其营收结构呈现 "表面收缩、实质增长"：公司总营收达3225.6万元，同比下降15.8%；期内溢利1535.3万 元，同比下滑16.3%。下滑实际原因为2024H1单笔按公允价值计量的金融资产收益确认人民币429万元， 2025H1未重现此类交易，2025H1此项归零。剔除干扰项（429万元）后可比除税前溢利同比增长9.2%，该公 司通过传统保理高质量扩张（工程类客户占比75.3%、抵押覆盖率120.4%）推动主业除税前溢利逆势增长 9.2%。 在悦达国际2025年中报数据中，其运营效率与成本控制能力在行业中树立标杆：人均创收268万元，达行业 均值的2.1倍，核心驱动为12人精干团队同步管理6.67亿元传统保理资产（工程类客户占75.3%）及14.5万终 端客户，人均管理规模行业领先；行政费用率压缩至8.8%，低于同业3-5个百分点，印证数字化流程的降本 实效；资金成本锁定4.0%（同比微增0.2个百分点），仍低于市场均值50bp，支撑新增4000万元低息贷款扩 表优质资产。三项指标协同构建"精益团队+低息杠杆+数字降费"增效闭环，实现资产规模扩张与经营效率的 同频进化。 据业内专家介绍，基于消费金融市场环 ...

证券研究报告·公司点评报告·个护用品 稳健医疗（300888） 2025 年中报点评：双主业并驾齐驱，稳健向好 2025 年 08 月 25 日 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 8,185 | 8,978 | 11,219 | 12,866 | 14,764 | | 同比（%） | (27.89) | 9.69 | 24.96 | 14.68 | 14.75 | | 归母净利润（百万元） | 580.40 | 695.38 | 1,044.52 | 1,237.42 | 1,494.17 | | 同比（%） | (64.84) | 19.81 | 50.21 | 18.47 | 20.75 | | EPS-最新摊薄（元/股） | 1.00 | 1.19 | 1.79 | 2.12 | 2.57 | | P/E（现价&最新摊薄） | 42.23 | 35.25 | 23.47 | 19.81 | 1 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Viewpoints - Recent trial feedback for Glo Hilo in Sendai, Japan has been positive, indicating that improvements in HNB product experience and faster conversion of smokers will drive industry growth, benefiting the company through its partnership with British American Tobacco [2] - The price increase of Glo Hilo's cartridges reflects confidence in product strength, with the new cartridge priced at 580 JPY (approximately 4 USD), a more than 30% increase from the previous model [3] - British American Tobacco is expected to invest significantly in Hilo, aiming for new tobacco revenue to reach 50% by 2035, up from the current 13%, highlighting the importance of HNB products for the company's future [4] Summary by Sections Recent Catalysts and Core Viewpoints - Glo Hilo's trial in Japan has shown promising results, suggesting a potential acceleration in industry growth due to enhanced product experiences [2] - The price increase of Hilo cartridges indicates strong product confidence and potential for higher returns for the company [3] - British American Tobacco's commitment to HNB products is expected to increase, with significant resources allocated to Hilo [4] Market Dynamics - The HNB market is evolving, with improved product experiences leading to higher conversion rates among traditional smokers [8] - The competitive landscape is shifting, with major players like Philip Morris, Japan Tobacco, and British American Tobacco sharing market shares more evenly [9] Regulatory Environment and Business Potential - The company is poised to benefit from stricter regulations on vaping products in Europe and North America, which may lead to increased demand for compliant products [10] - The medical business segment is expected to gain importance, with significant investments in research and development for HNB and medical aerosol products [11] Financial Projections and Valuation - Revenue projections for 2025-2027 are estimated at 128.9 billion, 153.1 billion, and 183.5 billion, with year-on-year growth rates of 9%, 19%, and 20% respectively [12] - The company is expected to achieve net profits of 13.2 billion, 20.0 billion, and 27.3 billion for the same period, with corresponding growth rates of 2%, 51%, and 36% [12]