Core Viewpoint - The disposable glove industry is approaching a turning point, with the price of nitrile gloves expected to recover in the second half of 2025 [2][17]. Group 1: Market Dynamics - Demand has surged due to the pandemic, but is now returning to a normalized growth pattern [6][10]. - Supply-side adjustments have led to the effective clearance of small and medium-sized capacities, alleviating supply redundancy [11][13]. - The supply-demand relationship is returning to balance, with nitrile glove prices expected to rise monthly in 2024 [13][15]. Group 2: Competitive Landscape - Chinese companies have rapidly caught up with Malaysian firms in terms of production capacity, maintaining high utilization rates [21][23]. - The production cost of nitrile gloves in China is significantly lower than that in Malaysia, enhancing competitiveness [24]. - Chinese companies have accumulated more cash reserves in recent years, improving their risk resilience and strategic flexibility [26][28]. Group 3: Regulatory Impact - Chinese companies have largely exited the U.S. nitrile glove market due to tariff-related disruptions, which have now been effectively cleared [29][32]. - The U.S. has implemented new tariffs on Chinese nitrile gloves, significantly impacting export dynamics [30][32]. Group 4: Price Trends and Profitability - The downward price pressure on nitrile gloves is limited, with potential for significant profit elasticity as prices rise [34]. - Raw material prices have decreased, which may mitigate profit disturbances related to declining glove prices [37][42]. Group 5: Future Opportunities - Some Chinese companies are exploring overseas manufacturing to continue exporting to the U.S., which could provide incremental revenue [36]. - The anticipated recovery in nitrile glove prices in the second half of 2025 presents an opportunity for profit growth [39].

本报讯 （记者王僖）4月23日晚，一次性手套行业龙头英科医疗科技股份有限公司（以下简称"英科医 疗"）交出一份亮眼的2024年成绩单。公司2024年年报显示，报告期内，公司实现营业收入95.23亿元， 同比增长37.65%；归属于上市公司股东的净利润14.65亿元，同比增长282.63%；归属于上市公司股东的 扣除非经常性损益的净利润11.67亿元，同比增长1239.1%。公司确定的2024年度分红预案为拟向全体股 东每10股派发现金红利1元（含税）。 全球一次性防护手套市场在经历近几年的供需极端不平衡矛盾后，正逐步回归理性发展轨道。 英科医疗年报显示，2020年至2021年，一次性医用手套行业产能迅速扩张，但此后需求逐渐回归稳态， 因此市场出现阶段性供过于求的局面。2023年下半年开始，行业下游积压的库存已进入消化尾声阶段， 2024年行业出清效果明显，行业整体产能利用率提升，供需关系呈逐步回归平衡趋势。 在此背景下，英科医疗依托领先的生产技术及工艺、强大的营销和服务能力、产能快速扩张等竞争优 势，维系了全球行业龙头地位。 报告期内，随着安徽安庆基地投产，公司一次性手套年化产能为870亿只。其中一次性丁腈手 ...