Winner Medical(SZ:300888)2025-06-03 00:56Group 1: Medical Business Growth - The three main channels of the medical business are expected to achieve quality growth in 2025, with overseas business maintaining stable growth despite some tariff uncertainties [1][2] - Domestic hospital business is entering a harvest period due to prior investments in channel construction and product adjustments, with core products like surgical combination packs performing strongly [1][2] Group 2: C-end Business Development - The C-end business is experiencing rapid growth, supported by a strong brand image and a wide member base, with over 17 million fans as of March 31, 2025 [3] - The company plans to accelerate capability building in the C-end market to capture new opportunities, expanding its product line beyond masks to include nasal care, medical personal care, and functional wipes [3] Group 3: Mergers and Acquisitions Strategy - The core principle of the company's investment and acquisition strategy is to align with its overall strategic goal of creating a "one-stop solution for global medical consumables" [4] - The acquisition of GRI in September 2024 has strengthened the company's overseas capacity and local operational capabilities, marking a significant step towards globalization [4] Group 4: Cotton Soft Towel Market - The cotton soft towel market is growing, with the industry scale reaching over 10 billion, indicating vast market potential [5] - The company has developed an integrated business plan for cotton soft towels, focusing on consumer education and product innovation to enhance market share [5] Group 5: Profitability Trends - The overall profitability of the two main businesses is expected to improve steadily in 2025, with the medical business's operating profit margin projected to increase from 7.6% in 2024 [6] - The cotton soft towel brand is seeing rising consumer recognition and improved product structure, leading to a favorable outlook for gross margins [6] Group 6: Recent Marketing Activities - The company has launched various marketing activities to enhance brand awareness, including a traceability system for cotton soft towels and collaborations with media for promotional content [7] - Notable marketing events include a factory visit by experts and a live interaction with brand ambassadors to engage consumers [7]