Investment Rating - The report maintains a rating of "Buy" for the company [6] Core Views - The company's financial indicators continue to recover, and the full-scale promotion of the enhanced WiNEX product is expected to open up growth space for its main business [3] - The company has adjusted its EPS forecasts for 2024-2026 to 0.21 (-0.04), 0.28 (-0.08), and 0.36 (-0.10) yuan, while maintaining a target price of 10.37 yuan [4] - The company’s revenue for the first three quarters was 1.91 billion yuan, a year-on-year increase of 0.7%, with a focus on high-quality development by abandoning low-quality projects [4] Financial Summary - Revenue for 2022 was 3,093 million yuan, with projections of 3,163 million yuan for 2023, 3,337 million yuan for 2024, 3,716 million yuan for 2025, and 4,242 million yuan for 2026 [5] - Net profit attributable to the parent company for 2022 was 109 million yuan, with projections of 358 million yuan for 2023, 457 million yuan for 2024, 604 million yuan for 2025, and 772 million yuan for 2026 [5] - The company reported a non-net profit of 1.42 billion yuan for the first three quarters, a year-on-year increase of 59% [4] Business Performance - The internet healthcare revenue grew by 53% year-on-year, accounting for 16% of total revenue, while the medical health information revenue decreased by 6%, accounting for 84% [4] - The company’s operating cash flow improved, with sales collection reaching 1.803 billion yuan, a year-on-year increase of 12% [4] - The enhanced WiNEX product was officially launched on October 19, 2024, with improved digital, cloud, and AI capabilities [4]

2024 年 10 月 31 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 刘熹 S0350523040001 liux10@ghzq.com.cn [Table_Title] 前三季度互联网医疗营收同比+53%，WiNEX 2024 走向推广成熟期 ——卫宁健康（300253）2024 年三季报点评 | --- | --- | --- | --- | --- | |-------------------------------------------------|---------------------------------------------|----------------------------------------------------------|-----------------------|---------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company has shown significant growth in internet healthcare and innovative business revenues, with overall profitability continuing to recover [1]. - The internet healthcare business revenue increased by 52.68% year-on-year, while the innovative business segment also reported substantial growth [2]. - The company has effectively controlled costs, leading to a notable decrease in sales, management, and R&D expense ratios [3]. - The enhanced WiNEX product has officially entered a full promotion phase, aligning with the company's strategy to advance smart hospital construction [4]. - The profit forecasts for 2024-2025 have been adjusted downwards due to macroeconomic impacts and the pace of innovation business development, with a maintained optimistic outlook on the healthcare information technology sector [4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved operating revenue of 1.913 billion yuan, a year-on-year increase of 0.65%, and a net profit attributable to shareholders of 155 million yuan, up 1.51% year-on-year [1]. - The adjusted net profit forecast for 2024 is 425 million yuan, with further projections of 554 million yuan for 2025 and 731 million yuan for 2026 [4]. Business Segments - The healthcare information technology business accounted for 83.81% of total revenue but saw a decline of 5.57% year-on-year, while the internet healthcare segment grew to 16.19% of total revenue [2]. - The innovative business segment, including subsidiaries, reported combined revenue growth of 53.80% [2]. Cost Management - The company focused on enhancing efficiency and controlling costs, resulting in a significant reduction in expense ratios across sales, management, and R&D [3]. - The sales collection improved, with a total of 1.803 billion yuan in sales returns, reflecting an 11.54% increase year-on-year [3]. Product Development - The enhanced WiNEX product is now fully promoted, emphasizing a "Digital First," "Cloud Ready," and "AI Augmented" approach to support the development of intelligent health systems [4].

证券代码：300253 证券简称：卫宁健康 公告编号：2024-087 卫宁健康科技集团股份有限公司 关于调整 2022 年股权激励计划可行权日的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 特别提示： 公司拟按照中国证券监督管理委员会（以下简称"中国证监 会"）《上市公司董事、监事和高级管理人员所持本公司股份及其变 动管理规则（2024 年修订）》关于董事、高级管理人员买卖上市公司 股票的规定对公司 2022 年股权激励计划关于可行权日的规定进行调 整。 卫宁健康科技集团股份有限公司（以下简称"公司"）于 2024 年 10 月 28 日召开的第六届董事会第七次会议审议通过了《关于调整 2022 年股权激励计划可行权日的议案》。现将相关事项公告如下： 立董事对该议案发表了同意的独立意见。监事会对授权日的激励对象 名单进行核实并发表核查意见，同意公司本次激励计划授予的激励对 象名单。 7、2023 年 8 月 16 日，公司召开第五届董事会第三十一次会议 和第五届监事会第三十次会议，审议通过《关于 2022 年股权激励计 划相关事项调整的议案》等，鉴于 ...

上海市广发律师事务所（以下简称"本所"）接受卫宁健康科技集团股份有 限公司（以下简称"公司"）的委托，作为其 2022 年股票期权激励计划（以下 简称"2022 年股权激励计划"）的专项法律顾问，就本次 2022 年股权激励计划 相关事项，根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中 华人民共和国公司法（2023 年修订）》（以下简称"《公司法》"）、中国证 券监督管理委员会（以下简称"中国证监会"）颁布的《上市公司股权激励管理 办法》（以下简称"《管理办法》"）、《深圳证券交易所创业板股票上市规则 （2024 年修订）》（以下简称"《上市规则》"）、《深圳证券交易所创业板 上市公司自律监管指南第 1 号——业务办理（2024 年修订）》（以下简称"《创 业板自律监管指南第 1 号》"）等法律、法规、规范性文件以及《卫宁健康科技 集团股份有限公司章程》（以下简称"《公司章程》"）、《卫宁健康科技集团 股份有限公司 2022 年股票期权激励计划（草案）》（以下简称"《2022 年股票 期权激励计划（草案）》"）的有关规定，并按照律师行业公认的业务标准、道 德规范和勤勉尽责精神出具本法律意见。 上 ...

证券代码：300253 证券简称：卫宁健康 公告编号：2024-088 卫宁健康科技集团股份有限公司 关于注销 2022 年股权激励计划部分预留授予期权的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 卫宁健康科技集团股份有限公司（以下简称"公司"）于 2024 年 10 月 28 日召开的第六届董事会第七次会议审议通过了《关于注销 2022 年股权激励计划部分预留授予期权的议案》。现将相关事项公 告如下： 一、2022 年股权激励计划简述及已履行的相关审批程序 1、2022 年 9 月 29 日，公司召开第五届董事会第二十一次会议， 审议通过《关于<公司 2022 年股票期权激励计划（草案）及其摘要> 的议案》《关于<公司 2022 年股票期权激励计划实施考核办法>的议 案》《关于提请股东大会授权董事会办理股票期权激励相关事宜的议 案》。公司独立董事对本激励计划相关议案发表了同意的独立意见。 2、2022 年 9 月 29 日，公司召开第五届监事会第二十一次会议， 审议通过《关于<公司 2022 年股票期权激励计划（草案）及其摘要> 的议案》《关于<公 ...

Financial Performance - The company's revenue for Q3 2024 was ¥689,572,755.63, a decrease of 2.76% compared to the same period last year[2]. - Net profit attributable to shareholders was ¥124,462,452.36, down 8.31% year-on-year[2]. - The net profit after deducting non-recurring gains and losses was ¥120,844,586.98, a decrease of 10.25% compared to the previous year[2]. - In the first three quarters of 2024, the company achieved operating revenue of CNY 1,913.32 million, a year-on-year increase of 0.65%[16]. - The net profit attributable to shareholders was CNY 154.63 million, reflecting a year-on-year growth of 1.51%[16]. - The net profit after deducting non-recurring gains and losses was CNY 142.32 million, up 58.95% year-on-year[16]. - The company's total comprehensive income for the period was CNY 137,443,786.79, compared to CNY 110,774,511.21 in the previous period, reflecting an increase of approximately 24%[25]. - Basic earnings per share increased to CNY 0.0716 from CNY 0.0709, representing a growth of about 0.98%[25]. Assets and Liabilities - The total assets at the end of the reporting period were ¥8,572,926,033.38, reflecting a 0.28% increase from the end of the previous year[2]. - The company's total assets increased to CNY 8,572,926,033.38 from CNY 8,548,945,570.58, showing a growth of approximately 0.28%[22]. - The total liabilities decreased to CNY 2,676,434,913.22 from CNY 2,867,668,499.40, a reduction of about 6.66%[22]. - The equity attributable to shareholders of the parent company rose to CNY 5,897,472,992.97 from CNY 5,687,089,041.72, an increase of approximately 3.69%[22]. Cash Flow - Cash flow from operating activities showed a net outflow of ¥104,007,374.13, a significant improvement of 59.73% compared to the same period last year[2]. - The company reported a significant increase in cash flow from operating activities, contributing to improved liquidity[24]. - Cash inflow from operating activities totaled CNY 2,082,512,492.07, up from CNY 1,865,149,195.50, indicating an increase of approximately 11.6%[26]. - Cash outflow from operating activities was CNY 2,186,519,866.20, compared to CNY 2,123,408,276.67 in the previous period, showing an increase of about 3%[26]. - The net cash flow from operating activities was negative at CNY -104,007,374.13, an improvement from CNY -258,259,081.17 in the previous period[26]. - Cash inflow from investing activities was CNY 2,921,422.89, significantly lower than CNY 79,450,820.24 in the previous period[27]. - Cash outflow from investing activities totaled CNY 226,716,504.74, down from CNY 238,603,434.05, reflecting a decrease of about 5%[27]. - The net cash flow from investing activities was negative at CNY -223,795,081.85, worsening from CNY -159,152,613.81 in the previous period[27]. - Cash inflow from financing activities was CNY 104,062,348.54, compared to CNY 59,392,367.75 in the previous period, indicating an increase of approximately 75%[27]. - The ending cash and cash equivalents balance was CNY 686,882,894.56, slightly up from CNY 668,646,915.85 in the previous period[27]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 76,136[10]. - The top shareholder, Zhou Wei, holds 8.17% of the shares, amounting to 176,474,241 shares[10]. - The second-largest shareholder, Wang Ying, owns 4.93% of the shares, totaling 106,529,129 shares[10]. - The total shares held by the top ten shareholders account for 19.61% of the company's total equity[12]. - The company has a total of 423,802,370 shares held by Zhou Wei, Wang Ying, Zhou Cheng, and ten private equity products, representing 19.61% of the total shares[12]. - The private equity products managed by Shanghai Ying Shui Investment Management hold a combined total of 77,749,000 shares, which is 3.60% of the total equity[12]. - The total shares held by Liu Ning and associated private equity products amount to 140,627,616 shares, representing 6.51% of the total equity[12]. - The company has not disclosed any relationships or agreements among other shareholders[12]. - The report indicates that there are no changes in the status of pledged, marked, or frozen shares for the top shareholders[10]. Development and Investment - The company reported a 62.30% increase in development expenditures, indicating a focus on project development[7]. - The company plans to expand its market presence and invest in new technologies to enhance its product offerings in the upcoming quarters[24]. - Investment income decreased by 252.50% year-on-year, primarily due to significant gains from asset disposals in the previous year[8]. - The company confirmed government subsidies totaling CNY 81.9975 million, approximately 22.91% of the net profit attributable to shareholders for 2023[19]. - The company plans to repurchase shares with a total amount not less than CNY 40 million and not exceeding CNY 80 million, at a price not exceeding CNY 8 per share[17].

证券代码：300253 证券简称：卫宁健康 公告编号：2024-084 卫宁健康科技集团股份有限公司 第六届董事会第七次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 卫宁健康科技集团股份有限公司（以下简称"公司"）于 2024 年10月28 日在公司会议室以现场和通讯相结合的表决方式召开了第 六届董事会第七次会议。会议通知于 2024 年 10 月 25 日以专人送达 或电子邮件方式发出。会议应出席董事 7 人，实际出席董事 7 人。本 次董事会的召集和召开符合《中华人民共和国公司法》和《公司章程》 的规定。会议由董事长周炜主持，公司监事及高级管理人员列席了本 次会议。经全体董事表决，形成决议如下： 一、会议以 7 票同意、0 票反对、0 票弃权的结果审议通过了《关 于<公司 2024 年第三季度报告>的议案》。 经审议，董事会认为：公司编制的 2024 年第三季度报告真实、 准确、完整地反映了公司 2024 年第三季度的财务状况和经营成果， 不存在虚假记载、误导性陈述或重大遗漏。 本议案在提交董事会审议前已经公司第六届董事会审计委员会 第五次 ...

证券代码：300253 证券简称：卫宁健康 公告编号：2024-085 卫宁健康科技集团股份有限公司 第六届监事会第七次会议决议公告 《关于调整 2022 年股权激励计划可行权日的公告》同日披露于 巨潮资讯网。 三、会议以 3 票同意、0 票反对、0 票弃权的结果审议通过了《关 于注销 2022 年股权激励计划部分预留授予期权的议案》。 经审核，监事会认为，公司关于本次注销部分已授予尚未行权的 股票期权的程序符合《管理办法》等法律法规和规范性文件及公司 《2022 年股权激励计划（草案）》的相关规定，同意公司注销部分预 留授予股票期权。 本公司及监事会全体成员保证信息披露内容的真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 卫宁健康科技集团股份有限公司（以下简称"公司"）于 2024 年 10 月 28 日在公司会议室以现场方式召开第六届监事会第七次会议。 会议通知于 2024 年 10 月 25 日以专人送达及电子邮件方式发出。会 议应出席监事 3 人，实际出席监事 3 人。会议由监事会主席李琳主持。 本次监事会的召集和召开符合《中华人民共和国公司法》和《公司章 程》的规定。经全体监事表决，形成决 ...

证券代码：300253 证券简称：卫宁健康 公告编号：2024-089 卫宁健康科技集团股份有限公司 关于 2022 年股权激励计划预留授予期权第一个行权期 行权条件成就的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1、本次可行权股票期权数量为 5,567,642 份； 2、本次行权价格为 5.68 元/份； 1、股票来源：公司向激励对象定向发行公司 A 股普通股 2、授予的数量：向激励对象授予的股票权益合计不超过 165,473,800 份，其中首次授予 815 人权益 132,473,800 份，预留授 予权益共计 33,000,000 份。 3、行权价格（首次授予、预留授予）：5.71 元/份 5、行权条件中公司层面的业绩考核要求 3、本次行权采用自主行权模式； 4、公司在深圳证券交易所、中国证券登记结算有限责任公司深 圳分公司办理完成相关手续后方可实际行权，届时另行公告。 卫宁健康科技集团股份有限公司（以下简称"公司"）《2022 年 股票期权激励计划（草案）》（以下简称"《激励计划》"、"本次激励计 划"、"2022 年股权激励 ...