2020年9月17日，深圳证券交易所内钟声回荡，稳健医疗（300888.SZ）正式挂牌创业板，成为中国大健康产业中一家兼具医疗内核与消费特色的上市公司。 韧性增长：结构优化与战略协同的双重奏鸣 2025年上半年，面对复杂多变的全球经贸环境和国内消费市场波动，稳健医疗展现出较强的抗周期能力。报告期内，公司实现营业收入53.0亿元，同比增长 31.3%；归属于上市公司股东净利润4.9亿元，扣除非经常性损益后净利润4.6亿元，同比增幅分别达到28.1%和40.9%。这份成绩的背后，是医疗与消费两大 业务板块高效协同、彼此赋能的战略成果。 医疗板块作为公司发展的根基，在"内生提速，外延并购"的双重策略推动下，2025年上半年实现营业收入25.2亿元，同比增长46.4%，其中第二季度单季营 收达到12.6亿元，增速高达46.5%。这一显著增长，一方面源于感染防护与伤口护理等传统产品线的需求企稳，另一方面则得益于手术室耗材、高端敷料等 高附加值产品在海外市场的快速扩张。 特别值得一提的是公司在美国及加勒比地区的产能布局——通过并购美国GRI公司以及扩建多米尼加近岸生产基地，稳健医疗有效构建了"本土制造+近岸供 应"的全球 ...

Company Overview - Steady Medical is located in Longhua District, Shenzhen, Guangdong Province, and was established on August 24, 2000. The company went public on September 17, 2020. Its main business involves the research, production, and sales of cotton products [1] - The company's revenue composition includes: consumer products - wet and dry cotton towels 19.87%, medical consumables - surgical room consumables 18.15%, medical consumables - traditional wound care and dressing products 13.88%, consumer products - sanitary napkins 13.02%, consumer products - adult clothing 12.73%, consumer products - baby clothing and supplies 11.36%, consumer products - other fiber products 5.24%, consumer products - other non-woven products 4.88%, and others 0.87% [1] Financial Performance - As of June 30, 2025, Steady Medical achieved operating revenue of 5.296 billion yuan, representing a year-on-year growth of 31.31%. The net profit attributable to the parent company was 492 million yuan, with a year-on-year increase of 28.07% [2] - Since its A-share listing, the company has distributed a total of 2.875 billion yuan in dividends, with 1.729 billion yuan distributed in the past three years [3] Shareholder Structure - As of June 30, 2025, the number of shareholders of Steady Medical was 27,900, an increase of 30.38% compared to the previous period. The average number of circulating shares per person was 6,290, a decrease of 23.30% [2] - The top circulating shareholder is Huabao Zhongzheng Medical ETF, holding 7.4347 million shares as a new shareholder. The second-largest shareholder is E Fund Growth Enterprise Board ETF, holding 4.5371 million shares, a decrease of 113,400 shares compared to the previous period [3]

Core Viewpoint - The event celebrated the fifth anniversary of the company, highlighting its achievements and future growth plans under the theme "Brand Upward, Steady Growth" [1] Group 1: Company Achievements - The company has achieved a compound annual growth rate of approximately 15% in revenue over the past five years, with projected revenue reaching 9 billion yuan in 2024 [2] - The company has maintained resilience through various economic cycles, with its medical and consumer goods sectors showing strong growth [2] - Cumulatively, the company has distributed 2.88 billion yuan in cash dividends and repurchased shares worth 690 million yuan, representing 100.3% of the net funds raised during its IPO [3] Group 2: ESG Strategy - The company released its ESG strategy, emphasizing its commitment to sustainable development and social responsibility [5] - The company has set carbon peak and carbon neutrality goals, focusing on green product development and responsible supply chains [5] - The company has received an A rating in the Wind ESG assessment for 2025, reflecting its governance and environmental efforts [5] Group 3: Future Outlook - The company aims to continue innovation and global expansion, leveraging research and development to enhance its product offerings [8] - The company plans to strengthen its position in high-growth areas such as advanced wound management and green operating rooms [7] - The company envisions becoming a global leader in high-quality products, contributing to the global healthcare sector [8]

Core Insights - The company celebrated its five-year anniversary since going public, highlighting its growth and commitment to long-term value creation for shareholders and society [2][3] Financial Performance - The company achieved a compound annual growth rate (CAGR) of approximately 15% in revenue over the past five years, with projected revenue reaching 9 billion yuan in 2024 [2] - Cumulative cash dividends amounted to 2.88 billion yuan by mid-2025, with share buybacks totaling 690 million yuan, representing 100.3% of the net proceeds from the initial public offering [3] Business Strategy - The company has maintained a dual strategy focusing on both medical and consumer products, with core products like cotton soft towels and sanitary napkins driving growth in the consumer segment [2] - The company emphasizes a commitment to "investor-centric" principles, actively returning value to the capital market through cash dividends and share buybacks [3] ESG Initiatives - The company launched its ESG strategy, integrating sustainable development into its operations and governance, and has achieved an A-level ESG rating for 2025 [4] - The company aims to address climate change by setting carbon peak and neutrality goals, promoting green products, and enhancing the sustainability of the cotton industry [4] Product Quality and Innovation - The company showcased its commitment to product quality during factory tours, emphasizing strict quality control and safety measures in its production processes [5] - Future plans include focusing on high-growth areas such as advanced wound management and medical-grade personal care products, leveraging technological innovation to meet market demands [6] Future Outlook - The company aims to position itself as a global leader in high-quality products, with a vision to enhance its brand recognition and market presence over the next 35 years [6]

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [7][6]. Core Insights - The company reported a strong performance in H1 2025, achieving revenue of 5.3 billion yuan, a year-on-year increase of 31%, and a net profit of 490 million yuan, up 28% year-on-year [1]. - The consumer goods segment showed robust growth, with revenue from the core product, wet and dry cotton towels, reaching 810 million yuan, a 19.5% increase year-on-year [2]. - The medical supplies segment also performed well, with total revenue of 2.52 billion yuan in Q2 2025, reflecting a 46.5% year-on-year growth [3]. Financial Performance - For H1 2025, the company achieved a gross margin of 48.3%, slightly down by 0.4 percentage points year-on-year, and a net margin of 9.8%, down by 0.3 percentage points [1]. - The consumer goods segment's gross margin improved to 58.6%, up 1.7 percentage points year-on-year, while the medical segment's gross margin decreased to 37.4%, down 0.7 percentage points [4]. - The company reported a net operating cash flow of 340 million yuan, indicating stable operational fundamentals [1]. Business Segments - The consumer goods business generated revenue of 2.75 billion yuan in H1 2025, a 20.3% increase year-on-year, with a notable performance from the "Nais Princess" sanitary napkin line, which saw a 67.6% increase in revenue [2]. - The medical supplies segment's revenue reached 2.52 billion yuan in Q2 2025, with surgical supplies and high-end dressings showing significant growth rates of 193.5% and 25.7% respectively [3]. Channel Strategy - The company has accelerated its omnichannel strategy, with online sales reaching 1.71 billion yuan, a 23.6% increase year-on-year, and offline stores contributing 724 million yuan, up 2.75% [5]. - The total number of offline stores reached 484, with a membership base of nearly 67 million, reflecting continued brand penetration [5]. Earnings Forecast - The report adjusts the earnings forecast, projecting net profits of 1.04 billion yuan, 1.26 billion yuan, and 1.49 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.79 yuan, 2.16 yuan, and 2.56 yuan [6].

Core Viewpoint - The company, Steady Medical, has reported strong financial results for the first half of 2025, driven by its dual focus on the medical and consumer sectors, with significant year-on-year growth in both revenue and profit [2][4]. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 5.3 billion yuan, representing a year-on-year increase of 31.3% [2]. - The net profit attributable to shareholders reached 490 million yuan, up 28.1% year-on-year, while the net profit excluding non-recurring items was 460 million yuan, reflecting a growth of 40.9% [2]. - The medical segment contributed 2.52 billion yuan, while the consumer segment generated 2.75 billion yuan in revenue [2]. Group 2: Medical Segment Recovery - The medical segment, primarily under the "Steady Medical" brand, reported revenue of 2.52 billion yuan, a year-on-year increase of 46.4% [4]. - Excluding the contribution from the acquired company GRI, the medical segment achieved 1.95 billion yuan in revenue, marking a 13.2% increase compared to the same period in 2024 [4]. - The management expressed optimism about the medical segment's future growth, citing a stable increase in the aging population and a projected compound annual growth rate of approximately 6% in the medical consumables sector from 2024 to 2030 [4]. Group 3: Consumer Segment Growth - The consumer segment, centered around the "All Cotton Era" brand, generated 2.75 billion yuan in revenue, reflecting a year-on-year growth of 20.3% [7]. - Key products included cotton soft towels with revenue of 810 million yuan (up 19.5%), "Princess Nais" sanitary napkins with 530 million yuan (up 67.6%), and adult apparel with 520 million yuan (up 19.4%) [7]. - The high-margin "Princess Nais" sanitary napkin product significantly contributed to the overall gross margin increase of 1.7 percentage points to 58.6% [7]. Group 4: Marketing and Distribution Strategy - The company invested heavily in marketing, with advertising and promotional expenses reaching 501 million yuan, a 47.59% increase year-on-year [8]. - Online sales channels generated 1.71 billion yuan in revenue, up 23.6% year-on-year, indicating a strong focus on e-commerce [8]. - The company is adopting a cautious yet optimistic strategy for its offline store expansion, closing underperforming stores while opening new ones in high-potential areas [9]. Group 5: Dividend and Share Buyback - The company announced a cash dividend distribution plan of 260 million yuan, which accounts for 53.26% of the net profit attributable to shareholders [9]. - Since its listing, the company has distributed a total of 2.88 billion yuan in cash dividends and repurchased shares for 690 million yuan, totaling 3.57 billion yuan, which exceeds 100% of its net fundraising amount [9].

Macro and Strategy - The equity market is currently in an accelerating upward phase, prompting discussions on how to adjust positions to prepare for potential market fluctuations [8] - Investors are advised to consider right-side position reduction as a more reasonable choice, given the current market dynamics [8] - Historical data suggests that low-priced convertible bonds (priced between 110-115 yuan) tend to be more resilient during market downturns [8] Company and Industry Analysis - **Dengkang Dental (001328.SZ)**: The company reported a stable growth in Q2 2025, with revenue reaching 842 million yuan, a year-on-year increase of 19.72%, and a net profit of 85 million yuan, up 17.59% [10][11] - **Marubi Biotechnology (603983.SH)**: The company achieved a revenue of 1.769 billion yuan in H1 2025, a 30.83% increase year-on-year, while net profit grew by 5.21% to 186 million yuan [13][14] - **Haidi Lao (06862.HK)**: The company reported a revenue of 20.7 billion yuan in H1 2025, a decrease of 3.7%, with core operating profit down 14% [17][18] - **Green Tea Group (06831.HK)**: The company achieved a revenue of 2.29 billion yuan in H1 2025, a 23.1% increase, with adjusted net profit rising by 40% [19][20] - **Haisco Pharmaceutical (002653.SZ)**: The company reported a revenue of 2 billion yuan in H1 2025, an 18.6% increase, with anesthetic product revenue growing by 54% [22][23] - **Furui Co., Ltd. (300049.SZ)**: The company achieved a revenue of 713 million yuan in H1 2025, an 11.02% increase, while net profit was impacted by foreign exchange losses [26][27] - **Kaili Medical (300633.SZ)**: The company reported a revenue of 964 million yuan in H1 2025, a decrease of 4.78%, with net profit down 72.43% due to high initial investments in new product lines [29][30] - **Yuyue Medical (002223.SZ)**: The company reported a revenue of 4.659 billion yuan in H1 2025, an 8.2% increase, with net profit rising by 7.4% [31][32]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][34]. Core Insights - The company achieved a revenue growth of 31.3% year-on-year in the first half of 2025, reaching 5.3 billion yuan, with a net profit increase of 28.1% to 490 million yuan [9][34]. - The medical segment saw a significant revenue increase of 46.4% to 2.52 billion yuan, while the consumer goods segment grew by 20.3% to 2.75 billion yuan [9][10]. - The company is focusing on integrating its medical business and expanding its market share, supported by strong cash flow and a good dividend level [34]. Summary by Sections Financial Performance - In the first half of 2025, the company's revenue increased by 31.3% to 5.3 billion yuan, and net profit rose by 28.1% to 490 million yuan [9][34]. - The gross profit margin remained stable overall, with the medical business's gross margin decreasing by 0.7 percentage points to 37.4%, while the consumer goods segment's gross margin improved by 1.7 percentage points to 58.6% [20][34]. Medical Segment - The medical segment's revenue for the first half of 2025 was 2.52 billion yuan, a year-on-year increase of 46.4%. Excluding the contribution from the newly acquired GRI, the revenue grew by 13.2% to 1.95 billion yuan [9][30]. - Key growth drivers included surgical consumables, which surged by 193.5% to 740 million yuan, and stable growth in high-end dressings and health personal care products [3][30]. Consumer Goods Segment - The consumer goods segment reported a revenue increase of 20.3% to 2.75 billion yuan, with core products like sanitary napkins leading the growth, achieving a 67.6% increase to 530 million yuan [10][34]. - The company experienced a decline in the number of stores, closing three to a total of 484, while online sales grew by 23.6% to 1.71 billion yuan [10][34]. Future Outlook - The company has slightly adjusted its profit forecast for 2025-2027, expecting net profits of 1.01 billion, 1.17 billion, and 1.35 billion yuan respectively, with growth rates of 44.7%, 16.1%, and 15.5% [34]. - The target price has been revised to 48-52 yuan, corresponding to a PE ratio of 24-26x for 2026 [34].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported strong growth in its 2025 mid-year results, driven by dual business segments: consumer products and medical supplies. The revenue for the first half of 2025 reached 5.296 billion yuan, a year-on-year increase of 31.31%, while the net profit attributable to shareholders was 492 million yuan, up 28.07% year-on-year [7] - The consumer products segment showed robust performance, with revenue of 2.745 billion yuan in the first half of 2025, a year-on-year increase of 20.3%. The company experienced significant growth in its core product categories, particularly in sanitary napkins and cotton soft towels [7] - The medical supplies segment also performed well, with revenue of 2.515 billion yuan in the first half of 2025, a year-on-year increase of 46.39%. The company is focusing on internal growth and mergers to enhance its market position [7] - The company has adjusted its profit forecasts for 2025-2027, increasing the net profit estimates to 1.045 billion yuan, 1.237 billion yuan, and 1.494 billion yuan respectively, corresponding to P/E ratios of 23, 20, and 16 [7] Financial Summary - Total revenue for 2023 is projected at 8.185 billion yuan, with a year-on-year decrease of 27.89%. However, revenue is expected to grow to 11.219 billion yuan in 2025, reflecting a year-on-year increase of 24.96% [1][8] - The net profit attributable to shareholders is forecasted to rise from 580.4 million yuan in 2023 to 1.045 billion yuan in 2025, representing a year-on-year growth of 50.21% [1][8] - The latest diluted EPS is expected to increase from 1.00 yuan in 2023 to 1.79 yuan in 2025 [1][8] - The company's cash flow from operating activities for the first half of 2025 was 340 million yuan, a year-on-year increase of 75.82%, indicating strong cash generation capabilities [7]

Core Insights - The company has conducted investor relations activities, attracting significant institutional interest [1] - In the first half of the year, the company demonstrated strong performance with a net profit of 490 million yuan, representing a year-on-year increase of 28.1% [1] - The company maintains a product leadership strategy with a steady increase in patent and medical product registration certificates [1] Financial Performance - The net profit attributable to shareholders reached 490 million yuan, with a net profit of 460 million yuan after deducting non-recurring gains, marking year-on-year growth of 28.1% and 40.9% respectively [1] - Cumulative cash dividends amount to 2.88 billion yuan, with share buybacks totaling 690 million yuan, together accounting for 100.3% of the net proceeds from the initial public offering [1] Business Segments - The medical consumables business saw a year-on-year increase of 13.2%, with the second quarter's revenue growing by 15.3% compared to the previous year [2] - The consumer goods segment, particularly the "All Cotton Era" brand, achieved revenue of 2.75 billion yuan, reflecting a year-on-year growth of 20.3% [2] - The company has expanded its offline stores to 484, with 16 new openings in the first half of the year, and the total membership has grown to nearly 67 million, a 7.7% increase from the end of last year [2] Market Activities - The company actively participated in exhibitions and promotional activities, including the 91st China International Medical Equipment Expo and the third China International Supply Chain Promotion Expo [2] - A special program was launched in collaboration with CCTV to enhance brand image in the consumer healthcare sector [2]