稳健医疗（300888）：消费品核心品类引领增长，医疗业务二季度提速

Investment Rating - The report maintains a "Buy" rating for the company [2][6][7] Core Insights - The company reported a strong performance in H1 2025, with total revenue reaching 5.3 billion yuan, a year-on-year increase of 31.3%, and a net profit attributable to shareholders of 492 million yuan, up 28.1% [6][12] - The medical business showed significant growth, with revenue in the medical segment increasing by 46.4% year-on-year, contributing 47% to total revenue [7][12] - The consumer goods segment also performed well, with a revenue increase of 20.3% year-on-year, accounting for 52% of total revenue [7][12] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 10.779 billion yuan, with a year-on-year growth rate of 20.1% [6][18] - The net profit attributable to shareholders is forecasted to reach 1.026 billion yuan in 2025, reflecting a significant increase of 47.5% year-on-year [6][18] - The earnings per share (EPS) for 2025 is projected to be 1.76 yuan, with a price-to-earnings (PE) ratio of 24 [6][18] Business Performance - The medical business's revenue for H1 2025 was 2.52 billion yuan, with a gross margin of 37.4% [7][12] - The consumer goods segment's revenue for H1 2025 was 2.75 billion yuan, with a gross margin of 58.6% [7][12] - The company has maintained a strong cash position, with cash and cash equivalents amounting to approximately 1.5 billion yuan [7][12]