[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Item%20I.%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides an important notice regarding the annual report's authenticity, accuracy, and completeness, along with definitions of key terms [Important Notice](index=2&type=section&id=Important%20Notice) This chapter emphasizes the truthfulness, accuracy, and completeness of the annual report content, and discloses the main risks faced by the company, including intensified market competition, changes in industrial policies, adjustments in telecom value-added services, management risks from asset expansion, and goodwill impairment risks - The company faces major operational risks including: - **Intensified market competition**: Capital influx into the internet healthcare industry, especially from large pharmaceutical companies and internet giants, intensifies market competition[5](index=5&type=chunk) - **Changes in industrial policies**: Due to the specificity of the healthcare industry and increasingly stringent regulatory environment, the company faces risks from policy adjustments and stricter supervision[6](index=6&type=chunk) - **Telecom value-added business adjustments**: Affected by operator business structure adjustments, the company's traditional "Phone Match" business revenue significantly declined, with development focus shifting to healthcare business[7](index=7&type=chunk) - **Management and operational risks**: The expansion of the company's assets and personnel scale imposes higher requirements on operational decisions, management operations, and risk control[8](index=8&type=chunk) - **Goodwill impairment risk**: The company's goodwill primarily stems from the 2014 acquisition of Qisheng Information; if Qisheng Information's operating performance declines in the future, it will lead to goodwill impairment risk; in 2019, Qisheng Information achieved a net profit of **RMB 75.48 million**, with no goodwill impairment occurring[10](index=10&type=chunk) - The company plans to non-publicly issue shares to raise no more than **RMB 283 million** for the functional upgrade and content expansion of its smart healthcare service platform, but this matter is subject to CSRC approval and carries uncertainty[11](index=11&type=chunk) - The company's 2019 profit distribution plan is: based on **337,941,402 shares**, a cash dividend of **RMB 0.21** (tax inclusive) per 10 shares will be distributed to all shareholders[11](index=11&type=chunk) [Definitions](index=6&type=section&id=Definitions) This chapter defines key terms and company entity abbreviations used in the report, such as "Phone Match", "39 Internet Hospital", "Qisheng Information", and "Liuyi Company", providing a basis for understanding the report content [Company Profile and Key Financial Indicators](index=7&type=section&id=Item%20II.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section presents the company's basic information and a summary of its key financial performance and position for the reporting period [Company Information](index=7&type=section&id=Company%20Information) This chapter provides the company's basic business registration information, contact details, and information disclosure channels Company Information | Item | Information | | :--- | :--- | | Stock Abbreviation | Longmaster Information | | Stock Code | 300288 | | Legal Representative | Wang Wei | | Registered Address | No. 31 Changling South Road, Jinyang Science and Technology Industrial Park, Guiyang National High-tech Industrial Development Zone, Guiyang City, Guizhou Province | | International Internet Website | www.longmaster.com.cn | [Key Accounting Data and Financial Indicators](index=8&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) In 2019, the company's performance declined, with operating revenue decreasing by **4.89%** year-on-year, and net profit attributable to shareholders of the listed company decreasing by **36.87%** year-on-year; net cash flow from operating activities also decreased by **18.40%** year-on-year; despite an increase in total assets, profitability indicators such as return on net assets declined Key Financial Indicators | Key Financial Indicators | 2019 | 2018 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 435,706,090.79 | 458,109,105.00 | -4.89% | | Net Profit Attributable to Shareholders of Listed Company (RMB) | 65,909,367.29 | 104,398,064.60 | -36.87% | | Net Profit Excluding Non-recurring Items (RMB) | 55,645,052.24 | 91,330,554.30 | -39.07% | | Net Cash Flow from Operating Activities (RMB) | 101,051,748.84 | 123,837,769.39 | -18.40% | | Basic Earnings Per Share (RMB/share) | 0.20 | 0.31 | -35.48% | | Weighted Average Return on Net Assets | 4.88% | 8.25% | -3.37% | | Total Assets (RMB) | 1,856,177,613.28 | 1,722,366,727.60 | 7.77% | | Net Assets Attributable to Shareholders of Listed Company (RMB) | 1,367,083,665.24 | 1,318,071,368.05 | 3.72% | 2019 Quarterly Financial Indicators | 2019 Quarterly Financial Indicators | Q1 | Q2 | Q3 | Q4 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 115,110,413.66 | 119,078,072.07 | 114,473,430.04 | 87,044,175.02 | | Net Profit Attributable to Parent Company (RMB) | 18,952,556.07 | 25,101,848.64 | 22,389,087.62 | -534,125.04 | - In 2019, the company's total non-recurring gains and losses amounted to **RMB 10.26 million**, primarily from government subsidies[25](index=25&type=chunk) [Business Overview](index=11&type=section&id=Item%20III.%20Business%20Overview) This section outlines the company's primary business segments, significant asset changes, and core competitive advantages [Main Businesses During the Reporting Period](index=11&type=section&id=Main%20Businesses%20During%20the%20Reporting%20Period) The company focuses on two major business segments: medical services + internet healthcare and telecom & telecom value-added services; the medical segment, relying on its physical hospital (Guiyang No. 6 Hospital), has built an ecosystem integrating medical information services, internet hospitals, IPTV health platforms, smart wearable devices, and pharmaceutical distribution; the telecom segment includes mobile resale and traditional "Phone Match" businesses, providing cash flow support for the company - The company's businesses are mainly divided into two segments: - **Medical Services + Internet Healthcare Business**: Deeply cultivates "Internet + Healthcare", relying on offline medical institutions to integrate and build the "39" internet healthcare brand, merging online and offline services[28](index=28&type=chunk)[29](index=29&type=chunk) - **Telecom and Telecom Value-Added Business**: Includes mobile resale business and "Phone Match" business, providing cash flow for the company's development[28](index=28&type=chunk)[37](index=37&type=chunk) - During the COVID-19 pandemic, the company utilized "Internet + Healthcare" technology to provide free remote consultation services to the public, aiming to alleviate pressure on physical medical institutions and reduce the risk of cross-infection[29](index=29&type=chunk) [Significant Changes in Major Assets](index=14&type=section&id=Significant%20Changes%20in%20Major%20Assets) During the reporting period, the company's major assets underwent significant changes; monetary funds increased substantially by **35.65%** due to cash retained from operating activities and bank loans; prepayments and deferred income tax assets also increased by **91.34%** and **68.06%** respectively; additionally, other non-current assets surged by **299.92%** due to prepaid medical equipment purchases Major Asset Changes | Major Assets | Period-end vs. Year-start Growth Rate | Explanation of Significant Change | | :--- | :--- | :--- | | Monetary Funds | 35.65% | Due to cash retained from operating activities and bank loans | | Prepayments | 91.34% | Due to prepaid telecom settlement fees by Longmaster Communication | | Deferred Income Tax Assets | 68.06% | Due to deductible temporary differences arising from tax losses | | Other Non-current Assets | 299.92% | Due to prepaid medical equipment purchases by Liuyi Company | [Analysis of Core Competencies](index=14&type=section&id=Analysis%20of%20Core%20Competencies) The company's core competencies are evident in multiple areas; in internet healthcare, the company emphasizes adherence to medical principles and possesses policy support, professional teams, medical resources, and technological advantages (e.g., AI imaging diagnosis); in information services, 39 Health Network boasts advantages in traffic, content, and resources; furthermore, the company has established solid competitive advantages in pharmaceutical distribution and telecom value-added services - **Internet Healthcare and Medical Services Competitiveness**: - **Adherence to medical principles**: Believes that the essence of internet healthcare is medical treatment, with the internet serving as a connector and amplifier[40](index=40&type=chunk) - **Policy support**: Business receives strong support from various levels of government in Guizhou Province[40](index=40&type=chunk) - **Team advantage**: Medical industry professionals and internet operation teams form a complementary advantage[41](index=41&type=chunk) - **Technological advantage**: Possesses technological accumulation in audio-video communication and AI imaging diagnosis[42](index=42&type=chunk) - **Internet Information Service Industry Competitiveness**: - 39 Health Network possesses advantages in traffic, content, resources, and talent, making it a leading health portal website in China[43](index=43&type=chunk) [Management Discussion and Analysis](index=17&type=section&id=Item%20IV.%20Management%20Discussion%20and%20Analysis) This section provides an overview of the company's operational performance, detailed analysis of its main business segments, R&D investments, cash flow, and future development outlook [Overview](index=17&type=section&id=Overview) In 2019, the company continued to focus on the big data and big health industry, forming an "Internet + Healthcare" service closed-loop supported by physical hospitals, and developing telecom businesses to ensure cash flow; the company was again selected among "China's Top 100 Internet Enterprises", rising to **35th** place; among its business segments, 39 Health Network's revenue slightly increased by **1.25%**, physical hospital Liuyi Company's revenue grew by **2.26%**, mobile resale business increased by **38.57%**, while traditional Phone Match business revenue significantly declined by **65.59%** due to operator policy changes - The company was again selected among "China's Top 100 Internet Enterprises" in 2019, rising from **39th** to **35th** place, making it the only "Internet + Healthcare" enterprise to be continuously selected for four years in China[53](index=53&type=chunk) Business Segment Performance | Business Segment | 2019 Revenue/Performance | Year-on-Year Change | | :--- | :--- | :--- | | 39 Health Network (Qisheng Information) | RMB 155.24 million | +1.25% | | Physical Hospital (Liuyi Company) | RMB 183.68 million | +2.26% | | Mobile Resale Business | RMB 58.30 million | +38.57% | | Phone Match Business | RMB 25.89 million | -65.59% | | Pharmaceutical Distribution Business (E-commerce) | RMB 2.61 billion | -4.52% | - In 2019, the physical hospital (Guiyang Liuyi) saw increases in total outpatient visits, inpatient numbers, and surgical procedures by **6.07%**, **2.45%**, and **6.55%** respectively, compared to the previous year[56](index=56&type=chunk) [Analysis of Main Business](index=22&type=section&id=Analysis%20of%20Main%20Business) In 2019, the company's total operating revenue was **RMB 436 million**, a **4.89%** year-on-year decrease; by product segment, medical services and medical information services are the main revenue sources, accounting for **41.45%** and **35.29%** respectively, both achieving slight growth; mobile resale business grew significantly (**+38.57%**), but traditional IPTV and Phone Match business revenue sharply declined (**-58.99%**); overall gross profit margin was **42.48%**, down **6.86** percentage points from the previous year, mainly due to the contraction of high-margin phone business and increased costs in lower-margin medical services Operating Revenue Composition (by Product) | Operating Revenue Composition (by Product) | 2019 Amount (RMB) | Proportion of Total Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Medical Services | 180,598,892.81 | 41.45% | +2.62% | | Medical Information Services | 153,774,628.78 | 35.29% | +1.94% | | Mobile Resale Business | 58,297,300.47 | 13.38% | +38.57% | | IPTV Business and Phone Match Business | 31,751,472.43 | 7.29% | -58.99% | | **Total Operating Revenue** | **435,706,090.79** | **100%** | **-4.89%** | Gross Profit Margin of Main Products | Main Product Gross Profit Margin | 2019 Gross Profit Margin | Change in Gross Profit Margin from Previous Year | | :--- | :--- | :--- | | Medical Information Services | 79.66% | -3.90% | | IPTV Business and Phone Match Business | 78.99% | -9.79% | | Mobile Resale Business | 43.73% | +14.64% | | Medical Services | 4.54% | -3.40% | | **Total** | **42.48%** | **-6.86%** | Expense Items | Expense Item | 2019 Amount (RMB) | Year-on-Year Change | Explanation of Change | | :--- | :--- | :--- | :--- | | Selling Expenses | 19,204,737.60 | -28.92% | Decrease in Phone Match business volume, leading to reduced corresponding expenses | | Administrative Expenses | 79,309,698.06 | -4.36% | - | | Financial Expenses | 6,417,972.75 | 87.54% | Increase in interest due to increased borrowings in the current period | | R&D Expenses | 33,357,892.62 | -8.36% | - | [R&D Investment](index=27&type=section&id=R%26D%20Investment) The company continues to invest in R&D in the internet healthcare sector, with **RMB 33.36 million** invested in R&D in 2019, accounting for **7.66%** of operating revenue; R&D directions include cloud consultation service platforms, health management service platforms, smart healthcare family health service platforms, and medical informatization products; R&D investment as a percentage of revenue has remained between **7.5%** and **8%** over the past three years R&D Investment | R&D Investment | 2019 | 2018 | 2017 | | :--- | :--- | :--- | :--- | | R&D Investment Amount (RMB) | 33,357,892.62 | 36,401,121.77 | 33,053,246.28 | | R&D Investment as % of Operating Revenue | 7.66% | 7.95% | 8.03% | | Number of R&D Personnel (persons) | 207 | 235 | 230 | [Cash Flow](index=28&type=section&id=Cash%20Flow) In 2019, the company's net cash flow from operating activities was **RMB 101.05 million**, a **18.40%** year-on-year decrease; net cash outflow from investing activities significantly decreased by **52.59%**, mainly due to reduced capital expenditure on construction in progress by Liuyi Company; net cash inflow from financing activities increased by **52.69%**; ultimately, the net increase in cash and cash equivalents was **RMB 83.99 million**, a year-on-year increase of over **11** times, primarily driven by bank borrowings and retained operating cash Cash Flow Statement Items | Cash Flow Statement Item | 2019 (RMB) | 2018 (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 101,051,748.84 | 123,837,769.39 | -18.40% | | Net Cash Flow from Investing Activities | -72,935,215.34 | -153,834,794.96 | -52.59% | | Net Cash Flow from Financing Activities | 55,869,335.95 | 36,589,090.59 | 52.69% | | Net Increase in Cash and Cash Equivalents | 83,985,869.45 | 6,592,065.02 | 1,174.04% | [Outlook for Company's Future Development](index=33&type=section&id=Outlook%20for%20Company%27s%20Future%20Development) The company will continue to focus on the medical + internet business segment, building the "39" internet healthcare brand; key development areas include exploring the integration of 39 Health Network with online businesses, advancing the upgrade and construction of Guiyang Liuyi physical hospital to create a smart hospital demonstration, developing chronic disease management based on the "39 Health Medical Service Platform", assisting grassroots medical institutions through remote medical models, and stabilizing telecom value-added businesses to ensure cash flow - The company faces major risks including external competition, business innovation, exploration of scaled profitability, and talent shortage[96](index=96&type=chunk) - **2020 Key Initiatives**: - **39 Health Network**: Build vertical content integrated marketing capabilities and promote new media productization[98](index=98&type=chunk) - **Guiyang Liuyi**: Advance physical hospital upgrades, build smart hospitals, and create a national internet hospital demonstration[98](index=98&type=chunk) - **39 Health Medical Service Platform**: Explore chronic disease management product systems and develop chronic disease management services based on smart wearable devices[99](index=99&type=chunk) - **Remote Medical Care**: Provide specialized department construction solutions for county-level and private hospitals through "mobile internet + on-site" models[99](index=99&type=chunk) - **Telecom Business**: Stabilize telecom value-added businesses and expand mobile resale business to ensure cash flow for company development[100](index=100&type=chunk)[101](index=101&type=chunk) [Significant Events](index=36&type=section&id=Item%20V.%20Significant%20Events) This section details important corporate events including profit distribution, major litigation, related-party transactions, and social responsibility initiatives [Profit Distribution and Capital Reserve Conversion to Share Capital](index=36&type=section&id=Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital) The company's 2019 profit distribution plan is a cash dividend of **RMB 0.21** (tax inclusive) per 10 shares, totaling **RMB 7.10 million**, accounting for **10.77%** of the net profit attributable to the parent company for the year; over the past three years, cash dividends were distributed in 2018, but not in 2017 Cash Dividends | Dividend Year | Cash Dividend Amount (Tax Inclusive, RMB) | Ratio to Net Profit Attributable to Parent Company in Consolidated Statements | | :--- | :--- | :--- | | 2019 | 7,096,769.44 | 10.77% | | 2018 | 16,897,070.10 | 16.19% | | 2017 | 0.00 | 0.00% | [Major Litigation and Arbitration Matters](index=44&type=section&id=Major%20Litigation%20and%20Arbitration%20Matters) During the reporting period, the company's controlling subsidiary, Guiyang No. 6 Hospital Co., Ltd., was involved in a construction contract dispute with Guizhou Jian Gong Group Sixth Construction Engineering Co., Ltd., with the case amount reaching **RMB 76.90 million**, and the case is still under trial - Controlling subsidiary Guiyang No. 6 Hospital Co., Ltd. was sued due to a construction contract dispute, involving **RMB 76.90 million**, and the case is currently in litigation[123](index=123&type=chunk) [Major Related-Party Transactions](index=45&type=section&id=Major%20Related-Party%20Transactions) During the reporting period, the company's routine related-party transactions primarily involved its controlling subsidiary, Liuyi Company, purchasing pharmaceuticals and medical consumables from related party Guiyang City Pharmaceutical E-commerce Service Co., Ltd., with a transaction amount of **RMB 42.75 million**; additionally, Liuyi Company had website maintenance and labor cooperation with related party Guiyang Sanjiu Internet Medical Co., Ltd Related-Party Transactions | Related Party | Related Transaction Content | Related Transaction Amount (RMB million) | | :--- | :--- | :--- | | Guiyang City Pharmaceutical E-commerce Service Co., Ltd. | Purchase of pharmaceuticals, medical consumables, etc. | 42.75 | | Guiyang Sanjiu Internet Medical Co., Ltd. | Website maintenance and labor | 4.72 | [Social Responsibility](index=51&type=section&id=Social%20Responsibility) The company actively fulfills its social responsibilities, especially during the COVID-19 pandemic, where its 39 Internet Hospital, 39 Health Network, and other platforms jointly launched free remote medical consultation activities, accumulating a huge service volume; additionally, the company continued to carry out "Internet + Medical Poverty Alleviation" work in various parts of Guizhou, providing assistance through industrial, educational, and health initiatives, investing **RMB 0.16 million** in poverty alleviation funds in 2019 - In response to the COVID-19 pandemic, the company, in collaboration with China Volunteer Doctors and other organizations, launched a free remote consultation platform, accumulating over **8,000** video consultations and over **50,000** text consultations, with the pandemic special topic generating over **400 million** total traffic[144](index=144&type=chunk)[145](index=145&type=chunk) - The company continued to carry out targeted poverty alleviation work, investing **RMB 0.16 million** in poverty alleviation funds in 2019, providing medical and health assistance in Nayong County, Xishui County, and other areas of Guizhou Province, helping **35** registered impoverished individuals escape poverty[148](index=148&type=chunk)[149](index=149&type=chunk) [Share Changes and Shareholder Information](index=56&type=section&id=Item%20VI.%20Share%20Changes%20and%20Shareholder%20Information) This section covers changes in the company's share capital structure and provides details on its shareholders and actual controller [Share Change Information](index=56&type=section&id=Share%20Change%20Information) During the reporting period, the company's total share capital of **337,941,402 shares** remained unchanged; due to executive departures and position changes, restricted shares increased by **4,449,025 shares**, and unrestricted shares decreased accordingly, leading to an increase in the restricted share ratio from **38.80%** to **40.12%** Share Changes | Share Class | Before This Change | After This Change | Reason for Change | | :--- | :--- | :--- | :--- | | Restricted Shares | 131,124,889 | 135,573,914 | Share lock-up changes due to executive departures and resignations | | Unrestricted Shares | 206,816,513 | 202,367,488 | Corresponding adjustment | | **Total Share Capital** | **337,941,402** | **337,941,402** | **Unchanged** | [Shareholders and Actual Controller Information](index=58&type=section&id=Shareholders%20and%20Actual%20Controller%20Information) As of the end of the reporting period, the company had a total of **33,823** common shareholders; the actual controller, Mr. Wang Wei, directly holds **36.36%** of the shares and indirectly holds shares through Guiyang Longmaster Investment Consulting Enterprise (Limited Partnership) which he controls, collectively controlling **37.81%** of the company's shares; among the top ten shareholders, besides Wang Wei and his concerted parties, all are natural person shareholders or private equity funds - As of the end of 2019, the company had a total of **33,823** shareholders[163](index=163&type=chunk) Top Five Shareholders | Top Five Shareholders | Shareholder Nature | Shareholding Ratio | Number of Shares Held | | :--- | :--- | :--- | :--- | | Wang Wei | Domestic Natural Person | 36.36% | 119,496,015 | | Jin Guowen | Domestic Natural Person | 7.11% | 24,036,100 | | Liu Ling | Domestic Natural Person | 4.53% | 15,312,900 | | Huang Guohong | Domestic Natural Person | 4.44% | 14,991,086 | | Guiyang Longmaster Investment Consulting Enterprise (Limited Partnership) | Domestic Non-State-Owned Legal Person | 2.45% | 8,285,640 | - The company's controlling shareholder and actual controller is Mr. Wang Wei; he and Guiyang Longmaster Investment Consulting Enterprise (Limited Partnership) are concerted parties, collectively controlling **37.81%** of the company's shares[164](index=164&type=chunk)[664](index=664&type=chunk) [Directors, Supervisors, Senior Management, and Employees](index=65&type=section&id=Item%20IX.%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Employees) This section provides information on the shareholdings, remuneration, and overall composition of the company's directors, supervisors, senior management, and employees [Shareholding Changes of Directors, Supervisors, and Senior Management](index=65&type=section&id=Shareholding%20Changes%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, company Chairman Wang Wei reduced his holdings by approximately **3 million shares**, and Vice Chairman Huang Guohong reduced his holdings by approximately **4.99 million shares**; Director and Deputy General Manager Jin Guowen's shareholding status changed due to his departure, but the total number of shares remained unchanged; the total shares held by directors, supervisors, and senior management decreased from **167 million shares** at the beginning of the period to **159 million shares** at the end of the period Shareholding Changes of Directors, Supervisors, and Senior Management | Name | Position | Shares Held at Beginning of Period (shares) | Shares Reduced in Current Period (shares) | Shares Held at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | | Wang Wei | Chairman | 122,496,000 | 2,999,985 | 119,496,015 | | Huang Guohong | Vice Chairman (Departed) | 19,981,086 | 4,990,000 | 14,991,086 | | Jin Guowen | Director, Deputy General Manager (Departed) | 24,036,100 | 0 | 24,036,100 | [Remuneration of Directors, Supervisors, and Senior Management](index=72&type=section&id=Remuneration%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) In 2019, the total pre-tax remuneration received by the company's directors, supervisors, and senior management was **RMB 8.50 million**; among them, Chairman Mr. Wang Wei's remuneration was the highest at **RMB 1.51 million**, and Director and General Manager Mr. Wang Jian's was **RMB 1.23 million**; the stipends for the three independent directors were all **RMB 0.12 million** - In 2019, the total pre-tax remuneration received by the company's directors, supervisors, and senior management was **RMB 8.50 million**[195](index=195&type=chunk) [Employee Information](index=73&type=section&id=Employee%20Information) As of the end of the reporting period, the company had a total of **1,187** active employees; by professional composition, medical and nursing staff accounted for the largest proportion at **568** people, followed by technical personnel (**207** people) and administrative personnel (**159** people); in terms of education level, employees with a bachelor's degree or above accounted for more than half Employee Professional Composition | Professional Composition | Number of Persons (persons) | | :--- | :--- | | Medical and Nursing Staff | 568 | | Technical Personnel | 207 | | Administrative Personnel | 159 | | Sales Personnel | 127 | | Customer Service Personnel | 87 | | Financial Personnel | 38 | | Production Personnel | 1 | | **Total** | **1,187** | [Corporate Governance](index=75&type=section&id=Item%20X.%20Corporate%20Governance) This section describes the company's corporate governance framework, its compliance with regulatory requirements, and the status of its internal control system [Basic Status of Corporate Governance](index=75&type=section&id=Basic%20Status%20of%20Corporate%20Governance) The company has established a governance structure with clear responsibilities and standardized operations, consisting of the general meeting of shareholders, board of directors, supervisory board, and senior management, in accordance with the "Company Law" and other regulations; the actual corporate governance status complies with relevant regulatory provisions, maintaining "five independences" from the controlling shareholder in terms of business, personnel, assets, organization, and finance - The actual corporate governance status complies with the requirements of the "Guidelines for Corporate Governance of Listed Companies" and the "Guidelines for Standardized Operation of Companies Listed on the ChiNext Board of Shenzhen Stock Exchange"[204](index=204&type=chunk) - The company maintains "five independences" from its controlling shareholder in terms of business, personnel, assets, organization, and finance[205](index=205&type=chunk) [Internal Control Evaluation Report](index=78&type=section&id=Internal%20Control%20Evaluation%20Report) According to the company's internal control self-evaluation report, the total assets and operating revenue of the units included in the evaluation scope both accounted for **100%** of the consolidated financial statements; during the reporting period, the company found no material weaknesses or significant deficiencies in internal control related to financial and non-financial reporting Internal Control Defect Status | Internal Control Defect Status | Number (units) | | :--- | :--- | | Material Weaknesses in Financial Reporting | 0 | | Material Weaknesses in Non-Financial Reporting | 0 | | Significant Deficiencies in Financial Reporting | 0 | | Significant Deficiencies in Non-Financial Reporting | 0 | [Financial Report](index=82&type=section&id=Item%20XII.%20Financial%20Report) This section includes the independent auditor's report, the company's consolidated and parent company financial statements, and detailed notes to the financial statements [Audit Report](index=82&type=section&id=Audit%20Report) Dahua Certified Public Accountants issued a standard unqualified audit opinion on the company's 2019 financial statements; the audit report specifically highlighted two key audit matters: revenue recognition and goodwill impairment, considering both to involve significant management judgment and estimation, posing potential risks of material misstatement - The audit firm issued a standard unqualified audit opinion[221](index=221&type=chunk) - Key audit matters are: 1. **Revenue Recognition**: As operating revenue is a significant financial indicator, management's judgment and presentation in revenue recognition may pose a significant risk of material misstatement[225](index=225&type=chunk)[226](index=226&type=chunk) 2. **Goodwill Impairment**: As of the end of 2019, the carrying value of goodwill accounted for **30.72%** of total assets, which is material, and impairment testing involves significant management judgment and estimation[225](index=225&type=chunk)[227](index=227&type=chunk) [Financial Statements](index=87&type=section&id=Financial%20Statements) This chapter provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the year 2019; key data shows that the company's total assets increased from **RMB 1.72 billion** to **RMB 1.86 billion**, but net profit decreased from **RMB 104 million** to **RMB 66 million** Key Items from Consolidated Balance Sheet | Key Items from Consolidated Balance Sheet | December 31, 2019 (RMB) | December 31, 2018 (RMB) | | :--- | :--- | :--- | | Total Assets | 1,856,177,613.28 | 1,722,366,727.60 | | Total Liabilities | 440,486,121.44 | 348,754,796.46 | | Total Owners' Equity Attributable to Parent Company | 1,367,083,665.24 | 1,318,071,368.05 | Key Items from Consolidated Income Statement | Key Items from Consolidated Income Statement | 2019 (RMB) | 2018 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 435,706,090.79 | 458,109,105.00 | | Operating Profit | 72,836,336.74 | 108,832,131.73 | | Total Profit | 72,795,558.52 | 111,174,797.21 | | Net Profit Attributable to Parent Company Owners | 65,909,367.29 | 104,398,064.60 | [Notes to Consolidated Financial Statement Items](index=157&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This chapter provides detailed explanations of major items in the consolidated financial statements; as of the end of the period, **RMB 21.79 million** of the company's monetary funds were judicially frozen due to litigation; the original carrying value of goodwill was **RMB 580 million**, primarily from the acquisition of Guangzhou Qisheng Information, with a total goodwill impairment of **RMB 4.75 million** recognized for Guiyang No. 6 Hospital and Guizhou Laya Technology in the current period; among long-term equity investments, the investment in associate Guiyang City Pharmaceutical E-commerce Service Co., Ltd. had the highest carrying value at **RMB 285 million** - As of the end of the period, **RMB 21.79 million** of the company's monetary funds were judicially frozen due to litigation[437](index=437&type=chunk) Goodwill Impairment Provision | Goodwill Impairment Provision | Beginning Balance (RMB) | Provision in Current Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | | Guiyang No. 6 Hospital Co., Ltd. | 4,627,139.97 | 1,846,674.07 | 6,473,814.04 | | Guizhou Laya Technology Co., Ltd. | 0.00 | 2,906,794.03 | 2,906,794.03 | | **Total** | **4,627,139.97** | **4,753,468.10** | **9,380,608.07** | - Full impairment provision was recognized for the goodwill of Guizhou Laya Technology Co., Ltd. because it has not yet obtained a medical device production license, and its operating situation has significant uncertainties[511](index=511&type=chunk) - The total government subsidies received by the company in 2019 and recognized in current profit or loss amounted to **RMB 11.84 million**[741](index=741&type=chunk)

贵阳朗玛信息技术股份有限公司 2019 年第三季度报告全文 贵阳朗玛信息技术股份有限公司 2019 年第三季度报告 2019 年 10 月 1 贵阳朗玛信息技术股份有限公司 2019 年第三季度报告全文 第一节 重要提示 2 贵阳朗玛信息技术股份有限公司 2019 年第三季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末 | | --- | --- | --- | --- | --- | | | | | | 增减 | | 总资产（元） | 1,910,159,125.83 | | 1,722,366,727.60 | 10.90% | | 归属于上市公司股东的净资 产（元） | 1,367,617,790.28 | | 1,318,071,368.05 | 3.76% | | | 本报告期 | 本报告期比上年同 | 年初至报告期末 | 年初至报告期末比 | | | | 期增减 | | 上年同期增减 | | 营业收入（元） | 114,473,430.04 | -5.53% | ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) [Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [Company Profile](index=5&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) This section provides the company's basic business registration information, including its stock ticker "Longma Information", stock code "300288", full Chinese and English names, legal representative, and contact details | Item | Information | | :--- | :--- | | **Stock Abbreviation** | Longma Information | | **Stock Code** | 300288 | | **Listing Exchange** | Shenzhen Stock Exchange | | **Company Name** | Guiyang Longma Information Technology Co., Ltd | | **Legal Representative** | Wang Wei | [Key Accounting Data and Financial Indicators](index=6&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In the first half of 2019, the company's total operating revenue was 234 million Yuan, a 2.50% year-on-year increase, but net profit attributable to shareholders decreased by 12.13% to 44.05 million Yuan, while net cash flow from operating activities showed strong growth of 54.66% | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Total Operating Revenue** | 234,188,485.73 | 228,472,570.81 | 2.50% | | **Net Profit Attributable to Shareholders** | 44,054,404.71 | 50,134,370.92 | -12.13% | | **Net Profit Attributable to Shareholders (Excluding Non-Recurring Items)** | 41,165,592.12 | 45,049,662.52 | -8.62% | | **Net Cash Flow from Operating Activities** | 65,494,407.15 | 42,348,247.01 | 54.66% | | **Basic Earnings Per Share (Yuan/share)** | 0.13 | 0.15 | -13.33% | | **Weighted Average Return on Net Assets** | 3.30% | 4.05% | -0.75% | | **Total Assets** | 1,775,845,075.20 | 1,722,366,727.60 | 3.10% (vs. end of prior year) | | **Net Assets Attributable to Shareholders** | 1,345,228,702.66 | 1,318,071,368.05 | 2.06% (vs. end of prior year) | [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) During the reporting period, the company's total non-recurring gains and losses amounted to 2.89 million Yuan, primarily from government subsidies of 3.28 million Yuan recognized in current profit or loss | Item | Amount (Yuan) | Explanation | | :--- | :--- | :--- | | Government subsidies recognized in current profit or loss | 3,277,592.42 | Primarily for the current period's allocation of prior government subsidies and current period's income-related subsidies | | Debt restructuring gains and losses | 229,291.48 | Sixi Hospital received creditor waivers | | **Total** | **2,888,812.59** | -- | [Business Overview](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E5%85%AC%E5%8F%B8%E4%B8%9A%E5%8A%A1%E6%A6%82%E8%A6%81) [Principal Businesses](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's operations are primarily divided into two segments: medical + internet medical services and telecommunications & value-added telecommunications services, with the latter experiencing revenue decline due to operator structural adjustments - Company's core strategy is to deeply cultivate the medical + internet medical business, leveraging physical medical institutions and internet/big data technologies to build a closed-loop medical service of online services + offline hospitals[27](index=27&type=chunk) - The medical business segment has a broad layout, including: physical medical institutions (Guiyang Sixi Hospital), medical information services (39 Health Network), internet hospitals, IPTV smart healthcare, smart wearable devices, and pharmaceutical distribution[27](index=27&type=chunk)[28](index=28&type=chunk)[30](index=30&type=chunk) - In the telecommunications and value-added telecommunications business segment, the "Phone Duet" business experienced reduced operating regions and revenue decline due to operator business structure adjustments[37](index=37&type=chunk) [Significant Changes in Major Assets](index=11&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%BB%E8%A6%81%E8%B5%84%E4%BA%A7%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8C%96%E6%83%85%E5%86%B5) During the reporting period, there were no extreme significant changes in the company's major assets, with long-term equity investments, prepayments, and notes receivable showing notable increases | Major Asset | Change from Beginning of Year | Explanation of Change | | :--- | :--- | :--- | | **Long-term Equity Investments** | +7.52% | Capital increase in Sanjiu Medical by Qisheng Information and equity method accounting for investment income | | **Notes Receivable** | +45.76% | Increase in bank acceptance bills received by Qisheng Information | | **Prepayments** | +57.97% | Prepayments for engineering by Sixi Hospital and prepayments for telecom settlement by Longma Communication | | **Other Non-current Assets** | +352.47% | Increase in prepayments for medical equipment purchases by Sixi Hospital | [Analysis of Core Competencies](index=12&type=section&id=%E4%B8%89%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies span internet medical services, internet information services, pharmaceutical distribution, and voice value-added services, underpinned by policy support, professional teams, and established networks - Internet medical core competency: Respecting the essence of medicine, using the internet as an "amplifier" and "connector" for high-quality medical resources[40](index=40&type=chunk) - Internet information service core competency: 39 Health Network, as a leading domestic health portal, possesses advantages in network scale, content, cooperation resources, and talent[41](index=41&type=chunk) - Policy support: The big data and big health industries, in which the company operates, are pillar industries in Guizhou Province, receiving strong support from various levels of provincial government[40](index=40&type=chunk) [Management Discussion and Analysis](index=14&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [Overview of Operations](index=14&type=section&id=%E4%B8%80%E3%80%81%E6%A6%82%E8%BF%B0) In the first half of 2019, the company deepened its "Internet + Medical" strategy, forming a health service closed-loop based on physical hospitals, with medical information and services as primary revenue sources, while traditional telecom services declined - The company, as the lead unit, established the Medical and Health Big Data Professional Committee of the National Technical Standard Innovation Base (Guizhou Big Data), dedicated to establishing industry standards[46](index=46&type=chunk) Business Segment Operating Performance | Business Segment | Revenue for the Period (million Yuan) | Year-on-Year Change | Operating Highlights | | :--- | :--- | :--- | :--- | | **39 Health Network** | 83.21 | +9.47% | Achieved a shift from traffic monetization to "service + content" monetization | | **Physical Hospital (Guiyang Sixi Hospital)** | 98.67 | +17.79% | Significant growth in outpatient, inpatient, and surgical volumes, with continuous operational improvement | | **39 Internet Hospital** | - | - | Collaborated with over 300 county-level hospitals, completing over 200,000 case diagnoses and treatments | | **Pharmaceutical Distribution (Pharmaceutical E-commerce)** | 1,271.91 | -18.9% | Profitability weakened due to the "Two-Invoice System" | | **Phone Duet** | 24.84 | -45.31% | Business regions reduced due to operator business adjustments | | **Mobile Resale** | 23.65 | +9.5% | Stable business development | [Analysis of Principal Business](index=19&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, the company's total operating revenue slightly increased by 2.50%, but rising operating costs led to a decline in gross profit margin, while sales expenses significantly decreased and financial expenses increased Key Financial Data Year-on-Year Change | Item | Current Period (Yuan) | Prior Year Period (Yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 234,188,485.73 | 228,472,570.81 | 2.50% | | **Operating Cost** | 124,006,039.17 | 108,526,490.67 | 14.26% | | **Selling Expenses** | 6,877,400.51 | 12,113,558.98 | -43.23% | | **Financial Expenses** | 2,576,435.87 | 1,522,198.28 | 69.26% | | **Net Cash Flow from Operating Activities** | 65,494,407.15 | 42,348,247.01 | 54.66% | By Product or Service | Product/Service | Operating Revenue (Yuan) | Gross Margin | Year-on-Year Change in Operating Revenue | | :--- | :--- | :--- | :--- | | **Phone Duet & Duet Coins** | 24,837,621.38 | 83.87% | -45.31% | | **Mobile Resale Business** | 23,647,447.84 | 41.62% | 9.51% | | **Medical Information Services** | 82,152,848.64 | 79.57% | 10.87% | | **Medical Services** | 96,617,309.97 | 10.93% | 17.00% | [Analysis of Non-Principal Business](index=20&type=section&id=%E4%B8%89%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, non-principal businesses significantly impacted total profit, with investment income from equity method accounting being sustainable, while government subsidies were non-recurring | Item | Amount (Yuan) | Percentage of Total Profit | Reason for Formation | | :--- | :--- | :--- | :--- | | **Investment Income** | 9,903,974.52 | 18.82% | Investment income from equity method accounting for associate companies | | **Other Income** | 3,277,592.42 | 6.23% | Government subsidies related to daily business activities | [Analysis of Assets and Liabilities](index=20&type=section&id=%E5%9B%9B%E3%80%81%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) As of the end of the reporting period, the company's total assets increased by 3.10% to 1.78 billion Yuan, with a notable increase in long-term borrowings and some bank accounts of a subsidiary being frozen due to a construction contract dispute - Long-term borrowings significantly increased compared to the end of the previous year, with their proportion of total assets rising from 1.22% to **6.03%**, primarily due to the parent company obtaining a three-year long-term loan from Industrial Bank[70](index=70&type=chunk) - Guiyang Sixi Hospital Co., Ltd., a controlled subsidiary, had some bank accounts frozen due to a construction engineering contract dispute, with the frozen amount totaling **18,704,165.64 Yuan** at period-end, though this did not affect its daily operations[71](index=71&type=chunk) [Analysis of Investment Status](index=21&type=section&id=%E4%BA%94%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company's investment decreased by 42.95% to 12.20 million Yuan, with the only significant equity investment being the acquisition of a 1.93% stake in Guiyang Sanjiu Internet Medical Co., Ltd - A significant equity investment occurred during the reporting period: Guangzhou Qisheng Information Technology Co., Ltd., a wholly-owned subsidiary, used **12.20 million Yuan** of its own funds to acquire a **1.93%** equity stake in Guiyang Sanjiu Internet Medical Co., Ltd[74](index=74&type=chunk) [Analysis of Major Holding and Associate Companies](index=24&type=section&id=%E4%B8%83%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) During the reporting period, Guangzhou Qisheng Information Technology Co., Ltd. (39 Health Network) was the primary profit contributor, while Guiyang Sixi Hospital Co., Ltd. incurred a loss despite significant revenue Major Holding and Associate Company Performance (H1 2019) | Company Name | Type | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | | **Guangzhou Qisheng Information Technology Co., Ltd.** | Subsidiary | 83,214,345.22 | 43,364,252.10 | | **Guiyang Sixi Hospital Co., Ltd.** | Subsidiary | 98,668,360.85 | -3,850,971.80 | | **Guiyang Longma Communication Technology Co., Ltd.** | Subsidiary | 23,647,447.84 | 7,354,332.34 | | **Guiyang Pharmaceutical E-commerce Service Co., Ltd.** | Associate Company | 1,271,911,528.26 | 28,717,578.57 | - The company completed the deregistration of its wholly-owned subsidiary "Guiyang Longma Development Investment and Property Co., Ltd." in June 2019, which had no actual capital contribution or operations, thus the deregistration has no impact on the company[83](index=83&type=chunk)[84](index=84&type=chunk) [Risks and Countermeasures](index=25&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from intensified market competition, policy changes, traditional telecom business adjustments, management challenges from asset expansion, and goodwill impairment, addressed through continuous innovation and strategic adjustments - Market competition risk: The internet medical industry is experiencing an influx of capital and increasing competition, requiring the company to maintain leadership in R&D, technology, and business models[85](index=85&type=chunk) - Industry policy risk: The healthcare industry is highly influenced by policies and regulations, exposing the company to risks of stricter supervision[86](index=86&type=chunk) - Telecom business adjustment risk: The "Phone Duet" business experienced a significant revenue decline due to operator structural adjustments, prompting the company to reallocate resources to other businesses[87](index=87&type=chunk) - Goodwill impairment risk: The company has significant goodwill from acquisitions, and a decline in the performance of acquired companies could lead to goodwill impairment[88](index=88&type=chunk) [Significant Matters](index=27&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [Litigation Matters](index=33&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) During the reporting period, the company had no major litigation or arbitration matters, but a subsidiary was involved in a construction contract dispute with an outstanding amount of 21.79 million Yuan - Guiyang Sixi Hospital Co., Ltd., a controlled subsidiary, is involved in a construction engineering contract dispute with an amount of **21.79 million Yuan**, and the case is still pending[101](index=101&type=chunk) [Significant Related Party Transactions](index=34&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company's significant related party transactions primarily involved purchases related to daily operations, with Guiyang Sixi Hospital procuring drugs and medical consumables from Guiyang Pharmaceutical E-commerce Service Co., Ltd Related Party Transactions in Ordinary Course of Business | Related Party | Related Party Transaction Content | Related Party Transaction Amount (million Yuan) | | :--- | :--- | :--- | | Guiyang Pharmaceutical E-commerce Service Co., Ltd | Purchase of drugs, medical consumables, etc | 21.50 | | Guiyang Sanjiu Internet Medical Co., Ltd | Website maintenance and labor services | 2.60 | [Significant Contracts and Their Performance](index=36&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company had external guarantees exclusively for its subsidiaries, with an actual outstanding balance of 287 million Yuan, representing 21.33% of the company's net assets Company Guarantee Status (As of End of Reporting Period) | Guarantee Type | Total Approved Guarantee Limit (million Yuan) | Total Actual Guarantee Balance (million Yuan) | | :--- | :--- | :--- | | **Guarantees for Subsidiaries** | 770 | 287 | [Social Responsibility](index=39&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively fulfills its social responsibilities, particularly in targeted poverty alleviation, by investing 115 thousand Yuan in educational and medical assistance projects in Guizhou during the first half of 2019 - The company actively participated in the "Hundred Enterprises Helping Hundred Villages" poverty alleviation initiative, investing **20 thousand Yuan** in funds and **95 thousand Yuan** in materials for education and health poverty alleviation in the first half of 2019[123](index=123&type=chunk)[124](index=124&type=chunk)[125](index=125&type=chunk) [Share Changes and Shareholder Information](index=43&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [Share Changes](index=43&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total share capital of 337,941,402 shares remained unchanged, with a minor adjustment in share structure due to the release of restricted shares held by a former senior executive - During the reporting period, due to Mr. Shi Hongjun's departure for over half a year, his **1,560,000 restricted shares** for senior executives were released from restrictions, leading to a decrease in restricted shares and a corresponding increase in unrestricted shares[136](index=136&type=chunk) [Number of Shareholders and Shareholding Status](index=44&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had 35,859 common shareholders, with the top three being natural persons, and the controlling shareholder and his concerted parties holding a significant combined stake Top Ten Shareholders' Shareholding Status (As of June 30, 2019) | Shareholder Name | Shareholding Percentage | Number of Shares Held (shares) | | :--- | :--- | :--- | | **Wang Wei** | 35.56% | 120,185,915 | | **Jin Guowen** | 7.11% | 24,036,100 | | **Huang Guohong** | 5.91% | 19,981,086 | | **Liu Ling** | 4.53% | 15,312,900 | | **Guiyang Longma Investment Consulting Enterprise (Limited Partnership)** | 2.45% | 8,285,640 | - Guiyang Longma Investment Consulting Enterprise (Limited Partnership), a corporate shareholder, is controlled by the company's controlling shareholder and actual controller, Wang Wei, and they are concerted parties[142](index=142&type=chunk) [Preferred Shares Information](index=48&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Preferred Shares Information](index=48&type=section&id=%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[148](index=148&type=chunk) [Directors, Supervisors, and Senior Management](index=49&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%83%85%E5%86%B5) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=49&type=section&id=%E4%B8%80%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) During the reporting period, Chairman Wang Wei reduced his shareholding by 2,310,085 shares, while other directors, supervisors, and senior management had no changes in their shareholdings | Name | Position | Number of Shares Reduced in Current Period (shares) | Number of Shares Held at Period-End (shares) | | :--- | :--- | :--- | :--- | | **Wang Wei** | Chairman | 2,310,085 | 120,185,915 | [Changes in Directors, Supervisors, and Senior Management Personnel](index=50&type=section&id=%E4%BA%8C%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company appointed Tian Dan as Deputy General Manager and terminated the employment of Deputy General Manager Pan Nianhua due to health reasons - The company appointed Tian Dan as Deputy General Manager on January 7, 2019[153](index=153&type=chunk) - The company terminated Pan Nianhua's position as Deputy General Manager on April 18, 2019, due to health reasons preventing normal performance of duties[153](index=153&type=chunk) [Corporate Bonds Information](index=51&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%20%E5%85%AC%E5%8F%B8%E5%80%BA%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Corporate Bonds Information](index=51&type=section&id=%E5%85%AC%E5%8F%B8%E5%80%BA%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) During the reporting period, the company had no publicly issued and listed corporate bonds on a stock exchange that were either unexpired or not fully redeemed by the approval date of the semi-annual report - The company has no unexpired or unredeemed corporate bonds[156](index=156&type=chunk) [Financial Report](index=52&type=section&id=%E7%AC%AC%E5%8D%81%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [Financial Statements](index=52&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's unaudited consolidated and parent company financial statements for the first half of 2019, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity - The company's semi-annual financial report is unaudited[158](index=158&type=chunk) [Consolidated Balance Sheet](index=52&type=section&id=1%E3%80%81%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2019, the company's total assets were 1.78 billion Yuan, total liabilities were 375 million Yuan, and owners' equity attributable to the parent company was 1.35 billion Yuan, resulting in a debt-to-asset ratio of 21.12% Consolidated Balance Sheet Key Items (June 30, 2019) | Item | Amount (Yuan) | | :--- | :--- | | **Total Assets** | 1,775,845,075.20 | | **Total Liabilities** | 375,125,987.71 | | **Total Owners' Equity Attributable to Parent Company** | 1,345,228,702.66 | | **Total Owners' Equity** | 1,400,719,087.49 | [Consolidated Income Statement](index=58&type=section&id=3%E3%80%81%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In the first half of 2019, the company achieved total operating revenue of 234 million Yuan, total operating costs of 194 million Yuan, total profit of 52.64 million Yuan, and net profit of 44.00 million Yuan, with 44.05 million Yuan attributable to parent company owners Consolidated Income Statement Key Items (H1 2019) | Item | Amount (Yuan) | | :--- | :--- | | **Total Operating Revenue** | 234,188,485.73 | | **Operating Profit** | 52,423,166.51 | | **Total Profit** | 52,637,175.70 | | **Net Profit** | 44,004,226.45 | | **Net Profit Attributable to Parent Company Owners** | 44,054,404.71 | [Consolidated Cash Flow Statement](index=63&type=section&id=5%E3%80%81%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In the first half of 2019, the company's net cash flow from operating activities was 65.49 million Yuan, net cash flow from investing activities was -42.85 million Yuan, and net cash flow from financing activities was -21.80 million Yuan, resulting in a net increase in cash and cash equivalents of 848.6 thousand Yuan Consolidated Cash Flow Statement Key Items (H1 2019) | Item | Amount (Yuan) | | :--- | :--- | | **Net Cash Flow from Operating Activities** | 65,494,407.15 | | **Net Cash Flow from Investing Activities** | -42,846,122.60 | | **Net Cash Flow from Financing Activities** | -21,799,681.98 | | **Net Increase in Cash and Cash Equivalents** | 848,602.57 | [Documents Available for Inspection](index=178&type=section&id=%E7%AC%AC%E5%8D%81%E4%B8%80%E8%8A%82%20%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95)

证券代码：300288 证券简称：朗玛信息 公告编号：2019-026 贵阳朗玛信息技术股份有限公司 活动的公告 关于参加2019年贵州上市公司投资者网上集体接待日 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 为便于广大投资者更深入全面地了解贵阳朗玛信息技术股份有限公司 （以下简称"公司"）情况、发展战略、经营状况、可持续发展等投资者 所关心的问题，公司定于 2019 年 6 月 5 日下午 14:00-17:00 参加由贵州证 监局主办，贵州证券业协会、深圳市全景网络有限公司协办的主题为"股 东来了——构建和谐投资者关系"2019 年贵州上市公司投资者网上集体接 待日活动。现将有关事项公告如下： 本次集体接待日网上交流网址：投资者可以登录 http://rs.p5w.net 进入专区页面参与交流。 出席本次集体接待日的人员有：公司董事会秘书兼财务总监王春女士， 证券事务代表肖越越女士。 欢迎广大投资者积极参与。 特此公告。 贵阳朗玛信息技术股份有限公司董事会 2019 年 5 月 30 日 ...

贵阳朗玛信息技术股份有限公司 2019 年第一季度报告全文 贵阳朗玛信息技术股份有限公司 2019 年第一季度报告 2019 年 04 月 1 贵阳朗玛信息技术股份有限公司 2019 年第一季度报告全文 第一节 重要提示 2 贵阳朗玛信息技术股份有限公司 2019 年第一季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 上年同期 | 本报告期比上年同期 | | --- | --- | --- | --- | | | | | 增减 | | 营业总收入（元） | 115,110,413.66 | 105,717,302.57 | 8.89% | | 归属于上市公司股东的净利润 | 18,952,556.07 | 21,472,892.33 | -11.74% | | （元） | | | | | 归属于上市公司股东的扣除非经 | 18,189,142.46 | 20,299,681.77 | -10.40% | | 常性损益的净利润（元） | | | | | 经营活动产生的现金流量净额 | 29,364,134.90 | ...

贵阳朗玛信息技术股份有限公司 2018 年年度报告全文 贵阳朗玛信息技术股份有限公司 2018 年年度报告 2019 年 04 月 1 贵阳朗玛信息技术股份有限公司 2018 年年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连 带的法律责任。 公司负责人王伟、主管会计工作负责人王春及会计机构负责人(会计主管人 员)马勇声明：保证年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 本报告中如有涉及未来的计划、业绩预测等方面的内容，均不构成本公司 对任何投资者及相关人士的承诺。投资者及相关人士均应对此保持足够的风险 认识，并且应当理解计划、预测与承诺之间的差异。公司在本报告第四节"经 营情况讨论与分析"之"九、公司未来发展的展望"部分，详细描述了公司经 营中可能存在的风险，敬请投资者关注相关内容，注意投资风险。 公司目前不存在影响公司正常经营的重大风险。 公司经本次董事会审议通过的利润分配预案为：以 337,941,402 为基数， 向全体股东每 10 ...

贵阳朗玛信息技术股份有限公司 2018 年半年度报告全文 贵阳朗玛信息技术股份有限公司 2018 年半年度报告 2018 年 08 月 1 贵阳朗玛信息技术股份有限公司 2018 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别 和连带的法律责任。 公司负责人王伟、主管会计工作负责人王春及会计机构负责人(会计主管人 员)马勇声明：保证本半年度报告中财务报告的真实、准确、完整。 除下列董事外，其他董事亲自出席了审议本次半年报的董事会会议 | 未亲自出席董事姓名 | 未亲自出席董事职务 | 未亲自出席会议原因 | 被委托人姓名 | | --- | --- | --- | --- | | 刘景伟 | 独立董事 | 因公出差 | 王迅 | 本报告中如有涉及未来的计划、业绩预测等方面的内容，均不构成本公司 对任何投资者及相关人士的承诺。投资者及相关人士均应对此保持足够的风险 认识，并且应当理解计划、预测与承诺之间的差异。公司在本报告第四节"经营 情况讨论与分析"之"十、公司面临的风险和应 ...

2018 年第三季度报告 2018 年 10 月 1 贵阳朗玛信息技术股份有限公司 2018 年第三季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 贵阳朗玛信息技术股份有限公司 2018 年第三季度报告全文 贵阳朗玛信息技术股份有限公司 所有董事均已出席了审议本次季报的董事会会议。 公司负责人王伟、主管会计工作负责人王春及会计机构负责人(会计主管人 员)马勇声明：保证季度报告中财务报表的真实、准确、完整。 2 贵阳朗玛信息技术股份有限公司 2018 年第三季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末 | | --- | --- | --- | --- | --- | | | | | | 增减 | | 总资产（元） | 1,721,743,737.33 | | 1,528,184,542.05 | 12.67% | | 归属于上市公司股东 ...

[Part I: Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Part%20I%3A%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides important disclaimers, the report's table of contents, and definitions of key terms used throughout the document [Important Notice](index=2&type=section&id=Important%20Notice) The company's management guarantees the truthfulness, accuracy, and completeness of this semi-annual report, with future plans not constituting substantive commitments, and no profit distribution planned - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the report content and assume legal responsibility[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[6](index=6&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This report comprises eleven chapters covering company profile, business overview, operational performance, significant matters, and financial reports [Definitions](index=4&type=section&id=Definitions) This chapter defines key terms used in the report, including company and business entities like "39 Internet Hospital" and "Liuyi Company," as well as technical terms such as "IPTV" and "EPG" - The reporting period refers to January 1, 2018, to June 30, 2018[11](index=11&type=chunk) [Part II: Company Profile and Key Financial Indicators](index=5&type=section&id=Part%20II%3A%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section presents the company's basic information and a summary of its key financial performance metrics [Company Profile](index=5&type=section&id=Company%20Profile) Guiyang Langma Information Technology Co., Ltd. (stock code: 300288) is listed on the Shenzhen Stock Exchange, with Wang Wei as its legal representative, and no significant changes in information disclosure or contact details during the reporting period | Item | Content | | :--- | :--- | | Stock Abbreviation | Langma Information | | Stock Code | 300288 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Wang Wei | [Key Accounting Data and Financial Indicators](index=6&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2018, the company achieved total operating revenue of **228.47 million yuan**, a 10.06% year-on-year increase, with net profit attributable to shareholders reaching **50.13 million yuan**, up 2.38% | Key Financial Indicators | Current Reporting Period | Prior Year Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue (yuan) | 228,472,570.81 | 207,584,113.81 | 10.06% | | Net Profit Attributable to Shareholders (yuan) | 50,134,370.92 | 48,968,125.68 | 2.38% | | Net Profit After Non-Recurring Items (yuan) | 45,049,662.52 | 46,970,670.25 | -4.09% | | Net Cash Flow from Operating Activities (yuan) | 42,348,247.01 | 40,160,073.06 | 5.45% | | Basic Earnings Per Share (yuan/share) | 0.15 | 0.14 | 7.14% | | Total Assets (yuan) | 1,593,309,463.46 | 1,528,184,542.05 | 4.26% (vs. end of prior year) | | Net Assets Attributable to Shareholders (yuan) | 1,260,131,055.23 | 1,212,028,171.21 | 3.97% (vs. end of prior year) | [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's non-recurring gains and losses totaled **5.08 million yuan**, primarily from government subsidies of **5.54 million yuan** recognized in current profit or loss | Item | Amount (yuan) | Explanation | | :--- | :--- | :--- | | Government Subsidies | 5,538,322.00 | Primarily allocation of prior government subsidies and new subsidies received in the current period | | Debt Restructuring Gains/Losses | 197,082.37 | Liuyi Company obtained creditor waivers | | Net Other Non-Operating Income/Expenses | 607,336.03 | - | | **Total Non-Recurring Gains and Losses** | **5,084,708.40** | - | [Part III: Company Business Overview](index=9&type=section&id=Part%20III%3A%20Company%20Business%20Overview) This section outlines the company's core business segments, significant asset changes, and key competitive advantages [Main Businesses During the Reporting Period](index=9&type=section&id=Main%20Businesses%20During%20the%20Reporting%20Period) The company's main operations are divided into two major segments: "Healthcare + Internet Healthcare" and "Telecom Value-Added Services," with the healthcare segment establishing a comprehensive internet healthcare ecosystem and the telecom segment providing stable cash flow - **Healthcare + Internet Healthcare Business Segment Layout:** * **Medical Information Services**: Provides online medical information through 39 Health Network, monetized via advertising * **Medical Services**: Operates through Guiyang Sixth People's Hospital, combined with "39 Internet Hospital" and "Guizhou (Guiyang) Internet Hospital" for remote consultations and tiered diagnosis and treatment * **IPTV Business**: Integrates internet hospital services into the IPTV platform, promoted in collaboration with telecom operators * **Pharmaceutical Distribution**: Conducts pharmaceutical wholesale and distribution through its e-commerce subsidiary (Kangxin Pharmaceutical) * **Smart Wearable Devices**: Develops wearable devices for chronic disease management to complete closed-loop services[27](index=27&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk)[30](index=30&type=chunk) - **Telecom Value-Added Services Segment:** * **Phone Matchmaking**: Provides voice social entertainment services, serving as a stable cash flow source for the company * **Mobile Resale Business**: Collaborates with basic operators to provide mobile communication services, currently applying for a formal license[31](index=31&type=chunk)[32](index=32&type=chunk) [Significant Changes in Major Assets](index=11&type=section&id=Significant%20Changes%20in%20Major%20Assets) During the reporting period, the company experienced significant increases in construction in progress, prepayments, other receivables, and other current assets, primarily due to investments in Liuyi Company's construction projects and prepaid engineering costs | Major Asset | Year-on-Year Growth Rate | Primary Reason | | :--- | :--- | :--- | | Construction in Progress | 108.36% | Investment in Liuyi Company's construction projects | | Prepayments | 134.92% | Prepaid construction costs by Liuyi Company | | Other Receivables | 158.48% | Payment of a **5 million yuan** mobile resale business deposit | | Other Current Assets | 113.51% | Prepaid corporate income tax and deductible input VAT | | Long-Term Deferred Expenses | 409.53% | Factory renovation expenses incurred from the merger of Guizhou Laya | [Analysis of Core Competencies](index=11&type=section&id=Analysis%20of%20Core%20Competencies) The company's core competencies span multiple areas, including policy support, professional teams, medical resources, and technological advantages in internet healthcare, alongside network scale and content advantages in information services, and robust distribution and innovation in telecom value-added services - **Internet Healthcare and Medical Services Competitiveness:** * Respects the essence of healthcare, utilizing the internet as a connector and amplifier * Receives strong policy support from Guizhou Province for big data and big health industries * Possesses a composite team integrating medical industry experts with internet operation experience * Accumulated high-quality medical resources and advantages in audio-video communication technology[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk) - **Other Business Competitiveness:** * **Internet Information Services**: 39 Health Network, as a leading domestic health portal, boasts advantages in content, partnership resources, and talent * **Pharmaceutical Distribution**: Features a "deep, wide, and high" marketing channel network and efficient logistics * **Voice Value-Added Services**: Relies on independent innovation, long-term cooperation with operators, and a comprehensive service system[36](index=36&type=chunk)[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk) [Part IV: Discussion and Analysis of Operations](index=14&type=section&id=Part%20IV%3A%20Discussion%20and%20Analysis%20of%20Operations) This section provides an in-depth discussion of the company's operational performance, including revenue analysis, asset and liability status, investment activities, and risk management strategies [Overview](index=14&type=section&id=Overview) In the first half of 2018, the company steadily advanced its various businesses, re-entering the "Top 100 Chinese Internet Enterprises" at 39th place, and further refined its internet healthcare ecosystem with progress across all segments - The company was once again selected among the "2018 Top 100 Chinese Internet Enterprises," ranking 39th, making it the only "Internet + Healthcare" enterprise to be included for three consecutive years[42](index=42&type=chunk) [39 Health Network](index=14&type=section&id=39%20Health%20Network) As a core medical information platform, 39 Health Network achieved **76.02 million yuan** in operating revenue and **42.24 million yuan** in net profit during the reporting period, with monthly user coverage exceeding **400 million** and successful commercialization breakthroughs | Business Segment | Performance in Reporting Period | | :--- | :--- | | Operating Revenue | 76.02 million yuan | | Net Profit | 42.24 million yuan | - All-channel traffic grew steadily, with monthly coverage exceeding **400 million** unique visitors[44](index=44&type=chunk) [Physical Hospitals](index=15&type=section&id=Physical%20Hospitals) As a core component of the "Internet + Healthcare" strategy, Liuyi Company's operations continued to improve, achieving **83.77 million yuan** in revenue in the first half of 2018, a 37.46% year-on-year increase, while continuously attracting talent and enhancing specialized medical capabilities - In the first half of 2018, revenue reached **83.77 million yuan**, a 37.46% year-on-year increase[48](index=48&type=chunk) - In the first half of the year, **9** new talents with associate senior titles or master's degrees or above were introduced, continuously strengthening the medical service team[46](index=46&type=chunk) [39 Internet Hospital](index=16&type=section&id=39%20Internet%20Hospital) The 39 Internet Hospital, centered on the "doctor-to-doctor consultation" model, serves grassroots medical institutions through remote consultations and teaching rounds, having partnered with nearly **300** medical institutions and over **2,000** experts, with significant year-on-year growth in consultation revenue and volume - Has partnered with nearly **300** medical institutions and signed expert teams exceeding **2,000** members, covering **24** provinces nationwide[51](index=51&type=chunk) [Guizhou (Guiyang) Internet Hospital](index=17&type=section&id=Guizhou%20(Guiyang)%20Internet%20Hospital) This platform provides decentralized medical services to grassroots communities, with a cumulative consultation volume of nearly **2 million** visits, over **1 million** registered users, and a daily consultation volume of **6,000** visits, while its mobile app "Gui Health" has integrated with the registration platforms of nearly **200** hospitals in the province - Cumulative consultation volume reached nearly **2 million** visits, registered users exceeded **1 million**, and daily consultation volume reached **6,000** visits[52](index=52&type=chunk) [IPTV Business](index=18&type=section&id=IPTV%20Business) During the reporting period, the company's IPTV smart healthcare family health service platform officially launched, now available on multiple provincial platforms of China Unicom and China Telecom, as well as Guizhou Radio and Television, offering chronic disease management and health consultation services to TV users - Business launch has been completed for China Unicom (Tianjin TV Center), China Telecom (Jiangsu Base), Anhui Telecom, Qinghai Telecom, and Guizhou Radio and Television[55](index=55&type=chunk) [Pharmaceutical Distribution Sector](index=18&type=section&id=Pharmaceutical%20Distribution%20Sector) The pharmaceutical e-commerce subsidiary, the largest pharmaceutical wholesale and distribution enterprise in Guizhou Province, achieved **1.79 billion yuan** in consolidated sales including tax and **1.57 billion yuan** in operating revenue during the reporting period, with its sales network covering all of Guizhou Province and parts of surrounding areas | Business Segment | Performance in Reporting Period | | :--- | :--- | | Consolidated Sales (including tax) | 1.79 billion yuan | | Operating Revenue | 1.57 billion yuan | [Smart Wearable Device Business](index=18&type=section&id=Smart%20Wearable%20Device%20Business) The smart wearable device business, managed by Guizhou Laya, focuses on R&D and production of POCT devices (e.g., blood glucose, uric acid monitoring) to meet grassroots medical and home health management needs, with initial R&D completed and production facilities ready for operation - Guizhou Laya has completed preliminary R&D, and the production workshop has passed cleanliness inspections, meeting production readiness conditions[58](index=58&type=chunk) [Phone Matchmaking](index=19&type=section&id=Phone%20Matchmaking) As the company's traditional telecom value-added service, the "Phone Matchmaking" voice social platform maintained stable user stickiness, generating **45.42 million yuan** in revenue during the reporting period and providing stable cash flow for the company - Achieved **45.42 million yuan** in revenue during the reporting period[59](index=59&type=chunk) [Mobile Resale Business](index=19&type=section&id=Mobile%20Resale%20Business) The mobile resale business has transitioned to formal commercial operation, with the company currently applying for a formal license; as of June 2018, it had accumulated over **2 million** users across more than **60** cities, generating **21.59 million yuan** in revenue in the first half of the year - Accumulated over **2 million** users and achieved **21.59 million yuan** in revenue in the first half of the year[60](index=60&type=chunk)[61](index=61&type=chunk) [Analysis of Main Business](index=20&type=section&id=Analysis%20of%20Main%20Business) During the reporting period, the company's operating revenue increased by 10.06%, while operating costs rose by 14.86%, leading to a slight decrease in gross profit margin; medical services revenue grew fastest at 35.60%, and mobile resale business saw a significant gross profit margin increase of 20.62 percentage points | Product or Service | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Profit Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Phone Matchmaking & Coins | 45,417,492.72 | 4,556,798.10 | 89.97% | -11.47% | -1.85% | -0.98% | | Mobile Resale Business | 21,594,806.27 | 15,557,792.10 | 27.96% | 4.27% | -18.93% | 20.62% | | Medical Information Services | 74,096,021.07 | 11,656,422.39 | 84.27% | 6.44% | -20.25% | 5.27% | | Medical Services | 82,579,749.16 | 73,664,226.78 | 10.80% | 35.60% | 31.45% | 2.82% | [Analysis of Non-Core Business](index=21&type=section&id=Analysis%20of%20Non-Core%20Business) During the reporting period, the impact of non-core businesses on profit primarily stemmed from investment income of **8.94 million yuan**, accounting for 16.05% of total profit, mainly from equity-accounted associate companies and deemed sustainable, alongside **3.54 million yuan** in other income from government subsidies | Item | Amount (yuan) | Percentage of Total Profit | Reason for Formation | | :--- | :--- | :--- | :--- | | Investment Income | 8,941,208.37 | 16.05% | Primarily investment income from equity-accounted associate companies | | Non-Operating Income | 3,456,005.26 | 6.20% | Primarily government subsidies unrelated to daily operations | | Other Income | 3,538,322.00 | 6.35% | Primarily government subsidies related to daily operations | [Analysis of Assets and Liabilities](index=21&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) As of the end of the reporting period, the company's total assets stood at **1.59 billion yuan**, with construction in progress increasing from 3.76% to 7.52% of total assets, mainly due to increased investment in Liuyi Company's medical technology and inpatient comprehensive building project | Asset Item | Period-End Balance (yuan) | Percentage of Total Assets | Period-Beginning Balance (yuan) | Percentage of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 240,884,567.48 | 15.12% | 274,856,054.24 | 17.99% | -2.87% | | Long-Term Equity Investments | 273,372,928.98 | 17.16% | 283,149,638.35 | 18.53% | -1.37% | | Fixed Assets | 165,127,992.28 | 10.36% | 168,784,456.74 | 11.04% | -0.68% | | Construction in Progress | 119,748,203.09 | 7.52% | 57,472,611.56 | 3.76% | 3.76% | [Analysis of Investment Status](index=22&type=section&id=Analysis%20of%20Investment%20Status) During the reporting period, the company's investment amounted to **21.39 million yuan**, a 397.33% year-on-year increase, with significant equity investments including the acquisition and capital increase of 80% equity in Guizhou Laya Technology Co., Ltd., and the establishment of Guiyang Langma Communication Technology Co., Ltd | Investee Company Name | Investment Method | Investment Amount (yuan) | Shareholding Percentage | Main Business | | :--- | :--- | :--- | :--- | :--- | | Guizhou Laya Technology Co., Ltd. | Other (Acquisition and Capital Increase) | 9,088,000.00 | 80% | Medical Electronic Product R&D | | Guiyang Langma Communication Technology Co., Ltd. | New Establishment | 900,000.00 | 75% | Mobile Resale Business | [Analysis of Major Holding and Associate Companies](index=25&type=section&id=Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) During the reporting period, core subsidiary Guangzhou Qisheng Information Technology Co., Ltd. (39 Health Network) contributed **42.24 million yuan** in net profit, while associate company Guiyang Pharmaceutical E-commerce Service Co., Ltd. achieved **31.02 million yuan** in net profit; the company also established Langma Communication, gained control of Guizhou Laya, and deregistered Mengcheng Interactive | Company Name | Type | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | | Guangzhou Qisheng Information Technology Co., Ltd. | Subsidiary | 76,016,791.71 | 42,237,576.08 | | Guiyang Sixth People's Hospital Co., Ltd. | Subsidiary | 83,769,908.04 | -4,057,474.07 | | Guiyang Pharmaceutical E-commerce Service Co., Ltd. | Associate Company | 1,568,318,865.77 | 31,024,658.63 | | Guiyang Sanjiu Internet Medical Co., Ltd. | Associate Company | 2,406,922.28 | -7,454,655.63 | - During the reporting period, **2** new holding subsidiaries (Guizhou Laya, Langma Communication) were added, and **1** subsidiary (Mengcheng Interactive) was deregistered[84](index=84&type=chunk) [Company Risks and Countermeasures](index=27&type=section&id=Company%20Risks%20and%20Countermeasures) The company faces key risks including intensifying competition in the internet healthcare industry, changes in healthcare policies, management and operational risks due to expanding scale, and goodwill impairment risk from acquisitions, which it addresses through continuous innovation, policy monitoring, management system improvements, and post-acquisition integration - Key Risk Points: * **Increased Market Competition**: Pharmaceutical giants and internet BAT companies are entering the market, intensifying industry competition * **Industry Policy Changes**: The healthcare industry is highly susceptible to policy and regulatory changes, with stricter oversight potentially posing risks * **Management and Operational Risks**: Expanding asset and personnel scale demands higher management capabilities * **Goodwill Impairment Risk**: Goodwill arising from acquisitions carries impairment risk, necessitating enhanced subsidiary management[87](index=87&type=chunk)[88](index=88&type=chunk)[89](index=89&type=chunk) [Part V: Significant Matters](index=29&type=section&id=Part%20V%3A%20Significant%20Matters) This section details the company's fulfillment of commitments, significant related party transactions, major contracts and their performance, social responsibility initiatives, and other important events [Fulfillment of Commitments by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company](index=29&type=section&id=Fulfillment%20of%20Commitments%20by%20Controlling%20Shareholder%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company) During the reporting period, the company and relevant parties strictly fulfilled all commitments, with performance pledges (2014-2016) and related share lock-up commitments from the major asset restructuring having been completed, while the performance commitment by Pharmaceutical E-commerce General Manager Wu Wensheng for 2017-2020 is currently being fulfilled - Performance commitments and share lock-up commitments from the major asset restructuring (acquisition of Qisheng Information) have been fulfilled[94](index=94&type=chunk)[95](index=95&type=chunk) - Pharmaceutical E-commerce General Manager Wu Wensheng's performance commitment (2017-2020 revenue and net profit) is currently being fulfilled[96](index=96&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk) [Significant Related Party Transactions](index=36&type=section&id=Significant%20Related%20Party%20Transactions) During the reporting period, the company's routine related party transactions primarily involved subsidiary Liuyi Company's procurement of pharmaceuticals and medical consumables from associate company Pharmaceutical E-commerce, totaling **23.35 million yuan**, which did not exceed the annual estimated limit of **50 million yuan**; additionally, the company co-invested in Guiyang Sanjiu Internet Medical Co., Ltd. with actual controller Wang Wei and others | Related Party | Related Transaction Content | Current Period Amount (million yuan) | Approved Transaction Limit (million yuan) | | :--- | :--- | :--- | :--- | | Guiyang Pharmaceutical E-commerce Service Co., Ltd. | Procurement of pharmaceuticals, medical consumables, etc. | 23.35 | 50 | | Guiyang Sanjiu Internet Medical Co., Ltd. | Website maintenance and labor services | 2.46 | Not applicable | [Significant Contracts and Their Performance](index=38&type=section&id=Significant%20Contracts%20and%20Their%20Performance) The company has provided multiple guarantees for its subsidiaries and associate companies; as of the end of the reporting period, the actual guarantee balance for subsidiaries was **190 million yuan**, and for associate companies' subsidiaries was **267 million yuan**, all within approved limits | Guarantee Type | Actual Guarantee Balance at Period-End (million yuan) | Percentage of Company's Net Assets | | :--- | :--- | :--- | | Guarantees for Subsidiaries | 190 | - | | Guarantees by Subsidiaries for Subsidiaries | 267 | - | | **Total Actual Guarantees** | **457** | **36.27%** | [Social Responsibility](index=41&type=section&id=Social%20Responsibility) The company actively fulfills its social responsibilities, focusing on targeted poverty alleviation; in the first half of 2018, it invested **0.11 million yuan** in funds and **0.03 million yuan** in materials across industry, education, and healthcare, helping **38** registered impoverished individuals escape poverty, and was awarded "2017 Advanced Collective for Poverty Alleviation in the City" - In the first half of the year, a cumulative **0.11 million yuan** in poverty alleviation funds and **0.03 million yuan** in material donations were invested[129](index=129&type=chunk)[130](index=130&type=chunk) - Provided internet medical services to **20** impoverished villages in Guiyang City and surrounding areas through the "Internet + Medical Poverty Alleviation" project[128](index=128&type=chunk) [Explanation of Other Significant Matters](index=44&type=section&id=Explanation%20of%20Other%20Significant%20Matters) Due to changes in market conditions, the company decided in April 2018 to terminate its public offering of convertible corporate bonds, and has received a termination of review notice from the China Securities Regulatory Commission; the convertible bonds were originally planned to raise no more than **527 million yuan** for the upgrade and expansion project of Guiyang Sixth People's Hospital - The company terminated its planned public offering of convertible corporate bonds, which aimed to raise no more than **527 million yuan**[134](index=134&type=chunk) [Part VI: Share Changes and Shareholder Information](index=46&type=section&id=Part%20VI%3A%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital and provides information on its shareholders [Share Changes](index=46&type=section&id=Share%20Changes) During the reporting period, the company's restricted shares decreased by **9.45 million shares** due to the lifting of restrictions from a major asset restructuring, with unrestricted shares increasing accordingly; the total share capital of **337.94 million shares** remained unchanged, and the proportion of restricted shares to total share capital decreased from 42.77% to 39.97% - On January 10, 2018, **9,446,382** restricted shares from the company's major asset restructuring were released from lock-up, accounting for 2.80% of the company's total share capital[141](index=141&type=chunk) [Number of Shareholders and Shareholding Status](index=48&type=section&id=Number%20of%20Shareholders%20and%20Shareholding%20Status) As of the end of the reporting period, the company had **40,224** common shareholders, with actual controller Wang Wei holding 36.25% as the largest shareholder, and the top ten shareholders collectively holding approximately 59.52% | Shareholder Name | Shareholding Percentage | Shares Held at Period-End | Restricted Shares Held | | :--- | :--- | :--- | :--- | | Wang Wei | 36.25% | 122,496,000 | 91,872,000 | | Jin Guowen | 7.37% | 24,921,600 | 18,691,200 | | Huang Guohong | 6.80% | 22,981,086 | 19,770,375 | | Liu Ling | 4.53% | 15,312,900 | 0 | | Guiyang Langma Investment Consulting Enterprise (Limited Partnership) | 2.45% | 8,285,640 | 0 | | Shi Hongjun | 1.85% | 6,240,000 | 4,755,000 | | Gu Jing | 1.22% | 4,135,000 | 0 | | Guangzhou Xuanyuan Investment Management Co., Ltd. - Xuanyuan Fixed Increase Select | 1.00% | 3,379,414 | 0 | [Part VII: Preferred Shares Information](index=51&type=section&id=Part%20VII%3A%20Preferred%20Shares%20Information) During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[153](index=153&type=chunk) [Part VIII: Directors, Supervisors, and Senior Management](index=52&type=section&id=Part%20VIII%3A%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) This section provides information on the shareholding changes of the company's directors, supervisors, and senior management [Shareholding Changes of Directors, Supervisors, and Senior Management](index=52&type=section&id=Shareholding%20Changes%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, company director and general manager Huang Guohong reduced his holdings by **3.38 million shares**, and supervisory board chairman Shi Hongjun reduced his holdings by **0.1 million shares**; other directors, supervisors, and senior management had no changes in their shareholdings | Name | Position | Shares Reduced in Current Period (shares) | Shares Held at Period-End (shares) | | :--- | :--- | :--- | :--- | | Huang Guohong | Director, General Manager | 3,379,414 | 22,981,086 | | Shi Hongjun | Chairman of Supervisory Board | 100,000 | 6,240,000 | [Part IX: Corporate Bonds Information](index=54&type=section&id=Part%20IX%3A%20Corporate%20Bonds%20Information) During the reporting period, the company had no publicly issued corporate bonds listed on a stock exchange that were either unexpired or had matured but not been fully redeemed - The company had no publicly issued corporate bonds listed on a stock exchange that were either unexpired or had matured but not been fully redeemed as of the approval date of the semi-annual report[161](index=161&type=chunk) [Part X: Financial Report](index=55&type=section&id=Part%20X%3A%20Financial%20Report) This section contains the company's financial statements and notes for the reporting period [Audit Report](index=55&type=section&id=Audit%20Report) This semi-annual financial report is unaudited - The company's semi-annual financial report is unaudited[163](index=163&type=chunk) [Financial Statements](index=55&type=section&id=Financial%20Statements) This chapter provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2018 [Consolidated Balance Sheet](index=55&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2018, the company's total assets were **1.59 billion yuan**, total liabilities were **277.61 million yuan**, and total owners' equity attributable to the parent company was **1.26 billion yuan**, resulting in a debt-to-asset ratio of 17.42% | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 1,593,309,463.46 | 1,528,184,542.05 | | Total Liabilities | 277,607,959.24 | 258,588,476.24 | | Total Owners' Equity Attributable to Parent Company | 1,260,131,055.23 | 1,212,028,171.21 | [Consolidated Income Statement](index=61&type=section&id=Consolidated%20Income%20Statement) In the first half of 2018, the company achieved total operating revenue of **228.47 million yuan**, operating profit of **52.92 million yuan**, net profit of **48.02 million yuan**, with net profit attributable to parent company owners being **50.13 million yuan** | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 228,472,570.81 | 207,584,113.81 | | Operating Profit | 52,918,170.25 | 52,641,698.57 | | Total Profit | 55,725,041.48 | 53,067,564.49 | | Net Profit | 48,015,054.26 | 43,996,384.08 | | Net Profit Attributable to Parent Company Owners | 50,134,370.92 | 48,968,125.68 | [Consolidated Cash Flow Statement](index=64&type=section&id=Consolidated%20Cash%20Flow%20Statement) During the reporting period, net cash flow from operating activities was **42.35 million yuan**, a 5.45% year-on-year increase; net cash outflow from investing activities was **74.19 million yuan**, and net cash outflow from financing activities was **2.13 million yuan**, resulting in a net decrease in cash and cash equivalents of **33.97 million yuan** | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 42,348,247.01 | 40,160,073.06 | | Net Cash Flow from Investing Activities | -74,187,957.70 | -93,652,025.96 | | Net Cash Flow from Financing Activities | -2,131,776.07 | 36,031,849.21 | | Net Increase in Cash and Cash Equivalents | -33,971,486.76 | -17,460,103.69 | [Notes to Consolidated Financial Statements](index=112&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This chapter provides detailed explanations of major items in the consolidated financial statements, including the composition, changes, and specific breakdowns of monetary funds, accounts receivable, long-term equity investments, goodwill, operating revenue and costs, and investment income [Accounts Receivable](index=113&type=section&id=Accounts%20Receivable) At period-end, the book value of accounts receivable was **97.52 million yuan**, a 28.98% increase from the beginning of the period, with 82.52% concentrated in accounts less than 6 months old, and the top five customers accounting for 39.22% of the total | Aging | Period-End Balance (yuan) | Percentage | | :--- | :--- | :--- | | Within 6 months | 82,520,666.07 | 81.95% | | 6 months - 1 year | 11,328,302.33 | 11.25% | | 1-2 years | 3,891,780.19 | 3.86% | | Over 2 years | 2,956,266.40 | 2.94% | | **Total** | **100,698,014.99** | **100.00%** | [Long-Term Equity Investments](index=119&type=section&id=Long-Term%20Equity%20Investments) At period-end, the book value of long-term equity investments was **273.37 million yuan**, primarily in associate companies; during the period, **10.64 million yuan** in investment income was recognized from Guiyang Pharmaceutical E-commerce Service Co., Ltd., and a cash dividend of **17.15 million yuan** was declared | Investee Unit | Period-Beginning Balance (yuan) | Investment Gains/Losses under Equity Method in Current Period (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | :--- | | Guiyang Pharmaceutical E-commerce Service Co., Ltd. | 242,087,159.96 | 10,641,457.91 | 235,578,617.87 | | Guiyang Sanjiu Internet Medical Co., Ltd. | 14,469,211.11 | -1,504,349.51 | 12,964,861.60 | | **Subtotal for Associate Companies** | **279,309,597.63** | **9,018,399.61** | **269,631,245.30** | [Goodwill](index=124&type=section&id=Goodwill) At period-end, the original book value of goodwill was **577 million yuan**, primarily from the acquisition of Guangzhou Qisheng Information Technology Co., Ltd. (**570 million yuan**) and Guiyang Sixth People's Hospital Co., Ltd. (**6.47 million yuan**); during the period, **0.50 million yuan** in goodwill was written off due to the deregistration of subsidiary Mengcheng Interactive - Due to the deregistration of subsidiary Guiyang Mengcheng Interactive Technology Co., Ltd., its corresponding original goodwill value of **496,911.93 yuan** and impairment provision of **496,911.93 yuan** were both written off in the current period[378](index=378&type=chunk)[380](index=380&type=chunk) [Operating Revenue and Operating Costs](index=137&type=section&id=Operating%20Revenue%20and%20Operating%20Costs) In the first half of 2018, the company achieved **225 million yuan** in main business revenue and **106 million yuan** in main business costs, with other business revenue totaling **3.76 million yuan** | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | **Revenue** | | | | Main Business | 224,717,295.30 | 204,794,062.31 | | Other Business | 3,755,275.51 | 2,790,051.50 | | **Costs** | | | | Main Business | 106,336,808.97 | 90,063,103.06 | | Other Business | 2,189,681.70 | 4,425,052.50 | [Part XI: Documents for Reference](index=163&type=section&id=Part%20XI%3A%20Documents%20for%20Reference) This chapter lists the reference documents available for inspection, including the original semi-annual report text signed by the legal representative and the financial report signed and sealed by relevant responsible persons, all kept at the company's securities department

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