Winner Medical has no plans for overseas listing for now; Purecotton plans to add 50 new stores this year.

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As the "going abroad" wave intensifies, many A-share leading companies have embarked on the journey of overseas capitalization.

As a medical device enterprise with both medical and consumer attributes, Winner Medical (300888.SZ)'s overseas securitization plan has also attracted much attention.

On September 17, Winner Medical held its fifth anniversary listing event in Wuhan. Chairman Li Jianquan responded to this topic to Xinfeng: Overseas listing is still not a current priority.

"I think overseas listing is not our priority at the moment. In general, no matter how great the difficulties we face domestically today, China is still a country that maintains annual growth, and the number of consumers is also increasing, so the room for development remains very large," Li Jianquan pointed out.

Li Jianquan further stated: "Our products and brand need to go abroad, but does it necessarily mean we must be listed overseas? I personally don’t think that is an issue I’m considering right now. If our team wants to discuss it, that is also fine. Personally, I feel the time has not yet come."

In fact, Winner Medical was listed on the US stock market from 2005 to 2012, and only returned to the A-share market in September 2020.

This may indicate that in the future, with sustained growth in performance and scale, Winner Medical may still launch an overseas listing plan.

After fluctuations in previous years, Winner Medical's performance has gradually returned to the right track. In the first half of 2025, revenue and net profit attributable to shareholders were 5.296 billion yuan and 492 million yuan, up 31.31% and 28.07% year-on-year, respectively.

In addition to the medical device business, an important focus for Winner Medical’s future performance is the consumer brand 'PurCotton'. In the first half of 2025, the brand generated 2.75 billion yuan in revenue, a year-on-year increase of more than 20%.

As of the end of June 2025, PurCotton had a total of 484 existing stores.

According to Winner Medical management's plan, PurCotton's annual plan for new stores in 2025 is 50, halved from previous plans.

On this, PurCotton Senior Vice President Liao Meizhen told Xinfeng that, on one hand, the reduction is because there are fewer new commercial real estate projects, so the number of new stores was lowered overall; on the other hand, the newly opened stores are now larger, and there will be no new stores of 100-200 square meters, with a main focus on stores above 300 square meters.

Currently, PurCotton is experimenting with opening large flagship stores. Its first global flagship store will open in Wuhan on September 20.

According to a site visit by Xinfeng, the positioning of this flagship store is mainly for mid-to-high-end consumers, and the categories are expanding from ordinary home scenarios to outdoor products.

This flagship store covers an area of over 500 square meters, with three floors, and is adjacent to the high-end SKP mall in Wuhan. Its products include all types of home goods and outdoor sports apparel under the PurCotton brand, among which pajamas are priced between 500 and 1200 yuan.

Liao Meizhen told Xinfeng that, given suitable projects, PurCotton plans to open new flagship stores in Beijing, Shanghai, Chengdu, Shenzhen, Xi'an, and other cities in the future.

"Our choice of location in Wuhan also lays the foundation for our future entry into more high-end malls," Liao Meizhen said. "But we will not blindly pursue having such flagship buildings everywhere in Beijing, Shanghai, Guangzhou, and Shenzhen. That would be very costly. If it exceeds our profitability requirements, we won’t consider it. So, we still need to look for appropriate projects."

With the continuous expansion of store scale in the future, whether PurCotton can maintain double-digit growth in performance is attracting attention.

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