稳健医疗 · 300888 并驾齐驱 稳健前行 2025年半年度业绩推介材料 2025 年 8 月 免责声明 19.1 21.2 26.1 26.9 Q1 Q2 营业收入 （亿元） 各季度营业收入情况 业务结构 （亿元） 医用耗材业务 消费品业务 47% 52% 其他 1% 21.1 41.8 40.6 51.6 42.7 40.3 53.0 2019H1 2020H1 2021H1 2022H1 2023H1 2024H1 2025H1 36.5% 26.7% 31.3% 本材料由稳健医疗用品股份有限公司（以下简称"公司"）准备，仅供参考和一般信息之用 。您观看本材料 就表明您已经确认并同意如下限制： 本材料中包含的信息仅供参考和一般信息之用，不得以任何方式复制 、向任何其他人披露或散发 、或在 任何其他报告或文件中引用或使用。 本材料中包含的信息为截至相应报告期日的判断，可能发生变化，公司不承担任何更新该等信息的义务。 公司或其关联人、雇员不承担任何由于对本材料或其内容的任何使用而造成的任何损失，或以其它方式产 生的与本材料相关的损失。 01 上半年财务表现 02 上半年业务回顾 上半年财务表现 两大主业 ...

证券代码：300888 证券简称：稳健医疗 稳健医疗用品股份有限公司投资者关系活动记录表 编号：2025-006 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 √业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （电话会议） | | 参与单位名称 | 交银施罗德基金、嘉实基金、信达澳亚基金等 139 位机构投资者，名单详见 | | 及人员姓名 | 附件（排名不分先后） | | 时间 | 年 月 日 2025 8 22 | | 地点 | 公司总部会议室 | | | 方修元：董事、首席财务官 | | 上市公司接待 | 吴克震：监事、医疗板块轮值 CEO | | 人员姓名 | 廖美珍：董事、全棉时代高级副总裁 | | | 陈惠选：副总经理、董事会秘书 | | | 介绍内容详见附件业绩推介材料，问答记录如下： | | 1. | 请问公司如何看待全棉时代近期恢复情况，并请分享一下消费品业务下 | | | 半年展望以及未来 1-2 年的核心增长动力。 | | | 答：首先，全棉时代第二季度实现 13%同比增长，公 ...

稳健医疗 20250822 摘要 稳健医疗上半年营收 25 亿元，同比增长 46%，剔除并购公司 Gri 影响 后增长 13.2%。全棉时代营收 27.5 亿元，同比增长 20%，消费品板块 增长显著，但二季度受 315 事件影响增速放缓。 公司销售费用率因 Gri 公司 ToB 业务占比提升而下降，管理费用率因 Gri 公司管理费用较高而上升，但剔除 Gri 影响后均与去年同期持平。研 发投入持续加大，取得多项专利和医疗产品注册证。 全棉时代加强科技创新，在九大科技领域取得突破，重点推进零添加棉 柔巾和超净洗卫生巾等产品。奈斯公主卫生巾增长 68%，棉柔巾增长 19%，线上渠道增长 23.6%，抖音平台增长 100%。 公司坚持产品领先、卓越运营、品牌向上和全球视野四大战略。聚焦棉 柔巾、卫生巾、贴身衣物及婴童服饰等核心产品，推进门店经营精细化， 加强品牌建设，拓展海外市场。 医疗板块表现优异，营业利润率提升至 8.6%，消费品业务营业利润率 提升至 14%，整体毛利率提升至 58.6%。通过优化生产流程、增强品 牌影响力、推广创新产品和加强全球供应链管理，支持中长期成长目标。 Q&A 稳健医疗在 2025 ...

Group 1 - The core viewpoint of the article emphasizes the significant transformation and growth of Midea Group under the leadership of Fang Hongbo, highlighting his strategic reforms and focus on innovation and technology [1][12][15] - Midea's revenue reached 409.1 billion in 2024, with a net profit of 38.5 billion, marking a year-on-year growth of 9.5% and 14.3% respectively compared to 2023 [2][12] - Under Fang Hongbo's leadership since 2012, Midea's revenue has increased sixfold and net profit has grown over elevenfold, showcasing a remarkable turnaround from a struggling company to a market leader [2][15] Group 2 - Fang Hongbo's initial challenges included overcoming a legacy of poor performance and a lack of competitive edge against rivals like Haier and Gree, which required a fundamental restructuring of the company [4][5][12] - The company underwent significant internal reforms, including a reduction in product models from 22,000 to 15,000 and a workforce reduction of 70,000 employees, which allowed Midea to streamline operations and focus on core competencies [7][8][9] - Midea's R&D investment has dramatically increased, reaching 16.2 billion in 2024, positioning the company as a leader in innovation compared to competitors [11][12] Group 3 - Midea's strategic shift towards global expansion has resulted in overseas revenue of approximately 169 billion, accounting for 41.52% of total revenue, indicating a successful international growth strategy [13][15] - The company has also diversified its business model, with the commercial and industrial solutions segment generating 104.5 billion in revenue in 2024, contributing 25.5% to overall revenue [15] - Fang Hongbo's leadership has been characterized by a strong partnership with founder He Xiangjian, which has fostered an environment of trust and enabled significant strategic changes [15][16]

Group 1: Company Overview - Steady Medical Group, founded in 1991, has evolved into a health enterprise focusing on medical and consumer sectors, listed on the Shenzhen Stock Exchange in 2020 [13] - The company aims to "protect health, care for life, and protect the environment" with its main brands being "Winner Medical" and "Purcotton" [13] Group 2: Annual Performance Review - In 2024, the company achieved a total revenue of 89.8 billion CNY, a 9.7% increase from 2023's 81.9 billion CNY [18] - Excluding infection protection product revenue, the adjusted revenue was 86.2 billion CNY, reflecting an 18.6% year-on-year growth [18] - The revenue structure for 2024 was 43% from medical consumables and 56% from consumer products [18] Group 3: Profitability - The net profit attributable to shareholders reached 7.0 billion CNY, a 19.8% increase compared to 2023 [21] - The net profit margin improved to 7.7%, up 0.7 percentage points from the previous year [21] - The gross profit margin for 2024 was 47.3%, indicating a stable profitability trend [20] Group 4: Asset Quality and R&D Investment - Total assets at the end of 2024 were 184 billion CNY, a 7.5% increase from the previous year [26] - The asset-liability ratio stood at 35.4%, maintaining a low level [26] - The company emphasized R&D, with a steady increase in the number of patents and medical product registrations [26] Group 5: Shareholder Returns - The proposed cash dividend for 2024 is 3.8 billion CNY, representing 54% of the net profit [30] - Cumulative cash dividends since listing amount to 26.1 billion CNY, accounting for 93% of the net proceeds from the IPO [30] Group 6: Medical Consumables Business - The medical segment generated 39.1 billion CNY in revenue for 2024, showing resilience despite a high base from infection protection products [34] - Excluding infection protection, the medical consumables revenue was 35.5 billion CNY, a 20.4% increase year-on-year [34] - Core categories such as high-end dressings and surgical consumables saw revenue growth exceeding 30% [34] Group 7: Consumer Products Business - The consumer segment, led by Purcotton, achieved 49.9 billion CNY in revenue, a 17.1% increase from 2023 [43] - Online sales contributed 62% of the revenue, while offline stores accounted for 30% [46] - The company added 92 new offline stores in 2024, bringing the total to 487 [46] Group 8: Q1 2025 Performance Overview - In Q1 2025, total revenue reached 26.1 billion CNY, a 36.5% increase year-on-year [53] - The medical business revenue for Q1 2025 was 12.5 billion CNY, up 46.3% [54] - The consumer business generated 13.4 billion CNY, reflecting a 28.8% growth [54]