Financial Performance - The company reported a significant operating loss due to a decline in overall revenue, primarily impacted by market competition, business model adjustments, and a decrease in order volume [4]. - The company's operating revenue for 2024 was ¥690,765,562.41, a decrease of 31.33% compared to ¥1,005,929,309.42 in 2023 [24]. - The net profit attributable to shareholders for 2024 was -¥501,509,765.24, showing an improvement of 42.64% from -¥874,349,214.78 in 2023 [24]. - The net cash flow from operating activities was -¥35,682,984.51, a decline of 402.72% compared to ¥11,787,364.46 in 2023 [24]. - The total assets at the end of 2024 were ¥2,189,795,268.31, down 15.53% from ¥2,592,337,624.35 at the end of 2023 [24]. - The company reported a basic earnings per share of -¥0.53 for 2024, improving by 50.00% from -¥1.06 in 2023 [24]. - The company's revenue from core business activities, after deducting other income, was ¥635,589,837.98 in 2024, down from ¥792,024,301.02 in 2023 [24]. - The company reported a significant reduction in investment cash outflow by 48.50% to ¥612,186,484.88 from ¥1,188,616,583.06 [89]. - The company reported a total revenue of 16,946.37 million CNY, with a net profit loss of 33,558.94 million CNY for its subsidiary, Yihui Technology [117]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion CNY for the fiscal year 2024, representing a growth of 20% year-over-year [196]. Strategic Initiatives - The company plans to not distribute cash dividends, issue bonus shares, or increase capital using reserves [7]. - The company launched the "思创物联（苍南）" production base, marking a strategic transformation and upgrade in its IoT application business [32]. - The company is transitioning from a manufacturer to a digital service provider, addressing industry challenges with comprehensive solutions [35]. - The company is actively developing a group hospital business collaboration and data sharing cloud platform in line with national healthcare reform initiatives, aiming to improve resource utilization and healthcare service quality [40]. - The company is investing in the development of personal digital health records, utilizing IoT, AI, and cloud computing technologies to enable dynamic aggregation and sharing of personal health data [41]. - The company is focusing on expanding its market presence and developing new technologies to enhance its product offerings [165]. - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of 500 million CNY earmarked for potential mergers and acquisitions [196]. - The company plans to increase its marketing budget by 30% to support the launch of new products and enhance brand visibility [197]. Market and Product Development - The company focuses on providing integrated solutions in sectors such as smart retail, supply chain management, and smart cities, leveraging RFID technology [32]. - The company is actively developing a smart retail management system and a smart supply chain platform to achieve full digitalization from inventory management to logistics [123]. - The company is planning to expand its market presence in Southeast Asia, targeting a 10% market share by the end of 2024 [199]. - New product launches are expected to contribute an additional 300 million RMB in revenue in 2024, focusing on advanced medical technologies [199]. - The company is investing 200 million RMB in R&D for new technologies aimed at improving healthcare solutions over the next two years [199]. Governance and Management - The company has established a fair and effective performance evaluation and incentive mechanism for senior management, combining basic salary with annual performance assessments [148]. - The company has maintained independence from its largest shareholder, with no interference in decision-making or operational activities reported during the period [154]. - The company has implemented a robust internal control system to manage risks and ensure the normal operation of business activities [151]. - The company has established a comprehensive internal audit system, with an independent internal audit department reporting directly to the audit committee [151]. - The company has seen a turnover in key management positions, which may impact its operational strategy moving forward [168]. - The company appointed Wu Qiong as the new General Manager on May 28, 2024, following the resignation of Hua Songyuan due to work adjustments [167]. Challenges and Risks - The company continues to face challenges in its smart healthcare segment, with slow project delivery and payment collection contributing to operational losses [4]. - The company faces intensified competition in the IoT and smart healthcare sectors, requiring improved core competitiveness and cost structure optimization [128]. - The company is facing litigation risks from investors, with 18 lawsuits currently filed against it [136]. - The company is monitoring international trade policies and exchange rate fluctuations to manage potential risks in its business operations [133]. Research and Development - The company has received 14 invention patents, 14 utility model patents, and 23 software copyrights during the reporting period, showcasing its commitment to innovation [62]. - The company is investing heavily in R&D, with a budget allocation of 200 million CNY for new technologies and product development [196]. - Research and development expenditures have increased by 20%, reflecting the company's commitment to innovation [165]. - The company has initiated a cost-reduction strategy projected to save 100 million RMB annually, enhancing overall profitability [199]. International Operations - The company exports its products to over 70 countries and regions, establishing long-term stable partnerships with more than 300 clients and agents globally [50]. - International sales accounted for 52.02% of total revenue, down 24.20% from the previous year [72]. - The company is planning to expand its overseas market presence through localized solutions for smart loss prevention and digital retail technologies [123]. Financial Management - The company has engaged in foreign exchange hedging to mitigate risks associated with currency fluctuations, aiming to reduce the impact on operational performance [102]. - The company has implemented risk control measures for foreign exchange hedging, including monitoring and aligning hedging contracts with expected cash flows [103]. - The company has not engaged in speculative derivative investments during the reporting period [104]. - The company has established a unified data management platform for IoT data collection and analysis, achieving a 60% completion rate in user data processing [87].

Financial Performance - The company's revenue for Q1 2025 reached ¥409,267,469.05, representing a 105.78% increase compared to ¥198,888,851.70 in the same period last year[5] - The net profit attributable to shareholders was a loss of ¥19,559,000.77, an improvement of 71.14% from a loss of ¥67,764,977.31 in the previous year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of ¥29,473,021.51, which is a 56.91% improvement from a loss of ¥68,404,999.56 year-over-year[5] - The weighted average return on equity improved to -3.45% from -7.81% year-over-year, reflecting better financial performance[5] - The net profit for the current period was -19,436,112.60, compared to -68,576,893.20 in the previous period, indicating an improvement[28] - Total comprehensive income for the current period was -24,150,857.83, compared to -68,984,875.95 in the previous period[29] - Basic and diluted earnings per share were both -0.02, an improvement from -0.07 in the previous period[29] Assets and Liabilities - The company's total assets decreased by 31.19% to ¥1,506,875,539.19 from ¥2,189,795,268.31 at the end of the previous year[5] - Total liabilities decreased to ¥941,673,340.52 from ¥1,600,932,000.91, a reduction of about 41.2%[25] - Cash and cash equivalents increased to ¥439,934,835.34 from ¥415,200,644.88, reflecting a growth of approximately 5.5%[23] - Accounts receivable decreased to ¥353,033,883.16 from ¥395,319,679.02, a reduction of about 10.7%[24] - The company reported a cash and cash equivalents balance of 364,501,022.89 at the end of the period, down from 482,439,364.81 in the previous period[32] Cash Flow - The cash flow from operating activities was ¥25,805,801.61, showing a slight increase of 1.13% compared to ¥25,518,697.95 in the same period last year[5] - Operating cash flow net amount was 25,805,801.61, slightly up from 25,518,697.95 in the previous period[32] - Cash inflow from operating activities totaled 256,886,487.62, an increase from 227,704,641.50 in the previous period[31] - Cash outflow from operating activities was 231,080,686.01, compared to 202,185,943.55 in the previous period[32] - Investment activities generated a net cash flow of 725,351,084.89, significantly higher than 169,699,667.33 in the previous period[32] Shareholder Information - The total number of common shareholders at the end of the reporting period is 73,798[10] - The largest shareholder, Cangnan Siga IoT Smart Partnership, holds 5.72% of shares, totaling 63,890,185 shares[10] - The first major shareholder changed from Yunhai Chain Holdings to Mr. Lu Nan and his concerted actor, Hangzhou Botai Investment Management[17] - The total number of shares held by the top 10 shareholders does not include shares lent through margin trading[11] - The top 10 shareholders include both domestic and foreign entities, with significant stakes held by natural persons and corporations[10] Investment and Expenses - Research and development expenses decreased by 45.88% to ¥17,324,427.07 from ¥32,012,601.95 in the same period last year, attributed to organizational adjustments[8] - The company plans to invest up to RMB 50 million in Zhejiang Mashang Technology Co., with a subscription price of RMB 3.50 per share[18] Asset Disposal and Gains - The company recorded a substantial increase in asset disposal gains of 13,057.24%, amounting to ¥7,794,790.23 compared to a loss of ¥60,157.81 in the previous year[8] - The company sold assets for a total of RMB 562 million, with payments received of RMB 40 million and RMB 372 million as the first installment[15] - The second installment of RMB 115 million has been received as part of the asset sale[16] Legal and Guarantees - The company received a guarantee deposit of ¥58 million from the former chairman to cover potential liabilities related to a lawsuit[21] - The company expects no financial loss from the alleged guarantee issue, as the former chairman has committed to cover any excess liabilities[21] Strategic Initiatives - The company is actively pursuing new strategies for market expansion and product development, although specific details were not disclosed in the call[20]

4月29日，思创医惠（300078）披露重大资产出售草案，山海数科以29959.95万元人民币收购医惠科技 的100.00%股权。这一举措标志着思创医惠将全面剥离智慧医疗业务，聚焦商业智能领域，国资助力实 现业务结构的优化和高质量发展。 苍南国资出于为思创医惠公司纾困、提升其资产质量的目的，统筹协调旗下企业山海数科收购它的子公 司医惠科技100%股权。国有企业作为重要的国家战略科技力量，无论是破解基础研究阶段"卡脖子"关 键核心技术，还是破局应用转化阶段高风险、长周期投资困境，都具有较强的功能优势。智慧医疗领域 的发展离不开国有企业的战略支撑。 对于思创医惠而言，此次资产出售意义重大。剥离医惠科技后，公司将回笼资金，全力聚焦商业智能业 务。思创医惠的商业智能业务以EAS和RFID研发生产为基石，以物联网应用开放平台为生态体系，为 多个行业提供深度物联网解决方案。公司作为全球最大的EAS硬标签生产基地，产品市场占有率多年位 居全球前列；在RFID领域同样实力强劲，与众多国际客户建立了长期稳定的合作关系。将资源集中于 商业智能业务，有望进一步发挥其竞争优势，提升市场份额和盈利能力。 相关人士指出，思创医惠此次交易 ...

本资产评估报告依据中国资产评估准则编制 思创医惠科技股份有限公司拟进行重大资产 出售涉及的医惠科技有限公司 股东全部权益价值评估项目 资 产 评 估 报 告 坤元评报〔2025〕359 号 （共一册 第一册） 坤元资产评估有限公司 二〇二五年四月二十八日 | 报告编码: | 3333020001202500433 | | --- | --- | | 合同编号: | H-HZ24-001250 | | 报告类型: | 法定评估业务资产评估报告 | | 报告文号: | 坤元评报（2025）359号 | | 报告名称: | 思创医惠科技股份有限公司拟进行重大资产出售涉及的医惠科技 有限公司股东全部权益价值评估项目资产评估报告 | | 评估结论: | 299.599.531.04元 | | 评估报告日 : | 2025年04月28日 | | 评估机构名称: | 坤元资产评估有限公司 | | 签名人员: | 潘文夫 (资产评估师) 正式会员 编号:33000005 | | | (资产评估师) 正式会员 编号:33090002 章波 | | | 潘文夫、章波已实名认可 | | 声 明 1 | | | --- | --- ...

目 录 | 一、审阅报告…………………………………………………………… | 第 | 1 页 | | --- | --- | --- | | 二、备考合并财务报表………………………………………………第 | 2—3 | 页 | | （一）备考合并资产负债表………………………………………… | 第 | 2 页 | | （二）备考合并利润表……………………………………………… | 第 | 3 页 | | ………………………………………第 4—82 页 | | --- | | 三、备考合并财务报表附注 | 审 阅 报 告 天健审〔2025〕8743 号 思创医惠科技股份有限公司全体股东： 我们审阅了后附的思创医惠科技股份有限公司（以下简称思创医惠公司）按 照备考合并财务报表附注三所述编制基础编制的备考合并财务报表，包括 2023 年 12 月 31 日和 2024 年 10 月 31 日的备考合并资产负债表，2023 年度和 2024 年 1-10 月的备考合并利润表以及备考合并财务报表附注。备考合并财务报表的 编制是思创医惠公司管理层的责任，我们的责任是在实施审阅工作的基础上对备 考合并财务报表出具审阅报告。 我们按 ...

国金证券股份有限公司 关于本次交易产业政策和交易类型的核查意见 思创医惠科技股份有限公司（以下简称"上市公司"）拟向苍南县山海数字 科技有限公司出售上市公司持有的医惠科技有限公司（以下简称"标的公司"） 100%股权，根据《上市公司重大资产重组管理办法》规定，上述交易事项构成 重大资产重组（以下简称"本次交易"或"本次重组"）。国金证券股份有限公 司（以下简称"本独立财务顾问"）担任本次交易的独立财务顾问。 根据中国证券监督管理委员会（以下简称"中国证监会"）《监管规则适用 指引——上市类第 1 号》、深圳证券交易所《深圳证券交易所上市公司自律监管 指引第 8 号——重大资产重组（2025 年修订）》等规范性文件的要求，本独立 财务顾问对上市公司本次交易的产业政策和交易类型进行了核查，核查意见如下： 一、本次交易涉及的行业与企业不属于《国务院关于促进企业兼并重组的 意见》和工信部等十二部委《关于加快推进重点行业企业兼并重组的指导意见》 确定的"汽车、钢铁、水泥、船舶、电解铝、稀土、电子信息、医药、农业产 业化龙头企业"；也不属于中国证监会《监管规则适用指引——上市类第 1 号》 确定的"汽车、钢铁、水泥、船舶 ...

国金证券股份有限公司 关于本次重大资产出售摊薄即期回报及其填补措施的核查 意见 思创医惠科技股份有限公司（以下简称"公司"或"上市公司"）拟向苍南 县山海数字科技有限公司出售上市公司持有的医惠科技有限公司 100%股权，根 据《上市公司重大资产重组管理办法》规定，上述交易事项构成重大资产重组（以 下简称"本次交易"或"本次重组"）。国金证券股份有限公司（以下简称"国 金证券"或"本独立财务顾问"）担任本次交易的独立财务顾问。 根据《国务院办公厅关于进一步加强资本市场中小投资者合法权益保护工作 的意见》《国务院关于进一步促进资本市场健康发展的若干意见》和《关于首发 及再融资、重大资产重组摊薄即期回报有关事项的指导意见》等有关规定，国金 证券就本次交易完成后是否摊薄上市公司即期回报及上市公司拟采取的措施发 表如下核查意见： 一、本次重组摊薄即期回报情况分析 公司将进一步优化治理结构、加强内部控制评价机制，确保及时发现并改进 内部控制缺陷，保证内部控制的有效性；强化内部审计力度，梳理内控流程，查 找流程风险点，评估和分析风险强度，进一步提升经营效率和盈利能力，切实维 护公司和股东的权益。 （三）进一步完善利润分配制 ...

关于思创医惠科技股份有限公司重大资产重组前发生业绩异常 或本次重组存在拟置出资产情形中相关事项的专项核查意见 深圳证券交易所： 根据中国证监会于 2020 年 7 月 31 日发布的《监管规则适用指引—上市类第 1 号》中"上市公司重组前业绩异常或拟置出资产的核查要求"的规定，评估人 员已就思创医惠科技股份有限公司（以下简称思创医惠）本次重组前拟置出资产 的相关事项进行专项核查并出具专项核查意见，现将情况汇报如下： 一、拟置出资产的评估作价情况 根据坤元资产评估有限公司出具的《资产评估报告》坤元评报〔2025〕359 号，本次评估以 2024 年 10 月 31 日为基准日，对医惠科技有限公司(以下简称医 惠科技)股东全部权益价值采用资产基础法进行了评估。医惠科技的股东全部权 益在评估基准日的评估价值为 299,599,531.04 元，与母公司报表口径中股东全 部权益账面价值 236,151,481.27 元相比，评估增值 63,448,049.77 元，增值率 为 26.87%；与合并报表口径归属于母公司的股东权益账面价值 248,885,270.45 元相比，评估增值 50,714,260.59 元，增 ...

国金证券股份有限公司 关于本次交易中聘请第三方等廉洁从业情况的核查意见 思创医惠科技股份有限公司（以下简称"上市公司"）拟向苍南县山海数字 科技有限公司出售上市公司持有的医惠科技有限公司 100%股权，根据《上市公 司重大资产重组管理办法》规定，上述交易事项构成重大资产重组（以下简称"本 次交易"）。国金证券股份有限公司（以下简称"本独立财务顾问"）担任本次 交易的独立财务顾问。 本独立财务顾问根据《关于加强证券公司在投资银行类业务中聘请第三方等 廉洁从业风险防控的意见》（证监会公告[2018]22 号）的规定，对本次交易中聘 请第三方等廉洁从业情况进行了核查并发表如下意见： 一、独立财务顾问有偿聘请第三方的核查 本次交易中，本独立财务顾问不存在直接或间接有偿聘请第三方的行为。 二、上市公司有偿聘请第三方的核查 根据上市公司的说明，上市公司在本次交易中聘请的中介机构情况如下： 1、上市公司聘请国金证券股份有限公司作为本次交易的独立财务顾问； 2、上市公司聘请北京德恒（杭州）律师事务所作为本次交易的法律顾问； 3、上市公司聘请天健会计师事务所（特殊普通合伙）作为本次交易的审计 机构； 4、上市公司聘请坤元资产评 ...

国金证券股份有限公司 综上，本次交易相关主体不存在依据《上市公司监管指引第 7 号——上市公 司重大资产重组相关股票异常交易监管》第十二条规定不得参与任何上市公司重 大资产重组的情形。 （以下无正文） （本页无正文，为《国金证券股份有限公司关于本次交易相关主体不存在<上市 公司监管指引第 7 号——上市公司重大资产重组相关股票异常交易监管>第十二 条规定的不得参与上市公司重大资产重组情形的核查意见》之签章页） 独立财务顾问主办人： 关于本次交易相关主体不存在《上市公司监管指引第7号— —上市公司重大资产重组相关股票异常交易监管》第十二条 规定的不得参与上市公司重大资产重组情形的核查意见 王小江 吴卓 思创医惠科技股份有限公司拟向苍南县山海数字科技有限公司出售上市公 司持有的医惠科技有限公司 100%股权，根据《上市公司重大资产重组管理办法》 规定，上述交易事项构成重大资产重组（以下简称"本次交易"）。 国金证券股份有限公司担任本次交易的独立财务顾问，就《上市公司监管指 引第 7 号——上市公司重大资产重组相关股票异常交易监管》第十二条规定进行 了核查，核查意见如下： 截至本核查意见出具日，本次交易涉及《上市公 ...