稳健医疗 20250822 摘要 稳健医疗上半年营收 25 亿元，同比增长 46%，剔除并购公司 Gri 影响 后增长 13.2%。全棉时代营收 27.5 亿元，同比增长 20%，消费品板块 增长显著，但二季度受 315 事件影响增速放缓。 公司销售费用率因 Gri 公司 ToB 业务占比提升而下降，管理费用率因 Gri 公司管理费用较高而上升，但剔除 Gri 影响后均与去年同期持平。研 发投入持续加大，取得多项专利和医疗产品注册证。 全棉时代加强科技创新，在九大科技领域取得突破，重点推进零添加棉 柔巾和超净洗卫生巾等产品。奈斯公主卫生巾增长 68%，棉柔巾增长 19%，线上渠道增长 23.6%，抖音平台增长 100%。 公司坚持产品领先、卓越运营、品牌向上和全球视野四大战略。聚焦棉 柔巾、卫生巾、贴身衣物及婴童服饰等核心产品，推进门店经营精细化， 加强品牌建设，拓展海外市场。 医疗板块表现优异，营业利润率提升至 8.6%，消费品业务营业利润率 提升至 14%，整体毛利率提升至 58.6%。通过优化生产流程、增强品 牌影响力、推广创新产品和加强全球供应链管理，支持中长期成长目标。 Q&A 稳健医疗在 2025 ...

Summary of the Conference Call for Steady Medical and All Cotton Era Industry and Company Overview - The conference call primarily discusses the performance and strategies of Steady Medical and its brand All Cotton Era in the sanitary products and medical supplies industry [2][3][4]. Key Points and Arguments Overall Growth and Performance - Steady Medical expects to maintain high growth in 2025 despite the impact of the 315 incident, with strong online and offline performance in sanitary napkins, particularly the Nice Princess brand [2][3]. - The company has not adjusted its annual growth target and remains confident in improving profitability, aiming to achieve its annual equity incentive goals [2][6]. Product Performance - The Nice Princess sanitary napkin has a repurchase rate exceeding 60% on Douyin, indicating strong consumer loyalty [4][12]. - The cotton soft towel category is focusing on supply chain safety marketing in the short term, with plans to return to material education and launch new products in the second half of 2025 [2][9]. Financial Metrics - Q2 gross margin is expected to improve due to lower raw material costs and product structure adjustments, despite increased marketing expenses following the 315 incident [7][21]. - The company achieved a double-digit revenue and profit increase in Q1 2025, with overall growth expected to remain in the high double digits [3][6]. Market Competition - The sanitary napkin market is highly competitive, with new players entering and shifting brand rankings. All Cotton Era focuses on safety and comfort, leveraging its medical background and clean production facilities to differentiate itself [10][12]. - The company has made significant progress in brand recognition and market share, entering the top ten rankings during the 618 shopping festival [10][11]. Channel Performance - Steady Medical's key products are performing well in Douyin and KA channels, with high e-commerce achievement rates. However, offline store sales are slightly sluggish but do not significantly impact overall profitability [5][18]. - The company plans to open 60 new stores in 2025, focusing on high-quality growth and profitability for each new location [19][20]. Future Product Plans - In 2025, All Cotton Era plans to focus on three strategic product categories: cotton soft towels, sanitary napkins, and intimate apparel, with significant market potential in each [23][28]. - The company aims to enhance consumer understanding of its products through material education and marketing, emphasizing its core advantages of 100% cotton materials and medical endorsements [9][28]. Medical Business Insights - The medical segment is seeing good growth domestically, with a focus on high-margin products and expanding customer bases in hospitals [15][21]. - The acquisition of GRI has brought additional capacity and sales growth, particularly in the U.S. market, despite potential goodwill impairment risks due to geopolitical factors [24]. Marketing and Brand Strategy - All Cotton Era is enhancing its brand promotion for medical-grade products, emphasizing its advantages over new national standards [24]. - The company is actively expanding its presence in KA channels and optimizing product categories to increase market penetration [25][26]. Additional Important Insights - The company is optimistic about the second half of 2025, expecting significant sales growth in sanitary napkins and intimate apparel, particularly in KA and Douyin channels [16][17]. - The overall market for sanitary napkins exceeds 100 billion yuan, with intimate apparel also exceeding 100 billion yuan, indicating substantial growth opportunities [23].

Summary of the Conference Call for稳健医疗 Company Overview - **Company Name**: 稳健医疗 (Steady Medical) - **Business Segments**: The company operates in two main segments: consumer products (52% of revenue) and medical supplies (48% of revenue) as of Q1 2025. The consumer products segment contributes approximately 60% to the overall operating profit margin [2][3]. Financial Performance - **Revenue Growth**: From 2013 to 2019, the company achieved a revenue growth rate of 24%, primarily driven by the consumer products segment. In Q1 2025, both medical supplies and consumer products segments returned to double-digit growth [2][5]. - **Profitability**: The company expects a 50% year-on-year increase in net profit attributable to the parent company in 2025, with the medical segment projected to grow by approximately 38% [4][19]. Market Dynamics - **Market Size**: The market for wet and dry cotton wipes is valued at over 10 billion yuan, with an expected growth rate of about 7%. The sanitary napkin market is around 100 billion yuan, with a projected retail price increase of about 3% in the coming years [2][6]. - **Market Share**: 全棉时代 (Cotton Era) holds over 15% market share in the facial towel category, while the overall market share of the company exceeds 20%, maintaining the leading position in this category [2][6]. Product Performance - **Core Products**: The core products, including dry and wet cotton wipes and sanitary napkins, have shown significant growth. The sanitary napkin brand, 奈斯公主 (Nice Princess), experienced over 70% year-on-year revenue growth in Q1 2025 [2][7][11]. - **Innovation**: The company introduced a hanging cotton wipe product, which significantly boosted market performance despite being a minor innovation [10]. Consumer Education and Brand Strategy - **Consumer Education**: The company emphasizes consumer education to enhance awareness of the quality and safety of cotton products, which has led to a recovery in double-digit growth for dry and wet cotton wipes [8][9]. - **Brand Positioning**: As a pioneer in the market, the company has established a strong brand identity, leveraging its unique product offerings and consumer education to differentiate itself from competitors [9][20]. Sales Channels - **Channel Distribution**: The consumer products segment has a channel distribution of approximately 60% online and 40% offline. The online sales have been particularly strong on platforms like Douyin [12][13]. - **Store Expansion**: The company operates 487 stores, with plans to open about 50 new stores annually while adjusting the store structure to improve performance [14]. Competitive Landscape - **Market Competition**: The low-value medical consumables market is highly competitive, with domestic brands primarily competing in the low-end market. The company aims to leverage its international presence and product quality to maintain a competitive edge [15][16]. Future Outlook - **Growth Projections**: The company anticipates strong growth in the consumer products segment, with cotton wipes expected to grow by 25% to 30% and sanitary napkins by over 50% in 2025 [18]. - **Net Profit Forecast**: The projected net profit for 2025 is 1.04 billion yuan, with continued growth expected in subsequent years [19]. - **Valuation**: The company's stock is currently valued at a PE ratio of approximately 30 times for 2025, which is considered reasonable given its diversified business model and strong product drivers [21]. Conclusion - **Investment Rating**: The company is viewed positively, with expectations of continued growth and a strong market position, leading to an optimistic outlook for future performance [22].