思创医惠科技股份有限公司 2025 年半年度报告全文 思创医惠科技股份有限公司 2025 年半年度报告 2025-090 2025 年 8 月 1 思创医惠科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人许益冉、主管会计工作负责人钱本成及会计机构负责人(会计 主管人员)李秀云声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告如有涉及未来计划等前瞻性陈述，均不构成公司对任何投 资者及相关人士的实质承诺，投资者及相关人士均应当对此保持足够的风险 认识，并且应当理解计划、预测与承诺之间的差异，敬请投资者注意投资风 险。 公司在经营管理中可能面临的主要风险与相应举措已在本报告第三节 "管理层讨论与分析"之"十、公司面临的风险和应对措施"部分予以描述。 敬请广大投资者注意风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 02 ...

Core Insights - The stock price of Sichuang Medical has plummeted due to a criminal investigation initiated by the Hangzhou Public Security Bureau regarding fraudulent securities issuance, marking another significant crisis for the company after a hefty fine of 85.7 million yuan imposed by the Zhejiang Securities Regulatory Bureau last year [1][2]. Financial Fraud - Regulatory investigations have uncovered a chain of fraud involving Sichuang Medical, where in 2020, the company inflated profits by 83.94 million yuan, accounting for 67% of the total profit for that period, through its wholly-owned subsidiary, Yihui Technology [2]. Business Impact - The repercussions of the fraud have severely affected the core business of Yihui Technology, which has faced repeated failures in public hospital tenders due to reputational damage. The company's revenue is projected to drop to 169 million yuan in 2024, with a net loss of 320 million yuan, representing a nearly 60% decline from 417 million yuan in 2022 [3]. Strategic Restructuring - On May 30, Sichuang Medical announced the sale of Yihui Technology to a state-owned enterprise for nearly 300 million yuan, marking a complete exit from the smart healthcare sector. The company stated that the divestiture was necessary to concentrate resources on developing business intelligence [4]. Transition Challenges - Following the focus shift to business intelligence, Sichuang Medical aims to leverage its leading global EAS hard tag production capacity and RFID technology. However, the business intelligence segment is expected to see a revenue decline of 15% in 2024, with a gross margin drop of 4.83 percentage points to 21.54%. Despite an increase in revenue share to 72.5%, growth momentum remains insufficient [5].

Core Viewpoint - Sichuang Medical Technology Co., Ltd. is under investigation for suspected fraudulent issuance of securities, with the case currently in the police investigation stage [1] Group 1: Investigation and Legal Issues - The investigation is closely related to previous financial fraud cases, where Sichuang Medical inflated revenue by 34.93 million yuan and profits by 33.02 million yuan in 2019, and inflated revenue by 60.96 million yuan and profits by 52.37 million yuan in 2020, accounting for 20.03% and 56.81% of the respective profits [2] - The fraudulent data was included in the annual reports for 2019 and 2020, which were used as important evidence for the issuance of 817 million yuan in convertible bonds in 2021 [3] - The company has faced significant penalties, including a fine of 85.7 million yuan and a 10-year market ban for the former chairman [3] Group 2: Corporate Restructuring - In response to regulatory pressure, the company has made significant adjustments to its ownership structure and business layout, including the resignation of the former chairman and the transfer of control to the Cangnan County Finance Bureau [3] - The company has also divested its subsidiary, Medical Technology Co., which was the main platform for the financial fraud, and has shifted its focus to the Internet of Things sector [4] Group 3: Financial Performance - The company has reported continuous losses, with net profits of -878 million yuan, -874 million yuan, -502 million yuan, and -19.56 million yuan for the years 2022 to 2025 Q1, with a 71.14% reduction in losses for Q1 2025 compared to the same period last year [4] - The company claims that its financial situation has improved since the entry of state-owned capital, with a reduction in losses since 2024 [4] Group 4: Regulatory Environment - The capital market has intensified its crackdown on financial fraud and fraudulent issuance, with a focus on establishing a comprehensive accountability mechanism involving administrative, civil, and criminal responsibilities [5][6] - The ongoing investigation into Sichuang Medical is closely monitored by investors, with the company actively cooperating with the police and preparing compensation plans for affected investors [6]

每经记者｜许立波 每经编辑｜董兴生 思创医惠因欺诈发行证券，早前已于2024年1月被浙江证监局行政处罚，涉事人员被罚以重金并禁入市 场。然而，上述欺诈发行案并未随着浙江证监局采取的行政处罚而终结。 日前，思创医惠（300078.SZ，股价3.52元，市值39.35亿元）披露公告称，其收到杭州市公安局出具给 公司的《调取证据通知书》，杭州市公安局侦办的公司等涉嫌欺诈发行证券案需调取公司有关证据材 料。截至目前，上述案件尚处于公安机关侦查阶段，尚未有明确结论。 针对此事，8月19日，《每日经济新闻》记者独家联系到思创医惠前董事长章笠中，其正是此前欺诈发 行案中被监管部门点名处罚的核心人物。章笠中在回应记者提问时表示，此次公安机关介入调查，应该 与其当年任职期间的证券欺诈发行案件有关，但对于公安机关的调查是否涉及其个人层面，章笠中拒绝 进一步回应。同时，他确认自己目前已不在上市公司担任职务。 同日晚间，思创医惠董事会秘书也通过微信向记者回复称，目前上述案件还在调查阶段，公司在国资入 股后，治理与经营管理全面调整优化，经营情况稳定，资金充实，该调查目前对公司无重大影响。相关 责任人员早已不在公司任职，如涉及相关刑事责 ...

Market Overview - On August 19, the AI medical sector experienced a slight decline of 0.11%, with Yaobai Technology leading the drop [1] - The Shanghai Composite Index closed at 3727.29, down 0.02%, while the Shenzhen Component Index closed at 11821.63, down 0.12% [1] Stock Performance - Key stocks in the AI medical sector showed varied performance, with the following notable movements: - Seli Medical (603716) rose by 5.12% to a closing price of 31.40, with a trading volume of 616,700 shares and a transaction value of 1.977 billion [1] - Anbiping (688393) increased by 2.80% to 31.62, with a trading volume of 47,200 shares and a transaction value of 149 million [1] - Yaobai Technology (300725) fell by 3.43% to 48.21, with a trading volume of 196,500 shares and a transaction value of 965 million [2] Capital Flow - The AI medical sector saw a net inflow of 206 million from institutional investors, while retail investors contributed a net inflow of 44.13 million [2] - However, speculative funds experienced a net outflow of 250 million [2] Individual Stock Capital Flow - Seli Medical had a significant net inflow of 356 million from institutional investors, representing 17.99% of its total trading volume [3] - Meinian Health (002044) also saw a net inflow of 121 million from institutional investors, accounting for 12.18% [3] - In contrast, Yaobai Technology experienced a net outflow of 244 million from speculative funds, indicating a negative sentiment [3]

Policy Developments - The National Medical Insurance Administration held a mid-year meeting in Xi'an, focusing on enhancing the development of medical institutions and the pharmaceutical industry, ensuring public health, and improving the basic medical insurance system [2] Drug and Device Approvals - Heng Rui Medicine's application for the marketing license of Haequibopamine tablets has been accepted by the National Medical Products Administration, aimed at treating chemotherapy-induced thrombocytopenia in adult patients [4] - Dongfang Bio and its subsidiaries have obtained multiple medical device registration certificates, including flu virus antigen test kits and other diagnostic tools, enhancing the company's product range and market competitiveness [5] - Zhifei Biological's clinical trial application for a component DTP vaccine for adolescents and adults has been accepted, with significant market potential as no similar vaccine is currently approved for this demographic [6] Financial Reports - Fuyuan Medicine reported a 1.30% decrease in revenue to 1.634 billion yuan and a 7.83% decline in net profit to 268 million yuan for the first half of 2025 [8] - Jiuyuan Gene achieved total revenue of 638.8 million yuan and a net profit of 90.2 million yuan, with over 10% growth in orthopedic product sales despite industry challenges [9] - Kangzhe Pharmaceutical reported a 10.8% increase in revenue to approximately 4 billion yuan and a 3.1% rise in net profit to about 930 million yuan for the first half of 2025 [11] Capital Market - Kening Bio completed a multi-million A-round financing to support clinical research for its core pipelines targeting osteoarthritis and dry eye syndrome, with plans to start overseas clinical trials in 2026 [13] Industry Events - A new decision-making framework called FRAME was proposed by a research team from the Chinese Academy of Sciences, showing significant improvements in medical insights using large language models [15] - Ant Group launched initiatives to combat fake medical advertisements through its AI health application, aiming to protect public interests amid increasing regulatory scrutiny [16] Shareholder Actions - Guoshou Chengda has reduced its stake in Maipu Medical by 2.9958%, completing its share reduction plan [18] - Sichuang Medical's vice president resigned for personal career planning reasons, indicating potential changes in company leadership [19]

Policy Developments - The National Medical Insurance Work Mid-Year Symposium was held in Xi'an, Shaanxi, on August 15, 2025, focusing on the progress and future priorities of medical insurance work, emphasizing the need for empowerment of medical institutions and innovation in the pharmaceutical industry [1] Drug and Device Approvals - Heng Rui Medicine announced that its application for the marketing authorization of Haqubopam Ethanolamine Tablets has been accepted by the National Medical Products Administration, aimed at treating chemotherapy-induced thrombocytopenia in adult patients [2] - Dongfang Bio reported that it and its subsidiaries obtained multiple medical device registration certificates, including flu virus antigen test kits and various antibody test kits, enhancing its product range and market competitiveness [3] - Zhifei Biological's clinical trial application for a component DTP vaccine for adolescents and adults has been accepted, with significant market potential as no similar vaccine is currently approved for this demographic in China [4] Financial Reports - Fuyuan Medicine reported a 1.30% decrease in revenue to 1.634 billion yuan and a 7.83% decline in net profit to 268 million yuan for the first half of 2025 [5] - Jiuyuan Gene announced total revenue of 638.8 million yuan and a net profit of 90.2 million yuan, facing challenges from policy changes and internal adjustments, but showing resilience with over 10% growth in orthopedic product sales [6] - Kangzhe Pharmaceutical reported a 10.8% increase in revenue to approximately 4 billion yuan and a 3.1% rise in net profit to about 930 million yuan for the first half of 2025 [7] Capital Market - Kegong Bio completed a multi-million A-round financing, which will support its clinical research for core pipelines targeting osteoarthritis and dry eye syndrome, with plans to start overseas clinical trials in 2026 [8] Industry Developments - A new decision-making framework for medical large models, FRAME, was proposed by a research team from the Chinese Academy of Sciences, showing significant improvements in medical insights compared to traditional methods [9] - Ant Group has launched initiatives to combat fake medical advertisements through its AI health application, AQ, which includes features for users to verify medical claims [10] Shareholder Actions - Guoshou Chengda has completed a reduction of 2.9958% of its shares in Maipu Medical, reducing its holdings to 1.9093% of the total share capital [11] - Sichuan Medical's Vice President resigned for personal career planning reasons, stepping down from all positions within the company [12]

长江商报消息 ●长江商报记者 徐佳 国资入主尚未落定，思创医惠（300078.SZ）欺诈发行案重回大众视野。 日前，思创医惠公告称，公司收到杭州市公安局出具给公司的《调取证据通知书》，杭州市公安局侦办的公司等 涉嫌欺诈发行证券案需调取公司有关证据材料。截至目前，上述案件尚处于公安机关侦查阶段，尚未有明确结 论。公司将积极配合公安机关的调查取证工作。 长江商报记者注意到，2024年初，思创医惠被证监会坐实财务造假，被重罚8570万元，公司原董事长一并被罚且 被禁入市场10年。2020年至2024年，思创医惠已连续五年扣除非经常性损益后的净利润（扣非净利润，下同）亏 损，累计亏损30.57亿元。 值得关注的是，8月初，思创医惠拟作价3亿元将财务造假实施主体、子公司医惠科技有限公司（以下简称"医惠科 技"）出售给苍南县财政局控制的山海数科。当前，苍南县财政局正在推进对思创医惠的入主事项。 随着证券市场的法治化进程持续深化，思创医惠通过出售医惠科技、引入国资股东等方式试图自救，但连续五年 的巨额亏损和监管重罚，使其依然面临市场信任危机。 涉嫌欺诈发行证券案被调查 日前，思创医惠发布公告称，公司收到杭州市公安局出具给公 ...

Core Viewpoint - The resignation of Vice President Hua Songyuan and ongoing investigations into alleged fraudulent securities issuance have negatively impacted the stock price and financial performance of Sichuang Medical Technology Co., Ltd. (思创医惠) [1][4] Group 1: Management Changes - Vice President Hua Songyuan resigned for personal career planning reasons and will no longer hold any position in the company after his resignation [1] - Hua's original term was set from December 6, 2024, to December 5, 2027 [1] Group 2: Financial Performance - Sichuang Medical has reported continuous net losses, with net profits of -878 million yuan in 2022, -874 million yuan in 2023, -502 million yuan in 2024, and -19.56 million yuan in the first quarter of 2025 [3] - The company has faced significant discrepancies in its financial disclosures, leading to regulatory scrutiny and penalties [2][4] Group 3: Legal Issues - The company is under investigation by the Hangzhou Public Security Bureau for alleged fraudulent securities issuance, with evidence being collected [1][4] - In January 2024, the company received administrative penalties from the China Securities Regulatory Commission for fabricating significant false content in public offering documents, resulting in inflated revenues and profits [4][5][6] - The company was fined 81.7 million yuan for the fraudulent activities, and its former chairman was banned from the market for 10 years [6] Group 4: Business Operations - Sichuang Medical operates in two main business segments: business intelligence and smart healthcare, providing IoT solutions for various industries [2] - The company has recently sold its 100% stake in a subsidiary, Medical Technology Co., Ltd., to alleviate financial burdens due to ongoing losses [6]

Core Viewpoint - The company announced the resignation of its Vice President, Ms. Hua Songyuan, due to personal career planning reasons, and she will no longer hold any position within the company after her resignation [2] Group 1 - The resignation was formally submitted in a written report to the company's board of directors [2] - Ms. Hua Songyuan's departure is attributed to her personal career planning [2] - Following her resignation, she will not assume any roles within the company [2]