据证券之星公开数据整理，近期稳健医疗（300888）发布2025年中报。截至本报告期末，公司营业总收 入52.96亿元，同比上升31.31%，归母净利润4.92亿元，同比上升28.07%。按单季度数据看，第二季度 营业总收入26.91亿元，同比上升26.66%，第二季度归母净利润2.43亿元，同比上升20.68%。本报告期 稳健医疗公司应收账款体量较大，当期应收账款占最新年报归母净利润比达173.23%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率48.33%，同比减0.79%，净利率9.78%，同比减 2.85%，销售费用、管理费用、财务费用总计16.8亿元，三费占营收比31.72%，同比减3.65%，每股净资 产19.79元，同比增1.84%，每股经营性现金流0.58元，同比增77.62%，每股收益0.84元，同比增28.64% | | | | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 40.34亿 | 52.96725 | 31.31% | | 归母净利润(元) | 3.84Z | 4.92亿 | ...

Core Viewpoint - The company, Steady Medical, has shown strong performance in its consumer products and medical business segments, with significant growth in sales and profits, particularly during promotional events like the 618 shopping festival. Group 1: Consumer Products Performance - The consumer products segment performed well during the 618 shopping festival, with key categories such as facial towels, baby wet and dry wipes, and baby wraps ranking first in sales on platforms like Tmall and JD.com [2] - The company achieved notable sales growth in sanitary napkins and underwear, with traditional platforms like Tmall and JD.com showing good growth, while Douyin saw breakthrough growth during the event [2] - The company is confident in achieving its equity incentive goals for the year [2] Group 2: E-commerce Strategy - Online channels contribute over 60% to the overall revenue of the consumer products business, making it a primary source of profit [3] - The company covers a wide range of online platforms, including traditional e-commerce sites and interest-based platforms like Douyin and Xiaohongshu, as well as its own website and mini-programs [3] - Future strategies include focusing on strategic product development on traditional platforms and leveraging interest-based platforms for content dissemination to drive growth [3] Group 3: Adult Apparel Business Changes - The adult apparel segment has undergone changes to enhance market competitiveness, focusing on underwear and loungewear [4] - The company has strengthened its core fabric research and innovation, emphasizing comfort and health in its cotton products [4] - A high-profile endorsement from actress Zhao Liying has been utilized to boost brand awareness, with interactive marketing strategies during the 618 festival [4] Group 4: Membership Growth - As of the end of Q1 2025, the total membership across all channels exceeded 64 million, reflecting a 3.5% increase since the beginning of the year [5] - The company aims to enhance member engagement and loyalty through improved services and participation in brand activities [5] - A themed event focusing on comfort and environmental sustainability was held to engage young consumers [5] Group 5: Medical Business Development - The medical business strategy focuses on developing high-potential products like high-end dressings and surgical kits while nurturing emerging categories such as masks and disinfectants [6] - The company anticipates continued growth in high-end dressings and surgical supplies, with stable growth expected in traditional wound dressings [6] - The demand for infection prevention products is expected to normalize, providing stable revenue contributions [6] Group 6: Domestic Hospital Business Strategy - The domestic hospital business is expected to achieve good growth in 2025, focusing on traditional wound care, surgical supplies, and high-end dressings [7] - The company plans to leverage procurement opportunities to increase market share in traditional wound care [7] - Efforts are being made to promote non-standardized products and expand market opportunities in surgical supplies [7] Group 7: Financial Performance - For Q1 2025, the company reported a main revenue of 2.605 billion yuan, a year-on-year increase of 36.47%, and a net profit of 249 million yuan, also up 36.26% [8] - The company’s gross profit margin stands at 48.46%, indicating strong profitability [8] - Recent institutional ratings show 19 buy ratings and 3 hold ratings, with an average target price of 57.07 yuan [8]