Winner Medical(SZ:300888) Sou Hu Cai Jing·2025-06-06 20:48Core Viewpoint - The company is optimistic about the growth potential of its medical business across three channels by 2025, driven by strong performance in both domestic and overseas markets [1][4]. Group 1: Medical Business Growth - The company's medical business is expected to achieve quality growth across three main channels by 2025, with a strong focus on overseas markets where it has 34 years of experience [1][4]. - The domestic hospital business has begun to yield results from previous investments in channel development, product adjustments, and talent acquisition, with core products like surgical combination packs performing well [1][4]. - The C-end consumer medical sector is anticipated to grow significantly due to rising health awareness and consumption upgrades among consumers [1][2]. Group 2: C-End Business Development - The C-end business is showing rapid growth, supported by the company's strong brand image and a wide member base, with over 17 million fans as of March 31, 2025 [2][4]. - The company has expanded its product line from masks to various categories, including nasal care and functional wet wipes, enhancing its market position through increased brand investment [2][4]. - The company plans to accelerate its capabilities in the C-end sector to capture new market opportunities and respond to changing consumer demands [2][4]. Group 3: Profitability Outlook - The overall profitability of the company's two main businesses is expected to improve steadily, with the medical business projected to have an operating profit margin of 7.6% in 2024 [2][4]. - The cotton era brand is experiencing rising consumer recognition and improved product structure, leading to a favorable outlook for gross margins [2][4]. - The marketing investments are becoming more precise, and the management expense ratio is expected to decline, contributing to continued profitability growth in the consumer goods sector [2][4]. Group 4: Market Trends - The cotton soft towel market is experiencing growth, with the industry scale reaching a hundred billion level, indicating significant market potential [3][4]. - The company has developed an integrated business plan for cotton soft towels, focusing on product, marketing, and channel development to maintain its leading position [3][4]. - The company aims to enhance brand awareness and market influence through continuous brand building and product innovation, ensuring the use of 100% high-quality cotton [3].