计算机 证 券 研 究 报 告 2024 年 09 月 04 日 卫宁健康 (300253) ——利润端改善，互联网健康业务重回增长赛道！ | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 04 日 | | 收盘价（元） | 5.21 | | 一年内最高/最低（元） | 8.38/5.11 | | 市净率 | 2.0 | | 息率（分红/股价） | 0.38 | | 流通 A 股市值（百万元） | 9,698 | | 上证指数/深证成指 | 2,784.28/8,226.24 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 06 月 30 日 | | | | | 每股净资产（元） | 2.62 | | 资产负债率 % | 32.01 | ...

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [4] Core Views - The company reported a significant improvement in profit, focusing on the development of medical information technology [6] - In the first half of 2024, the company achieved revenue of 1.224 billion yuan, a year-on-year increase of 2.68%, and a net profit attributable to shareholders of 30 million yuan, up 81.83% year-on-year [2][6] - The company's gross margin was 41.35%, an increase of 0.68 percentage points year-on-year [2][6] - The second quarter of 2024 saw a revenue of 729 million yuan, a decrease of 1.81% year-on-year, and a net profit of 13.5 million yuan, down 83.09% year-on-year [2][6] Financial Performance Summary - Revenue for the first half of 2024 was 1.224 billion yuan, with a gross margin of 41.35% [6] - The company’s revenue is expected to grow to 3.512 billion yuan in 2024, with a year-on-year growth rate of 11.02% [7] - The net profit attributable to shareholders is projected to reach 475 million yuan in 2024, with a growth rate of 32.77% [7] - The company’s earnings per share (EPS) are expected to be 0.22 yuan in 2024, with a three-year compound annual growth rate (CAGR) of 31.92% [6][7] Business Segmentation - The company’s revenue is divided into the medical health information industry and the internet health industry, with revenues of 1.046 billion yuan and 178 million yuan respectively [6] - The medical health information segment saw a year-on-year decline of 2.12%, while the internet health segment grew by 44.25% [6] - The software sales, hardware sales, technical services, and internet health revenues were 566 million yuan, 144 million yuan, 336 million yuan, and 178 million yuan respectively, with varying year-on-year changes [6] Future Outlook - The company is expected to benefit from the ongoing development of medical information technology, with projected revenues of 4.039 billion yuan in 2025 and 4.662 billion yuan in 2026 [7] - The company maintains a leading market share in the core hospital system sector, with the new generation WiNEX product accelerating its market penetration [6][7]

Financial Performance - The company achieved operating revenue of CNY 1,223,742,976.83, representing a year-on-year increase of 2.68%[10]. - Net profit attributable to shareholders reached CNY 30,168,354.32, a significant increase of 81.83% compared to the same period last year[10]. - The net profit after deducting non-recurring gains and losses was CNY 21,479,567.62, reflecting a growth of 147.62% year-on-year[10]. - The company's cash flow from operating activities improved to -CNY 84,799,799.19, a 70.30% reduction in losses compared to the previous year[10]. - The total assets at the end of the reporting period were CNY 8,486,919,144.51, a decrease of 0.73% from the end of the previous year[10]. - The company's total revenue for the first half of 2024 reached 277.46 million yuan, up 77.91% from 155.96 million yuan in the same period of 2023[24]. - The net loss for the company in the first half of 2024 was 75.62 million yuan, a reduction of 47.58% compared to a net loss of 144.24 million yuan in the first half of 2023[24]. - The company's R&D investment in the first half of 2024 was 301 million yuan, accounting for 24.59% of its revenue[24]. Business Strategy and Operations - The company is implementing a "1+X" strategy, focusing on digital health applications and services to enhance its market position[17][18]. - The company continues to optimize its organizational structure and improve project management efficiency to drive growth in new orders and revenue[20]. - The company has successfully integrated new and existing product development to enhance its competitive edge in the healthcare information sector[20]. - The company is actively pursuing a share swap merger with Beijing Universal Medical Rescue Co., which is currently in progress but carries risks due to macroeconomic factors[23]. - The company aims to enhance operational service capabilities in insurance and health rights card businesses following strategic adjustments in 2023[23]. - The company is focusing on expanding its digital health services and enhancing the depth and breadth of internet healthcare offerings[23]. - The company is adapting to market competition by adjusting its project investments in response to the increasing number of similar products in the market[57]. Market Position and Competition - The company maintained the number one market share in China's core hospital diagnosis and treatment systems at 13.4% for 2023, marking the fourth consecutive year in this position[25]. - The company has established hundreds of WiNEX clients nationwide, enhancing digital transformation in hospitals and supporting high-quality development[21]. - The healthcare information industry is experiencing intensified competition, necessitating proactive management and increased R&D investment to enhance core advantages[66]. - The company is focusing on enhancing its market share and competitiveness through digital upgrades and innovative business models[58]. Shareholder and Financial Policies - The company reported a plan not to distribute cash dividends or bonus shares for the current period[1]. - The company aims to enhance shareholder returns through a sustainable profit distribution policy[75]. - The company has established a stable profit distribution policy to share development results with investors[83]. - The company’s major shareholder and actual controller committed not to reduce their holdings for six months starting from September 15, 2023[84]. - The company has not reported any issues or problems in the use and disclosure of raised funds[56]. Legal and Compliance - The company has not faced any administrative penalties due to environmental issues during the reporting period[82]. - There were no significant lawsuits or arbitration matters during the reporting period, indicating a stable legal environment for the company[86]. - The company has not engaged in any major related party transactions during the reporting period, ensuring transparency in its operations[89]. - The company has not reported any violations regarding external guarantees during the reporting period, reflecting sound financial practices[85]. Research and Development - The company has filed 74 new patents and obtained 55 new software copyright certificates during the reporting period[24]. - The company has established a comprehensive talent acquisition and training system, enhancing its professional service capabilities across research, sales, and service teams[37]. - The company emphasizes the importance of continuous innovation in technology and product development to maintain market competitiveness[65]. Risk Management - The company emphasizes the importance of understanding the risks associated with technology and product development, talent loss, industry competition, and seasonal fluctuations in operational performance[1]. - The management highlights the need for investors to recognize the difference between plans, forecasts, and commitments[1]. - The company faces talent retention risks in the software industry, which relies heavily on skilled personnel for product development and innovation[68]. - Seasonal fluctuations in revenue and cash flow are significant, with only 20%-30% of annual collections occurring in the first half of the year, while over 50% occurs in the fourth quarter[70]. Financial Reporting and Accounting - The financial report is guaranteed to be true, accurate, and complete by the company's management, including the CEO and accounting head[1]. - The company adheres to the accounting standards and ensures that its financial statements reflect a true and complete picture of its financial status[165]. - The company has made significant adjustments in accounting policies, impacting the total income reported[142]. - The company emphasizes the importance of accurate financial reporting and compliance with relevant accounting standards in its operations[175].

证券代码：300253 证券简称：卫宁健康 公告编号：2024-062 卫宁健康科技集团股份有限公司 关于修订《公司章程》等内控制度的公告 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 8 月 27 日召开了第六届董事会第五次会议，审议通过了《关于变更 公司注册资本及修订公司章程的议案》《关于修订<股东大会议事规则> 的议案》《关于修订<董事会议事规则>的议案》《关于修订<董事、监 事和高级管理人员所持公司股份及其衍生品种的变动管理制度>的议 案》等议案。根据《中华人民共和国公司法（2023 年修订）》《上市 公司章程指引（2023 年修订）》《上市公司监管指引第 3 号——上市 公司现金分红（2023 年修订）》《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）》《深圳证券交 易所上市公司自律监管指引第 18 号——股东及董事、监事、高级管 理人员减持股份》等法律法规的规定，为保持内控制度与法律法规的 一致性，结合公司实际情况，公司拟对《公司章程》《股东大 ...

证券代码：300253 证券简称：卫宁健康 公告编号：2024-059 卫宁健康科技集团股份有限公司 第六届监事会第五次会议决议公告 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。 《2024 年半年度报告》、《2024 年半年度报告摘要》同日披露于 巨潮资讯网，《2024 年半年度报告摘要》同时刊登于《中国证券报》、 《上海证券报》、《证券时报》。 二、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 2024 年半年度募集资金存放与使用情况的专项报告的议案》。 经审核，监事会认为：报告期内公司募集资金的管理、使用及运 作程序符合《深圳证券交易所上市公司自律监管指引第 2 号——创业 板上市公司规范运作》等有关法律法规和公司《募集资金管理办法》 的规定，募集资金的使用未发现违反法律、法规及损害股东利益的行 为。 《2024 年半年度募集资金存放与使用情况的专项报告》同日披 露于巨潮资讯网。 特此公告。 卫宁健康科技集团股份有限公司 卫宁健康科技集团股份有限公司（以下简称"公司"）于 2024 年 8 月 27 日在公司会议室以现场方式召开第 ...

证券代码：300253 证券简称：卫宁健康 公告编号：2024-061 卫宁健康科技集团股份有限公司 2024 年半年度募集资金存放与使用情况的专项报告 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。 根据《上市公司监管指引第 2 号——上市公司募集资金管理和使 用的监管要求》、《深圳证券交易所上市公司自律监管指引第 2 号—— 创业板上市公司规范运作》和《深圳证券交易所创业板上市公司第 21 号——上市公司募集资金年度存放与使用情况的专项报告格式》 的规定，卫宁健康科技集团股份有限公司（以下简称"公司"）编制 的 2024 年半年度募集资金存放与使用情况的专项报告如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位情况 经中国证券监督管理委员会《关于同意卫宁健康科技集团股份有 限公司向不特定对象发行可转换公司债券注册的批复》（证监许可 ［2021］311 号）核准，公司获准向不特定对象发行可转换公司债券 970.2650 万张，每张面值为人民币 100 元，按面值发行，募集资金 总额为人民币 970,265,000.00 元，扣除各项发行费用不含税 ...

董事会议事规则 卫宁健康科技集团股份有限公司 董事会议事规则 第一章 总则 第一条 为明确卫宁健康科技集团股份有限公司（以下简称"公司"）董事会 的职责权限，规范董事会组织、董事行为及操作规则，充分发挥董事会的作用， 督促董事正确履行其权利和义务,完善公司的法人治理结构，根据《中华人民共和 国公司法》、《中华人民共和国证券法》、《深圳证券交易所创业板股票上市规 则》、《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范 运作》、《卫宁健康科技集团股份有限公司章程》（简称"《公司章程》"）等 有关规定，特制定本规则,作为董事及董事会运作的行为准则。 第二章 董事会的组成和职权 第二条 公司依法设立董事会，董事会受股东大会的委托，负责经营和管理公 司的法人财产。董事会对股东大会负责，在《公司章程》和股东大会赋予的职权 范围内行使职权。 第三条 董事会由 7 名董事组成，其中独立董事 3 名，且至少包括一名会计专 业人士。董事会设董事长 1 名，可以设副董事长。董事长和副董事长由董事会以 全体董事的过半数选举产生和罢免。 董事可以由经理或者其他高级管理人员兼任，但兼任经理或者其他高级管理 人员职务的 ...

证券代码：300253 证券简称：卫宁健康 公告编号：2024-058 卫宁健康科技集团股份有限公司 第六届董事会第五次会议决议公告 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 8 月 27 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 六届董事会第五次会议。会议通知于 2024 年 8 月 16 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： 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 年半年度报告及其摘要的议案》。 经审议，董事会认为：公司编制的 2024 年半年度报告全文及摘 要真实、准确、完整地反映了公司 2024 年半年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 ...

股东大会议事规则 卫宁健康科技集团股份有限公司 股东大会议事规则 第一章 总则 第一条 为规范卫宁健康科技集团股份有限公司（以下简称"公司")的公司 行为，保证股东大会依法行使职权，根据《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》")、《上市公 司股东大会规则》、《深圳证券交易所创业板股票上市规则》等有关法律、法规、 规范性文件和《卫宁健康科技集团股份有限公司章程》（以下简称"《公司章程》") 的规定，制定本规则。 第二条 公司应当严格按照法律、行政法规、《公司章程》及本规则的相关规 定召开股东大会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东大会。公司全体董事应 当勤勉尽责，确保股东大会正常召开和依法行使职权。 第三条 股东大会应当在《公司法》和《公司章程》规定的范围内行使职权。 第四条 股东大会分为年度股东大会和临时股东大会。年度股东大会每年召 开一次，应当于上一会计年度结束后的六个月内举行。临时股东大会不定期召开， 出现《公司法》第一百一十三条规定的应当召开临时股东大会的情形时，临时股 东大会应当在两个月内召开。 公司 ...

卫宁健康科技集团股份有限公司 公司董监高就其所持股份变动相关事项作出承诺的，应当严格遵守。 第二章 禁止交易公司股票及其衍生品种的情形 第五条 公司董监高所持公司股票及其衍生品种在下列情形下不得转让： 董事、监事及高级管理人员所持公司股份及其衍生品种 的变动管理制度 第一章 总 则 第一条 为加强卫宁健康科技集团股份有限公司（以下简称"公司"）董事、 监事、高级管理人员（以下简称"董监高"）所持本公司股份及其衍生品种的 变动管理，进一步明确管理程序，根据《中华人民共和国公司法》、《中华人民 共和国证券法》（以下简称"《证券法》"）、中国证券监督管理委员会（以下简 称"中国证监会"）《上市公司股东减持股份管理暂行办法》、《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》、深圳证券交易所 （以下简称"深交所"）《深圳证券交易所创业板股票上市规则》、《深圳证 券交易所上市公司自律监管指引第2号——创业板上市公司规范运作》、《深圳 证券交易所上市公司自律监管指引第18号——股东及董事、监事、高级管理人 员减持股份》等法律、法规、部门规章、规范性文件（以下统称法律法规）、 深交所相关规则以及《卫宁健康 ...