3月15日，央视"3·15"晚会曝光梁山希希纸制品有限公司违规收购纸尿裤、卫生巾残次料事件，多家知 名品牌被间接提及，迅速引发社会关注。面对市场关切，全棉时代母公司稳健医疗在3月20日回复深交 所关注函的公告中表示，全棉时代与涉事公司无任何关联，原材料采购、残次品处理合法合规。 此外，记者注意到，全棉时代近日通过官方微博、微信公众号连续发布内容，公开其产品质检结果、残 次料处理升级流程，以及奈丝公主卫生巾生产线。 全棉时代：与涉事公司无关联，彻底销毁残次品，杜绝违规流通 全棉时代：近三年522次抽检100%合格，原材料及 产品可追溯 3月21日，全棉时代在官方微博连发数条内容，公开其产品质检结果和残次料处理升级措施，内容包 括： 3月20日，稳健医疗回复深交所关注函中声明，3月15日当晚，旗下品牌全棉时代第一时间组建专项小组 对相关事项展开全面自查，积极配合各地市场监督管理部门进行调查，目前已向公安机关报案。经自 查，全棉时代与涉事企业无任何业务往来、合作关系及关联关系，未参与315报道中所述违规业务。针 对众多网友关注的原材料及残次料处理问题，公告做了详细说明。"公司对原材料供应商准入、来料质 量检测和入库 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [7]. Core Insights - The company has taken proactive measures in response to a recent incident involving the illegal recycling of sanitary products, aiming to protect consumer interests and restore brand confidence [7]. - The company's dual business model, encompassing both medical and consumer products, is showing strong growth potential despite short-term disruptions [7]. - The financial forecast indicates a recovery in revenue and profit margins, with expected net profits of 7.9 billion, 10.3 billion, and 11.6 billion for the years 2024 to 2026, respectively [7]. Financial Data Summary - Total revenue for 2023 is projected at 8.185 billion, with a year-on-year decline of 27.9%. However, revenue is expected to grow to 10.780 billion in 2025, reflecting a 23.1% increase [6][17]. - The net profit for 2023 is estimated at 580 million, with a significant year-on-year decrease of 64.8%. The profit is expected to recover to 1.026 billion by 2025, marking a 29.8% increase [6][17]. - The gross margin is projected to stabilize around 48% over the next few years, with a slight improvement expected by 2026 [6][17]. Business Performance Insights - The consumer products segment has shown resilience, with a 14% year-on-year revenue growth in the first three quarters of 2024, driven by strong sales in key product categories [7]. - The medical business has also demonstrated a recovery, achieving double-digit growth in Q3 2024, supported by high-demand products and strategic acquisitions [7]. - The company has implemented a stock incentive plan, indicating confidence in achieving revenue growth of 13-18% from 2025 to 2027 [7].

Core Viewpoint - The company, Steady Medical, has responded to concerns raised by the Shenzhen Stock Exchange regarding allegations of improper handling of defective sanitary products, asserting that it has no involvement in the reported violations and has initiated a thorough internal investigation [1][2][7]. Group 1: Company Response to Allegations - On March 15, the company formed a special team to conduct a comprehensive self-examination and is cooperating with local market supervision authorities [2][7]. - The company confirmed that it was unaware of any involvement in the reported violations and has no transactional or cooperative relationships with the companies involved in the allegations [2][7]. Group 2: Internal Control Mechanisms - The company has established a series of management systems for raw material procurement and quality management, ensuring strict control over supplier qualifications and incoming material quality [5]. - The company has implemented a waste management regulation that mandates defective materials to be handled by qualified recycling entities, with cross-checks by warehouse, administrative, and financial personnel before disposal [6][7]. Group 3: Measures for Consumer Protection - To enhance consumer protection and prevent the illegal reuse of defective materials, the company has decided to terminate its cooperation with recycling entities for sanitary product waste disposal [8]. - All defective sanitary product materials will now be destroyed by the company through crushing or environmentally friendly incineration, with records kept for future reference [9].

Investment Rating - The report maintains an "Outperform" rating for the textile and apparel industry [1][4]. Core Insights - The retail sales of clothing in January-February 2025 showed a year-on-year growth of 3.3%, significantly improving compared to the decline in November-December 2024 [2][13]. - E-commerce platforms such as Tmall, JD, and Douyin reported strong growth in outdoor, women's wear, and home textiles, with sales growth rates of +48%, +31%, and +15% respectively in January-February 2025 [2][16]. - Vietnam's textile and footwear exports increased by 16.2% and 20.8% year-on-year in February, indicating a recovery in the export market [2][12]. Summary by Sections Market Review - The textile and apparel sector in A-shares and Hong Kong has outperformed the broader market since February, with notable stock price increases for companies like 361 Degrees (+18.67%) and TBOC (+16.02%) [1][12]. Brand Apparel Insights - Key brands such as KOLON, Biem.l.fdlkk, and Semir experienced sales growth exceeding 50% in January-February 2025, while brands like Salomon and HLA saw growth rates above 30% [2][17]. - The report highlights a positive trend in brand performance, with several companies expected to show improved revenue growth in the first quarter of 2025 [3]. Textile Manufacturing Insights - The report indicates that while the first quarter of 2024 had a high base, most manufacturing companies expect revenue growth in the high single to double digits for the first quarter of 2025 [3]. - Companies like Rihong and Juyuan are expanding their production capabilities, with Rihong's revenue in February 2025 up by 20.73% year-on-year [2][3]. Investment Recommendations - The report suggests focusing on brands with new growth drivers, such as Purcotton and HLA, and recommends companies with strong market share growth potential like Shenzhou International and Huayi Group [4][5].

证券代码：300888 证券简称：稳健医疗 公告编号：2025-001 稳健医疗用品股份有限公司 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。 稳健医疗用品股份有限公司（以下简称"公司"）于近日收到深圳证券交易所 《关于对稳健医疗用品股份有限公司的关注函》（创业板关注函〔2025〕第 1 号） （以下简称"关注函"），要求公司就 2025 年 3 月 15 日媒体报道中提及全棉时代 卫生用品的相关事项进行自查并说明。3 月 15 日当晚，公司第一时间组建专项 小组对相关事项展开全面自查，积极配合各地市场监督管理部门进行调查，目前 已向公安机关报案。公司已向深圳证券交易所书面回复并同时抄送深圳证监局上 市公司监管处，现将回复内容公告如下： 问题 1：你公司是否知悉、参与报道所述违规业务，和涉事违规公司是否存 在交易往来或者应予说明的关联、合作关系。 回复：经自查，公司并不知悉且未曾以任何形式参与报道所述违规业务，与 涉事违规公司不存在任何交易往来及合作关系，亦不存在任何关联关系。 问题 2：你公司有关原材料采购、生产残次品处置的制度和实际执行情况， 内部控制机 ...

Summary of Key Points from Conference Call Industry Overview - The conference call primarily discusses the **apparel and home textile industry** in China, with a focus on retail performance and emerging trends in consumer behavior [2][4][6]. Core Insights and Arguments - **Retail Performance**: In January-February 2025, retail sales of clothing, shoes, and textiles from key enterprises increased by **3.3% year-on-year**, showing improvement compared to declines of **4.5%** in November 2024 and **0.3%** in December 2024. This indicates a recovery in the apparel and home textile consumption [2][3]. - **Online vs. Offline Sales**: Offline retail is outperforming online sales, suggesting a shift in consumer preference towards physical shopping experiences [2]. - **Children's Apparel Market**: The introduction of child-rearing subsidies in Hohhot is expected to positively impact the children's clothing market, with approximately **33 provinces and cities** implementing similar policies. In 2021, clothing and footwear accounted for **26%** of the maternal and infant consumption market, indicating significant growth potential in children's apparel [6]. - **Discount Retail Sector**: The discount retail sector is thriving, with strategic partnerships, such as that between **Hailan Home** and **JD.com**, expected to drive growth. The government’s consumer stimulus policies are also beneficial for the apparel and home goods sectors [7][9]. - **Investment Recommendations**: Companies like **Semir Apparel**, which leads in the children's clothing market, are recommended due to their strong brand positioning and expansion strategies. Other notable companies include **Anta Sports**, **Li Ning**, and **361 Degrees**, which have significant children's apparel lines [8]. Emerging Trends - **Demand for UHMWPE**: The demand for **Ultra-High-Molecular-Weight Polyethylene (UHMWPE)** is projected to grow at approximately **20% annually**, with applications expanding across various sectors. Companies involved in UHMWPE production, such as **Nanshan Zhishang** and **Henghui Security**, are recommended for investment [4][5]. - **Consumer Behavior**: There is a notable trend towards value-for-money products, with consumers increasingly seeking high-quality items at lower prices, particularly in the apparel sector [9]. - **Social Consumption Trends**: The total retail sales of consumer goods in January-February 2025 grew by about **4% year-on-year**, indicating a stabilization in consumer spending [2][10]. Additional Important Insights - **Market Dynamics**: The apparel and home textile industry is expected to see a gradual acceleration in performance due to low base effects from previous years, despite potential fluctuations in end-demand [4]. - **Investment Strategy**: The focus should be on companies that can adapt to changing consumer preferences, particularly those that emphasize quality and affordability. The potential for growth in the children's apparel segment is significant, driven by demographic policies and changing consumer habits [6][8]. - **Discount Retail Viability**: The discount retail model is positioned to thrive in economic downturns, as consumers become more price-sensitive. This sector is expected to benefit from existing inventory pressures among apparel brands [9]. This summary encapsulates the key points discussed in the conference call, highlighting the current state and future outlook of the apparel and home textile industry in China.

人民财讯3月16日电，3月16日，稳健医疗收到深交所关注函。 深交所称，3月15日，有媒体报道某纸制品有限公司（简称"涉事违规公司"）收购品牌纸尿裤和卫生巾 残次品，违规翻新后销售，或者处理形成回收料回售，其中提及稳健医疗品牌产品。 请公司自查并说明：1、你公司是否知悉、参与报道所述违规业务，和涉事违规公司是否存在交易往来 或者应予说明的关联、合作关系。 2、你公司有关原材料采购、生产残次品处置的制度和实际执行情况，内部控制机制是否有效运转，是 否存在采购不合格原材料、残次品违规流通或者处置的漏洞，如是，你公司拟采取的整改完善、消除影 响措施。 ...

Market Overview - In February, the A-share market saw the CSI 300 index rise by 1.9%, while the textile and apparel sector increased by 1.3%[13] - The Hong Kong market's Hang Seng Index rose by 3.2%, with the textile and apparel sector index up by 2.9%[13] - The US market experienced a decline, with the S&P 500 index down by 1.4% and the consumer discretionary sector down by 9.4%[13] Brand Performance - In January, outdoor and women's apparel sales on Tmall, JD, and Douyin platforms saw significant growth, with respective year-on-year increases of 56% and 45%[19] - Notable brands such as KOLONSPORT and Bi Yin Le Fen achieved year-on-year sales growth of 81% and 101% respectively[24] - Major brands like Nike and Adidas reported year-on-year sales growth of 21% and 34% respectively on these platforms[24] Manufacturing Insights - Vietnam's textile and footwear exports grew by 3.4% and 2.7% year-on-year in January, despite high base effects[2] - Key Taiwanese manufacturers like Yu Yuan and Zhi Qiang reported over 20% growth in January, with Yu Yuan achieving record revenue for the month[2] - Nanshan Zhishang's stock surged by 81.5% due to its involvement in robotic tendon materials, indicating strong future demand[16] Investment Recommendations - The report recommends focusing on undervalued Hong Kong stocks and brands with new growth potential, such as All Cotton Era and Hai Lan Home[3] - For textile manufacturing, companies like Shenzhou International and Huali Group are highlighted for their strong growth prospects and market share potential[3] Risk Factors - Potential risks include macroeconomic weakness, international political and economic uncertainties, and significant fluctuations in exchange rates and raw material prices[3]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company is expected to experience rapid earnings growth in 2025, driven by improvements in both its consumer goods and medical supplies businesses. The consumer goods segment is projected to achieve a CAGR of approximately 14% from 2024 to 2026, while the medical supplies segment is anticipated to stabilize and grow healthily following the acquisition of GRI, which opens up long-term overseas business opportunities [1][2][3]. Summary by Sections Company Overview - The company is a leading player in the health consumption sector, with its main businesses including health consumer products and medical supplies. The consumer goods segment accounted for 52% of revenue in 2023, while medical supplies made up 48% [15][18]. Consumer Goods Business - The consumer goods segment is expected to continue its healthy growth trajectory, supported by product innovation and effective marketing strategies. Key products such as sanitary napkins and cotton soft towels are driving this growth. The company has established a comprehensive channel strategy that optimizes offline store structures, contributing to sales and improving channel profitability [2][3][15]. Medical Supplies Business - The medical supplies segment has seen significant fluctuations in revenue and profit in the past but is now entering a stable growth phase. The acquisition of GRI is expected to enhance the company's overseas business capabilities. The company anticipates continued growth in high-end medical dressings and surgical packs, with the self-owned brand gaining recognition in domestic markets [3][15]. Financial Projections - The company’s revenue is projected to reach approximately 9.09 billion yuan in 2024, 11.12 billion yuan in 2025, and 12.52 billion yuan in 2026, reflecting year-on-year growth rates of 11.1%, 22.3%, and 12.6%, respectively. The net profit attributable to the parent company is expected to grow by 28.9% in 2024 and 41.6% in 2025 [4][5][18]. Stock Performance and Valuation - The company's market capitalization is currently around 218 billion yuan, with a projected PE ratio of 21 times for 2025. The target market capitalization is estimated to be around 280 billion yuan, indicating a potential upside of 25% to 30% [4][6].

证券研究报告 | 公司深度 gszqdatemark 2025 02 26 年 月 日 稳健医疗（300888.SZ） 健康消费引领增长，医疗耗材持续向上 两大业务基本面同步改善，2025 年期待业绩快速释放。2024 年公司基本面企稳 并逐步向好，2025 年业绩有望实现快速增长。1）消费品业务：2024 年以来同比 快速增长，主要得益于产品推新、精准营销等措施逐渐取得成效，伴随着品牌心智 逐步建立，未来有望迈入高质量增长、渠道利润率持续改善的阶段，我们预计 2024~2026 年业务收入 CAGR 约 14%。2）医用耗材业务过去收入及利润波动较 大，影响公司报表业绩表现，2024 年逐步进入正常轨道，未来主业预计健康增长， 同时收购 GRI 为中长期海外业务打开空间。综合来看，我们期待未来两大业务协 同发展，预计共同驱动 2024 年公司收入增长 11%/归母净利润增长 30%左右，预 计 2025 年收入增长 22%/归母净利润增长 40%左右。 此前公司发布股权激励计划，有望激发中长期业绩潜力。发布股权激励计划草案， 针对 2025~2027 年设置业绩目标。此前公司发布股权激励计划草案，考核年度为 ...