稳健医疗：2025年年度报告（英文版）

ANNUAL REPORTWinner Medical Co., Ltd. Brand Vision Caring Health, Cherishing Life, and Protecting the Environmentfor A Better World. Core Business Principles Quality over the Profit，Brand over the Speed, Social Value overthe Corporate Value. Brand Ethics Integrity in Operation, Respect for Consumers, Fair Competition, Social Responsibility,Intellectual Property Rights, Continuous Improvement. The Letter to Shareholders The Strength to Navigate Through Cycles — Staying True to Our Original Aspiration,Building a Centennial Visionary Winner Together Dear Shareholders, Partners, and All Members of Winner Group, The year 2026 embraces a dual milestone for Winner Group — the 35th anniversary of our founding and the fifth anniversaryof our A-share listing. As we commence the first year of the “15th Five-Year Plan” period (2026-2030), I would like to takethis opportunity to offer an honest and transparent review of our journey to our Shareholders, who have long been placingtheir trust in and walking alongside Winner Group, and to share with you our perspectives on the future. I. Over the past 35 years, we have been committed to only one thing Back in 1991, when founding Winner Group in Zhuhai, I held fast to just one simple belief: “Only by Delivering QualityProducts Can a Company Survive.” Over the past 35 years, business models have evolved, marked by ups and downs, yet that original belief has never wavered.From starting as an OEM supplier of medical dressings to becoming the benchmark for medical dressings in China; fromdeveloping the core technology of “cotton spunlace non-woven fabric” tested by thousands of experiments to founding“Purcotton” in 2009, creating a never-seen-before category; from listing on the A-share market in 2020 to our present globallandscape driven by the dual-engine growth of “Medical and Consumer” synergies — in every step of our journey, we havesteadfastly adhered to one core principle: Value Ranking of Winner Group (Unchanged for 35 Years): 1.Quality over the Profit2.Brand over the Speed3.Social Value over the Corporate Value This ranking is seemingly simple, yet staying true to it has always been extremely challenging when tempted. This isespecially true in the consumer goods sector. While other players chase traffic-driven growth and prioritize absolute short-term expansion, we are committed to 100% premium cotton, rigorous standards, and environmental protection. The 35 yearsof journey has proven that doing the right thing strategically and getting things right tactically — time will ultimately deliverthe fairest answer. II. Five Years as A Listed Company: Fulfilling Our “Worthy of Trust” Commitment When ringing the listing bell in 2020, I shared with our Shareholders that Winner Group aspired to become a good companyworthy of long-term trust. Five years on, we have honored this original aspiration with solid, tangible results: ·Medical Business (Our Stable “Ballast Stone”): benefiting from the 35 years of medical quality heritage, our product lineshave expanded comprehensively from traditional wound care to advanced dressings, operating room consumables, and one-stop total solutions. Our services are now available for over 110 countries and regions worldwide, with revenue from ourmain business achieving steady growth over the past five years. ·Consumer Business (Our Powerful “Growth Engine”): Purcotton started with just three stores in 2010 and now boastsover 500 stores nationwide. Not only did we pioneer the cotton tissue category and maintain our leadership in sales volume,but thanks to omni-channel marketing and lean management of nearly 70 million members, we have also emerged as arepresentative force among China’s new domestic brands. ·Global Footprint (From “Going Global” to “Taking Root”): In 2024, we successfully acquired GRI, a U.S. company,enabling localized production and operations across the Americas market in one decisive move and truly achieving the leapfrom “product globalization” to “brand and service globalization.” ·Shareholder Returns: In 2020, the Company’s net proceeds from its listing were RMB3.56 billion. Over the past five years,our total investment reached RMB5.05 billion (primarily invested in projects funded by the offering and four M&A projects).The Company has declared a total of RMB3.05 billion in dividends (including the proposed dividend for the current year),utilized approximately RMB690 million to buy back shares (over 12 million shares repurchased), delivering a total returnof RMB3.75 billion to shareholders, representing 105% of net proceeds from the listing. In 2025, net assets attributableto parent company reached RMB11.52 billion, while operating revenue and R&D expenses totaled RMB10.95 billion andRMB0.41 billion, respectively. Compared with pre-IPO figures in 2019, these represent increases of 264.4%, 139.4%, and165%, respectively. III. The Code of Winner: Enduring Strategy, Evolving Tactics I am often asked: What i