribution plan, proposing a cash dividend of 2.5 yuan per 10 shares (including tax), with no bonus shares [1] - The total cash dividend for 2024 is 379 million yuan (including tax), accounting for 54.43% of the net profit attributable to shareholders [2] - The mid-year cash dividend was 4 yuan per 10 shares, totaling 233 million yuan [2] Recent Performance - In the first quarter of 2025, the company reported a revenue of 2.605 billion yuan, reflecting a year-on-year growth of 36.47% [2] - The net profit attributable to shareholders for the first quarter was 249 million yuan, with a year-on-year increase of 36.26% [2]

Core Insights - The company reported a strong performance in 2024, with revenue of 8.978 billion yuan, a year-on-year increase of 9.69%, and a net profit of 0.695 billion yuan, up 19.81% [1] - The first quarter of 2025 continued the growth trend, achieving revenue of 2.605 billion yuan, a 36.47% increase year-on-year, and a net profit of 0.249 billion yuan, up 36.26% [1] - The dual-engine model of "medical + consumer" is driving significant growth through both organic growth and acquisitions [1] Consumer Business Performance - The consumer segment, represented by All Cotton Era, achieved revenue of 4.99 billion yuan in 2024, a 17.1% increase, and 1.34 billion yuan in Q1 2025, a 28.8% increase [2] - The cotton soft towel business generated 1.56 billion yuan in revenue, up 31.2%, while the female care product line saw revenue growth to 0.7 billion yuan, an 18.0% increase [2] - The company is focusing on health and environmental concepts, enhancing product offerings in homewear and intimate apparel, with adult clothing revenue reaching 0.96 billion yuan, a 15.4% increase [2] Channel and Brand Strategy - The company adapted to online consumption trends, achieving online revenue of 3.07 billion yuan, an 18.9% increase, with Douyin platform revenue growing over 109% [3] - The company opened 92 new stores, bringing the total to 487, and increased its membership base to nearly 61 million, a 15.8% growth [3] - The brand's 15th anniversary celebration reinforced its commitment to sustainability and enhanced consumer emotional connection [3] Medical Segment Performance - The medical segment achieved revenue of 3.9 billion yuan in 2024, maintaining positive growth despite previous high base effects, with a 20.3% increase in other categories excluding pandemic-related products [4] - In Q1 2025, the medical segment revenue reached 1.25 billion yuan, a 46.3% increase, driven by both organic growth and expansion [4] - Key product lines such as high-end dressings and surgical consumables showed significant growth, with high-end dressings generating 0.78 billion yuan, a 31.2% increase [4] Global Expansion and Innovation - The company acquired U.S. medical consumables firm GRI, contributing 0.29 billion yuan in new revenue and enhancing its global supply chain [5] - Overseas revenue grew by 37.7%, accounting for over 54% of total medical revenue, indicating a strong international presence [5] - The company holds 1,087 R&D patents and continues to innovate in high-end consumables and chronic disease management [5] Shareholder Returns and Future Strategy - The company plans to distribute a total cash dividend of 6.50 yuan per 10 shares, representing 54.43% of net profit, reflecting strong cash flow management [7] - The chairman outlined a strategic goal of "century-long stability and brand enhancement," focusing on operational excellence, global expansion, brand building, talent strategy, sustainable development, and product innovation [7][8] - The dual focus on medical and consumer sectors is expected to drive sustainable growth and establish the company as a leader in global health and quality consumption [8]

稳健医疗用品股份有限公司 2024 年度独立董事述职报告 （陈俊发） 各位股东及股东代表： 作为稳健医疗用品股份有限公司（以下简称"公司"）董事会的独立董事， 在任职期间，严格按照《公司法》《证券法》《上市公司独立董事管理办法》《上 市公司治理准则》《深圳证券交易所上市公司自律监管指引第2号——创业板上 市公司规范运作》《公司章程》及《公司独立董事工作制度》等法律法规、规范 性文件的相关规定和要求，积极出席相关会议，忠实、勤勉地履行了独立董事的 职责，维护了公司和股东特别是中小股东的切身利益。现将本人2024年度的履职 情况汇报如下： 一、独立董事基本情况 本人陈俊发，1965年1月出生，中国国籍，无永久境外居留权，南开大学毕 业，经济学硕士学位。1988年至1990年在武汉钢铁公司从事技术工作，任技术员； 1993年至1997年在深圳中华会计师事务所从事审计、资产评估、咨询等工作，任 项目经理；1994年至2009年在深圳维明资产评估事务所（2008年更名为深圳金开 中勤信资产评估有限公司）从事资产评估、咨询等工作，先后任高级经理、所长 助理、董事兼副总经理、董事长兼总经理、总经理等职务；2010年至201 ...

（王志芳） 稳健医疗用品股份有限公司 2024 年度独立董事述职报告 各位股东及股东代表： 作为稳健医疗用品股份有限公司（以下简称"公司"）董事会的独立董事， 在任职期间，严格按照《公司法》《证券法》《上市公司独立董事管理办法》《上 市公司治理准则》《深圳证券交易所上市公司自律监管指引第2号——创业板上 市公司规范运作》《公司章程》及《公司独立董事工作制度》等法律法规、规范 性文件的相关规定和要求，积极出席相关会议，忠实、勤勉地履行了独立董事的 职责，维护了公司和股东特别是中小股东的切身利益。现将本人2024年度的履职 情况汇报如下： 一、独立董事基本情况 本人王志芳，1968年出生，中国国籍，无境外居留权，1989年毕业于南开大 学，1992年毕业于中国人民银行金融研究所，获得经济学硕士学位；长江商学院 高级管理人员工商管理硕士。1992至2004年担任中国华能财务公司计划部副经理 及投资管理部经理；2004年至2023年担任华能资本服务有限公司投资管理部经理、 副总经理、党组成员。其中2014年至2023年担任天成租赁有限公司董事长及华能 景顺私募基金管理有限公司董事长。 经认真自查，任职期间，本人任职符 ...

证券代码：300888 证券简称：稳健医疗 公告编号：2025-011 稳健医疗用品股份有限公司 关于召开 2024 年年度股东大会的通知 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。 一、召开会议的基本情况 （一）股东大会届次：2024 年年度股东大会 （二）会议召集人：公司董事会 （三）本次股东大会的召集、召开符合有关法律、行政法规、部门规章、规 范性文件和公司章程的相关规定。 （四）会议召开时间： 1.现场会议召开时间：2025 年 5 月 21 日（星期三）下午 14:00； 2.网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 5 月 21 日的交易时间，即 9:15-9:25，9:30-11:30 和 13:00-15:00； 通过深圳证券交易所互联网投票系统（http://wltp.cninfo.com.cn）投票的具体 时间为：2025 年 5 月 21 日 9:15-15:00。 （五）会议召开方式：采取现场投票与网络投票相结合的方式。 公司将通过深圳证券交易所交易系统和互联网投票系统向公司股东提供网 络形式的投票 ...

证券代码：300888 证券简称：稳健医疗 公告编号：2025-003 稳健医疗用品股份有限公司 第四届监事会第六次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 本议案尚需提交股东大会审议。 稳健医疗用品股份有限公司（ 以下简称（ 公司"）第四届监事会第六次会议 于 2025 年 4 月 27 日在公司会议室以现场方式召开。会议通知于 2025 年 4 月 15 日通过邮件和即时通讯工具的方式送达各位监事。增加的临时议案于 2025 年 4 月 22 日通过邮件方式送达各位监事，在征得全体监事同意后，本次监事会会议 时间延期至 2025 年 4 月 27 日。本次会议应出席监事 3 人，实际出席监事 3 人。 本次会议由监事会主席张婷婷女士召集并主持，董事会秘书列席会议。会议的出 席人数、召集、召开程序和审议内容均符合（ 公司法》等有关法律、法规、规范 性文件及 公司章程》的有关规定，会议合法有效。 二、监事会会议审议情况 1.审议通过 关于〈2024 年度监事会工作报告〉的议案》 2024 年度，公司监事会严格按照（ ...

证券代码：300888 证券简称：稳健医疗 公告编号：2025-002 稳健医疗用品股份有限公司 第四届董事会第六次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 稳健医疗用品股份有限公司（ 以下简称（ 公司"）第四届董事会第六次会议 于 2025 年 4 月 27 日在公司会议室以现场结合通讯方式召开。会议通知于 2025 年 4 月 15 日通过邮件和即时通讯工具的方式送达各位董事，增加的临时议案于 2025 年 4 月 22 日通过邮件方式送达各位董事，在征得全体董事同意后，本次董 事会会议时间延期至 2025 年 4 月 27 日。本次会议应出席董事 7 人，实际出席 董事 7 人。本次会议由董事长李建全先生召集并主持，公司监事及高级管理人员 列席了会议，会议的召开符合《公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 与会董事对本次会议需审议的议案进行了充分讨论，审议通过以下议案： 1.审议通过《关于〈2024 年度董事会工作报告〉的议案》 2024 年，公司董事会严格按照法律法规、规范性文件及《公司章 ...