证券研究报告 卫宁健康 (300253 CH) 收入端受硬件及互联网医疗业务影响较大，费用整体管控良好 2025Q1 公司毛利率为 34.46%，同比提升 0.75pct，销售/管理/研发费率分 别为 14.96/9.23/14.85%，同比变动-0.09/0.57/0.67pct，费用管控良好。从 分业务来看：1）医疗卫生信息化收入 3.13 亿元，同比-23.44%，其中：核 心产品软件销售及技术服务收入 2.92 亿元，同比-18.08%，硬件销售收入 2147 万元，同比-75.65%；2）互联网医疗健康业务收入 3168 万元，同比 -36.77%。一季度公司收入受低毛利率的硬件及互联网医疗业务影响较大。 垂直大模型快速接入 DeepSeek，积极响应市场需求 一季度 DeepSeek R1 带来国内大模型应用的快速突破，公司积极响应客户 需求，发布 WiNEX Copilot 2.1 版本接入 DeepSeek。公司从数据工程、算 法及知识图谱等方面进行模型增强，以提高 DeepSeek 的专业性和可靠性， 使其更加适合于医疗严肃场景的应用。近期，公司新版本大模型与医护助手 在北京大学人民医院等三 ...

卫宁健康科技集团股份有限公司 关于控股子公司环耀卫宁减资进展暨工商变更登记完成的公 告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 证券代码：300253 证券简称：卫宁健康 公告编号：2025-027 卫宁健康科技集团股份有限公司（以下简称"公司"）控股子公司 环耀卫宁健保科技(上海)有限公司（以下简称"环耀卫宁"）为提高决 策效率，真实反映资本状况，对部分股东未实缴的注册资本 6,397.6529 万元进行减资，减资对价 0 元，其中：上海沄沣企业管理 合伙企业（有限合伙）未实缴注册资本 1,507.0839 万元，李凌波未实 缴注册资本 978.1138 万元；雄安蕴盛创业投资基金（有限合伙）未实 缴注册资本 3,912.4552 万元。本次减资完成后，环耀卫宁注册资本由 24,778.8829 万元减少至 18,381.23 万元，公司仍为环耀卫宁的控股 股东，持股比例由 42.4859%增加至 57.2733%。具体内容详见 2025 年 1 月 22 日披露于巨潮资讯网的《关于控股子公司环耀卫宁股权变动暨 关联交易的公告》（公告编号：2025- ...

证券代码：300253 证券简称：卫宁健康 公告编号：2025-025 卫宁健康科技集团股份有限公司 第六届监事会第十二次会议决议公告 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。 特此公告。 卫宁健康科技集团股份有限公司 监 事 会 二〇二五年四月二十三日 卫宁健康科技集团股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日在公司会议室以现场方式召开第六届监事会第十二次会议。 会议通知于 2025 年 4 月 18 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女士主 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，形成决议如下： 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< 公司 2025 年第一季度报告>的议案》。 经审议，监事会认为：董事会编制和审核公司 2025 年第一季度 报告的程序符合法律、行政法规和中国证监会的规定，报告内容真实、 准确、完整地反映了公司的实际情况，不存在任何虚假记载、误导性 陈述或者重大遗漏 ...

《2025 年第一季度报告》详见中国证监会指定的创业板信息披 露网站。 特此公告。 卫宁健康科技集团股份有限公司 证券代码：300253 证券简称：卫宁健康 公告编号：2025-024 卫宁健康科技集团股份有限公司 第六届董事会第十三次会议决议公告 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 2025 年 4 月 23 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 六届董事会第十三次会议。会议通知于 2025 年 4 月 18 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 次董事会。经全体董事表决，形成决议如下： 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 2025 年第一季度报告>的议案》 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 第七次会议审议通过。 董 事 会 二〇二五年四月二十三日 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥344,975,742.42, a decrease of 30.24% compared to ¥494,492,405.71 in the same period last year[5] - Net profit attributable to shareholders was ¥5,289,433.21, down 68.18% from ¥16,620,407.26 year-on-year[5] - Basic and diluted earnings per share were both ¥0.0024, a decline of 68.83% from ¥0.0077 in the same period last year[5] - The company reported a total revenue of 344.98 million yuan, a year-on-year decrease of 30.24%[16] - The net profit attributable to shareholders was 5.29 million yuan, down 68.18% year-on-year, while the net profit after deducting non-recurring gains and losses was 4.77 million yuan, a decrease of 45.06%[16] - Software and technology service revenue was 291.83 million yuan, down 18.08% year-on-year; hardware sales revenue was 21.47 million yuan, down 75.65%; and internet healthcare revenue was 31.68 million yuan, down 36.77%[16] - Net profit for the period was a loss of ¥3,345,001.28 compared to a profit of ¥6,494,450.04 in the previous period, indicating a significant downturn[26] Cash Flow and Financial Health - The net cash flow from operating activities improved by 76.31%, reaching -¥25,792,140.49 compared to -¥108,888,969.06 in the previous year[5] - The company’s operating cash flow increased by 76.31% year-on-year, indicating effective cost control and stable cash flow[16] - Operating cash flow for the period was negative at -25,792,140.49 CNY, an improvement from -108,888,969.06 CNY in the previous period, indicating a reduction in cash outflow[28] - Total cash inflow from operating activities was 601,807,057.72 CNY, slightly down from 603,515,100.58 CNY in the prior period[28] - Cash outflow from operating activities decreased to 627,599,198.21 CNY from 712,404,069.64 CNY, reflecting better cost management[28] - Cash received from investment recoveries increased to 3,000,000.00 CNY from 1,350,073.13 CNY, indicating better investment management[29] - The ending cash and cash equivalents balance rose to 1,276,220,650.49 CNY from 904,104,252.84 CNY, reflecting a strong liquidity position[29] Assets and Equity - Total assets at the end of the reporting period were ¥8,620,532,947.41, a decrease of 1.55% from ¥8,756,485,456.90 at the end of the previous year[5] - The company's total assets decreased to ¥8,620,532,947.41 from ¥8,756,485,456.90, a decline of approximately 1.6%[23] - The company's total equity attributable to shareholders increased by 1.14% to ¥6,029,735,350.20 from ¥5,961,679,015.97 at the end of the previous year[5] - The company's equity attributable to shareholders increased to ¥6,029,735,350.20 from ¥5,961,679,015.97, showing a growth of approximately 1.1%[23] Shareholder Information - The top 10 unrestricted shareholders collectively hold 423,802,370 shares, accounting for 19.16% of the total share capital[13] - The largest unrestricted shareholder is Shanghai Yunxin Venture Capital Co., Ltd., holding 95,987,348 shares[12] - Liu Ning and his spouse, along with four private equity products, collectively hold 140,627,616 shares, representing 6.36% of the total share capital[13] - The company has a total of 77,749,000 shares held by shareholders with over 5% ownership, which is 3.52% of the total share capital[13] - The company has not disclosed any relationships or agreements among other shareholders[13] - The total number of shares held by the top 10 shareholders participating in margin trading is not applicable[13] - The company has not reported any changes in the top 10 shareholders due to margin trading activities[13] - The company has a total of 34,919,000 shares held by various private equity funds through margin trading accounts[13] - The company has not issued any preferred shares, as indicated in the report[14] Investment and R&D - The company's investment income increased by 59.71% year-on-year, attributed to a decrease in losses from joint ventures[11] - The company reported a significant increase of over 200% in operating income from non-operating activities, mainly due to an increase in income not directly related to daily operations[11] - The company experienced a 131.06% increase in income tax compared to the previous year, driven by an increase in taxable income[11] - The company’s long-term equity investments decreased to ¥483,058,119.11 from ¥490,499,803.45, a decline of about 1%[22] - Research and development expenses decreased to ¥51,230,601.51 from ¥70,107,264.95, a reduction of about 27% year-over-year[25] - As of March 31, 2025, the company and its subsidiaries had obtained a total of 65 invention patents, 5 utility model patents, and 202 design patents[19] Other Information - The report does not provide any new product or technology development updates, market expansion, or acquisition strategies[12][14] - The company confirmed government subsidies totaling 20.90 million yuan, accounting for approximately 23.78% of the audited net profit attributable to shareholders for 2024[18] - The company issued 20,680,806 new shares through stock option exercises during the reporting period[18] - The company reported a credit impairment loss of ¥44,436,078.58, compared to ¥20,235,580.27 in the previous period, indicating an increase in credit risk[26] - The company’s cash flow report for the first quarter was not audited, which may affect the reliability of the reported figures[30]

证券代码：300253 证券简称：卫宁健康 公告编号：2025-023 卫宁健康科技集团股份有限公司 关于公司通过高新技术企业重新认定的公告 本公司及董事会全体成员保证信息披露的内容真实、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"）近日收到 上海市科学技术委员会、上海市财政局、国家税务总局上海市税务局 联合颁发的《高新技术企业证书》，证书编号：GR202431002682，发证 时间：2024年12月26日，有效期：三年。 本次系公司在原《高新技术企业证书》有效期满后进行的重新认 定。根据国家对高新技术企业的相关税收规定，公司自高新技术企业 认定后三年内（2024年至2026年），可继续享受国家关于高新技术企 业的税收优惠政策，即按15%的税率缴纳企业所得税。 本次公司通过高新技术企业重新认定不会对公司此前已披露的 经营业绩和财务数据产生影响。 特此公告。 卫宁健康科技集团股份有限公司 二〇二五年四月二十一日 董 事 会 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 11.48 RMB [6][7]. Core Views - The company reported a significant decline in revenue and net profit for 2024, with revenue at 2.782 billion RMB, down 12.05% year-on-year, and a net profit of 88 million RMB, down 75.45% year-on-year. The decline is attributed to delayed customer demand, slow bidding processes, and the ongoing upgrade of the new product WiNEX [1][2]. - Despite the current challenges, the company is expected to see a recovery in business growth driven by accelerated AI demand in hospitals in 2025, leading to a positive outlook [1][5]. - The company has strengthened its cost control capabilities, resulting in improved cash flow, with operating cash flow reaching 408 million RMB in 2024, up from 185 million RMB in the previous year [2][5]. Summary by Sections Financial Performance - In 2024, the company's gross margin was 41.68%, a decrease of 3.32 percentage points. The software and service business generated revenue of 2.152 billion RMB, down 9.25%, with a gross margin of 50.10% [2]. - The internet healthcare business saw revenue growth of 7.83%, totaling 337 million RMB, with a gross margin of 17.05% [2]. - The company expects net profits for 2025 to be 423 million RMB, reflecting a significant recovery from the previous year's losses [5]. AI and Market Position - The company has been proactive in AI healthcare, launching the WiNGPT model and integrating it into the WiNEX product, which covers over 100 clinical application scenarios [3][4]. - The company serves over 6,000 healthcare institutions, including more than 400 tertiary hospitals, maintaining a leading market share in China's hospital core system market from 2020 to 2023 [4]. Valuation and Forecast - The company is projected to achieve net profits of 4.23 billion RMB in 2025, with a target price set at 11.48 RMB, reflecting a price-to-earnings ratio of 60.0 times for 2025 [5][6]. - The expected revenue growth for 2025 is 3.113 billion RMB, representing an 11.89% increase from 2024 [5].

公司在智慧医院评级方面也取得了卓越成绩，助力多家医院通过电子病历应用水平五级及以上测评，并 在国家医疗健康信息互联互通标准化成熟度测评中表现出色。根据IDC发布的报告，卫宁健康在中国医 院核心系统主要厂商市场份额中占比13.4%，连续四年排名第一，彰显了其在行业内的技术实力和市场 领导地位。 4月18日晚，卫宁健康（300253）发布2024年年报。报告显示，2024年公司实现营业收入27.82亿元，同 比增长0.52%；实现归属于上市公司股东的净利润8789.32万元。 2024年，公司调整经营思路，优化产品和业务结构，将业务资源聚焦于核心产品，组织资源进一步聚焦 于内部运营效率与整体服务质量的提升，多措并举有效管控成本费用和稳健现金储备，取得积极效果， 报告期内销售费用、管理费用和研发费用合计同比下降17.94%，经营活动产生的现金流量净额同比增 长120.53%，公司整体经营质量进一步提升。 卫宁健康的核心产品WiNEX在2024年进入快速交付期，公司依托这一产品在多个医疗领域打造了标杆 案例。在澳门协和医院项目中，WiNEX产品的国际化适配能力得到验证，为公司在海外市场树立了标 杆，助力其海外布局。此 ...

外资态度来看，本期较上一季度新披露的外资机构有 1 家 ，即香港中央结算有限公司。 公募基金方面，本期较上一期持股增加的公募基金共计1个，即易方达创业板ETF，持股增加占比小幅 上涨。本期较上一季度持股减少的公募基金共计9个，主要包括招商核心竞争力混合A、招商社会责任 混合A、华宝中证医疗ETF、国投瑞银新兴产业混合(LOF)A、易方达裕鑫债券A等，持股减少占比达 2.53%。本期较上一季度新披露的公募基金共计243个，主要包括南方中证1000ETF、金鹰科技创新股票 A、易方达品质动能三年持有混合A、华夏中证1000ETF、广发创业板ETF等。本期较上一季未再披露的 公募基金共计8个，主要包括南方中证500ETF、方正富邦金立方一年持有期混合A、申万菱信乐道三年 持有期混合、易方达瑞安混合A、国投瑞银安泽混合A等。 2025年4月19日，卫宁健康(300253.SZ)发布2024年年度报告。截至2025年4月18日，共有259个机构投资 者披露持有卫宁健康A股股份，合计持股量达4.48亿股，占卫宁健康总股本的20.44%。其中，前十大机 构投资者包括上海云鑫创业投资有限公司、中国银行股份有限公司-华宝中证医 ...

证券代码：300253 证券简称：卫宁健康 公告编号：2025-013 一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 容诚会计师事务所（特殊普通合伙）对本年度公司财务报告的审计意见为：标准的无保留意见。 本报告期会计师事务所变更情况：公司本年度会计师事务所由变更为容诚会计师事务所（特殊普通合 伙）。 非标准审计意见提示 □适用 √不适用 公司上市时未盈利且目前未实现盈利 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 √适用 □不适用 公司经本次董事会审议通过的利润分配预案为：以实施权益分派股权登记日的总股本剔除回购专用证券 账户已回购股份14,256,400股后的股本为基数，向全体股东每10股派发现金红利0.15元（含税），送红 股0股（含税），以资本公积金向全体股东每10股转增0股。 董事会决议通过的本报告期优先股利润分配预案 □适用 □不适用 二、公司基本情况 1、公司简介 ■ 2、报告期主要业务或产品简介 （1）主营业务 公司自成立以 ...