[Zhonghong Medical] Nitrile Glove Cycle Reversal + Overseas Expansion + High-End PI Glove Volume Growth, Value Revaluation of a Turnaround Target

English summary

### [Zhonghong Medical] Nitrile Glove Cycle Reversal + Overseas Expansion + High-End PI Glove Volume Growth, Value Revaluation of a Turnaround Target

Time: 2026-07-30 12:46:59

Content: [Zhonghong Medical] Nitrile glove cycle reversal + overseas expansion + high-end PI glove volume growth, value revaluation of a turnaround target.

#Fundamentals: The turnaround has been established. In 2025, revenue was 2.373 billion yuan, net profit attributable to parent was -112 million yuan, with losses mainly due to exchange losses + goodwill/inventory impairment totaling about 150 million yuan; the nitrile glove main business actually turned profitable with slight profit. In 2026 Q1, revenue was 602 million yuan, net profit attributable to parent was 4.93 million yuan, improving significantly sequentially; nitrile single-quarter profit exceeded 10 million yuan, and latex gloves turned profitable.

#Nitrile gloves: supply clearing + concentration. The Middle East conflict impacted the Korean petrochemical chain (crude oil dependence on Middle East exceeds 70%), Malaysian manufacturers faced raw material supply disruptions and some exited; ...