Core Viewpoint - The company, Steady Medical, is transitioning from product export to brand export, aiming to establish itself as a leading global health enterprise through high-quality products and operational excellence [1][9]. Company Development - Founded in 1991 by Li Jianquan, Steady Medical has evolved from a medical dressing exporter to a dual-driven health enterprise combining medical and consumer goods [1][4]. - The company initially focused on medical dressings, establishing its own brand "Winner Steady Medical" after starting as an OEM for foreign brands [4][6]. - In 2009, the company launched "Cotton Era," aiming to innovate from medical-grade products to consumer goods, despite facing initial losses of nearly 200 million yuan in the first four years [5][6]. Innovation and Product Quality - Steady Medical emphasizes product quality and innovation, having invested over 500 tons of cotton to develop a cotton-based non-woven fabric technology that simplifies production and addresses industry pain points [4][5]. - The company has established a dual business model of medical and consumer products, leveraging the same supply chain and technology standards for synergy [7][8]. Financial Performance - In the first half of 2025, Steady Medical achieved a revenue of 5.296 billion yuan, a year-on-year increase of 31.31%, with a net profit of 492 million yuan, up 28.07% [8]. - The medical segment generated 2.52 billion yuan in revenue, growing 46.4%, while the Cotton Era brand achieved 2.75 billion yuan, a 20.3% increase [8]. Global Expansion and M&A - The company is shifting towards brand export, highlighted by the acquisition of a 75.2% stake in the U.S. medical consumables company GRI for 120 million USD, which is expected to enhance its global strategy [9][10]. - In the first half of 2025, overseas sales reached 1.43 billion yuan, marking an 81.3% increase, with products sold in over 110 countries [9][10]. Future Strategy - Steady Medical plans to convert 90% of its overseas medical business to proprietary brands, moving away from OEM production, while Cotton Era will focus on establishing a strong domestic presence before expanding internationally [10].

Core Viewpoint - The company, Steady Medical, is transitioning from product export to brand export, aiming to establish itself as a leading global health enterprise through high-quality products and operational excellence [1][4][6]. Group 1: Company History and Development - Founded in 1991 by Li Jianquan, Steady Medical initially focused on medical dressings and later launched the consumer brand "Cotton Era" in 2009, marking its entry into the consumer goods market [1][2]. - The company faced significant challenges in its early years, including nearly 200 million yuan in cumulative losses over the first four years of Cotton Era's establishment, due to high costs and consumer unfamiliarity with cotton products [3][4]. - Steady Medical's commitment to quality over cost has been a cornerstone of its growth, leading to its emergence as a top exporter of medical dressings in China [2][3]. Group 2: Business Model and Strategy - The company operates a dual business model focusing on both medical and consumer products, leveraging the same supply chain and technology standards for synergy [4][5]. - Steady Medical emphasizes innovation and high-quality product development, with a vision of "Cotton Changing the World," and has established itself as a leader in the cotton towel market [4][5]. - The company has invested 2.062 billion yuan in R&D from 2020 to mid-2025, establishing a complete innovation cycle that has contributed to significant revenue growth [5][6]. Group 3: Financial Performance - In the first half of 2025, Steady Medical reported revenues of 5.296 billion yuan, a year-on-year increase of 31.31%, with net profits of 492 million yuan, up 28.07% [5][6]. - The medical segment achieved revenues of 2.52 billion yuan, growing by 46.4%, while Cotton Era generated 2.75 billion yuan, reflecting a 20.3% increase [5][6]. Group 4: Global Expansion and Acquisitions - The company is shifting towards brand export, highlighted by its acquisition of 75.2% of the U.S. medical consumables company GRI for 120 million USD, which is a key step in its globalization strategy [5][6]. - Steady Medical's overseas sales channels generated 1.43 billion yuan in revenue in the first half of 2025, marking an 81.3% increase, with products sold in over 110 countries [6][7]. - The company plans to transition 90% of its overseas medical business to its own brand, moving away from OEM production, while Cotton Era aims to solidify its domestic presence before expanding internationally [6][7].

Core Viewpoint - The company, Steady Medical, is transitioning from product export to brand export, aiming to establish itself as a leading global health enterprise through innovation and high-quality products [1][6]. Group 1: Company History and Development - Founded in 1991 by Li Jianquan, Steady Medical initially focused on medical dressings and later launched its consumer brand, "Cotton Era," in 2009, marking its entry into the consumer goods market [1][2]. - The company faced significant challenges in the early years, including a cumulative loss of nearly 200 million yuan in the first four years of Cotton Era's establishment, but maintained a commitment to quality over cost [3][4]. Group 2: Business Model and Strategy - Steady Medical operates a dual business model in medical and consumer goods, leveraging the same supply chain and technology standards to create synergies between the two sectors [4][5]. - The company emphasizes product innovation and quality, with a vision of "Cotton Changing the World," and has established itself as a leader in the cotton towel category [4][5]. Group 3: Financial Performance - In the first half of 2025, Steady Medical reported revenue of 5.296 billion yuan, a year-on-year increase of 31.31%, with net profit reaching 492 million yuan, up 28.07% [5]. - The medical segment generated revenue of 2.52 billion yuan, growing by 46.4%, while Cotton Era achieved 2.75 billion yuan in revenue, a 20.3% increase [5]. Group 4: Global Expansion and Acquisitions - The company is actively pursuing global expansion, highlighted by the acquisition of 75.2% of the U.S. medical consumables company GRI for $120 million, which is expected to enhance its international presence [6][7]. - In the first half of 2025, overseas sales channels generated 1.43 billion yuan, reflecting an 81.3% increase, with products sold in over 110 countries and regions [6][7]. Group 5: Future Outlook - Steady Medical plans to transition 90% of its overseas medical business to proprietary brands, moving away from OEM production, while Cotton Era aims to solidify its domestic market presence before expanding internationally [7]. - The company is positioned for sustainable growth, with a focus on brand development and high-quality offerings in both medical and consumer sectors [7].

Core Insights - The report by Zhiyan Consulting highlights the growth trajectory of China's medical dressing industry from 2025 to 2031, indicating a positive market outlook [1] Export Data - In April 2025, China's medical dressing exports reached 24,100 tons, marking a year-on-year increase of 12.1% [1] - The export value for the same period was $18.8 million, reflecting an 8.1% year-on-year growth [1] Industry Analysis - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services [1] - The firm emphasizes its commitment to delivering quality services and market insights to empower investment decisions [1]

Core Insights - Zhendermedical's stock increased by 6.25% to 68.90 CNY per share, with a trading volume of 297 million CNY and a turnover rate of 1.68%, resulting in a total market capitalization of 18.358 billion CNY [1] Company Overview - Zhendermedical, established on August 18, 1994, and listed on April 12, 2018, is located in Shaoxing City, Zhejiang Province. The company specializes in the production, research, and sales of medical dressings [1] - The main revenue composition includes: - Surgical infection control: 43.04% - Basic care: 20.46% - Stoma and modern wound care: 18.59% - Pressure treatment and fixation: 10.75% - Infection control protection: 6.58% - Others: 0.58% [1] Shareholder Insights - Zhendermedical's top circulating shareholder is a fund under China Merchants Fund, specifically the China Merchants Core Competitiveness Mixed A (014412), which increased its holdings by 581,000 shares to a total of 3.4286 million shares, representing 1.29% of circulating shares. The estimated floating profit today is approximately 13.886 million CNY [2] - The fund was established on April 13, 2022, with a latest scale of 2.993 billion CNY. Year-to-date returns are 20.14%, ranking 4429 out of 8161 in its category, while the one-year return is 23.01%, ranking 4129 out of 8021. Since inception, the return is 56.25% [2] Fund Manager Profile - The fund manager for China Merchants Core Competitiveness Mixed A (014412) is Zhu Hongyu, who has a cumulative tenure of 14 years and 154 days. The total asset scale of the fund is 4.964 billion CNY, with the best fund return during his tenure being 54.07% and the worst being -12.86% [3] Fund Holdings - Another fund under China Merchants Fund, the China Merchants Social Responsibility Mixed A (018309), holds 1.367 million shares of Zhendermedical, accounting for 2.96% of the fund's net value, ranking as the tenth largest holding. The estimated floating profit today is approximately 5.5364 million CNY [4] - This fund was established on April 26, 2023, with a latest scale of 974 million CNY. Year-to-date returns are 27.67%, ranking 3282 out of 8161, while the one-year return is 29.91%, ranking 3182 out of 8021. Since inception, the return is 8.49% [4]

Core Viewpoint - Zhendemedical has experienced a significant stock price increase of 38.96% over the past seven days, closing at 59.49 CNY per share with a market capitalization of 15.851 billion CNY [1] Group 1: Company Overview - Zhendemedical, established on August 18, 1994, and listed on April 12, 2018, is located in Shaoxing, Zhejiang Province. The company specializes in the production, research, and sales of medical dressings [1] - The revenue composition of Zhendemedical includes: 43.04% from surgical infection control, 20.46% from basic care, 18.59% from ostomy and modern wound care, 10.75% from pressure treatment and fixation, 6.58% from infection control protection, and 0.58% from other sources [1] Group 2: Shareholder Information - The top circulating shareholder of Zhendemedical is the "Zhaoshang Core Competitiveness Mixed A" fund, which increased its holdings by 581,000 shares to a total of 3.4286 million shares, representing 1.29% of circulating shares. The fund has gained approximately 10.3888 million CNY in floating profit today and 54.2754 million CNY during the seven-day increase [2] - The "Zhaoshang Core Competitiveness Mixed A" fund was established on April 13, 2022, with a current scale of 2.993 billion CNY. It has achieved a year-to-date return of 21.25% and a one-year return of 18.18% [2] Group 3: Fund Manager Information - The fund manager of "Zhaoshang Core Competitiveness Mixed A" is Zhu Hongyu, who has a total tenure of 14 years and 151 days. The fund's total asset scale is 4.964 billion CNY, with the best return during his tenure being 57.7% and the worst being -12.86% [3][5] Group 4: Fund Holdings - Another fund, "Zhaoshang Social Responsibility Mixed A," holds 1.367 million shares of Zhendemedical, accounting for 2.96% of the fund's net value. This fund has gained approximately 4.142 million CNY in floating profit today and 21.6396 million CNY during the seven-day increase [4] - The "Zhaoshang Social Responsibility Mixed A" fund was established on April 26, 2023, with a current scale of 974 million CNY. It has achieved a year-to-date return of 29.24% and a one-year return of 25.23% [4]

Group 1 - The core viewpoint of the news is that Zhendemedical has seen a stock price increase of 5.44%, reaching 43.26 CNY per share, with a total market capitalization of 11.527 billion CNY [1] - Zhendemedical, established on August 18, 1994, specializes in the production, research, and sales of medical dressings, with its main business revenue composition being: surgical infection control 43.04%, basic care 20.46%, ostomy and modern wound care 18.59%, pressure treatment and fixation 10.75%, infection control protection 6.58%, and others 0.58% [1] Group 2 - Zhendemedical is a significant holding in the fund ZheShang Huijin Quantitative Selected Stocks A (011824), which held 44,300 shares in the second quarter, unchanged from the previous period, representing 0.74% of the fund's net value [2] - The fund has achieved a year-to-date return of 27.35% and a one-year return of 60.07%, ranking 2008 out of 4220 and 1427 out of 3820 in its category, respectively [2] Group 3 - The fund manager of ZheShang Huijin Quantitative Selected Stocks A is Chen Gujun, who has been in the position for 5 years and 250 days, with the fund's total asset size at 204 million CNY [3] - During Chen Gujun's tenure, the best fund return was 35.77%, while the worst was -7.57% [3]

Core Viewpoint - Zhendemedical experienced a 5.44% increase in stock price, reaching 43.26 CNY per share, with a trading volume of 135 million CNY and a turnover rate of 1.20%, resulting in a total market capitalization of 11.527 billion CNY [1] Company Overview - Zhendemedical is located in Shaoxing City, Zhejiang Province, and was established on August 18, 1994. The company went public on April 12, 2018. Its main business involves the production, research, and sales of medical dressings [1] - The revenue composition of Zhendemedical includes: - Surgical infection control: 43.04% - Basic care: 20.46% - Stoma and modern wound care: 18.59% - Pressure treatment and fixation: 10.75% - Infection control protection: 6.58% - Others: 0.58% [1] Shareholder Information - Zhendemedical's top circulating shareholder is a fund under China Merchants Fund, specifically the China Merchants Core Competitiveness Mixed A (014412), which increased its holdings by 581,000 shares in the second quarter, totaling 3.4286 million shares, representing 1.29% of circulating shares. The estimated floating profit today is approximately 7.6459 million CNY [2] - The China Merchants Core Competitiveness Mixed A fund was established on April 13, 2022, with a current scale of 2.993 billion CNY. Year-to-date returns are 22.19%, ranking 4235 out of 8173 in its category; the one-year return is 47.73%, ranking 3179 out of 8003; and since inception, the return is 58.91% [2] Fund Manager Information - The fund manager of China Merchants Core Competitiveness Mixed A is Zhu Hongyu, who has a cumulative tenure of 14 years and 133 days. The total asset scale of the fund is 4.964 billion CNY, with the best fund return during his tenure being 57.72% and the worst being -12.86% [3] Fund Holdings - Another fund under China Merchants Fund, the China Merchants Social Responsibility Mixed A (018309), holds 1.367 million shares of Zhendemedical, accounting for 2.96% of the fund's net value, making it the tenth largest holding. The estimated floating profit today is approximately 3.0484 million CNY [4] - The China Merchants Social Responsibility Mixed A fund was established on April 26, 2023, with a current scale of 974 million CNY. Year-to-date returns are 29.77%, ranking 3226 out of 8173; the one-year return is 54.04%, ranking 2634 out of 8003; and since inception, the return is 10.28% [4] Fund Manager Information (Social Responsibility Fund) - The fund manager of China Merchants Social Responsibility Mixed A is also Zhu Hongyu, with the same cumulative tenure and asset scale as mentioned previously [5]

Core Viewpoint - The company is facing challenges in maintaining its market value despite strong operational performance and growth, with significant concerns raised by investors regarding its stock price and market positioning compared to competitors [2][4]. Company Performance - As of September 22, 2025, the company's stock price closed at 9.47 yuan, down 0.73%, with a trading volume of 40,400 shares and a turnover of 38.26 million yuan [1]. - The company has been compared unfavorably to competitors, with its market capitalization significantly lower than that of peers like Zhend Medical and Sturdy Medical, which have market values approximately 2 to 5 times greater [4]. M&A Strategy - The company has indicated that its future merger and acquisition (M&A) focus will be on the health industry, emphasizing the importance of synergy and industry integration [2][3]. - The management has acknowledged the high risks associated with M&A activities and has adopted a cautious approach towards potential acquisitions [2]. Market Sentiment - Investor sentiment is currently negative, with concerns about the company's declining stock price despite its strong performance and generous dividend distribution over the years [2][4]. - On September 22, 2025, there was a net outflow of 1.19 million yuan from institutional investors, while retail investors contributed a net inflow of 6.11 million yuan [4].

Group 1 - The core viewpoint of the news is the performance and financial metrics of Zhendemedical, which saw a stock price increase of 5.08% to 37.45 CNY per share, with a trading volume of 1.007 billion CNY and a turnover rate of 10.47%, leading to a total market capitalization of 9.979 billion CNY [1] - Zhendemedical, established on August 18, 1994, and listed on April 12, 2018, specializes in the production, research, and sales of medical dressings, with its main business revenue composition being: surgical infection control 43.04%, basic care 20.46%, ostomy and modern wound care 18.59%, pressure treatment and fixation 10.75%, infection control protection 6.58%, and others 0.58% [1] Group 2 - From the perspective of major fund holdings, Xiangcai Fund has a significant position in Zhendemedical, with its Xiangcai Medical Health Mixed A Fund (019958) increasing its holdings by 10,000 shares to a total of 40,000 shares, representing 4.59% of the fund's net value, ranking as the eighth largest holding [2] - The Xiangcai Medical Health Mixed A Fund (019958) was established on December 26, 2023, with a latest scale of 13.2808 million CNY, achieving a year-to-date return of 50.36%, ranking 846 out of 8246 in its category, and a one-year return of 67.97%, ranking 1687 out of 8054 [2] Group 3 - The fund manager of Xiangcai Medical Health Mixed A Fund is Zhang Quan, who has been in the position for 1 year and 265 days, managing total assets of 18.3775 million CNY, with the best fund return during his tenure being 74.42% and the worst being 73.66% [3]