【天风医药杨松团队】中红医疗 2026H1 Performance Review: H1 Results Preliminarily Increase, Glove Price Hikes and Cost Reduction Achieve Profit Explosion

English summary

Event: 中红医疗 released 2026 H1 performance forecast, profit elasticity released. It is expected to achieve net profit attributable to parent of 140 million to 210 million yuan in H1 2026, a year-on-year increase of 2338% to 3557% (574.29 million yuan in the same period last year); non-GAAP net profit attributable to parent of 99 million to 148 million yuan, turning from loss to profit year-on-year (loss of 13.1745 million yuan in the same period last year). Usher in a clear half-year operating inflection point. Health protective glove price increases drive significant gross margin improvement, main business elasticity concentrated release: In 2026H1, all major business segments achieved profitability, core driver from rising sales prices of health protective gloves. In 2025, the company's health protective products revenue was 2.086 billion yuan, accounting for 87.92%, overall gross margin 11.15%; in H1 2026, under industry supply pattern optimization and raw material price increase transmission, glove product prices rose significantly, gross margin significantly improved, main business profit elasticity concentrated release. ...