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稳健医疗上半年营收增长31.3%,全棉时代线下门店迎调整
2 1 Shi Ji Jing Ji Bao Dao· 2025-08-27 08:48
21世纪经济报道记者雷若馨深圳报道 打着"医疗+消费"的牌,全棉时代母公司稳健医疗交出了一份不错的成绩单。 近日,稳健医疗(300888.SZ)发布半年报。2025年上半年,公司实现营收53亿元,同比增长31.3%;实 现归母净利润 4.9 亿元,同比增长28.1%;扣非归母净利润4.6亿元,同比增长40.9%。 稳健医疗前身创立于1991年,最初从医用敷料代工起步。2009年,稳健医疗创立消费品品牌"全棉时 代",其业务领域也逐渐从医疗延伸至消费品。今年上半年,医疗板块与消费板块分别为其贡献25.2亿 元、27.5亿元营收。 医疗板块回升 目前,其医疗板块以"稳健医疗"品牌为核心,主营医用敷料、口罩、手术室耗材。 2020年,因市场对口罩等疾控防护产品需求激增,稳健医疗的医疗板块营收暴涨616.5%至86.84亿元, 并在当年成功上市。随着公共卫生事件的影响减弱,其相关板块营收在高基数影响下出现大幅下滑。 过去两年,稳健医疗通过调整产品结构、去库存等方式逐渐平稳下滑趋势,恢复相关板块增长。 2025年上半年,稳健医疗的医疗板块营收为25.2亿元,同比增长46.4%。剔除并购公司GRI的贡献,实 现19.5亿 ...
稳健医疗(300888):2025年中报点评:双主业并驾齐驱,稳健向好
Soochow Securities· 2025-08-25 06:54
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 ...
稳健医疗(300888):消费品业务快速增长,品牌势能持续向上
NORTHEAST SECURITIES· 2025-08-25 03:28
[Table_Info1] [Table_Title] 证券研究报告 / 公司点评报告 消费品业务快速增长,品牌势能持续向上 --- 稳健医疗 2025 中报点评 事件: [Table_Summary] 公司发布 2025 年中报,2025H1 营业收入同比增长 31.3%至 53 亿元, 归母净利润同比增长 28.1%至 4.9 亿元。单 Q2 营业收入同比增长 26.7%至 26.9 亿元,归母净利润同比增长 20.7%至 2.4 亿元。 点评: 费用管控良好,盈利能力相对稳定。2025H1 公司毛利率同比下降 0.4pct 至 48.3%,医疗/消费品业务毛利率分别同比-0.7pct/+1.7pct 至 37.4%/58.6%。消费品业务毛利率提升主要得益于棉花价格下行及产品 结构改善。费用端,销售/管理费用率分别同比-2.5pct/+0.6pct。综合 2025H1 净利率同比下降 0.3pct 至 9.8%。 营运状况保持稳定。2025H1 公司存货同比增长 33.9%至 19.5 亿元,存 货周转天数同比下降 6 天至 142 天。应收/应付账款周转天数同比下降 1/16 天至 37/69 天。半 ...
稳健医疗(300888):消费品核心品类引领增长,医疗业务二季度提速
Shenwan Hongyuan Securities· 2025-08-24 12:11
上 市 公 司 美容护理 2025 年 08 月 24 日 稳健医疗 (300888) —— 消费品核心品类引领增长,医疗业务二季度提速 报告原因:有业绩公布需要点评 买入(维持) 本研究报告仅通过邮件提供给 中庚基金 使用。1 投资要点: | 市场数据: | 2025 年 08 月 22 日 | | --- | --- | | 收盘价(元) | 42.09 | | 一年内最高/最低(元) | 54.80/23.31 | | 市净率 | 2.1 | | 股息率%(分红/股价) | 1.54 | | 流通 A 股市值(百万元) | 7,391 | | 上证指数/深证成指 | 3,825.76/12,166.06 | | 注:"股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产(元) | 19.79 | | 资产负债率% | 31.87 | | 总股本/流通 A 股(百万) | 582/176 | | 流通 B 股/H 股(百万) | -/- | 一年内股价与大盘对比走势: 08-22 09-22 10-22 11-22 ...
稳健医疗(300888):H1核心品表现靓丽,经营质量稳健向好
Huafu Securities· 2025-08-22 07:04
Investment Rating - The investment rating for the company is "Buy" (maintained) [3][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 31.3%, and a net profit attributable to shareholders of 490 million yuan, up 28.1% year-on-year [5][6]. - The medical segment showed robust growth, with revenue of 2.52 billion yuan in H1, a year-on-year increase of 46.4%. Excluding the newly acquired GRI, the medical segment's revenue was 1.95 billion yuan, up 13.2% year-on-year [5][6]. - The consumer goods segment also performed well, with revenue of 2.75 billion yuan in H1, a year-on-year increase of 20.3%. The core product categories, such as sanitary napkins, saw significant growth, with revenue increasing by 67.6% [5][6]. Financial Performance Summary - H1 2025 revenue breakdown: - Medical segment: 2.52 billion yuan, up 46.4% year-on-year - Consumer goods segment: 2.75 billion yuan, up 20.3% year-on-year - H1 2025 net profit: 490 million yuan, up 28.1% year-on-year - H1 2025 gross margin: 48.3%, down 0.4 percentage points year-on-year [5][6]. Earnings Forecast and Investment Recommendations - The company plans to distribute a mid-term dividend of 260 million yuan, with a payout ratio of 53% [5][6]. - Forecasted net profits for 2025-2027 are 1 billion yuan, 1.21 billion yuan, and 1.45 billion yuan, with growth rates of 43.8%, 21.0%, and 19.7% respectively [5][6].
稳健医疗:2025上半年净利润同比增长28.1% 全棉时代与医疗板块齐头并进
Zheng Quan Shi Bao Wang· 2025-08-22 03:29
Core Insights - The company reported a significant increase in revenue and profit for the first half of 2025, with total revenue reaching 5.3 billion yuan, a year-on-year growth of 31.3%, and net profit attributable to shareholders at 490 million yuan, up 28.1% [1] - The medical and consumer segments both contributed to this growth, with revenues of 2.52 billion yuan and 2.75 billion yuan respectively, marking increases of 46.4% and 20.3% [1] Group 1: Consumer Segment Performance - The consumer brand, 全棉时代, achieved revenue of 2.75 billion yuan in the first half of 2025, reflecting a growth of 20.3% [2] - Key products such as the core dry and wet cotton soft towels saw sales increase to 810 million yuan, a growth of 19.5%, while sanitary napkins experienced a remarkable revenue increase of 67.6%, reaching 530 million yuan [2] - The brand's membership base grew to nearly 67 million, a 7.7% increase from the previous year, indicating strong customer loyalty and engagement [3] Group 2: Medical Segment Performance - The medical segment reported revenue of 2.52 billion yuan, a substantial increase of 46.4%, with organic growth excluding acquisitions contributing to a 13.2% rise [4] - Key innovations in the medical field included a 193.5% increase in revenue from surgical consumables, reaching 740 million yuan, and a 25.7% increase in high-end dressings, totaling 480 million yuan [4] - The company holds 1,109 R&D patents and 701 medical product registration certificates, establishing a strong foundation for future growth in both domestic and international markets [4] Group 3: Brand and Financial Strategy - The company announced a cash dividend distribution plan of 260 million yuan, representing 53.26% of net profit, reflecting a commitment to shareholder returns [5] - The brand aims to enhance its image and market position through various promotional activities and product innovations, reinforcing its commitment to quality and consumer health [5] - The company is focused on a long-term vision of sustainable growth, emphasizing the importance of brand elevation and maintaining industry leadership through continuous investment in R&D and quality control [5]
纺织服装行业2025Q2业绩前瞻:品牌景气走平,制造磨底
Changjiang Securities· 2025-08-06 23:30
Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - The domestic retail market for textiles and apparel continues to show steady performance, with most companies achieving positive revenue growth, although profit margins vary significantly [2][4] - The manufacturing sector faces challenges due to weak retail performance and expectations, with inventory replenishment becoming difficult and tariffs further suppressing manufacturing performance [2][4] - The recovery of Nike's operations is expected to alleviate some negative pressures on the industry, potentially leading to a rebound in the manufacturing sector [2][4][30] Summary by Sections Brand Performance - The retail environment remains stable, with most companies reporting positive revenue growth, while profit margins show divergence [4][16] - Sub-sectors exhibit varied performance, with sports retail maintaining steady growth, mid-to-high-end menswear showing resilience, and mass-market brands facing pressure [4][20] Manufacturing Sector - The manufacturing sector is under pressure as downstream brands enter a phase of passive inventory accumulation, compounded by tariffs affecting short-term performance [4][17] - The sector is expected to face challenges in the short term, but improvements in Nike's operations may provide a positive outlook for the manufacturing sector [4][30] Key Company Performance - Companies such as Luolai Life and Weigao Medical are expected to perform well in Q2 2025, with Luolai's revenue projected to grow by 0%-5% and net profit by 20%-30% due to low base effects [5][29] - Weigao Medical anticipates a revenue increase of 23%-33% and a net profit growth of 25%-35% driven by strong performance in personal care and medical products [5][29] Detailed Company Forecasts - 361 Degrees expects a revenue growth of 10%-20% in Q2 2025, with strong performance in adult and children's apparel [6][20] - Crystal International is projected to achieve a revenue growth of 12%-16% in H1 2025, benefiting from a low base and improved product mix [6][20] Market Trends - The retail sales growth for clothing and textiles in June 2025 was 1.9%, with a sequential decline of 2.1 percentage points [25][29] - The overall retail environment remains weak, with significant variations across different segments, particularly in the mass-market sector [20][29]
稳健医疗收盘下跌2.43%,滚动市盈率30.74倍,总市值234.10亿元
Sou Hu Cai Jing· 2025-07-04 10:11
Group 1 - The core viewpoint of the articles highlights the financial performance and market position of the company, Steady Medical, within the medical supplies industry [1][2] - As of July 4, the closing price of Steady Medical was 40.2 yuan, with a decline of 2.43%, resulting in a rolling PE ratio of 30.74 times and a total market capitalization of 23.41 billion yuan [1] - The average PE ratio for the beauty and healthcare industry is 38.96 times, with a median of 43.11 times, placing Steady Medical at the 13th position in the industry ranking [1][2] Group 2 - For the first quarter of 2025, the company reported a revenue of 2.605 billion yuan, representing a year-on-year increase of 36.47%, and a net profit of 249 million yuan, also reflecting a year-on-year growth of 36.26% [2] - The sales gross margin for the company stood at 48.46% [2] - The company specializes in the research, production, and sales of cotton-based products, including high-end wound dressings and various healthcare products, and has consistently ranked among the top three exporters of medical dressings in China [1]
稳健医疗收盘下跌1.17%,滚动市盈率30.45倍,总市值231.88亿元
Sou Hu Cai Jing· 2025-06-26 10:55
Company Overview - Company name is稳健医疗, which focuses on the research, production, and sales of cotton-based products [1] - Main products include high-end wound dressings, traditional wound care and bandaging products, surgical consumables, infection protection products, health personal care products, cotton towels, cotton sanitary napkins, cotton wet wipes, non-woven consumer products, baby products, and adult clothing [1] - The company has consistently ranked among the top three in China's medical dressing exports for several years [1] Financial Performance - For Q1 2025, the company reported revenue of 2.605 billion yuan, a year-on-year increase of 36.47% [2] - Net profit for the same period was 249 million yuan, also reflecting a year-on-year growth of 36.26% [2] - The sales gross margin stood at 48.46% [2] Market Position - The company's current rolling price-to-earnings (PE) ratio is 30.45, while the average PE ratio for the beauty and personal care industry is 39.12 [1][2] - The industry median PE ratio is 42.46, placing the company at 13th in the industry ranking [1] - The total market capitalization of the company is 23.188 billion yuan [1] Capital Flow - On June 26, the company experienced a net outflow of main funds amounting to 2.0955 million yuan, with a total outflow of 24.8019 million yuan over the past five days [1]
稳健医疗收盘上涨2.25%,滚动市盈率38.59倍,总市值293.90亿元
Sou Hu Cai Jing· 2025-06-10 10:40
Company Overview - Company name is稳健医疗, which closed at 50.47 yuan on June 10, with a 2.25% increase, resulting in a rolling PE ratio of 38.59 times and a total market value of 29.39 billion yuan [1] - The main business of the company includes research, production, and sales of cotton-based products, with key products being high-end wound dressings, traditional wound care products, surgical consumables, infection protection products, and personal health products [1] Financial Performance - For Q1 2025, the company reported revenue of 2.605 billion yuan, a year-on-year increase of 36.47%, and a net profit of 249 million yuan, also up 36.26%, with a gross profit margin of 48.46% [2] - The company's PE ratio is 38.59 (TTM) and 42.26 (static), with a price-to-book ratio of 2.58 [2] Industry Comparison - The average PE ratio for the beauty and personal care industry is 44.04, with a median of 49.17, placing the company at 14th in the industry ranking [1][2] - The total market value of the industry averages 115.99 billion yuan, with the median at 74.78 billion yuan [2] Market Position - The company has consistently ranked among the top three exporters of medical dressings in China for several years [1] - The "winner" brand has entered over 2,000 hospitals and nearly 40,000 pharmacies in China, with a significant presence in major chains [1]