Core Viewpoint - The company emphasizes its commitment to long-term shareholder value despite recent stock price declines, highlighting its strong market position and strategic initiatives to enhance market share both domestically and internationally [2][4]. Financial Performance - For the fiscal year 2024, the company reported overseas revenue of 2.76 billion yuan, a year-on-year increase of 23.43%, accounting for 82.87% of total revenue [3]. - Domestic revenue for 2024 was 569.79 million yuan, up 8.86%, representing 17.13% of total revenue [3]. - Cumulative cash dividends from 2018 to 2024 amounted to approximately 1.099 billion yuan, which is 2.29 times the net raised funds [2][4]. Market Strategy - The company has maintained its position as the leading exporter in China's medical dressing industry for 17 consecutive years since 2008 [3]. - The company is focusing on expanding its market share in both established and emerging markets, with a strategic emphasis on e-commerce, OTC markets, and hospital professional markets [3][5]. - Future product development will focus on four categories: surgical and wound care, infection protection, advanced dressings, and hygiene care products [6][7]. Product Development - The company is enhancing its product competitiveness and service levels to meet strong customer demand and expand its market share in overseas markets [3]. - Advanced dressing products launched in 2024 include soft silicone foam dressings, hydrocolloid dressings, transparent dressings, and silicone gel scar patches, aimed at chronic and acute wound care [6]. - The hygiene care product line, including sterilized sanitary pads, is in its early stages but has significant growth potential in the large Chinese market [7].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The company, as the leader in the overseas medical dressing market, has built a deep moat. It implements a dual - wheel drive strategy at home and abroad, aiming to increase its domestic market share in the future. The company also attaches great importance to shareholder returns [21][23]. 3. Summary According to the Directory 3.1. Research Basic Situation - The research object is Aomei Medical, belonging to the medical device industry. The reception time was on June 12, 2025, and the company's reception staff included the chairman and president Cui Jinhai, and the board secretary Zheng Xiaocheng [16]. 3.2. Detailed Research Institutions - The reception objects were investors who participated online in the "Improving Quality and Efficiency, Strengthening Confidence, Making Progress Steadily and Promoting Development" - 2025 Investor Collective Reception Day Activity for Listed Companies in Hubei Province and the 2024 Annual Performance Briefing [17]. 3.3. Research Institution Proportion No information provided. 3.4. Main Content Data - **Stock Price and Market Recognition**: The secondary - market price is affected by multiple factors. The fundamental way to safeguard the interests of listed - company shareholders is to operate the company well and achieve long - term shareholder value. The company has a deep moat as the overseas medical dressing market leader and is implementing a dual - wheel drive strategy [21][23]. - **Sales Revenue Distribution**: In 2024, the company's overseas operating income was 2.7565 billion yuan, a year - on - year increase of 23.43%, accounting for 82.87% of the operating income. The domestic income was 569.7916 million yuan, a year - on - year increase of 8.86%, accounting for 17.13% of the operating income. The company has been the number one in China's medical dressing export industry for 17 consecutive years since 2008 [22][23]. - **Dividend Policy**: The company meets the regulatory requirements for dividends. The cumulative cash dividends from 2018 - 2024 (including proposed dividends) are about 1.099 billion yuan, reaching 2.29 times the net amount of the company's raised funds. The reduction in cash dividends in the past two years is due to the company's strategic upgrade and future capital expenditure plans [24]. - **New Development Goals**: The company will focus on four types of products: surgical and wound care products to expand overseas market share; infection - prevention products to be promoted in both domestic and foreign markets; advanced dressing products with rich technical reserves and self - designed production lines; and health - care products in the family - care field, which are still in the initial stage [25][26].

Group 1: Financial Performance - The company has distributed a total cash dividend of approximately 1.099 billion yuan from 2018 to 2024, which is 2.29 times the net amount of funds raised [3][5] - In 2024, the company achieved overseas revenue of 2.756 billion yuan, a year-on-year increase of 23.43%, accounting for 82.87% of total revenue [3][4] - Domestic revenue reached 569.79 million yuan in 2024, up 8.86% year-on-year, representing 17.13% of total revenue [4] Group 2: Market Strategy - The company has implemented a dual-drive strategy focusing on both domestic and international markets to increase market share [5][6] - The company has maintained its position as the leading exporter in China's medical dressing industry for 17 consecutive years since 2008 [3][7] - Future focus areas include expanding product lines in surgical and wound care, infection prevention, advanced dressings, and hygiene care products [6][7] Group 3: Challenges and Outlook - The company acknowledges that stock price fluctuations are influenced by various factors, emphasizing the importance of long-term value creation for shareholders [5][6] - Recent reductions in cash dividends are attributed to strategic upgrades and planned investments in emerging markets and product development [6] - The company aims to enhance brand influence and market share in the domestic market through e-commerce and professional hospital channels [4][6]

Group 1: Financial Performance - The total cash dividend amount for the last three accounting years reached 91,913,104.51 CNY, exceeding 30% of the average net profit for the same period [2] - Cumulative cash dividends from 2018 to 2024 amount to approximately 1.099 billion CNY, which is 2.29 times the net raised funds [2] - In Q1 2025, total revenue was 758,656,819.43 CNY, a year-on-year increase of 1.64%, while net profit was 86,652,875.66 CNY, a decrease of 7.94% [5][7] Group 2: Market Position and Strategy - The company has achieved a high market share in overseas markets, with 2024 foreign revenue at 275,650.05 CNY, up 23.43%, accounting for 82.87% of total revenue [5] - The company has maintained its position as the leading exporter of medical dressings in China for 17 consecutive years since 2008 [6] - Future growth will focus on four product categories: surgical and wound care, infection prevention, advanced dressings, and hygiene care products [6] Group 3: Product Development and Innovation - The company is transitioning from basic to advanced dressing products, with new offerings in 2024 including soft silicone foam dressings and hydrocolloid dressings [3][6] - The company is investing in technology integration, including AI for quality control, to enhance manufacturing competitiveness [4] - The hygiene care product line is still in its early stages but has significant growth potential, targeting a market valued in the hundreds of billions [6][8] Group 4: Industry Outlook - The medical dressing market is characterized as a stable growth sector with low product substitutability, provided that companies maintain competitive advantages [7] - The company aims to reduce reliance on developed markets by expanding into emerging markets in the Middle East, South America, Southeast Asia, and Africa [5]