Core Points - WanDong Medical's stock price increased by 2.67% to 18.05 yuan as of August 22, 2025, with a market capitalization of 12.69 billion yuan [1] - The company reported a decrease in the number of shareholders by 11.69% to 26,800 as of June 30, 2025, with an increase in average shareholding [2][5] - The company's mid-year report for 2025 showed a 20.46% increase in revenue to 843.33 million yuan, but a significant decline in net profit by 39.46% to 51.30 million yuan [3][5] Shareholder Changes - As of June 30, 2025, the number of shareholders decreased by 3,552, representing an 11.69% reduction [2][5] - The average number of shares held per shareholder increased from 23,100 to 26,200, with an average holding value of 452,800 yuan [2] Performance Highlights - For the first half of 2025, the company reported a total revenue of 843.33 million yuan, a year-on-year increase of 20.46% [3] - The net profit attributable to shareholders decreased by 39.46% to 51.30 million yuan, while the net profit excluding non-recurring items fell by 56.07% to 35.63 million yuan [3] - The second quarter of 2025 saw a revenue of 470 million yuan, up 20.04% year-on-year, but net profit dropped by 68.44% to 16.25 million yuan [3] Corporate Announcements - The board approved the 2025 semi-annual report and a stock option incentive plan, granting 1.2 million stock options to 14 individuals at an exercise price of 15.05 yuan per share [4][6] - The company plans to repurchase shares worth between 30 million and 60 million yuan, with a maximum repurchase price of 25 yuan per share [6]

证券代码：600055 证券简称：万东医疗 公告编号：2025-038 北京万东医疗科技股份有限公司 关于以集中竞价交易方式回购股份方案的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ? 回购股份金额：人民币 3,000 万元（含）-6,000 万元（含）。 ? 回购股份资金来源：公司自有资金。 ? 回购股份价格：不超过25元/股，该价格不高于董事会通过回购股 份决议日前30个交易日公司股票交易均价的150%。 ? 回购股份方式：集中竞价交易方式。 ? 回购股份期限：自董事会审议通过本次回购方案之日起 12 个月内。 ? 相关股东是否存在减持计划：经公司问询，公司董事、高级管理人 员、控股股东、实际控制人在未来3个月、未来6个月不存在减持计划。若 上述主体后续拟实施股份减持计划的，相关方及公司将严格按照相关规定 及时履行信息披露义务。 ? 相关风险提示： 导致本次回购方案无法顺利实施的风险； 及时到位，导致回购方案无法按计划实施的风险； 能存在回购方案无法顺利实施或者根据规则变更或终止本次回购方案的 ...

Group 1 - The latest stock price of Wandong Medical is 18.05 yuan, up 0.84% from the previous trading day, with an opening price of 17.89 yuan, a high of 18.14 yuan, and a low of 17.86 yuan, with a trading volume of 98,145 hands and a transaction amount of 177 million yuan [1] - Wandong Medical focuses on the research, production, and sales of medical imaging equipment, including CT, MRI, and DR devices, and has made significant technological advancements, including the clinical validation of the world's first helium-free superconducting MRI and the application of multiple AI technologies [1] - The latest semi-annual report for 2025 shows that the company achieved an operating income of 843 million yuan in the first half of the year, a year-on-year increase of 20.46%, but the net profit attributable to shareholders decreased by 39.46% to 51.3 million yuan [1] - In the second quarter, the operating income was 470 million yuan, a year-on-year increase of 20.0%, while the net profit attributable to shareholders dropped by 68.4% to 16.25 million yuan [1] - The company's R&D investment increased by 59.16% year-on-year, with an R&D intensity of 15% [1] Group 2 - The net inflow of main funds for Wandong Medical today was 11.07 million yuan, with a cumulative net inflow of 8.30 million yuan over the past five days [2]

| 股票简称：万东医疗 | | 证券代码：600055 | | --- | --- | --- | | 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 | | | | 独立财务顾问报告 | | | | 二零二五年八月 | | | | （二）关于本次授予事项与股东大会审议通过的激励计划是否存在差异的说明 | | ... 8 | | 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 | | 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 | | 本激励计划、本计划 | | 指 | | 案） | | | | | | 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 | | 股票期权、期权 | | 指 | | 买公司一定数量股票的权利 | | | | | | 按照本激励计划规定，获得股票期权的公司（含子公司）董事、 | | 激励对象 | ...

北京万东医疗科技股份有限公司 激励对象名单（预留授予日） 一、激励对象名单及分配情况 占本激励计划拟 占本激励计划 获授的股票期权 二、核心骨干人员、董事会认为需要激励的其他人员名单（以下排名不分先后） 序号 姓名 激励对象类别 北京万东医疗科技股份有限公司 董事会 数量（万份） 量的比例 本总额的比例 核心骨干人员（14 人） 120 11.11% 0.17% 注：上表中部分合计数与各明细数相加之和在尾数上如有差异，系百分比结果四舍五入所致。 职 务 授出全部权益数 预留授予时股 ...

证券代码：600055 证券简称：万东医疗 编号：临2025-037 北京万东医疗科技股份有限公司 关于向 2025 年股票期权激励计划 激励对象授予预留股票期权的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责 任。 重要内容提示： ? 预留授予日：2025年8月22日 ? 授予数量： 120万份 ? 行权价格：15.05元/份 根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）、 《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）》（ 以下简称"本次激励计划"或"激励计划（草案）"）等的相关规定，北 京万东医疗科技股份有限公司（以下简称"公司"）董事会认为本次激励 计划预留授予条件已经成就。根据公司2024年年度股东大会的授权，公司 于2025年8月22日召开第十届董事会第十次会议，审议通过了《关于向2025 年股票期权激励计划激励对象授予预留股票期权的议案》，确定以2025年 万份，行权价格为15.05元/份。现将有关情况公告如下： 一、本次激励计划已履行的审批程序和信息披露情况 《关于公司﹤20 ...

Core Points - Beijing Wandong Medical Technology Co., Ltd. reported a 20.46% increase in operating revenue for the first half of 2025, reaching approximately 843.33 million yuan compared to 700.09 million yuan in the same period last year [1] - The company experienced a significant decline in net profit attributable to shareholders, which decreased by 39.46% to approximately 51.30 million yuan from 84.74 million yuan year-on-year [1] - Total assets increased slightly by 0.95% to approximately 5.52 billion yuan, while net assets attributable to shareholders decreased by 0.84% to approximately 4.73 billion yuan [1] Financial Summary - Operating revenue: 843,329,490.05 yuan (up 20.46% from 700,087,495.27 yuan) [1] - Total profit: 58,043,133.15 yuan (down 43.32% from 102,402,266.30 yuan) [1] - Net profit attributable to shareholders: 51,298,644.68 yuan (down 39.46% from 84,741,768.09 yuan) [1] - Net cash flow from operating activities: -334,807,833.18 yuan (compared to 1,104,792.70 yuan in the previous year) [1] - Weighted average return on equity: 1.07% (down 0.72 percentage points from 1.79%) [1] - Basic and diluted earnings per share: 0.073 yuan (down 39.67% from 0.121 yuan) [1] Shareholder Information - Major shareholder: Midea Group Co., Ltd. holds 45.46% of shares, totaling 319,579,981 shares [1] - Other significant shareholders include Jiangsu Yuyue Technology Development Co., Ltd. with 2.56% and various individual shareholders [2]

Core Viewpoint - The company held its 10th board meeting on August 22, 2025, where several key resolutions were passed, including the approval of the 2025 semi-annual report and plans for stock options and share repurchase [1][2][3]. Group 1: Meeting Resolutions - The board approved the 2025 semi-annual report and summary, which was recognized by the audit committee prior to submission [1]. - A special report on the status of the company's fundraising and actual usage was also approved, following the audit committee's review [2]. - The board approved a proposal to grant reserved stock options to the incentive objects of the 2025 stock option incentive plan, which had been reviewed by independent directors and relevant committees [2]. - The board approved a share repurchase plan using self-owned funds through centralized bidding, aimed at enhancing the long-term incentive mechanism and employee motivation [2].

北京万东医疗科技股份有限公司 董事会薪酬与考核委员会 关于公司2025年股票期权激励计划 （3）最近12个月内因重大违法违规行为被中国证监会及其派出机构 行政处罚或者采取市场禁入措施； （4）具有《中华人民共和国公司法》规定的不得担任公司董事、 高级管理人员情形的； 预留授予激励对象名单（授予日）的核查意见 北京万东医疗科技股份有限公司（以下简称"公司"）董事会薪酬 与考核委员会依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司股权激励管理办法》（以下简称"《管理办法》"）等有关法 律、法规及规范性文件和《北京万东医疗科技股份有限公司章程》（以 下简称"《公司章程》"）的有关规定，对公司2025年股票期权激励计 划（以下简称"本次激励计划"）预留授予激励对象名单（授予日）进 行审核，发表核查意见如下： 一、本次激励计划预留授予的内容与公司2024年年度股东大会审议 通过的内容一致。 二、本次激励计划预留授予激励对象为当前在公司（含子公司）任 职的董事、高级管理人员、核心管理人员、核心技术/业务人员，不包 括公司独立董事、监事及单独或合计持有公司5%以上股份的股东或实际 控制人及其配偶、父母、子女 ...

Section 1 Definitions [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This chapter defines key terms, including reporting period, company abbreviation, full name, and major medical imaging equipment types, for clarity - The reporting period refers to January 1, 2025, to June 30, 2025[11](index=11&type=chunk) - The company's abbreviation is "Wandong Medical", and its full name is "Beijing Wandong Medical Technology Co., Ltd."[11](index=11&type=chunk) - Major medical imaging equipment includes DR (Digital Radiography System), DSA (Digital Subtraction Angiography System), MR (Magnetic Resonance Imaging System), CT (Computed Tomography System), and DRF (Digital Radiography and Fluoroscopy System)[11](index=11&type=chunk) Section 2 Company Profile and Key Financial Indicators [I. Company Information](index=4&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section outlines the company's basic registration details, including its Chinese name, abbreviation, foreign name, and legal representative - The company's Chinese name is Beijing Wandong Medical Technology Co., Ltd., abbreviated as Wandong Medical[13](index=13&type=chunk) - The company's legal representative is Song Jinsong[13](index=13&type=chunk) [II. Contact Persons and Information](index=4&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact details for the company's Board Secretary and Securities Affairs Representative for investor communication - The Board Secretary is Ou Yunbin, and the Securities Affairs Representative is Ma Jiakun[14](index=14&type=chunk) - The contact phone and fax numbers are 010-84569688 and 010-84575717, respectively, and the email address is wdm_ir@wandong.com.cn[14](index=14&type=chunk) [III. Overview of Changes in Basic Information](index=4&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) This section details the company's current registered and office addresses, historical changes, and provides its website and email address - The company's registered and office addresses are both Building 3, Courtyard 9, Jiuxianqiao East Road, Chaoyang District, Beijing[15](index=15&type=chunk) - The company's website is http://www.wandong.com.cn, and its email address is office@wandong.com.cn[15](index=15&type=chunk) [IV. Overview of Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section specifies the designated newspapers, website address for information disclosure, and the location for the semi-annual report - The company's designated newspapers for information disclosure are China Securities Journal, Shanghai Securities News, and Securities Times[16](index=16&type=chunk) - The website address for publishing the semi-annual report is http://www.sse.com.cn[16](index=16&type=chunk) [V. Company Stock Overview](index=5&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) This section provides details on the company's stock listing, including stock type, exchange, ticker symbol, and previous ticker symbol - The company's A-shares are listed on the Shanghai Stock Exchange, with the stock abbreviation Wandong Medical and stock code 600055[17](index=17&type=chunk) - The previous stock abbreviation was CR Wandong[17](index=17&type=chunk) [VII. Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section summarizes the company's key accounting data and financial indicators for the first half of 2025, comparing them to the prior year to highlight revenue growth alongside profit and cash flow pressures Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 843,329,490.05 | 700,087,495.27 | 20.46 | | Total Profit | 58,043,133.15 | 102,402,266.30 | -43.32 | | Net Profit Attributable to Shareholders of Listed Company | 51,298,644.68 | 84,741,768.09 | -39.46 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains and Losses) | 35,633,618.97 | 81,116,658.52 | -56.07 | | Net Cash Flow from Operating Activities | -334,807,833.18 | 1,104,792.70 | -30,405.04 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 4,727,702,783.52 | 4,767,546,579.04 | -0.84 | | Total Assets (Period-end) | 5,522,692,631.20 | 5,470,493,043.29 | 0.95 | Key Financial Indicators for H1 2025 | Key Financial Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.073 | 0.121 | -39.67 | | Diluted Earnings Per Share (Yuan/share) | 0.073 | 0.121 | -39.67 | | Basic EPS Excluding Non-recurring Gains and Losses (Yuan/share) | 0.051 | 0.115 | -55.65 | | Weighted Average Return on Net Assets (%) | 1.07% | 1.79% | Decrease of 0.72 percentage points | | Weighted Average Return on Net Assets Excluding Non-recurring Gains and Losses (%) | 0.75% | 1.71% | Decrease of 0.96 percentage points | [IX. Non-recurring Gains and Losses Items and Amounts](index=6&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) This section details non-recurring gains and losses for the reporting period and explains why VAT immediate refund amounts are classified as recurring income Non-recurring Gains and Losses Items and Amounts for H1 2025 | Non-recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Gains and Losses on Disposal of Non-current Assets | -69,616.51 | | Government Grants Recognized in Current Profit/Loss | 16,001,667.02 | | Gains and Losses from Changes in Fair Value and Disposal of Financial Assets | 2,574,555.72 | | Reversal of Impairment Provisions for Receivables Subject to Separate Impairment Testing | 658,176.34 | | Less: Income Tax Impact | 2,875,236.31 | | Impact on Minority Interests (After Tax) | 624,520.55 | | Total | 15,665,025.71 | - The VAT immediate refund amount of **11,019,970.33 Yuan** is recognized as recurring gain or loss due to the sustainability of the company's VAT tax benefits[22](index=22&type=chunk) Section 3 Management Discussion and Analysis [I. Industry and Main Business Overview for the Reporting Period](index=7&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) This section details the global medical imaging equipment industry, market trends, China's policy drivers, and Wandong Medical's business strategy and innovations in intelligent imaging, global services, and inclusive healthcare [International Medical Imaging Equipment Industry Status and Development Trends](index=7&type=section&id=%E5%9B%BD%E9%99%85%E5%8C%BB%E5%AD%A6%E5%BD%B1%E5%83%8F%E8%AE%BE%E5%A4%87%E8%A1%8C%E4%B8%9A%E7%8E%B0%E7%8A%B6%E5%8F%8A%E5%8F%91%E5%B1%95%E8%B6%8B%E5%8A%BF) The global medical imaging equipment market is steadily growing, driven by technological innovation, an aging population, and increasing chronic diseases, with AI, 5G, and cloud computing accelerating its intelligent and integrated diagnostic development - In 2023, the global medical imaging equipment market reached **$48.6 billion**, projected to exceed **$76 billion by 2030**, with a **CAGR of 6.8%**[24](index=24&type=chunk) - An aging population intensifies diagnostic demand, with the global population aged 60 and above expected to rise from **13.5% in 2020 to 22% by 2050**, driving demand for high-end imaging equipment like CT and MR[25](index=25&type=chunk) - AI, 5G, and cloud platform technologies are reshaping imaging workflows and service models, enabling ubiquitous equipment and cloud-based diagnostics, while alleviating shortages in grassroots medical resources[26](index=26&type=chunk)[27](index=27&type=chunk) [Policy Dividends Drive Domestic Substitution: National Strategic Empowerment for Medical Imaging Industry Development](index=8&type=section&id=%E6%94%BF%E7%AD%96%E7%BA%A2%E5%88%A9%E6%8E%A8%E5%8A%A8%E5%9B%BD%E4%BA%A7%E6%9B%BF%E4%BB%A3%EF%BC%9A%E5%9B%BD%E5%AE%B6%E6%88%98%E7%95%A5%E7%BA%A7%E8%B5%8B%E8%83%BD%E5%8C%BB%E5%AD%A6%E5%BD%B1%E5%83%8F%E4%BA%A7%E4%B8%9A%E5%8F%91%E5%B1%95) China's government, through multi-dimensional policy support, designates high-end medical imaging equipment as a national strategic emerging industry, aiming to promote indigenous innovation and domestic substitution via top-level planning, fiscal support, and healthcare system reforms - The "14th Five-Year Plan for Medical Equipment Industry Development" and "Healthy China 2030 Planning Outline" explicitly encourage independent innovation in high-end medical imaging equipment[29](index=29&type=chunk) - In 2023, the central government's special re-lending quota for medical equipment upgrades and renovations increased to **300 billion Yuan**, supporting medical imaging equipment procurement[31](index=31&type=chunk) - The "Thousand Counties Project" and deepened hierarchical diagnosis and treatment system mandate that county-level general hospitals achieve over **90% compliance by 2025** for configuring **64-slice or higher CTs and 1.5T MRIs**, promoting equipment decentralization[32](index=32&type=chunk) - The "Action Plan for Promoting Large-scale Equipment Renewal" requires **45% domestic CT/MR equipment penetration in tertiary hospitals by 2027**, and the Ministry of Finance mandates a domestic procurement ratio of no less than **75% for 23 types of equipment**[33](index=33&type=chunk) [Wandong Medical Business System](index=10&type=section&id=%E4%B8%87%E4%B8%9C%E5%8C%BB%E7%96%97%E4%B8%9A%E5%8A%A1%E4%BD%93%E7%B3%BB) Wandong Medical, positioned as a "digital and intelligent healthcare ecosystem builder," has established a three-pronged business system encompassing high-end equipment R&D, intelligent service networks, and inclusive healthcare, continuously advancing the domestic medical equipment industry [Intelligent Imaging Equipment Matrix: Full-Scenario Innovation System](index=10&type=section&id=%E6%99%BA%E8%83%BD%E5%BD%B1%E5%83%8F%E8%AE%BE%E5%A4%87%E7%9F%A9%E9%98%B5%EF%BC%9A%E5%85%A8%E5%9C%BA%E6%99%AF%E5%88%9B%E6%96%B0%E4%BD%93%E7%B3%BB) The company has achieved technological breakthroughs in MR, CT, digital X-ray, and AI learning platforms, launching innovative products for various medical scenarios and building an AI-driven underlying architecture - The Gemini AI 3.0T MRI achieved a global technological leap, with the 2024 upgraded version of the liquid-helium-free superconducting MR system enabling full-chain AI empowerment and automatic positioning covering **60% of clinical areas**[35](index=35&type=chunk) - The CT product line has undergone comprehensive intelligent iteration, deeply aligning with hierarchical diagnosis and treatment needs, supporting grassroots healthcare through cloud films and remote diagnostic platforms[35](index=35&type=chunk) - Full-frame DR globally pioneered single-exposure full spine/full lower limb imaging technology, enabling AI measurement, with an installation rate of approximately **50% in tertiary hospitals**[36](index=36&type=chunk) - The WDL Wide-Area Deep Learning Platform serves as a unified algorithm hub, covering the entire MR product line, achieving full-process AI control for automatic patient entry, intelligent positioning, and image reconstruction[36](index=36&type=chunk) [Global Service Network: New Benchmark for Digital Operations and Maintenance](index=11&type=section&id=%E5%85%A8%E7%90%83%E5%8C%96%E6%9C%8D%E5%8A%A1%E7%BD%91%E7%BB%9C%EF%BC%9A%E6%95%B0%E5%AD%97%E8%BF%90%E7%BB%B4%E6%96%B0%E6%A0%87%E6%9D%86) Wandong Medical has established an efficient domestic intelligent service network and a global service matrix, enhancing response speed and equipment uptime through digital capabilities and deepening localized operations - Domestically, a **7x24-hour response system** is established, with **6-hour on-site response in provincial capitals and 12-hour in prefecture-level cities**, and a remote technical support platform reducing equipment downtime by **40%**[37](index=37&type=chunk) - Overseas, a "**5+1**" global service matrix is formed, establishing **5 major regional service and spare parts centers**, improving overseas response efficiency by **50%**[37](index=37&type=chunk) - Digital twin operations and maintenance are realized, with a remote AR guidance system capable of resolving **80% of international equipment issues online**[37](index=37&type=chunk) [Inclusive Healthcare Project: Resource Decentralization Practice](index=11&type=section&id=%E5%8C%BB%E7%96%97%E6%99%AE%E6%83%A0%E5%B7%A5%E7%A8%8B%EF%BC%9A%E8%B5%84%E6%BA%90%E4%B8%8B%E6%B2%89%E5%AE%9E%E8%B7%B5) The company actively promotes the decentralization of medical resources through "one-stop interventional overall solutions" and the "imaging chess game" ecosystem, enhancing grassroots medical service capabilities - Pioneered the "**one-stop interventional overall solution**," covering over **120 county-level regions in 22 provinces** nationwide, with over **100,000 interventional surgeries completed** cumulatively[38](index=38&type=chunk) - Wanliyun provides medical imaging SaaS information services through the "**imaging chess game**," supporting the construction of county-level medical communities, with over **60 million cumulative service visits**[38](index=38&type=chunk) [II. Discussion and Analysis of Operations](index=11&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In the first half of 2025, Wandong Medical made significant strides in technology, global expansion, and county-level medical services, with substantial R&D investment and breakthroughs in core technologies, despite net profit pressure, leading to expanded market share - During the reporting period, the company achieved operating revenue of **843 million Yuan**, a **20.46% year-on-year increase**; net profit attributable to the parent company was **51 million Yuan**, a **39.46% year-on-year decrease**[40](index=40&type=chunk) - R&D investment in the first half of the year increased by **59.16% year-on-year**, with R&D intensity reaching **15%**, continuously leading industry innovation[40](index=40&type=chunk) - Completed clinical validation of the world's first "**zero liquid helium superconducting MRI (3.0T)**" and obtained FDA Breakthrough Device designation[41](index=41&type=chunk) - Smart medical community solutions cumulatively delivered **1,200 sets**, increasing county-level coverage to **85%**; DR product market share remained **first domestically**, and market share for CTs with fewer than 64 slices exceeded **20%**[42](index=42&type=chunk) - New breakthroughs in overseas markets including Thailand, Indonesia, Argentina, Mexico, France, and over **20 other untapped markets**, with DR and CT strategic categories achieving **double-digit year-on-year growth**[42](index=42&type=chunk) - "**County-level Strengthening 2.0**" improved grassroots misdiagnosis rates to **1.2%** and equipment utilization to **78%** through the AI Quality Control 3.0 system and equipment cloud sharing platform[43](index=43&type=chunk)[44](index=44&type=chunk) - Wanliyun platform released the "**Miaobi AI Report Generation Software System**," establishing a medical imaging AIGC training platform supporting automatic report generation for **20 types of diseases**[45](index=45&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=14&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) Wandong Medical has built unique competitive barriers through disruptive technological innovation, precise ecological collaboration, and global expansion, defining global standards in multiple segments and transforming from a domestic substitute implementer to a global medical imaging innovator [Technological Breakthroughs—Defining New Industry Standards](index=14&type=section&id=%E6%8A%80%E6%9C%AF%E7%A0%B4%E5%B1%80%E2%80%94%E5%AE%9A%E4%B9%89%E8%A1%8C%E4%B8%9A%E6%96%B0%E6%A0%87%E5%87%86) The company leads the MR industry into a new era with liquid-helium-free superconducting magnet technology, full-spine panoramic imaging, and quantum-level imaging chain technology, achieving revolutionary breakthroughs in orthopedic diagnosis and interventional therapy - Globally pioneered **liquid-helium-free superconducting magnet technology**, completely eliminating reliance on traditional liquid helium cooling, and led the drafting and promotion of "**0 liquid helium**" as a mandatory safety standard for new-generation MR equipment[49](index=49&type=chunk) - The **120cm ultra-long flat panel detector** enables single-exposure, stitch-free full spine/full lower limb imaging, increasing shooting efficiency by approximately **3 times** and reducing radiation dose by **50%**[49](index=49&type=chunk) - AI+quantum noise reduction technology reduces DSA equipment radiation dose by **50%**, achieving vascular tracking accuracy of **0.1mm**[49](index=49&type=chunk) [Ecological Synergy—Building a Closed Loop for Medical Infrastructure](index=14&type=section&id=%E7%94%9F%E6%80%81%E5%8D%8F%E5%90%8C%E2%80%94%E6%9E%84%E5%BB%BA%E5%8C%BB%E7%96%97%E5%9F%BA%E5%BB%BA%E9%97%AD%E7%8E%AF) The company accelerates breakthroughs in high-end medical equipment technology and clinical application through deep integration of industry, academia, research, and medicine, and the construction of a smart healthcare ecosystem, transforming its business model from hardware sales to service-oriented - Collaborated with top tertiary hospitals, research institutions, and universities to build a closed-loop innovation ecosystem: "clinical pain points - technological breakthroughs - industrial transformation - application feedback"[51](index=51&type=chunk) - Created an "**equipment+AI+remote diagnosis**" platform, covering over **7,000 grassroots medical institutions** and processing **60,000 remote imaging diagnoses daily**[52](index=52&type=chunk) - Achieved a business model transformation from hardware sales to service-oriented through value-added services based on equipment deployment data[52](index=52&type=chunk) [Global Layout: From Overseas Expansion to Localized Rooting](index=15&type=section&id=%E5%85%A8%E7%90%83%E5%B8%83%E5%B1%80%EF%BC%9A%E4%BB%8E%E5%87%BA%E6%B5%B7%E5%88%B0%E6%9C%AC%E5%9C%B0%E5%8C%96%E6%89%8E%E6%A0%B9) Wandong Medical is upgrading China's medical equipment overseas strategy from "cheap substitution" to "ecosystem leadership" through international SKD partnerships, regional service centers, and digital twin operations - Initiated overseas local SKD cooperation, supporting strategic key account customers in establishing local factories to overcome tariff barriers[53](index=53&type=chunk) - Established **5 major regional service and spare parts centers** targeting the global Top 30 country markets[53](index=53&type=chunk) - Leveraged digital twin methods and partner ecosystem co-building initiatives to achieve deep application of AI technology and enhance efficiency in early diagnostic prediction[53](index=53&type=chunk) [IV. Major Operating Conditions During the Reporting Period](index=15&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This section analyzes the company's financial statement item changes, asset and liability status, investment situation, and the operating performance of major controlled and investee companies during the reporting period [(I) Analysis of Main Business](index=15&type=section&id=(%E4%B8%80)%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, the company's operating revenue and costs both increased, but significant rises in selling, administrative, and R&D expenses led to a substantial decrease in net cash flow from operating activities Analysis Table of Financial Statement Items Changes | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 843,329,490.05 | 700,087,495.27 | 20.46 | | Operating Cost | 546,847,151.60 | 429,941,034.29 | 27.19 | | Selling Expenses | 116,884,599.74 | 93,332,101.70 | 25.24 | | Administrative Expenses | 53,832,496.40 | 38,116,741.15 | 41.23 | | Financial Expenses | -22,489,775.64 | -34,968,988.50 | 35.69 | | R&D Expenses | 107,291,150.36 | 78,990,672.31 | 35.83 | | Net Cash Flow from Operating Activities | -334,807,833.18 | 1,104,792.70 | -30,405.04 | | Net Cash Flow from Investing Activities | -484,649,376.86 | -323,894,772.25 | -49.63 | | Net Cash Flow from Financing Activities | -93,774,441.37 | -92,849,957.90 | -1.00 | - The increase in operating revenue is primarily due to product structure upgrades and successful bids in centralized procurement projects[54](index=54&type=chunk) - Net cash flow from operating activities significantly decreased year-on-year, mainly due to reduced sales collections and increased cash payments for goods, services, and employee compensation[55](index=55&type=chunk) [(III) Analysis of Assets and Liabilities](index=16&type=section&id=(%E4%B8%89)%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, total assets slightly increased, but monetary funds decreased, while receivables and inventories significantly rose, reflecting adjustments in sales strategy and preparation for centralized procurement Changes in Assets and Liabilities | Item Name | Current Period-end Amount (Yuan) | Proportion of Total Assets at Period-end (%) | Prior Year-end Amount (Yuan) | Proportion of Total Assets at Prior Year-end (%) | Change from Prior Year-end (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 2,689,243,766.25 | 48.69 | 3,586,378,532.07 | 65.56 | -25.02 | | Receivables | 687,591,428.63 | 12.45 | 381,205,179.51 | 6.97 | 80.37 | | Inventories | 306,991,048.94 | 5.56 | 214,942,655.77 | 3.93 | 42.82 | | Construction in Progress | 18,713,459.31 | 0.34 | 11,800,899.97 | 0.22 | 58.58 | | Prepayments | 88,070,260.12 | 1.59 | 12,516,367.21 | 0.23 | 603.64 | | Long-term Receivables | 58,262,875.46 | 1.05 | 43,105,240.81 | 0.79 | 35.16 | | Development Expenditures | 52,552,078.58 | 0.95 | 34,120,125.45 | 0.62 | 54.02 | | Notes Payable | 112,565,467.54 | 2.04 | 81,953,935.54 | 1.50 | 37.35 | | Accounts Payable | 379,445,553.23 | 6.87 | 243,336,221.72 | 4.45 | 55.93 | | Taxes Payable | 15,538,969.42 | 0.28 | 31,158,912.75 | 0.57 | -50.13 | | Deferred Income | 7,963,745.39 | 0.14 | 19,590,418.94 | 0.36 | -59.35 | - Receivables and prepayments significantly increased, mainly due to product sales structure upgrades, credit policy adjustments, and inventory preparation for centralized procurement projects[56](index=56&type=chunk) - Development expenditures increased by **54.02%**, primarily due to continuous increase in R&D investment and a rise in R&D expenditures meeting capitalization criteria[56](index=56&type=chunk) [(IV) Analysis of Investment Status](index=17&type=section&id=(%E5%9B%9B)%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company's total financial assets measured at fair value significantly increased during the reporting period, primarily through the purchase of wealth management products for cash management Changes in Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (Yuan) | Fair Value Change Gain/Loss for Current Period (Yuan) | Current Period Purchase Amount (Yuan) | Current Period Sale/Redemption Amount (Yuan) | Period-end Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Other | - | 928,054.79 | 762,000,000.00 | 316,000,000.00 | 446,928,054.79 | | Other | 341,778,344.15 | - | - | - | 341,778,344.15 | | Total | 341,778,344.15 | 928,054.79 | 762,000,000.00 | 316,000,000.00 | 788,706,398.94 | [(VI) Analysis of Major Controlled and Investee Companies](index=18&type=section&id=(%E5%85%AD)%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) This section lists the financial status and operating results of the company's major controlled and investee companies, highlighting that Wanliyun and Wandong Baicheng contributed positive profits, while Shanghai Wandong Sanye and Suzhou Wanying incurred losses Financial Data of Major Subsidiaries (Unit: 10,000 Yuan) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Chongqing Wanxiang Medical Equipment Co., Ltd. | Subsidiary | Sales, maintenance of medical equipment, etc. | 260 | 1,025 | -801 | 3 | -13 | -13 | | Shanghai Wandong Sanye Medical Equipment Co., Ltd. | Subsidiary | Production, sales, maintenance of medical equipment, etc. | 3,000 | 351 | -3,104 | - | -7 | -7 | | Wanliyun Medical Information Technology (Beijing) Co., Ltd. | Subsidiary | Imaging consulting services, software development | 1,146 | 34,617 | 28,662 | 5,018 | 714 | 542 | | Wandong Baicheng (Suzhou) Medical Technology Co., Ltd. | Subsidiary | Special equipment manufacturing, import and export business, etc. | 10,000 | 13,599 | 6,351 | 9,289 | 585 | 570 | | Suzhou Wanying Medical Technology Co., Ltd. | Subsidiary | Medical device production and sales | 10,000 | 4,610 | 2,697 | 457 | -708 | -388 | | Shanghai Wandong Yingrui Medical Technology Co., Ltd. | Subsidiary | Medical device sales | 1,000 | 128 | 110 | - | -90 | -90 | Section 4 Corporate Governance, Environment, and Society [I. Changes in Company Directors and Senior Management](index=19&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's board of directors saw changes, with Ma Chibing elected as Chairman, Hu Ziqiang resigning, and Lian Shijun elected as an employee representative director Changes in Company Directors and Senior Management | Name | Position Held | Change | | :--- | :--- | :--- | | Ma Chibing | Chairman | Election | | Hu Ziqiang | Chairman | Resignation | | Lian Shijun | Employee Representative Director | Election | - Mr. Lian Shijun was democratically elected as an employee representative director of the company's Tenth Board of Directors by the employee representative assembly[64](index=64&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=19&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company's board of directors resolved that no profit distribution or capital reserve conversion to share capital will be conducted for the interim period of 2025 - The company will not conduct profit distribution or capital reserve conversion to share capital for the interim period of 2025, with **0 bonus shares, dividends, and conversion shares per 10 shares**[3](index=3&type=chunk)[65](index=65&type=chunk) [III. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=19&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) This section discloses the progress of the company's 2025 stock option incentive plan, including review, public announcement, and grant registration, and explains the termination of the 2022 employee stock ownership plan due to unfulfilled conditions [(I) Equity Incentive Matters Already Disclosed in Interim Announcements with No Subsequent Progress or Changes](index=19&type=section&id=(%E4%B8%80)%20%E7%9B%B8%E5%85%B3%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E4%BA%8B%E9%A1%B9%E5%B7%B2%E5%9C%A8%E4%B8%B4%E6%97%B6%E5%85%AC%E5%91%8A%E6%8A%AB%E9%9C%B2%E4%B8%94%E5%90%8E%E7%BB%AD%E5%AE%9E%E6%96%BD%E6%97%A0%E8%BF%9B%E5%B1%95%E6%88%96%E5%8F%98%E5%8C%96%E7%9A%84) The company's 2025 stock option incentive plan has completed board and supervisory board review, public announcement, shareholder approval, and initial grant recipient list adjustment and registration procedures - On March 20, 2025, the company's Board of Directors and Supervisory Board approved the 2025 Stock Option Incentive Plan (Draft)[66](index=66&type=chunk) - On April 16, 2025, the company's annual general meeting approved the 2025 Stock Option Incentive Plan (Draft)[67](index=67&type=chunk) - On May 30, 2025, the stock options granted under the company's 2025 Stock Option Incentive Plan completed registration procedures with China Securities Depository and Clearing Corporation Limited Shanghai Branch[67](index=67&type=chunk) [Employee Stock Ownership Plan Status](index=21&type=section&id=%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%83%85%E5%86%B5) The third tranche of the company's 2022 employee stock ownership plan did not meet its vesting conditions, and all company shares held under the plan have been sold, leading to its termination - The third tranche of the company's 2022 employee stock ownership plan did not meet its vesting conditions[69](index=69&type=chunk) - During the reporting period, all company shares held under this employee stock ownership plan were sold through centralized bidding transactions[69](index=69&type=chunk) - The employee stock ownership plan will be terminated upon completion of liquidation work[69](index=69&type=chunk) Section 5 Significant Matters [I. Fulfillment of Commitments](index=22&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) This section discloses the fulfillment of various commitments by the company's actual controller, controlling shareholder, and the company itself, covering independence, non-competition, related party transactions, and share lock-up, all of which have been strictly adhered to Fulfillment of Commitments | Commitment Background | Commitment Type | Promising Party | Commitment Date | Has Performance Period | Commitment Period | Timely and Strictly Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Acquisition Report or Equity Change Report | Other | Midea Group | February 4, 2021 | Yes | See Note (1) effective and termination parts | Yes | | Acquisition Report or Equity Change Report | Other | He Xiangjian | February 4, 2021 | Yes | See Note (2) effective and termination parts | Yes | | Acquisition Report or Equity Change Report | Resolve Horizontal Competition | Midea Group | February 4, 2021 | Yes | See Note (3) effective and termination parts | Yes | | Acquisition Report or Equity Change Report | Resolve Horizontal Competition | He Xiangjian | February 4, 2021 | Yes | See Note (4) effective and termination parts | Yes | | Acquisition Report or Equity Change Report | Resolve Related Party Transactions | Midea Group | February 4, 2021 | Yes | See Note (5) effective and termination parts | Yes | | Acquisition Report or Equity Change Report | Resolve Related Party Transactions | He Xiangjian | February 4, 2021 | Yes | See Note (6) effective and termination parts | Yes | | Commitments Related to Refinancing | Other | Midea Group, He Xiangjian | July 5, 2021 | Yes | See Note (7) effective and termination parts | Yes | | Commitments Related to Refinancing | Other | Midea Group | July 5, 2021 | Yes | See Note (8) effective and termination parts | Yes | | Commitments Related to Equity Incentives | Other | Company | March 20, 2025 | Yes | See Note (9) | Yes | - Midea Group and He Xiangjian committed to ensuring Wandong Medical's independence in assets, personnel, finance, operations, and organization[72](index=72&type=chunk)[73](index=73&type=chunk) - Midea Group committed not to transfer the non-publicly issued shares it subscribed for within **thirty-six months** from the end of the issuance, and has strictly fulfilled this commitment[77](index=77&type=chunk) [X. Significant Related Party Transactions](index=25&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) This section discloses the company's related party transactions for goods purchase and sales and service provision during ordinary operations, which adhere to market principles and have no significant impact on the company's independence Related Party Transactions in Ordinary Operations | Related Party | Relationship | Transaction Type | Transaction Content | Transaction Amount (Yuan) | Proportion of Similar Transactions (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Hangzhou Wandong Electronics Co., Ltd. and its subsidiaries | Associate Company | Purchase of Goods | Purchase of Raw Materials | 4,020,558.16 | 0.74 | | Midea Group and its subsidiaries | Controlling Subsidiary of Parent Company | Sale of Goods | Sale of Goods, Provision of Services | 5,379,927.82 | 0.64 | | Midea Group and its subsidiaries | Controlling Subsidiary of Parent Company | Purchase of Goods | Purchase of Materials/Products and Acceptance of Services | 873,067.05 | 0.16 | | Mindray Medical Group and its subsidiaries | Other | Sale of Goods | Sale of Equipment | 86,362,638.40 | 10.24 | | Mindray Medical Group and its subsidiaries | Other | Purchase of Goods | Purchase of Materials/Products and Acceptance of Services | 13,372,681.37 | 2.47 | | Total | / | / | / | 110,008,872.80 | 14.25 | - The aforementioned related party transactions facilitate rational resource allocation and specialized division of labor, with no significant impact on the company's independence[80](index=80&type=chunk) [XII. Explanation of Progress in Use of Raised Funds](index=28&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E8%BF%9B%E5%B1%95%E8%AF%B4%E6%98%8E) This section details the overall use of the company's raised funds and specific investment projects, including capital expenditure progress, realized benefits, and the postponement of some projects [(I) Overall Use of Raised Funds](index=28&type=section&id=(%E4%B8%80)%20%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E6%95%B4%E4%BD%93%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5) The company's total raised funds amounted to **2,062.1322 million Yuan**, with a net amount of **2,046.2862 million Yuan**, and a cumulative investment of **1,868.4128 million Yuan** as of the end of the reporting period, representing an investment progress of **91.31%** Overall Use of Raised Funds (Unit: 10,000 Yuan) | Indicator | Amount | | :--- | :--- | | Total Raised Funds | 206,213.22 | | Net Raised Funds | 204,628.62 | | Total Committed Investment of Raised Funds | 204,628.62 | | Cumulative Investment of Raised Funds as of Period-end | 186,841.28 | | Investment Progress as of Period-end (%) | 91.31 | | Amount Invested This Year | 2,775.01 | | Proportion of Total Raised Funds Invested This Year (%) | 1.36 | [(II) Details of Investment Projects Using Raised Funds](index=28&type=section&id=(%E4%BA%8C)%20%E5%8B%9F%E6%8A%95%E9%A1%B9%E7%9B%AE%E6%98%8E%E7%BB%86) The company's investment projects primarily focus on R&D and industrialization of MRI, CT, DSA, DR, and DRF products, along with supplementing working capital, with most projects progressing well and already generating benefits Details of Investment Projects Using Raised Funds (Unit: 10,000 Yuan) | Project Name | Committed Investment Amount in Prospectus (1) | Cumulative Investment Amount as of Period-end (2) | Investment Progress (3)＝(2)/(1) (%) | Benefits Realized | | :--- | :--- | :--- | :--- | :--- | | MRI Product R&D and Industrialization Project | 44,412.54 | 37,452.28 | 84.33 | 3,562.24 | | CT Product R&D and Industrialization Project | 26,693.80 | 26,671.45 | 99.92 | 727.38 | | DSA Product R&D and Industrialization Project | 23,339.31 | 15,462.90 | 66.25 | 1,973.04 | | DR and DRF Product R&D and Industrialization Project | 35,648.58 | 32,657.29 | 91.61 | 4,250.75 | | Supplement Working Capital | 74,534.39 | 74,597.36 | 100.00 | - | | Total | 204,628.62 | 186,841.28 | / | 10,513.41 | [(IV) Other Uses of Raised Funds During the Reporting Period](index=30&type=section&id=(%E5%9B%9B)%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E7%9A%84%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) The company utilized idle raised funds for cash management and extended some investment projects to ensure their smooth implementation - The company plans to use idle raised funds up to a maximum of **200 million Yuan** for cash management, investing in highly secure, liquid, and principal-guaranteed investment products[89](index=89&type=chunk) - The "MRI Product R&D and Industrialization Project" and "DSA Product R&D and Industrialization Project" are extended to **December 31, 2026**; the "CT Product R&D and Industrialization Project" and "DR and DRF Product R&D and Industrialization Project" are extended to **December 31, 2025**[90](index=90&type=chunk) Section 6 Changes in Shares and Shareholder Information [I. Changes in Share Capital](index=31&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) This section details the company's share capital changes, primarily the lifting of restrictions on non-publicly issued shares subscribed by Midea Group, leading to zero restricted shares and an increase in unrestricted tradable shares [1. Table of Share Capital Changes](index=31&type=section&id=1%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5%E8%A1%A8) During the reporting period, the company's restricted shares decreased by **162,244,859 shares**, with a corresponding increase in unrestricted tradable shares, while the total share capital remained unchanged Table of Share Capital Changes (Unit: Share) | Share Type | Quantity Before Change | Proportion Before Change (%) | Change (+, -) | Quantity After Change | Proportion After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 162,244,859 | 23.08 | -162,244,859 | 0 | - | | 3. Other Domestic Shares | 162,244,859 | 23.08 | -162,244,859 | 0 | - | | Of which: Domestic Non-state-owned Corporate Shares | 162,244,859 | 23.08 | -162,244,859 | 0 | - | | II. Unrestricted Tradable Shares | 540,816,199 | 76.92 | 162,244,859 | 703,061,058 | 100 | | 1. RMB Ordinary Shares | 540,816,199 | 76.92 | 162,244,859 | 703,061,058 | 100 | | III. Total Shares | 703,061,058 | 100 | 0 | 703,061,058 | 100 | [2. Explanation of Share Capital Changes](index=31&type=section&id=2%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The **162,244,859 non-publicly issued shares** subscribed by Midea Group became tradable on **March 25, 2025**, after the lock-up period expired, converting all restricted shares into unrestricted tradable shares - The **162,244,859 non-publicly issued shares** subscribed by Midea Group had a lock-up period of **thirty-six months**[95](index=95&type=chunk)[96](index=96&type=chunk) - The listing and trading date for these shares was **March 25, 2025**, with a total of **162,244,859 shares** becoming tradable[96](index=96&type=chunk) [(II) Changes in Restricted Shares](index=32&type=section&id=(%E4%BA%8C)%20%E9%99%90%E5%94%AE%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, all **162,244,859 restricted shares** held by Midea Group were released from restriction, resulting in **0 restricted shares** at period-end Changes in Restricted Shares (Unit: Share) | Shareholder Name | Restricted Shares at Beginning of Period | Restricted Shares Released During Period | Restricted Shares Increased During Period | Restricted Shares at Period-end | Reason for Restriction | Date of Release from Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Midea Group | 162,244,859 | 162,244,859 | 0 | 0 | Non-public Issuance | Thirty-six months from the end of the non-public issuance | | Total | 162,244,859 | 162,244,859 | 0 | 0 | / | / | [II. Shareholder Information](index=32&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **26,833 ordinary shareholders**. Midea Group Co., Ltd. remained the largest shareholder with a **45.46% stake**, and all its shares have been converted to unrestricted tradable shares - As of the end of the reporting period, the total number of ordinary shareholders was **26,833**[99](index=99&type=chunk) Top Ten Shareholders' Shareholding as of Period-end (Excluding Shares Lent via Securities Relending) | Shareholder Name (Full Name) | Change During Reporting Period | Shares Held at Period-end | Proportion (%) | Number of Restricted Shares Held | Pledged, Marked, or Frozen Status | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Midea Group Co., Ltd. | 0 | 319,579,981 | 45.46 | 0 | None | Domestic Non-state-owned Corporate | | Jiangsu Yuwell Technology Development Co., Ltd. | 0 | 18,031,825 | 2.56 | 0 | None | Domestic Non-state-owned Corporate | | Bank of China Co., Ltd. - Hwabao CSI Medical ETF | 229,512 | 14,018,371 | 1.99 | 0 | None | Other | | Lin Jinkun | 22 | 7,556,193 | 1.07 | 0 | None | Domestic Natural Person | | Wu Qing | 100,000 | 5,103,400 | 0.73 | 0 | None | Domestic Natural Person | | Hou Zhiping | 142,600 | 4,739,100 | 0.67 | 0 | None | Domestic Natural Person | | Hong Kong Securities Clearing Company Limited | -819,173 | 4,498,437 | 0.64 | 0 | None | Other | | Zhu Ganqun | 1,716,700 | 4,229,300 | 0.60 | 0 | None | Domestic Natural Person | | Li Jianwei | 0 | 4,065,972 | 0.58 | 0 | None | Overseas Natural Person | | China Merchants Bank Co., Ltd. - Southern CSI 1000 ETF | 400,900 | 3,893,840 | 0.55 | 0 | None | Other | [II. Equity Incentives Granted to Directors and Senior Management During the Reporting Period](index=34&type=section&id=%E4%BA%8C%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E8%A2%AB%E6%8E%88%E4%BA%88%E7%9A%84%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E6%83%85%E5%86%B5) During the reporting period, several of the company's directors and senior management were granted stock options to incentivize their contributions to the company's development Equity Incentives Granted to Directors and Senior Management (Unit: 10,000 Shares) | Name | Position | Stock Options Held at Beginning of Period | New Stock Options Granted During Period | Stock Options Held at Period-end | | :--- | :--- | :--- | :--- | :--- | | Song Jinsong | Director, Senior Management | - | 100 | 100 | | Lian Shijun | Director | - | 20 | 20 | | Jing Xiaoquan | Senior Management | - | 20 | 20 | | Huang Jiaxiang | Senior Management | - | 20 | 20 | | Ou Yunbin | Senior Management | - | 20 | 20 | | Total | / | - | 180 | 180 | Section 7 Bond-Related Information [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=35&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments [II. Convertible Corporate Bonds](index=35&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E6%83%85%E5%86%B5) During the reporting period, the company had no convertible corporate bonds Section 8 Financial Report [I. Audit Report](index=36&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report is unaudited - This semi-annual report is unaudited[7](index=7&type=chunk) [II. Financial Statements](index=36&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting its financial position and operating results [Consolidated Balance Sheet](index=36&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company's consolidated total assets were **5.523 billion Yuan**, and total equity attributable to the parent company was **4.728 billion Yuan** Key Data from Consolidated Balance Sheet (Unit: Yuan) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Monetary Funds | 2,689,243,766.25 | 3,586,378,532.07 | | Financial Assets Held for Trading | 446,928,054.79 | - | | Accounts Receivable | 687,591,428.63 | 381,205,179.51 | | Inventories | 306,991,048.94 | 214,942,655.77 | | Long-term Receivables | 58,262,875.46 | 43,105,240.81 | | Development Expenditures | 52,552,078.58 | 34,120,125.45 | | Total Assets | 5,522,692,631.20 | 5,470,493,043.29 | | Notes Payable | 112,565,467.54 | 81,953,935.54 | | Accounts Payable | 379,445,553.23 | 243,336,221.72 | | Total Liabilities | 684,141,361.63 | 592,503,982.96 | | Total Equity Attributable to Parent Company Shareholders | 4,727,702,783.52 | 4,767,546,579.04 | [Parent Company Balance Sheet](index=38&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the parent company's total assets were **5.205 billion Yuan**, and total owners' equity was **4.626 billion Yuan** Key Data from Parent Company Balance Sheet (Unit: Yuan) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Monetary Funds | 2,616,435,926.94 | 3,353,531,784.60 | | Financial Assets Held for Trading | 300,458,712.33 | - | | Accounts Receivable | 582,772,132.88 | 300,916,335.60 | | Inventories | 292,335,025.22 | 187,872,292.29 | | Long-term Equity Investments | 160,791,972.25 | 146,951,293.68 | | Total Assets | 5,205,315,463.88 | 5,136,450,907.17 | | Notes Payable | 112,565,467.54 | 81,953,935.54 | | Accounts Payable | 326,462,868.05 | 191,909,348.45 | | Total Liabilities | 579,327,994.99 | 465,184,798.37 | | Total Owners' Equity | 4,625,987,468.89 | 4,671,266,108.80 | [Consolidated Income Statement](index=40&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In the first half of 2025, the company's consolidated total operating revenue was **843 million Yuan**, a **20.46% year-on-year increase**, but net profit attributable to parent company shareholders decreased by **39.46% year-on-year to 51 million Yuan** Key Data from Consolidated Income Statement (Unit: Yuan) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Total Operating Revenue | 843,329,490.05 | 700,087,495.27 | | Total Operating Cost | 808,339,870.48 | 611,620,342.22 | | Total Profit | 58,043,133.15 | 102,402,266.30 | | Net Profit | 51,704,649.44 | 85,498,041.74 | | Net Profit Attributable to Parent Company Shareholders | 51,298,644.68 | 84,741,768.09 | | Basic Earnings Per Share (Yuan/share) | 0.073 | 0.121 | [Parent Company Income Statement](index=42&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) In the first half of 2025, the parent company's operating revenue was **729 million Yuan**, and net profit was **46 million Yuan**, a year-on-year decrease of approximately **48.26%** Key Data from Parent Company Income Statement (Unit: Yuan) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Operating Revenue | 729,316,701.70 | 582,888,207.19 | | Operating Cost | 471,420,290.11 | 341,654,353.78 | | Total Profit | 53,571,894.36 | 105,431,028.08 | | Net Profit | 45,902,970.78 | 88,697,166.68 | [Consolidated Cash Flow Statement](index=43&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In the first half of 2025, the company's consolidated net cash flow from operating activities was **-335 million Yuan**, from investing activities was **-485 million Yuan**, and from financing activities was **-94 million Yuan**, resulting in a net decrease in cash and cash equivalents of **-913 million Yuan** Key Data from Consolidated Cash Flow Statement (Unit: Yuan) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -334,807,833.18 | 1,104,792.70 | | Net Cash Flow from Investing Activities | -484,649,376.86 | -323,894,772.25 | | Net Cash Flow from Financing Activities | -93,774,441.37 | -92,849,957.90 | | Net Increase in Cash and Cash Equivalents | -913,231,651.41 | -415,639,937.45 | | Cash and Cash Equivalents at Period-end | 1,091,210,859.05 | 2,998,892,977.15 | [Parent Company Cash Flow Statement](index=45&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In the first half of 2025, the parent company's net cash flow from operating activities was **-315 million Yuan**, from investing activities was **-347 million Yuan**, and from financing activities was **-91 million Yuan**, resulting in a net decrease in cash and cash equivalents of **-753 million Yuan** Key Data from Parent Company Cash Flow Statement (Unit: Yuan) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -314,661,457.28 | 41,759,354.47 | | Net Cash Flow from Investing Activities | -347,133,348.43 | -309,609,627.83 | | Net Cash Flow from Financing Activities | -91,397,937.54 | -91,286,611.15 | | Net Increase in Cash and Cash Equivalents | -753,192,743.25 | -359,136,884.51 | | Cash and Cash Equivalents at Period-end | 1,018,403,019.74 | 2,872,943,543.55 | [Consolidated Statement of Changes in Owners' Equity](index=47&type=section&id=%E5%90%88%E5%B9%B6%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) In the first half of 2025, the company's consolidated total owners' equity decreased by **39.4378 million Yuan**, primarily influenced by net profit and profit distribution Changes in Consolidated Owners' Equity (Unit: Yuan) | Item | Beginning Balance H1 2025 | Change During Current Period | Period-end Balance H1 2025 | | :--- | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 703,061,058.00 | - | 703,061,058.00 | | Capital Reserve | 2,770,450,049.55 | 255,497.34 | 2,770,705,546.89 | | Other Comprehensive Income | -5,005,475.00 | - | -5,005,475.00 | | Surplus Reserve | 240,722,145.17 | - | 240,722,145.17 | | Retained Earnings | 1,058,318,801.32 | -40,099,292.86 | 1,018,219,508.46 | | Total Equity Attributable to Parent Company Shareholders | 4,767,546,579.04 | -39,843,795.52 | 4,727,702,783.52 | | Minority Interests | 110,442,481.29 | 406,004.76 | 110,848,486.05 | | Total Owners' Equity | 4,877,989,060.33 | -39,437,790.76 | 4,838,551,269.57 | [Parent Company Statement of Changes in Owners' Equity](index=54&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) In the first half of 2025, the parent company's total owners' equity decreased by **45.2786 million Yuan**, primarily influenced by net profit and profit distribution Changes in Parent Company Owners' Equity (Unit: Yuan) | Item | Beginning Balance H1 2025 | Change During Current Period | Period-end Balance H1 2025 | | :--- | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 703,061,058.00 | - | 703,061,058.00 | | Capital Reserve | 2,548,812,974.99 | 216,326.85 | 2,549,029,301.84 | | Other Comprehensive Income | -5,004,800.00 | - | -5,004,800.00 | | Surplus Reserve | 240,722,145.17 | - | 240,722,145.17 | | Retained Earnings | 1,183,674,730.64 | -45,494,966.76 | 1,138,179,763.88 | | Total Owners' Equity | 4,671,266,108.80 | -45,278,639.91 | 4,625,987,468.89 | [III. Company Basic Information](index=57&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section outlines Beijing Wandong Medical Technology Co., Ltd.'s establishment, listing date, registered capital, location, main business activities, and ultimate controlling party - The company was listed on the Shanghai Stock Exchange on **April 24, 1997**, with a Unified Social Credit Code of **9111000063379674X4**[144](index=144&type=chunk) - As of **June 30, 2005**, the company had a total issued share capital of **703,061,058 shares** and a registered capital of **703,061,058.00 Yuan**[145](index=145&type=chunk) - The company's main business activities include medical device manufacturing, sales, maintenance, technical consulting, and import/export business[145](index=145&type=chunk) - The company's parent company is Midea Group Co., Ltd., and the ultimate controlling party is He Xiangjian[145](index=145&type=chunk) [IV. Basis of Financial Statement Preparation](index=57&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) This section states that the company's financial statements are prepared on a going concern basis, adhering to accounting standards issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission - The company's financial statements are prepared on a going concern basis and comply with enterprise accounting standards[147](index=147&type=chunk)[150](index=150&type=chunk) - The company has the ability to continue as a going concern for at least **12 months** from the end of the reporting period, with no significant matters affecting its going concern ability[147](index=147&type=chunk) [V. Significant Accounting Policies and Estimates](index=57&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's significant accounting policies and estimates for financial statement preparation, covering financial instruments, inventories, long-term equity investments, fixed assets, intangible assets, revenue recognition, government grants, and deferred income tax, ensuring accuracy and comparability of financial information - The company classifies financial assets based on its business model for managing financial assets and the contractual cash flow characteristics, into those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[166](index=166&type=chunk) - Inventories are classified as raw materials, merchandise inventory, work-in-progress, low-value consumables, contract fulfillment costs, etc., valued at weighted average cost upon issuance, and measured at the lower of cost and net realizable value[179](index=179&type=chunk)[180](index=180&type=chunk) - The company accounts for long-term equity investments in subsidiaries using the cost method, and for investments in associates and joint ventures using the equity method[184](index=184&type=chunk)[185](index=185&type=chunk) - The company recognizes revenue when it satisfies a performance obligation in a contract, i.e., when the customer obtains control of the related goods or services, with main business types including medical device sales and medical services and others[213](index=213&type=chunk)[215](index=215&type=chunk) - Government grants are classified as asset-related government grants and income-related government grants, recognized when the attached conditions are met and the grants are received[220](index=220&type=chunk)[222](index=222&type=chunk) [VI. Taxation](index=82&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section details the company's and its subsidiaries' main tax categories and rates, along with disclosed tax incentives, including high-tech enterprise income tax benefits, small-profit enterprise income tax benefits, and VAT immediate refund policies for software products Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Calculated based on sales of goods and taxable services as per tax laws, with output VAT minus deductible input VAT as payable VAT | 13, 9, 6, 5, Exempt/Refund | | Urban Maintenance and Construction Tax | Calculated based on actual VAT paid | 7 | | Enterprise Income Tax | Calculated based on taxable income | 15, 20, 25 | | Education Surcharge | Calculated based on actual VAT paid | 3 | | Local Education Surcharge | Calculated based on actual VAT paid | 2 | - The company, Wanliyun, and Wandong Suzhou, as high-tech enterprises, enjoy a preferential enterprise income tax rate of **15%**[237](index=237&type=chunk)[238](index=238&type=chunk) - Chongqing Wanxiang, Wandong Yingrui, and Daqing Wanliyun, as small-profit enterprises, enjoy a preferential income tax rate of **20%**[238](index=238&type=chunk) - The company and its subsidiary Wanliyun's software products enjoy a VAT immediate refund policy[238](index=238&type=chunk)[239](index=239&type=chunk) - Heilongjiang Wanliyun, Health Check-up, and Daqing Wanliyun are exempt from VAT for providing medical services[240](index=240&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=84&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes for each item in the consolidated financial statements, including monetary funds, accounts receivable, inventories, long-term equity investments, fixed assets, intangible assets, revenue, expenses, and cash flows, explaining reasons for changes and accounting treatments Monetary Funds Period-end Balance (Unit: Yuan) | Item | Period-end Balance | | :--- | :--- | | Cash on Hand | 11,939.91 | | Bank Deposits | 2,653,712,440.12 | | Other Monetary Funds | 35,519,386.22 | | Total | 2,689,243,766.25 | Accounts Receivable Period-end Book Value (Unit: Yuan) | Item | Period-end Book Balance | Provision for Bad Debts | Book Value | | :--- | :--- | :--- | :--- | | Provision for bad debts on an individual basis | 64,339,739.98 | 64,339,739.98 | 0 | | Provision for bad debts on a collective basis | 739,502,336.83 | 51,910,908.20 | 687,591,428.63 | | Total | 803,842,076.81 | 116,250,648.18 | 687,591,428.63 | Inventories Classified by Period-end Book Value (Unit: Yuan) | Item | Book Balance | Inventory Impairment Provision/Contract Fulfillment Cost Impairment Provision | Book Value | | :--- | :--- | :--- | :--- | | Raw Materials | 67,731,482.52 | 295,604.04 | 67,435,878.48 | | Work-in-progress | 181,781,827.59 | 15,751,108.55 | 166,030,719.04 | | Merchandise Inventory | 87,000,327.38 | 14,793,920.39 | 72,206,406.99 | | Revolving Materials | 1,105,080.32 | - | 1,105,080.32 | | Contract Fulfillment Costs | 212,964.11 | - | 212,964.11 | | Total | 337,831,681.92 | 30,840,632.98 | 306,991,048.94 | Operating Revenue and Operating Cost (Unit: Yuan) | Item | Current Period Revenue | Current Period Cost | Prior Period Revenue | Prior Period Cost | | :--- | :--- | :--- | :--- | :--- | | Main Business | 812,798,100.69 | 537,494,792.35 | 671,731,069.23 | 425,455,076.63 | | Other Businesses | 30,531,389.36 | 9,352,359.25 | 28,356,426.04 | 4,485,957.66 | | Total | 843,329,490.05 | 546,847,151.60 | 700,087,495.27 | 429,941,034.29 | R&D Expenses (Unit: Yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Employee Compensation | 86,338,688.59 | 62,819,249.19 | | Materials Consumed | 661,642.50 | 2,017,069.70 | | Depreciation and Amortization | 9,672,304.59 | 7,672,280.05 | | Service Fees | 6,343,312.73 | 4,587,657.28 | | Other | 4,275,201.95 | 1,894,416.09 | | Total | 107,291,150.36 | 78,990,672.31 | Reconciliation of Net Cash Flow from Operating Activities (Unit: Yuan) | Supplementary Information | Current Period Amount | | :--- | :--- | | Net Profit | 51,704,649.44 | | Add: Asset Impairment Provisions | 0 | | Credit Impairment Losses | 6,227,045.46 | | Depreciation of Fixed Assets, Depletion of Oil and Gas Assets, Depreciation of Productive Biological Assets | 14,642,694.07 | | Amortization of Right-of-Use Assets | 2,095,201.92 | | Amortization of Intangible Assets | 4,317,734.05 | | Amortization of Long-term Deferred Expenses | 1,811,737.50 | | Losses (Gains indicated by "-") on Disposal of Fixed Assets, Intangible Assets, and Other Long-term Assets | 69,616.51 | | Fair Value Change Losses (Gains indicated by "-") | -928,054.79 | | Financial Expenses (Gains indicated by "-") | 2,642,394.33 | | Investment Losses (Gains indicated by "-") | -958,926.15 | | Decrease in Deferred Income Tax Assets (Increase indicated by "-") | -3,571,084.90 | | Decrease in Inventories (Increase indicated by "-") | -91,661,142.66 | | Decrease in Operating Receivables (Increase indicated by "-") | -415,149,183.76 | | Increase in Operating Payables (Decrease indicated by "-") | 93,949,485.80 | | Net Cash Flow from Operating Activities | -334,807,833.18 | [VIII. R&D Expenditures](index=132&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) This section discloses the company's R&D expenditures during the reporting period, including R&D expenses classified by nature and capitalized development expenditures for R&D projects, with key projects like Turbotom and i_Space series products progressing smoothly R&D Expenditures by Nature of Expense (Unit: Yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Employee Compensation | 104,380,311.85 | 62,819,249.19 | | Materials Consumed | 661,642.50 | 2,017,069.70 | | Depreciation and Amortization | 9,672,304.59 | 7,672,280.05 | | Service Fees | 6,524,012.73 | 4,587,657.28 | | Other | 4,484,831.82 | 1,894,416.09 | | Total | 125,723,103.49 | 78,990,672.31 | | Of which: Expensed R&D Expenditures | 107,291,150.36 | 78,990,672.31 | | Capitalized R&D Expenditures | 18,431,953.13 | - | Development Expenditures for R&D Projects Meeting Capitalization Criteria (Unit: Yuan) | Item | Beginning Balance | Amount Increased This Period (Internal Development Expenditures) | Period-end Balance | | :--- | :--- | :--- | :--- | | Turbotom 1 Series X-ray Computed Tomography Equipment | 11,594,348.89 | 3,804,972.92 | 15,399,321.81 | | i_Space 3.0T plus, i_Space 3.0T pro Superconducting Magnetic Resonance Imaging System | 22,525,776.56 | 5,999,783.02 | 28,525,559.58 | | Turbotom 9 Pro X-ray Computed Tomography Equipment | - | 8,627,197.19 | 8,627,197.19 | | Total | 34,120,125.45 | 18,431,953.13 | 52,552,078.58 | - Turbotom 1 Series X-ray Computed Tomography Equipment and i_Space 3.0T Series Magnetic Resonance Imaging Systems have obtained medical device registration certificates, while Turbotom 9 Pro X-ray Computed Tomography Equipment is currently undergoing registration[424](index=424&type=chunk) [IX. Changes in Consolidation Scope](index=133&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) During the reporting period, there were no significant changes in the company's consolidation scope, such as non-same-entity business combinations, same-entity business combinations, reverse acquisitions, or disposal of subsidiaries [X. Interests in Other Entities](index=134&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section discloses the company's interests in subsidiaries, joint ventures, and associates, including shareholding percentages, main businesses, and financial information for significant non-wholly owned subsidiaries Composition of Enterprise Group (Major Subsidiaries) | Subsidiary Name | Main Operating Location | Registered Capital | Business Nature | Shareholding Ratio (%) (Direct) | | :--- | :--- | :--- | :--- | :--- | | Chongqing Wanxiang | Chongqing | 260.00 | Sales, maintenance of medical equipment, etc. | 73.08 | | Wanliyun | Beijing | 1,145.68 | Technology development and services | 55.86 | | Wandong Sanye | Shanghai | 3,000.00 | Production, sales, maintenance of medical equipment, etc. | 100.00 | | Wandong Suzhou | Suzhou | 10,000.00 | Special equipment manufacturing, import and export business, et