关于 2025 年员工持股计划完成非交易过户的公告 本公司及董事会全体成员保证公告的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 本员工持股计划的股份来源为公司回购专用账户回购的公司 A 股普通股股 票。公司于 2023 年 8 月 22 日召开第七届董事会第三十次会议和第七届监事会第 二十四次会议审议通过《关于回购公司股份方案的议案》，同意公司使用自有资 金以集中竞价交易的方式回购公司部分人民币普通 A 股股票，全部用于实施员 工持股及、或股权激励计划，独立董事发表了明确同意的独立意见。2023 年 9 月 11 日，公司通过股份回购专用证券账户以集中竞价方式实施了首次回购。截 至 2023 年 9 月 30 日，公司回购方案已实施完成，公司通过股份回购专用证券账 户以集中竞价交易的方式累计回购股份 4,698,200 股，约占公司总股本的比例为 0.30%，最高成交价为 6.82 元/股，最低成交价为 6.41 元/股，成交总金额为 30,985,281.00 元（不含交易费用）。具体内容详见公司在巨潮资讯网披露的相关 公告。 本员工持股计划通过非交易过户方式受让公司回购股份数量为 4,6 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 6.05 RMB [7][5]. Core Views - The company's revenue and profit have declined significantly due to market pressures, delayed customer demand, and project acceptance delays, leading to a revenue drop of 26.26% year-on-year in the first three quarters of 2025 [1]. - Despite the current challenges, the report suggests that the company's performance is expected to recover as industry demand improves, supported by the introduction of new products and successful project deliveries [1][3]. - The company has made significant strides in the AI and data service market, launching an AI medical intelligence system that enhances its traditional software offerings and shifts its business model towards "software + data services" [3][4]. Revenue and Profitability - For the first three quarters of 2025, the company reported revenues of 862 million RMB, a decrease of 26.26% year-on-year, and a net profit attributable to shareholders of -122 million RMB, compared to a profit of 53 million RMB in the same period last year [1]. - The gross margin for the first three quarters was 49.87%, showing a slight decrease of 0.27 percentage points year-on-year, while the gross margin for Q3 2025 was 46.69%, an increase of 3.24 percentage points year-on-year [2]. Cost Structure - The report highlights an increase in sales, management, and R&D expense ratios due to the decline in revenue, with sales expenses at 8.35%, management expenses at 19.65%, and R&D expenses at 25.89% for Q3 2025 [2]. - The company has achieved a 20% increase in the number of million-level orders and a 7% increase in order value in the major customer market, indicating a positive trend despite overall revenue decline [2]. Market Position and Future Outlook - The company has established itself as a key player in the medical information technology sector, achieving comprehensive compatibility with domestic technology routes and enhancing data security and autonomy for hospitals [4]. - The report projects a revenue forecast adjustment for 2025, 2026, and 2027, with expected revenues of 1.21 billion RMB, 1.34 billion RMB, and 1.48 billion RMB respectively, reflecting a downward adjustment of 25%, 27%, and 28% due to delayed project bidding [5][13].

Group 1 - The core viewpoint of the news is that Chuangye Huikang (300451.SZ) reported a decrease in institutional holdings in its third-quarter report for 2025, with a total of 7 institutional investors holding 278 million shares, accounting for 17.96% of the total share capital, which is a decline of 0.76 percentage points compared to the previous quarter [1] - Among public funds, there were 2 funds that reduced their holdings compared to the previous quarter, with a total reduction of 0.52% [1] - A total of 88 public funds did not disclose their holdings this quarter, including several notable funds such as Guorong Rongsheng Longtou Yanxuan Mixed A and Huaxia Zhongzheng 1000 ETF [1] Group 2 - For social security funds, there was 1 fund that did not disclose its holdings this quarter, specifically the E Fund Management Co., Ltd. - Social Security Fund 17042 portfolio [2] - In terms of foreign investment, there was 1 foreign institution that did not disclose its holdings this quarter, namely Hong Kong Central Clearing Limited [2]

Core Viewpoint - The company reported a significant decline in revenue and incurred net losses in the first three quarters of 2025 compared to the previous year [1] Financial Performance - The company's operating revenue for the first three quarters was 862 million yuan, representing a year-on-year decrease of 26.26% [1] - The net loss attributable to shareholders of the listed company was 122 million yuan [1] - The net loss attributable to shareholders, excluding non-recurring gains and losses, was 142 million yuan [1] - The basic loss per share was 0.08 yuan [1]

Core Points - The company announced a financial adjustment to reflect its financial status and operating results accurately for the period from July 1, 2025, to September 30, 2025 [2] - The company conducted impairment testing on various assets as of September 30, 2025, and, based on the principle of prudence, recognized a total impairment provision of RMB 29,826,588.56 [2] Financial Impact - The total amount of impairment provisions recognized by the company is approximately RMB 29.83 million [2]

Group 1 - The core viewpoint of the news is that Chuangye Huikang (SZ 300451) reported a significant decline in its third-quarter performance for 2025, with revenue dropping by 26.26% year-on-year to approximately 862 million yuan, and a net loss attributable to shareholders of about 122 million yuan [1] - The basic earnings per share for the company showed a loss of 0.08 yuan [1] - As of the report, Chuangye Huikang's market capitalization stands at 7.3 billion yuan [2]

Group 1 - The company, Chuangye Huikang, announced a provision for credit impairment and asset impairment totaling approximately 29.83 million yuan for the third quarter of 2025, which aligns with the "Enterprise Accounting Standards" and relevant policies [1] - This provision will reduce the company's total profit for the third quarter of 2025 by about 29.83 million yuan, reflecting a more accurate and reliable accounting of the company's asset value [1] - For the first half of 2025, the company's revenue composition was 94.1% from the medical industry and 5.9% from other businesses [1] Group 2 - As of the report, the market capitalization of Chuangye Huikang is 7.3 billion yuan [2]

证券代码：300451 证券简称：创业慧康 公告编号：2025-064 创业慧康科技股份有限公司 关于 2025 年第三季度计提信用减值准备和资产减值准备 的公告 本公司及董事会全体成员保证公告的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 创业慧康科技股份有限公司（以下简称"公司"）根据《深圳证券交易所上 市公司自律监管指引第 2 号——创业板上市公司规范运作》《企业会计准则》以 及公司相关会计政策的规定，在 2025 年第三季度计提了信用减值损失及资产减 值损失，现将具体情况公告如下： 一、本次计提信用减值准备和资产减值准备情况概述 1、本次计提信用减值准备和资产减值准备的原因 根据《企业会计准则》《深圳证券交易所创业板股票上市规则》等相关规定 的要求，为真实准确地反映公司 2025 年 7 月 1 日至 2025 年 9 月 30 日的财务状 况和经营成果，公司对截至 2025 年 9 月 30 日的各类资产进行了减值测试，基于 谨慎性原则，对部分资产计提信用减值准备以及资产减值准备合计人民币 29,826,588.56 元。具体情况如下表： | | 项目 | 本期发生额（单位：元） | ...

Financial Performance - Revenue for Q3 2025 was CNY 285,009,476.73, a decrease of 35.50% year-over-year, and a decrease of 26.26% year-to-date [3]. - Net profit attributable to shareholders was a loss of CNY 41,669,455.71, down 264.20% year-over-year, and a loss of CNY 122,224,175.50 year-to-date, down 331.69% [3]. - Basic and diluted earnings per share were both CNY -0.03, reflecting a decrease of 250.00% year-over-year [3]. - Total operating revenue for the period was ¥861,687,740.98, a decrease of approximately 26.2% from ¥1,168,619,942.05 in the previous period [25]. - The net profit for the period was a loss of ¥106,750,444.48, compared to a profit of ¥58,948,817.27 in the same period last year [27]. - Total comprehensive income for the period was -107,058,105.79 CNY, compared to 58,589,463.68 CNY in the previous period [28]. - Basic and diluted earnings per share were both -0.08 CNY, down from 0.03 CNY in the previous period [28]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 5,487,658,950.00, a decrease of 3.18% compared to the end of the previous year [3]. - Total assets decreased to ¥5,487,658,950.00 from ¥5,668,132,706.72, representing a decline of approximately 3.2% [24]. - Current liabilities totaled ¥1,101,603,924.13, down from ¥1,182,115,391.60, indicating a reduction of about 6.8% [24]. - The company reported a 43.45% decrease in current liabilities due to cost reduction and office consolidation efforts [7]. - The total equity attributable to shareholders decreased to ¥4,305,619,229.60 from ¥4,419,247,940.16, reflecting a decrease of about 2.6% [24]. Cash Flow - Cash flow from operating activities year-to-date was CNY -205,443,881.78, a decrease of 1.73% [3]. - Cash inflow from operating activities was 870,344,566.09 CNY, a decrease of 6.34% from 929,389,713.78 CNY in the previous period [29]. - Net cash flow from operating activities was -205,443,881.78 CNY, slightly worse than -201,946,282.20 CNY in the previous period [29]. - Cash inflow from investing activities totaled 991,469,974.58 CNY, significantly higher than 276,760,757.45 CNY in the previous period [31]. - Net cash flow from investing activities was -82,166,120.37 CNY, an improvement from -180,504,403.53 CNY in the previous period [31]. - Cash inflow from financing activities was 59,887,766.67 CNY, compared to 7,300,000.00 CNY in the previous period [31]. - Net cash flow from financing activities was 7,375,623.38 CNY, recovering from -17,568,142.06 CNY in the previous period [31]. - The ending balance of cash and cash equivalents was 735,712,921.09 CNY, up from 687,407,670.58 CNY in the previous period [31]. - The company's cash and cash equivalents decreased to ¥736,996,627.48 from ¥1,018,894,565.64, a decline of approximately 27.7% [22]. Income and Expenses - Total operating costs amounted to ¥889,664,255.47, down from ¥1,006,634,936.64, reflecting a reduction of about 11.6% [25]. - Research and development expenses increased to ¥223,500,790.80, up 20.5% from ¥185,412,536.45 in the previous period [27]. - The company reported a significant increase in investment income to ¥4,437,239.99 from ¥1,466,654.85, marking a growth of approximately 202.5% [27]. - The company's financial expenses improved, showing a reduction to -¥5,319,288.62 from -¥30,568,333.70, indicating a positive change in financial management [27]. Operational Highlights - The company secured a total of 24 orders worth over ten million RMB, with a year-on-year increase of 20% in order quantity and 7% in order value [18]. - The company successfully completed 16 HI-HIS project launches, with 75% of these projects being in tertiary hospitals [18]. - The company faced operational pressures due to delayed customer demand and postponed bidding processes, leading to revenue contraction [18]. - The company was recognized as a "scene-based digital service provider" by the Zhejiang Provincial Economic and Information Technology Department for 2025 [18]. - The AI application for key patient tracking (APTS) was included in the 2025 "Smart Products" list in Zhejiang Province, enhancing early detection and intervention capabilities for major diseases [18]. - The company completed the core system launch for Suzhou Municipal Hospital, marking the full completion of the information project for a large medical group with 5,000 beds [19]. - The company plans to continue strengthening its development support and operational capabilities to enhance project delivery efficiency [19]. - The company is optimistic about the future, citing strong core business prospects and continuous customer demand [19]. - The company approved the 2025 employee stock ownership plan, with shares sourced from the company's repurchase account for A-shares [19]. Other Information - Cash received from tax refunds increased by CNY 7,196,400.00 year-over-year, mainly due to an increase in VAT refunds [9]. - Cash paid for fixed assets decreased by 38.19% year-over-year, due to the completion of a project in the previous year [10]. - The third quarter financial report was not audited [32].

Core Viewpoint - The stock of Chuangye Huikang (300451) has shown a recent increase in price and trading activity, with significant net inflows from institutional and retail investors, despite a decline in financial performance year-over-year [1][2][5]. Financial Performance - Chuangye Huikang reported a main revenue of 577 million yuan for 2025, a year-on-year decrease of 20.65% [5] - The net profit attributable to shareholders was -80.55 million yuan, representing a year-on-year decline of 394.25% [5] - The second quarter of 2025 saw a single-quarter main revenue of 286 million yuan, down 18.48% year-on-year [5] - The company has a debt ratio of 20.5% and a gross profit margin of 51.45% [5] Stock Performance and Trading Activity - As of October 23, 2025, the stock closed at 4.72 yuan, up 3.28% with a trading volume of 419,000 hands and a total transaction amount of 194 million yuan [1] - Over the past five days, the stock has experienced fluctuations in net capital inflows, with a net inflow of 443.58 million yuan from main funds on October 23 [2][3] - The financing balance stood at 489 million yuan on October 23, with a net financing purchase of 6.54 million yuan [3] Industry Comparison - Chuangye Huikang's total market value is 7.312 billion yuan, compared to the software development industry average of 13.129 billion yuan [5] - The company has a price-to-earnings ratio of -45.38, while the industry average is 88.08 [5] - The net profit margin for Chuangye Huikang is -12.54%, slightly worse than the industry average of -12.34% [5] Institutional Ratings - In the last 90 days, four institutions have rated the stock as a buy, with an average target price of 6.37 yuan [6]