依依股份分析师会议 调研日期：2025年07月04日 调研行业：美容护理 参与调研的机构：申万宏源证券、华夏基金、国寿养老、长城基 金等 / 机构调研pro小程序 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | | | 颜的集团 | | | 例体位次数 4 | 24/40 33 | | FININ EXIAN, BENN, LEWI | | | 極力集团 | | | · 例计以上的 8 | 品机构管 23 | 构市场到断信记 关注公众号即可体验 机构调研pro小程序~ ...

证券代码：001206 证券简称：依依股份 天津市依依卫生用品股份有限公司 2025 年 7 月 4 日投资者关系活动记录表 投 资 者 关 系 活 动 类 别 特定对象调研 媒体采访 新闻发布会 现场参观 分析师会议 业绩说明会 路演活动 其他 参 与 单 位 名 称 及 人 员姓名 申万宏源证券 张海涛 华夏基金 林瑶 华夏基金 范霖君 国寿养老 高媛媛 长城基金 柴程森 时间 2025 年 7 月 4 日 地点 天津市依依卫生用品股份有限公司会议室 上 市 公 司 参 与 人 员 姓名 董事会秘书兼财务总监周丽娜 证券事务专员杨一木 投 资 者 关 系 活 动 主 要 内 容 介 绍 2025 年 7 月 4 日，公司参会人员通过现场调研的方式与投资者进行了交流， 本次会议纪要如下 一、参观产品展室 二、回答交流环节 Q1、关税冲击之后公司的海外订单恢复情况怎么样？ 编号：2025-005 答：公司目前的订单情况稳定，生产有序进行。前期受关税政策影响暂缓 出货的对美业务已经恢复正常，此外公司大力拓展非美地区，如欧洲、东南亚 等地区，努力降低市场风险。 Q2、关税对公司的生产经营造成了什么样的影响？是否计 ...

Company Overview - Aomei Medical specializes in the research, production, and sales of medical consumables, disposable medical devices, infection protection products, and home care products [2] - The main products include surgical and wound care, infection protection, advanced dressings, and hygiene care [2] Financial Performance - For Q1 2025, the company reported revenue of 759 million yuan, a year-on-year increase of 1.64%, and a net profit of 86.5 million yuan, reflecting a year-on-year decrease of 7.86% [3] - The gross profit margin for the same period was 30.52% [3] Market Position - As of June 30, the company's stock closed at 8.6 yuan, with a rolling PE ratio of 15.07 times and a total market capitalization of 5.446 billion yuan [1] - In comparison to the medical device industry, which has an average PE ratio of 50.61 times and a median of 37.15 times, Aomei Medical ranks 34th in terms of PE ratio [1] Industry Recognition - The company has received multiple accolades, including being listed among the top 100 private manufacturing enterprises in Hubei in 2022 and recognized for its intelligent manufacturing demonstration factory project in 2023 [2] - Aomei Medical was also awarded the "Outstanding Achievement in Industry-Academia-Research Cooperation Innovation" in 2023 [2]

Core Viewpoint - BUTONGGROUP has been approved for an overseas listing in Hong Kong, issuing 16.19 million shares, indicating a significant step in its growth strategy in the high-end parenting product market [1]. Business Model and Market Position - BUTONGGROUP focuses on the high-end parenting product market, with its BeBeBus brand emphasizing "creating differences for children." The product range includes travel, sleep, feeding, and hygiene care [2]. - The company employs cross-industry R&D, utilizing technologies from automotive and consumer electronics sectors, such as Cobra memory foam in child safety seats and aerospace-grade magnesium alloy in strollers [2]. - The marketing system is user-centric, achieving a private domain platform repurchase rate of 53.6% as of September 30, 2024 [2]. - However, the business model is heavily reliant on the BeBeBus brand, posing risks if brand reputation is compromised. R&D expenditure as a percentage of revenue has decreased from 3.2% in 2022 to 1.8% in the first three quarters of 2024, potentially impacting future innovation [2]. Revenue Growth and Composition - BUTONGGROUP's revenue has surged by 173% over three years, from 507 million yuan in 2022 to 884 million yuan in the first three quarters of 2024, with a year-on-year growth of 57.6% [3]. - The travel segment remains the primary revenue source, although its share has declined from 64.1% to 47.0%. The infant care segment has seen rapid growth, increasing from 42 million yuan in 2022 to 270 million yuan in the first three quarters of 2024, a more than fivefold increase [3]. - Despite the growth, there are signs of slowing momentum, with the year-on-year growth rate decreasing from 68% in 2023 to 57.6% in 2024 [3]. - Online sales account for 72.3% of total revenue in the first three quarters of 2024, indicating a significant dependency on e-commerce platforms [3]. Profitability and Financial Performance - The company has transitioned from a net loss of 21.23 million yuan in 2022 to a net profit of 46.42 million yuan in the first three quarters of 2024, with adjusted net profits showing even more substantial growth [4]. - However, the profit increase is influenced by non-recurring gains, such as adjustments for redeemable preferred stock interest, which raises questions about the sustainability of actual profit levels [4]. - The net profit margin improved to 5.2% in the first three quarters of 2024, up from 3.2% in 2023, but remains relatively low [4][8]. Gross Margin and Cost Structure - The gross margin has remained high, recorded at 47.7%, 50.2%, and 49.5% from 2022 to the first three quarters of 2024, primarily due to high-end product positioning and cost control [6]. - However, fluctuations in raw material prices pose a risk to maintaining these margins, with aluminum alloy prices increasing from 14,600 yuan to 19,500 yuan per ton between 2019 and 2023 [6]. Customer and Supplier Concentration - The company has a high customer concentration, with the top five customers accounting for 34.2% of revenue in the first three quarters of 2024, which could pose risks if major customers reduce orders [11]. - Supplier concentration is also significant, with the top five suppliers representing 43.8% of procurement, raising concerns about quality control and cost management [13]. Management Team - The management team, led by Chairman Wang Wei and co-founder Shen Ling, has relevant experience in brand positioning and sales within the parenting product sector [15][16]. - Wang Wei has a background in consumer brand management and strategic planning, while Shen Ling has extensive experience in sales and marketing in the industry [17]. Conclusion - BUTONGGROUP is positioned in a growing market with significant revenue growth and a strong brand. However, it faces challenges related to customer and supplier concentration, reliance on a single brand, and the sustainability of its profitability. The management team's experience may help navigate these challenges as the company pursues its IPO and expansion plans [20].

证券之星消息，2025年6月12日奥美医疗（002950）发布公告称公司于2025年6月12日召开业绩说明会。 具体内容如下： 问：公司股价连续下行，而公司强调注重投资者的长期收益，这是否意味着市场对公司的不认可？公司 如何通过市值管理回报长期投资者？ 答：尊敬的投资者您好！二级市场价格受多种因素影响，维护上市公司股东利益的根本，在于经营好公 司，实现股东长期价值。奥美医疗目前作为海外医用敷料市场龙头，已经构建了深厚的护城河。近年 来，奥美医疗实施国内国外双轮驱动战略，力争未来在国内取得更高的市场份额。同时，公司重视股东 报，公司上市以来，2018-2024年度现金分红累计金额（含拟分红）约10.99亿元，累计分红金额已达公 司募集资金净额的2.29倍。未来，我们会持续重视股东报，为股东创造价值。感谢您的关注！ 问：请说明公司销售产品收入分布及国内、国外占比 答：尊敬的投资者您好！海外市场方面2024年，公司实现境外营业收入275,650.05万元，同比上升 23.43%，占营业收入比重为82.87%。 2024年度，受市场需求复苏及供应链优化等因素影响客户补库存意愿强烈；通过持续提升产品竞争力与 服务水平， ...

奥美医疗分析师会议 调研日期：2025年06月12日 调研行业：医疗器械 参与调研的机构：线上参与"提质增效强信心稳中求进促发展" ——湖北辖区上市公司2025年投资者集体接待日活动暨2024年 度业绩说明会的投资者等 / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | | | 颜的集团 | | | 例体位次数 4 | 24/40 33 | | FININ EXIAN, BENN, LEWI | | | 極力集团 | | | · 例计以 ...

证券代码：002950 证券简称：奥美医疗 奥美医疗用品股份有限公司 投资者关系活动记录表 编号：2025-002 | 投资者关系活动类别 | ☐特定对象调研 ☐分析师会议 | | --- | --- | | | ☐媒体采访 业绩说明会 | | | ☐新闻发布会 ☐路演活动 | | | ☐现场参观 | | | ☐其他（请文字说明其他活动内容） | | | 线上参与"提质增效强信心稳中求进促发展"——湖北辖区 | | 参与单位名称及人 | 上市公司2025年投资者集体接待日活动暨2024年度业绩 | | 员姓名 | 说明会的投资者 | | 时间 | 2025年6月12日 14:30-16:50 | | 地点 | 公司通过全景网"投资者关系互动平台" | | | （https://ir.p5w.net）采用网络远程的方式召开业绩说明会 | | 上市公司接待人员姓 | 董事长、总裁崔金海 | | 名 | 董事会秘书郑晓程 1.公司股价连续下行，而公司强调注重投资者的长期 | | | 收益，这是否意味着市场对公司的不认可？公司如何通过 | | 投资者关系活动主 | 市值管理回报长期投资者？ | | 要内容介绍 | ...

Group 1 - The core viewpoint of the news highlights the current stock performance and valuation metrics of Aomei Medical, indicating a low PE ratio compared to the industry average [1] - As of June 9, Aomei Medical's stock closed at 8.89 yuan, with a PE ratio of 15.58, marking a new low in 43 days, and a total market capitalization of 5.63 billion yuan [1] - The medical device industry has an average PE ratio of 50.64, with Aomei Medical ranking 37th among its peers [1] Group 2 - Aomei Medical specializes in the research, production, and sales of medical consumables, disposable medical devices, infection protection products, and home care products [2] - The company has received multiple accolades, including being listed among the top 100 private manufacturing enterprises in Hubei and recognized for its intelligent manufacturing projects [2] - In the latest quarterly report for Q1 2025, Aomei Medical reported a revenue of 759 million yuan, a year-on-year increase of 1.64%, and a net profit of 86.5 million yuan, reflecting a year-on-year decrease of 7.86% [3]

序号股票简称PE(TTM)PE(静)市净率总市值(元)37奥美医疗15.4915.181.5955.98亿行业平均 50.8049.074.67108.36亿行业中值36.7136.842.4850.19亿1天益医疗-1758.71-3012.481.8822.41亿2澳华内 镜-655.90328.975.2569.12亿3诺唯赞-427.65-505.802.3591.52亿4爱朋医疗-397.87302.264.7932.65亿5博晖 创新-335.73532.763.5849.26亿6奥精医疗-136.87-200.611.8125.40亿7硕世生物-136.24-1990.831.2239.85亿 8睿昂基因-101.37-83.231.4413.12亿9康泰医学-88.33-74.633.1558.14亿10中红医疗-72.73-58.010.9250.55亿 11热景生物-55.61-64.074.10122.37亿 资金流向方面，6月3日，奥美医疗主力资金净流出398.02万元，近5日总体呈流出状态，5日共流出 777.00万元。 奥美医疗用品股份有限公司的主营业务是医用耗材及一次性医疗器械、 ...

截至2025年5月30日收盘，奥美医疗（002950）报收于8.69元，较上周的8.69元上涨0.0%。本周，奥美 医疗5月30日盘中最高价报8.79元。5月27日盘中最低价报8.51元。奥美医疗当前最新总市值55.03亿元， 在医疗器械板块市值排名56/126，在两市A股市值排名2655/5146。 本周关注点 机构调研要点 5月23日业绩说明会 问：公司2024业绩不错，股价也处于低位，但是年度分红方案不尽如人意，请公司如何规划年度分红？ 答：公司重视股东回报，最近三个会计年度累计现金分红金额合计91,913,104.51元，累计现金分红金额 高于三个会计年度年均净利润的30%，满足监管对于分红的相关要求。2018-2024年度现金分红（含拟 分红）累计金额约10.99亿元，累计金额已达公司募集资金净额的2.29倍。近两年公司现金分红较以前年 度减少主要系当前公司正处于战略升级期，未来一段时间公司将有资金支出安排投向新兴市场国家业务 国内市场业务、功能性敷料的研发、生产与销售等领域，需确保充足的资金储备。未来，公司会持续重 视股东回报，为股东创造价值。 问：奥美医疗的主业已经做到行业龙头，但护城河不深，公 ...