初心： 转自：中国质量报 □ 南 星 本报记者 丁 莹 今年，全棉水刺无纺布诞生20周年。这项由稳健医疗自主研发的产品，不仅攻克了传统医用纱布因纱头 残留易导致伤口感染的世界性难题，更引领了一场贯穿医疗与消费品领域的产业升级，成为中国制造业 自主创新与长期主义实践的生动注脚。 技术创新只是起点，产业化与市场化才是真正的考验。诞生之初，全棉水刺无纺布因技术超前、缺乏相 关行业标准，在医疗市场推广屡屡受挫。连续3年，没有订单，生产线一度沉寂、外界质疑声源源不 断。在至暗时刻，李建全坚定地告诉团队："走别人不走的路，做别人不做的事。我们现在做的这件事 情就是给社会，特别是给患者解决痛点。"这份对初心的坚守，让团队没有放弃。 2008年初，得知国内有卫生巾品牌正在寻找新材料，稳健医疗员工主动致信争取，最终以诚意打动客 户，拿下第一笔订单。春节前夕，年味正浓，稳健医疗车间却灯火通明。当生产线重新响起轰鸣，全棉 水刺无纺布在漫长的等待中迎来曙光。随着市场打开，李建全意识到"仅仅作为卷材供应商，依然无法 把棉花的价值很好地传递给消费者，一定要做一个自己的品牌"。 真正的转机出现在一次出差飞行途中，李建全因鼻炎发作，随手拿出 ...

此外，屈臣氏在内地积极布局毛利率较高的自营品牌，屡次陷入质量争议，消费者投诉 【下载黑猫投 诉客户端】不断，进一步伤害了品牌信任度。 近日，《BUG》栏目在万宁广州某店看到，昔日琳琅满目的货架，如今已显得有些空旷，店内多处悬 挂着"限时优惠"的醒目标语，头部大品牌都已下架，店员直言"因为要关店，之前卖完了就不再进货 了"。 昔日风光的万宁、莎莎国际（SaSa）、屈臣氏等港资零售巨头，如今已纷纷寻找新生路径。万宁、莎莎 相继选择"离场"，屈臣氏的日子其实也不好过。根据其母公司长江和记的财报，屈臣氏中国区的业绩持 续承压，利润已连续多年下滑，门店数量已较巅峰期萎缩超过一成。 文 | 《BUG》栏目 徐苑蕾 近日，一则公告在中国零售市场激起千层浪。继莎莎国际（SaSa）退出后，另一港资零售品牌万宁 （Mannings）也正式宣布挥别内地市场。万宁进入内地20年，巅峰期门店数量一度突破200家，覆盖33 城。截至发稿，天眼查资料显示，其关联公司旗下仍存续门店仅剩13家。 清仓甩卖、货架空空……万宁闭店前夜，谁在抢购"最后的港妆"？ 现场：最后清仓，低折甩卖 "因公司业务战略调整需要，万宁中国内地所有线下门店及线上商城 ...

Overview - The demand for disposable underwear is increasing due to rising living standards and changing consumer attitudes towards convenience and hygiene, particularly driven by the "lazy economy" [1][4] - The market for disposable underwear is projected to reach a demand of 1.527 billion pieces and a market size of 6.296 billion yuan by 2024 [1][4] Industry Development - Disposable underwear is designed for single-use, emphasizing convenience, hygiene, and practicality, and can be categorized by material (knitted or non-woven), style (boxer or brief), and usage scenarios (travel, postpartum care, medical care, emergency sports) [2][4] - The industry has evolved from a nascent stage to a rapidly growing market, influenced by economic growth and consumer demand for comfort and hygiene, with a shift from B2B to B2C markets [4][5] Market Dynamics - The supply chain includes raw material suppliers (non-woven fabric, cotton, bamboo fiber), production equipment suppliers, and sales channels (supermarkets, convenience stores, pharmacies, e-commerce) [6][8] - The sales channels have shifted from offline to online, with offline sales dropping from 75.87% in 2018 to 50.21% in 2024, while online sales increased from 24.13% to 49.79% [8] Competitive Landscape - The market is fragmented with numerous participants, including major companies like Sichuan Langsha Holdings, Weigao Medical, and others, each focusing on different segments of the disposable underwear market [9] - Weigao Medical, established in 1991, has a strong reputation in the maternal and infant sector, with disposable underwear products primarily made of cotton [9][10] - Xiamen Youpai New Life Technology Co., Ltd. focuses on quality and user experience, aiming to become a leading brand in disposable underwear with a production capacity exceeding 100 million pieces annually [10] Future Trends - The industry is at a critical point for regulatory standardization, necessitating enhanced market supervision and quality improvement among small and medium enterprises [11] - The core consumer base currently consists of travelers and business people, but the market is expected to expand to cover all demographics as product awareness increases [11][12]

Group 1 - The core viewpoint of the article highlights that Buddy Gao has been recognized as the "No. 1 brand of disposable underwear" and "No. 1 in national sales" by iiMedia Research, a leading third-party data mining and analysis agency in the new economy sector [1][6]. - The demand for disposable underwear is increasing due to a shift in consumer lifestyle and heightened hygiene awareness, with over 50% of consumers citing time-saving as the primary advantage [3][6]. - The disposable underwear market is evolving from a niche product to a new necessity, driven by travel trends and the need for convenience, with applications in business travel, outdoor activities, and healthcare [6][12]. Group 2 - Buddy Gao's success in the competitive disposable underwear market is attributed to its focus on product quality and understanding of consumer needs, targeting young professionals aged 18-40 [8][9]. - The brand employs medical-grade materials and advanced sterilization processes to ensure safety and comfort, achieving a high repurchase rate among consumers [9][11]. - Buddy Gao has developed a comprehensive product ecosystem around travel essentials, covering various consumer segments and leveraging both online and offline sales channels for effective market penetration [11][12]. Group 3 - iiMedia Research utilizes a proprietary CMDAS big data monitoring system to provide real-time data insights across 135 countries and over 10,000 industry segments, supporting strategic decision-making for businesses [7]. - The rise of interest-based e-commerce has allowed Buddy Gao to effectively engage consumers through targeted marketing strategies, including collaborations with popular travel shows [11][12]. - The upcoming launch of Buddy Gao's automated production facility aims to redefine industry cleanliness standards, emphasizing the brand's commitment to providing a hassle-free lifestyle for consumers [12].

Investment Rating - The report does not explicitly provide an investment rating for the disposable underwear industry Core Insights - The disposable underwear industry is experiencing rapid growth driven by low prices, high frequency of use, strong demand in specific scenarios, and its fast-moving consumer goods (FMCG) nature [2][3] - The average market price for disposable underwear ranges from 2 to 10 yuan, making it an attractive option for price-sensitive consumers, especially on e-commerce platforms [2] - The market size for disposable underwear in China is projected to exceed 600 billion yuan by 2025, with a compound annual growth rate (CAGR) of 82.2% from 2022 to 2025 [9][10] Market Size and Sales Channels - The disposable underwear market in China was approximately 107 billion yuan in 2022 and is expected to grow to 646 billion yuan by 2025 [9] - Online sales accounted for about 42% of the market in 2022, increasing to an estimated 71% by 2024, indicating a significant shift towards online purchasing [10][11] Competitive Landscape - The disposable underwear market features numerous players across various segments, including maternal and infant brands, outdoor travel brands, textile and apparel brands, retail brands, and hygiene product brands [14][15] - Leading brands in the maternal and infant segment include Ten Months Crystal, Maternity, and All Cotton Era, while Freego and Buddy High are notable in the outdoor travel segment [15][16] Production Process - The production of disposable underwear involves eight key processes, with sterilization being the critical step to ensure hygiene and safety [20][21] - The main sterilization methods include ethylene oxide sterilization and high-energy electron beam sterilization, with the former being the most common [21][22]

Core Insights - The third China International Supply Chain Promotion Expo (Chain Expo) opened in Beijing, showcasing the innovative strength and green practices of the cotton industry through the theme "Global Good Cotton, One Cotton One World" [1][3] - The event highlighted the transformation of cotton production and its global supply chain, emphasizing the journey from cotton fields to finished products [3][5] Group 1: Exhibition Highlights - The exhibition featured three core display areas: global sourcing, global production, and global sales, with a focus on the innovative stories of the cotton industry [3] - The "Global Production" interactive area attracted significant attention, allowing visitors to experience the intelligent manufacturing process of cotton products in real-time [5] Group 2: Technological Innovations - The company has made significant advancements in cotton technology, including the development of "Cotton Tech," which enhances the softness, breathability, and antibacterial properties of cotton products [9] - Innovations such as "Cotton Water-jet Non-woven Fabric" and "Cotton Gauze" have revolutionized traditional textile processes, improving production efficiency and expanding the application of cotton in various consumer products [6][9] Group 3: Sustainable Practices - The company emphasizes sustainable development by using organic cotton and avoiding chemical pesticides and fertilizers, ensuring high-quality products that are safe for sensitive skin [11] - The commitment to sustainability is reflected in the company's ongoing research and development efforts to uncover and communicate the deeper value of cotton [13] Group 4: Market Expansion - The company is actively pursuing global expansion, particularly in rapidly growing Southeast Asian markets, while also exploring opportunities in the Middle East, Europe, and the United States [5] - The establishment of a robust network of 500 stores and 70 million members supports the company's international branding strategy [5]

Management Changes - Wang Sha Co., Ltd. has appointed new management, with Weng Rongdi as the general manager, Jin Zhoubin as the deputy general manager, and Lu Mingliang as the financial head [1][5] - The founder's children, Weng Xiaofeng and Weng Xiaofei, have exited the core management team, indicating a shift away from family-centric management [1][4] Company Background - Wang Sha Co., Ltd. was founded in 1995 by the Weng brothers and is a typical family business, with the founders holding a combined 43.89% stake in the company [2][4] Financial Performance - In 2024, the company reported a revenue of 380 million yuan, a decrease of 2.08% year-on-year, while net profit increased by 3.43% to 23.4 million yuan [5] - The company closed 102 stores in 2024, ending the year with a total of 282 stores [5] Quality Issues - Wang Sha's products have faced multiple quality control issues, with several items failing to meet standards in inspections conducted by market supervision authorities [6][7]

Core Viewpoint - The article discusses the challenges and transformation of Shandong Huaxin Cellulose Co., Ltd. as it navigates the complexities of the international market and shifts from being a raw material supplier to a brand-focused producer [2][4][5]. Group 1: Challenges Faced - The company faces significant challenges including soaring cotton prices, high shipping costs, and a volatile international trade environment [3][5]. - The increase in raw material prices and shipping costs has severely impacted the company's operations, leading to inventory buildup and financial pressure [5][8]. Group 2: Transformation Strategy - The company has decided to transition from a raw material supplier to a brand manufacturer, aiming to directly reach consumers [5][10]. - This transformation involves improving production processes, brand building, and market promotion, which presents various challenges [5][10]. Group 3: Product Quality and Innovation - The company emphasizes high-quality cotton sourcing and eco-friendly production processes, ensuring safety and comfort in its products [6][10]. - It has developed a unique zero-emission production process that enhances product quality and reduces costs, providing a competitive edge in the market [10]. Group 4: Market Expansion - The company is actively expanding both domestic and international markets, with plans to establish overseas operations and partnerships [12]. - Following recent market trends, the company anticipates a significant increase in demand for its products, leading to plans for additional production capacity [8][12]. Group 5: Brand Development - The company has launched two brands, "Mian Xiaojin" and "Mianhua Taotao," targeting the maternal and female markets, and is utilizing social media platforms for promotion [10][12]. - The company aims to double its revenue through effective brand marketing and product offerings [10]. Group 6: Industry Events - The article mentions the upcoming "Good Life Expo," which aims to support quality brands and facilitate market expansion for domestic enterprises [14][15]. - The expo will feature a hybrid model of online and offline engagement, connecting quality products with domestic distribution channels [15].

Core Viewpoint - Watsons, once a cash cow for Li Ka-shing's business empire, is facing significant challenges in the Chinese market, with profits from health and beauty products declining for six consecutive years since 2019, and a projected 18% drop in sales for 2024, alongside a 55% decrease in EBITDA [1][11][19] Group 1: Financial Performance - Watsons' revenue from health and beauty products in China for 2024 is projected to be 135.08 billion HKD, down from 164.53 billion HKD in the previous year, marking an 18% decline [11][12] - EBITDA for the same segment is expected to fall to 4.67 billion HKD from 10.42 billion HKD, reflecting a 55% decrease, with EBITDA margin dropping from 6% to 3% [11][12] - The number of stores in China has decreased to 3,875 from a peak of 4,179, indicating a contraction in physical retail presence [13] Group 2: Quality Issues and Brand Reputation - Recent controversies surrounding product quality, including complaints about a Watsons-branded disposable underwear allegedly containing mold, have severely impacted brand reputation [4][6] - Watsons has faced multiple lawsuits related to product liability, with its own brand products frequently criticized for quality issues on consumer complaint platforms [5][7] - The company has been penalized by market supervision authorities for issues such as unauthorized cosmetic formulations and false advertising [7] Group 3: Market Challenges - The rise of e-commerce and new beauty retail formats has intensified competition, making Watsons' traditional offline retail model less effective [1][13] - The company has struggled to adapt to digital channels, despite efforts to establish online platforms, as consumer perceptions remain tied to its physical stores [14] - New entrants in the beauty retail space are further diverting customers away from Watsons, particularly in lower-tier cities where its performance is relatively better [13] Group 4: Historical Context and Ownership Changes - Watsons was acquired by Cheung Kong Holdings in 1981, becoming a significant part of Li Ka-shing's business empire, which at its peak generated over 160 billion HKD annually [17][18] - The company was once poised for an IPO in 2013, but a significant stake sale to Temasek Holdings in 2014 led to the shelving of those plans, reflecting cautious sentiment about its future [19]

Summary of the Conference Call for Miniso Company Overview - The conference call focuses on Miniso, a retail company, discussing its valuation and business performance in the context of the broader market and its competitor, Yonghui Superstores [3][5]. Key Points Valuation and Market Perception - Miniso's current market capitalization is approximately 50 billion HKD, while projected net profits for 2025 and 2026 are 3.45 billion and 4.2 billion RMB respectively. Based on a 20x P/E ratio, Miniso should be valued at over 80 billion RMB, around 90 billion HKD. The market's pessimistic outlook on Yonghui's losses is a primary reason for Miniso's undervaluation [3][4][5]. Yonghui Superstores Impact - The market anticipates Yonghui will incur a loss of 6 billion RMB next year, which is considered overly pessimistic. Historical data shows Yonghui's maximum loss was around 4.5 billion RMB, and the company is undergoing store adjustments and supply chain restructuring to improve profitability [4][5]. Domestic Business Performance - Miniso's domestic revenue share is expected to fall below 55% this year. Despite a 4% year-on-year decline in same-store sales, recovery is strong, with sales returning to 96%-100% of previous levels. The company plans to open 450 to 550 new stores to drive growth, minimizing reliance on same-store sales [4][6]. Overseas Business Growth - The overseas segment is identified as a core growth driver, benefiting from accelerated expansion, foreign exchange gains, and tax refunds. The depreciation of the RMB is projected to yield tens of millions in net profit, and the U.S. tax refund policy will continue to positively impact finances [4][7]. Market Conditions and Consumer Confidence - Recent consumer policies and increased foreign investment in Hong Kong stocks are favorable for new consumption sectors, enhancing investor confidence in Miniso and similar companies. The new consumption sector is undergoing a revaluation after two years of being undervalued [4][8]. Future Performance Expectations - Positive catalysts are expected following the Q2 earnings release, particularly in May. The market is focused on future guidance and expectations regarding Yonghui. The Q4 performance is already prepared, and the domestic business has experienced a downturn, leading to a currently low valuation [4][9]. Potential Risks - A recent safety issue regarding disposable underwear has minimal impact on Miniso, as this product accounts for a very small portion of revenue. Even if sales of this product were halted, the profit impact would be negligible [4][10][11]. Operational Strategy in the U.S. - Following the appointment of a new CEO in the U.S., the focus will be on optimizing revenue and costs, controlling store opening speed, and reducing rent and labor costs to enhance profitability. The overseas business is expected to grow at 40%, with direct stores growing at 60% and agency stores at 20% [4][12]. Profit Forecast and Valuation Outlook - Profit forecasts for the next two years suggest net profits corresponding to P/E ratios of 14x and 11x. The current valuation is around 10-11x, indicating significant undervaluation. A correction to a reasonable valuation of around 20x is anticipated, making Miniso one of the most promising companies this year [4][13].