Investment Rating - The investment rating for the company is "Buy," indicating an expected relative increase of over 15% compared to the relevant market index within the next 6-12 months [37]. Core Insights - The company, Aisheren (920050.BJ), specializes in the research, production, and sales of disposable medical consumables in the rehabilitation and medical protection fields. It has established itself as a leading player in the domestic medical dressing industry and has significant competitive advantages in specific segments like medical care pads [2][30]. - The company reported revenues of CNY 574 million in 2022, with a slight growth forecast to CNY 691.6 million in 2024, representing a year-over-year growth of 20.36%. The net profit attributable to the parent company is expected to grow from CNY 63 million in 2022 to CNY 81 million in 2024, with a projected growth rate of 20.54% [8][4]. - The company has a strong partnership with Medline Group, which has been its largest customer since 2007, contributing over 70% of its revenue. This long-term relationship is expected to remain stable [30][31]. Financial Performance - The company achieved revenues of CNY 573.6 million, CNY 574.7 million, and CNY 691.6 million for the years 2022, 2023, and 2024, respectively, with year-over-year growth rates of 0.03%, 0.19%, and 20.36% [4][8]. - The net profit attributable to the parent company for the same years was CNY 62.8 million, CNY 67 million, and CNY 80.7 million, with year-over-year growth rates of -37.12%, 6.62%, and 20.54% [4][8]. Industry Overview - The medical dressing industry is a significant segment of the low-value medical consumables market, accounting for approximately 21%. The global market for medical dressings is projected to grow from USD 9 billion in 2011 to USD 23.5 billion by 2026, driven by increasing demand due to an aging population and rising healthcare expenditures [15][18]. - In China, the medical dressing market is expected to grow from CNY 7 billion in 2011 to CNY 33.3 billion by 2026, indicating a robust growth trajectory supported by improved healthcare infrastructure and rising health awareness among the population [20][18]. Competitive Positioning - Aisheren is positioned among the top ten domestic medical dressing companies and is the largest manufacturer of medical care pads in China. The company differentiates itself through a focus on product research and development, automation in production, and a global supply chain strategy [30][31]. - The company plans to expand its product line to include OTC products and medical collection bags, which are expected to enhance future revenue streams significantly [31][32]. Investment Projects - The company plans to invest CNY 30 million in the construction of a public health medical supplies industrial park, which aims to enhance production capacity and quality control [33][32].

Core Viewpoint - Erythromycin ointment is widely misused as a "universal medicine" for various conditions, but its actual applications are limited and often inappropriate [2][3]. Misuse Scenarios - Erythromycin ointment is commonly misapplied for treating diaper rash, which is a common infant skin condition characterized by redness and inflammation in the diaper area. It is generally not recommended to use erythromycin ointment alone for this condition [2]. - The treatment for diaper rash should focus on moisturizing, reducing irritation, and anti-inflammatory measures, such as changing diapers frequently and applying appropriate topical medications based on the severity of inflammation [5]. - For mosquito bites, erythromycin ointment does not relieve itching or inflammation but may reduce the risk of infection at the bite site [5]. - In the case of eczema, erythromycin ointment's effectiveness is comparable to that of petroleum jelly, as eczema treatment primarily involves moisturizing and anti-inflammatory strategies [6]. - Acne, or acne vulgaris, is a chronic inflammatory skin condition that requires targeted treatments based on the type and severity of lesions, rather than relying solely on an antibiotic ointment [6]. - Athlete's foot, a fungal infection of the foot, requires antifungal treatment, which erythromycin does not provide [9]. Appropriate Use Cases - Erythromycin ointment is suitable for minor infections, such as small area burns or wounds, where there is a clear indication of mild infection [10]. - It can be applied to minor cuts and abrasions after proper disinfection and cleaning, and can also be used for mild burns after cooling the area [11]. - Continuous use of erythromycin ointment for more than one week is not recommended [11].

Core Viewpoint - Erythromycin ointment is widely used for various conditions, but its application is often inappropriate and constitutes misuse [1][3]. Misuse Scenarios - Erythromycin ointment is promoted as a "universal medicine" for conditions such as insect bites, eczema, acne, athlete's foot, and even for treating diaper rash in infants [3]. - For diaper rash, the primary treatment should focus on moisturizing, reducing irritation, and anti-inflammatory measures rather than solely relying on erythromycin ointment [4]. Treatment Recommendations - Effective treatment for diaper rash includes applying moisturizing creams, minimizing diaper wear time, and using appropriate topical medications based on the severity of inflammation [4]. - In cases of insect bites, while erythromycin ointment can reduce the risk of infection, it does not relieve itching or inflammation [5][6]. - Erythromycin ointment is not effective for eczema, where the treatment should focus on moisturizing and anti-inflammatory agents [7]. - For acne, erythromycin ointment is insufficient as acne treatment requires a multifaceted approach [8]. - Athlete's foot, a fungal infection, necessitates antifungal treatment, which erythromycin does not provide [9]. Appropriate Use Cases - The suitable application of erythromycin ointment is primarily for treating minor burns and wounds where there is a risk of infection [10][11]. - It can be used for minor abrasions and superficial burns after proper cleaning and disinfection, but should not be used continuously for more than one week [12].

上海小方制药股份有限公司 Shanghai Xiao Fang Pharmaceutical Co.,Ltd. （发行人地址：上海市奉贤区洪朱路 777 号） 首次公开发行股票并在主板上市招股说明书 保荐人（主承销商） （注册稿） （地址：深圳市罗湖区红岭中路 1012 号国信证券大厦十六至二十六层） 上海小方制药股份有限公司 招股说明书（注册稿） 重要声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-1 上海小方制药股份有限公司 招股说明书（注册稿） 本次发行概况 本公司的发行申请尚需经交易所和中国证监会履行相应程序。本招股说明书 不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正 ...

上海小方制药股 Shanghai Xiao Fang Pharr td. (发行人地址:上海市奉贤区洪朱路 777 号) 点小方制药 首次公开发行股票并在主板上市招股说明书 (上会稿) 保荐人(主承销商) 国信证券股份有限公司 GUOSEN SECURITIES CO.,LTD. (地址:深圳市罗湖区红岭中路1012 号国信证券大厦十六至二十六层) 上海小方制药股份有限公司 招股说明书（上会稿） 重要声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-1 上海小方制药股份有限公司 招股说明书（上会稿） 本次发行概况 本公司的发行申请尚需经交易所和中国证监会履行相应程序。本招股说明书 不具有据以发行 ...

上海小方制药股份有限公司 Shanghai Xiao Fang Pharmaceutical Co.,Ltd. （发行人地址：上海市奉贤区洪朱路 777 号） 首次公开发行股票并在主板上市招股说明书 （申报稿） 保荐人（主承销商） （地址：深圳市罗湖区红岭中路 1012 号国信证券大厦十六至二十六层） 上海小方制药股份有限公司 招股说明书（申报稿） 重要声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-1 上海小方制药股份有限公司 招股说明书（申报稿） 本次发行概况 本公司的发行申请尚需经交易所和中国证监会履行相应程序。本招股说明书 不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正 ...