Suspension and Resumption - ST Zhongdi: Stock suspended for investigation due to abnormal trading fluctuations [1] Share Buyback - Century Huatong: Plans to repurchase shares worth between 500 million to 1 billion yuan for capital reduction [2] Investment Cooperation and Operational Status - Yiling Pharmaceutical: Subsidiary's application for hydrochloride memantine raw material approved for treating moderate to severe Alzheimer's disease [3] - Changrong Co.: Collaborating with Jinchang Investment to establish a project company for a 100 MW photovoltaic power station [4] - Wanjian Medical: Subsidiary plans to invest 2 billion yuan to build a cotton non-woven fabric production base [4] - Haibo Sichuang: Signed a strategic cooperation agreement with CATL to procure no less than 200 GWh of electricity from 2026 to 2028 [4] - Shengtun Mining: Plans to increase investment of 1.423 billion yuan in its wholly-owned subsidiary Shengtun Gold International [5] - Yahua Group: Achieved progress in solid-state battery field with a new process for synthesizing lithium sulfide [6] - Haiguo Co.: Plans to establish a holding subsidiary for high-end components projects including flywheel energy storage [7] Performance Changes - BeiGene: Reported a net profit of 1.139 billion yuan in the first three quarters, turning a profit compared to the previous year [8]

Project Overview - The investment scale for the project is approximately 2 billion yuan [2] - The project will cover an area of about 1,000 acres and aims to establish a production base for 20,000 tons of spunlace non-woven fabric and spunlace cotton annually [2] - The construction will be carried out in two phases, with the first phase expected to commence production in September 2028 and the second phase in 2033 [2] Strategic Significance - The project aims to enhance the supply chain layout for all-cotton products, ensuring controllable costs, supply chain, and technology [2] - It aligns with the company's "vertical integration" strategy, which is intended to build a long-term competitive moat [2] Financial Impact - The project is expected to have a construction cycle that will not significantly adversely affect the company's current financial status and operating results [1][2] - Funding sources include self-owned funds and self-raised funds [2] Regulatory Considerations - The project is subject to approval from government departments, which may introduce uncertainties regarding investment benefits and construction progress [2]

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 company has transformed from being labeled as a "pandemic beneficiary stock" to a global health platform covering both medical and consumer sectors, demonstrating resilience against industry cyclicality [2][3] - In 2024, the company reported a revenue of 8.978 billion yuan, a year-on-year increase of 9.7%, with core business revenue growth of 18.6% after excluding high-volatility products [3][4] - The company has invested over 1.8 billion yuan in R&D, with a total of 986 patents granted, showcasing its commitment to innovation and technology [2][6][7] Financial Performance - The company has maintained a strong cash flow, returning 3.57 billion yuan to shareholders through dividends and share buybacks since its IPO, exceeding the net proceeds from its initial public offering [4][5] - The company has implemented six cash dividends totaling 2.613 billion yuan and has initiated mid-term dividends in 2024 and 2025, reflecting its financial stability and commitment to shareholder returns [4][5] Product and Market Development - The medical segment has seen significant growth, with high-end dressings and surgical consumables driving revenue, particularly a 193.5% increase in surgical consumables revenue in the first half of 2025 [3][6] - The consumer segment has also performed well, with core products like cotton soft towels and sanitary napkins showing year-on-year revenue growth of 19.5% and 67.6%, respectively [3][6] Technological Advancements - The company has established three R&D centers and a team of 1,360 researchers, focusing on a closed-loop system of basic research, scenario transformation, and brand guidance [6][7] - The company has developed proprietary technologies, such as the all-cotton water-jet non-woven fabric, and has participated in setting national standards, enhancing its industry position [6][7] Global Expansion - The acquisition of GRI Holdings in 2024 marks a shift in the company's global strategy from product export to localized manufacturing, sales, and service [10][11] - The overseas sales channels achieved a revenue of 1.43 billion yuan in the first half of 2025, a year-on-year increase of 81.3%, indicating strong international growth [10][11] Long-term Vision - The company emphasizes sustainable practices, collaborating with research institutions to develop cotton varieties, ensuring a continuous supply of high-quality raw materials [12][13] - The company's evolution reflects a shift from OEM to building its own brand, focusing on quality and social value over short-term profits [13][14]

Core Viewpoint - The article emphasizes the importance of sustainable practices in the cotton industry, highlighting the initiative by All Cotton Era to create a "green win-win chain" through technological innovation and collaboration across the supply chain [1][4]. Group 1: Sustainable Practices - All Cotton Era promotes the environmental value of cotton, advocating for organic cotton usage to reduce chemical fertilizers and pesticides, thereby achieving sustainable cultivation [2][4]. - The company has established three national-level green factories in Hubei, implementing practices that reduce carbon emissions by 5,135 tons annually through low-carbon and zero-carbon technologies [2][5]. - All Cotton Era's core products have received multiple certifications, including China Green Product Certification and Oeko-Tex Certification, underscoring their commitment to sustainability [2][5]. Group 2: Technological Innovation - The company has formed a cotton research institute in collaboration with national laboratories, focusing on breeding new cotton varieties to enhance the material's properties [4][5]. - All Cotton Era has innovated in product development, creating cotton non-woven fabrics and transforming medical-grade gauze into consumer products, significantly improving production efficiency [4][5]. - The integration of technology in manufacturing processes aims to achieve a balance between quality, efficiency, and environmental sustainability [5][6]. Group 3: Economic and Social Impact - The company has sourced over 1 million tons of cotton, benefiting over 6,000 cotton farmers across 100 hectares of farmland [5][6]. - All Cotton Era has sold over 78.6 billion cotton soft towels and has a presence in 6,000 hospitals and 226,000 pharmacies, impacting over 8,000 families [5][6]. - The founder's philosophy of "All Cotton Changes the World" reflects a commitment to sustainable development and positions Chinese cotton as a "green business card" on the global stage [6].

Core Viewpoint - The third China International Supply Chain Promotion Expo showcases the innovative strength and green practices of the cotton industry, with a focus on global sourcing, production, and sales by companies like Steady Medical and Cotton Era [2][3]. Group 1: Event Overview - The expo opened on July 16, featuring Steady Medical and its brand Cotton Era, highlighting the theme "Global Good Cotton, One Cotton One World" [2]. - The event attracted significant attention with immersive experiences such as "Cotton Stories" and real-time connections to production facilities [2][3]. Group 2: Global Production and Market Expansion - The "Global Production" interactive area allowed attendees to witness the transformation of raw cotton into high-quality medical and cotton products [3]. - Steady Medical is expanding its global footprint by investing in production bases in North America and Southeast Asia, while Cotton Era is focusing on the Southeast Asian market and exploring entry into the Middle East and Europe [3]. Group 3: Green Initiatives and Collaborations - A joint initiative called the "Green Win Chain Initiative" was launched, promoting sustainable cooperation in the health sector and enhancing the "green content" of supply chains [3]. - Steady Medical introduced a "Green Operating Room" solution aimed at replacing synthetic materials with cotton, enhancing safety and efficiency in medical settings [4]. Group 4: Technological Innovations - Cotton Era is innovating with core materials like cotton non-woven fabric and gauze, significantly improving production efficiency and expanding applications in daily life [5][6]. - The company’s Cotton Tech continues to push boundaries in softness, breathability, and sustainability, promoting a "cotton lifestyle" as a new choice for comfort and health [6]. Group 5: Future Directions - Both companies aim to deepen their strategies of product leadership, operational excellence, and global vision, positioning Chinese cotton as a "green business card" on the international stage [6].