Investment Rating - The report maintains an "Outperform" rating for the company [2][8][9] Core Insights - The company reported a revenue of 2.782 billion yuan in 2024, a decrease of 12.05% year-on-year, and a net profit attributable to shareholders of 88 million yuan, down 75.45% [7] - In Q1 2025, the company generated revenue of 345 million yuan, a decline of 30.24%, with a net profit of 5.29 million yuan, down 68.18% [7] - The short-term outlook for the medical IT sector remains under pressure, with the company facing challenges such as deferred customer demand and delays in project delivery [7] - The company is focusing on cost reduction and efficiency improvements, achieving a net cash flow from operating activities of 408 million yuan, an increase of 120.53% [7] - The WiNEX product is entering a rapid delivery phase, with multiple large hospitals adopting it and international projects being implemented [7] - The deployment of AI models is accelerating, with the company having deployed AI applications for over 20 users by the end of 2024, and an additional 80 users in the first quarter of 2025 [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is adjusted to 3.276 billion yuan, with a net profit forecast of 499 million yuan [6][8] - The company expects a revenue increase to 4.326 billion yuan and a net profit of 702 million yuan by 2027 [6][8] - The gross margin is projected to improve to 43.8% by 2027 [6] - The company’s PE ratio for 2025 is estimated at 45x [8][9]

证券代码：300253 证券简称：卫宁健康 公告编号：2025-031 债券代码：123104 债券简称：卫宁转债 2、回售条件满足日：2025 年 4 月 28 日 3、回售申报期：2025 年 5 月 12 日至 2025 年 5 月 16 日 4、发行人资金到账日：2025 年 5 月 21 日 卫宁健康科技集团股份有限公司 关于卫宁转债回售的第二次提示性公告 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、回售价格：100.281 元/张（含息、税） 5、回售款划拨日：2025 年 5 月 22 日 6、投资者回售款到账日：2025 年 5 月 23 日 7、回售申报期内，"卫宁转债"暂停转股 8、"卫宁转债"持有人有权选择是否进行回售，本次回售不具有 强制性 9、风险提示：持有人本次选择回售等同于以 100.281 元/张（含 当期利息）的价格卖出持有的"卫宁转债"。截至目前，"卫宁转债" 的收盘价格高于本次回售价格，投资者选择回售可能带来损失，敬请 投资者注意风险。 卫宁健康科技集团股份有限公司（以下简称"公司"）的股票自 2025 ...

Core Viewpoint - The company is experiencing short-term pressure on its performance, with a focus on cost reduction and efficiency improvement to enhance operational quality [2] Financial Performance - In Q1 2025, the company reported revenue of 345 million yuan, a year-on-year decrease of 30.24%, and a net profit attributable to shareholders of 5.29 million yuan, down 68.18% [1] - For the full year 2024, the company achieved revenue of 2.782 billion yuan, a decline of 12.05%, and a net profit of 88 million yuan, down 75.45% [1] Profitability Metrics - In Q1 2025, the gross margin and net margin were 34.46% and -0.97%, respectively, showing an increase of 0.75 percentage points and a decrease of 2.28 percentage points year-on-year [2] - For 2024, the gross margin and net margin were 41.68% and 1.80%, reflecting a decline of 3.32 percentage points and 8.24 percentage points year-on-year [2] Business Segments - The healthcare information technology segment generated revenue of 2.445 billion yuan in 2024, a decrease of 14.17%, accounting for 87.88% of total revenue [3] - The "Internet + Healthcare" segment showed growth, with revenue of 337 million yuan in 2024, up 7.83%, representing 12.11% of total revenue [3] Product Development - The WiNEX product has entered the mass delivery phase, supporting internet operations and international adaptation, with 75 core business systems achieving multilingual support [4] - The company is enhancing its AI capabilities with the release of WiNGPT2.8 and WiNEX Copilot2.1, deploying AI applications to over 20 users by the end of 2024 [5] Future Outlook - The company anticipates continued optimization of its organizational structure and personnel, with expectations for improved profitability driven by the demand for the new WiNEX product [2] - Revenue projections for 2025-2027 are estimated at 3.036 billion yuan, 3.343 billion yuan, and 3.715 billion yuan, with net profits of 305 million yuan, 374 million yuan, and 452 million yuan, respectively [5]

证券代码：300253 证券简称：卫宁健康 公告编号：2025-030 债券代码：123104 债券简称：卫宁转债 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、回售价格：100.281 元/张（含息、税） 2、回售条件满足日：2025 年 4 月 28 日 3、回售申报期：2025 年 5 月 12 日至 2025 年 5 月 16 日 4、发行人资金到账日：2025 年 5 月 21 日 5、回售款划拨日：2025 年 5 月 22 日 卫宁健康科技集团股份有限公司 关于卫宁转债回售的第一次提示性公告 6、投资者回售款到账日：2025 年 5 月 23 日 7、回售申报期内，"卫宁转债"暂停转股 一、回售事项概述 8、"卫宁转债"持有人有权选择是否进行回售，本次回售不具有 强制性 1、有条件回售条款 9、风险提示：持有人本次选择回售等同于以 100.281 元/张（含 当期利息）的价格卖出持有的"卫宁转债"。截至目前，"卫宁转债" 的收盘价格高于本次回售价格，投资者选择回售可能带来损失，敬请 投资者注意风险。 卫宁健康科技集团股份有限公司（ ...

Core Viewpoint - The stock of Weining Health (300253) has shown a significant increase of 5.10% on April 29, closing at 9.9 yuan, indicating strong market interest and potential investment opportunities in the AI healthcare sector [1]. Group 1: Stock Performance - On April 29, Weining Health's trading volume reached 1.1269 million shares, with a total transaction value of 1.115 billion yuan [1]. - The stock's turnover rate was 5.89%, reflecting active trading [1]. - The net inflow of main funds was 77.2564 million yuan, accounting for 6.93% of the total transaction value [1]. Group 2: Fund Holdings - The top ten public funds holding Weining Health include: - Nu'an Active Return Mixed A: 16.3698 million shares, newly entered the top ten [2]. - Great Wall Consumer Value Mixed A: 7.8036 million shares, newly entered the top ten [2]. - Guorong Rongsheng Leading Selection Mixed A: 6.9896 million shares, newly entered the top ten [2]. - A total of 15 public funds are reported to hold Weining Health shares, indicating strong institutional interest [2]. Group 3: Financing and Margin Trading - In the past five days, the net inflow of financing was 37.27 million yuan, with an increase in financing balance [1]. - The net inflow of securities lending was 17.8 million yuan, leading to an increase in securities lending balance [1]. Group 4: Analyst Ratings - Over the last 90 days, three institutions have provided ratings for Weining Health, with two giving a "buy" rating and one an "increase" rating [1]. - The average target price set by institutions in the past 90 days is 10.36 yuan [1].

Group 1 - The A-share market experienced a low opening but rebounded, with the artificial intelligence sector showing initial activity [1] - The Software ETF (159852) rose by 1.04% during trading, with a transaction volume exceeding 50 million yuan, and its constituent stocks like Weining Health increased by over 7% [1] - The Software ETF closely tracks the CSI Software Service Index, which includes 30 listed companies involved in software development and services, reflecting the overall performance of the software service industry [1] Group 2 - Alibaba announced the launch of its new model, Qwen3, which is the first "hybrid reasoning model" in China, integrating "fast thinking" and "slow thinking" into one model, significantly reducing costs [1] - Qwen3 outperformed global top models in various rankings, marking it as the strongest open-source model globally, and is considered a core technology product for Alibaba Cloud in the first half of the year [1] Group 3 - Zhongyuan Securities indicated that April is a peak period for annual and quarterly report disclosures, with the market shifting from expectation-driven to fundamental verification [2] - The market is expected to show characteristics of technology leadership, dividend defense, consumption recovery, and domestic demand-driven growth, suggesting structural investment opportunities [2] - Dongwu Securities highlighted that in a medium-term environment of "loose monetary policy + weak dollar," small-cap and growth styles are favored, with a focus on sectors like robotics, artificial intelligence, and domestic computing power [2]

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 证券代码：300253 证券简称：卫宁健康 公告编号：2025-028 债券代码：123104 债券简称：卫宁转债 卫宁健康科技集团股份有限公司 关于卫宁转债回售的公告 4、发行人资金到账日：2025 年 5 月 21 日 1、回售价格：100.281 元/张（含息、税） 5、回售款划拨日：2025 年 5 月 22 日 6、投资者回售款到账日：2025 年 5 月 23 日 7、回售申报期内，"卫宁转债"暂停转股 8、"卫宁转债"持有人有权选择是否进行回售，本次回售不具 有强制性 9、风险提示：持有人本次选择回售等同于以 100.281 元/张（含 当期利息）的价格卖出持有的"卫宁转债"。截至目前，"卫宁转债" 的收盘价格高于本次回售价格，投资者选择回售可能带来损失，敬请 投资者注意风险。 卫宁健康科技集团股份有限公司（以下简称"公司"）的股票自 2025 年 3 月 16 日至 2025 年 4 月 28 日连续三十个交易日的收盘价格 低于当期"卫宁转债"转股价格 17.45 元/股的 70%，即 ...

证券代码：300253 证券简称：卫宁健康 公告编号：2025-029 债券代码：123104 债券简称：卫宁转债 卫宁健康科技集团股份有限公司 关于"卫宁转债"暂停转股的提示性公告 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： 经中国证券监督管理委员会"证监许可〔2021〕311 号"文同意 注册的批复，卫宁健康科技集团股份有限公司（以下简称"公司"） 于 2021 年 3 月 16 日向不特定对象发行了 970.2650 万张可转换公司 债券，每张面值 100 元，发行总额 9.70265 亿元，期限为自发行之日 起六年，"卫宁转债"自 2021 年 9 月 22 日起可转换为公司股份，目 前处于转股期。 公司股票自 2025 年 3 月 16 日至 2025 年 4 月 28 日连续三十个交 易日的收盘价格低于当期"卫宁转债"转股价格 17.45 元/股的 70%， 即 12.22 元/股，且"卫宁转债"处于最后两个计息年度。根据公司 《创业板向不特定对象发行可转换公司债券募集说明书》（以下简称 "《募集说明书》"）的约定，"卫宁转债"的有 ...

法律意见 上海市广发律师事务所 关于卫宁健康科技集团股份有限公司 "卫宁转债"回售的 电话：021-58358013 | 传真：021-58358012 网址：http://www.gffirm.com | 电子信箱：gf@gffirm.com 办公地址：上海市南泉北路 429 号泰康保险大厦 26 层 | 邮政编码：200120 上海市广发律师事务所 关于卫宁健康科技集团股份有限公司 "卫宁转债"回售的法律意见 致：卫宁健康科技集团股份有限公司 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，依据《中华人民共和国公司法》（以下简称 "《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《可转换公 司债券管理办法》（以下简称"《管理办法》"）、《深圳证券交易所上市公司自律监 管指引第 15 号——可转换公司债券》（以下简称"《监管指引》"）现行有效的法 律、法规、规范性文件以及《卫宁健康科技集团股份有限公司创业板向不特定对 象发行可转换公司债券募集说明书》（以下简称"《募集说明书》"）、《卫宁健康科 技集团股份有限公司可转换公司债券持有人会 ...

Group 1: Financial Performance - The company's revenue and net profit declined significantly in 2024 due to deferred customer demand, delayed delivery acceptance, and the ongoing upgrade of the new product WiNEX, which has not yet converted into substantial revenue [17][11]. - In Q1 2025, the company reported a notable improvement in bidding amounts, indicating a potential recovery in market conditions [8][4]. - The company's gross profit margin has decreased primarily due to deferred customer demand and delays in the bidding process [14]. Group 2: Research and Development - The company reduced R&D expenses from CNY 333 million in 2023 to CNY 265 million in 2024, attributed to the maturation of the WiNEX product [5][9]. - In 2024, R&D investment was CNY 562 million, accounting for 20.21% of revenue, maintaining an average of over 20% in the past three years [12][7]. Group 3: Accounts Receivable and Debt Management - The company has seen a continuous increase in accounts receivable and contract assets, with government debt relief measures expected to improve collection rates [6][16]. - The company has a cautious approach to impairment loss provisions, reflecting the long payment cycles typical of public hospitals and health management departments [18]. Group 4: Market Position and Competition - The company believes it has a competitive edge in AI applications within the healthcare sector, having established an AI laboratory in 2017 and launched the WiNGPT product [15][3]. - The entry of major telecom operators into the healthcare information market is seen as a temporary challenge, with expectations of improvement in the future [10][6]. Group 5: Strategic Adjustments - The company has proactively abandoned low-quality hardware projects to focus on more profitable software and AI-related services [19][10]. - The company plans to enhance its market share and improve profitability through cost control and efficient project delivery [20][17].