稳健医疗接受机构调研 “稳健医疗+全棉时代”双品牌相互赋能协同发展

Core Viewpoint - The company, Weijian Medical, is focusing on a dual business model of "medical + consumer" for high-quality development, with a clear strategic direction for the next three years and a detailed operational plan for 2026 [1] Group 1: Strategic Direction - The company aims to achieve high-quality development through "product leadership, excellent operations, brand enhancement, and digital empowerment" [1] - The revenue strategy includes steady progress towards goals set by equity incentives, while profitability will be enhanced through product innovation, structural optimization, channel improvement, cost reduction, and brand building [1] Group 2: Investment Value - The core investment value is reflected in five aspects: broad industry space for both main businesses, a focus on improving profitability, mutual empowerment of dual brands, low debt ratio with ample cash flow, and a commitment to long-termism and ESG development [2] - The company has distributed a total cash dividend of 2.88 billion yuan and repurchased shares for 690 million yuan, representing 100.3% of the net amount raised from the initial public offering by mid-2025 [2] Group 3: Medical Sector Development - The medical sector is positioned as the foundation for growth, with a core goal of "decisive growth" by leveraging both organic growth and external acquisitions [2] - The company plans to optimize product structure, promote high-margin products, and expand into overseas markets and various domestic channels [2] - The acquisition of the U.S. company GRI will enhance access to quality overseas channels and customer resources, with a focus on Southeast Asia and the Middle East by 2026 [2] Group 4: Profitability and Brand Strategy - The medical sector's profitability is recovering post-public health events, with operating profit margins on the rise due to a shift towards high-end and branded products [3] - The consumer sector, represented by the brand "Cotton Era," leverages its medical background and quality to attract a loyal customer base, focusing on product categories related to maternal and infant care, personal care, and home sleep products [3] - The brand strategy includes a comprehensive online and offline channel layout, with an emphasis on partnerships with mainstream e-commerce platforms and refined store operations for rapid channel growth [3] Group 5: Long-term Commitment - The company is committed to executing its established development strategy and aims to achieve its set goals while ensuring shareholder interests through stable dividends and strong operational performance [4]