稳健医疗前三季度扣非后归母净利润同比增长43.93% 全棉时代全渠道布局深化

Core Insights - The company reported a significant increase in revenue and profit for the first three quarters of 2025, with total revenue reaching 7.897 billion and net profit attributable to shareholders at 732 million, reflecting year-on-year growth of 30.10% and 32.36% respectively [1] - The consumer segment, particularly the ToC brand "Cotton Era," has been a key driver of growth, achieving revenue of 4.01 billion with a year-on-year increase of 19.1% [1] - The medical segment has also shown strong performance, with revenue of 3.83 billion, marking a substantial year-on-year growth of 44.4% [2] Consumer Segment Performance - The "Cotton Era" brand has focused on core categories and strategic products, leading to differentiated growth advantages [1] - Notable products include the "Princess Nais" sanitary napkins, which generated 760 million in sales, a remarkable increase of 63.9% [1] - Other core categories such as wet and dry cotton soft towels and adult apparel also maintained steady growth, with revenues of 1.17 billion and 750 million, reflecting year-on-year growth of 15.7% and 17.3% respectively [1] Channel Development - The company has established a synergistic online and offline sales strategy, with e-commerce channels generating 2.46 billion in revenue, a year-on-year increase of 23.5% [2] - Interest e-commerce platforms, particularly Douyin, have seen nearly 80% growth, becoming a new growth engine for online sales [2] - The supermarket channel has expanded rapidly, achieving 360 million in revenue, a significant increase of 53.4% [2] Medical Segment Performance - The medical segment has optimized its product structure, with core categories such as surgical consumables and high-end dressings showing rapid growth [3] - Surgical consumables achieved revenue of 1.15 billion, a staggering increase of 185.3% [3] - High-end dressings and health personal care products also contributed positively, with revenues of 720 million and a year-on-year growth of 26.2% and 24.6% respectively [3] Future Strategy - The company aims to continue its strategy of "product leadership, excellent operations, and global vision," focusing on core areas and expanding both domestic and international markets [3] - Ongoing product innovation, channel penetration, and brand upgrades are expected to enhance the company's core competitiveness in the health sector [3]