证券代码：300888 证券简称：稳健医疗 稳健医疗用品股份有限公司投资者关系活动记录表 编号：2025-006 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 √业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （电话会议） | | 参与单位名称 | 交银施罗德基金、嘉实基金、信达澳亚基金等 139 位机构投资者，名单详见 | | 及人员姓名 | 附件（排名不分先后） | | 时间 | 年 月 日 2025 8 22 | | 地点 | 公司总部会议室 | | | 方修元：董事、首席财务官 | | 上市公司接待 | 吴克震：监事、医疗板块轮值 CEO | | 人员姓名 | 廖美珍：董事、全棉时代高级副总裁 | | | 陈惠选：副总经理、董事会秘书 | | | 介绍内容详见附件业绩推介材料，问答记录如下： | | 1. | 请问公司如何看待全棉时代近期恢复情况，并请分享一下消费品业务下 | | | 半年展望以及未来 1-2 年的核心增长动力。 | | | 答：首先，全棉时代第二季度实现 13%同比增长，公 ...

稳健医疗 20250822 摘要 稳健医疗上半年营收 25 亿元，同比增长 46%，剔除并购公司 Gri 影响 后增长 13.2%。全棉时代营收 27.5 亿元，同比增长 20%，消费品板块 增长显著，但二季度受 315 事件影响增速放缓。 公司销售费用率因 Gri 公司 ToB 业务占比提升而下降，管理费用率因 Gri 公司管理费用较高而上升，但剔除 Gri 影响后均与去年同期持平。研 发投入持续加大，取得多项专利和医疗产品注册证。 全棉时代加强科技创新，在九大科技领域取得突破，重点推进零添加棉 柔巾和超净洗卫生巾等产品。奈斯公主卫生巾增长 68%，棉柔巾增长 19%，线上渠道增长 23.6%，抖音平台增长 100%。 公司坚持产品领先、卓越运营、品牌向上和全球视野四大战略。聚焦棉 柔巾、卫生巾、贴身衣物及婴童服饰等核心产品，推进门店经营精细化， 加强品牌建设，拓展海外市场。 医疗板块表现优异，营业利润率提升至 8.6%，消费品业务营业利润率 提升至 14%，整体毛利率提升至 58.6%。通过优化生产流程、增强品 牌影响力、推广创新产品和加强全球供应链管理，支持中长期成长目标。 Q&A 稳健医疗在 2025 ...

本报记者李昱丞 8月21日晚间，稳健医疗用品股份有限公司（以下简称"稳健医疗"）披露2025年半年度报告。报告显 示，公司2025年上半年实现营业收入52.96亿元，同比增长31.31%；实现归母净利润4.92亿元，同比增 长28.07%；实现扣非后归母净利润4.61亿元，同比增长40.90%。 （文章来源：证券日报） 就渠道而言，2025年全棉时代线上渠道实现收入17.1亿元，同比增长23.6%。截至2025年上半年末，线 下门店达484家，全域会员人数近6700万，较2024年年末增长7.7%。 除此以外，上半年稳健医疗盈利能力持续优化，两大业务营业利润率双升。 半年报显示，受益于产品结构优化与原材料棉花价格下行，2025年上半年稳健医疗消费品业务毛利率达 到58.6%，同比提升1.7个百分点；营业利润率为14%，同比提升1.2个百分点。医疗板块盈利水平同步改 善，上半年稳健医疗从产品结构、新技术及新产品迭代、组织运营效率提升及渠道建设等各方面进行了 全面整合与提质提效，营业利润率提升至8.6%。 在经营业绩稳步提升的同时，稳健医疗持续强化股东回报，累计分红与回购超募资净额。根据2025年半 年报，公司将 ...

Economic Performance - In July, China's retail sales growth declined to 3.7% year-on-year, down from 4.8% in June and below the market expectation of 4.6%[2] - Fixed asset investment growth fell significantly by 1.2 percentage points to 1.6%, much lower than the expected 2.7%[3] - Industrial production growth decreased by 1.1 percentage points to 5.7%, also below the market expectation of 6.0%[5] Sector-Specific Insights - Real estate development investment fell by 12.0% year-on-year in July, worsening from a decline of 11.2% in June[3] - Retail sales of automobiles dropped by 1.5% in July, contrasting with a growth of 4.6% in June[2] - The manufacturing investment growth rate decreased by 1.3 percentage points to 6.2%[7] Policy and Future Outlook - The government is expected to introduce additional fiscal support of 0.5-1 trillion yuan by the end of September to bolster economic recovery[1] - Recent policies include a nationwide childcare subsidy starting in 2025, which is projected to directly aid consumption[10] - The central bank may implement a 50 basis point reserve requirement ratio cut and a 10-20 basis point interest rate cut by the end of September[14]

Economic Performance - In May, industrial added value increased by 5.8% year-on-year, slightly above the consensus forecast of 5.7%[4] - Retail sales of consumer goods grew by 6.4% year-on-year in May, exceeding expectations and up 1.3 percentage points from April[10] - Fixed asset investment showed a cumulative year-on-year growth of 3.7% from January to May, down 0.3 percentage points from the previous period[18] Sector Analysis - Manufacturing investment from January to May rose by 8.5% year-on-year, while real estate investment fell by 10.7%[21] - The cumulative year-on-year decline in real estate new construction area was 22.8%, with completed area down by 17.3%[22] - High-tech industries saw a cumulative year-on-year growth of 9.5% in industrial added value from January to May[6] Policy Implications - The importance of stabilizing domestic demand is emphasized, especially with external uncertainties remaining high[30] - Active fiscal policies are being accelerated, with government bond financing continuing to grow significantly[30] - The government is focusing on measures to stabilize the real estate market and boost consumer spending[30] Risks - Potential risks include a resurgence of global inflation and a faster-than-expected economic slowdown in Europe and the U.S.[30]

Economic Growth - The economy of Shangluo has shown strong momentum in 2023, with a GDP growth of 6.7% in the first quarter, fixed asset investment growth of 14.8%, and industrial added value growth of 14.6%, ranking second in the province [1] - In April, the positive trend continued, with fixed asset investment growth rate being the highest in the province for the first four months [1] Investment and Projects - Shangluo regards projects as the "ballast stone" for economic stability, implementing meticulous management, proactive funding acquisition, and precise investment attraction to drive rapid investment growth [3] - As of the end of April, the commencement rate of 160 key provincial and municipal projects reached 88.75% [3] - The city has planned and reserved 264 policy-funded projects with a total investment of 29.84 billion, and signed 49 projects with a total investment of 6.29 billion in the first four months [3] Industrial Development - The total industrial output value of Shangluo's industrial parks reached 9.254 billion, growing by 15.1% in the first four months [5] - Emerging industries such as new energy and storage are being cultivated, while traditional industries are being upgraded, with output values for new materials, health medicine, and new building materials growing by 12.4%, 26.5%, and 10.1% respectively [5] - The city aims to achieve output values of 23.5 billion, 3 billion, and 1.8 billion for new materials, green food, and health medicine respectively by the end of the year [5] Consumer and Tourism Development - Shangluo has hosted 28 sports events, generating nearly 90 million in consumption [5] - From January to April, the number of tourists and tourism spending increased by 7.9% and 8.5% respectively [5] - The city has implemented 51 promotional activities, resulting in a 13.7% growth in retail sales of consumer goods [5] Social and Employment Initiatives - Shangluo is advancing the renovation of old residential areas and the "Ten Million Project," with a rural waste treatment rate of 92% [6] - Employment services have led to the addition of 6,262 urban jobs, and there is an ongoing optimization of medical resource allocation [6] - The city is also focusing on the construction of affordable housing to address urgent public needs [6]

记者从此间举行的新闻通气会上了解到，作为"首发上海3.0"政策中的新措施之一，上海在全国率先试 点的首发进口消费品检验便利化措施实施以来，已有14家跨国企业20个消费品品牌的两万多款首发新品 跑上在中国首发的"快车道"。今年1月至4月，上海市新增首店301家，其中全球及亚洲首店7家，全国及 内地首店41家，高能级首店合计占比16%，上海已经成为国内外品牌首发、首秀、首展、首店的优选地 和集聚地。(新华社) ...

Economic Growth - The nominal GDP growth rate for Q1 2025 is 5.4% year-on-year, unchanged from Q4 2024, while the current price GDP growth rate slightly decreased to 4.59% from 4.62%[14] - The CPI average fell to -0.10% in March 2025, while the PPI average rose to -2.33%[14] Employment and Income - The urban surveyed unemployment rate in Q1 2025 increased to 5.27%, compared to 5.03% in Q4 2024[17] - Per capita disposable income grew by 5.6% year-on-year in Q1 2025, up from 5.1% in 2024[17] Consumer Spending - The total retail sales of consumer goods in Q1 2025 increased by 4.6% year-on-year, compared to 3.5% in 2024[24] - In March 2025, retail sales grew by 5.9% year-on-year, with significant increases in categories such as home appliances (35.1%) and furniture (29.5%) compared to previous months[27][28] Fixed Asset Investment - Fixed asset investment in the first three months of 2025 rose by 4.2% year-on-year, with infrastructure investment increasing by 11.5%[5] - Real estate development investment decreased by 9.9%, accounting for 19.3% of total fixed asset investment[5] Industrial Production - The industrial added value in Q1 2025 grew by 6.5% year-on-year, with high-tech industries increasing by 9.7%[48] - In March 2025, the industrial added value rose by 7.7% year-on-year, with mining and manufacturing sectors showing strong growth[48] Investment Recommendations - The high growth rates in industrial output, particularly in high-tech sectors, alongside robust infrastructure and manufacturing investments, are seen as foundational strengths for the Chinese economy[54]

内容概况：近年来，中国消费品零售行业呈现出复杂多变的发展态势。2025年1-2月，中国社会消费品 零售总额为8.37万亿元，同比增长2.98%，显示出消费市场的逐步复苏，尽管面临全球经济波动等外部 挑战，中国消费市场依然展现出较强的韧性和活力。从细分领域来看，商品零售额同比增长3.9%，增 速较上年全年加快0.7个百分点。其中，以旧换新政策持续显效，限额以上单位通讯器材、文化办公用 品零售额同比分别增长26.2%和21.8%，家具、家电分别增长11.7%和10.9%。此外，新能源乘用车零售 量同比增长35.5%，零售渗透率约45%，显示出汽车消费市场的强劲增长。而服务零售额同比增长 4.9%，增速比商品零售额快1.0个百分点。其中，餐饮收入增长4.3%，旅游咨询租赁服务类、交通出行 服务类零售额同比实现两位数增长。春节假期期间，国内游客出游总花费同比增长7.0%，春节档电影 票房创历年新高，达到95.1亿元。 相关上市企业：京东集团（09618）、苏宁易购（002024）、永辉超市（601933）、大商股份 （600694）、高鑫零售（06808）、王府井（600859） 相关企业：美的集团股份有限公司、海尔 ...