证券日报网讯 2月3日，稳健医疗（300888）在互动平台回答投资者提问时表示，公司始终重视产品设 计与用户体验，并持续研究市场趋势与消费者需求。全棉时代以"医疗背景、全棉理念、品质基因"为核 心优势，汇聚了追求"安心、幸福、可持续"的高粘性客户群。未来公司将继续优化设计体系，努力提升 产品的综合竞争力。 ...

证券日报网1月26日讯，稳健医疗（300888）在接受调研者提问时表示，作为"品牌展示的主阵地，产品 营销的主战场"，全棉时代重视线下门店的发展与经营质量。2026年门店渠道将坚持高质量发展的策 略，一方面"经营好店"，聚焦现有门店提升品质、优化效率；第二"开好店"，积极审慎地拓展新店；第 三，推进门店新零售一体化作战，线上线下（300959）相互融合。门店效率提升举措主要体现在三方 面：一是做好门店形象升级工作，当前公司正推进核心门店从道具门头到导购人员的全方位形象优化， 未来还将通过精选核心大店进一步升级形象，提升消费者到店购物体验；第二，会员服务将继续升级， 后续公司将重点升级会员权益，尤其针对高价值会员，并以"发自内心、一致性、超值超预期"为服务三 要素，为会员提供更优质服务；第三，积极拥抱包括即时零售在内的新零售渠道，推进线上线下一体 化、社群融合一体化、到店到家一体化，相互赋能带动增量。综上，公司计划努力推进上述举措，进而 带动门店业绩增长。 ...

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：2026-001 | 投资者关系活 | □特定对象调研 □分析师会议 | | --- | --- | | 动类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | （电话会议） √现场参观 □其他 | | 参与单位名称 | 财通轻纺：赵嘉宁 广发证券：左琴琴 | | | 国金证券：杨雨钦 | | | 国盛证券：杨莹、侯子夜 | | | 开源证券：唐李娜 | | | 前海开源基金：李雨桐 | | | 杉树私募：熊斌 | | 及人员姓名 | 深圳奕歌资管：卢春宇 | | | 浙商证券：詹陆雨 | | | 中金公司：徐卓楠 | | | 中信证券：郑逸坤 | | | Novo holdings：Paloma Pan、邓思豪 | | | （以上排名不分先后） | | 时间 | 年 月 日 2026 1 23 15:30-17:30 | | 地点 | 总部展厅及会议室 现场调研 | | 上市公司接待 | 副总经理、董事会秘书：陈惠选 | | 人员姓名 | 证券事务代表：徐佳 | | | 1. 请问 ...

Core Viewpoint - The company, Weigao Medical (300888), is currently operating normally and steadily, with no undisclosed major risks. Future performance for the year 2025 will be confirmed in subsequent periodic reports [1]. Group 1: Business Operations - The company has a solid foundation in its international medical business and is actively expanding into markets in Europe, America, Japan, South Korea, and Southeast Asia [1]. - The company is focusing on enhancing its competitive advantages by increasing the sales proportion of prominent categories and its own brands as part of its international supply chain development [1]. Group 2: Consumer Products - The overseas division of the company's consumer goods brand, All Cotton Era, is steadily testing the waters and will gradually promote the brand on a global scale [1].

Key Insights - The report highlights a rebound in the electrolyte industry, with significant growth potential in fluorinated liquids, particularly for the company Xinzhou Bang, which reported a revenue of 6.616 billion yuan for the first three quarters of 2025, a year-on-year increase of 16.75% [6][10] - The company achieved a net profit of 748 million yuan, up 6.64% year-on-year, with a sales gross margin of 24.51%, reflecting a decline of 2.58 percentage points [6][10] - The report indicates that the company is well-positioned to benefit from the recovery in the electrolyte market, driven by rising prices of lithium hexafluorophosphate and improved operational efficiency [10][11] Group 1: Xinzhou Bang (Battery) - The company reported a revenue of 2.368 billion yuan in Q3 2025, a year-on-year increase of 13.60% and a quarter-on-quarter increase of 5.45% [7] - The net profit for Q3 2025 was 264 million yuan, down 7.51% year-on-year but up 4.03% quarter-on-quarter, indicating a mixed performance [7][8] - The company is focusing on optimizing its product structure and enhancing operational efficiency, with a stable growth trajectory in its organic fluorine chemicals and electronic information chemicals [9][10] Group 2: Weijian Medical (Personal Care Products) - The company achieved a revenue of 7.897 billion yuan in the first three quarters of 2025, a year-on-year increase of 30.10%, with a net profit of 732 million yuan, up 32.36% [13][14] - The medical segment saw a revenue increase of 44.4%, driven by strong growth in surgical consumables and high-end dressings [14] - The consumer segment also performed well, with a revenue of 4.01 billion yuan, up 19.1%, led by significant growth in the sales of sanitary products [15] Group 3: Longqi Technology (Consumer Electronics) - The company reported a revenue of 31.332 billion yuan for the first three quarters of 2025, a year-on-year decrease of 10.28%, but a net profit increase of 17.74% [21] - In Q3 2025, the revenue was 11.424 billion yuan, down 9.62% year-on-year, while the net profit increased by 64.46% [22] - The company is expanding its product portfolio under the "1+2+X" strategy, focusing on smart devices and automotive electronics [23][24] Group 4: Minxin Technology (Semiconductors) - The company reported a revenue of 464 million yuan in the first three quarters of 2025, a year-on-year increase of 37.73%, with a gross margin of 30.28% [25][26] - In Q3 2025, the revenue was 160 million yuan, up 21.9% year-on-year, indicating strong demand for pressure and inertial sensors [25][27] - The company is well-positioned to benefit from the growth of MEMS sensors in the AI era, with a diverse product matrix [26][28] Group 5: Yingly Technology (General Equipment) - The company reported a revenue of 2.121 billion yuan in the first three quarters of 2025, a year-on-year increase of 11.02%, with a net profit of 294 million yuan, up 29.59% [35][36] - The company is expanding its processing and coating capabilities in the blade and casing industry, which is expected to enhance its production capacity [37] - The gross margin for Q3 2025 was 38.03%, reflecting a significant improvement in profitability [38] Group 6: Weichai Power (Automotive Parts) - The company reported a revenue of 170.57 billion yuan for the first three quarters of 2025, a year-on-year increase of 5.3%, with a net profit of 8.88 billion yuan, up 5.7% [44] - In Q3 2025, the revenue was 57.42 billion yuan, up 16.1% year-on-year, driven by strong demand in the heavy truck sector [44] - The company is benefiting from the recovery in the heavy truck market, with significant growth in natural gas and electric vehicle sales [44]

Core Viewpoint - The company, Weigao Medical (300888.SZ), reported strong financial performance for the first three quarters of 2025, with significant growth in both revenue and net profit driven by its medical and consumer business segments [1] Financial Performance - The company achieved a revenue of 7.897 billion yuan, representing a year-on-year increase of 30.10% [1] - The net profit attributable to shareholders reached 732 million yuan, up 32.36% year-on-year [1] - The net profit excluding non-recurring items was 679 million yuan, showing a substantial increase of 43.93% year-on-year [1] Business Segment Analysis - In the medical segment, revenue totaled 3.83 billion yuan, reflecting a year-on-year growth of 44.4% [1] - Key product categories in the medical segment showed remarkable growth: surgical consumables generated 1.15 billion yuan (up 185.3%), high-end dressings reached 720 million yuan (up 26.2%), and health personal care products amounted to 360 million yuan (up 24.6%) [1] - The proportion of overseas sales in the medical segment increased to 57%, with major sub-brands in cross-border e-commerce on platforms like Amazon growing over 45% year-on-year [1] Consumer Segment Performance - The consumer segment, represented by the brand "All Cotton Era," reported a revenue of 4.01 billion yuan, marking a year-on-year increase of 19.1% [1] - Core products such as Princess Nais sanitary napkins led the growth, with significant expansion in both online and offline channels [1] - Interest e-commerce platforms like Douyin saw nearly 80% growth year-on-year, while supermarket channels increased by 53.4%, indicating effective channel expansion and optimization of product categories [1]

Core Viewpoint - The company, Steady Medical, is celebrating its five-year anniversary since going public by launching a shareholder appreciation event to thank its investors for their support and trust [1][2]. Group 1: Shareholder Appreciation Event - The event will allow all registered shareholders as of September 16, 2025, to participate in a special rewards program from September 17 to October 8, 2025, through the company's official WeChat account [1]. - Shareholders can receive discount vouchers and enjoy benefits when purchasing company products during the event [1]. Group 2: Stock and Management Confidence - Steady Medical has announced that its chairman has no intention of reducing his shareholding, reflecting confidence in the company's future development [1][2]. - The company has maintained its total shareholding quantity and proportion despite recent changes in the management's shareholding structure, indicating a commitment to long-term growth [2]. Group 3: Financial Performance and Shareholder Returns - Since its listing on September 17, 2020, Steady Medical has distributed a total cash dividend of 2.88 billion yuan and repurchased shares worth 690 million yuan, which together account for 100.3% of the net funds raised during the IPO [2]. - The company emphasizes a diversified approach to shareholder returns, enhancing the sense of participation and satisfaction among investors [2]. Group 4: Industry Trends in Shareholder Engagement - The trend of diversified shareholder return strategies is becoming popular among listed companies, with various firms offering unique benefits to their shareholders [3]. - Steady Medical's choice to use cotton-based vouchers as rewards aims to provide shareholders with a tangible experience of the company's growth and achievements [3].

Group 1: Business Performance and Growth Outlook - The company achieved a 13% year-on-year growth in the second quarter for its All Cotton Era brand, with sales growth showing a recovery trend since July [1] - The medical consumables sector is projected to grow at a compound annual growth rate (CAGR) of approximately 6% from 2024 to 2030, outpacing current GDP growth [3] - The penetration rate of disposable medical supplies in China is currently between 20-30%, indicating significant growth potential compared to over 90% in developed countries [3] Group 2: Strategic Initiatives - The company will focus on four strategic pillars: product leadership, operational excellence, brand elevation, and global vision to drive business development [1][2] - Plans to enhance product offerings include launching differentiated packaging for cotton soft towels and expanding into beauty-related products [5] - The company aims to optimize its store operations by focusing on high-quality core stores and closing underperforming locations [2][10] Group 3: Financial Performance and Profitability - The gross profit margin for the All Cotton Era brand increased by 1.7 percentage points year-on-year, driven by improved product mix and inventory management [9] - The overall operating profit margin reached 14%, returning to levels seen in 2018 [9] - The company's effective tax rate increased to 17.6% in Q2 due to changes in business structure and tax rates applicable to different segments [12] Group 4: Market Challenges and Responses - The GRI acquisition faced challenges due to U.S.-China trade tensions, impacting supply chains and leading to temporary losses; however, recovery is expected in the latter half of the year [6] - The company is actively pursuing automation and smart manufacturing to enhance production efficiency and competitiveness [4] - The focus on high-value membership services aims to improve customer retention and drive sales in physical stores [11]

Core Insights - The company, Weigao Medical, reported a revenue of 5.296 billion yuan for the first half of 2025, marking a year-on-year growth of 31.31% [1] - The net profit attributable to shareholders reached 492 million yuan, reflecting a year-on-year increase of 28.07% [1] - The company proposed a cash dividend of 4.5 yuan per 10 shares (tax included) [1] Revenue Breakdown - The medical segment generated a revenue of 2.52 billion yuan, with a significant year-on-year growth of 46.4% [1] - In Q2 alone, the medical segment achieved a revenue of 1.26 billion yuan, also showing a year-on-year increase of 46.5% [1] - Revenue from surgical consumables, high-end dressings, and personal health products reached 740 million yuan, 480 million yuan, and 230 million yuan respectively, with year-on-year growth rates of 193.5%, 25.7%, and 26.9% [1] - Excluding GRI, the year-on-year growth for surgical consumables was 18.0% [1] All Cotton Era Performance - The All Cotton Era segment reported a revenue of 2.75 billion yuan, achieving a year-on-year growth of 20.3% [1] - The gross profit margin and operating profit margin have steadily improved [1]

Investment Rating - The industry investment rating is maintained as "Positive" [2] Core Views - The textile and apparel industry is experiencing a divergence in brand performance, with manufacturing sentiment improving [2] - Retail growth in the apparel sector showed a slight deceleration in Q2, but there is potential for improvement in Q3 due to a lower base from the previous year [3] - Key players in the H-share market, such as Anta Sports and 361 Degrees, are expected to maintain double-digit revenue growth in H1 2025, while other brands like Xtep and Li Ning are projected to achieve single-digit revenue growth [5][8] - A-share brands are showing mixed performance, with some companies like Weigang Medical and Hailan Home benefiting from strong retail growth and product expansion [8] Summary by Sections Textile Manufacturing - Sentiment in textile manufacturing is improving, focusing on stable growth for oversold leaders [2] - Key recommendations include Shenzhou International, Crystal International, and Huayi Group, which are expected to show resilience in performance [2] Brand Apparel - The brand apparel sector is witnessing a split in performance, with some companies achieving growth despite retail environment pressures [8] - Notable performers include Weigang Medical, Hailan Home, and Luolai Life, which are expected to see significant revenue and profit growth in Q2 [8][9] Market Outlook - The outlook for the second half of the year emphasizes focusing on industry leaders with positive operational changes and attractive valuations, such as Hailan Home and Weigang Medical [9] - The Hong Kong market for sports and functional apparel is expected to remain resilient, with recommendations for brands like Anta Sports and Bosideng [10]