[年报]稳健医疗(300888):2025年年度报告（英文版）
原标题:稳健医疗:2025年年度报告（英文版） ANNUAL REPORT worthy of long-term trust. Five years on, we have honored this original aspiration with solid, tangible results: · Medical Business (Our Stable “Ballast Stone”): benefiting from the 35 years of medical quality heritage, our product lines have expanded comprehensively from traditional wound care to advanced dressings, operating room consumables, and one- stop total solutions. Our services are now available for over 110 countries and regions worldwide, with revenue from our 1. Medical Sector: We will increase investment in independent R&D, focusing on advanced dressings and green operating room solutions, while expanding into premium overseas markets to demonstrate the strength of China’s intelligent manufacturing. 2. Consumer Sector: We will deepen product innovation and scenario expansion rooted in the concept of “one cotton flower” by accelerating digital transformation to solidify our absolute leadership as China’s pure cotton lifestyle brand. 3. Digital-Driven Operations: We will fully integrate R&D, production, sales, and supply chains, leveraging data and AI to drive business decisions, making our organization more agile and our operations more efficient. Green Development and Social Responsibility: We will continue to pursue the vision that “Pure Cotton Changes the World” and unlock its full potential. This represents not only the business philosophy of Purcotton, but also the green commitment of Li Jianquan Chairman of Winner Group April 20, 2026 Term Definition Winner Group, Group, Company Winner Medical Co., Ltd. Reporting Period January 1, 2025 to December 31, 2025 Section II Company Profile and Key Financial Indicators Country Location of Facilities Guangdong Province (1), Hubei Province (8), Hunan Province (1), Zhejiang Province China (2), Guangxi Zhuang Autonomous Region (1), and Anhui Province (1)Overseas Mexico, Vietnam, the United States, and the Dominican RepublicSection II Company Profile and Key Financial Indicators Awards A The Project of Winner Medical was awarded the G Purcotton won the “London Design Awards” in second prize in the Science and Technology Progress 2025 Awards by the China National Textile and Apparel H The “Baby Welcome Gift Organic Cotton 10-Piece Stock Abbreviation Winner Medical Stock Code 300888 Chinese Name 稳健医疗用品股份有限公司 Abbreviated Chinese Name 稳健医疗 Fax: 0755-28066858 0755-28066858 Email [email protected] [email protected] Section II Company Profile and Key Financial Indicators III. Designated Locations for Information Disclosure and for Keeping Records Stock Exchange Website for Disclosure of the Shenzhen Stock Exchange (http://www.szse.cn/) Company’s Annual Reports China Securities Journal, Shanghai Securities News, Securities Media Name and Website for Disclosure of the Times, Securities Daily, CNINFO (http://www.cninfo.com.cn/ Company’s Annual Reports new/index)Net cash flow from operating 1,665,676,894.93 1,265,755,266.70 31.60% 1,063,326,232.23 activities (RMB) Basic earnings per share (RMB/share) 1.32 1.19 10.92% 0.98 Diluted earnings per share 1.32 1.19 10.92% 0.98 (RMB/share) Weighted average return on net assets 6.74% 6.07% 0.67% 5.03% End of 2025 End of 2024 End of 2023 end of last year Total assets (RMB) 18,404,858,027.22 18,391,855,961.52 0.07% 17,112,022,449.97Net assets attributable to shareholders 11,516,711,030.45 11,151,279,644.56 3.28% 11,533,224,328.00 of the listed company (RMB) Section II Company Profile and Key Financial Indicators VII. Differences in Accounting Data under Domestic and Overseas Accounting Standards 1. Differences in net profit and net assets between financial reports prepared under International Accounting Standards and Chinese Accounting Standards □Applicable √ N/AOther non-operating income and expenses, -6,751,238.42 1,445,748.24 10,371,355.38 excluding the items above Less: Income tax effect 12,120,494.18 20,765,995.02 35,321,337.22Effect on non-controlling interests (after tax) 5,990,794.61 1,562,880.08 7,471,766.01Total 62,331,591.51 104,520,869.94 168,375,735.12 -- Section III Management Discussion and Analysis 2. Consumer goods To address the global industry challenge of cotton gauze shedding lint and fluff, the Winner Medical team conducted thousands of experiments and developed a patented pure cotton spunlace non-woven fabric technology. Capitalizing on the natural, soft, breathable, biodegradable, and eco-friendly properties of cotton fiber, the Group launched the brand Purcotton in 2009, innovatively applying rigorous production standards born of its medical heritage to pure cotton goods. From its inception, Purcotton has insisted on using high-quality cotton from around the world, maintaining strict quality control, and production, aligned with the Company’s strategic objectives, we use Sales & Operations Planning (S&OP) to guide the development of medium – and long-term strategic plans and short-term production and procurement plans. This process involves all relevant upstream and downstream departments, balancing inventory and lead times based on dynamic customer demand to ensure flexible production and efficient responsiveness. In sales, Winner Medical has established a professional sales network within the medical industry, covering a vast number of medical institutions and retail pharmacies, and its product portfolio, and upgrades its advanced wound dressings, operating room consumables, and healthcare and personal care products, increasing the proportion of high-value-added products. Winner Medical pursues a three-pronged distribution strategy: “overseas business + domestic professional medical market + daily consumer medical market”. In particular, the Company’s rapid provision of high-quality products in recent years significantly enhanced brand awareness and reputation, leading to the rapid development of its distribution channels. While strengthening its core business, Winner Medical also ecosystems. Our operations are firmly anchored in the life and health field while also catering to the people’s desire for a better life. The industries we operate in address essential needs and offer significant growth potential. (1) Medical consumables Section III Management Discussion and Analysis trends of aging and chronic diseases, rising public awareness of healthcare, and increasing per capita healthcare expenditure, the market demand for medical consumables is steadily expanding. In terms of market size, the global market for traditional medical consumables is vast, and the Chinese market maintains rapid growth, providing opportunities for high-quality domestic medical consumables companies. In terms of the competitive landscape, while the traditional medical consumables sector is highly competitive, the supply of high-quality products remains limited. Benefiting from demand growth and national policy support, domestic companies with stable quality, fast supply capabilities, and R&D and innovation ② Developments of Advanced Wound Dressing Product Market Advanced wound dressings, with their clinical advantages in controlling wound exudate, maintaining a moist healing environment, preventing adhesions, and inhibiting bacterial growth, are gradually replacing traditional dressings and becoming the standard solution for managing chronic and complex wounds. Representative products include hydrogels, hydrocolloids, and foam dressings. Continuous material innovation and functional integration are driving industry upgrades. Plan to Boost Consumption are significantly stimulating domestic demand and consumption. In terms of consumer demand, people’s aspirations for a better life continue to grow, with consumer preferences shifting from “having it” to “having it good”. Rational consumption and a focus on quality have become mainstream trends. With increasing health awareness, a growing focus on self-care, and the emergence of the silver economy, the demand for products and services centered on quality, health, and environmental protection is continuously increasing. Simultaneously, growing national cultural Section III Management Discussion and Analysis confidence is driving the popularity of domestic brands and fueling the growth of the “Guochao” economy. Aligned with contemporary consumer trends, Purcotton leverages its three competitive edges – “Medical Heritage; Cotton- Centric Philosophy; Quality DNA” – to pursue its vision of “Pure Cotton Changes the World”. Since its inception, Purcotton has focused on “pure cotton”, adhering to high quality, craftsmanship, and standards (exceeding industry standards), providing consumers with comfortable, healthy, and environmentally friendly products. Purcotton has built a diversified product matrix encompassing both non-woven (cotton tissues, sanitary napkins, disposable travel products, etc.) and woven centered on technology and quality. ③Developments of Baby & Child and Adult Apparel Industry Driven by the changing consumption patterns of modern families, the children’s apparel market is evolving towards quality and refinement. With the deepening of the “refined parenting” concept, parents’ demand focus is shifting from basic functionality to comprehensive considerations of quality and safety. Strict standards such as Class A safety standards, spirit and brand-building mission. Throughout our development, we adhere to the brand ethics of “Integrity in Operation, Respect for Consumers, Fair Competition, Social Responsibility (ESG), Intellectual Property Rights, Continuous Improvement”, integrating compliant operations and social responsibility into our corporate development, earning widespread recognition and fueling brand building and long-term growth.Section III Management Discussion and Analysis 3. Brand advancement towards Centennial Visionary Winner With a Centennial Visionary Winner, Winner Group is committed to brand advancement. In the medical field, Winner Medical has established a sound reputation for professionalism, innovation, and high quality over 30 years, becoming an industry benchmark. In the consumer goods field, Purcotton, centering on cotton and leveraging its core competitive edges of “Medical Heritage; Cotton-Centric Philosophy; Quality DNA”, has cultivated a brand image of “Comfort Commitment; Health Assurance; Eco-Consciousness”, creating differentiated brand advantages. Through continuous brand building and acquisition, training, assessment, and incentives. The Company actively promotes the Four-High Talent Philosophy – “High Personal Quality; High Academic Qualifications; High Performance; High Reward” – with the goal of developing Winner career partners and continuously providing a nurturing environment for talent growth. In terms of organization, the Company is building professional teams that support integrated business operations, focusing on “Organizational Capability, Strategic Goal Enablement”, and continuously improving organizational efficiency through various methods. In terms of incentives, we actively implement performance-based sharing systems to foster a results-oriented corporate culture. We also utilize tools adjustments based on market insights, including business model upgrades, product structure optimization, organizational restructuring, and key talent development and recruitment, and the medical consumables business has reached new heights in terms of product category composition, channel capabilities, and brand recognition and reputation. In 2025, with high-end positioning, brand building, and global expansion, the sector achieved an operating revenue of RMB5.11 billion, representing Section III Management Discussion and Analysis Products: Sustained high growth in high-value and high-margin products ① Winner Medical is committed to developing into a brand that provides a “one-stop solution for medical consumables”, offering a comprehensive product portfolio encompassing advanced wound dressings, operating room consumables, personal health and hygiene products, infection prevention products, and traditional wound care and bandaging products. The Company prioritizes R&D investment and possesses a significant competitive advantage in the number of medical product registration certificates, together creating competitive barriers for Winner Medical. As of the end of the Reporting Period, the accounting for 16% of the total revenue. Notably, the B2C self-owned brand business (encompassing domestic pharmacies as well as domestic and international e-commerce channels) recorded a cumulative revenue of RMB920 million, representing a year-on-year growth of 29.0% and accounting for 18% of total revenue. Specifically, the key cross-border sub-brands achieved a cumulative year-on-year growth of over 35% within the Amazon e-commerce category for the year, delivering robust growth performance. The popular product strategy for domestic e-commerce platforms became more focused and refined to capitalize on new trends in medical consumer goods. As of the end of the Reporting Period, the total number of The Company strategically focused on close-fitting categories such as underwear and loungewear, and achieved a cumulative operating revenue of RMB1.13 billion this year, a year-on-year increase of 17.5%.②Channels: well-balanced layout across online and offline channels, with supermarket channels emerging as a new growth engine Section III Management Discussion and Analysis e-commerce platforms like Tmall, JD.com, and Vipshop, as well as social commerce platforms like Douyin and Xiaohongshu, and its own website and mini-programs. The Company operates over 500 physical brand stores nationwide, while simultaneously establishing a presence in major supermarkets and premium convenience stores. By integrating offline experience with online repurchases, Purcotton leverages multi-channel synergy and cross-platform advantages. Revenue contribution from online and offline channels stood at approximately 60% and 40%, reflecting well-balanced omni-channel development. As of the end of the Reporting Period, Purcotton’s total membership reached nearly 70 million, a 15.4% points compared to the same period last year. Purcotton continued to implement initiatives such as new product iterations, product structure optimization, discount control, cost reduction and efficiency improvement, and refined operational management. During the Reporting Period, the operating profit margin of the consumer goods business stood at 13.2%, representing an increase of 1.1 percentage points compared to the same period last year.The Company’s two major segments maintained stable revenue and profit. This stability is attributable to the medical efficiency improvements. Overall, the Company has implemented a range of operational measures to ensure a smooth transition for Winner Medical (Hunan)’s performance and solidify its foundation for long-term growth. In 2026, the Company will continue to advance the integration of its acquired companies. In terms of sales channels, the Company will steadily drive domestic channel integration, sales team merging, distributor resource sharing, and terminal Section III Management Discussion and Analysis In terms of smart manufacturing, the Company will actively empower the newly acquired companies to accelerate industrial upgrading. Specifically, Winner Guilin will establish industry-leading integrated continuous post-vulcanization and packaging production lines for gloves and condoms. This will effectively eliminate production discontinuities and achieve zero manual handling throughout the entire process. Meanwhile, the Company will accelerate the automation and assembly line upgrades at the GRI Vietnam and Jiaxing production facilities. Regarding the global presence of production resources, by fully leveraging regional geographical advantages, the Company will steadily actualize capacity plans for relevant products across reinforced the consumer perception of “comfort”. By leveraging promotional resources from Tmall Super Brand Day and Li Jiaqi’s dedicated brand livestream session, it successfully achieved the integration of brand awareness and sales conversion. Furthermore, the “Comfort Trilogy” offline meet-and-greet with Ding Yuxi was launched, enabling young consumers to tangibly experience the 100% comfort derived from pure cotton. Guo Jingjing’s TV commercial (TVC), themed “Peace of Mind with Purcotton at Home”, vividly demonstrated the refreshing experience enabled by Cotton Tech technologies. This was complemented by a Purcotton factory traceability tour jointly conducted with CCTV Finance. Following the rollout of Academy of Engineering to apply zero-lead radiation protection technology to its radiation protection product line. Under a 120KV radiation environment, the protective performance of this series is 20% to 30% higher than that of traditional lead aprons. Having passed 30 tests for hazardous substances, the products weigh only one-third of conventional lead aprons, feature a 300% increase in flexibility, and offer a folding endurance of over 50,000 times, representing a comprehensive Section III Management Discussion and Analysis held 183 Class II product registration certificates and 27 Class III product registration certificates, with 35 new product registration certificates acquired during this period (including those in Hong Kong, Macao, and Taiwan regions). In 2025, Purcotton adhered to the cotton sourcing principle of “high-grade matching for low-count yarns and premium matching for high-count yarns”. Guided by the concept of yarn innovation and custom-spun yarn development, and driven by technological innovation as its core engine, the Company continuously iterated its nine Cotton Tech technologies, including Cotton Soft, Cotton Breathable, Cotton Warm, Cotton Cool, Cotton Anti-UV , Cotton Anti-Bacterial, Cotton Quick-terminal has significantly boosted sales efficiency, with AI sales forecast accuracy exceeding 98%. Furthermore, PLM project management for product R&D has greatly simplified operational processes, providing precise support for R&D decision- making. Within corporate functional management, the Group focused on constructing a unified collaboration platform, achieving industry-leading metrics in both Feishu user activity and AI application adoption. The financial digitalization strategy completed its organizational redesign and three-year roadmap, laying a robust groundwork for the Group’s digitalization. Regarding supply chain and manufacturing, the digital procurement platform operated with high efficiency, 451,370,475.74 4.12% 354,415,027.53 3.95% 27.36% prevention Medical consumables-healthcare 472,555,121.81 4.32% 403,442,451.30 4.49% 17.13% & personal care Section III Management Discussion and Analysis 2025 2024 Year-on-year Proportion Proportion change Amount of operating Amount of operating revenue revenue Medical consumables-other 608,013,413.73 5.55% 345,313,278.59 3.85% 76.08% operating profit √ Applicable □N/A Unit: RMB Change in Change in Change in Section III Management Discussion and Analysis The Company is subject to the disclosure requirements for “Textile and Apparel Related Business” in the Shenzhen Stock Exchange Listed Company Self-Regulation Guidelines No. 3 – Industry Information Disclosure Unit: RMB Change in Change in Change in operating operating gross margin Operating Gross revenue costs compared Number Number Number of new stores Number of stores Brand Store type of of opened during the closed as of the end of Reason for closureinvolved stores stores Reporting Period the Reporting Period Store closure due to Section III Management Discussion and Analysis New stores of listed companies √ Yes □No Area in Property Number Store Opening Investment Product Business Business Store name contract ownership of address date amount (RMB) category format model (Square meter) status stores Year-on-year Classification of industry Item Unit 2025 2024 change Sales volume Ton 5,884.10 6,548.00 -10.14% (4) Performance of significant sales contracts and significant purchase contracts that the Company has signed as of the Reporting Period □Applicable √ N/A (5) Breakdown of operating costs Section III Management Discussion and Analysis Classification of industry and product Unit: RMB 2025 2024 Year-on-year Classification of industry Item Proportion of Proportion of change Amount Amount operating costs operating costsHealthcare & Medical consumables 259,442,713.47 4.53% 236,774,847.29 5.01% 9.57%personal care Medical consumables Other products 427,168,780.00 7.45% 245,321,770.33 5.19% 74.13%Subtotal of medical 3,217,150,883.24 56.11% 2,480,575,473.20 52.45% 29.69% consumables Classification of product Item Proportion of Proportion of year change Amount Amount operating costs operating costs Dry and wet cotton Consumer goods 913,015,212.49 15.92% 809,762,855.83 17.12% 12.75%tissues Total sales amount from top five customers (RMB) 1,405,674,328.87The total sales amount from the top five customers as a percentage of the total annual sales 12.83%The sales amount from related parties within the top five customers as a percentage of the 0.00% total annual sales Section III Management Discussion and Analysis Information on top 5 customers Serial number Customer name Sales (RMB) Percentage of the total annual sales 1 Ranking first 808,219,190.23 7.38% 2 Ranking second 243,629,181.82 2.23% 3 Ranking third 124,090,740.76 1.13%□Applicable √ N/A 3. Expenses Unit: RMB Explanation of significant 2025 2024 Year-on-year change changes Sales expenses 2,633,668,842.91 2,264,147,324.64 16.32% Without significant changesUtilities 13,054,619.71 13,337,799.99 -2.12% Without significant changesService charge 18,749,889.00 16,252,474.59 15.37% Without significant changesMainly due to increased Premium 15,676,508.42 5,368,181.67 192.03% investment in insurance Others 29,520,454.19 37,929,095.63 -22.17% Without significant changesSection III Management Discussion and Analysis 4. Other information required by the industry information disclosure guidelines The Company is subject to the disclosure requirements for “Textile and Apparel Related Business” in the Shenzhen Stock Exchange Listed Company Self-Regulation Guidelines No. 3 – Industry Information Disclosure (1) Capacity Self-owned capacityReasons for change (3) Franchise and distribution Franchisees and distributors achieved a sales revenue as a percentage over 30%□Yes √ No Top five franchisees Serial Date of start for Total sales\ amount Franchisee name Is it a related party Franchisee’s level number cooperation (RMB) 1 Ranking first November 9, 2020 No 18,121,987.68 the first level 2 Ranking second December 28, 2022 No 14,509,011.02 the first levelConsumer goods sold at Taobao/Tmall 1,814,268,006.44 3.56% Opening or closing of online sales channels by the Company □Applicable √ N/A Explain the impact on the Company’s current and future developmentSection III Management Discussion and Analysis (5) Outsourced operation model Does it involve an outsourced operation model? □Yes √ No (6) Inventory InventoryInventory information of terminal channels such as franchisees or distributorsPurcotton has 119 franchised stores in operation. The business model for the franchised stores is that the franchisees are responsible for the construction and daily operation of the stores, while Purcotton provides goods, training, and supply chain support. Revenues generated from franchised stores sales are shared between Purcotton and the franchisees. Purcotton retains ownership of inventory held in franchised stores. As of December 31, 2025, the inventory balance was RMB51.50 million, (7) Brand building Does the Company engage in the production and sale of branded garments, apparel, and home textile products? √ Yes □No Proprietary brand Trademark Main product Target Price range of Main sales Partner brands Main Target Price range Main Brand and Brand Trademark Partner Cooperation Cooperation product Characteristics customer of main sales City tier trademarkname name name method period type group products area ownership Section III Management Discussion and Analysis Authorized brand Main Target Price range Main Brand Trademark Authorizing Authorization Is it an exclusive product Characteristics customer of main sales City tier name name party period authorization? type group products area Marketing and operations of each brand during the Reporting PeriodDevelop a polyurethane foam material Development of Highly Fluid absorption and retention benchmark levels, establish patent-featuring superior fluid absorption and Absorbent Medical Foam Launched performance reach world-class industry backed technical barriers, and retention capabilities, designed for use in Materials standards improve competitiveness in both foam dressing products domestic and international markets to expand market share Name of main R&D Expected impact on the Objective Progress Goal projects Company’s future development Master formulation technologies Formulation Research Complete formulation development and Develop a highly absorbent and ultra-soft for hydrocolloid products and and Product Development Development product validation, achieving regulatory hydrocolloid formulation for application in achieve differentiated product of Hydrocolloid stage registration and market launch both hydrocolloid dressing products design, thereby enhancing market Dressings domestically and internationally competitivenessaddresses the clinical challenge of being （未完）  |