从医用到日用 稳健医疗把“小棉花”做出大生意

Core Insights - The article highlights the transformation of Shengjian Medical from a medical dressing company to a consumer goods powerhouse, emphasizing the integration of medical-grade standards into everyday products like cotton towels and sanitary napkins [1][2][3] Company Overview - Shengjian Medical was established in 2000, initially focusing on medical dressings, and developed the first domestic cotton water-jet non-woven fabric technology in 2005, addressing infection issues in traditional medical gauze [2] - In 2009, the company launched "Cotton Era," marking its entry into the consumer market with a focus on high-safety cotton products [2][3] Market Performance - From 2015 to 2024, the revenue from Shengjian Medical's consumer goods business grew from 642 million to 4.991 billion, representing over a sixfold increase [3] - In the first three quarters of 2025, the consumer goods segment achieved a revenue of 4.01 billion, a year-on-year increase of 19.1%, surpassing the medical business revenue [3] Product Development - The cotton towel, a flagship product of Cotton Era, adheres to medical-grade standards throughout its production process, ensuring safety and comfort [4] - The Chinese cotton towel market demand reached 60 billion units in 2022, with a CAGR of 58.6% from 2015 to 2022 [4] Strategic Focus - Cotton Era has expanded its product range to include female hygiene, baby products, and home care, focusing on four strategic categories [6] - The company emphasizes long-termism, prioritizing supply chain optimization, channel development, and research over aggressive advertising or price wars [6][7] Sales Channels - The company operates both online and offline channels, with a total of 484 stores as of mid-2025, and has opened 16 new stores in the first half of the year [6] - Online sales reached 2.46 billion in the first three quarters of 2025, with a 23.5% year-on-year growth, particularly driven by interest e-commerce platforms like Douyin [7] Research and Development - Shengjian Medical invested 350 million in R&D in 2024, accounting for 3.88% of sales revenue, and holds 1,639 patents, a threefold increase since 2019 [7] - The company continues to innovate in product functionality, enhancing features such as softness, breathability, and antibacterial properties [7]