Investment Rating - The report gives a "Cautious Recommend" rating to the company, with an expected PE ratio of 20/16/13 for 2024-2026 [60] Core Views - The company's traditional core business maintains stable growth, while new businesses gradually contribute to performance increments [60] - The company is transitioning from traditional businesses to high-end sectors such as laser and medical aesthetics [60] - The company's R&D investment in 2023 was 78.43 million yuan, accounting for 16.97% of revenue, with a year-on-year increase of 27.86% [24] Industry Overview - The number of rehabilitation medical institutions in China increased from 396 in 2014 to 810 in 2021, with an average annual increase of about 60 institutions [3] - The number of practitioners in rehabilitation medical institutions grew from 31,445 in 2014 to 87,507 in 2021, with a CAGR of 15.74% [3] - The number of outpatient and emergency visits in rehabilitation departments grew at a CAGR of 5.60% from 2014 to 2021, significantly higher than the overall growth rate of outpatient visits [3] Company Business Segments - The company's core business areas include pelvic floor and postpartum rehabilitation, mental rehabilitation, and neurological rehabilitation [4] - In the pelvic floor field, the company launched its second-generation pelvic floor magnetic stimulation product in 2023, integrating biofeedback with passive stimulation [4] - In the mental rehabilitation field, the company launched its second-generation transcranial magnetic stimulation device in 2023, significantly improving treatment effects [4] - In the neurological rehabilitation field, the company provides advanced non-invasive neuromodulation treatment methods and offers a comprehensive "Rehabilitation Loop" solution for tertiary hospitals [4] Financial Performance - In 2023, the company achieved revenue of 462.22 million yuan, a year-on-year increase of 43.72%, and net profit attributable to the parent company of 136.26 million yuan, a year-on-year increase of 45.22% [64] - In Q1 2024, the company's revenue was 88 million yuan, a year-on-year decrease of 8.24%, and net profit attributable to the parent company was 22 million yuan, a year-on-year decrease of 27.69% [15] - The company's gross profit margin in 2023 was 71.76%, with a slight decline of 0.71 percentage points year-on-year [60] R&D and Innovation - The company has established six technology platforms: magnetic stimulation, electrical stimulation, electrophysiology, robotics, laser, and radiofrequency [52] - The company's plastic magnetic product obtained FDA certification in March 2023 and domestic medical registration in November 2023, becoming the only domestically produced magnetic stimulation device for body contouring [21] - The company's first-generation rehabilitation robot products have completed the certification process, forming a product matrix covering upper and lower limb rehabilitation [25] Market Potential - The aging population in China is increasing, leading to a growing demand for rehabilitation services, especially in elderly rehabilitation [12] - The rehabilitation market is expected to accelerate due to changes in population structure and increased health awareness [11] - The company is well-positioned to benefit from the expanding rehabilitation market, particularly in the fields of pelvic floor, mental, and neurological rehabilitation [4]

Company Overview - VISHEE Medical was established in 2001 and is headquartered in Nanjing, focusing on innovative medical devices. It is recognized as a national high-tech enterprise and listed on the Sci-Tech Innovation Board [3]. - The company specializes in rehabilitation medicine, offering high-quality products and solutions in areas such as pelvic floor rehabilitation, mental health recovery, neurological rehabilitation, and pediatric rehabilitation [3]. Financial Performance - In 2023, the company achieved total revenue of CNY 462.22 million, a year-on-year increase of 43.72%. The net profit attributable to shareholders was CNY 136.26 million, up 45.22% [3]. - The net profit after deducting non-recurring gains and losses was CNY 121.73 million, reflecting a significant increase of 58.93% [3]. - The company plans to distribute a high cash dividend, proposing a distribution of CNY 1.02 billion, with a plan to convert capital reserves into shares at a ratio of 4 shares for every 10 shares held [4]. Stock Incentive Plan - The performance assessment targets for the stock incentive plan remain unchanged, with the company aiming for an 80% revenue growth or a 110% net profit growth compared to 2022 [4]. - In Q1 2024, the stock incentive plan incurred a post-tax expense of CNY 599.96 million, with an expected increase in total stock payment for the year compared to 2023 [4]. Market Strategy and Product Development - The company is actively expanding into overseas markets, having received FDA certification for several products and participating in international exhibitions [4]. - The focus on medical aesthetics includes developing compliant products that replace imports, targeting women's health and aesthetic needs [5]. - The company has established six major technology platforms, including magnetic stimulation and robotic rehabilitation, to support its product offerings [6]. Future Outlook - The company anticipates a gradual increase in demand for medical equipment due to new policies, with expected performance growth in Q2 and Q3 of 2024 [7]. - The pelvic floor rehabilitation market is projected to maintain stable growth, with the company expanding its offerings to include comprehensive solutions for women's health throughout their life cycle [5].

关于以集中竞价交易方式回购公司股份累计达到 总股本 1%暨回购进展公告 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。 证券代码：688580 证券简称：伟思医疗 公告编号：2024-019 南京伟思医疗科技股份有限公司 公司 2021 年年度权益分派现已实施完毕，公司本次以集中竞价交易方式回购 股份价格上限由不超过人民币 100 元/股（含）调整为不超过人民币 98.70 元/股 （含）。具体内容详见公司于 2022 年 6 月 16 日在上海证券交易所网站 （www.sse.com.cn）披露的《关于 2021 年年度权益分派实施后调整回购股份价格 上限的公告》（公告编号：2022-041）。 （二）2023 年 11 月 9 日，公司召开第三届董事会第十六次会议，审议通过了《关 于以集中竞价交易方式回购公司股份方案的议案》，同意公司通过集中竞价交易方 式回购公司已发行的人民币普通股（A 股），回购股份的资金总额不低于人民币 2,000 万元（含），不超过人民币 4,000 万元（含），回购股份的价格不超过人民币 90 元 ...

长江证券承销保荐有限公司 关于南京伟思医疗科技股份有限公司 使用部分超募资金永久补充流动资金并注销募集资金专户 的核查意见 长江证券承销保荐有限公司（以下简称"长江保荐"或"保荐机构"）作为南 京伟思医疗科技股份有限公司（以下简称"伟思医疗"或"公司"）首次公开发行 股票并科创板上市项目的保荐机构，根据《上海证券交易所科创板上市公司自 律监管指引第1号——规范运作》《上市公司监管指引第2号——上市公司募集 资金管理和使用的监管要求》以及《上海证券交易所科创板股票上市规则》等 相关规定，就伟思医疗使用部分超募资金永久补充流动资金的事项进行了审慎 核查，核查意见如下： 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意南京伟思医疗科技股份有限公司首 次公开发行股票注册的批复》（证监许可〔2020〕1213号）文核准，公司获准向 社会公众公开发行人民币普通股（A股）1,708.6667万股，每股发行价格为67.58 元，募集资金总额为人民币1,154,716,955.86元，扣除总发行费用人民币 91,729,995.18 元（不含税）后，募集资金净额为人民币1,062,986,960.68元。上 述募集资 ...

拟续聘的会计师事务所名称：天衡会计师事务所（特殊普通合伙） 一、拟聘任会计师事务所的基本情况 （一）机构信息 证券代码：688580 证券简称：伟思医疗 公告编号：2024-008 南京伟思医疗科技股份有限公司 关于续聘会计师事务所的公告 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： 1.基本信息 事务所名称：天衡会计师事务所（特殊普通合伙） 成立日期：2013 年 11 月 4 日 组织形式：特殊普通合伙企业 注册地址：南京市建邺区江东中路 106 号 1907 室 历史沿革：天衡会计师事务所（特殊普通合伙）前身为始建于 1985 年的江 苏会计师事务所，1999 年脱钩改制，2013 年转制为特殊普通合伙会计师事务所。 首席合伙人：郭澳 | 2023 年度末人 | 2023 2023 | 年度末合伙人数量 年度末注册会计师人数 | 85 419 | | --- | --- | --- | --- | | 员数量（单 位：人） | | | | | | 2023 | 年度末签署过证券服务业务审计 | 22 ...

一、募集资金基本情况 南京伟思医疗科技股份有限公司 关于调整部分募投项目内部结构的公告 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。 南京伟思医疗科技股份有限公司（以下简称"公司"或"伟思医疗"）于 2024 年 4 月 25 日召开第三届董事会第十七次会议、第三届监事会第十五次会议，审 议通过了《关于调整部分募投项目内部结构的议案》，同意公司对部分募投项目 进行变更。公司保荐机构长江证券承销保荐有限公司（以下简称"保荐机构"） 对本事项出具了核查意见。该事项尚需提交公司股东大会审议，现将相关情况公 告如下： 根据中国证券监督管理委员会《关于同意南京伟思医疗科技股份有限公司首 次公开发行股票注册的批复》（证监许可〔2020〕1213 号）文核准，公司向社会 公众公开发行人民币普通股（A 股）17,086,667 股，每股面值 1.00 元，每股发 行价格为 67.58 元。本次公开发行募集资金总额为 1,154,716,955.86 元，扣除 总发行费用 91,729,995.18 元（不含税），募集资金净额为 1,06 ...

南京伟思医疗科技股份有限公司 2023 年度内部控制审计报告 【天衡专字(2024)00179 号】 天衡会计师事务所(特殊普通合伙) 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进 O O O 内部控制审计报告 C O 0 0 O O 0 天衡专字(2024)00179 号 南京伟思医疗科技股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计了 南京伟思医疗科技股份有限公司 2023 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指引》 的规定,建立健全和有效实施内部控制,并评价其有效性是南京伟思医疗科技股份有限公司 董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审计意见, 并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外,由于情况的变 化可能导致内部控制 ...

证券代码：688580 证券简称：伟思医疗 公告编号：2024-011 南京伟思医疗科技股份有限公司 关于使用部分超募资金永久补充流动资金并注销募 集资金专户的公告 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个别及连带责任。 重要内容提示： 南京伟思医疗科技股份有限公司首次公开发行股票实际募集资金净额为 人民币1,062,986,960.68元，其中超募资金596,126,960.68元。本次拟使用剩余 超募资金人民币99,417,615.16元（其中含利息39,804,919.08元，具体金额以结 转当日余额为准）永久补充流动资金，占超募资金总额的16.68%。 一、募集资金基本情况 经中国证券监督管理委员会《关于同意南京伟思医疗科技股份有限公司首次 公开发行股票注册的批复》（证监许可〔2020〕1213号）文件核准，公司向社会 公众公开发行人民币普通股（A股）17,086,667股，每股面值人民币1.00元，每 股发行价格为人民币67.58元。本次公开发行募集资金总额为1,154,716,955.86 元 ， 扣 除 总 发 行 ...

Financial Performance - The company reported a net profit attributable to shareholders of RMB 136,258,629.02 for the year 2023, with a total distributable profit of RMB 416,851,513.83[7]. - A cash dividend of RMB 1.5032 per share (including tax) is proposed, with an expected total cash dividend payout of RMB 102,194,339.48, representing 83.49% of the net profit for the year[9]. - The company reported a revenue of RMB 1.2 billion for the fiscal year 2023, representing a year-on-year growth of 15%[18]. - The company's operating revenue for 2023 reached ¥462,223,134.18, representing a year-on-year increase of 43.72% compared to ¥321,621,418.85 in 2022[29]. - Net profit attributable to shareholders for 2023 was ¥136,258,629.02, up 45.22% from ¥93,825,897.99 in the previous year[30]. - The net profit after deducting non-recurring gains and losses was ¥121,726,312.07, reflecting a significant increase of 58.93% compared to ¥76,590,650.79 in 2022[30]. - The gross margin for the year was reported at 45%, an improvement from 42% in the previous year[18]. - The company achieved total operating revenue of CNY 46,222.31 million in the reporting period, representing a year-on-year increase of 43.72%[39]. - The company reported a net cash flow from operating activities of CNY 62,656.86 million in the fourth quarter, indicating strong operational efficiency[33]. Shareholder Actions - The company plans to increase its total share capital from 68,623,867 shares to 95,817,677 shares through a capital reserve transfer of 27,193,810 shares[10]. - The proposed profit distribution and capital reserve transfer plan has been approved by the board and will be submitted for shareholder approval[11]. - The company implemented a stock incentive plan that resulted in a post-tax share-based payment expense of ¥16,704,900, which impacted the net profit[30]. - The company plans to implement a stock incentive plan for 2023, which was discussed in the shareholders' meeting[193]. Risk Management - The company has outlined various risks and countermeasures in its annual report, emphasizing the importance of risk management[5]. - The board of directors and management have confirmed the accuracy and completeness of the financial report, ensuring no significant omissions or misleading statements[5]. - The company emphasizes that forward-looking statements regarding future plans and strategies do not constitute a commitment to investors, highlighting the associated investment risks[12]. Market Expansion and Product Development - User data indicates an increase in active users by 20% compared to the previous year, reaching a total of 500,000 users[18]. - The company projects a revenue growth of 10% for the next fiscal year, targeting RMB 1.32 billion[18]. - New product development includes the launch of a next-generation rehabilitation robot, expected to enhance patient recovery rates by 30%[18]. - The company has expanded its market presence by entering three new provinces, aiming to increase market share by 5%[18]. - A strategic acquisition of a competitor was completed, valued at RMB 300 million, expected to enhance product offerings and market reach[18]. - The company is investing RMB 50 million in R&D for innovative rehabilitation technologies over the next two years[18]. - The company aims to continue expanding its market presence and developing new technologies to enhance its product offerings[22]. Research and Development - The R&D expenditure as a percentage of operating revenue was 16.97%, a decrease of 2.10 percentage points from 19.07% in 2022[31]. - The total R&D investment for the year reached ¥78,432,505.46, representing a 27.86% increase compared to the previous year[116]. - The company has established six major technology platforms, including magnetic stimulation, electrical stimulation, electrophysiology, robotics, laser, and radiofrequency, to support its product lines[51]. - The company is committed to increasing R&D investment in key projects and enhancing its intellectual property portfolio to ensure sustainable long-term growth[40]. - The company has obtained 36 patents, including 16 invention patents, 9 utility model patents, and 11 design patents, with 47 new authorized patents during the reporting period[42]. Operational Efficiency - The company plans to enhance its digital platform, aiming for a 25% increase in user engagement through improved features[18]. - The company has set a target to reduce operational costs by 8% in the upcoming year through efficiency improvements[18]. - The company is focusing on building a comprehensive rehabilitation device ecosystem, covering pelvic, neurological, mental, and physical rehabilitation[50]. - The company aims to improve operational efficiency and clinical evaluation through advanced data analysis techniques[122]. Customer Satisfaction and Service - Customer satisfaction ratings increased to 90%, reflecting improvements in service and product quality[199]. - The company emphasizes customer satisfaction and has developed a comprehensive after-sales service system, enhancing customer experience and service quality[135]. - The company is focused on digital operations and efficient after-sales service, utilizing CRM and electronic data monitoring systems to improve management efficiency[135]. Governance and Compliance - The company aims to enhance its governance and operational management through various committees established under the board[189]. - The company held 1 shareholders' meeting during the reporting period, complying with relevant laws and regulations[189]. - A total of 6 board meetings were convened, with independent directors attending and providing independent opinions[190]. - The supervisory board held 5 meetings, ensuring compliance with legal and regulatory requirements[190].