股票简称：万东医疗 证券代码：600055 独立财务顾问报告 二零二五年八月 | 4 | | --- | | | 华泰联合证券有限责任公司 关于 北京万东医疗科技股份有限公司 向2025年股票期权激励计划 激励对象授予预留股票期权 之 | 目录 2 | | --- | | 一、释义 3 | | 二、声明 4 | | 三、基本假设 5 | | 四、本次激励计划已履行的审批程序和信息披露情况 6 | | 五、独立财务顾问意见 8 | | 六、备查文件及咨询方式 11 | | （二）咨询方式 11 | 一、释义 本报告中，除非文义载明，下列简称具有如下含义： | 万东医疗、公司 | 指 | 北京万东医疗科技股份有限公司 | | --- | --- | --- | | 本激励计划、本计划 | 指 | 北京万东医疗科技股份有限公司 2025 年股票期权激励计划（草 | | | | 案） | | 股票期权、期权 | 指 | 公司授予激励对象在未来一定期限内以预先确定的价格和条件购 | | | | 买公司一定数量股票的权利 | | 激励对象 | 指 | 按照本激励计划规定，获得股票期权的公司（含子公司）董事、 | | | ...

北京市嘉源律师事务所 关于北京万东医疗科技股份有限公司 2025 年股票期权激励计划 预留授予事项的法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 律师事务所 A YUAN LAW OFFICES 致:北京万东医疗科技股份有限公司 北京市嘉源律师事务所 关于北京万东医疗科技股份有限公司 2025 年股票期权激励计划预留授予事项的法律意见书 嘉源(2025)-05-294 敬启者: 根据《中华人民共和国公司法》(以下简称"《公司法》")、《中华人民共和 国证券法》(以下简称"《证券法》")、中国证券监督管理委员会(以下简称"中 国证监会")《上市公司股权激励管理办法》(以下简称"《管理办法》")和《北 京万东医疗科技股份有限公司章程》(以下简称"《公司章程》")等有关规定, 北京市嘉源律师事务所(以下简称"本所")接受北京万东医疗科技股份有限公司 (以下简称"万东医疗"或"公司")的委托,就万东医疗 2025年股票期权激励 计划(以下简称"本次激励计划")向激励对象授予预留股票期权(以下简称"本 次授予")相关事项出具本法律意见书。 本所依据本法律意见书出具目以前已经发生或存在的事实 ...

格隆汇8月22日｜万东医疗公告，2025年上半年营业收入8.43亿元，同比增长20.46%。净利润5129.86万 元，同比下降39.46%。公司2025年中期不进行利润分配或资本公积转增股本。 ...

万东医疗公告，2025年上半年营业收入8.43亿元，同比增长20.46%。净利润5129.86万元，同比下降 39.46%。公司2025年中期不进行利润分配或资本公积转增股本。 ...

Core Insights - The Chinese AI + medical imaging industry is rapidly developing, with a market size projected to reach 7.6 billion yuan in 2024, representing a year-on-year growth of 109.94% [1][11] - AI technology is capable of quickly identifying small lesions from vast amounts of imaging data, facilitating precise early screening for various diseases and providing significant diagnostic support for doctors [1][11] - The product types in AI medical imaging are diversifying, with a trend towards integrated hardware and software solutions becoming the preferred choice for medical institutions [1][11] Industry Overview - AI + medical imaging refers to the use of AI technologies, such as deep learning and computer vision, to analyze and process medical images (e.g., X-rays, CT scans, MRIs, ultrasounds) to assist doctors in disease diagnosis, treatment planning, and prognosis evaluation [1][4] - The core function includes auxiliary diagnosis, treatment planning, prognosis assessment, and early detection screening [1][4] Industry Value Chain - The upstream of the AI + medical imaging industry includes medical imaging equipment, chips, servers, storage devices, imaging acquisition and processing software, cloud services, network operation platforms, and algorithm and data platforms [4] - The midstream involves the development and manufacturing of AI + medical imaging technologies, while the downstream primarily serves medical institutions, health check centers, and research and educational institutions [4] Market Size - The market size of the Chinese medical imaging equipment industry is expected to reach 69.3 billion yuan in 2024, with a year-on-year growth of 9.83% [6] Relevant Policies - The Chinese government has issued several policy documents to support and regulate the development of the AI + medical imaging industry, emphasizing the optimization of medical device standards and the establishment of standardization organizations for AI and medical robotics [8][10] - The policies aim to accelerate approval processes, enhance innovation ecosystems, and improve international competitiveness [8][10] Key Companies and Performance - Major companies in the AI + medical imaging sector include United Imaging Healthcare, Wandong Medical, Mindray, and Shukun Technology, each leveraging unique strengths in hardware and AI software integration [13][15] - United Imaging Healthcare reported a revenue of 10.3 billion yuan in 2024, a decrease of 9.73% year-on-year, while its R&D investment increased by 17.84% to 2.261 billion yuan [15] - Shukun Technology focuses on providing comprehensive AI solutions for medical institutions, achieving significant market penetration with its innovative products [17] Industry Development Trends 1. The industry is expected to advance towards multi-modal data integration and deep learning, enhancing diagnostic accuracy and personalized treatment [20] 2. Applications of AI in medical imaging will expand from auxiliary diagnosis to full-process management, improving service efficiency and quality [21] 3. Regulatory frameworks will evolve to include data privacy protections and accountability mechanisms for AI-generated content [22]

通过天眼查大数据分析，北京万东医疗科技股份有限公司共对外投资了17家企业，参与招投标项目2533 次，知识产权方面有商标信息244条，专利信息260条，此外企业还拥有行政许可84个。 来源：金融界 万东医疗最新一期业绩显示，截至2025一季报，公司营业总收入3.73亿元、同比增长21.00%，归属净利 润3505.22万元，同比增长5.40%，扣非净利润2326.89万元，同比减少25.77%，流动比率9.955、速动比 率9.505、资产负债率8.98%。 天眼查商业履历信息显示，北京万东医疗科技股份有限公司，成立于1997年，位于北京市，是一家以从 事医药制造业为主的企业。企业注册资本70306.1058万人民币，实缴资本70306.1058万人民币。公司法 定代表人为宋金松。 金融界消息 截至2025年8月15日收盘，万东医疗（600055）报收于17.58元，上涨0.29%，换手率 1.01%，成交量7.08万手，成交金额1.24亿元。 资金流向方面，今日主力资金净流出1107.67万元，占比成交额8.92%。其中，超大单净流出1353.89万 元、占成交额10.9%，大单净流入246.22万元、占成 ...

Group 1 - Midea has integrated the cleaning-related business from the microwave and cleaning division into the washing machine division to enhance industry focus and synergy [1] - The restructuring decision was approved by the group and aims to complete the transfer of budgets, assets, personnel, and inventory by August 21 [1] - The microwave and cleaning division has been renamed to the microwave and oven division following this adjustment [1] Group 2 - The previous president of the microwave and cleaning division, Ma Chibing, has transitioned to lead Midea's medical business and is no longer in charge of the division [2] - Midea's subsidiary, Wandong Medical, reported a revenue of 1.524 billion yuan for 2024, reflecting a year-on-year growth of 23.26%, while net profit decreased by 16.54% [2] Group 3 - Midea's microwave and cleaning division has over 13,000 employees and an annual sales scale exceeding 19 billion yuan, with a presence in multiple countries [3] - The division's products are exported to over 180 countries, serving more than 100 million domestic users [3] - Currently, there are 251 job openings in the division across various roles and locations [3] Group 4 - The washing machine division is currently led by President Xiao Yi, who has established a social media presence [4] - The previous president of the washing machine division, Zhao Lei, has been reassigned to the home air conditioning division [4] Group 5 - Midea has undergone significant organizational changes since 2025, including the integration of refrigerator, washing machine, and kitchen appliance divisions [5] - Reports indicate that Midea may lay off approximately 30,000 employees in 2025, following the consolidation of sales operations [5] - The company has streamlined its regional operations from 35 to 29 provincial sales companies, resulting in an estimated reduction of 900 employees [5]

Investment Rating - The industry investment rating is maintained at "Outperform the Market" [4] Core Viewpoints - The total bid amount for medical devices in July 2025 reached 12.643 billion yuan, representing a year-on-year increase of 20% and a cumulative total of 96.785 billion yuan from January to July, with an overall year-on-year growth of 57% [5][11] - Domestic device bidding amounts are recovering, with categories like endoscopes showing high year-on-year growth rates [6] - Imported brands experienced a slight decline in bidding amounts, but categories such as CT and DSA showed significant year-on-year growth [7] Summary by Sections Medical Device Bidding Overview - The total bidding amount for medical devices in July 2025 was 12.643 billion yuan, a 20% increase year-on-year, but a 6% decrease month-on-month [11] - From January to July 2025, the total bidding amount was 96.785 billion yuan, reflecting a 57% year-on-year increase [11] Domestic Brands - Mindray Medical's total bidding amount in July was 1.017 billion yuan, up 84% year-on-year, with a cumulative total of 5.854 billion yuan from January to July, also up 57% [15] - Aohua Endoscopy's total bidding amount in July was 68.22 million yuan, a 23% increase year-on-year, with a cumulative total of 303.27 million yuan from January to July, reflecting a 48% increase [21] - Kailing Medical's total bidding amount in July was 101 million yuan, a 67% increase year-on-year, with a cumulative total of 740 million yuan from January to July, showing a 106% increase [24] - Shanfeng's total bidding amount in July was 49 million yuan, a staggering 392% increase year-on-year, with a cumulative total of 236 million yuan from January to July, reflecting a 239% increase [27] - Wandong Medical's total bidding amount in July was 66.17 million yuan, a 19% increase year-on-year, with a cumulative total of 794.41 million yuan from January to July, showing a 95% increase [30] Imported Brands - Philips' total bidding amount in July was 467.37 million yuan, a 41% decrease year-on-year, with a cumulative total of 5.045 billion yuan from January to July, reflecting a 39% increase [33] - Siemens' total bidding amount in July was 554 million yuan, an 11% decrease year-on-year, with a cumulative total of 6.620 billion yuan from January to July, showing a 49% increase [36] - GE's total bidding amount in July was 701.17 million yuan, a 17% decrease year-on-year, with a cumulative total of 7.414 billion yuan from January to July, reflecting a 44% increase [39]

Group 1 - Midea has integrated the cleaning product business from the microwave and cleaning division into the washing machine division to enhance synergy and focus on related industries [2][4] - The restructuring includes renaming the original microwave and cleaning division to the microwave and oven division, with a deadline for the transfer of budgets, assets, personnel, and inventory set for August 21 [2][3] - The integration may be related to overlapping functionalities in cleaning and washing within balcony scenarios [3] Group 2 - The restructuring appears to be part of a broader strategy, as the microwave and cleaning division has faced layoffs earlier this year [4] - Midea's microwave and cleaning division has over 13,000 employees and an annual sales scale exceeding 19 billion RMB, with operations in various locations including Shunde and Suzhou [6] - The division's products are exported to over 180 countries, with a domestic user base exceeding 100 million [7] Group 3 - Midea has undergone significant organizational changes since 2025, including the consolidation of sales divisions and potential layoffs of up to 30,000 employees [8] - The company has also announced the reduction of provincial sales companies from 35 to 29, resulting in approximately 900 job cuts [8]

Core Insights - The report highlights the significant role of CFOs in listed companies, with the total compensation for CFOs in A-share companies reaching 4.27 billion yuan in 2024 [1] CFO Demographics - The age distribution of CFOs shows that those aged 40-50 constitute 54% of the market, while CFOs over 50 account for 35%, and those under 40 make up 11% [1] - In terms of educational background, 71% of CFOs hold a bachelor's degree, 23% have a master's degree, and only 3% possess a doctoral degree, with only one CFO, Yan Hongyu from Yangpu Medical, holding a PhD [1] Compensation Analysis - The average annual salary for CFOs in A-share medical device companies is 1.0652 million yuan [1] - The distribution of salaries shows that 31% earn below 500,000 yuan, 43% earn between 500,000 and 1 million yuan, 20% earn between 1 million and 2 million yuan, and 6% earn above 2 million yuan [1] - The top three highest-paid CFOs are Zhao Yun from Mindray Medical at 8.4134 million yuan, Liu Lihua from Yuyue Medical at 4.3136 million yuan, and Jing Xiaokuan from Wandong Medical at 1.6412 million yuan [1] Salary Changes - Among CFOs with over two years of tenure, Zhang Qiu from Kangtong Medical experienced the largest salary decrease of 31.23% year-on-year, while Xu Ning from Mcland saw the highest salary increase of 165.59% year-on-year [1]