Changjiang Securities research report points out that Winner Medical has concentrated equity, introduced industry talents to improve the management team after 2020, and will release high targets for equity incentives in 2024. Looking ahead, consumption in personal care β, event dividends, and leading advantages will see an upward shift in growth rates, and due to structural optimization, sold-out conditions & improved discount rates, and precise marketing investments, profit growth will be even better. In the medical sector, the burden of impairment from infection protection products and mergers and acquisitions has significantly decreased, enhancing the certainty of growth under the consolidation of regular business and raising the growth center. The fluctuations in stock price and valuation from the listing to early 2022 were mainly influenced by infection protection products, while after 2022, stable consumption and regular medical services became the pricing business. Since Q3 2024, the bottom cycle of consumption and medical services has been on the rise, with both valuation and stock price increasing. Currently, compared to some new consumption companies, its growth potential is not weak, performance elasticity is relatively good, and it still has a valuation cost-performance advantage