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 ...

根据公司披露的2025年半年报显示，稳健医疗上半年实现营业收入52.96亿元，同比增长31.31%；归母 净利润4.92亿元，同比增长28.07%。其中卫生巾品类表现突出，营收同比增长67.6%至5.32亿元。公司 拟向全体股东每10股派发现金红利4.5元，合计派发现金红利2.62亿元。 资金流向方面，8月22日主力资金净流出3592.59万元，近五日主力资金累计净流出3778.39万元。 截至2025年8月22日15时，稳健医疗股价报42.09元，较前一交易日下跌0.14%。当日成交量为101489 手，成交金额达4.27亿元。 稳健医疗主营业务分为医用耗材和消费品两大板块。公司旗下拥有"稳健医疗"和"全棉时代"两大品牌， 产品涵盖医疗敷料、手术室耗材、卫生巾、棉柔巾等多个品类。2025年上半年，公司医用耗材业务营收 25.2亿元，消费品业务营收27.5亿元。 风险提示：投资有风险，入市需谨慎。本文所载信息仅供参考，不构成任何投资建议。 ...

Company Overview - IFBH is a Thai beverage company founded in 2013, focusing on the Greater China market with its brands if and Innococo, targeting different market needs [2] - The company has a significant market presence, with 92.4% of sales from mainland China, 4.6% from Hong Kong, and 3.0% from other regions [2] Industry Insights - The coconut water beverage industry is experiencing strong growth globally, particularly in the Greater China region, which leads the world in growth rates [5] - The global coconut water beverage market is projected to grow at a compound annual growth rate (CAGR) of 14.7% from 2019 to 2024, and 11.1% from 2024 to 2029 [5] - In 2024, China's retail sales of coconut water beverages are expected to account for 21.9% of the global total, with the Greater China region showing a CAGR of 60.8% from 2019 to 2024 [5] Market Position - IFBH has maintained the leading market share in mainland China for five consecutive years, reaching 34% in 2024, significantly surpassing its closest competitor [5] - The company also leads the Hong Kong market with a 60% share and ranks second globally with a 7.5% market share [5] - In 2024, IFBH's retail sales growth rate was the highest among the top five coconut water beverage companies globally and in China, at 81% [5] Business Strategy - IFBH employs a light-asset model, focusing on supply chain management and outsourcing production to ensure product quality while minimizing costs [6] - The company plans to expand its global footprint, targeting markets in Australia, the Americas, and Southeast Asia, while introducing innovative products like sparkling coconut water and coconut coffee [6] Financial Projections - Revenue forecasts for IFBH from 2025 to 2027 are $212 million, $275 million, and $344 million, representing year-on-year growth rates of 34.52%, 29.66%, and 24.96% respectively [7] - Net profit projections for the same period are $44 million, $57 million, and $71 million, with growth rates of 31.73%, 29.16%, and 25.23% [7] - The price-to-earnings ratios for 2025 are projected at 30.42, 23.55, and 18.81 for the subsequent years [8]

Group 1: On-site Supervision Case - The issuer failed to consider installment payments and settlement discounts in some engineering contracts, leading to inaccurate progress calculations and insufficient attention from sponsors and accountants [1][2] - The issuer's income accounting was affected, but the overall impact on financial performance was minor, and corrections were made [2][3] - The sponsor did not adequately verify the sufficiency of third-party payment evidence, and there were formal flaws in interview records [2] Group 2: Review Cases - Case 1: The issuer's client performance significantly declined, increasing reliance on the photovoltaic industry, which is subject to market fluctuations [5][6] - The issuer had a dependency on a single client, with no significant competitive advantage in proprietary technology, leading to the withdrawal of its IPO application [5][6] - Case 2: The issuer operated in a fragmented market with low technical barriers, and its revenue was primarily from OEM for brand companies, with declining R&D investment [7][8] Group 3: Case Insights - For issuer A, the significant changes in the photovoltaic industry and the lack of competitive technology led to the withdrawal of its IPO application [6] - For issuer B, the intense competition and lack of innovation resulted in a low market share and the rejection of its IPO application [8]

Summary of the Conference Call for稳健医疗 Company Overview - **Company Name**: 稳健医疗 (Steady Medical) - **Founded**: 1991 - **Business Segments**: Medical supplies and consumer products - **2023 Total Revenue**: Approximately 8.2 billion RMB - **2023 Net Profit**: Approximately 580 million RMB - **Revenue Breakdown**: Medical supplies revenue approximately 3.9 billion RMB (47%), consumer products revenue approximately 4.3 billion RMB (52%) [2][4] Key Insights and Arguments - **Growth in Consumer Products**: The consumer products segment is experiencing rapid growth, with a significant increase in revenue share, reaching 52% in 2023. The company anticipates accelerated growth in 2024, driven by a robust online membership base exceeding 56 million and a steady expansion of offline stores to 444 [2][4][8]. - **Quality Control and Brand Strength**: The company has capitalized on quality control and cost-effectiveness to enhance brand strength, especially in personal care products like sanitary napkins. This has allowed it to capture market share from domestic brands facing quality issues [2][9][11]. - **Marketing Strategy**: In 2024, the company plans to intensify marketing efforts, promoting its all-cotton and medical-grade labels, which is expected to lead to a year-on-year revenue increase of over 50% in Q4 and early 2025 [2][15][18]. - **Product Safety Concerns**: There is a high consumer demand for safety in personal care products, particularly sanitary napkins, due to past quality issues with international brands. This has created a market opportunity for companies with stringent quality controls [9][10][12]. Financial Projections - **Future Revenue Growth Targets**: The company has set ambitious revenue growth targets of 13% and 18% for 2025 and 2026, respectively, reflecting confidence in new product categories [2][7]. - **Net Profit Forecast**: Expected net profits for 2024, 2025, and 2026 are 800 million RMB, 1.05 billion RMB, and 1.23 billion RMB, representing year-on-year growth rates of 43%, 26%, and 18% [5][27]. Market Dynamics - **Market Trends**: The high-end medical dressing market is projected to grow significantly, with the company aiming to expand its presence in the U.S. market through the acquisition of GRI, which will help mitigate tariff risks [5][24]. - **Consumer Product Market Size**: The cotton towel market is expected to grow from approximately 54 billion RMB in 2023 to 64.4 billion RMB by 2026, with the company targeting a market share of 2.9% [25][26]. Strategic Initiatives - **Acquisition of GRI**: The acquisition of GRI is aimed at expanding the company's U.S. customer base and avoiding tariffs on medical supplies, while also leveraging GRI's production capabilities in various countries [5][24]. - **Channel Strategy**: The company is focusing on both online and offline channels, with a significant increase in membership and store count, enhancing its market reach [19][23]. Risks and Concerns - **Investor Sentiment**: Some investors express concerns about the sustainability of the company's growth, viewing recent performance as potentially short-term. However, the company believes that the high consumer demand for personal care products will support long-term growth [30]. - **Valuation Considerations**: The company is currently valued at approximately 26 times earnings, with potential for a 15% increase in market value, supported by strong performance in personal care and medical segments [29]. Conclusion - **Investment Recommendation**: The company presents a compelling investment opportunity, particularly in the medical and personal care sectors, due to its strong market position, growth potential, and effective marketing strategies [31].

Group 1 - The Ministry of Finance and the Ministry of Commerce of China announced measures to restrict government procurement of medical devices imported from the EU, effective from July 6, 2025, requiring a procurement budget of over 45 million RMB to exclude EU companies [2] - Non-EU companies can only have a maximum of 50% of their medical devices sourced from the EU in their contracts [2] Group 2 - The Ministry of Housing and Urban-Rural Development emphasized the importance of stabilizing the real estate market and called for tailored policies to promote healthy development [3] - The ministry's research team conducted discussions with local governments and industry experts to analyze the real estate market's performance in the first half of the year [3] Group 3 - Former President Trump announced new tariffs ranging from 10% to 70%, which could increase inflation risks for the U.S. economy [4] - The proposed tariffs are higher than previously announced "reciprocal tariffs" and could further impact the U.S. stock market [4] Group 4 - The company Renrenle officially delisted from the Shenzhen Stock Exchange after four consecutive years of losses, marking the end of its operations as a major supermarket chain [9] Group 5 - Zhonghong Medical announced a cash acquisition of 75% equity in SEA3 company for only 6.97 RMB, raising questions among investors about the accuracy of the reported amount [10][11] Group 6 - The company Romasi announced a six-month suspension of operations due to a recall crisis, with plans to pay employees 80% of the local minimum wage during this period [12] - Employees expressed concerns about the adequacy of the compensation in relation to living costs [12] Group 7 - NIO's founder Li Bin stated that the company's cumulative R&D investment has reached 60 billion RMB, emphasizing the transparency of its financial reports [14][15] Group 8 - China Shipbuilding Industry Corporation received approval for a major asset restructuring, merging with China Shipbuilding Heavy Industry Company, marking a significant step in consolidating its core listed platforms [16]

Core Points - The procurement of "flow-directed mesh stents" led by the Shenzhen Medical Insurance Bureau resulted in an average price reduction of 42.82%, with the highest reduction reaching 63.16% [1] - The average price of the stents decreased from approximately 110,000 yuan to about 60,000 yuan, significantly alleviating the financial burden on patients and allowing more patients to access better treatment [1] - The innovative procurement model involved a "post-reporting" method, ensuring that selected products better meet clinical needs and quality standards, while also providing new products ample time to enter the market [2] Group 1 - The procurement process was supported by the provincial medical insurance bureau and aimed to share the price reduction benefits across public medical institutions in Guangdong Province, potentially reducing patient medical expenses by 119 million yuan annually [1] - The procurement cycle was shortened by 50% through a collaborative approach that considered clinical demand, market share, and expert advice, stabilizing enterprise expectations [1] - Since its establishment, the Shenzhen Medical Insurance Bureau has implemented various measures to reduce patient costs, totaling 17.109 billion yuan [2]

Group 1 - The report provides a comprehensive overview of the blood dialysis consumables industry, including definitions, classifications, and regulatory frameworks [4] - It outlines the macro environment analysis of the blood dialysis consumables industry in China, focusing on policy, economic, social, and technological factors [5] - The report discusses the global development status and market trends of the blood dialysis consumables industry, including historical development and macro environment background [6] Group 2 - The impact of the COVID-19 pandemic on the global blood dialysis consumables industry is analyzed, highlighting changes in market dynamics [6] - The report examines the supply and demand conditions in the Chinese blood dialysis consumables market, identifying key pain points and trade status [6][7] - It includes a competitive landscape analysis of the Chinese blood dialysis consumables industry, assessing market concentration and competitive forces [7] Group 3 - The report details the investment and financing conditions within the Chinese blood dialysis consumables industry, including mergers and acquisitions [7] - It provides insights into the industry structure and value chain analysis, highlighting the roles of upstream suppliers and midstream market segments [8][9] - The report concludes with a market forecast and strategic investment recommendations for the blood dialysis consumables industry in China [10]

Core Viewpoint - The company emphasizes its commitment to long-term shareholder value despite recent stock price declines, highlighting its strong market position and strategic initiatives to enhance market share both domestically and internationally [2][4]. Financial Performance - For the fiscal year 2024, the company reported overseas revenue of 2.76 billion yuan, a year-on-year increase of 23.43%, accounting for 82.87% of total revenue [3]. - Domestic revenue for 2024 was 569.79 million yuan, up 8.86%, representing 17.13% of total revenue [3]. - Cumulative cash dividends from 2018 to 2024 amounted to approximately 1.099 billion yuan, which is 2.29 times the net raised funds [2][4]. Market Strategy - The company has maintained its position as the leading exporter in China's medical dressing industry for 17 consecutive years since 2008 [3]. - The company is focusing on expanding its market share in both established and emerging markets, with a strategic emphasis on e-commerce, OTC markets, and hospital professional markets [3][5]. - Future product development will focus on four categories: surgical and wound care, infection protection, advanced dressings, and hygiene care products [6][7]. Product Development - The company is enhancing its product competitiveness and service levels to meet strong customer demand and expand its market share in overseas markets [3]. - Advanced dressing products launched in 2024 include soft silicone foam dressings, hydrocolloid dressings, transparent dressings, and silicone gel scar patches, aimed at chronic and acute wound care [6]. - The hygiene care product line, including sterilized sanitary pads, is in its early stages but has significant growth potential in the large Chinese market [7].

Core Insights - The ongoing centralized procurement of low-value medical consumables, such as indwelling needles and foam dressings, aims to enhance market penetration and domestic production rates, allowing domestic companies to gain a larger market share through innovation and cost control [1][2] Group 1: Procurement Mechanism - The procurement method for indwelling needles is based on "volume-linked" pricing, which considers the purchasing entity's usage needs and market price levels to determine selected products and procurement volumes [1] - The centralized procurement mechanism aims to standardize the quality and pricing of low-value medical consumables, addressing issues of quality inconsistency and price disparities in the market [2][7] Group 2: Economic Impact - The centralized procurement has significantly reduced costs for patients and medical institutions, with examples showing that the cost of hip joint replacement surgery dropped from approximately 80,000 yuan to 30,000 yuan post-procurement [3] - The implementation of centralized procurement has led to increased surgical volumes in hospitals, with one hospital reporting an increase from 4,500 to 6,700 surgeries annually, resulting in a 12% increase in physician income [3] Group 3: Market Dynamics - The market is witnessing a shift in commercial rules, with reduced profit margins for manufacturers and the exit of many intermediaries, prompting companies to adopt stricter cost control and efficiency measures [5] - The competitive landscape is evolving, with foreign companies actively participating in the market and leveraging centralized procurement as an opportunity for innovation and market expansion [6][7] Group 4: Innovation and Development - Companies are expected to increase R&D investments to introduce new products and technologies that meet market and clinical demands, with a focus on diversifying and differentiating their offerings [6] - The export of low-value medical consumables is on the rise, contributing to the long-term stable development of the industry, with leading companies like Weigao Group and Blue Sail Medical leveraging scale, innovation, and brand advantages [6]