21世纪经济报道记者雷若馨深圳报道 打着"医疗+消费"的牌，全棉时代母公司稳健医疗交出了一份不错的成绩单。 近日，稳健医疗（300888.SZ）发布半年报。2025年上半年，公司实现营收53亿元，同比增长31.3%；实 现归母净利润 4.9 亿元，同比增长28.1%；扣非归母净利润4.6亿元，同比增长40.9%。 稳健医疗前身创立于1991年，最初从医用敷料代工起步。2009年，稳健医疗创立消费品品牌"全棉时 代"，其业务领域也逐渐从医疗延伸至消费品。今年上半年，医疗板块与消费板块分别为其贡献25.2亿 元、27.5亿元营收。 医疗板块回升 目前，其医疗板块以"稳健医疗"品牌为核心，主营医用敷料、口罩、手术室耗材。 2020年，因市场对口罩等疾控防护产品需求激增，稳健医疗的医疗板块营收暴涨616.5%至86.84亿元， 并在当年成功上市。随着公共卫生事件的影响减弱，其相关板块营收在高基数影响下出现大幅下滑。 过去两年，稳健医疗通过调整产品结构、去库存等方式逐渐平稳下滑趋势，恢复相关板块增长。 2025年上半年，稳健医疗的医疗板块营收为25.2亿元，同比增长46.4%。剔除并购公司GRI的贡献，实 现19.5亿 ...

Core Viewpoint - JD.com is shifting its international strategy from a cross-border model to local operations by acquiring the German retail giant Ceconomy for approximately €2.2 billion (about $2.51 billion) [1][9]. Group 1: Acquisition Details - JD.com plans to acquire Ceconomy at a price of €4.6 per share, with a total valuation of around €2.2 billion [1]. - Ceconomy operates well-known European electronic retail brands MediaMarkt and Saturn, with over 1,000 stores across 12 European countries and approximately 50,000 employees [6][8]. - The acquisition will allow JD.com to gain access to an established European supply chain and retail network, addressing long-standing issues of inventory shortages and logistics challenges [6][7]. Group 2: Strategic Shift - JD.com’s international expansion has faced challenges, including unsuccessful attempts in Southeast Asia and the U.S. due to high logistics costs and operational mismatches [4]. - The acquisition of Ceconomy represents a significant pivot in JD.com's strategy, moving from cross-border e-commerce to localized operations [3][9]. - By leveraging Ceconomy’s existing infrastructure, JD.com aims to enhance its delivery capabilities, potentially reducing delivery times from 2-3 days to hours [6][7]. Group 3: Market Context - The competitive landscape includes emerging players like Temu, SHEIN, and TikTok, which have successfully utilized low-price strategies and flexible supply chains to reshape global e-commerce [4]. - JD.com’s previous self-operated brands in Europe faced limitations due to a lack of local supplier networks and competitive pricing [4][5]. - The acquisition is seen as a bold move to counter the competitive pressure from these emerging players and to establish a stronger foothold in the European market [9]. Group 4: Future Outlook - The transaction is expected to be completed in the first half of 2026, with Ceconomy’s CEO expressing optimism about the partnership enhancing their technological and retail expertise [8]. - Fitch Ratings suggests that this acquisition could improve Ceconomy’s credit profile, given JD.com’s strong financial standing as one of the largest e-commerce platforms globally [8].