[年报]稳健医疗(300888):2023年年度报告（英文版）
原标题:稳健医疗:2023年年度报告（英文版） statementpresentationinwhichtheprovisionisfirstimplementedthatgiverisetotaxabletemporarydifferencesanddeductible temporarydifferencesasaresultofasingletransactiontowhichtheprovisionapplies,theCompanyhasadjustedthecumulative effecttoretainedearningsatthebeginningoftheearliestperiodoffinancialstatementpresentationandotherrelevantfinancial statementitemsinaccordancewiththesaidprovisionandAccountingStandardNo.18forBusinessEnterprises-IncomeTax. TheCompany’snetprofitsbeforeorafterthedeductionofnon-recurringprofitandlossforthelastthreefiscalyears,whichever islower,isnegative,andtheauditor’sreportforthelatestyearshowsthatthereareuncertaintiesabouttheCompany’ssustainable operationability. □Yes√No Thenetprofitsbeforeorafterthedeductionofnon-recurringprofitandloss,whicheverislower,isnegative□Yes√No VI. Keyquarterlyfinancialindicators Unit:yuan Q1 Q2 Q3 Q4 Revenue 2,352,114,690.56 1,914,723,348.10 1,743,604,478.34 2,174,579,540.20 Netprofitsattributabletoshareholdersof 1 376,938,135.34 304,678,887.35 1,466,156,270.99 -1,567,369,246.94 listedcompanies Netprofitsattributabletoshareholdersof the listed Company after deduction of 309,834,876.09 240,223,583.10 70,847,155.84 -208,878,117.78 non-recurringprofitsandlosses Netcashflowfromoperatingactivities -223,247,317.38 381,426,030.27 64,194,457.56 851,121,625.28□Applicable√Notapplicable NodifferencebetweennetprofitsandnetassetsinfinancialstatementsdisclosedaccordingtotheInternationalAccounting Standards(IAS)andChineseAccountingStandardsduringthereportingperiod. 2.DifferencesbetweennetprofitsandnetassetsinfinancialstatementsdisclosedaccordingtotheOverseasAccounting StandardsandChineseAccountingStandardsSimultaneously □Applicable√NotapplicableTherewasnootherprofitandlossitemsthatareconsistentwiththedefinitionofnon-recurringprofitandloss.Explanationondefiningthenon-recurringprofitandlossitemsenumeratedintheInterpretativeAnnouncementNo.1on InformationDisclosureofPublicSecuritiesIssuingCompanies-Non-recurringProfitsandLossesasrecurringprofitandloss items □Applicable√Notapplicable Therewasnocircumstanceinwhichnon-recurringprofitandlossitemsenumeratedintheInterpretativeAnnouncementNo.1on InformationDisclosureofPublicSecuritiesIssuingCompanies-Non-recurringProfitsandLossesaredefinedasnon-recurring profitandlossitems. consumablesandlow-valuemedicalconsumables. Sizeofmedicalconsumablesmarketinchinafrom2015to-2025(100millionyuan)Datasource:ChinaMedicalConsumablesMarketConditionsandInvestmentProspectSurveyReport2021-2026,ChinaMedical DeviceBlueBook,ChineseMedicine,IBMReport Sizeoflow-valuemedicalconsumablesmarketinchinafrom2015to2025(100millionyuan)consumables.TheCompany’smedicalbusinessispositionedasaleaderinthemedicalconsumablesfield,providingone-stop medicalconsumables solutions.Low-valuemedical consumableshavethecharacteristics ofrigiddemandandhighusage frequency.Relyingongoodbrandreputation,channelcoverageandstrongmanufacturingcapability,theCompanywillcontinue toincreaseitsshareintheinternationalanddomesticmarkets. 1 Marketdevelopmentofoperatingroominfectioncontrolproducts Duetothegrowthofthenumberofsurgicaloperationsandthestrengtheningofinfectioncontrolmeasures,themarketof operatingroominfectioncontrolproductsisgrowingcontinuously.AccordingtothestatisticsofCMI,thedomesticmarketsize ofoperatingroominfectioncontrolproductsisexpectedtoreachUSD3.688billionin2026,withanaverageannualcompoundcontinuetoincrease.Fromtheperspectiveofapplicationscenarios,itisextendingfromthedominantinfusionscenariostomore scenarios.Thedemandforpunctureneedleproductsarisingfromtheclinicalneedsmainlyincludeshigh-endmulti-sitebiopsy needles,andneedlesforassistedreproductionsuchaseggretrieval.Fromthetechnicalpointofview,high-end,intelligenceand safetywillbecomethetechnicaldevelopmenttrendofinfusionandpuncturedevices.QYResearchestimatesthatthesalesofinjectionandpuncturedevicesinChinawillreach36.75billionyuanin2026.4 Developmentstatusofmedicallatexglovesmarket Medicalglovesaremainlydividedintolatexgloves,nitrilegloves,polyethylene(PE)glovesandpolyvinylchloride(PVC)gloves accordingtothematerial;accordingtotheapplicationscenarios,theyaredividedintomedicalsurgicalglovesandmedical examinationgloves.Latexglovesfeaturehighelasticityandskin-friendliness,andoccupyanimportantpositioninmedicalgloves. AccordingtoQYResearchdata,theglobalmarketsizeofdisposablemedicalglovesreached$23.014billionin2021,withalatex glovesmarketsizeof$6.99billion,accountingfor30%.LatexglovesareexpectedtogrowataCAGRof5.84%during2021-2027andwillreachamarketsizeof$9,829millionby2027. (2) Developmentofconsumergoodssegmentationindustry Inrecentyears,aspeoplegrowmoreconfidentonthenationalculture,thedomesticgoodshaveinjectednewvitalityintothe nationaleconomy,becominganimportantdrivingforceofconsumptionanddomesticdemand.Atthesametime,consumersare increasinglyconcernedabouttheenvironmentalperformanceandsustainabilityofproducts,andtheriseofenvironmental protectionandlowcarbonconceptisalsodrivingthetransformationandupgradingoftheconsumergoodsindustry.InJanuary 2022,theNationalDevelopmentandReformCommissionandotherdepartmentsissuedtheImplementationPlanforPromoting GreenConsumptiontocomprehensivelypromotethegreentransformationofconsumptioninkeyareas.Itismentionedinoneof themaingoalsoftheplanthatby2025,theconceptofgreenconsumptionwillbedeeplyrootedinpeople’sminds;by2030,green consumptionwillbecomeaconsciouschoiceofthepublicandgreenlow-carbonproductswillbecomethemainstreamofthe market. 1 DevelopmentofcottontissuesTheCompanyneedstocomplywiththedisclosurerequirementsofthe“TextileandApparelBusiness”stipulatedintheNo.3 GuidelineofShenzhenStockExchangeforSelf-regulatoryofListedCompanies-IndustryInformationDisclosure. II. Mainbusinessofthecompanyduringreportingperiod TheCompanyneedstocomplywiththedisclosurerequirementsofthe“MedicalDeviceBusiness”intheNo.4Guidelineof ShenzhenStockExchangeforSelf-regulatoryofListedCompanies-InformationDisclosurebyGrowthEnterprises. WinnerMedicalisahealthenterprisedevelopingbothmedicalandconsumptionproductsunderitsbrandsof“Winner”and “Purcotton”.Specifically,theCompanyhasadheredtothecorebusinessprinciplesof“qualityoverprofit,brandoverspeed,and socialresponsibilityovercorporatevalue”.Withthedevelopmentofdomesticandinternationalmarkets,ithasevolvedfroma singlemedicalconsumablesmanufacturerintoacompanythatencompasseswoundcare,infectionprotection,personalcare,home care,maternalandchildcare,hometextiles,apparel,andotherfieldsofmedicalcareandconsumerhealthenterprises.Othernon-wovenproducts Facialmask,makeupcotton,cottondiapersetc. Healthy Purcotton consumergoods Babyclothingandsupplies Baby’sleisurewear,bathtowelsandquiltsetc. Adultapparel Adult’sleisurewear,outingcostume,underwearetc. Otherwovenproducts Bedding,toiletries,etc. 1. Medicalconsumablessection2. Healthyconsumergoodssection Purcotton is a healthy life brand with “Medical background, Purcotton philosophy, Quality in our DNA” as its core competitiveness,whichstartswithpurecottonspunlacenon-wovenfabricandtakes“medicineclosetolife,Purcottoncarefor health”asitsbrandproposition.Itsproductsincludewetanddrycottontowels,sanitarynapkins,babyandchildren’sappareland supplies,adultapparel,andothernon-woven/wovenproducts.Purcottonadvocatesthelifeconceptof“comfortable,healthy,and environmentallyfriendly”,replacingchemicalfiberwithcottonandkeepingawayfromchemicalstimulation.Itprovidesoverall solutionsfordifferentlifescenes,havingagooduserreputationandformedafullydifferentiatedbrandimageinthefieldof consumergoodswithstrongbrandappeal.Intermsofproducts,withexcellentqualitycontrolabilityandtechnologyresearchanddevelopmentability,theCompany continuestointroducemedicalgradequalityconsumergoods.CottonisthemainrawmaterialofcoreproductsofPurcotton, whichadoptsglobalhigh-qualitycottontocontrolproductqualityandsafetyfromthesource.Accordingtothehighstandardof medicalconsumables,allkindsofpollutionsourcesarestrictlycontrolledintheproductionprocess.Disposableunderwear, newbornbabyclothesandotherclose-fittingclothingarepackagedwithmedicalgradesterilizationtofurtherensurethesafety andenvironmentalprotectionoftheproducts.Purcottonproductscovermultipleconsumergroups,suchasmothersandinfants,MainPurpose: MainPurpose: MainPurpose: For occupational protection of medical staff and patient Forwoundcleaninganddisinfection,anddailyhealthcare Forhealthmanagementtomeettheirmedicalneeds isolation Product: Product: Product: Masks, protective clothing, isolation gowns, gloves, foot Oralandnasalcavity,medicalbeauty,personalcare,nursing Injectionandpunctureproducts,testkits,etc. straps,hats,etc. care,etc. ThemaincategoriesandimagesofsomeproductsundertheCompany’shealthyconsumergoodssectionareasfollows:Babyclothingandsupplies Adultapparel Otherwovenproducts Product: Product: Product: Baby’s leisure wear, outing costume, underwear, bath Adult’sleisurewear,outingcostume,underwear,footwear, Bedding,toiletries,etc. towels,handkerchiefsandquilts,etc. etc.beneficialcooperationmodelwithsuppliers.Usingthesupplierevaluationsystemandconsideringtheiroverallcapabilities, suppliersareregularlygradedandcategorized.Theseassessmentsguidethecreationofcooperationprogramsandorderallocation, withthegoalofcostcontrol,efficiencyimprovement,andmitigatingsupplyrisks.4) SupplierManagementProcess 4.1 Admissionassessment:NewsuppliersundergovalidationfollowingtheSupplierAdmissionAssessmentSpecification. Suppliersareevaluatedacrossvariousdimensions,includingtechnicalcapability,qualitymanagement,planningandproduction capabilities,andcorporatesocialresponsibility,throughwrittenassessments.On-siteauditsareconductedforallkeysuppliers, withadditionalauditsforothersuppliersasneeded.TheCompanyentersintoagreementssuchasPurchasingFramework Contract,QualityAgreement,ConfidentialityAgreement,IntegrityCommitmentAgreement,andotherswithverifiedsuppliers, establishingalistofqualifiedsuppliers. 4.2 Performance management: Adheringto theSupplier PerformanceManagement System, conduct routineperformance evaluationsofsuppliers.Engageinongoingcommunicationwithsuppliersregardingtheirperformancestatus,analyzereasonsfor anydeficienciesidentified,developimprovementplans,monitortheimplementationoftheseplans,andverifytheireffectiveness. 4.3 Annualreview:AdheretotheSupplierManagementProgramtoconductyearlyevaluationsforkeysuppliers,thosewith significantdeviationsoranomaliesintheprioryear,andsupplierswithalterationsinproductionsitesorequipment.Issue improvementnoticesforanynon-complianceidentifiedduringthereviewprocess,monitortheimplementationofimprovements, andverifytheireffectiveness. 4.4 Qualification adjustment: Following the Supplier Grading and Classification Management System and Supplier PerformanceManagementSystem,aswellastheresultsoftheannualreview,supplierqualificationsareregularlyrevised.An eliminationmechanismisactivatedforsupplierswhoseimprovementsproveineffective. 5) Sustainablesupplychain:TheCompanykeepsimprovingitsgreenandsustainabledevelopment,suchascooperationwith schoolsandhospitals.Atthesametime,italsoalignstheupstreamanddownstreamofthesupplychaintofurtherachieve sustainabledevelopment.Forexample,wehavepromotedtheprojectofproductpackagede-plasticization;multiplecategoriesof Purcottonproductshaveobtainedcarbonfootprintcertification;weoptimizeproductprocesstominimizetheuseofenergy,and upgradetheproductionequipmenttoenableenergyrecoveryandreuse. 6) Digitalsupplychain:In2023,theCompanyintroducedaSupplierRelationshipManagement(SRM)andSupplyChain Management(SCM)suppliercollaborationsystem.Additionally,enhancementsweremadetotheMaterialDataManagement System(MDC)andProductLifecycleManagement(PLM)datamanagementsystem.Theintegrationofvarioussystemsand2） IntheproductionmodeofMaketoStockMTS,productsarenotcustomizedforspecificcustomers,andareusually deliveredtodifferentcustomers;productionplansareformulatedaccordingtomarketdemandandexistinginventory.Safe inventoryisdeterminedforsuchproductsaccordingtotheproductioncycleandthefrequencyofdemandtoensurethatproducts areavailablewhenthecustomerplacesorder. 3） InthemodeofEngineertoOrder,specificdesignrequirementsfromasinglecustomercanbemet,usuallyforsmall productionlots;intheproductionprocess,thevaluemainlyliesinproductandpackagingdesignwork.Supportforcustomdesign isanimportantpartofthisproductionmode.Inventorybasicallyremainszero.brandwithaglobalvision.With“caringforhealthandlife,makingabetterworld”asitsvisionandindustry-leadingproduct qualityasthecornerstoneofitsbrandvalue,theproductmarketingandpromotionforthebrandrelymoreonitsbrandreputation. Withpurecottonproductsasitslabel,Purcottonadoptsunique,differentiatedstrategiestobuilditsbrand.Byintegratingmultiple promotionchannelssuchasdirectly-salesstores,brandroadshows,celebrityendorsements,eventsponsorship,newmedia,and advertising,Purcottonkeepsconveyingtoconsumersitspropositionof“medicineclosetolife,Purcottoncareforhealth”andits visionof“changingtheworldwithpurecotton”,whichhelpsdeepenthemeaningofPurcottonbrandandincreaseitsbrand awarenessandloyalty. (IV) Maindrivingfactorsofperformance 1. MedicalconsumablesindustryandconsumergoodsindustrywillkeepgrowingrapidlyAsglobalhealthcareimprovesanddailyhealthcaredemandsrise,theglobalmedicalconsumablesmarketisexperiencingstable growthandlandscapechanges.Concurrently,domesticpublichealthcareinstitutionsareundergoingreform,drivenbypolicies likenationalexaminations,centralizedprocurement,andSPD/DRGadvancements.Thesechanges areexpected toleadto consolidationandreshufflingwithinthemedicalconsumablesindustry.Afterpublichealthevents,there’sheightenedfocusfrom thegovernment,healthcareprofessionals,andconsumersonemergencypreventionandpersonalhealthmanagementautonomy. Consequently,demandforfamilyemergencyanddailyhealthcarehassignificantlyincreasedcomparedtopre-eventlevels.The domesticmarketformedicalandhouseholdconsumablesisrapidlyconsolidating,providingafavorableexternalenvironmentfor thedevelopmentofleadingenterprises. InOctober25,2021,theCPCCentralCommitteeandtheStateCouncilofficiallyannouncedtheOpinionsonthecomplete, accurateandcomprehensiveimplementationofthenewdevelopmentconcepttoachievecarbonpeakandcarbonneutrality.Itis pointedoutthatstrengtheningChina’sgreenandlow-carbontechnologicalinnovationandcontinuouslyexpandinggreenand low-carbonindustrieswillacceleratetheformationofnewdriversandsustainablegrowthpolesofgreeneconomy.Wewill significantlyimprovethequalityandefficiencyofeconomicandsocialdevelopmentandprovidestrongimpetustobuildChina intoagreatmodernsocialistcountryinallrespects.InDecember2023,theOpinionsonComprehensivePromotionofBuildinga BeautifulChinaissuedbytheCPCCentralCommitteeandtheStateCouncilemphasizedtheimportanceofprioritizingthe constructionofabeautifulChinainthenation’sdevelopmentandrevivalefforts.Itunderscoredthestrategicimperativeto strengthenecologicalcivilizationconstruction,steadfastlypursueapathofcivilizeddevelopmentencompassingproduction, prosperity, and ecological well-being. The aim is to create a picturesquehomeland characterized byclear skies, verdant landscapes,andpristinewaters,whileadvocatingforsimple,moderate,green,low-carbon,civilized,andhealthylifestylesand consumption habits. At the same time, consumers are increasingly concerned about the environmental performance and sustainabilityofproducts,andtheriseofenvironmentalprotectionandlowcarbonconceptisalsodrivingthetransformationandth consumerproducts.InOctober2019,Purcottonwonthereputationof“70Brandofthe70 AnniversaryoftheFoundingofNew China”sponsoredbyCCTV.InJanuary2021,Purcottonwashonoredasoneofthe“ShenzhenTopBrands”byFederationof ShenzhenIndustries.InApril2021,Purcottonwasincludedintothelistofthesecond“ShenzhenTop100Brands”announcedby ShenzhenQualityCityPromotionAssociation. Inconclusion,withhighbrandvalue,theWinnerMedicalandPurcottonbrandswillhelptheCompanyenhancecustomerloyalty, stabilizeproductprices,andexpanditsmarketshareinthecompetitivemarket,therebyensuringitssustainableandstable profitability.manynationalstandardsandindustrystandards,includingtheperformancerequirementsofpurecottonnonwovensurgical dressings,andtechnicalspecificationsforcontactlayerdressingsandmasksforchildren.Inthefieldofconsumerproducts,the Companyhasdevelopedpurecottontissues,purecottonwettissues,sanitarynapkinswithpurecottonsurface,aswellasdisposal cleansingtowels,disposableunderwearandotherproducts.Asthefirstandmajordrafter,Purcotton,awholly-ownedsubsidiary oftheCompany,ledthedevelopmentofnationalstandardsforcottontissues(GB/T40276-2021),whichrequiresthatthefiber compositionandcontentofcottontissuesshallbeidentified,andthefibercontenttoleranceshallcomplywiththeprovisionsof GB/T29862(implementedonDecember1,2021).InDecember2021,“purecottonspunlacenon-wovenfabricsanditsproducts” oftheCompanywasawardedasthenationalsinglechampionofmanufacturingindustry.In2023,wewereinvolvedintheestablishmentofagroupstandardfortechnicalrequirementsincarbonfootprintevaluationforseveralproducts,includingsoft towels,sanitarynapkins,anddiapers. Sinceits establishment, theCompany has beenattachinggreat importanceto scientific andtechnological innovationand cooperation. It has carried out industry–university–research (IUR) projects with many universities and research institutes, includingHongKongPolytechnicUniversity,HongKongResearchInstituteofTextilesandApparel,WuhanTextileUniversity, andSoochowUniversity.InJanuary2022,theCompanyandHuazhongAgriculturalUniversityjointlyestablishedtheCotton ResearchInstituteandappointedAcademicianZhangXianlongastheChiefCottonScientistofPurcottontocooperateinresearch anddevelopment.Theresearchinstitutereliesonbiologicalbreedingtechnologytocultivatecottonstrainsthatareexclusiveto cotton,andtodiscovercottonstrainsthatarespecializedforspunlacenonwovenfabrics.InJune2022,theCompany,together withWuhanTextileUniversityandHuazhongUniversityofScienceandTechnology,jointlydeclaredamajorscienceand technologyprojectinHubeitopromotetheindustrializationofthecurrentlydevelopedcorrugatedstructurewithslow-release function artificial blood vessels and polyester large-caliber woven artificial blood vessels, so as to realize the domestic replacementofartificialbloodvesselsearly,solvethebottleneckprojectinChina,andbetterservepatientswithvasculardiseases. Inaddition,theCompanyalsojoinedhandswithWuhanTextileUniversitytosetuptheInnovationResearchInstituteofWinner Medical&WuhanTextileUniversitytoacceleratethetransformationofscientificandtechnologicalachievements.XuWeilin, academicianoftheChineseAcademyofEngineering,deputypartysecretaryandprincipalofWuhanTextileUniversity,was appointedasthepresidentoftheResearchInstitute. AsofSunday,December31,2023,theCompanyhasobtained112inventionpatents,802utilitymodelpatents,and425design “LeadingEnterpriseinIndependentInnovation”bytheShenzhenMunicipalPeople’sGovernment,anda“ShenzhenEnterprise withIntellectualPropertyAdvantages”bytheShenzhenAdministrationforMarketRegulation. 3. Advantagesofqualitycontrol Withahistoryofmorethan30yearssinceitsestablishment,WinnerMedicalhasachievedsustainabledevelopmentand maintainedaleadingpositionintheindustry.ItisinseparablefromtheCompany’sthreecoreprinciplesof“qualityoverprofit, brandoverspeed,socialvalueovercorporatevalue”.Inthiscontext,thequalitypolicyof“Rigorouswork,strictcompliancewith lawsandregulations,andcontinuouslyimprovetowinthefulltrustofcustomers”wasformedandhasbeenimplementedtodate. Basedonthisguideline,WinnerMedicalGrouphasadoptedENISO13485:2016(ISO13485:2016),China’sMedicalDevice ManufacturingQualityManagementPractice,theUnitedStates21CFRPart820,andtheEuropeanUnionMDD(DIRECTIVE 93/42/EEC),EUMDR(REGULATION(EU)2017/745)andEUPPE(REGULATION(EU)2016/425)ascornerstones,forming aqualitymanagementsystemmodelbasedonprocessmanagement.Underthismodel,WinnerMedicalfocusesontheresearchof4. Productadvantages (1) Medicalconsumables TheCompany’sproductcategoriesincludehigh-endwounddressingproducts,traditionalwoundcareandwounddressing products,consumableproductsinoperatingroom,infectionprotectionproductsandhealth&personalcareproducts,covering applicationscenarioslikeclinicalandmedicalinstitutionsandfamilies,whichcanbettermeetclients’needsofone-stop procurement.Inadditiontotraditionalwoundcareproductsandwounddressingproducts,theCompanyhasalsodeveloped representativehigh-endwet dressings likesiliconefoam dressings, hydrocolloiddressings, superabsorbent padsandscarIntermsofonlinechannels,theCompany’s“WinnerMedical”and“Purcotton”havecompletedthedeploymentofmainstream third-partye-commerceplatforms,includingTmall,JD.com,Pinduoduo,VipshopandAmazon.Withthehugeusertraffic gathered,itssaleshascoveredmostonlineshoppingconsumergroups,andthesalesdataindicatedthatthesalesofitsproducts rankamongthetopintherelevantproductcategoriesinmajore-commerceplatforms.Withtheattributesof“sales+social”, Purcotton’sofficialwebsiteandWeChatminiprogramsareimportantplatformsforitsproductdisplay,userinteraction,and brandpromotion.Atthesametime,PurcottonisalsocooperatingwithnewsocialretailplatformssuchasTikTok,Kuaishouand Xiaohongshu,whichhelpsitopenupnewsalesgrowthchannels. (2) Advantagesofofflinechannels Asoftheendof2023,themedicalconsumablessegmenthasreachedover6,000medicalinstitutionsand190,000retailpharmaciesacrossChina.Additionally,theCompany’sforeignmedicalbusinessservescustomersanddistributorsinhundredsof countriesandregionsworldwide,includingEurope,Japan,andtheUnitedStates.Inthehealthyconsumergoodssection,asofJune30,2023,Purcottonhasopened411offlinestores(including74franchisees)in morethan90mid-andhigh-endshoppingmallsinShenzhen,Shanghai,Beijing,GuangzhouandotherkeycitiesinChina.The Companyintegratesitsbrandconceptintoitsstoredesign.Ithireswell-knowndesignersathomeandabroadtoupgradeitsstore imageandtoenhanceitsconsumerexperiencewithanexhibition-styleproductdisplaybalancingbothaestheticsandrichnessof products.Italsoaddsanexperienceareatohighlightproductdisplayandconsumerexperience,whichhashelpedincreasethe Company’ssalesrevenueandfurtherincreaseitsbrandawareness.Asforofflineterminalslikechainstoresandsupermarkets, basedonPurcotton’spositioningofhigh-qualityconsumergoods,theCompanymainlydeploysPurcottonproductsinnationally renownedsupermarketchains,high-endboutiquesupermarkets,leadingregionalsupermarkets,conveniencestorechains,beauty stores,andofflinemotherandbabystores.Meanwhile,theCompanyalsohassetupdedicatedsalesteamstocoverthebulk purchaseorcustomizedpurchaseneedsofcorporateclients. (3) Advantagesofintegrationbetweenonlineandofflinechannels Theomnichannelretailmodelisanewlyemergingretailformthatprovidesconsumerswithaconsistentshoppingexperienceby integratingphysicalstores,third-partye-commerceplatforms,andmobilee-commercechannels.Insuchform,theconvenienceof onlinechannelsandtheconsumerexperienceofofflinechannelscancomplementeachother.Havingadeepinsightintothe developmenttrendofintegratingonlineandofflineomni-channelintegration,theCompanythoroughlyoptimizedandintegrated variouschannelstointegratetrafficandsalesofofflinestores,supermarkets,storesandonlineapps,andhomedeliveryplatforms (Meituan,daojia.jd.com,andele.me,etc.),therebyfurtherimprovingitsoperatingefficiencyandperformance.Onlinechannels canmeetofflineconsumerssubsequentconsumptionneedswhileofflinechannelscanprovideonlineconsumersfurtherproduct informationandserviceexperience.Flowsoftrafficscanbedirectedbetweenthetwokindsofchannels,soonlineandoffline trafficcanbeeffectivelyobtained.AsofDecember31,2023,Purcottonboastedapproximately52.42millionmembersacrossall domains,withover26millionregisteredmembersontheprivatedomainplatform(over12millioninstoresandover14million ontheofficialwebsiteandmini-programs).inelectronbeamsterilizationandinternationalmoderncottonspunlaceproductionline.InJanuary2022,theCompanyacquired anindustriallandofnearly15,000squaremeterslocatedinGuanlanStreet,LonghuaDistrict.Inthefuture,thelandwillbebuilt intoanindustrialbaseformedicalbiologicalandinfectioncontrolprotectionintheGuangdong-HongKong-MacaoGreaterBay Area,whichwillbeusedforscientificresearchinnovationandindustrialproductionofmedicalbiology,high-endmedical dressingsandmedicalinfectioncontrolprotectionproducts.In2022,theCompanyacquiredthreecompanies,i.e.Longterm Medical,WinnerGuilin,andWinnerMedical(Hunan),tosolidifythekeyfoundationforbuildingthecapabilityofone-stop medicalconsumablessolution.Throughcontinuousconstructionandimprovement,thedailymanagementsystemwithinthe factorywasoptimizedthroughleanmanagement,standardization,automation,digitalizationandgreening.Infuture,theCompany isalsogoingtoexploreandbuildsmartfactories.Itwillrealize“unmannedproduction,process-basedmanagement,andprocess1 Products Committedtoevolvingintoacomprehensivesolutionbrandformedicalconsumables,theCompanyoffersawiderangeof products encompassing traditional wound care and wound dressings, high-end wound dressing products, operating room consumables,infectionprotectionproducts,andhealthpersonalcareproducts.TheCompanyprioritizesR&Dinvestmentand holdsasignificantadvantageinthenumberofmedicalproductregistrationcertificates,establishingacompetitivebarrierinthe stablemedicalsector.Asoftheendofthereportingperiod,wehold883patentsinthemedicalconsumablessegmentand367 medicalproductregistrations(including25registrationsofCategoryIIImedicalproducts).In2023,therewere159netnewR&D patentsand48netnewmedicalproductregistrations. Throughoutthereportingperiod,marketdemandforinfectionprotectionproductsnotablydeclinedstartingfromthesecond quarter.Coupledwithhighmarketinventory,thiscategoryexperiencedasteepyear-on-yeardecreaseinannualoperatingincome, droppingby3.82billionyuanor80.7%duetolowsalesvolume.Inaddition,thebusinessofconventionalmedicalconsumables developedsteadily.Amongthem,thetraditionaldressingsbusinessgeneratedrevenueof1.15billionyuan,markinga7.0% year-on-yearincrease;thehigh-enddressingsandoperatingroomconsumablesbusinessesachievedoperatingrevenueof600 millionyuanand560millionyuan,respectively,representinga27.7%and17.7%year-on-yeargrowth,demonstratingstronger growthmomentum.Guidedbythestrategyof“leadingproductswithoperationalexcellence”,severalcategoriesupheldrobust competitivenesswithintheirrespectivesegments.In2023,salesofvariouscoreproductssurgedsignificantly,withsurgicalkits, filmdressings,andoral-nasalandincontinencecarecategoriesallexperiencingyear-on-yeargrowthratesexceeding35%. ThroughtheacquisitionofLongtermMedical,WinnerMedical(Hunan),WinnerGuilinandothercompanies,theCompany increasedproductlinesinthefieldsofhigh-endwounddressings,injectionandpunctureconsumables,latexglovesandcondoms, whichstronglyimproveditsindustriallayout.Followingayearofextensiveempowermentandresourceintegrationin2023,the mergedcompaniesdeliveredpositiveoutcomesinbusinesssynergyandvalueoptimization.Inthefuture,theCompanywill continuetostrengthenthein-depthintegrationofM&Acompaniesinmultiplefieldssuchascapacityenhancement,product technology,brandchannelsandoperationmanagementtohelptherelevantcategoryandtheproductproductionlinesmake greatercontributionstotheCompany. 2 Channel In2023,theCompanycontinuedtoenhanceitsmarketinginitiativesthroughvariousmeansandactivelyexpandeditsmarketing channels.Besides,changesinthepublichealtheventsituationrestoredamorebalancedandrationalizedrevenuestructureacross channels. Throughoutthereportingperiod,despitethemultifacetedimpactsoftheinternationalenvironment,theCompany’soverseas channelsremainedresilient,achievingacumulativeoperatingincomeof1.45billionyuan.Thismarksaremarkablegrowthof 15.4%againsttheprevailingtrendandconstitutes37.5%oftherevenueofthemedicalsegment.Domestichospitalchannelsare steadilyexpanding.Asoftheendof2023,theCompanyhasreachedoversixthousandmedicalinstitutions,generatingoperating incomeof920millionyuanfortheyear.Thisaccountsfor23.7%oftherevenueshareinthemedicalsegment. TheC-suitebusinesssawactivedevelopment,withe-commerceanddomesticpharmaciesgeneratingoperatingrevenuesof630advantagesof“Medicalbackground,Purcottonphilosophy,QualityinourDNA”haveunitedahighlyloyalcustomerbasein pursuitof“reassurance,happinessandsustainability”forPurcotton.In2023,Purcottoncontinuedtostrengthenbrandbuilding, emphasizingthreemajorscenariosandimplementingthepop-upstrategy,achievingoperatingincomeof4.26billionyuanduring thereportingperiod.Withthebasefromlastyearnotsignificantlylower,itgrewby6.4%year-on-year,andby41.7%compared tothatof2019,demonstratingstrongdevelopmentresilience. 1 Products Guidedbytheprincipleof“cottonfiberonly”,Purcottoncontinuouslyinvestsintechnologyresearchanddevelopment,andhas builtupadifferentiatedproductmatrix.In2023,theCompanycontinuedtoinnovatethroughresearchanddevelopment,thecurrentyear,theymaintainedlong-termcooperativerelationships,reflectingtheCompany’scommitmenttoresponsibilityand forward-thinkingoperations.Thesemeasurescollectivelyreducednetprofitbyapproximately250millionyuanforthefullyear. Inthehealthylivingconsumerproductbusiness,Purcottonpursuedamultifacetedstrategytoenhanceprofitabilityin2023.This includedstrictdiscountcontrol,cost-savingmeasures,efficiencyenhancements,productinnovation,structuraloptimization,and operationalrefinement.Duringthereportingperiod,Purcottonachievedagrossprofitmarginof56.9%fortheyear,markinga3.9 percentagepointincreaseyear-on-year.Operatingprofitamountedto490millionyuan,reflectinga24.0%year-on-yearincrease, withanoperatingprofitmarginof11.4%,indicatingsteadyprofitabilityimprovement.Additionally,duetoshiftsinthemedicalconsumablesindustryandmarketconditions,thetwosubsidiaries,WinnerMedical (Hunan)andWinner Guilin,acquiredbytheCompanyin2022,experiencedlower-than-expected performanceduringthe reportingperiod.Signsofgoodwillimpairmentemerged,promptingtheCompanytoengageYinxinAppraisalCo.,Ltd.fora goodwillassessment.Theassessmentrevealedagoodwillimpairmentof160millionyuanforWinnerMedical(Hunan)and30 millionyuanforWinnerGuilin,significantlyimpactingtheincomestatementfortheperiod.Throughout2023,theCompany implementedvariousoperationalinitiativestofacilitateastabletransitionintheacquiredcompanies’performanceandlaya robustfoundationfortheirlong-termdevelopment.Toboostitsoverallcompetitiveness,WinnerMedical(Hunan)dedicateditself toconstructingabenchmarkprojectforthesecondphaseoftheMedicalDeviceIndustrialPark.Thegoalwastotransitionintoa smartfactoryemphasizingprecisionmanufacturing,standardization,automation,intelligence,anddigitization.Additionally,the Companyworkedtosuccessfullyengageoverseasstrategiccooperationcustomersinlaunchinghigh-endinfusionproductsin EuropeandtheUnitedStates,aimingfordual-wheelgrowthinbothoverseasanddomesticsales.Theseeffortsaimedtoestablish astrongfoundationforthelong-termdevelopmentofWinnerMedical(Hunan).Throughouttheyear,WinnerMedical(Hunan) acquiredWinnerMedicalJingzhouGloveFactory,whichofferscostadvantagesandoperates10gloveproductionlines.This acquisition facilitated increased investment in automation, aimed at enhancing cost competitiveness, overcoming capacity constraints,andstrivingtoexpandbothdomesticandoverseasmarketshares.(II) Businessanalysis (1) ProductR&D TheCompanystickstoindependentinnovationanddevelopmentofbasicmaterials.Inthefieldofmedicalwoundcare,the Companycontinuedtoimprovethesecondgenerationofhigh-endwetwounddressingsproductlinetechnologyarrangements, hadthescarrepairnewproductssuccessfullymarketedinChina,andseveralnewlydevelopedantimicrobialdressingsand bioactivecollagendressingsreceivedFDAclearanceintheUS.Relyingonthesuccessoflastyear’sresearchanddevelopmentof avarietyofcorebasicmaterialsandmassproductionandapplication,theCompanyinthefirsthalfofthisyearfocusedon improvingproductcompetitivenessinthedirectionofproductdevelopmentandupgradingtomeetthedifferentiatedcustomized designneedsofcustomers.Inthefieldofmedicalconsumables,theCompanyfocusesonthedevelopmentofcorebasicmaterials ontheapplicationofoperatingroomconsumablessuchassurgicalgowns,isolationgowns,surgicaltowelsandwipes,toenhance thecomfortoftheproducts,reducethecostofproductionoftheproducts,andtofurtherenhancethemarketcompetitivenessoftodesizeandbleachcottonfabricbygaseousozonetreatmentatlowtemperature.Comparedwithtraditionalpretreatment,it saves92%ofwateranddischargeszerosewage;anditsaves44%ofchemicals,49%ofenergy,andreducescarbondioxide emissionsby95%.Thetechnologyhasbeenpioneeredintheapplicationofbeddingsuitsandsandwichquilts.TheCompany continuestocarryouttheexcavationandtransformationoflow-carbonproductionprocesses,andhascompletedtheverification statementofcarbonfootprintforseveralcoreproducts.Inaddition,onthatbasis,theCompanyhascarriedoutcarbonreduction bythelow-temperaturede-bleachingtechnology,withtheunitsteamconsumptionreducedbymorethan30%.Intermsof production,learning,andresearch,theCompanycollaborateswithTianjinPolytechnicUniversitytoconductresearchonthe wearingcomfortofcottonleisurewear.Additionally,itpartnerswithJiangnanUniversitytoenhancetheperformanceofcotton and cotton-type yarn through technological advancements. Furthermore, the Company conducts research with SoochowOthers 60,697,404.02 0.74% 93,579,735.08 0.82% -35.14% Byproducts Medicalconsumables-traditionalwoundcareand 1,152,978,257.74 14.09% 1,077,558,999.19 9.49% 7.00% wounddressingproducts Medicalconsumables-advancedwounddressing 595,391,352.74 7.27% 466,329,531.98 4.11% 27.68% products Medical consumables - operating room 555,205,865.12 6.78% 471,737,488.55 4.16% 17.69% consumables Medical consumables - infection protection 912,495,298.85 11.15% 4,735,248,687.64 41.72% -80.73% products Medical consumables - health & personal care 298,890,864.36 3.65% 316,264,298.92 2.79% -5.49% products Medicalconsumables-otherproducts 346,784,577.76 4.24% 183,042,470.35 1.61% 89.46%2Healthy consumer goods - wet and dry cotton 1,187,127,619.96 14.50% 1,155,141,187.50 10.18% 2.77% tissues Healthyconsumergoods-sanitarynapkins 593,006,956.43 7.25% 569,333,764.43 5.02% 4.16%Healthy consumer goods - other non-woven 381,405,875.17 4.66% 393,710,479.90 3.47% -3.13% products 2023 2022 Year-on-year Proportionin Proportion increase/decr Amount operating Amount inoperating ease income income Healthy consumer goods - baby clothing and 850,728,263.63 10.39% 848,630,484.33 7.48% 0.25% supplies Healthyconsumergoods-adultapparel 836,195,171.03 10.22% 687,219,850.71 6.05% 21.68% Healthyconsumergoods-otherwovenproducts 414,114,550.39 5.06% 353,534,566.50 3.11% 17.14% Otherbusinesses 60,697,404.02 0.74% 93,579,735.08 0.82% -35.14% Byregions Domestic 6,641,101,860.83 81.14% 10,044,710,560.59 88.49% -33.88% Abroad 1,543,920,196.37 18.86% 1,306,620,984.49 11.51% 18.16%89.46%increase.ThissurgeislargelyattributabletoWinnerMedical(Hunan)’sconsolidationintoouroperationsinJuly2022. RevenuefromWinnerMedical(Hunan)wasconsolidatedfromJulytoDecemberin2022,andthefullyearinthecurrentperiod.Note:In2023,theCompanyunderwentarestructuringandmanagementorganizationadjustmentofthePureH2Bbusiness.It mergedthehealthpersonalcarebusinessofPureH2Bintothemedicalsegmentformanagement.Consequently,thedatafor2022 wassynchronouslyadjustedbyreallocatingaportionofPureH2B’sbusiness,originallyintheconsumergoodssegment,tothe medicalsegment.Theadjustedrevenueamountedto47,415,228.79yuan,andtheadjustedcostamountedto30,538,838.48yuan. IntheeventthatthestatisticalcaliberoftheCompany’smainbusinessdataisadjustedinthereportingperiod,theCompanyshall followthemainbusinessdatainthepastyearadjustedbythecaliberattheendofthereportingperiod□Applicable√Notapplicable TheCompanyneedstocomplywiththedisclosurerequirementsofthe“TextileandApparelBusiness”stipulatedintheNo.3 GuidelineofShenzhenStockExchangeforSelf-regulatoryofListedCompanies-IndustryInformationDisclosure. Unit:yuan Increaseor decreasein costsover Year-on-year Gross Year-on-year thesame increase/decr Revenue Operatingcosts profit increase/decre periodof easeofgross margin aseofrevenue the profitmargin previous year Byindustriesprimarybusinessdatainthepastyearchangedbythecaliberattheendofthereportingperiod □Applicable√Notapplicable WhethertheCompanyhassalesterminalsinbrick-and-mortarstores √Yes□No Distributionofbrick-and-mortarstoresNewstoresoflistedcompanies √Yes□No Property Address Opening Contractarea Investmentamount Busine Business Number Nameofstores Productcategory ownership 2 ofstores time (m) (yuan) sstype model ofstores status Direct-sale stores of North Healthy Direct-sale Purcotton 2023 1,148.50 9,058,522.70 Retail 7 Purcotton China consumergoods stores leasing Direct-sale stores of East Healthy Direct-sale Purcotton 2023 2,114.00 13,286,007.24 Retail 10 Purcotton China consumergoods stores leasing Direct-sale stores of South Healthy Direct-sale Purcotton 2023 2,012.77 12,302,631.39 Retail 10 Purcotton China consumergoods stores leasingcostsattheendofthereportingperiod. DoestheCompanydisclosetheinformationonTop5franchises √Yes□No(4) PerformanceofsignificantsalescontractsandsignificantprocurementcontractsenteredintobytheCompanyupto thecurrentreportingperiod □Applicable√Notapplicable (5) Compositionofoperatingcosts Classificationofsectorsandproducts Unit:yuan 2023 2022 Year-on-year Classification of Item increase/decr Proportionin Proportionin sectors Amount Amount ease operatingcosts operatingcosts Direct Medicalconsumables 1,554,038,332.02 67.55% 2,998,344,558.83 74.46% -48.17% materialcost Directlabor Medicalconsumables 373,090,284.06 16.22% 566,440,550.52 14.07% -34.13% costr Proportionin Proportion Classificationofproducts Item increase/dec Amount operating Amount inoperating rease costs Cost Traditional wound care and Medicalconsumables 756,271,542.20 18.12% 721,435,653.90 12.08% 4.83% wounddressingproducts Advanced wound dressing Medicalconsumables 267,838,902.18 6.42% 214,388,590.22 3.59% 24.93% products Medicalconsumables Operatingroomconsumables 305,768,350.25 7.32% 324,986,710.26 5.44% -5.91% Medicalconsumables Infectionprotectionproducts 504,221,134.36 12.08% 2,441,987,072.10 40.89% -79.35%S/N Nameofcustomer Sales(Rmb) Proportionintotalannualsales 1 First 574,835,439.21 7.02% 2 Second 230,352,491.53 2.81% 3 Amazon 146,990,248.64 1.80% 4 HenganGroup 123,024,162.99 1.50% 5 MOGroup 122,747,568.23 1.50% Total -- 1,197,949,910.60 14.64% Otherdescriptionofmajorcustomers □Applicable√Notapplicable TheCompany’smajorsuppliers TotalsalesamountoftheTop5customers(Rmb) 1,197,940,332.64 TheproportionofTop5customers’combinedsalesamountintotalannualsales 14.64% TheproportionofrelatedpartysalesinthetotalannualsalesoftheTop5customers 0.00% InformationontheCompany’sTop5suppliers Proportionintotalannual S/N Nameofsupplier Purchaseamount(RMB)Administrative 693,647,621.42 633,614,634.95 9.47% Nomajorchanges expenses Primarilyattributedtoreduced Financialexpenses -61,858,959.93 -122,574,572.07 -49.53% foreignexchangegains. Mainlyduetothedecreasein R&Dexpenses 322,051,868.43 487,583,652.11 -33.95% R&Dinvestment TheCompanyneedstocomplywiththedisclosurerequirementsofthe“TextileandApparelBusiness”stipulatedintheNo.3 GuidelineofShenzhenStockExchangeforSelf-regulatoryofListedCompanies-IndustryInformationDisclosure.TheCompanyneedstocomplywiththedisclosurerequirementsofthe“TextileandApparelBusiness”stipulatedintheNo.3 GuidelineofShenzhenStockExchangeforSelf-regulatoryofListedCompanies-IndustryInformationDisclosure.(1) Productioncapacity TheCompany’sownproductioncapacity Currentreportingperiod Sameperiodlastyear Morethan10%YoYchangeinproductioncapacityutilizationrate √Yes□No 2023 2022 Percentage ofchangein Production Production Business Product production Unit Changereasondescription Production capability Production capability category category capacity Output Output capacity utilization capacity utilization utilizationtheSales-outputRatioTableincludesself-producedandpurchasedoutputs,wheretheoutputofmenstrualpadsunder“healthy livingconsumerproduct”islowerthanthatintheSales-outputRatioTable,whichismainlyduetotheoutsourcedprocessingof somemodelsofmenstrualpads.Additionally,theoutputof100%cottonspunlacenonwovenfabricsisthetotaloutput,including theoutputfordirectexternalsalesandthatforself-consumption. Isthereoverseasproductioncapacity? □Yes√No5 Fifth June10,2021 No 3,571,729.92 Primary Total -- -- -- 22,070,843.76 -- (4) Onlinesales Theproportionofonlinesalesinsalesrevenuesexceedsmorethan30% √Yes□No Isthereaself-builtsalesplatform? √Yes□No Operationstartingtime January6,2014 Numberofregisteredusers 14,027,034 Averagenumberofmonthlyactiveusers 1,648,165Merchandiseinventory 258,680,380.74 1,084,931.09 266,138,204.39 320,646,375.36 -2,814.07 205,259,954.93 Semi-finished products 130,228.78 130,228.78 shippedintransit Low priced and easily 1,591,988.35 1,352,093.22 1,345,090.99 1,598,990.58 wornarticles Total 324,418,913.14 1,084,931.09 311,201,531.94 380,164,244.65 -2,814.07 256,543,945.59InventoryinformationofendchannelssuchasfranchisesordistributorsThePurcottonhad74franchiseesstores.Itsbusinessmodelrequiresfranchiseestoberesponsibleforstoreconstructionanddaily operationwhilePurcottonprovidesgoodsandsupplychainsupports.Afterthesalesofstores,Purcottonandthefranchisees obtaintheirrespectiveprofitsthroughsharing;thefranchisestoreinventoryownershipbelongstoPurcotton.AsofSunday, December31,2023,therewasaninventorybalanceof39.85millionyuan,withaverage540,000yuanineachstore.(7) Brandbuilding Whetherthecompanyisinvolvedintheproductionandsalesofbrandedclothing,apparelandhometextileproducts √Yes□No Privatebrand Main Brand Trademark Mainmarket product Features Targetcustomers Mainproductpricebands Levelofcities name name territory types Made of 100% high-qualitynaturalcotton Second- and Cotton without fluorescent All-age customer third-tier Purcotton Purcotton 5-30yuan/pack(100pieces) Nationwidegauze fabric to provide above morecomfortablecare 100% cotton material; Adult apparel: Outwear: 150-800 yuan/piece; high-quality cotton Adult adult men and leisure wear: 200-800 Second- and without fluorescent nor apparel / womenofallages; yuan/piece; thermalunderwear: third-tier Purcotton Purcotton formaldehyde; soft to the Nationwide intimate intimate apparel: 200-600yuan/piece;underwear: cities and touch; the unique gauze apparel customers of all 58-108yuan/pair(pack);socks: above fabrics to provide more ages 20-40yuan/pair comfortablecare 100% cotton material; Children bedding: 268-500 high-quality cotton(8)Others WhethertheCompanyisengagedinappareldesign-relatedbusiness（未完）  |