[中报]稳健医疗(300888):2025年半年度报告（英文版）
原标题:稳健医疗:2025年半年度报告（英文版） Product Portfolio Global Production Capacity Establishing a Leading Global Product Supply Chain System Unit Location of Facilities Wuhan, Huanggang, Yichang, Tianmen, Jingmen, Jiayu, Chongyang in Hubei Province; Shenzhen, Guangdong ? Winner Province ? Longterm Deqing County, Huzhou City, Zhejiang Province; Monterrey, Nuevo León, Mexico I. Company Information Stock Abbreviation Winner Medical Stock Code 300888 Stock Exchange Shenzhen Stock Exchange Chinese Name 稳健医疗用品股份有限公司 Abbreviated Chinese Name (if any) 稳健集团 English Name (if any) Winner Medical Co., Ltd. The name and URL of the stock exchange website and media for publishing the semi-annual report, and the place where the semi-annual report is kept were not changed during the reporting period. See the 2024 Annual Report for details. 3. Change of Registration Whether the registration status was changed during the reporting period □Applicable √N/A There were no changes in the Company's registration during the reporting period. See the 2024 Annual Report for details. IV. Key Accounting Data and Financial Indicators Does the Company need to retrospectively adjust or restate accounting data of previous year □Yes √No V. Differences in Accounting Data under Domestic and Overseas Accounting Standards 1. Differences in net profit and net assets between financial reports prepared under International Accounting Standards and Chinese Accounting Standards □Applicable √N/A The Company had no difference in net profit and net assets between financial reports prepared under International Accounting Standards and Chinese Accounting Standards during the Reporting Period. 2. Differences in net profit and net assets between financial reports prepared under overseas accounting standards and Chinese Accounting Standards □Applicable √N/A The Company had no difference in net profit and net assets between financial reports prepared under overseas accounting standards and Chinese Accounting Standards during the Reporting Period. VI. Items and Amounts of Non-recurring Gains and Losses √Applicable □N/A Unit: RMB Interest income from large-denomination The Company’s routine cash management practices, with a continuing impact on profit or loss certificates of deposit Section III Management Discussion and I. Main Operations The company shall comply with the disclosure requirements of the “Medical Device Business” in the Self-Regulatory Guidelines for Listed Companies on the Shenzhen Stock Exchange No. 4 – Industry Information Disclosure of the Growth Enterprise Market.： The Company is subject to the disclosure requirements for “Textile and Apparel Related Business” in the Shenzhen Stock Exchange Listed Company Self-Regulation Guidelines No. 3 – Industry Information Disclosure. (I) Main operations of the Company Winner Group, driven by the vision of “Caring Health, Cherishing Life, and Protecting the Environment for A Better World”, owns two major brands: brand’s high quality has earned widespread recognition from hospitals and trust from consumers in the domestic market, resulting in higher brand awareness and a stronger reputation. Looking ahead, Winner Medical will accelerate R&D in biomedical and tissue engineering, adhering to the innovation philosophy of technology-driven development and product upgrades, prioritizing product leadership and advancements in basic materials. By integrating Chinese manufacturing with the global supply chain and expanding into global markets, Winner Medical continues to advance towards its strategic goal of becoming a “one-stop solution for medical consumables”. (II) Main products and applications The Company’s products in the medical segment include traditional wound care and bandaging, advanced wound dressings, operating room consumables, infection prevention, healthcare & personal care, and other products. The products in the consumer segment include dry and wet cotton tissues, sanitary napkins, other non-woven products, baby and child apparel and products, adult apparel, and other woven products. The main product categories and illustrations of some products in the Company’s medical segment are shown below: Traditional wound care and Operating room consumables Advanced wound dressings Main Applications Main Applications Main Applications Applied in occupational protection for medical Applied in wound cleaning and disinfection, Applied in health management to meet medical personnel and patient isolation daily healthcare needs Specic Products Specic Products Specic Products Face masks, protective clothing, isolation gowns, Wound disinfectant, iodophor disinfectant Injection and puncture products, test kits, etc. gloves, shoe covers, caps, etc. tablets, oral and nasal care, medical-aesthetic personal care, nursing aids, etc. The main product categories and illustrations of some products in the Company’s consumer segment are shown below: Specic Products Specic Products Specic Products Baby and children’s sleepwear, outerwear, Adult sleepwear, outerwear, underwear, socks, Bedding, bath products, etc. underwear, bath towels, handkerchiefs, swaddles, etc. etc. In procurement, we utilize diverse strategies, including strategic (III) Main business model sourcing and centralized purchasing, combined with mechanisms such as supplier qualification, tiered classification management, and Over the three decades of continuous exploration and development, performance evaluation, to build a sustainable supply chain Winner Group’s business model has undergone significant ecosystem. We leverage digital systems like SRM and SCM to transformation and upgrading. Our business scope has expanded achieve transparent, full-process control and strengthen cost and risk from medical products to consumer goods; our business model has management. In production, aligned with the Company’s strategic shifted from OEM to proprietary brand building, from B2B to B2C, objectives, we use Sales & Operations Planning (S&OP) to guide the from a sole focus on overseas markets to a balanced approach development of medium – and long-term strategic plans and short- between domestic and international markets; and our listing status term production and procurement plans. This process involves all has transitioned from voluntary de-listing on the US Nasdaq to relevant upstream and downstream departments, balancing inventory listing on China’s A-share market. We have evolved from “Made in and lead times based on dynamic customer demand to ensure flexible Winner Group began with its medical consumables business, (IV) Key performance drivers cultivating the industry for over three decades. It is one of the first domestic companies to establish a fully integrated industrial chain 1. Alignment with industry trends: medical and consumer encompassing “raw material procurement – core material R&D – sectors in rapid development product manufacturing – terminal sales”. Winner Medical maintains stringent quality standards throughout its history and established an international-level quality management system at the initial stage of In recent years, improvements in global healthcare standards and its engagement in the industry. Its products have received increasing demand for daily healthcare have driven a steady growth authoritative international certifications, including the EU CE in the medical industry. Globally, the aging population and rising marking, US FDA clearance, and Japanese Ministry of Health, healthcare needs are expanding the medical device market, providing ample room for industry development. Domestically, Labour and Welfare approval, establishing global credibility for the brand. Through strategic acquisitions of leading companies in niche increasing government support for the medical device industry and Protecting the Environment for A Better World”, Winner Group is commerce platforms, and brand supermarkets. It also operates its own pursuing dual-track advancement in medical and consumer goods brand stores offline, serving as platforms for brand promotion, sectors; driving collaborative expansion across domestic and global product experience, and customer service. This online-offline synergy markets; enabling convergent growth of online and offline channels; drives overall quality and growth. In brand building, Purcotton upholding altruism and long-termism. and continues to strive leverages celebrity endorsements, original IP, and cotton field runway towards Centennial Visionary Winner, guided by the development shows to expand brand influence. With its core competitive edges of strategy of “Product Leadership, Operational Excellence, Global “Medical Heritage, Cotton-Centric Philosophy, Quality DNA”, Vision”. Purcotton has cultivated a brand image of “Comfort Commitment, Health Assurance, Eco-Consciousness” and has become a nationally trusted brand. II. Core Competitiveness Analysis 1. Dual-Engine growth: medical and consumer 4. Product leadership: innovation-driven synergies for enhanced risk resilience quality development Winner Group operates as a holistic health enterprise, synergistically Winner Group upholds a “Product Leadership” strategy, driving converging medical innovation and consumer wellness ecosystems development through innovation and consistently delivering through its Winner Medical and Purcotton brands. The Company’s highquality products. In the medical field, we focus on independent business scope has expanded from solely medical consumables R&D of core basic materials and continuous iteration and upgrading manufacturing to footprint in diverse fields, including wound care, of key product categories, ensuring market-leading product infection prevention, personal care, home care, maternity and baby performance and quality. In the consumer goods field, driven by the consumer goods field, Purcotton, centering on cotton and leveraging international professional team its core competitive edges of “Medical Heritage, Cotton-Centric Philosophy, Quality DNA”, has cultivated a brand image of Winner Group is dedicated to establishing a systematic organization “Comfort Commitment, Health Assurance, Eco-Consciousness”, and talent development program encompassing talent acquisition, creating differentiated brand advantages. Through continuous brand training, assessment, and incentives. The Company actively promotes building and marketing, both business segments enhance brand the Four-High Talent Philosophy – “High Personal Quality, High awareness and reputation, establishing themselves as preferred Academic Qualifications, High Performance, High Compensation” – choices for consumers. This strong brand recognition supports with the goal of developing Winner career partners and continuously product sales and market expansion, with the synergy between providing a nurturing environment for talent growth. In terms of professional medical products and quality consumer goods, forming organization, the Company is building professional teams that support a unique brand moat. integrated business operations, focusing on “Organizational Capability, Strategic Goal Enablement”, and continuously improving organizational efficiency through various methods. In terms of incentives, we actively implement performance-based sharing systems to foster a results-oriented corporate culture. We also utilize tools such as equity incentives and employee stock ownership plans to enhance talent cohesion and centripetal force, providing a solid talent foundation for the Company’s sustainable development and building a stable and internationally oriented professional team. III. Analysis of Main Business On the distribution front, in the first half of 2025, the Company (I) Overview pursued a three-pronged strategy—overseas business + domestic critical healthcare + daily consumer healthcare—continuously 1. Financial performance analysis deepening efforts to expand marketing channels. During the period, international sales reached RMB1.43 billion, up 81.3% year-on-year (Excluding GRI, overseas sales in the first half of the year increased In the first half of 2025, despite a challenging external environment, by 10.4% year-on-year). Domestic hospital channels continued to Winner Group positioned itself as a comprehensive health expand steadily, generating RMB410 million in revenue in the first enterprise, driving synergistic development across the medical and half of the year, a 16.2% increase year-on-year. The daily consumer million, up 67.6% year-on-year, underscoring the growth potential of first half of the year increased by 18% year-on-year), 25.7%, and this key strategic category. In adult apparel, the Company 26.9%—maintaining strong momentum. By the end of the reporting strategically focused on intimate categories such as underwear and period, the medical consumables segment held a total of 1,109 R&D sleepwear, deepening its expertise in all-cotton fabric technology patents and 701 medical product registrations, including 28 Class III while enhancing comfort through improved fit and design. Revenue registrations and 340 overseas registrations. in this segment reached RMB520 million, a 19.4% increase year-on-year. Purcotton continues to drive innovation through R&D, expanding its product portfolio and strengthening competitiveness. By the end of the reporting period, the brand had accumulated a total of 530 patents. In channel development, the first half of 2025 saw continued 2. Operational management deepening of online channels, with an emphasis on new products and key hit items to build competitive advantages for strategic (1) Brand building offerings. Online sales reached RMB1.71 billion, up 23.6% year-on- year, with interest-based e-commerce platforms such as Douyin Winner Medical focuses on Brand Advancement by fully achieving breakthrough growth, nearly 100% year-on-year. As key platforms for brand promotion, product experience, and customer consolidating the synergistic ecosystem of “professional healthcare + service, Purcotton’s physical stores maintained steady growth. By public wellness”. In the critical healthcare sector, the Company the end of the first half of 2025, the Company operated 484 stores— strengthens hospital-end brand building through several initiatives: ① 380 directly owned and 104 franchised—with 16 new openings Launching the “Green Operating Room” integrated solution to help during the period (8 direct and 8 franchised). Physical store revenue hospitals improve operational management, reduce surgical reached RMB720 million, up 2.8% year-on-year. The supermarket infections, enhance staff comfort, and minimize environmental impact Liying’s [more comfortable life with Purcotton at home] TVC and “Product leadership, Operational excellence, Global vision”. Winner brand livestream showcased Purcotton sleepwear, effectively Group is committed to pursuing dual-track advancement in medical communicating both the product quality and the brand story. and consumer goods sectors; driving collaborative expansion across domestic and global markets; enabling convergent growth of online and offline channels; upholding altruism and long-termism — committed to delivering safe, premium, cost-effective, and experience-driven products and services for global users (2) Product R&D (3) Digital transformation Driven by functionalization of pure cotton spunlace non-woven By 2025, Winner Group will continue to advance its digital and materials, advanced wound care technologies, and cutting-edge intelligent transformation strategy, customer-centered and guided by biomaterials, Winner Medical maintains a sharp focus on upgrading the principle of “business management process-oriented, process core material formulations and iterating product technologies. In management digitalized, and digital management intelligent”, operating room consumables, Winner Medical prioritizes cotton comprehensively empowering business development. over synthetic fibers, optimizing the performance of high-use clinical supplies such as surgical gowns. The Green Operating Room The Medical division has upgraded its CRM system, streamlining the concept integrates safety, reliability, and sustainability throughout end-to-end LTC process to enable fully closed-loop online surgical procedures, reinforcing the brand’s market positioning. management across five hospital sales categories. This improvement sports-oriented functional materials, exploring cotton’s athletic properties to deliver quick-drying fabrics that don’t stick to the skin, highly elastic materials without static, and breathable fabrics that prevent sweat retention. Its self-developed cotton core filling balances fluffiness with washability, achieving breakthroughs in outdoor apparel insulation. Guided by the “materials leadership, seeds first” innovation philosophy, Purcotton collaborates with research institutions on Cotton 135 breeding conversions and specialized cotton for spunlacing. Deep partnerships with universities have led to pioneering sleepwear “scenario-based comfort” evaluation systems, shifting industry standards from single-parameter assessments to scenario-driven evaluations. Thermal comfort research for cotton thermal underwear has established a multidimensional evaluation model. Through these advances in material science and scenario-driven applications, Purcotton achieves a dual-value upgrade of “health and comfort” alongside “functional sustainability”, offering consumers healthier, more comfortable, and higher-quality product experiences. (II) YoY changes in key financial data Unit: RMB Year-on-year Current reporting period Same period last year increase/decr Reasons for changes ease Primarily driven by growth in both organic Operating revenue 5,296,211,956.92 4,033,505,104.33 31.31% and acquired business sales. Mainly due to higher revenue, which led to Operating cost 2,736,394,780.72 2,068,470,442.58 32.29% corresponding increases in costs. Products or services accounting for more than 10% √Applicable □N/A Unit: RMB Change in Change in Change in gross margin operating operating compared to revenue costs the same compared to compared to Gross Operating revenue Operating cost period last the same the same margin year period last period last year year By products or services The Company is subject to the disclosure requirements for “Textile and Apparel Related Business” in the Shenzhen Stock Exchange Listed Company Self-Regulation Guidelines No. 3 – Industry Information Disclosure. Unit: RMB Change in Change in operating Change in gross revenue operating costs margin Gross Operating revenue Operating cost compared to compared to the compared to margin the same same period last the same period last year period last year year Does the Company have physical store sales terminals? √Yes □No Physical store distribution Store type Number of stores Store area Number of new Number of stores Reason for closure Brands stores opened closed as of the end involved (Square meter) during the of the Reporting Reporting Period Period Directly operated 380 110,018 8 13 Store closure due to contract Purcotton expiration, strategic 4 Ranking fourth 18 January 2018 5,042,726.76 12,092.87 5 Ranking fifth 20 July 2016 5,001,700.66 12,293.72 Total -- -- 26,458,444.07 10,164.01 New stores of listed companies √Yes □No Area in Investment Property Store Opening Product Business Business Number of contract amount Store name ownership address date category format model stores status (Square meter) (RMB0’000) Directly Purcotton directly Central Consumer Leased by 2025 305.00 144.11 Retail operated 1 operated store China goods Purcotton store Directly IV. Other Information Required by the Industry Information Disclosure Guidelines for Textile and Apparel-Related Sectors 1. Capacity Self-owned capacity Capacity utilization changed by more than 10% year on year √Yes □No
3. Selling expenses and composition Unit: RMB Year-on-year Amount for the current Amount for the last Items increase/decr Reasons for changes period period ease Employee benefits 351,756,153.04 308,895,689.06 13.88% No significant change observed Primarily due to additional travel expenses Travel expenses 15,038,995.11 11,089,494.35 35.61% related to GRI. 5 Ranking fifth 31 March 2023 No 4,972,464.39 the first level Total -- -- -- 32,408,922.39 -- Top five distributors Total sales amount Serial number Franchisee name Date of start for cooperation Is it a related party (RMB) 5. Online sales Online sales achieved a revenue as a percentage over 30% √Yes □No The Company’s primary operation model involves setting up online stores on third-party e-commerce platforms such as Tmall, JD.com, and Douyin to sell products directly to end consumers. Under the direct sales model of e-commerce, the goods are delivered and control is transferred to the consumer. The revenue is recognized when the consumer confirms receipt of the goods. Were self-owned sales platforms built? √Yes □No 7. Inventory Inventory 7. Inventory Inventory Raw materials and materials 503,435,346 90,944,720 consigned for processing Work in process 202,764,222 -33,409,746 8. Brand building Does the Company engage in the production and sale of branded garments, apparel, and home textile products? √Yes □No Proprietary brand Target Brand Trademark Main Main sales Characteristics customer Price range of main products City tier name name product type area group Children’s bedding: RMB268- Made from pure premium Expecting 1,698/set; cotton, no fluorescence, no mothers, Second-tier, Toddler’s bedding: RMB198- Bedding, formaldehyde added, soft to newborns, Nationwid third-tier and 1,098/set; Purcotton Purcotton bath the touch, the unique gauze infants, e above cities products Adult’s bedding: RMB268- fabric offering more toddlers and nationwide 3,198/set; comfortable care adults Bath products: RMB38-398/piece Partner brands Target Price range Brand and Cooperati Tradema Main Charact Main sales Partner Cooperati Brand name customer of main City tier trademark on rk name product type eristics area name on period group products ownership method Authorized brand Target Price range Is it an Trademark Main Characte Main sales Authorizin Authorizatio Brand name customer of main City tier exclusive name product type ristics area g party n period group products authorization? V. Non-Core Business Activities √Applicable □N/A Unit: RMB Percentage of total Amount Reason Sustainability prot Primarily due to matured returns on wealth Associate income is Investment income 10,250,616.45 1.59% management products and recognized gains sustainable; others are not from associates Gains and losses from Primarily due to changes in the fair value of VI. Analysis of Assets and Liabilities 1. Signicant changes in asset composition Unit: RMB End of the reporting period End of the previous year Change in Explanation of signicant Percentage of Percentage of percentage changes Amount Amount total assets total assets No significant change Currency fund 1,532,405,558.47 8.50% 1,412,088,898.63 7.68% 0.82% observed Primarily due to the decrease Receivables in payments for goods using 44,592,896.78 0.25% 68,349,926.24 0.37% -0.12% financing bank acceptance bills during the current period Primarily due to increased Prepayments 152,802,786.22 0.85% 107,051,901.68 0.58% 0.27% advance payments for cotton and other goods. Non-current Primarily due to the liabilities due 206,174,504.07 1.14% 396,768,243.67 2.16% -1.02% repayment of borrowings within one year during the period. Primarily due to the Long-term 26,483,360.45 0.15% 48,544,431.64 0.26% -0.11% repayment of long-term payables payables in the current period. 2. Major Overseas Assets 3. Assets and liabilities measured at fair value √Applicable □N/A Unit: RMB Fair value Impairme Cumulative changes nt fair value recognized in provision Purchases during Sales during the Items Opening balance changes Other changes Closing balance profit or loss for for the the current period current period recognized in the current current equity period period Financial assets 1. Trading financial assets 2. Signicant equity investments acquired during the Reporting Period □Applicable √N/A 3. Signicant non-equity investments in progress during the Reporting Period □Applicable √N/A 4. Financial Assets Measured at Fair Value √Applicable □N/A Unit: RMB Fair value changes Cumulative fair Accumulated Asset Initial investment recognized in value changes Purchases during Sales during the Source of investment Other changes Closing balance profit or loss for recognized in the current period current period classes cost funds income banks Trust financial Self-owned funds 127,000 127,000 0 0 products Total 218,100 207,867.1 0 0 Note: The amount of entrusted wealth management for trust products here is the balance of unexpired wealth management products. Specific circumstance of high-risk entrusted financing with significant single amount or with low security and poor liquidity □Applicable √N/A The entrusted financing is expected not to recover the principal or has other circumstances that may cause impairment □Applicable √N/A (2) Derivatives investment □Applicable √N/A No derivative investment in the Company during the reporting period (3) Information of entrusted loans □Applicable √N/A The Company had no entrusted loan during the reporting period. VIII. Disposal of Major Assets and Equity X. Structured Entities Controlled by the Company □Applicable √N/A XI. Risks Faced by the Company and Countermeasures 1. Risk of changes in industry policies and standards The medical device industry, due to its direct connection to human health and safety, is subject to stringent government oversight. In recent years, with the continuous deepening of reforms in the pharmaceutical and healthcare systems, relevant government departments have introduced a series of regulations and policies in areas such as industry standards, bidding rules, pricing mechanisms, and distribution systems. The implementation of these executing forward foreign exchange contracts for hedging purposes, thereby locking in future settlement rates, and enhancing its foreign exchange monitoring and analytical capabilities to track currency market trends in real time and mitigate the impact of exchange rate volatility on profitability. 5. Competition risks in the consumer goods business Each segment of the Company’s consumer goods business operates in highly competitive markets, facing rivals from both established domestic and international brands, as well as new entrants. Competitors may engage in price wars, increase marketing spend, launch innovative products, or expand distribution channels to capture market share. Such actions could put pressure on the Company’s market share, slow revenue growth, and compress profit margins. Rapid shifts in consumer preferences also pose risks if emerging trends are not promptly identified or if product development and innovation fail to keep pace. To mitigate these risks, the Company maintains a stable management team and efficient decision-making processes. It regularly develops rigorous business plans, closely monitors market trends, drives continuous R&D innovation, and consistently upholds its principles of product leadership and operational excellence to meet consumer needs and strengthen brand recognition. 6. Risks of cross-border acquisitions XII. Record of Investor Relations Activities Including Research Visits, Communications, and Interviews during the Reporting Period √Applicable □N/A Main topics discussed Reception Reception Type of Index of basic Reception date Visitor and materials location method visitor research visit provided Details are Company 235 institutional investors, available on the Business overview Headquarters Phone including ChinaAMC, Boshi interactive √Yes □No Has the Company disclosed a valuation enhancement plan? □Yes √No For the further standardization of its market capitalization management practices, the Company has formulated the Market Capitalization Management System of Winner Medical Co., Ltd. to promote the enhancement of investment value, increase investor returns, and protect the legitimate rights and interests of the Company, investors, and other stakeholders. This system was developed in accordance with the relevant provisions of the Company Law, Securities Law, Opinions of the State Council on Strengthening Supervision to Prevent Risks and Promote High-Quality Development of the Capital Market, the Measures for the Administration of Information Disclosure by Listed Companies, and Guideline on the Supervision of Listed Companies No. 10 – Market Capitalization Management, and was reviewed and approved by the Board of Directors. XIV. Implementation of the “Dual Improvement of Quality and Return” Action Plan Has the Company disclosed the “Dual Improvement of Quality and Return” action plan announcement? √Yes □No Guided by the principles of “activating the capital market and boosting investor confidence” and “significantly improving the quality and investment value of listed companies through more effective measures to stabilize the market and confidence”, the plan aligns with the Company’s development strategy, operational realities, and financial position. As a health enterprise integrating medical and consumer sectors, the Company upholds the vision of “Caring Health, Cherishing Life, and Protecting the Environment for A Better World”. It operates two major brands, Winner Medical and Purcotton, offering products spanning wound care, infection Responsibilities Section IV Corporate Governance, Responsibilities I. Change of Directors, Supervisors and Senior Management □Applicable √N/A There were no changes in the directors, supervisors and senior management of the Company during the reporting period, which can be found in the Annual Report 2024. II. Profit Distribution and Share Capital Increase from Capital Surplus in the Reporting Period √Applicable □N/A Number of bonus share to be distributed per 10 shares held (shares) 0 1. Equity incentive On 25 October 2024, the Company held the Fourth Meeting of the Fourth Board of Directors and the Fourth Meeting of the Fourth Board of Supervisors. On 13 November 2024, it convened the 2024 Fourth Extraordinary General Meeting of Shareholders, during which the Proposal on the Company's 2024 Restricted Stock Incentive Plan (Draft) and Its Summary and related matters were reviewed and approved. On 15 November 2024, the Company held the Fifth Meeting of the Fourth Board of Directors and the Fifth Meeting of the Fourth Board of Supervisors, approving the Proposal on the Initial Grant of Restricted Stock to Incentive Targets under the 2024 Restricted Stock Incentive Plan. The grant date was set as 15 November 2024, with RMB6.9763 million restricted shares awarded to 308 eligible incentive recipients. Responsibilities 2. Implementation of employee stock ownership plan √Applicable □N/A All effective employee stock ownership plans implemented during the Reporting Period Percentage of Total Number of Total Shares Sources of Funds for Implementing the Scope of Employee Change Share Capital of Employee Held (shares) Plan Listed Company Core employees at director level Incentive funds raised by employees and 12 353,500 None 0.06% (inclusive) or above provided by the Company The financial impact of employee stock ownership plan on the listed company during the Reporting Period and the associated accounting treatment √Applicable □N/A Responsibilities According to the provisions of Accounting Standards for Business Enterprises No. 11 – Share-based Payment, on each balance sheet date during the vesting period, the relevant costs or expenses and capital reserves are determined based on the best estimate of the number of exercisable equity instruments and the fair value of the equity instrument on the grant date, reflecting the services obtained in the current period. Termination of employee stock ownership plan during the Reporting Period □Applicable √N/A Other descriptions: None 3. Other employee incentive measures Winner Medical (Hunan) Co., Ltd. https://222.244.103.251:8181/hnyfpl/frontal/index.html#/home/ 7 enterpriseInfo?XTXH=2f6c6022-719c-4599-8658-d64971b612ee& (formerly: Hunan Pingan Medical Device Technology XH=1682729533355038391808&year=2024&reportType=1 Co., Ltd.) Responsibilities The Company is subject to the disclosure requirements for “Textile and Apparel Related Business” in the Shenzhen Stock Exchange Listed Company Self-Regulation Guidelines No. 3 – Industry Information Disclosure. Information on environmental accidents of listed companies None V. Performance of Social Responsibility Guided by the vision of "Caring Health, Cherishing Life, and Protecting the Environment for A Better World", the Company consistently upholds its core business principles of "Quality over the Profit, Brand over the Speed, Social Value over the Corporate Value" across all aspects of its operations. During the reporting period, the Company delivered support and care through diverse initiatives, demonstrating corporate social responsibility through concrete I. Commitments Fullled within and not Fullled by the End of the Reporting Period by the Company’s Actual Controller, Shareholders, Related Parties, Acquirer, the Company, and Other Committing Parties □Applicable √N/A No commitments fulfilled within and within and not fulfilled by the end of the reporting period by the Company’s actual controller, shareholders, related parties, acquirers and other commitment parties. II. Non-operating Occupation of Funds of the Listed Company by the Controlling Shareholder and Other Related Parties The Company had no matters related to bankruptcy reorganization during the Reporting Period. VIII. Litigation Matters Major litigation and arbitration matters □Applicable √N/A The Company had no major litigation and arbitration matters in the year. Other litigation matters □Applicable √N/A 5. Transactions with related nance companies □Applicable √N/A There was no deposit, loan, credit granting or other financial business between the Company and the finance company with which it is affiliated, the finance company controlled by the Company and the related parties. 6. Transactions between the Company’s majority-owned nance companies and related parties □Applicable √N/A There was no deposit, loan, credit granting, or other financial business between the Company’s majority-owned finance companies and related parties. 3. Major contracts for daily operation □Applicable √N/A 4. Other major contracts □Applicable √N/A The Company had no other major contracts during the Reporting Period. XIII. Explanation on Other Signicant Events √Applicable □N/A In July 2023, the Company entered into a relocation compensation and resettlement agreement with Shenzhen Xingda Real Estate Development Co., Ltd. (hereafter referred to as "Xingda") for the urban renewal involving the land and above-ground buildings in the Winner Industrial Park in Longhua District, Section VI Changes in Shares and I. Changes in Shares 1. Changes in shares Unit: share Before this change Increase/decrease (+, -) After this change Bonus Share conversion Proportio New issue of Number issuanc from capital Others Sub-total Number Proportion n shares e reserves I. Shares with selling restrictions 406,824,127 69.86% 0 0 0 -95,950 -95,950 406,728,177 69.84% requirements of China Securities Regulatory Commission. Details are provided in “2. Changes in Restricted Shares” within this section. Approval on changes in shares □Applicable √N/A Transfer due to changes in shares □Applicable √N/A Progress of share repurchase implementation □Applicable √N/A Progress of reduction of repurchased shares via centralized bidding transactions □Applicable √N/A The impact of changes in shares on nancial indicators, such as basic earnings per share, diluted earnings per share, and net assets per share attributable to ordinary shareholders of the Company for the latest year and the latest period □Applicable √N/A Other information deemed necessary by the Company or required by securities regulatory authorities to disclose and senior management Supervisors, and senior management Locked shares held by Subject to the relevant regulations on Zhang Li 15,000 15,000 0 0 Directors, Supervisors, share lock-up for departing Directors, and senior management Supervisors, and senior management Locked shares held by Subject to the relevant regulations on Wang Ying 36,150 36,150 0 0 Directors, Supervisors, share lock-up for departing Directors, and senior management Supervisors, and senior management Total 406,824,127 95,950 0 406,728,177 -- -- II. Securities Issuance and Listing □Applicable √N/A III. Number of Shareholders and Their Shareholding Unit: share Total number of preference sharesholders Total number of shareholders Total number of ordinary shareholders as of the 27,915 with restored voting rights at the end of the 0 holding shares with special voting 0 end of the Reporting Period Reporting Period (if any) (see Note 8) rights (if any) Shareholding information of shareholders holding 5% or more, or the top 10 shareholders (excluding shares lent through margin nancing and securities lending) Proportio Number of Pledged, marked, or frozen Change Number of held Number of held n of shares held at Nature of during the shares with shares without ownershi the end of the Name of shareholder shareholder Reporting selling selling p interest Reporting Status Number Period restrictions restrictions (%) Period Explanation of the delegation/trust of voting rights or waiver of voting N/A rights among the above-mentioned shareholders Special note on the repurchase account among N/A the top 10 shareholders (see Note 11) Shareholding information of the top 10 shareholders of shares without selling restriction (excluding shares lent through margin nancing and securities lending, and lock-up shares held by senior management) Number of held shares without selling Type of share Name of shareholder restrictions as of the end of the Reporting Period Type of share Number Bank of China Limited - Huabao CSI Healthcare ETF 7,434,660 RMB ordinary shares 7,434,660 Industrial and Commercial Bank of China Limited – E Fund ChiNext ETF 4,537,103 RMB ordinary shares 4,537,103 Hong Kong Securities Clearing Company Limited 4,076,658 RMB ordinary shares 4,076,658 Xiamen Leyuan Investment Partnership (Limited Partnership) 3,710,944 RMB ordinary shares 3,710,944 Whether the top 10 ordinary shareholders and the top 10 holders of ordinary shares without selling restriction conducted agreed repurchase transactions during the Reporting Period □Yes √No The top 10 ordinary shareholders and the top 10 holders of ordinary shares without selling restriction did not conduct agreed repurchase transactions during the Reporting Period. IV. Equity Changes of Directors, Supervisors and Senior Management □Applicable √N/A There were no changes in the shareholdings of the Company’s directors, supervisors, or senior management during the reporting period. For details, Section VII Bonds Section VIII Financial Report I. Auditor’s Report Whether the semi-annual report is audited □Yes √No The Company's semi-annual financial statement has not been audited. II. Financial Statements The notes to financial statements are expressed in Renminbi Yuan. 1. Consolidated balance sheet Preparer: Winner Medical Co., Ltd. 30 June 2025 Unit: RMB Items Closing balance Opening balance Current assets: Currency fund 1,532,405,558.47 1,412,088,898.63 Current portion of non-current assets 350,659,891.23 345,468,268.20 Other current assets 86,737,201.57 67,736,523.90 Total current assets 7,644,100,554.37 8,081,140,226.76 Items Closing balance Opening balance Non-current assets: Loans and advances to customers Debt investments Other debt investments Long-term receivables 94,230,610.68 88,435,629.22 Long-term equity investments 426,186,435.73 445,355,778.00 Borrowings from the Central Bank Placements from banks and other financial institutions Trading financial liabilities Items Closing balance Opening balance Derivative financial liabilities Notes payable 357,293,200.97 431,873,210.11 Accounts payable 950,746,182.38 1,155,930,554.98 Receipts in advance Contract liabilities 168,112,166.85 182,755,504.60 Financial assets sold under repurchase agreements Perpetual bonds Lease liabilities 412,913,690.20 440,876,652.33 Long-term payables 26,483,360.45 48,544,431.64 Long-term employee benefits payable 14,006,037.56 13,247,971.34 Items Closing balance Opening balance Provisions Deferred income 177,953,549.44 157,154,401.72 Deferred tax liabilities 146,882,546.05 158,515,830.62 Other non-current liabilities 373,262,348.97 373,262,348.97 Total non-current liabilities 1,201,501,532.67 1,244,601,636.62 Total liabilities 5,741,802,472.26 6,516,184,758.78 2. Parent company’s balance sheet Unit: RMB Items Closing balance Opening balance Current assets: Currency fund 625,314,789.67 443,572,315.60 Trading financial assets 2,096,234,103.86 2,794,105,538.09 Derivative financial assets Other non-current financial assets 76,673,047.39 76,673,047.39 Investment properties Fixed assets 303,923,398.35 38,592,292.38 Items Closing balance Opening balance Construction in progress 30,655,605.37 214,011,382.64 Productive biological assets Oil and gas assets Right-of-use assets 15,754,191.92 32,141,280.38 Intangible assets 40,521,001.03 41,672,000.26 Including: Data resources Dividends payable 101,741,971.75 162,645,754.80 Liabilities classified as held for sale Non-current liabilities due within one year 13,524,221.09 193,218,394.36 Items Closing balance Opening balance Other current liabilities 2,855,944.13 2,861,257.23 Total current liabilities 2,069,062,860.40 2,297,821,591.17 Non-current liabilities: Long-term borrowings Bonds payable Including: Preference shares Unappropriated profit 4,839,485,604.01 4,853,765,322.98 Total equity 9,229,661,033.52 9,216,504,323.84 Total liabilities and equity 11,694,698,991.81 11,920,237,052.42 Legal representative: Li Jianquan Financial controller: Fang Xiuyuan Accounting supervisor: Zhao Yan 3. Consolidated income statement Unit: RMB Items Semiannual 2025 Semiannual 2024 I. Total Revenue 5,296,211,956.92 4,033,505,104.33 Including: Revenue 5,296,211,956.92 4,033,505,104.33 Interest income Premium earned Including: Income from investments in associates and joint ventures -12,839,023.48 -7,669,213.76 Income from the derecognition of financial assets measured at amortised cost Exchange gains (loss is expressed with “-”) Net position hedging gains (loss is expressed with “-”) Items Semiannual 2025 Semiannual 2024 Fair value gains (loss is expressed with “-”) 8,043,719.46 7,577,712.84 Credit impairment losses (loss is expressed with “-”) -11,497,804.05 -8,295,817.44 Impairment losses of assets (loss is expressed with “-”) -32,261,264.96 -55,975,503.16 Gains on disposal of assets (loss is expressed with “-”) 1,518,248.05 1,930,800.28 III. Operating profit (loss is expressed with “-”) 659,065,362.15 473,456,081.33 Add: Non-operating income 2,981,866.13 6,143,356.51 1. Other comprehensive income using the equity method that may be reclassified to profit or loss 2. Change in the fair value of other debt investments 3. Amount recognised in other comprehensive income resulting from the reclassification of financial assets 4. Provision for credit impairment of other debt investments Items Semiannual 2025 Semiannual 2024 5. Cash flow hedge reserve 6. Exchange differences on translation of foreign currency financial -2,122,693.34 -2,931,540.14 statements 7. Others Other comprehensive income, net of tax, attributable to non- 4,777,441.79 -2,450,195.00 controlling interests VII. Total comprehensive income for the period 520,842,211.25 400,848,492.45 4. Parent company’s income statement Unit: RMB Items Semiannual 2025 Semiannual 2024 I. Operating revenue 1,407,280,615.50 1,142,885,165.37 Less: Cost of sales 930,548,941.26 843,883,491.16 Taxes and surcharges 6,495,567.57 2,846,781.23 Selling expenses 199,054,549.91 187,126,269.52 IV. Profit (loss is expressed with “-”) 131,302,733.03 21,300,746.82 (I) Profit from continuing operations (loss is expressed with “-”) 131,302,733.03 21,300,746.82 (II) Profit from a discontinued operation (loss is expressed with “-”) （未完）  |