（1）成人失禁用品市场现状：成人失禁用品主要包括成人纸尿裤、拉拉裤和护理垫，其使用者一般为老年失禁者和残疾失禁者，其中老年失禁者为主要目 标消费群体。截至2019年末，我国60岁及以上人口总数约为2.54亿，占总人口的18.13%。根据美国疾病预防控制中心的报道，在超过65岁的老年人中， 50.9%存在尿失禁或意外大便失禁的情况。与国外发达国家（日本80%、北美60%、西欧58%）相比，我国成人失禁护理用品渗透率处在较低水平（仅 3%），主要由于消费者意识较为保守，轻度失禁群体使用失禁用品的意愿较低，中重度失禁患者是目前主要消费群体。参照发达国家发展经验，轻度失禁 产品或越来越受欢迎，老龄人口的增加以及消费者意识的提升，成人失禁用品的市场空间具备扩容潜力。在此情况下，具备线上电商等渠道和线下特通等渠 道的全渠道能力，发展全面多元的产品矩阵和品牌力，成为业内企业构筑壁垒的核心竞争力。 （2）成人失禁用品行业市场规模：近年来，我国成人失禁用品市场总体保持快速增长的趋势。根据中金企信数据，中国成人失禁用品零售市场规模从2018 年的55.3亿元人民币增长到2023年的83.1亿元人民币，2018-2023年复合增长 ...

Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [5]. Core Insights - The company has established itself as a leader in the domestic adult incontinence market, holding the number one market share for several consecutive years, supported by strong brand recognition [2]. - The company is expanding its product categories and optimizing its product structure to meet the evolving consumer demands, particularly focusing on mid-to-high-end products [3]. - The financial performance for the first half of 2025 shows a revenue of 550 million with a year-on-year growth of 5%, and a net profit of 28 million, reflecting a 22% increase [1][4]. Financial Performance Summary - For Q2 2025, the company reported revenue of 270 million, a 13% increase year-on-year, and a net profit of 10 million, which is a 98% increase [1]. - The revenue breakdown for H1 2025 includes adult incontinence products at 290 million (5% growth), baby care products at 210 million (6% growth), and pet hygiene products at 34 million (1% decline) [1]. - The adjusted profit forecast for 2025-2027 estimates net profits of 36 million, 43 million, and 50 million respectively, reflecting a steady growth trajectory [4]. Product Development and Market Strategy - The company is focusing on product innovation to address user pain points, such as odor control and breathability, thereby creating a differentiated competitive advantage [2]. - New product launches include discreet absorbent pads designed for Asian women and specialized men's absorbent products, expanding the product line further [3]. - The company aims to leverage its strong brand effect and cost leadership by enhancing its supply chain and product offerings [2].

Core Viewpoint - The brand dividend has not disappeared; it has simply changed its path [2] Group 1: Shift in Health Management - The focus of health management is shifting from "treatment" to "prevention" [4] - Health devices are rapidly integrating into daily life, with products like CGM and oxygen machines becoming commonplace [4] - Health equipment is one of the fastest-growing segments in the health industry, indicating a shift towards consumerization [4][6] Group 2: Trends in Health Equipment - Health equipment is transitioning from professional medical use to home use, expanding into new scenarios like fitness and travel [8] - Consumer products are becoming more medicalized, with higher standards attracting consumer interest [8] - Core technologies previously used in professional settings are now entering the consumer market, indicating a shift in positioning from "medical devices" to "daily health products" [9] Group 3: Brand Development Challenges - Many brands excel in product development but struggle with brand building and user communication [9] - The transition from "medical logic" to "consumer logic" presents challenges for brands in understanding user needs [9][10] - The "Treasure New Brand" mechanism on platforms like Tmall aims to support brands in overcoming these challenges by providing long-term assistance [10][11] Group 4: Case Studies of Successful Brands - Brands like Fuching have successfully transitioned from professional to consumer markets by restructuring their content and communication strategies [14][17] - Fuching's GMV exceeded 20 million yuan during the 618 event, showcasing the effectiveness of platform support [17] - International brands like Mepitel are also adapting to the Chinese market by focusing on consumer education and brand elevation [18][19] Group 5: Market Dynamics and Future Outlook - The health equipment sector is not a short-term trend but a long-term growth path, with evolving consumer behaviors and market dynamics [23] - The transition from supply-driven growth to value co-creation is essential for building a sustainable brand [23][24] - Tmall's role as a core platform for brand evolution emphasizes the importance of collaborative growth and resource sharing [25]