21世纪经济报道记者雷若馨深圳报道 打着"医疗+消费"的牌，全棉时代母公司稳健医疗交出了一份不错的成绩单。 近日，稳健医疗（300888.SZ）发布半年报。2025年上半年，公司实现营收53亿元，同比增长31.3%；实 现归母净利润 4.9 亿元，同比增长28.1%；扣非归母净利润4.6亿元，同比增长40.9%。 稳健医疗前身创立于1991年，最初从医用敷料代工起步。2009年，稳健医疗创立消费品品牌"全棉时 代"，其业务领域也逐渐从医疗延伸至消费品。今年上半年，医疗板块与消费板块分别为其贡献25.2亿 元、27.5亿元营收。 医疗板块回升 目前，其医疗板块以"稳健医疗"品牌为核心，主营医用敷料、口罩、手术室耗材。 2020年，因市场对口罩等疾控防护产品需求激增，稳健医疗的医疗板块营收暴涨616.5%至86.84亿元， 并在当年成功上市。随着公共卫生事件的影响减弱，其相关板块营收在高基数影响下出现大幅下滑。 过去两年，稳健医疗通过调整产品结构、去库存等方式逐渐平稳下滑趋势，恢复相关板块增长。 2025年上半年，稳健医疗的医疗板块营收为25.2亿元，同比增长46.4%。剔除并购公司GRI的贡献，实 现19.5亿 ...

Core Insights - Brazil's medical device exports reached $572.6 million in the first half of 2025, marking a 7.5% year-on-year increase, indicating international recognition of Brazilian medical manufacturing [1] Group 1: Export Performance - The main exported products include surgical sutures, heart valves, medical plastic bags, and medical dressings [1] - The United States is the largest export destination for Brazilian medical devices, accounting for over $150 million, which is more than a quarter of total exports [1] - Other significant markets include Argentina, Colombia, Mexico, and Chile [1] Group 2: Industry Outlook - The Brazilian medical device industry is facing increased concerns regarding export prospects due to tariffs imposed by the U.S. [1]

Group 1 - The core viewpoint of the article highlights the recent stock performance of the company, Steady Medical, which closed at 40.53 yuan on August 8, 2025, reflecting a decline of 1.34% from the previous trading day [1] - The trading volume on that day was 49,116 hands, with a total transaction amount reaching 200 million yuan [1] - Steady Medical specializes in medical health products, focusing on the research, production, and sales of medical dressings and protective equipment, with applications in medical institutions and personal care [1] Group 2 - On August 8, the net outflow of main funds for Steady Medical was 239.75 thousand yuan, and over the past five trading days, the cumulative net outflow reached 2,667.09 thousand yuan, accounting for 0.37% of the circulating market value [1]

Group 1 - The stock price of Steady Medical reached 40.45 yuan as of August 5, 2025, with an increase of 0.35 yuan from the previous trading day [1] - The trading volume on that day was 46,800 hands, with a transaction amount of 1.89 billion yuan [1] - Steady Medical focuses on healthcare products, with its main business covering medical dressings and health consumer goods, widely used in medical institutions and home care scenarios [1] Group 2 - On August 5, the net outflow of main funds was 6.1651 million yuan, with a cumulative net outflow of 73.253 million yuan over the past five trading days [1] - The current total market value of the company is 23.555 billion yuan, and the price-to-earnings ratio is 23.69 times [1]

Core Viewpoint - The A-share market experienced a rebound on June 3, with broad-based gains across indices, indicating a positive market response to domestic demand and policy support despite external trade tensions [2][7]. Market Dynamics - The market is characterized by "domestic demand-driven and policy-supported" dynamics, with financials, pharmaceuticals, and new consumption sectors attracting significant capital [2][10]. - Recent developments in U.S. tariff issues have heightened market risk aversion, leading to a surge in gold prices and declines in Hong Kong stocks, but the A-share market showed resilience by recovering losses [2][3]. Sector Performance - The consumer sector, particularly in beauty care, maternal and infant care, and pet products, has become a safe haven for funds due to policy support and consumption recovery [3][9]. - The banking sector is favored for its "high dividend and low volatility" characteristics, with several banks reaching historical highs amid increased institutional investment [7][10]. - The precious metals sector is gaining traction as a hedge against geopolitical conflicts and U.S. debt risks, becoming a core tool for mitigating uncertainty [3][9]. Structural Trends - The innovation drug sector is witnessing a fundamental reversal, driven by significant advancements showcased at international conferences, boosting industry confidence [4][9]. - Conversely, sectors like home appliances and steel are experiencing declines due to tariff impacts and reduced earnings certainty, reflecting a market strategy of "avoiding external demand and protecting internal demand" [5][10]. Outlook - Looking ahead to June, the marginal impact of tariff issues is expected to weaken, with domestic policies and industry fundamentals remaining focal points [6]. - In the absence of major catalysts, broad indices are likely to maintain a sideways trend, with structural opportunities emerging in new consumption, defensive sectors, and performance reversals in pharmaceuticals and beauty care [6][9].

Core Viewpoint - The medical device industry in 2024 faces a complex policy environment and market challenges, with a slight revenue growth of 0.19% but a significant decline in net profit by 13.82%, indicating a divergence in performance across different sub-sectors [1][13]. Medical Equipment - The medical equipment sector experienced a revenue decline of 1.38% and a net profit drop of 17.93% in 2024, with Q1 2025 showing a further revenue decrease of 5.27% and a net profit decline of 14.10% [3][10]. - The decline is attributed to slowed bidding processes and inventory digestion, particularly affecting imaging and monitoring equipment [3][4]. - Leading company, United Imaging Healthcare, reported a revenue of 10.3 billion yuan in 2024, a decrease of 9.73%, marking the first decline in net profit in six years [3][4]. High-Value Consumables - The high-value consumables sector saw a revenue growth of 3.58% but a net profit decline of 4.09% in 2024, with Q1 2025 showing a slight revenue increase of 0.25% and a net profit drop of 6.15% [6][7]. - The sector is impacted by price pressures from national procurement policies, but domestic market share for local brands is improving [6][7]. Low-Value Consumables - The low-value consumables sector achieved a revenue growth of 12.86% and a remarkable net profit increase of 114.83% in 2024, with Q1 2025 showing a revenue growth of 2.37% and a net profit growth of 7.19% [8][9]. - The growth is driven by recovery in the domestic market and accelerated international expansion, particularly in mid-to-high-end markets [8][9]. In Vitro Diagnostics - The in vitro diagnostics sector faced a revenue decline of 6.13% and a net profit drop of 47.04% in 2024, with Q1 2025 showing a further revenue decrease of 15.39% and a net profit decline of 40.27% [10][11]. - The decline is largely due to the high base effect from the COVID-19 pandemic and the impact of various policies, including DRGs and procurement policies [10][11]. Conclusion - The overall revenue growth in the medical device industry is stable, but profit volatility is significant, particularly in the in vitro diagnostics and medical equipment sectors. However, growth drivers remain in low-value consumables' international expansion and innovation, high-value consumables' technological updates, and the gradual recovery of medical equipment [13][14].

Group 1 - The US has announced a 10% "baseline tariff" on all countries and a 125% tariff on China, while other countries are exempt for 90 days [1] - China exports $19.047 billion to the US, accounting for 18% of its total exports, but has a higher reliance on the "Belt and Road" initiative and the EU market [1] - If tariffs are imposed on pharmaceuticals, the burden may fall on Chinese raw material suppliers, especially if downstream clients in Europe and the US face financial difficulties [1] Group 2 - Medical devices have already seen a 20-50% tariff increase, with most companies having inventory that will buffer short-term sales [2] - Low-value consumables will face squeezed profit margins, with an average net profit margin of 13.9% for listed companies in 2024, and additional tariffs of 25-50% expected in early 2025 [2] - Many multinational pharmaceutical and medical device companies have announced plans to invest over $150 billion in the US over the next five years, indicating a long-term shift towards US pharmaceutical manufacturing [2] Group 3 - If drug exemptions are lifted, innovative drugs may focus on overseas rights sales, which have high profit margins and favorable competitive landscapes [2] - High-end medical products are expected to see increased exports to other countries, with overseas gross margins potentially offsetting tariff impacts [2] - Industries less affected by tariffs include pharmaceutical distribution, offline pharmacies, hospitals, and blood products, which primarily rely on domestic demand [2]

正式报名：首届全球心血管大会 | 赠送纸质白皮书 合作伙伴征集：2025全球手术机器人大会 2025年4月29日， 稳健医疗 发布2024年年报。 # 财务数据 # 关 于 稳健医疗 稳健医疗用品股份有限公司成立于 2000 年 8 月 24 日，总部位于广东省深圳市龙华区，2020 年 9 月 17 日在 A 股上市。公司通过 "winner 稳健医疗" 和 "Purcotton 全棉时代" 两大品牌 营收与利润 ： 2024 年实现营业收入 89.78 亿 元，同比增长 9.69% ；归母净利润 6.95 亿 元，同比增长 19.81%；扣非净利润同比大增 43.40%。 单季度数据 ： 2024 年第四季度营业总收入 29.08 亿 元，同比增长 33.72% ， 环比增长 42.78%；归母净 利润 1.42 亿元，同比增长 109.09%，环比下降 15.64%；扣非净利润 2.24 亿元，同比增长 207.02%，环 比增长 54.26%。 盈利能力 ： 2024 年毛利率 47.32% ，同比下降 1.68 个百分点； 净利率 8.25%，较上年同期上升 0.57 个 百分点。从单季度指标来看， ...

Core Viewpoint - Trump's new healthcare policy continues the idea of reducing government intervention, with recent expressions of imposing tariffs on the pharmaceutical industry, raising questions about the impact on the global healthcare sector and challenges for Chinese pharmaceutical companies [1][3]. Historical Development of the US Healthcare System - The evolution of the US healthcare system can be divided into four stages, focusing on the dual goals of expanding coverage and controlling costs: 1. Emphasis on drug regulation and insurance expansion [5]. 2. Reform of payment methods and increased regulatory flexibility [6]. 3. Strengthened cost control and comprehensive regulation [7]. 4. Promotion of insurance expansion and regulatory informatization [7][14]. Comparison of Healthcare Policies Under Trump and Biden - Trump's administration focused on reducing government intervention, while Biden's administration aimed to strengthen government involvement in healthcare [19][22]. - During Trump's term, healthcare insurance spending remained stable, while Biden's term saw a gradual increase in the proportion of insurance spending [25]. - Employment in the healthcare sector improved under Biden, attributed to the expansion of the Affordable Care Act (ACA) and increased healthcare investment [25]. Future Direction of the US Pharmaceutical Industry - Trump's new term is expected to continue reducing government intervention and promote the return of pharmaceutical manufacturing to the US, impacting the global pharmaceutical landscape [33]. - Domestic implications include potential reductions in insurance coverage and increased out-of-pocket costs for patients, which may lead to decreased pharmaceutical consumption in the short term [33][35]. - Regulatory relaxation may benefit US biotech and generic drug companies, while tariffs on pharmaceutical products could significantly affect imports, particularly from China [3][42]. Impact of Tariffs on Chinese Pharmaceutical Industry - Trump's tariffs aim to protect domestic pharmaceutical manufacturers and suppress the development of Chinese companies, with significant implications for Chinese pharmaceutical exports to the US and Europe [3][45]. - The Chinese pharmaceutical industry primarily exports to the US and Europe, making it vulnerable to tariff increases, especially in the medical device sector [3][45][49]. - The overall export scale of China's pharmaceutical industry is relatively small, with exports to the US and Europe accounting for over 20% [45][46].