证券之星消息，根据市场公开信息及8月25日披露的机构调研信息，长信基金近期对4家上市公司进行了调研，相关名单如下： 1）稳健医疗 （长信基金参与公司业绩说明会&线上调研） 调研纪要：全棉时代第二季度实现13%同比增长，7-8月销售增速回升，坚持四大战略推动业务发展。医疗板块成长空间大，将围绕三大战略展 开，重点提升产品结构和生产效率，推进海外供应链建设。棉柔巾业务增长持续好于大盘，下半年将推出多款新品，加强渠道建设。GRI上半年 受中美关税战影响，但供应链已全面恢复，预计下半年趋势向好。高端敷料、手术室耗材、健康个护业务增速较高，传统敷料业务保持稳定。全 棉时代上半年毛利率提升，下半年将继续优化商品组合和渠道结构，提升利润率。线下门店将聚焦高质量开店，提升同店同比，优化会员服务。 所得税率上升主要因业务结构变化和全棉时代子公司迁址导致。 2）兆易创新 调研纪要：兆易创新在2024年二季度各业务线增长情况良好，NOR Flash高个位数增长，利基型DRAM增长超50%，MCU接近20%，模拟芯片基数 低环比成长较高，传感器芯片增长约10%。预计第三季度环比增长，全年需求上涨，利基型DRAM供应偏紧缺至全年。下半 ...

稳健医疗业务结构均衡，消费品和医疗产品各占约 50%。2008 年起， 公司从医疗产品 ODM 出口转型为健康消费品公司，电商渠道占比超 60%，直营渠道约 30%。 2015-2024 年，公司营收复合增长率 19%，规模复合增长率 14%。2025 年上半年，公司整体盈利能力提升，净利率和毛利率均处 于周期向上阶段，预计公司将进入盈利改善周期。 公司股权结构集中，李董持股 51%。2019 年后加快引入消费品管理层， 团队架构稳定。2024 年发布股权激励计划，设定 25-27 年营收增长触 发值 13%和目标值 18%。 消费者习惯转向健康、悦己、品质便捷，内容营销平台加速渗透。公司 在棉柔巾和卫生巾领域进行创新，如添加乳霜、益生菌、全棉表层等， 并细化场景应用。 2024 年渠道结构变化，抖音增速放缓，天猫和京东提速。全棉时代等 品牌在传统渠道回暖，寻求新的增长动能。传统电商平台整体提速。 Q&A 稳健医疗 20250825 摘要 请介绍一下稳健医疗的公司背景及其主要业务结构。 稳健医疗是一家以棉为核心，涵盖医疗和消费板块协同发展的医疗健康企业。 公司的产品结构主要分为两大类：医疗产品和健康生活消费品 ...

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 ...

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 ...

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 ...

根据公司披露的2025年半年报显示，稳健医疗上半年实现营业收入52.96亿元，同比增长31.31%；归母 净利润4.92亿元，同比增长28.07%。其中卫生巾品类表现突出，营收同比增长67.6%至5.32亿元。公司 拟向全体股东每10股派发现金红利4.5元，合计派发现金红利2.62亿元。 资金流向方面，8月22日主力资金净流出3592.59万元，近五日主力资金累计净流出3778.39万元。 截至2025年8月22日15时，稳健医疗股价报42.09元，较前一交易日下跌0.14%。当日成交量为101489 手，成交金额达4.27亿元。 稳健医疗主营业务分为医用耗材和消费品两大板块。公司旗下拥有"稳健医疗"和"全棉时代"两大品牌， 产品涵盖医疗敷料、手术室耗材、卫生巾、棉柔巾等多个品类。2025年上半年，公司医用耗材业务营收 25.2亿元，消费品业务营收27.5亿元。 风险提示：投资有风险，入市需谨慎。本文所载信息仅供参考，不构成任何投资建议。 ...

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 ...

Group 1 - The core viewpoint of the report is that Nobon Co., Ltd. is positioned as a leading differentiated supplier of water-jet non-woven fabrics, with a comprehensive growth strategy across materials, products, and branding, leading to a "buy" rating [1][5]. - Nobon has been focusing on the water-jet non-woven fabric sector since its establishment in 2002, holding over a hundred domestic and international patents, and offering a wide range of products across various fields including beauty materials, household cleaning, industrial materials, and medical materials [2][3]. - The company is projected to achieve a revenue of 2.24 billion yuan in 2024, with a CAGR of 15.3% from 2019 to 2024, indicating steady revenue growth [2]. Group 2 - The non-woven fabric industry in China is expected to see a supply-demand rebalancing in 2024, driven by capacity reduction and increased consumer hygiene awareness, which will lead to a recovery in profitability [3]. - The production of water-jet non-woven fabrics in China increased from 640,000 tons in 2015 to 1.51 million tons in 2023, with its share of the total non-woven fabric market rising from 13.2% to 18.5% during the same period [3]. - Nobon is leveraging its advanced production processes and R&D capabilities to maintain its leading position in the market, benefiting from strong demand in emerging consumer segments such as cotton soft towels and oral tobacco [3]. Group 3 - Nobon is focusing on three key areas for growth: 1) Roll materials, where technological upgrades are enhancing competitiveness and market share [4]. 2) Finished products, with a strong production capacity and quality control, particularly through its subsidiary, Hangzhou Guoguang [4]. 3) Own brand development, with the launch of the "Xiaozhijia" brand aimed at creating a second growth curve [4]. - The company expects net profits of 130 million yuan, 160 million yuan, and 190 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 28X, 23X, and 20X [5].

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]

Core Viewpoint - The article highlights the transformation of the cotton industry in China through the establishment of the "Yinmianhui" platform by Hubei Yinfeng Industrial Group, which integrates the entire cotton supply chain and enhances trading efficiency, thereby positioning itself as a leader in the market. Group 1: Platform Overview - The "Yinmianhui" platform, launched in May 2024, has achieved a cumulative transaction volume of over 901,200 tons of cotton and a total transaction value of 12.662 billion yuan within just over a year [1][3]. - The platform connects over 660 cotton industry chain enterprises, facilitating direct transactions between cotton farmers and textile manufacturers, significantly reducing the number of intermediaries involved in traditional cotton trading [2][4]. Group 2: Market Impact - The platform has captured approximately 11% of the national cotton sales market, with a total sales volume of 7.69 million tons in 2024, establishing itself as a dominant player in the central region's cotton industry [3]. - The integration of technology has improved procurement efficiency by 50% to 70%, allowing companies to place large orders with ease, akin to online shopping [2][8]. Group 3: Risk Management and Financial Support - "Yinmianhui" provides systematic and standardized futures and options tools to help textile enterprises and traders hedge against market risks, thus enhancing supply chain resilience [4][8]. - The platform utilizes advanced technologies to generate "minimum purchase prices" based on market data, allowing businesses to focus on operations rather than market speculation [4][8]. Group 4: Agricultural Support and Employment - The company has expanded its operations in Xinjiang, managing over 60,000 acres of land and operating more than ten ginning factories, with an annual procurement of approximately 300,000 tons of seed cotton [7][8]. - The initiative has created job opportunities for over 500 local residents in Xinjiang, demonstrating the company's commitment to regional development and agricultural support [6][7]. Group 5: Technological Integration - The platform employs advanced agricultural technologies, such as drone management and mechanized harvesting, to enhance cotton production efficiency in Xinjiang [6][7]. - The introduction of modern irrigation techniques and smart planting models in Hubei aims to promote mechanized cotton production, further integrating the cotton supply chain [7][8].