Core Viewpoint - RunDa Medical (603108) reported a significant decline in financial performance for the first half of 2025, with a net profit decrease of 232.14% and total revenue down by 16.08% compared to the previous year [1] Financial Performance Summary - Total revenue for the first half of 2025 was 3.47 billion yuan, down 16.08% from 4.135 billion yuan in 2024 [1] - The net profit attributable to shareholders was -121 million yuan, a decrease of 232.14% from 91.31 million yuan in the previous year [1] - The gross margin fell to 20.94%, a decline of 22.73% year-on-year, while the net margin turned negative at -2.87%, down 177.84% [1] - Total expenses (sales, management, and financial) amounted to 701 million yuan, accounting for 20.21% of revenue, an increase of 3.72% year-on-year [1] - Earnings per share were -0.2 yuan, a decrease of 233.33% from 0.15 yuan in the previous year [1] Cash Flow and Debt Management - Operating cash flow per share increased by 75.58% to 0.25 yuan, indicating improved cash flow management despite declining revenues [1] - Long-term receivables decreased by 39.95% due to reduced deposits in financing activities [3] - Long-term borrowings increased by 43.61% as the company adjusted its financing structure [9] Revenue and Cost Analysis - Revenue decline attributed to price reductions in the medical testing sector due to procurement policies [12] - Operating costs decreased by 8.98%, but the reduction was less than the revenue decline, indicating challenges in cost management [12] - Sales expenses decreased by 15.21% due to a reduction in sales scale and optimization of sales management [12] Investment and Financing Activities - Cash flow from investment activities increased by 108.86% as the company reduced investment and acquisition activities [13] - Cash flow from financing activities decreased by 345.01%, reflecting a reduction in financing scale and structural adjustments [14] Market Position and Fund Holdings - The company’s return on invested capital (ROIC) was 3.97%, indicating weak capital returns compared to historical averages [15] - The largest fund holding in RunDa Medical is the Great Wall Consumption Value Mixed A Fund, which has reduced its holdings [18]

Summary of RunDa Medical Conference Call Company Overview - **Company**: RunDa Medical - **Industry**: Healthcare and AI Medical Solutions Key Points Financial Performance - In the first half of 2025, RunDa Medical reported a revenue of **34.66 billion** CNY, a **16% decrease** year-on-year [3] - The net profit attributable to shareholders was **-1.21 billion** CNY, primarily impacted by medical policies such as price reductions and anti-corruption measures [3] - Operating cash flow remained healthy at **1.54 billion** CNY, showing improvement in the second quarter due to business structure optimization and internal management [3][25] Business Segments - The centralized regional inspection business saw a revenue decline of **24%**, totaling **9.32 billion** CNY [4] - The industrial segment generated **2.1 billion** CNY, down **7%**, but export revenue from self-produced products increased by **75%** to **37.65 million** CNY [5] - Information technology revenue reached approximately **93 million** CNY, with AI-related product service revenue around **50 million** CNY [5] AI Business Development - RunDa Medical launched two AI products: "Liangyi" for doctors and "Xiaohui" for the public, covering the entire patient care process [6] - The company has partnered with top hospitals to develop specialized AI solutions, providing services to over **100 hospitals** [6] - There is a significant market demand for AI solutions, with potential project amounts around **1 billion** CNY from interested hospitals [9] Challenges and Opportunities - The AI business faces delivery capability bottlenecks, with large hospitals requiring **3-4 months** for project delivery due to customization needs [9] - The IVD industry is expected to recover gradually as policy environments stabilize and market demands increase [9] - RunDa Medical is exploring collaborations in outpatient scenarios with companies like Meinian Health and Taiping Insurance [10][11] Strategic Partnerships - A strategic cooperation agreement was signed with Dilos for developing public health projects and AI solutions [20] - Collaboration with Huawei includes joint development of AI models and global market expansion [23] Future Outlook - The company anticipates a gradual reduction in accounts receivable pressure as the industry stabilizes [15] - RunDa Medical plans to enhance its AI capabilities, focusing on areas like medical record generation and specialized clinical decision-making [14][21] - The company aims to complete existing orders for **80 large hospitals** in 2025 and expects significant improvements in commercialization by 2026 [28] Market Positioning - RunDa Medical is positioned to leverage AI advancements to address the shortage of quality medical resources, with plans to expand its services to patients post-hospitalization [17] - The company is actively pursuing overseas markets, particularly in Southeast Asia and Latin America, with ongoing projects [23][18] Conclusion - RunDa Medical is navigating a challenging environment with strategic adjustments and a focus on AI innovations, aiming for long-term growth and improved financial health in the healthcare sector [29]

Group 1 - The core point of the article highlights that RunDa Medical has seen a significant decrease in the number of shareholders, with a reduction of 10,501 accounts, representing a decline of 13.82% from March 31 to June 30, 2025 [1][2] - As of June 30, 2025, the average number of shares held per shareholder increased from 7,945 shares to 9,219 shares, while the average market value of shares held per account was 162,800 yuan [1][2] - Compared to the pharmaceutical commercial industry average, RunDa Medical's shareholder count of 65,478 is above the industry average of 40,100, but its average market value per account is below the industry average of 214,000 yuan [1][2] Group 2 - From March 31 to June 30, 2025, RunDa Medical's stock price experienced a decline of 10.85%, coinciding with the reduction in shareholder accounts [1][2] - During the same period, the net outflow of main funds was 283 million yuan, while retail investors saw a net inflow of 366 million yuan [2]

Group 1 - The board of directors of Shanghai RunDa Medical Technology Co., Ltd. held its 24th meeting on August 26, 2025, with all 11 directors present, including independent directors attending via communication [1] - The meeting approved the 2025 semi-annual report and its summary, with a unanimous vote of 11 in favor [2] - A special report on the storage and actual use of raised funds for the first half of 2025 was also approved, reflecting accurate management of the funds [3] Group 2 - The board approved an increase in the estimated amount for daily related party transactions for 2025 due to business development needs, with 9 votes in favor and 2 abstentions [4] - The board decided to cancel the supervisory board and revise the company's articles of association and related systems, transferring the supervisory powers to the audit committee [5] - The board proposed to reappoint Zhonghua Accounting Firm as the financial audit and internal control audit institution for 2025, with unanimous approval [5] - A resolution to convene the first extraordinary general meeting of shareholders in 2025 was also passed, with all directors voting in favor [6]

证券日报网讯 8月26日晚间，润达医疗发布公告称，公司第五届董事会第二十四次会议审议通过了《关 于审议公司2025年半年度报告及摘要的议案》等多项议案。 （文章来源：证券日报） ...

证券日报网讯 8月26日晚间，润达医疗发布公告称，公司第五届监事会第十七次会议审议通过了《关于 审议公司2025年半年度报告及摘要的议案》等。 （文章来源：证券日报） ...

Meeting Information - The company will hold a temporary shareholders' meeting on September 12, 2025, at 1:30 PM [5] - The meeting will take place at the Star Center, 8th Floor, 89 Zhapu Road, Hongkou District, Shanghai [5][8] - Voting will be conducted through both on-site and online methods using the Shanghai Stock Exchange's network voting system [5][4] Voting Procedures - Shareholders can vote via the trading system or the internet voting platform, with specific time slots for each method [4][5] - Shareholders holding multiple accounts can aggregate their voting rights across all accounts [7] - The first voting result will be considered valid if the same voting right is exercised multiple times [7] Attendance and Registration - Only shareholders registered by the close of trading on the equity registration date are eligible to attend the meeting [7] - Registration for attendance must be completed in person, with specific documentation required for both individual and corporate shareholders [7][10] - The registration period is set for September 10, 2025, from 9:30 AM to 11:30 AM and 1:30 PM to 4:00 PM [11] Proxy Voting - Shareholders can appoint a proxy to attend the meeting and vote on their behalf, with specific documentation required for the proxy [7][9] - The proxy must present identification and authorization documents to register for the meeting [7][10]

Core Viewpoint - The document outlines the decision-making procedures for related party transactions of Shanghai RunDa Medical Technology Co., Ltd, aiming to protect the interests of the company and minority shareholders while ensuring compliance with relevant laws and regulations [1]. Summary by Sections Related Party Transactions Definition - Related party transactions refer to the transfer of resources or obligations between the company, its subsidiaries, and related parties, including various forms of financial assistance, asset transactions, and joint investments [1][2]. Identification of Related Parties - Related parties include individuals or entities that directly or indirectly control the company, its directors, senior management, and significant shareholders [2][3]. Board and Shareholder Meeting Procedures - Related directors must abstain from voting on transactions where they have a conflict of interest, and decisions must be made by a majority of non-related directors [4][5]. - Related shareholders must also abstain from voting on relevant transactions, ensuring that their voting rights do not influence the outcome [5][12]. Transaction Approval and Disclosure - Transactions exceeding certain thresholds (e.g., 300,000 yuan for individuals, 3 million yuan for entities) require approval from independent directors and must be disclosed [10][11]. - For transactions above 30 million yuan or 5% of the company's net assets, board approval is required before submission to the shareholders' meeting [11]. Financial Assistance and Guarantees - The company is prohibited from providing financial assistance to related parties, except under specific conditions where equal terms are offered to all shareholders [12][9]. - Guarantees provided to related parties must also follow strict approval processes involving non-related directors and must be disclosed to shareholders [9]. Daily Related Transactions - Daily related transactions must be documented and disclosed, with specific procedures for approval and reporting based on transaction amounts [14][15]. Exemptions from Approval - Certain transactions, such as those providing unilateral benefits to the company without obligations, may be exempt from the usual approval and disclosure requirements [14]. Implementation and Amendments - The decision-making procedures are subject to amendments by the board and will take effect upon approval by the shareholders' meeting [15].

投资者关系管理制度 （二〇二五年八月） 第一章 总 则 上海润达医疗科技股份有限公司 投资者关系管理制度 上海润达医疗科技股份有限公司 第一条 为了加强上海润达医疗科技股份有限公司（以下简称"公司"） 与投资者和潜在投资者（以下简称"投资者"）之间的沟通，促进公司和投资者 关系的良性发展，规范公司投资者关系工作，根据《中华人民共和国公司法》、 《中华人民共和国证券法》、《上市公司投资者关系管理工作指引》、《上海证 券交易所股票上市规则》等法律法规、规范性文件及《上海润达医疗科技股份有 限公司章程》（以下简称"《公司章程》"）的相关规定，结合公司实际情况， 制定本制度。 第二条 投资者关系管理是指公司通过便利股东权利行使、信息披露、互 动交流和诉求处理等工作，加强与投资者及潜在投资者之间的沟通，增进投资者 对公司的了解和认同，以提升公司治理水平和企业整体价值，实现尊重投资者、 回报投资者、保护投资者目的的相关活动。 第三条 投资者关系管理的基本原则是： （一）合规性原则。公司投资者关系管理应当在依法履行信息披露义务的基 础上开展，符合法律、法规、规章及规范性文件、行业规范和自律规则、公司内 部规章制度，以及行业 ...

Core Viewpoint - The document outlines the insider information management system of Shanghai RunDa Medical Technology Co., Ltd, emphasizing the importance of confidentiality and compliance with relevant laws and regulations to protect investors' rights [1][2][3]. Group 1: General Principles - The company establishes this system to regulate insider information management and enhance confidentiality [1]. - The board of directors is designated as the management body for insider information, with the chairman responsible for confidentiality efforts [1][2]. Group 2: Scope of Insider Information - Insider information is defined as unpublicized information that significantly impacts the company's operations, finances, or stock market prices [2][3]. - Individuals classified as insider information recipients include those specified in the Securities Law [2][3]. Group 3: Registration Management of Insider Information Recipients - The company must accurately document all stages of insider information handling, including reporting, transmission, and disclosure [3][4]. - Insider information recipients are required to confirm their awareness of the information [3][4]. Group 4: Confidentiality Management - All directors and insiders must maintain confidentiality before public disclosure and limit the information's knowledge to a minimum [6][7]. - Insider information recipients are prohibited from leaking information or trading based on insider knowledge [6][7]. Group 5: Accountability - The company will conduct self-inspections regarding insider trading and report any violations to regulatory authorities [8][9]. - Violations of the insider information management system may lead to penalties or legal actions against responsible individuals [8][9]. Group 6: Appendices - The document includes templates for the registration of insider information recipients and a commitment letter to ensure compliance with confidentiality obligations [10][11].