稳健医疗（300888）：核心消费品加速成长

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [7][6]. Core Insights - The company reported a strong performance in H1 2025, achieving revenue of 5.3 billion yuan, a year-on-year increase of 31%, and a net profit of 490 million yuan, up 28% year-on-year [1]. - The consumer goods segment showed robust growth, with revenue from the core product, wet and dry cotton towels, reaching 810 million yuan, a 19.5% increase year-on-year [2]. - The medical supplies segment also performed well, with total revenue of 2.52 billion yuan in Q2 2025, reflecting a 46.5% year-on-year growth [3]. Financial Performance - For H1 2025, the company achieved a gross margin of 48.3%, slightly down by 0.4 percentage points year-on-year, and a net margin of 9.8%, down by 0.3 percentage points [1]. - The consumer goods segment's gross margin improved to 58.6%, up 1.7 percentage points year-on-year, while the medical segment's gross margin decreased to 37.4%, down 0.7 percentage points [4]. - The company reported a net operating cash flow of 340 million yuan, indicating stable operational fundamentals [1]. Business Segments - The consumer goods business generated revenue of 2.75 billion yuan in H1 2025, a 20.3% increase year-on-year, with a notable performance from the "Nais Princess" sanitary napkin line, which saw a 67.6% increase in revenue [2]. - The medical supplies segment's revenue reached 2.52 billion yuan in Q2 2025, with surgical supplies and high-end dressings showing significant growth rates of 193.5% and 25.7% respectively [3]. Channel Strategy - The company has accelerated its omnichannel strategy, with online sales reaching 1.71 billion yuan, a 23.6% increase year-on-year, and offline stores contributing 724 million yuan, up 2.75% [5]. - The total number of offline stores reached 484, with a membership base of nearly 67 million, reflecting continued brand penetration [5]. Earnings Forecast - The report adjusts the earnings forecast, projecting net profits of 1.04 billion yuan, 1.26 billion yuan, and 1.49 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.79 yuan, 2.16 yuan, and 2.56 yuan [6].