Core Viewpoint - The company, Innovation Medical, has released its first quarter report for 2025, which has not been audited, and emphasizes the accuracy and completeness of the financial information provided [3][6]. Financial Data Summary - The company confirms that there are no adjustments or restatements required for previous accounting data [3]. - There are no non-recurring profit and loss items applicable for the quarter [3]. - The company has not defined any non-recurring profit and loss items as recurring [3]. Shareholder Information - The report includes details about the total number of common shareholders and the top ten shareholders, but specific data is not provided in the document [5]. - The company has not engaged in any share lending activities related to the top ten shareholders [5]. Other Important Matters - The first quarter report has not undergone an audit, indicating that the financial statements are preliminary and subject to change [6].

Financial Performance - The company reported a basic earnings per share of -0.0300 yuan for Q1 2025, a decrease of 347.76% compared to -0.0067 yuan in Q1 2024 [1] - Net profit for Q1 2025 was -0.14 billion yuan, representing a significant decline of 366.67% from -0.03 billion yuan in Q1 2024 [1] - Operating revenue decreased by 3.98% to 1.93 billion yuan in Q1 2025, down from 2.01 billion yuan in Q1 2024 [1] - The return on equity was -0.79% in Q1 2025, a drop of 393.75% from -0.16% in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 15,020.82 million shares, accounting for 36.07% of the circulating shares, with a decrease of 302.26 million shares compared to the previous period [2] - The largest shareholder, Chen Xiaying, holds 7,761.70 million shares, representing 18.64% of the total share capital, with no change [3] - Shanghai Guanghuan Technology Co., Ltd. holds 3,372.02 million shares (8.10%), unchanged from the previous period [3] - Hangzhou Changjian Investment Partnership (Limited Partnership) decreased its holdings by 392.00 million shares to 1,814.42 million shares (4.36%) [3] Dividend Policy - The company has decided not to distribute dividends or transfer shares in this period [3]

Revenue and Profitability - The company's revenue for Q1 2025 was ¥193,334,481.58, a decrease of 3.98% compared to ¥201,344,535.99 in the same period last year[4] - The net profit attributable to shareholders was -¥13,937,418.26, representing a decline of 368.03% from -¥2,977,863.39 year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥14,970,488.85, a decrease of 452.67% compared to -¥2,708,735.09 in the previous year[4] - Basic and diluted earnings per share were both -¥0.03, down 347.76% from -¥0.0067 in the previous year[4] - Net profit for the current period was a loss of CNY 13,890,668.31, compared to a loss of CNY 2,979,559.99 in the previous period[15] - The net profit attributable to the parent company was -13,937,418.26, compared to -2,977,863.39 in the previous period, indicating a significant increase in losses[16] - The total comprehensive income attributable to the parent company was -13,937,418.26, compared to -2,977,863.39 in the previous period, reflecting a worsening financial position[16] - The basic and diluted earnings per share were both -0.03, compared to -0.0067 in the previous period, showing a decline in profitability[16] Cash Flow and Liquidity - The net cash flow from operating activities improved to ¥4,741,047.29, a significant increase of 126.84% from -¥17,663,752.00 in the same period last year[4] - Cash inflows from operating activities totaled 191,773,031.89, up from 182,904,706.98 in the previous period, indicating improved cash generation[17] - The net cash flow from operating activities was 4,741,047.29, a recovery from -17,663,752.00 in the previous period, suggesting operational improvements[18] - Cash inflows from investing activities were 55,025,416.74, down from 304,959,178.42 in the previous period, indicating reduced investment activity[18] - The net cash flow from investing activities was 21,058,502.54, a significant decrease from 288,142,403.29 in the previous period, reflecting a shift in investment strategy[18] - The net cash flow from financing activities was 486,724.90, down from 10,452,995.48 in the previous period, indicating a reduction in financing activities[18] - The ending cash and cash equivalents balance was 143,789,708.17, down from 529,951,281.78 in the previous period, showing a decrease in liquidity[18] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,164,041,606.40, a decrease of 1.81% from ¥2,203,947,708.41 at the end of the previous year[4] - Total operating costs increased to CNY 205,240,260.34, up 1.0% from CNY 202,244,492.52[15] - Total assets decreased to CNY 2,164,041,606.40 from CNY 2,203,947,708.41, reflecting a decline of 1.8%[14] - Total liabilities decreased to CNY 400,833,433.03 from CNY 426,848,866.73, a reduction of 6.1%[13] - Current assets totaled CNY 566,946,305.73, down 5.3% from CNY 598,852,540.99[12] - Non-current assets totaled CNY 1,597,095,300.67, a slight decrease from CNY 1,605,095,167.42[13] - The company's retained earnings showed a deficit of CNY 1,412,129,160.15, worsening from a deficit of CNY 1,398,191,741.89[13] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 68,155[9] Non-Recurring Items - The company reported a non-recurring gain of ¥1,033,070.59, primarily from fair value changes of financial assets and liabilities[5] - The decline in net profit was attributed to changes in payment methods for rehabilitation diseases and dynamic adjustments in medical insurance payment standards[7] Audit Status - The first quarter report was not audited, which may affect the reliability of the financial data presented[19]

Core Viewpoint - The company emphasizes the importance of innovation in the medical service industry, particularly in response to changes in medical insurance policies that affect profitability and operational efficiency [1][2]. Group 1: Company Operations - The company has experienced a decline in medical service gross margins due to adjustments in medical insurance settlement policies, despite an increase in outpatient and inpatient volumes [2]. - The company operates four hospitals: Jianhua Hospital, Kanghua Hospital, Futian Hospital, and Mingzhu Hospital, which are actively making adjustments to cope with market changes [2]. - The company is focusing on enhancing the quality and efficiency of its hospitals while investing in emerging medical technologies such as brain-computer interface (BCI) and AI medical models [2][4]. Group 2: AI Medical Model Development - The AI medical model developed by the company's affiliate, Quanzhen Medical, has demonstrated capabilities in providing diagnostic suggestions and generating medical records, significantly improving doctor efficiency and service quality [3]. - In 2024, Quanzhen Medical anticipates generating revenue of 4.4 million yuan from its AI medical model, with a target of 40 million yuan in 2025 [3]. - The company plans to expand its partnerships with hospitals, aiming to increase the number of collaborations from approximately 60 to 160 in the near future [3]. Group 3: Brain-Computer Interface (BCI) Project - The BCI project has developed a product line that includes systems for rehabilitation training and neuro-signal acquisition, with clinical trials already underway in several hospitals [4]. - The BCI products are expected to complete regulatory registration by mid-2026, with consumer products entering mass production and anticipated market launch in 2025 [4]. Group 4: Future Development Strategy - The company aims to enhance hospital operational capabilities and efficiency while actively exploring the commercialization of advanced medical technologies [5]. - The focus will be on capital operations that align with the company's strategic direction and investment value, leveraging technological advancements to improve the medical service industry [5].

Group 1: Company Overview and Performance - The company focuses on comprehensive medical services, primarily relying on local health insurance bureaus for revenue settlement [4] - Despite an increase in outpatient and inpatient volumes in 2024, the company's operating performance has declined due to adjustments in health insurance settlement policies, leading to reduced service charges and lower gross margins [4] - The company has invested in innovative projects such as brain-computer interfaces (BCI) and AI medical models to enhance traditional medical services [4] Group 2: AI Medical Model Development - The AI medical model currently collaborates with approximately 60 hospitals in 2024, with an expected increase of about 100 hospitals in 2025 [6] - Projected revenue for the AI medical model is estimated at 4.4 million in 2024 and aims for 40 million in 2025 [6] - The AI model has shown significant cost reduction and efficiency improvement in hospitals, particularly through features like in-clinic dictation and inpatient dictation [6] Group 3: BCI Product Development - The BCI product assists stroke patients in regaining control over their upper limb movements, enabling basic daily activities [7] - The BCI product can operate for approximately 6 hours on a single charge, with a replaceable battery [8] - The BCI product is undergoing multi-center clinical trials and is expected to complete registration for medical device classification by mid-2026 [8] Group 4: Market Impact and Financial Projections - The BCI product is anticipated to significantly reduce rehabilitation costs for patients, allowing families to save between 40,000 to 60,000 annually by replacing full-time caregivers with part-time help [10] - The pricing strategy for the BCI product is based on the value it provides to stroke patients, with specific pricing details to be announced upon launch [10]

证券代码：002173 证券简称：创新医疗 公告编号：2025-021 创新医疗管理股份有限公司 关于持股 5%以上股东权益变动触及 1%的提示性公告 股东上海洸焕科技有限公司保证向本公司提供的信息内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 | 股份种类（A 股、B 股等） | 减持股数（万股） 减持比例（%） | | | --- | --- | --- | | A 股 | 470 1.0651% | | | 合 计 | 470 1.0651% | | | 本次权益变动方式 | 通过证券交易所的集中交易 √ | | | | 通过证券交易所的大宗交易 √ | | | | 其他 □（请注明） | | | 3．本次变动前后，投资者及其一致行动人拥有上市公司权益的股份情况 | | | | 股份性质 | 本次变动前持有股份 本次变动后持有股份 | | | | 占总股本比 占总股本比 股数(万股) 股数(万股) | | | | 例(%) 例(%) | | | 合计持有股份 | 3,372.0222 7.6414% 2,902.0222 6.5763% | | | 其中：无限售条件股份 | 3,372.0 ...

■ ■ ■ 0 0 2173 ■ ■ ■ 5% ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ 2025 每4年13 ■ 2025 每4年18 ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ 1.0 © ■ ■ ■ ■ ■ ■ 1.06 5 1% ■ ...

Group 1 - The core point of the news is the performance of the Zhongyin Innovation Medical Mixed A fund, which has shown significant growth in its net value and returns over various time frames [1] - As of April 21, 2025, the latest net value of Zhongyin Innovation Medical Mixed A is 1.6127 yuan, reflecting a growth of 2.27% [1] - The fund's one-month return is 14.21%, ranking 9th out of 4672 similar funds; the three-month return is 36.72%, ranking 18th out of 4599; and the year-to-date return is 34.02%, ranking 36th out of 4590 [1] Group 2 - The top ten stock holdings of Zhongyin Innovation Medical Mixed A account for a total of 70.60%, with significant positions in companies such as Heng Rui Pharmaceutical (9.81%), Innovent Biologics (8.55%), and others [1] - The fund was established on November 13, 2019, and as of December 31, 2024, it has a total scale of 2.02 billion yuan [1] - The fund manager, Zheng Ning, has a background in asset management and has held various positions in the industry since 2022 [2]

公开信息显示，现任基金经理吴兴武先生:中国籍,理学硕士,持有中国证券投资基金业从业证书,曾任摩 根士丹利华鑫基金管理有限公司研究员,广发基金管理有限公司研究发展部、权益投资一部研究员、广 发多元新兴股票型证券投资基金基金经理(自2017年4月25日至2019年4月16日)、广发核心精选混合型证 券投资基金基金经理(自2015年2月17日至2020年2月10日)、广发鑫瑞混合型证券投资基金(LOF)基金经 理(自2019年4月16日至2020年7月29日)、广发再融资主题灵活配置混合型证券投资基金(LOF)基金经理 (自2019年4月16日至2020年7月31日)。现任广发轮动配置混合型证券投资基金基金经理(自2015年2月12 日起任职)、广发医疗保健股票型证券投资基金基金经理(自2018年10月16日起任职)、广发医药健康混合 型证券投资基金基金经理(自2020年10月21日起任职)、广发创新医疗两年持有期混合型证券投资基金基 金经理(自2021年3月19日起任职)。2022年11月4日起任广发竞争优势灵活配置混合型证券投资基金基金 经理。曾任广发主题领先灵活配置混合型证券投资基金基金经理。 截止2024年 ...

Core Viewpoint - The recent performance of the Zhongyin Innovation Medical Mixed A fund shows a decline in net value but strong returns over various time frames, indicating potential resilience in the healthcare investment sector [1]. Fund Performance Summary - The latest net value of Zhongyin Innovation Medical Mixed A is 1.5786 yuan, down by 2.81% - The fund's one-month return is 13.30%, ranking 7 out of 4623 in its category - The three-month return stands at 38.74%, ranking 14 out of 4566 - Year-to-date return is 31.19%, ranking 24 out of 4559 [1]. Holdings Summary - The top ten stock holdings of Zhongyin Innovation Medical Mixed A account for a total of 70.60%, with the following key positions: - Heng Rui Pharmaceutical: 9.81% - Xinda Bio: 8.55% - Huaneng Pharmaceutical: 8.41% - Kangfang Biotech: 8.35% - Kangnuo Ya-B: 8.32% - Kelun Botai: 7.87% - BeiGene-U: 6.24% - Rongchang Bio: 5.96% - Hansoh Pharmaceutical: 3.98% - Xin Nuo Wei: 3.11% [1]. Fund Manager Background - Zheng Ning, the fund manager, has a master's degree and extensive experience in the investment sector, having previously worked at Taikang Asset Management and Zhonggeng Fund Management - Zheng joined Zhongyin Fund Management in 2022 and has managed multiple funds since then, including the Zhongyin Innovation Medical Mixed Fund [2].