[中报]稳健医疗(300888):2022年半年度报告（英文版）
原标题:稳健医疗:2022年半年度报告（英文版） The Board of Directors, the Board of Supervisors and directors, supervisors and senior management of Winner Medical hereby guarantee that the statement in this Semi-annual Report is authentric, accurate and complete without false or misleading information or material omission and will assume all the legal liabilities, individually and jointly. Li Jianquan, the head of the Company, Fang Xiuyuan, the accounting head, and Wu Kezhen, the head of accounting body (accounting manager), guarantee the authenticity, accuracy, and completeness of the financial report in this semi-annual report. All directors of the Company personally attended the board meeting for reviewing this report. The forward-looking contents in this report, such as the future development strategy and performance planning, are the goals sets by the Company, which are planned matters. The achievement of the goals depends on many factors, including market change, which is uncertain. So these contents are not the company's profit forecast for the next year and do not constitute a substantial commitment of the Company to investors and related parties. Investors and related parties should be fully aware of related risks and understand the differences among plans, forecasts, and commitments. Investors are asked to beware of investment risks! The Company does not plan to distribute cash dividends, issue bonus share, or increase the share capital from reserves. Table of Contents Section I Important Notes, Contents, and Definitions ............................................................. 2 Section II Company Profile and Major Financial Indicators ................................................. 7 Section III Management Discussion and Analysis ................................................................. 10 Section IV Corporate governance ........................................................................................... 51 Section V Environment and Social Responsibility ................................................................. 53 Section VI Important Matters ................................................................................................. 60 Section VII Changes in Shares and Shareholders.................................................................. 66 Section VIII Preferred Shares ................................................................................................. 72 Section IX Information Related to Bonds ............................................................................... 73 Section X Financial Report ...................................................................................................... 74 Document Catalog (I) Financial statements containing the signatures and seals of the person in charge of the Company, the accounting head, and the person in charge of the accounting body (accounting manager). (II) The originals of all company documents and announcements publicly disclosed during the reporting period.
Section II Company Profile and Major Financial Indicators I. Company Profile
1. Contact information Whether the Company's registered address, office address and postal code, company website and email were changed during the reporting period □ Applicable ? Not applicable There is no change in the Company's registered address, office address and postal code, company website and email during the reporting period, as shown in 2021 annual report. 2. Information disclosure and keeping place Whether information disclosure and the place where the semi-annual report is kept were changed during the reporting period □ Applicable ? Not applicable The newspapers selected by the Company for information disclosure, the websites designated by the China Securities Regulatory Commission (CSRC) for publishing the semi-annual report, and the place where the semi-annual report is kept were not changed during the reporting period. See the 2021 Annual Report for details. 3. Change of registration Whether the registration status was changed during the reporting period □ Applicable ? Not applicable There were no changes in the Company's registration during the reporting period. See the 2021 Annual Report for details. IV. Major Accounting Data and Financial Indicators Whether the Company needs to retroactively adjust or restate the accounting data of the previous years □Yes ?No
is the newly acquired business of RMB 86,191,200 and the purchase date of Longterm Medical is April 30, 2022; Note 2: During the reporting period, the net cash flow from operating activities increased by 305.43% compared with last year, which was mainly due to the fact that: (1) in 2020, the Company applied a credit policy of 100% advance payment for the protective products, and in the first half of 2021, the Company's credit policy for protective products has returned to the normal level; (2) the good performance in 2020 has resulted in more taxes and fees paid after the final settlement in the first half of 2021. V. Differences in Accounting Data under Domestic and Foreign Accounting Standards 1. Differences between net profits and net assets in financial statements disclosed according to the International Accounting Standards (IAS) and Chinese Accounting Standards simultaneously □ Applicable ? Not applicable No difference between net profits and net assets in financial statements disclosed according to the International Accounting Standards (IAS) and Chinese Accounting Standards during the reporting period. 2. Difference between net profits and net assets in financial statements disclosed according to the Foreign Accounting Standards and Chinese Accounting Standards simultaneously □ Applicable ? Not applicable No difference between net profits and net assets in financial statements disclosed according to the Overseas Accounting Standards and Chinese Accounting Standards during the reporting period. VI. Non-recurring Profit and Loss Items and Amount ?Applicable □ Not applicable Unit: yuan
□ Applicable ? Not applicable There was no other profit and loss items that are consistent with the definition of non-recurring profit and loss. Explanation on defining the non-recurring profit and loss items enumerated in the Interpretative Announcement No. 1 on Information Disclosure of Public Securities Issuing Companies - Non-recurring Profits and Losses as recurring profit and loss items □ Applicable ? Not applicable There was no circumstance in which non-recurring profit and loss items enumerated in the Interpretative Announcement No. 1 on Information Disclosure of Public Securities Issuing Companies - Non-recurring Profits and Losses are defined as non-recurring profit and loss items. Section III Management Discussion and Analysis I. Main Business of the Company during Reporting Period The Company needs to comply with the disclosure requirements of the "Medical Device Business" stipulated in the No. 4 Guideline of Shenzhen Stock Exchange for Self-regulatory of Listed Companies - Information Disclosure by Growth Enterprises: The Company needs to comply with the disclosure requirements of the "Textile and Apparel Business" stipulated in the No. 3 Guideline of Shenzhen Stock Exchange for Self-regulatory of Listed Companies - Industry Information Disclosure. (I) Main Business of the Company during Reporting Period Winner Medical is a health enterprise developing both medical and consumption products under its three brands of "Winner", "Purcotton" and "PureH2B". Specifically, the Company has been adhering to the core business principle of "Quality before profit, brand before speed, social value before corporate value". Through continuous innovation and expansion of industrial boundaries, the Company has developed from a single manufacturer of medical consumables into a large medical health enterprise covering wound care, infection prevention, personal care, home care, maternal and child care, home textile and clothing and other fields. Wound care Infection protection Medical Disinfection and cleaning Winner Non-woven consumer Cotton tissues, sanitary pads, wet tissues goods Textile consumer goods Baby supplies, baby clothing, adult clothing Consumables Beauty products and perfumes Health & personal care Home sports 1. Medical consumables section Winner Medical is a benchmarking enterprise in the domestic medical consumables industry. Its main product lines cover wound care, infection prevention and disinfection and cleaning. The specific products include high-end wound dressing products, traditional wound care and dressing products, infection control products in operating room, protective products and disinfection and cleaning products for body surface cleaning. The Company is one of the earliest medical consumables enterprises in China to establish a full industrial chain covering cotton procurement, R&D, production and direct export. The Company's products have been certified by the EU CE certification, the US FDA certification and the Japanese Ministry of Health, Labour and Welfare certification, and exported to Europe, America, Japan and other countries. In 2005, "Winner" brand entered the domestic hospital and drugstore market. With its excellent product quality and service, Winner Medical gradually established a good brand and reputation in domestic hospitals and drugstores. Since the outbreak of COVID- 19 in 2020, the "Winner" brand prevention products have entered the hospital and the civilian market. Thanks to the public commitment not to increase prices and the quality of its products, it has won the unanimous praise at home and abroad, from government units and the public, and the brand reputation and popularity have been greatly improved. In terms of products, Winner Medical focuses on market demand, is close to clinical and terminal, is driven by R&D and innovation, and constantly improves product layout. Its business scope extends from sales of single wound care products such as cotton gauze to sales of comprehensive solutions of wound care, infection prevention, disinfection and cleaning. Disposable operating room consumables can more effectively reduce nosocomial infection than reusable medical products. With more attention of the state and hospitals to nosocomial infection and residents' attention to personal health environment, disposable operating room consumables are gradually accepted by the domestic market. Winner Medical's medical dressing product line has been expanded from traditional dressing products mainly focusing on gauze products to high-end wound dressing products, such as silica gel foam dressing, hydrocolloid dressing, super absorbent pad, negative pressure drainage products, etc., which are mainly applied to chronic wound healing scenes such as diabetes, large-area burns and wounds. The Company's technical level in the field of high-end wound dressings has been in the forefront of the industry, and is expected to become the core products for the development of Winner Medical. 2. Healthy Consumer Goods Section Purcotton is a healthy life brand with "Medical background, Purcotton philosophy, Quality in our DNA" as its core competitiveness, which starts with pure cotton spunlace non-woven fabric and takes "medicine close to life, Purcotton care for health" as its brand proposition. Its products include pure cotton tissue, sanitary pads with pure cotton surface, pure cotton wet tissues and other non-woven consumer goods, as well as baby supplies, baby clothing, baby products, adult clothing and other textile consumer goods. Purcotton advocates the life concept of "comfort, health, environmental protection", replacing chemical fiber with cotton and keeping away from chemical stimulation. It provides overall solutions for different life scenes, having a good user reputation and formed a fully differentiated brand image in the field of consumer goods with strong brand appeal. In terms of products, with excellent quality control ability and technology research and development ability, the Company continues to introduce medical grade quality consumer goods. Cotton is the main raw material of core products of Purcotton, which adopts global high-quality cotton to control product quality and safety from the source. According to the high standard of medical consumables, all kinds of pollution sources are strictly controlled in the production process. Disposable underwear, newborn baby clothes and other close-fitting clothing are packaged with medical grade sterilization to further ensure the safety and environmental protection of the products. Purcotton products cover multiple consumer groups, such as mothers and infants, children and adults, and span multiple product lines, such as high-end cotton wipes, female care, baby care, adult clothing, home textile products, etc. In July 2019, the Company launched the "PureH2B" brand, aiming to build a one-stop retail platform covering beauty makeup, personal care, sports and other healthy and beautiful life needs. "PureH2B" has sold products through offline stores, online official website and Wechat mini programs, and its business is still at the initial stage. (II) Main Products and Purposes Its health product system covers: wound care products, infection prevention products, disinfection & cleaning products under its medical consumables section; the non-woven consumer goods and textile consumer goods under its healthy consumer goods section; and pure cotton spunlace non-woven fabric, an industry intermediate product. The main categories and images of some products under the Company's medical consumables section are as follows:
products such as masks and protective clothing play an indispensable role in coping with major health incidents and improving public health. The main categories and images of some products under the company's healthy consumer goods section are as follows:
1. Procurement mode The Company has established a complete procurement management system, which mainly includes the Procurement Control Process, Procurement Price Management Process, New Supplier Selection and Review Control Process, Supplier Performance Appraisal purchase applications shall be submitted by requiring departments based on customer orders, sales plans, and production plans. The purchasing department shall strictly follow the purchasing management regulations after analyzing the purchasing requirements and the raw material market. The procurement of key bulk raw materials (such as cotton and cotton yar) is implemented in a unified manner according to the Company's rules on its strategic procurement. The Company implements a strict supplier management system to ensure product quality and stable product supply. The Company has set a supplier directory and a perfect update and elimination mechanism to dynamically manage existing suppliers and new suppliers, which enables the Company to preferentially cooperate with the suppliers with the highest assessment results. For new suppliers, the Company has made strict selection criteria and supplier development and process management systems, including on-site inspection on suppliers; for suppliers with poor or even unqualified annual performance, the Company will add them to the key watch list or eliminate them. Generally, the Company will sign an annual framework agreement with a supplier to specify the cooperation content and the annual cooperation arrangement, and specific procurement contracts will be signed separately. 2. Production mode The Company formulates production plans according to customers' POs and requirements, its annual sales plans, and monthly rolling sales plans. Based on its own production capacity and demand fluctuations, the Company adopts the production strategies of Make to Order (MTO) and Made to Stock (MTS). 3. Sales mode The Company sells products through multiple channels. The main sales channels are shown in the following figure: 4. Marketing mode The Company is developing its products under the Winner, Purcotton, and PureH2B brands a coordinated way. With more than 30 years of experience in the production of medical supplies, Winner is a leading medical consumables brand in the Chinese market and with a global vision. With "caring for health and life, making a better world" as its vision and industry-leading product quality as the cornerstone of its brand value, the product marketing and promotion for the brand rely more on its brand reputation. With pure cotton products as its label, Purcotton ad opts unique, differentiated strategies to build its brand. By integrating multiple promotion channels such as directly-operated stores, brand roadshows, celebrity endorsements, event sponsorship, new media, and advertising, Purcotton keeps conveying to consumers its proposition of "medicine close to life, Purcotton care for health" and its vision of "changing the world with pure cotton", which helps deepen the meaning of Purcotton brand and increase its brand awareness and loyalty. PureH2B offers consumers selected products that are high-quality, healthy, and beautiful from around the world through its paid membership system. It offers its members products with extremely competitive prices and a series of excellent offline services such as beauty salons, free makeup, and seminars. With "Love, protect and enjoy nature" as its brand vision, and "Influence the mainstream consumption attitude with the philosophy of 'inner health brings outer beauty', and attract mainstream consumers with natural products" as its mission, PureH2B is bringing consumers a new all-round digital retail experience. (IV) Main Driving Factors of Performance 1. Medical consumables industry and consumer goods industry will keep growing rapidly As the global demand for healthcare of aging population increases, resident income continues to grow, and medical and healthcare improve, the global medical consumables market is showing a steady growth trend. The COVID-19 pandemic has made global consumers pay more attention to health and personal protection. In China, especially, most families choose to wear masks when they take public transport and are in public places, so the demand for masks is expected to increase significantly compared with that before the COVID-19 pandemic. After the COVID-19 pandemic outbreak, as the government, medical workers, and consumers in China pay greater attention to protection and quality, the use rate of disposable medical consumables and disposable surgical packs will get higher; on the other hand, as the Chinese government attaches importance to the medical consumables industry, the supervision over the industry are continuously strengthened while the reserves of medical consumables are increasing. Therefore, companies that do not comply with laws and regulations will surely be eliminated. In addition, China's medical dressings are changing from traditional dressings to high-end wound dressings, and it is expected to replace imported dressings by domestic dressings step by step. The medical consumables market in China is growing rapidly, creating a good external environment for enterprise development. In recent years, the total retail sales of consumer goods in China has been rising steadily, showing an obvious trend of consumption upgrading. Consumers' demand for green, healthy, and environmentally friendly products is increasing, bringing good opportunities in the consumer goods industry. 2. High-quality products and precise brand positioning enhance brand value The Company is one of the earliest medical consumables enterprises in China to establish a full industrial chain covering cotton procurement, R&D, production, and direct export. The Company is one of the early companies that established a medical-grade quality management system in the industry, and has passed the ISO13485 Medical Devices Quality Management System Certification. Its product quality complies with the European, American, Japanese, and Chinese standards. Winner Medical enjoys a high brand reputation and recognition. In 2020, Winner Medical was praised by the Joint Prevention and Control Mechanism of the State Council as a well-deserved "ordnance factory" in fighting the pandemic. Its wholly-owned subsidiary Winner Medical (Huanggang) was awarded the title of "National Advanced Unit for Fighting the COVID-19 Pandemic" by the CPC Central Committee and the State Council. It is also the only enterprise awarded the title in Hubei Province. In May 2021, Winner Medical was selected by the Federation of Shenzhen Industries as the "Benchmarking Enterprise in China's Medical Consumables Sector" and at the same time recognized as an "International Renowned Brand" by the United Nations Industrial Development Organization. In December 2021, "pure cotton spunlace non-woven fabrics and its products" of Winner Medical was awarded as the national single champion of manufacturing industry. In 2022, the epidemic prevention department of the Company was successively awarded the title of "Worker Pioneer" by All China Federation of Trade Unions and Shenzhen Federation of Trade Unions. Purcotton is committed to fulfilling consumers' upgrading demand for high-quality products which are "comfortable, healthy, and environmentally friendly". With constantly winning recognition from consumers since its launch in 2009, Purcotton has rapidly grown into a leading brand of maternal and child products on e-commerce platform, and has a high market share in the field of consumer products. In October 2019, Purcotton won the reputation of "70 Brand of the 70th Anniversary of the Founding of New China" sponsored by CCTV. In January 2021, Purcotton was honored as one of the "Shenzhen Top Brands" by Federation of Shenzhen Industries. In April 2021, Purcotton was included into the list of the second "Shenzhen Top 100 Brands" announced by Shenzhen Quality City Promotion Association. In conclusion, with high brand value, the Winner Medical and Purcotton brands will help the Company enhance customer loyalty, stabilize product prices, and expand its market share in the competitive market, thereby ensuring its sustainable and stable profitability. II. Analysis of Core Competitiveness 1. Advantages of business philosophy and corporate culture With offering quality products as its mission, the Winner Medical brand aims to lead in the medical dressing industry, to grow from a small Chinese enterprise offering lower-price products to a large international enterprise offering high-quality products recognized by developed countries, bringing Chinese medical dressings to the international stage. With "caring for health and life, making a better world" as its vision, the brand keeps focusing on product quantity and innovations, and making its way into the medical consumables and high-end medical dressing market. Cotton fiber has ten prominent advantages, including natural, safe, comfortable, naturally degradable, high output ratio, drought-resistant, salt and alkali-resistant, environmentally friendly, time-honored, as well as great economic and social value. With its corporate vision of "changing the world with pure cotton", Purcotton advocates a lifestyle with pure cotton by applying "comfortable, healthy, and environmentally friendly" in all aspects of daily life, to help customers raise life quality, and deliver the brand concept of "reassurance, happiness and sustainability" to consumers. Sticking to the "cotton fiber only" principle in its operation, Purcotton aims to develop recyclable and renewable resources, gradually replace chemical fibers with natural fibers, and give full play to the use value and environmental protection value of cotton fibers, following the path of low carbon, environmental friendly and sustainable development. With "love nature, protect nature, enjoy nature" as its brand vision, PureH2B insists on the principle of pursuing beauty without sacrificing health for health is beauty. PureH2B select natural cosmetics and toiletries, healthy food and health products, 3C and health equipment with excellent experience from around the world for customers. Meanwhile, the groundbreaking, innovative natural products developed independently by PureH2B are winning the trust of consumers with their applicability and safety, meeting the needs of consumers who pursue both quality life and health and environmental protection. The visions and business philosophies regarding the company's three brands are focused on human health, environmental protection, and improving the quality of life, which are in line with humans' sustainable development strategy. The Company will always uphold its core operating principle of "prioritizing quality over profit, brand over speed, and social responsibility over corporate value", and stick by its core values of "others first, responsibility, unity and cooperation, hard work, self- criticism, and sustainable development". The Company promotes healthy sports such as running, mountain climbing, and ball games. The Company is weakening the power from titles to reduce bureaucracy, and creating open workplaces to ensure efficient cross- department communication. During the epidemic, the Company responded quickly and made every effort to ensure the production of protective products. It carried out a series of activities to improve the rapid response capability to market demand in terms of decision- making management, process integration, product and equipment innovation, and industry chain integration. Within one month at the beginning of the epidemic outbreak in January 2020, the Company provided 108.9 million masks and 114,000 pieces of protective clothing to major hospitals in Hubei, showing the Company's efficient internal coordination capability. 2. Advantages of R&D and innovation The Company independently developed the pure cotton spunlace non-woven technology in 2005, and has built a complete technology cluster based on the technology, obtaining patent licenses in more than 30 countries and regions including the United States, Europe, and Japan. The silica gel foam dressing and foam dressings successfully developed and launched by the Company have been awarded with China's registration certificate for Class II and Class III medical devices respectively. This kind of high-end wet wound dressing is specially designed for the vulnerable skin of the elderly with chronic diseases, facilitates the observation of wound healing by medical staff, and also provides patients with a cost-effective solution for chronic wound treatment, effectively solving the clinical pain points such as the adhesion of traditional gauze dressings to wounds and frequent dressing changes. The innovative application of pure cotton spunlace non-woven fabrics in infection prevention products, such as protective clothing, surgical gowns, and isolation gowns, has not only alleviated the shortage of raw materials during the pandemic but also improved the breathability and comfort of anti-pandemic products, which is safe and environmentally friendly. In the field of consumer products, the Company has developed pure cotton tissues, pure cotton wet tissues, sanitary pads with pure cotton surface, as well as disposal cleansing towels, disposable underwear and other products. It has been invited to participate in the development of a number of national standards and industry standards, drafting and developing performance requirements for pure cotton non-woven surgical dressings, and technical specifications for contact trauma dressings and children's masks. As the first and major drafter, Purcotton, a wholly-owned subsidiary of the Company, led the development of national standards for cotton tissues (GB/T 40276-2021), which requires that the fiber composition and content of cotton tissues shall be identified, and the fiber content tolerance shall comply with the provisions of GB/T 29862 (implemented on December 1, 2021). In December 2021, "pure cotton spunlace non-woven fabrics and its products" of the Company was awarded as the national single champion of manufacturing industry. Since its establishment, the Company has been attaching great importance to scientific and technological innovation and cooperation. （未完）  |