稳健医疗20250528

Summary of the Conference Call for稳健医疗 Company Overview - Company: 稳健医疗 (Steady Medical) - Industry: Medical and Consumer Products Key Points Financial Performance - In 2024, the company has recovered from the pandemic impact, achieving positive quarterly revenue growth and improving profitability, with continued growth in Q1 2025 [2][3] - The company set revenue growth targets of 13% to 18% for its medical and consumer segments through an equity incentive plan, boosting market confidence [2][3] Medical Segment - The medical segment has improved profitability through product structure adjustments, inventory management, and talent incentives, although it has not yet returned to pre-pandemic levels [2][4][5] - High-margin products like advanced dressings and health personal care items are gaining a larger share of the medical business [4] - The medical business has significant growth potential across various channels, including hospitals, OTC, and e-commerce [4][9] Consumer Segment - The consumer segment focuses on strategic categories such as cotton soft towels, sanitary napkins, newborn clothing, and adult personal wear, with cotton soft towels and sanitary napkins showing strong growth potential [2][5][8] - The company has shifted from a multi-SKU strategy to a focused strategy, enhancing brand recognition and reducing price competition [5] - The sanitary napkin market has shown limited impact from the 315 public opinion incident, with e-commerce data recovering [6][7] Market Potential - The cotton soft towel market is projected to exceed 10 billion yuan, with a growth rate of approximately 20% annually, while the sanitary napkin market is estimated between 30 billion to 40 billion yuan [8] - The company plans to leverage successful products for brand iteration and expand into new markets through user management and private domain operations [8] Long-term Outlook - Both the medical and consumer segments are expected to have significant growth potential, with the company positioned as a viable investment target despite short-term fluctuations due to the pandemic [9][10] - The company aims to continue its equity incentive goals and capitalize on the growth opportunities in both segments [10]