[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 √Yes□No ThenumberoffashiondesignersintheCompany 41 Thenumberofcontractedfashiondesigners 0Theoperationofthebuiltdesignerplatform PLMsyetem,3DdesignplatformanddigitalcolortoolDidtheCompanyholdanordermeeting? □Yes√No 5. R&Dexpenses √Applicable□Notapplicable NameofmajorR&D Project Projectpurpose Objectives ExpectedimpactsontheCompany projects progress Full forming technology Through research into fully molded revolutionizesthetraditionalknitting integrated weaving technology, it Adoption of new processes to process, eliminating stitching and Researchandapplication streamlines the production process, develop innovative products, other steps, achieving one-time of fully molded shortensproductioncycles,minimizes enhanceconsumerexperience,anddevelopment of sandwichfabrictoaddressissuessuch effect:atightouterlayer,ahollow fall and winter cotton products, “Sandwich” hollow as stiffness, lack of breathability, Launched middlelayer,andafluffyinnerlayer. leading the technological warm feeling cotton sweatabsorption,andsusceptibilityto This approach enhances fabric advancement in the cotton fabrics creasing, thereby enhancing the warmth and improves the wearing productsindustry wearer’sexperience. experience, facilitating the development of warm cotton productsforfallandwinterseasons. Developa cotton wovensunscreen Addressthedrawbacksoftraditional jacketwithawrinkledtexture.The Use cotton to replace chemical chemical fiber sunscreen apparel, product boasts UPF>50 and Develop a crepe-feel fiber to improve the quality of including poor moisture absorption Mass UVA<5%,withthecottonmaterial fresh cotton sunscreen outwear,leadingthetechnologicalNumberofR&Dpersonnel(people) 1,259 1,588 -20.72%（未完）  |