关于卫宁转债恢复转股的提示性公告 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： 1、债券代码：123104；债券简称：卫宁转债 证券代码：300253 证券简称：卫宁健康 公告编号：2025-049 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 根据规定，"卫宁转债"将于本次权益分派股权登记日后的第一 个交易日（2025 年 6 月 4 日）恢复转股。敬请"卫宁转债"债券持 有人注意。 特此公告。 卫宁健康科技集团股份有限公司 董 事 会 二〇二五年六月三日 2、转股起止日期：2021年9月22日至2027年3月15日 3、暂停转股日期：2025年5月22日至2025年6月3日 4、恢复转股日期：2025年6月4日 卫宁健康科技集团股份有限公司（以下简称"公司"）因实施 2024 年年度权益分派，根据《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》及相关规定，公司 可转换公司债券（债券代码：123104；债券简称：卫宁转债）自 2025 年 5 月 22 日至 2024 年度权益分派股权 ...

Group 1 - The report highlights investment hotspots in May, focusing on robotics, particularly unmanned logistics vehicles, controllable nuclear fusion, digital currencies (stablecoins & RWA), mergers and acquisitions, and military industry, with a market preference for small-cap companies [6][22][23] - The robotics sector, especially unmanned logistics vehicles, showed strong performance, transitioning from 0 to 1 stage with companies like Jiushi and New Stone achieving significant order volumes and commercial deployment [6][24][25] - The report indicates that the AI sector continues to evolve, with major advancements in AI models and applications, including the DeepSeek-R1 model's upgrade, which significantly improved reasoning capabilities and performance metrics [47][49][50] Group 2 - The report notes that the controllable nuclear fusion sector is gaining momentum, supported by U.S. policy changes and accelerated project developments in China, with significant milestones achieved in the CRAFT project [39][40] - The digital currency sector is experiencing regulatory advancements, with the U.S. Senate passing the GENIUS Act and Hong Kong establishing a regulatory framework for stablecoins, indicating a growing acceptance and potential for market expansion [42][43] - The mergers and acquisitions landscape is evolving with new regulations aimed at simplifying processes and enhancing market-driven approaches, exemplified by the merger plans between Haiguang Information and Zhongke Shuguang [44][45]

Core Viewpoint - The first innovative floating fee rate product from China Merchants Fund, named "China Merchants Value Select Mixed Securities Investment Fund," has been approved and is set to launch on June 4, 2025, aiming to align the interests of fund managers and investors through a performance-linked fee structure [2]. Fee Structure - The management fee for the fund is structured in three tiers: - 1.50% per year if the annualized return exceeds the benchmark return by 6% or more - 0.60% per year if the return falls below the benchmark by 3% or more - 1.20% per year for all other scenarios - This model breaks away from traditional fixed management fees, incentivizing fund managers to pursue excess returns and encouraging long-term investment by reducing short-term trading volatility [3]. Fund Management - The fund will be managed by Zhu Hongyu, who has 18 years of investment research experience and is currently the Chief Research Officer at China Merchants Fund. His management scale peaked at 11.978 billion yuan in 2023 but decreased to 5.08 billion yuan by May 2025 due to market adjustments and underperformance of certain products [3]. Historical Performance - Zhu Hongyu's previous funds include "China Merchants Core Competitiveness A," which achieved a return of 45.75% since its inception, and "China Merchants Social Responsibility A," which reported a loss of 2.29% over two years [4]. - The fund manager faced controversy for heavily investing in Weining Health, which saw a significant drop in stock price after the company's chairman was placed under investigation, leading to a 31% decline in one month [5].

Group 1 - The core viewpoint of the news is that Weining Health's stock performance is under pressure, with a significant decline in both revenue and net profit in the latest quarterly report [1] - As of May 28, Weining Health's closing price was 9.41 yuan, down 1.67%, with a rolling PE ratio of 271.94 times, and a total market value of 20.821 billion yuan [1] - In terms of industry comparison, the average PE ratio for the software development industry is 108.85 times, with a median of 76.53 times, placing Weining Health at the 177th position [1] Group 2 - The latest quarterly report for Q1 2025 shows that Weining Health achieved operating revenue of 345 million yuan, a year-on-year decrease of 30.24%, and a net profit of 5.2894 million yuan, down 68.18% year-on-year, with a gross margin of 34.46% [1] - The company has experienced a net outflow of main funds amounting to 41.3338 million yuan on May 28, with a total outflow of 97.9302 million yuan over the past five days [1] - The company's main business includes research and development, sales, and technical services, providing integrated solutions for healthcare information technology [1]

证券代码：300253 证券简称：卫宁健康 公告编号：2025-048 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 关于卫宁转债转股价格调整的公告 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、债券代码：123104 债券简称：卫宁转债 2、本次调整前"卫宁转债"的转股价格：17.45 元/股 3、本次调整后"卫宁转债"的转股价格：17.31 元/股 4、本次转股价格调整生效日期：2025 年 6 月 4 日 一、关于公司可转换公司债券转股价格调整的有关规定 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 日向不特定对象公开发行 970.2650 万张可转换公司债券（债 券代码：123104，债券简称：卫宁转债，以下简称"可转债"）。根 据公司《向不特定对象发行可转换公司债券募集说明书》发行条款以 及中国证监会关于可转换公司债券发行的相关规定，卫宁转债在本次 发行之后，当公司发生派送股票股利、转增股本、增发新股（不包括 因本次发行的可转债转股而增加的股本）、配股以及派发现金股利等 ...

证券代码：300253 证券简称：卫宁健康 公告编号：2025-047 卫宁健康科技集团股份有限公司 2024 年年度权益分派实施公告 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、根据《公司法》规定，公司回购专用证券账户中持有的本公 司股份14,256,400股不享有利润分配权利，不参与本次权益分派。因 此，本次权益分派以公司总股本2,212,596,884股剔除回购专用证券 账户持有的14,256,400股后的股本2,198,340,484股为基数，按照分 配比例不变的原则，向全体股东每10股派发现金股利0.15元（含税）， 不 送 红 股 ， 不 以 资 本 公 积 金 转 增 股 本 ， 实 际 现 金 分 红 总 额 32,975,107.26元（含税）。 2、公司计算除权除息价格时，按总股本（含回购股份）折算每 股派息（含税），具体如下： 按总股本（含回购股份）折算的每10股派息（含税）=实际现金 分红总额 / 总股本（含回购股份） *10 股 =32,975,107.26 元 /2,212,596,884股*10股=0.1490 ...

Fundraising Overview - The company has successfully issued 9,702,650 convertible bonds at a face value of RMB 100 each, raising a total of RMB 970.265 million, with a net amount of RMB 961,209,622.64 after expenses [1][2]. Fund Management - The company has implemented a dedicated account storage system for the raised funds, adhering to regulatory requirements and internal management policies [2]. - A tripartite supervision agreement has been signed with banks to ensure proper management of the funds, with adjustments made as necessary for project changes [2]. Fund Account Status - Several fundraising accounts have been canceled due to project completion and the decision to permanently supplement remaining funds into working capital, reducing management costs [3][4].

证券代码：300253 证券简称：卫宁健康 公告编号：2025-046 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 关于注销部分可转换公司债券募集资金专户的公告 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。 一、募集资金到位情况 卫宁健康科技集团股份有限公司（以下简称"公司"）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，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金额合计人民币 9,055,377.36 元后，实际募集资金净额为人民币 961,209,622.64 元。 容诚会计师事务所（特殊普通合伙）已对公司向不特定对象发行可转 换公司债券的募集资金到位情况进行了审验，并于 2021 年 3 月 23 日 出具了"容诚验字[2021]200Z0016 号"《验资报告》。公司对募集资 金采 ...

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of 13.05 RMB [1][8]. Core Views - The company is expected to see continuous improvement in its main business due to favorable trends in order wins and accelerated promotion of new products like WiNEX. The advancement of AI in the healthcare sector is anticipated to further expand the company's market space [1][8]. - In 2024, the company reported a revenue of 2.78 billion RMB, a decrease of 12.05%, and a net profit attributable to shareholders of 0.088 billion RMB, down 75.45%. This decline was primarily due to deferred demand and delays in bidding and delivery acceptance [8]. - The company’s new core product, WiNEX, has entered a rapid delivery phase, which is expected to enhance operational quality. The operational efficiency has improved significantly, with total sales, management, and R&D expenses decreasing by 17.94% in 2024 [8]. - The company has made significant strides in AI healthcare, deploying over 80 users with foundational models and AI applications in Q1 2025. The release of WiNGPT 3.0 and WiNEX Copilot 2.2 is expected to enhance the capabilities of medical model inference and intelligent technology applications [8]. Financial Summary - The company’s projected net profit attributable to shareholders for 2025-2027 is expected to be 0.481 billion RMB, 0.645 billion RMB, and 0.829 billion RMB respectively, with EPS of 0.22 RMB, 0.29 RMB, and 0.37 RMB [3][8]. - The company’s revenue is projected to recover to 3.11 billion RMB in 2025, with a growth rate of 11.8% compared to 2024 [3][8]. - The company’s operating cash flow for 2024 was 0.408 billion RMB, reflecting a significant increase of 120.53% [8].

Industry Overview and Core Value - AI in healthcare utilizes machine learning and computer vision to analyze medical data, aiming to enhance efficiency, reduce costs, and optimize patient experience [1][14] - The Chinese government has introduced policies to promote AI integration in healthcare, identifying 84 application scenarios [1][22] Development History and Market Size - The development of AI in healthcare in China can be divided into three phases: the nascent phase (1978-2015), the starting phase (2015-2021), and the exploratory phase (2021-present) [2][25] - The market size for AI healthcare in China is projected to reach 115.7 billion yuan by 2025 and 159.8 billion yuan by 2028, with a CAGR of 10.5% [2][39] Industry Chain and Segmentation - The AI healthcare industry chain includes upstream (data, algorithms, computing power), midstream (computer vision, NLP), and downstream (imaging, pharmaceuticals, health management) [3][43] - Key segments include: - AI Medical Imaging: Expected market size of approximately 7.45 billion yuan in 2024, growing to 23.57 billion yuan by 2026 [3] - AI Pharmaceuticals: Global market size projected at 2.994 billion USD in 2024 [3] - AI Health Management: Market size nearing 1.4 trillion yuan in 2024 [3] Challenges and Future Trends - Current challenges include insufficient data standardization, privacy protection, and high implementation costs [4] - Future trends involve: - Deepening technology integration, such as combining large models with multimodal technologies [4] - Promoting domestic production and self-control in hardware and algorithms [4] - Expanding application scenarios from hospitals to grassroots healthcare [4] - Policy-driven commercialization in areas like telemedicine and imaging recognition [4] Representative Company Layout - Key companies in the AI healthcare sector include: - Xiangsheng Medical: Portable ultrasound devices recognized internationally [5] - RunDa Medical: Integration of in vitro diagnostics with AI [5] - United Imaging: High-end imaging equipment with over 20% market share [5] - iFlytek Medical: Comprehensive coverage of the medical process with its large model [5]