Winner Medical(SZ:300888) Cai Jing Wang·2025-10-28 12:16Core Insights - The company reported a revenue of 7.897 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 30.10% [1] - Net profit attributable to shareholders reached 732 million yuan, up 32.36% year-on-year, with a basic earnings per share of 1.26 yuan [1] - In Q3 2025, the company achieved a revenue of 2.6 billion yuan, a 27.7% increase year-on-year, and a net profit of 240 million yuan, up 42.1% year-on-year [1] Revenue Breakdown - The medical segment generated a total revenue of 3.83 billion yuan in the first three quarters, reflecting a growth of 44.4% year-on-year [1] - Core categories such as surgical consumables, high-end dressings, and health personal care products achieved revenues of 1.15 billion yuan, 720 million yuan, and 360 million yuan respectively, with year-on-year growth rates of 185.3%, 26.2%, and 24.6% [2] Market Expansion - The international sales channel reported a revenue of 2.18 billion yuan, marking an 81.7% increase year-on-year, with Southeast Asia and the Middle East showing significant growth [2] - The company's overseas sales accounted for 57% of the medical segment, indicating a strong international market presence [2] - The C-end business, including domestic pharmacies and e-commerce channels, grew by 25.8%, with cross-border sub-brands on Amazon seeing over 45% growth year-on-year [2] Strategic Focus - The company is optimizing its product structure, increasing the proportion of high-value, high-margin products, and enhancing its competitive advantage in high-end dressing development [1] - The company is expanding its market presence in both domestic and international surgical consumables while fostering growth in health personal care categories such as home wound care and medical aesthetics [1]