稳健医疗：上半年全棉时代毛利率同比提升1.7个百分点

Core Viewpoint - The company reported a 1.7 percentage point increase in gross margin for the first half of the year, driven by improvements in product mix, high sell-through rates of new products, and optimized channel structure [1] Group 1: Financial Performance - The gross margin of the company's All Cotton Era brand improved due to higher growth rates in high-margin products such as sanitary napkins and intimate apparel [1] - The operating profit margin reached 14%, returning to a favorable level last seen in 2018 [1] Group 2: Strategic Initiatives - The company aims to continue optimizing its operating profit margin by improving product mix, increasing new product sell-through rates, and reducing inventory days [1] - The company is focusing on enhancing channel structure, particularly by leveraging profitable channels for growth and improving channel coverage models [1] Group 3: Channel Optimization - The company has successfully improved profitability in the traditional offline KA (supermarket) channel by focusing on high-quality clients such as Fat Donglai and Sam's Club, expanding product categories [1] - The brand awareness of the Princess Nais sanitary napkin has increased, leading to enhanced enthusiasm from distributors and agents, as well as improved terminal conversion rates, further boosting profitability in the KA channel [1]