证券研究报告 稳健医疗 (300888 CH) 品牌势能向上，核心品类表现亮眼 2025 年 7 月 04日│中国内地 消费轻工 作为"消费+医疗"双轮驱动的大健康企业，公司"winner 稳健医疗"和 "Purcotton 全棉时代"两大品牌影响力不断提升。2025 年以来，1）消费 品坚持产品领先战略，营销&渠道端打法优化，经营渐入佳境，Q2 终端销 售虽因舆情事件影响短期有波动，但随着营销回归正常轨道叠加新品投放， 板块收入有望保持增长势能；2）医疗板块受益于"内生+外延"双轮驱动， 板块收入有望筑底回升。立足当前，我们看好公司双轮成长驱动力，2025 年轻装上阵，经营势能突出，维持"买入"评级。 近况跟踪：618 大促顺利收官，核心单品表现亮眼 1Q25 公司消费品板块实现营收 13.4 亿元/同比+28.8%，Q2 由于"315"行 业舆情事件扰动，我们预计 Q2 板块收入同比增速环比 Q1 有所放缓，但核 心品类仍表现优异。今年 618 期间，公司通过产品创新升级、新品迭代、精 准营销等方式，重点品类及渠道发展提升明显，洗脸巾、婴童干湿巾、婴童 抱被等在天猫、京东电商平台销售额在同类目中均排第一； ...

Core Viewpoint - The company, Steady Medical, has shown strong performance in its consumer products and medical business segments, with significant growth in sales and profits, particularly during promotional events like the 618 shopping festival. Group 1: Consumer Products Performance - The consumer products segment performed well during the 618 shopping festival, with key categories such as facial towels, baby wet and dry wipes, and baby wraps ranking first in sales on platforms like Tmall and JD.com [2] - The company achieved notable sales growth in sanitary napkins and underwear, with traditional platforms like Tmall and JD.com showing good growth, while Douyin saw breakthrough growth during the event [2] - The company is confident in achieving its equity incentive goals for the year [2] Group 2: E-commerce Strategy - Online channels contribute over 60% to the overall revenue of the consumer products business, making it a primary source of profit [3] - The company covers a wide range of online platforms, including traditional e-commerce sites and interest-based platforms like Douyin and Xiaohongshu, as well as its own website and mini-programs [3] - Future strategies include focusing on strategic product development on traditional platforms and leveraging interest-based platforms for content dissemination to drive growth [3] Group 3: Adult Apparel Business Changes - The adult apparel segment has undergone changes to enhance market competitiveness, focusing on underwear and loungewear [4] - The company has strengthened its core fabric research and innovation, emphasizing comfort and health in its cotton products [4] - A high-profile endorsement from actress Zhao Liying has been utilized to boost brand awareness, with interactive marketing strategies during the 618 festival [4] Group 4: Membership Growth - As of the end of Q1 2025, the total membership across all channels exceeded 64 million, reflecting a 3.5% increase since the beginning of the year [5] - The company aims to enhance member engagement and loyalty through improved services and participation in brand activities [5] - A themed event focusing on comfort and environmental sustainability was held to engage young consumers [5] Group 5: Medical Business Development - The medical business strategy focuses on developing high-potential products like high-end dressings and surgical kits while nurturing emerging categories such as masks and disinfectants [6] - The company anticipates continued growth in high-end dressings and surgical supplies, with stable growth expected in traditional wound dressings [6] - The demand for infection prevention products is expected to normalize, providing stable revenue contributions [6] Group 6: Domestic Hospital Business Strategy - The domestic hospital business is expected to achieve good growth in 2025, focusing on traditional wound care, surgical supplies, and high-end dressings [7] - The company plans to leverage procurement opportunities to increase market share in traditional wound care [7] - Efforts are being made to promote non-standardized products and expand market opportunities in surgical supplies [7] Group 7: Financial Performance - For Q1 2025, the company reported a main 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% [8] - The company’s gross profit margin stands at 48.46%, indicating strong profitability [8] - Recent institutional ratings show 19 buy ratings and 3 hold ratings, with an average target price of 57.07 yuan [8]

作为"中国潮玩之都"，广东东莞的潮玩企业凭借创新设计与精密制造，在欧美、东南亚等市场销量持续 攀升，多款产品年出口量突破十万件级。 "'醒狮'是我们在海外最受欢迎的一个系列。我们把'岭南醒狮'（作为）非常喜闻乐见的元素来进行产品 的创作。"广东省东莞市微石文化科技有限公司总经理熊毛介绍，"醒狮"系列潮玩在欧洲受到很大的关 注和欢迎，"特别是在英国，一年在英国卖了10万只。" 近年来，东莞高度重视潮玩产业发展，出台《东莞市加快潮玩产业高质量发展若干措施》等支持潮玩产 业发展的政策文件，推动潮玩产业蓬勃发展。黄埔海关所属东莞海关副关长蔡映榔介绍，东莞目前有超 过4000家玩具生产企业，1500多家上下游配套企业，完整的产业链与产业生态和强大的制造能力，为潮 玩出海提供了坚实的底气。 面对全球贸易格局的深刻演变，中国坚持高水平对外开放，持续拓展国际合作空间，外贸运行保持平稳 增长势头。数据显示，5月份，中国货物进出口总额同比增长2.7%，其中出口增长6.3%。 国家统计局新闻发言人、国民经济综合统计司司长付凌晖介绍，1至5月份，我国与东盟、欧盟、共 建"一带一路"国家进出口额分别增长9.1%、2.9%、4.2%。从 ...

华夏时报（www.chinatimes.net.cn）记者 卢晓 北京报道 开厂六年，于江涛的"家当"也逐渐扩大。据悉，最初他的厂房占地不到2000平方，有一条抽取式洗脸巾生产线和 三条卷式洗脸巾生产线，每天产能将近3万包，厂内算上于江涛共有四名员工，除了合伙人都是他的亲戚。 现在，于江涛已升级设备和扩建工厂5次。目前他的工厂占地6000平方左右，有六条洗脸巾生产线，并升级为无菌 车间操作。除了植物纤维材质洗脸巾外，还增加了全棉材质，现在他们平均每个月的销量已达5万包左右，员工扩 大到50名左右，其中残疾员工12名，主要负责线上订单的贴单、打包和客服工作。 据记者了解，于江涛的工厂就选址在河南省残友基地。2020年出行不便时期，于江涛和残友基地的残疾人有了更 多的接触，也开始给他们提供更多力所能及的工作机会：每个月发放基本工资3500元，并提供免费食宿，其余则 靠提成，多劳多得。 数字经济时代，电商平台不仅为商家带来越来越多的生意，也带动了越来越多的就业。 6月15日，河南90后小伙于江涛告诉《华夏时报》记者，在拼多多开设全棉洗脸巾旗舰店一年以来，店铺只卖百分 百全棉洗脸巾一种产品，已经卖出超100万件，其工 ...

Core Insights - JD.com is actively promoting its home goods section during the 618 shopping festival, offering significant discounts and a variety of products to meet consumer needs for summer home refreshment [1][8] - The campaign features collaborations with well-known brands, providing consumers with high-quality home essentials at competitive prices [1][2] Group 1: Promotions and Discounts - JD.com is offering discounts such as 50% off on home textiles and an additional 15% off on daily necessities through national subsidies [1] - Specific products highlighted include the J.Dear summer quilt priced at 185 yuan after discount, and the dual-sided cooling quilt from 富安娜 at 179 yuan [1][2] - Other promotional items include a 55-liter storage box from 禧天龙 available for 69 yuan and various home decor items at reduced prices [4][5] Group 2: Product Offerings - The summer product lineup includes high-quality cooling quilts, bedding sets, and various home decor items designed to enhance comfort during hot weather [1][2][4] - Featured products also include a multi-functional mobile storage rack from 网易严选, originally priced at 389 yuan, now available for 194 yuan [5] - Cultural and creative products are also highlighted, such as the 千里江山小夜灯, which combines practicality with cultural significance, priced at 136 yuan after discounts [6] Group 3: Consumer Engagement - Consumers are encouraged to explore the home goods section via the JD.com app, emphasizing the ease of finding quality products at attractive prices [8] - The marketing strategy focuses on creating a comfortable and aesthetically pleasing home environment, appealing to consumer desires for a refreshing summer experience [1][4]

如今，越来越多的中国工厂正从幕后走到台前，将自身卓越的生产力转化为消费者触手可及的物美价优 产品。 近日，美ONE优选公布了一份特殊的"周年成绩单"：72款自营产品全网累计销量突破250万件，服务用 户超150万。这份成绩不仅记录了一个电商新业务的快速成长，更折射出其激活中国优质供应链的深层 探索——让默默无闻的"隐形冠军"工厂站到台前，让严苛品控成为无溢价好物的通行证。 美ONE优选产品展示 优选工厂：联名赋能，让"幕后英雄"发光 中国制造在全球供应链中举足轻重，众多国际大牌背后都有中国工厂的身影。然而，这些拥有顶尖制造 和研发能力的"隐形冠军"，却常因品牌运营短板或渠道缺失，在国内市场举步维艰。 "多年直播中，我们接触了大量此类优质制造商，"美ONE优选负责人Sophia表示，"它们制造和研发实 力雄厚，但许多过去专攻外贸的工厂转向内销时，常因运营经验不足而面临订单不稳的困境。"瞄准这 一痛点，美ONE优选应运而生。它将直播间积累的优质工厂资源汇聚于"美ONE优选天猫旗舰店"，以联 名模式为这些"幕后英雄"搭建专属舞台。 在产品的开发上，美ONE优选始终将用户体验置于首位，以追求极致、精益求精的态度，将每 ...

Investment Rating - The report provides a positive investment rating for the beauty and personal care industry, highlighting significant growth potential in various segments [1]. Core Insights - The beauty and personal care industry is experiencing a surge in user engagement, particularly in makeup and fragrance categories, driven by trends such as emotional healing and cultural collaborations [3][8]. - The report emphasizes the importance of understanding consumer trends, such as the rise of mini makeup products and the integration of fragrance into personal care routines, which are reshaping market dynamics [10][90]. User Trends - Trend 01: The rise of "mini makeup" products, with searches for mini makeup increasing by 145% year-on-year, indicating a shift towards portable beauty solutions [15][17]. - Trend 02: The "island makeup" trend reflects a desire for quick, effective beauty solutions that cater to the vacation mindset, with related searches up by 350% [38][44]. - Trend 03: The "no foundation makeup" trend is gaining traction, with a 262% increase in searches, as consumers seek lightweight, breathable products for warmer months [76][78]. Fragrance Trends - Trend 01: The focus on "energy fragrances" is growing, with a 165% increase in related searches, as consumers seek scents that resonate with their emotional states [92][94]. - Trend 02: The "memory fragrance" trend utilizes scents to evoke memories, with significant engagement on platforms like Xiaohongshu, indicating a strong consumer interest in personalized fragrance experiences [100][102]. - Trend 03: The trend of "DIY fragrances" is emerging, with a 52% increase in searches for DIY scent combinations, reflecting a growing consumer interest in personalized fragrance solutions [180][182]. Category Trends - The report identifies a significant expansion in the women's hygiene products sector, with trends such as "therapeutic sleepwear" and "private care" gaining traction due to increased consumer awareness and demand [188][194]. - The "absorbent pads" trend highlights a growing need for incontinence products, with a staggering 813% increase in related searches, indicating a previously underserved market [217][223]. - The "facial cleansing wipes" trend is also on the rise, with a focus on convenience and user experience, particularly for travel and outdoor activities, as evidenced by a 134% increase in related discussions [238][250].

Core Insights - The article discusses the experiences of Chinese entrepreneurs venturing into overseas markets, particularly in Malaysia, highlighting the challenges and opportunities they face in the hospitality and beauty industries [4][29]. Group 1: Entrepreneurial Journey - The entrepreneur began their overseas journey in 2017, initially focusing on financial technology while exploring opportunities in the hospitality sector [4]. - The decision to move to Malaysia was influenced by the desire for better living conditions for their children, with Malaysia offering a more favorable cost-benefit ratio compared to Singapore [5][6]. - The entrepreneur entered the hospitality market during the pandemic, capitalizing on the opportunity as many competitors exited the market [15]. Group 2: Market Conditions and Challenges - The hospitality market in Malaysia is described as mature, with significant competition and low entry barriers, making it challenging for new entrants [16]. - The occupancy rates for hotels have significantly declined, with a drop from over 70% during Ramadan last year to below 40% this year, indicating a tough market environment [18]. - Economic conditions have tightened, leading consumers to be more frugal, which has prompted a shift in focus from tourism to local services in the beauty industry [19]. Group 3: Business Strategy and Operations - The entrepreneur has transitioned from the hospitality sector to the beauty industry, specifically opening a facial care business, as they perceive a gap in the local market [19][21]. - The cost of starting a beauty business is relatively low, with estimates ranging from 10,000 to 15,000 Malaysian Ringgit for a 20 square meter store [22]. - The entrepreneur prefers independent operations over partnerships to maintain control over business decisions [26][27]. Group 4: Future Outlook - The article suggests that while overseas entrepreneurship may not guarantee wealth, it presents significant opportunities for those willing to invest time and effort [29]. - The potential for long-term success in overseas markets is emphasized, with the possibility of establishing a sustainable business over the next decade or two [30].

中新社广州5月4日电 (张璐)轻便的分体式爬楼机，舒适的恒温助浴器，智能化的睡眠呼吸机……在 以"美好生活"为主题的第137届中国进出口商品交易会(下称"广交会")第三期展会上，众多中国企业携功 能创新、安全可靠的适老产品亮相，拓展银发经济市场。 5月4日，广东广州，第137届广交会第三期银发经济专区吸引采购商咨询洽谈。 张璐摄 北京谊安医疗系统股份有限公司展示了二代智能睡眠呼吸机。该设备可根据室温和湿度进行自动调节， 提升使用者佩戴的舒适度，操作简单，适合老年人群的健康护理。 5月4日，广东广州，第137届广交会第三期银发经济专区吸引采购商咨询洽谈。 张璐摄 世界卫生组织数据显示，预计2050年全球60岁以上人口数量将达21亿，其中包括4.26亿80岁以上的老年 人。这组数据同时表明，随着全球人口老龄化加快，适老产品的消费需求日趋旺盛。 走进本届广交会三期的银发经济专区，科技创新的中国适老产品，聚焦老年人群体生活场景，为老年人 日常起居和健康护理护航，吸引境外采购商关注。 广东省工业和信息化厅数据显示，2024年广东共有规上老年用品企业6814家，营收规模超6500亿元人民 币，同比增长10%。广东多家企业 ...

环球时报消息，美国人的家里有多少来自中国的商品？美国《纽约时报》在一篇于当地时间4月27日发布 的报道中，用一组相当直观和生动的视觉图片，给出了问题的答案。 如下图所示，《纽约时报》的这篇最新报道用一个包含各种家居用品的美国家庭户型图，呈现了从中国进 口的产品与美国人生活的紧密联系。 根据该报的视觉设计，图中产品的颜色越偏红色，就越依赖从中国进口。 于是，像急救用具、闹钟、婴儿车、烤面包机等美国家庭几乎离不开的产品，就几乎全部要靠从中国进 口。而这也就意味着，美国政府对中国加征的关税将直接导致这些产品变得更贵，最后是美国家庭来买 单。 接下来，该报开始一个房间一个房间地讲解美国人在哪些产品上尤其依赖中国。首先是厨房，这里诸如剪 刀、开罐器、保温杯、餐盘、餐具、平底锅、蒸锅、厨房刀具都相当依赖从中国的进口，比例都超过了 70%。 在厨房家电和大型家具方面，美国同样需要从中国进口相当比例的这类产品。其中微波炉对中国进口的依 赖比重超过了90%，冰箱则为52%，灶台51%。而咖啡机、铁架子、空气炸锅等产品虽然依赖中国进口的 在阳台区域，美国家庭需要用到的从椅子到遮阳伞再到炭火烤架，则是一边倒的要依赖中国进口。比例都 ...