证券研究报告 | 2025年08月26日 纺织服饰·服装家纺 稳健医疗（300888.SZ） 优于大市 上半年收入同比增长 31%，医疗与消费协同发展 上半年收入同比增长 31%，营业利润率提升。受消费和医疗业务、以及内生 外延共同驱动下，2025 上半年公司营业收入同比+31.3%至 53.0 亿元，归母 净利润同比上升 28.1%至 4.9 亿元。盈利能力方面，毛利率整体基本维持稳 定；医疗业务受并表 GRI 影响，毛利率同比下降 0.7 个百分点至 37.4%；消 费品业务则受益于棉花价格下行及产品结构优化，毛利率同比提升 1.7 个百 分点至 58.6%。由于并购的 GRI 公司销售费用率较低，公司销售费用率同比 -2.5 百分点；管理/财务费用率分别同比+0.6/0.7 百分点。主要受益于费用 改善，整体经营利用率同比+0.7 百分点，医疗/消费品业务经营利润率分别 +1.0/1.2 百分点。最终归母净利率小幅下滑 0.2 百分点至 9.3%，主要受所 得税提升影响，所得税率提升主要因全棉时代占比提升及子公司迁址。上半 年每 10 股派发现金股利 4.5 元，共派发 2.62 亿元。 第二季度医疗业 ...

证券研究报告·公司点评报告·个护用品 稳健医疗（300888） 2025 年中报点评：双主业并驾齐驱，稳健向好 2025 年 08 月 25 日 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 8,185 | 8,978 | 11,219 | 12,866 | 14,764 | | 同比（%） | (27.89) | 9.69 | 24.96 | 14.68 | 14.75 | | 归母净利润（百万元） | 580.40 | 695.38 | 1,044.52 | 1,237.42 | 1,494.17 | | 同比（%） | (64.84) | 19.81 | 50.21 | 18.47 | 20.75 | | EPS-最新摊薄（元/股） | 1.00 | 1.19 | 1.79 | 2.12 | 2.57 | | P/E（现价&最新摊薄） | 42.23 | 35.25 | 23.47 | 19.81 | 1 ...

证券代码：300888 证券简称：稳健医疗 稳健医疗用品股份有限公司投资者关系活动记录表 编号：2025-006 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 √业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （电话会议） | | 参与单位名称 | 交银施罗德基金、嘉实基金、信达澳亚基金等 139 位机构投资者，名单详见 | | 及人员姓名 | 附件（排名不分先后） | | 时间 | 年 月 日 2025 8 22 | | 地点 | 公司总部会议室 | | | 方修元：董事、首席财务官 | | 上市公司接待 | 吴克震：监事、医疗板块轮值 CEO | | 人员姓名 | 廖美珍：董事、全棉时代高级副总裁 | | | 陈惠选：副总经理、董事会秘书 | | | 介绍内容详见附件业绩推介材料，问答记录如下： | | 1. | 请问公司如何看待全棉时代近期恢复情况，并请分享一下消费品业务下 | | | 半年展望以及未来 1-2 年的核心增长动力。 | | | 答：首先，全棉时代第二季度实现 13%同比增长，公 ...

本报记者李昱丞 8月21日晚间，稳健医疗用品股份有限公司（以下简称"稳健医疗"）披露2025年半年度报告。报告显 示，公司2025年上半年实现营业收入52.96亿元，同比增长31.31%；实现归母净利润4.92亿元，同比增 长28.07%；实现扣非后归母净利润4.61亿元，同比增长40.90%。 （文章来源：证券日报） 就渠道而言，2025年全棉时代线上渠道实现收入17.1亿元，同比增长23.6%。截至2025年上半年末，线 下门店达484家，全域会员人数近6700万，较2024年年末增长7.7%。 除此以外，上半年稳健医疗盈利能力持续优化，两大业务营业利润率双升。 半年报显示，受益于产品结构优化与原材料棉花价格下行，2025年上半年稳健医疗消费品业务毛利率达 到58.6%，同比提升1.7个百分点；营业利润率为14%，同比提升1.2个百分点。医疗板块盈利水平同步改 善，上半年稳健医疗从产品结构、新技术及新产品迭代、组织运营效率提升及渠道建设等各方面进行了 全面整合与提质提效，营业利润率提升至8.6%。 在经营业绩稳步提升的同时，稳健医疗持续强化股东回报，累计分红与回购超募资净额。根据2025年半 年报，公司将 ...

Core Viewpoint - The third China International Supply Chain Promotion Expo highlighted the importance of cotton in promoting ecological restoration and sustainable practices, with a focus on the contributions of Shenzhen-based company, Weijian Medical, and its subsidiary, All Cotton Era [1][3]. Group 1: Company Initiatives - Weijian Medical has procured approximately 1 million tons of cotton since its establishment, involving 1,500 acres of planting bases across 10 locations [3]. - All Cotton Era has sold over 78.67 billion cotton soft towels, which could wrap around the Earth 393.4 times, significantly reducing deforestation and protecting the ecosystem [3]. - The company promotes a "company + cooperative + farmer" model in Hubei, engaging 12 planting entities in a cotton order production project for 2024, thereby boosting employment for cotton farmers and supporting rural revitalization [3]. Group 2: Technological Advancements - Weijian Medical introduced innovative all-cotton water-jet non-woven fabric technology, enhancing the application of cotton materials in both medical and daily life sectors, with production efficiency increasing several times compared to traditional textile processes [5]. - The "green operating room" solution was presented, which utilizes upgraded cotton materials to create health barriers for medical staff throughout the surgical process [5]. Group 3: Sustainability and Collaboration - The "Green Win-Win Chain Initiative" was launched in collaboration with various organizations, calling for upstream and downstream partners to build a sustainable health cooperation ecosystem, enhancing the "green content" of the supply chain to improve the "gold content" of enterprise development [7]. - Weijian Medical and All Cotton Era showcased new medical beauty care products and a full range of cotton technology products at the expo, promoting a "cotton lifestyle" to lead health consumption trends [7][8].

Group 1: Company Performance and Market Opportunities - The company reported significant growth in the sanitary napkin segment, with a market size in China exceeding 100 billion RMB, indicating vast growth potential despite being a relatively small player [5] - The aging population and increasing health management needs are driving demand for medical supplies, creating a larger market space for the company [2] - The company aims to enhance its market competitiveness by focusing on disposable medical supplies through acquisitions and expanding its product categories [2] Group 2: Strategic Initiatives - The company is committed to providing integrated solutions for hospitals, pharmacies, and home care, addressing pain points in quality, supply chain, and digital integration [2] - Continuous investment in R&D is prioritized to innovate products that fill market gaps and meet patient and healthcare institution needs [2] - The company is advancing smart manufacturing and AI technology applications to improve production efficiency and reduce costs [2] Group 3: Channel Strategy and Growth Projections - The medical segment's channel strategy includes overseas business, domestic hospital lines, consumer medical business, and cross-border e-commerce, with a focus on significant growth in domestic hospital lines in 2025 [9][10] - The overseas business is primarily focused on Europe, while the domestic hospital segment is being segmented into traditional dressings, surgical materials, and high-end dressings [9] - The cross-border e-commerce channel has been the fastest-growing, particularly on platforms like Amazon, despite potential impacts from current tariff policies [10] Group 4: Impact of Tariff Policies - The company anticipates limited impact from U.S. tariff policies, with affected sales in overseas divisions and cross-border e-commerce remaining in single-digit percentages of the medical segment [6][7] - Strategies to mitigate tariff impacts include increasing investments in South America and expanding existing U.S. operations [6][7] - The company maintains strong competitive advantages in the U.S. market for medical supplies, with various strategies to manage tariff-related challenges [7] Group 5: Brand Management and Investor Relations - The company has implemented a market value management system to protect and return value to investors, with regular monitoring against industry benchmarks [11] - A rising trend in dividend payouts has been established, with plans for mid-year dividends starting in 2024 [11] - The company emphasizes transparency and communication with investors, enhancing information disclosure and hosting performance briefings [11] Group 6: Product Development and Consumer Engagement - The company is focusing on product innovation in the sanitary napkin sector, utilizing high-quality cotton and advanced technologies to enhance user experience [5] - Initiatives to improve consumer trust include product traceability through QR codes and real-time factory monitoring [14][15] - The company is actively engaging with consumers for feedback on product improvements, integrating suggestions into new product developments [14]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported strong performance in Q1 2025, with a net profit increase driven by robust brand momentum in the consumer goods segment [7] - Revenue for 2024 reached 8.98 billion yuan, a year-on-year increase of 9.7%, while net profit was 700 million yuan, up 19.8% [7] - Q1 2025 revenue was 2.61 billion yuan, reflecting a 36.5% year-on-year growth, with net profit at 250 million yuan, up 36.3% [7] - The company plans to distribute a cash dividend of 0.25 yuan per share, alongside a mid-term dividend of 0.4 yuan per share, resulting in an annual dividend payout ratio of 54.4% [7] - The profit forecasts for 2025-2027 have been adjusted upwards, with expected net profits of 1.07 billion, 1.22 billion, and 1.41 billion yuan respectively [7] Summary by Sections Medical Consumables - In 2024, the medical consumables segment generated revenue of 3.91 billion yuan, a 1.1% year-on-year increase, while Q1 2025 revenue was 1.25 billion yuan, up 46.3% [8] - Key product categories such as high-end wound dressings and surgical consumables saw significant growth, with year-on-year increases of 31.2% and 48.8% respectively in 2024 [8] - The overseas channel revenue for 2024 and Q1 2025 was 2.13 billion and 700 million yuan, showing year-on-year growth of 37.7% and 84.1% respectively [8] Consumer Goods - The consumer goods segment achieved revenue of 4.99 billion yuan in 2024, a 17.1% year-on-year increase, with Q1 2025 revenue at 1.34 billion yuan, up 28.8% [9] - Specific product lines such as cotton soft towels and sanitary napkins experienced substantial growth, with Q1 2025 revenues increasing by 38.6% and 73.5% respectively [9] - Online sales channels contributed significantly, with 3.07 billion yuan in revenue for 2024 and 800 million yuan in Q1 2025, including a nearly 109% year-on-year growth in the Douyin channel for 2024 [9] Financial Performance - The gross profit margin for 2024 and Q1 2025 was 47.3% and 48.5%, with a slight year-on-year decrease of 1.7% and an increase of 0.8 percentage points respectively [10] - The net profit margin for 2024 was 7.8%, while Q1 2025 saw a slight decrease to 9.5% [10] - The inventory balance at the end of Q1 2025 was 1.96 billion yuan, a 34.1% increase, influenced by the acquisition of GRI [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported strong growth in net profit for Q1 2025, with a revenue increase of 36.5% year-on-year, reaching 2.5 billion yuan in net profit, up 36.3% [7] - The company plans to distribute a cash dividend of 0.25 yuan per share, along with a mid-term dividend of 0.4 yuan per share, resulting in an annual dividend payout ratio of 54.4% [7] - The forecast for net profit for 2025-2027 has been adjusted upwards, with expected figures of 10.7 billion yuan, 12.2 billion yuan, and 14.1 billion yuan respectively [7] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 8.98 billion yuan, a year-on-year increase of 9.7%, and a net profit of 700 million yuan, up 19.8% [7] - For Q1 2025, the revenue was 2.61 billion yuan, reflecting a 36.5% increase, and the net profit was 250 million yuan, up 36.3% [7] Medical Supplies Business - The medical supplies segment generated 3.91 billion yuan in revenue for 2024, a 1.1% increase year-on-year, and 1.25 billion yuan in Q1 2025, a 46.3% increase [8] - Key product categories such as high-end wound dressings and surgical supplies saw significant growth, with increases of 31.2% and 48.8% respectively in 2024 [8] Consumer Products Business - The consumer products segment reported a revenue of 4.99 billion yuan in 2024, a 17.1% increase, and 1.34 billion yuan in Q1 2025, a 28.8% increase [9] - The brand "全棉时代" (All Cotton Era) continues to gain market traction, with notable growth in categories like wet and dry cotton towels, which saw a 38.6% increase in Q1 2025 [9] Profitability and Valuation - The gross margin for 2024 was 47.3%, with a slight increase to 48.5% in Q1 2025, while the net profit margin was 7.8% for 2024 and 9.5% for Q1 2025 [10] - The company’s P/E ratios for 2025-2027 are projected to be 28.5, 24.8, and 21.6 respectively, indicating a favorable valuation outlook [11]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [6][14]. Core Insights - The company reported a revenue of 8.978 billion RMB for 2024, representing a year-on-year growth of 9.69%, and a net profit of 695 million RMB, up 19.81% [2]. - For Q1 2025, the company achieved a revenue of 2.605 billion RMB, a significant increase of 36.47%, with a net profit of 249 million RMB, also up 36.26% [2]. - The company is expected to benefit from dual growth drivers in the consumer goods and medical sectors [2]. Performance Analysis - The consumer goods segment showed strong growth, with Q4 2024 revenue reaching 2.908 billion RMB, a 33.72% increase [3]. - For 2024, the medical supplies and consumer goods segments generated revenues of 3.906 billion RMB and 4.991 billion RMB, growing by 1.14% and 17.09% respectively [3]. - Key product categories such as cotton soft towels and children's clothing saw revenue increases of 31.19% and 13.21% respectively [3]. Q1 2025 Development - In Q1 2025, the medical segment generated 1.25 billion RMB, a 46.3% increase, with core categories like surgical supplies and high-end dressings showing remarkable growth [4]. - The consumer segment achieved 1.34 billion RMB in revenue, up 28.8%, with the "Princess Nais" sanitary napkin leading the category with a 73.5% increase [4]. - E-commerce contributed 59.9% of total revenue, with rapid growth in supermarket channels, which saw a 70.9% year-on-year increase [4]. Profitability - The gross margin for 2024 and Q1 2025 was 48.46% and 47.32% respectively, with a slight improvement in Q1 2025 due to product mix optimization [5]. - The net profit margin remained stable at 7.75% for 2024 and improved to 9.54% in Q1 2025 [5]. - The company aims to enhance brand strength and operational efficiency while focusing on core product categories [5]. Earnings Forecast and Valuation - The company is projected to have EPS of 1.80, 2.12, and 2.54 RMB for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 27, 23, and 19 [6].