晨 会 纪 要 [2025]第 157 号 主 题：对近期重要经济金融新闻、行业事件、公司公告等进行点评 时 间：2025 年 8 月 26 日 8:50-9:30 会议形式：腾讯会议 参会人员：曹旭特 仇华 许雯 王攀 蒋栋 张德燕 轩鹏程 文正平 李杰 王文瑞 张智珑 郭怡萍 何超 李育文 李正威 别璐莎 邢维洁 孙菲 马丽明 贺钰偲 汪炜 聂孟依 顾华昊 整理记录：孙菲 研究所今日晨会要点如下: 一、行业公司 1、公用事业（孙菲） 行情回顾：本周公用事业(申万)上涨 1.89%，跑输大盘 2.29pct 根据 wind，截至 8 月 22 日，本周沪深 300 上涨 4.18%，公用事业(申万)上涨 1.89%，跑 输沪深 300 指数 2.29pct，在申万一级行业中排名第 23 位。子板块中，热力服务上涨 5.46%， 光伏发电上涨 4.84%，火电上涨 3.38%，电能综合服务上涨 1.29%，水电上涨 1.05%，风电上 涨 0.56%，燃气下跌 0.3%。 重点数据跟踪 本周现货煤价周环比继续上升，库存回升： 国内现货：根据 wind，截至 8 月 22 日，秦皇岛动力煤(Q5500,山西产) ...

8月25日，正海生物盘中上涨2.07%，截至13:58，报22.70元/股，成交1.13亿元，换手率2.81%，总市值 40.86亿元。 资金流向方面，主力资金净流出1748.87万元，特大单买入477.94万元，占比4.24%，卖出1296.31万元， 占比11.51%；大单买入2292.04万元，占比20.36%，卖出3222.55万元，占比28.62%。 机构持仓方面，截止2025年6月30日，正海生物十大流通股东中，东方红新动力混合A（000480）位居 第四大流通股东，持股122.68万股，相比上期增加52.68万股。东方红京东大数据混合A（001564）位居 第六大流通股东，持股65.60万股，为新进股东。太平丰和一年定开债券发起式（010165）位居第十大 流通股东，持股50.00万股，相比上期减少51.49万股。 责任编辑：小浪快报 资料显示，烟台正海生物科技股份有限公司位于山东省烟台经济技术开发区南京大街7号，成立日期 2003年10月22日，上市日期2017年5月16日，公司主营业务涉及生物再生材料的研发、生产与销售。主 营业务收入构成为：脑膜系列产品50.99%，口腔修复膜48.98%， ...

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 ...

医药生物 G [Table_ReportDate] 2025 年 08 月 25 日 [Table_Author] 分析师：王俐媛 执业证书号：S1030524080001 电话：0755-83199599 邮箱：wangly1@csco.com.cn 研究助理：徐伊琳 电话：0755-23602217 邮箱：xuyl@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 MRD 有望成为新的免疫伴随诊断 [Table_ReportType] 医药生物行业周报（8 月第 4 周） [Table_S 行业ummary 观点：] 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_BaseData] 1) 周度回顾。上周（8 月 18 日-8 月 22 日）医药生物板 块收涨 1.05%，跑输 Wind 全 A（3.87%）和沪深 300 （4.18%）。从板块来看，医疗设备（4.49%）、疫苗 （4.41%）和中药（2.86%）涨幅居前，医疗研发外包 （-3%）、原料药（-1.44%）和医疗耗材（-0.01%）跌幅 居前。从个股来看，香雪制药（40.4%）、欧林生物 ...

10% 医药生物 沪深300 -5% 0% 5% 5% 10% 医药生物 沪深300 超配（维持） 医药生物行业双周报（2025/8/8-2025/8/21） 高值耗材大型联盟集采启动 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 医药生物（申万）指数走势 -35% 资料来源：iFind，东莞证券研究所 相关报告 业 周 报 行 业 研 究 20% 22-03 22-05 22-07 22-09 22-11 23-01 23-03 医药生物 沪深300 证 券 研 究 报 告 -30% -25% -20% -15% -10% -5% 0% 5% 10% 医药生物 沪深300 -35% -30% -25% -20% -15% -10% -35% -30% -25% -20% -15% -10% -5% 0% -40% -20% 0% -35% -30% -25% -20% -15% -10% -5% 0% 5% 10% 医药生物 沪深300 医药生物行业 2025 年 8 月 22 日 分析师：谢 ...

Core Insights - The company reported a significant increase in revenue and profit for the first half of 2025, with total revenue reaching 5.3 billion yuan, a year-on-year growth of 31.3%, and net profit attributable to shareholders at 490 million yuan, up 28.1% [1] - The medical and consumer segments both contributed to this growth, with revenues of 2.52 billion yuan and 2.75 billion yuan respectively, marking increases of 46.4% and 20.3% [1] Group 1: Consumer Segment Performance - The consumer brand, 全棉时代, achieved revenue of 2.75 billion yuan in the first half of 2025, reflecting a growth of 20.3% [2] - Key products such as the core dry and wet cotton soft towels saw sales increase to 810 million yuan, a growth of 19.5%, while sanitary napkins experienced a remarkable revenue increase of 67.6%, reaching 530 million yuan [2] - The brand's membership base grew to nearly 67 million, a 7.7% increase from the previous year, indicating strong customer loyalty and engagement [3] Group 2: Medical Segment Performance - The medical segment reported revenue of 2.52 billion yuan, a substantial increase of 46.4%, with organic growth excluding acquisitions contributing to a 13.2% rise [4] - Key innovations in the medical field included a 193.5% increase in revenue from surgical consumables, reaching 740 million yuan, and a 25.7% increase in high-end dressings, totaling 480 million yuan [4] - The company holds 1,109 R&D patents and 701 medical product registration certificates, establishing a strong foundation for future growth in both domestic and international markets [4] Group 3: Brand and Financial Strategy - The company announced a cash dividend distribution plan of 260 million yuan, representing 53.26% of net profit, reflecting a commitment to shareholder returns [5] - The brand aims to enhance its image and market position through various promotional activities and product innovations, reinforcing its commitment to quality and consumer health [5] - The company is focused on a long-term vision of sustainable growth, emphasizing the importance of brand elevation and maintaining industry leadership through continuous investment in R&D and quality control [5]

Group 1 - The core viewpoint of the article highlights the recent stock performance of Spring Medical, which has seen a year-to-date increase of 77.40%, but a decline of 4.84% over the last five trading days [2][3] - As of August 22, Spring Medical's stock price was reported at 22.62 yuan per share, with a market capitalization of 8.676 billion yuan [1] - The company primarily engages in the research, production, and sales of implantable orthopedic medical devices, with its main products including joint prosthetics and spinal implants [2] Group 2 - Spring Medical's revenue for the first quarter of 2025 reached 230 million yuan, reflecting a year-on-year growth of 3.60%, while the net profit attributable to shareholders was 58.071 million yuan, up 5.20% year-on-year [3] - The company has distributed a total of 359 million yuan in dividends since its A-share listing, with 309 million yuan distributed over the past three years [4] - As of March 31, 2025, the number of shareholders increased by 7.48% to 7,182, while the average circulating shares per person decreased by 6.99% to 11,063 shares [3]

2024年1至12月份，洁特生物的营业收入构成为：耗材类收入占比95.02%，其他业务占比4.98%。 洁特生物（SH 688026，收盘价：19.87元）8月19日晚间发布公告称，公司董事会秘书葛井波先生因个 人原因辞去公司董事会秘书一职，辞职后将不再担任公司任何职务。葛井波先生因个人原因申请辞去公 司董事会秘书一职，辞职后将不再担任公司任何职务。 （文章来源：每日经济新闻） ...

Group 1 - The China Securities Index for healthcare equipment and services has shown a positive trend, with notable stock increases such as 20.01% for Toujing Life and 20.00% for Furuijian [1] - The Ministry of Industry and Information Technology, along with six other departments, has issued implementation opinions to promote the innovation and development of the brain-computer interface industry, aiming for breakthroughs in key technologies by 2027 [1] - The brain-computer interface technology is experiencing rapid changes, with expectations for significant market expansion as domestic companies move towards commercial applications [1] Group 2 - Recent performance forecasts in the medical consumables sector indicate that low-value consumables are affected by US-China tariff policies, while high-value consumables are gradually recovering from centralized procurement impacts [2] - The optimization of centralized procurement policies in the pharmaceutical sector is expected to restore market confidence in the entire consumables industry [2] - The China Construction Bank's ETF closely tracks the China Securities Index for healthcare equipment and services, reflecting the overall performance of listed companies in this sector [2]

Group 1 - The core viewpoint of the news is that Spring Medical has shown significant stock performance, with an 88.85% increase in stock price year-to-date, despite a recent decline of 3.99% over the last five trading days [1] - As of August 19, the stock price of Spring Medical is 24.08 CNY per share, with a market capitalization of 9.236 billion CNY and a trading volume of 13.42 million CNY [1] - The company primarily engages in the research, production, and sales of orthopedic medical devices, focusing on joint prosthetics and spinal implants, with 99.92% of its revenue coming from medical device products [1][2] Group 2 - As of March 31, the company reported a revenue of 230 million CNY for Q1 2025, representing a year-on-year growth of 3.60%, and a net profit of 58.07 million CNY, which is a 5.20% increase compared to the previous year [2] - The company has distributed a total of 359 million CNY in dividends since its A-share listing, with 309 million CNY distributed over the past three years [3] - The number of shareholders increased by 7.48% to 7,182 as of March 31, while the average number of circulating shares per person decreased by 6.99% to 11,063 shares [2]