Investment Rating - The investment rating for the computer industry is "Buy" [2] Core Insights - The computer industry is experiencing a bottoming out of demand in 2024, with significant differences in structural performance across various segments. Companies are enhancing operational efficiency to cope with the challenges [6][14] - The median revenue growth rate for the industry in 2024 is -1.59%, a decrease of 4.88 percentage points from 2023. The median net profit growth rate is -2.24%, down 8.35 percentage points from the previous year [15] - The report highlights that while revenue and profit metrics are declining, the rate of decline is slowing, indicating potential for improvement in Q1 2025 [15][16] Summary by Sections 1. 2024 Annual Report: Bottoming Demand and Efficiency Improvements - The report analyzes the performance of 208 listed companies in the computer industry, revealing that the overall revenue growth is stabilizing, and profit margins are showing signs of recovery [14][15] - Different segments within the industry show varying performance, with IT hardware, trusted computing, and smart vehicle sectors demonstrating positive growth trends [16][28] 2. Demand Stabilization and Financial Indicators - The report notes that contract liabilities are beginning to improve, and accounts receivable growth is declining, indicating a more stable financial environment [23][24] - Cash inflows from sales of goods and services have significantly increased, reflecting a positive trend in operational cash flow [24] 3. Investment Activity and Valuation Levels - The report indicates an increase in net cash outflow from investment activities, suggesting an expansion trend among companies [26] - As of April 30, 2025, the industry’s price-to-earnings (P/E) ratio is 46 times, with software companies showing a higher P/E increase compared to hardware companies [19][20] 4. Key Areas of Investment Value - The report identifies several key areas with strong investment potential, including AI applications, domestic software and hardware replacements, and the smart driving industry [20][21] - The acceleration of domestic orders in trusted computing and the expansion of the Harmony OS ecosystem are expected to enhance the competitive edge of leading companies in the industry [20][21]

证券代码：300451 证券简称：创业慧康 公告编号：2025-026 创业慧康科技股份有限公司 关于 5%以上股东部分股份解除质押及进行质押的公告 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。 特别风险提示： 截至本公告日，创业慧康科技股份有限公司（以下简称"公司"）5%以上 股东葛航先生累计质押 205,074,831 股公司股票，占其所持股份的 99.99%，其质 押比例没有发生变动。 创业慧康科技股份有限公司（以下简称"公司"）于近日收到 5%以上股东 葛航先生的通知，获悉葛航先生将持有的本公司部分股票与国元证券股份有限公 司（以下简称"国元证券"）办理了解除质押交易；同时与巢湖新投房地产开发 有限公司（以下简称"巢湖新投"）办理了质押手续，现将具体内容公告如下: 二、股东股份质押的基本情况 | 股东 | 是否为第一 大股东及一 | 本次质押 | 质押开始 | | 质押到 | 质权 | 占其所 持股份 | 占公司 总股份 | 是否为 | 用途 | 是否为补 | | --- | --- | --- | --- | --- | --- | --- | --- ...

Group 1: ESG Initiatives - The company has disclosed ESG reports for three consecutive years, promoting sustainable development concepts [2] - An ESG working group has been established to coordinate related departments and implement ESG initiatives [2] - The company has received multiple awards for its ESG efforts, including AAA rating from Guozheng ESG and recognition in various ESG rankings [3] Group 2: Financial Performance - The company reported a decline in revenue due to extended project bidding and implementation cycles, as well as increased impairment losses [3] - In Q1 2025, the company experienced a significant net profit decrease attributed to high fixed costs and extended payment cycles from clients [3] - The company signed 31 new HI-HIS system orders in 2024, representing a 41% year-on-year increase, indicating positive market expansion [12] Group 3: Product Development and Innovation - The company is developing an intelligent medical diagnosis system that integrates traditional Chinese medicine with AI technology [4] - The CareSync system, developed in collaboration with Philips, showcases differentiated advantages in medical insurance and traditional Chinese medicine modules [5] - The company has launched various AI-driven healthcare solutions, including the MedCopilot smart health assistant and the APTS patient tracking system [7] Group 4: Market Outlook and Strategy - The company is positioned as a leader in the healthcare information technology sector, with over 20,000 implemented projects and a client base exceeding 7,000 [14] - The healthcare information technology industry is expected to grow significantly, driven by policies like the "Healthy China 2030" initiative [9] - The company emphasizes continuous improvement in market value management and investor confidence [6] Group 5: Challenges and Risks - The company faces challenges with high accounts receivable due to lengthy payment processes, although the overall bad debt risk remains low [9] - The impact of external factors, such as market conditions and project delays, has led to fluctuations in quarterly performance [5] - The transition of AI and medical information integration into tangible profits requires time and strategic execution [13]

Core Viewpoint - The A-share smart medical sector experienced significant upward movement in the afternoon, with several companies reaching their daily limit up [1] Company Performance - Saily Medical and Runda Medical both hit the daily limit up, indicating strong investor interest and positive market sentiment [1] - Hongbo Co., Ltd. previously reached the daily limit up, showcasing a trend of rising stock prices within the sector [1] - Hongjing Technology, Chuangye Huikang, and Taikang Medical all saw their stock prices increase by over 8%, further highlighting the sector's robust performance [1]

Core Viewpoint - The recent financial report of Chuangye Huikang (300451) indicates a significant decline in revenue and net profit for Q1 2025 compared to the same period in 2024, raising concerns about the company's financial health and operational efficiency [1][3]. Financial Performance Summary - Total revenue for Q1 2025 was 290 million yuan, a decrease of 22.67% year-on-year from 375 million yuan in Q1 2024 [1]. - The net profit attributable to shareholders for Q1 2025 was -15.64 million yuan, representing a decline of 226.6% compared to a profit of 12.36 million yuan in Q1 2024 [1]. - The gross profit margin improved to 55.12%, an increase of 6.8% year-on-year, while the net profit margin fell to -5.06%, a decrease of 233.34% [1]. - Total receivables accounted for 114.01% of the latest annual revenue, indicating a high level of outstanding payments [1]. Cost and Expense Analysis - Total expenses (sales, management, and financial) amounted to 78.54 million yuan, which is 27.05% of revenue, reflecting a year-on-year increase of 21.54% [1]. - The company reported a significant increase in interest-bearing liabilities, rising by 400.02% to 54.88 million yuan [1]. Market and Operational Insights - The decline in revenue is attributed to the company's client base, primarily public medical institutions, which face strict budget controls and lengthy procurement processes [3]. - The uneven distribution of payment schedules and project acceptance has been influenced by external market conditions and the transition between old and new products [3]. Business Model and Financing - The company has relied heavily on equity financing, with a total financing amount of 2.814 billion yuan and cumulative dividends of 230 million yuan since its listing, resulting in a dividend-to-financing ratio of 0.08 [4].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 6.75 [8][9]. Core Views - The company reported a revenue of RMB 290 million for Q1 2025, a year-on-year decrease of 22.67%, primarily due to the sale of a subsidiary and insufficient orders from delayed tenders [1]. - The company is expected to benefit from the recovery in demand for medical information technology as hospitals increasingly adopt AI solutions [1][3]. - The gross margin for Q1 2025 was 55.12%, an increase of 3.51 percentage points year-on-year, indicating a gradual recovery in profitability despite rising expenses due to declining revenue [2]. - The company is actively integrating AI into its medical services, launching products that cover various clinical applications and expanding its collaborative ecosystem with universities and tech companies [3]. - The company is positioned as a leader in regional health information technology and is expected to benefit from favorable government policies aimed at enhancing healthcare infrastructure [4]. Financial Projections - Revenue projections for the company are estimated at RMB 1.607 billion, RMB 1.821 billion, and RMB 2.071 billion for the years 2025, 2026, and 2027 respectively [5][7]. - The net profit attributable to the parent company is forecasted to recover to RMB 133.21 million in 2025, with further growth expected in subsequent years [7]. - The company’s estimated price-to-sales ratio for 2025 is set at 6.5 times, reflecting confidence in its product rollout and market position [5].

Core Viewpoint - The company reported a significant decline in revenue and incurred losses in the first quarter of 2025 compared to the same period last year, indicating ongoing financial challenges [3]. Financial Performance - The total revenue for the first quarter of 2025 was 290.36 million yuan, a year-on-year decrease of 22.67% [3]. - The net profit attributable to shareholders was a loss of 15.65 million yuan, compared to a profit of 12.36 million yuan in the same period last year [3]. - The net profit after deducting non-recurring gains and losses was a loss of 27.96 million yuan, down from a profit of 9.63 million yuan year-on-year [3]. - The net cash flow from operating activities was -152.17 million yuan, an improvement from -200.64 million yuan in the previous year [3][22]. - Basic and diluted earnings per share were both -0.01 yuan [3]. Profitability Metrics - The weighted average return on equity for the first quarter was -0.35%, a decrease of 0.62 percentage points year-on-year [18]. - The company's capital return rate for the first quarter was -0.38%, down 0.47 percentage points from the previous year [18]. Asset and Liability Changes - As of the end of the first quarter of 2025, total assets were 5.56 billion yuan, slightly down from 5.66 billion yuan year-on-year [2]. - The company's cash and cash equivalents decreased by 29.51% compared to the end of the previous year [32]. - The company’s liabilities showed a decrease in accounts payable by 8.89% and a significant reduction in employee compensation liabilities by 72.7% [35]. Shareholder Changes - New shareholders include the Nuon Active Return Flexible Allocation Mixed Securities Investment Fund and the Guorong Rongsheng Leading Selection Mixed Securities Investment Fund, replacing previous shareholders [43]. - Hong Kong Central Clearing Limited increased its shareholding, while several other shareholders reduced their stakes [43][44]. Valuation Metrics - As of April 25, 2025, the company's price-to-earnings ratio (TTM) was approximately -41.43 times, with a price-to-book ratio (LF) of about 1.89 times and a price-to-sales ratio (TTM) of approximately 6.24 times [2].

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.0100 | 0.0100 | -200 | 0.0100 | | 每股净资产（元） | 2.84 | 2.99 | -5.02 | 2.98 | | 每股公积金(元) | 1 | 1.01 | -0.99 | 0.99 | | 每股未分配利润(元) | 0.77 | 0.91 | -15.38 | 0.90 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 2.9 | 3.75 | -22.67 | 3.48 | | 净利润(亿元) | -0.16 | 0.12 | -233.33 | 0.1 | | 净资产收益率(%) | -0.35 | 0.27 | -229.63 | 0.23 | 本次公司不分配不转赠。 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 49654.6万股，累计占流通股比： 32.52%，较上期变 ...

证券代码：300451 证券简称：创业慧康 公告编号: 2025-025 创业慧康科技股份有限公司 关于 2025 年第一季度计提信用减值准备和资产减值准备 的公告 二、本次计提信用减值准备及资产减值准备的确认标准及计提方法 公司以单项金融工具或金融工具组合为基础评估预期信用风险和计量预期 信用损失。当以金融工具组合为基础时，公司以共同风险特征为依据，将金融工 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 年第一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截至 2025 年 3 月 31 日的财务状况和经营成果， 公司对截至 2025 年 3 月 31 日的各类资产进行了减值 ...

Financial Performance - The company's revenue for Q1 2025 was ¥290,357,981.79, a decrease of 22.67% compared to ¥375,491,442.27 in the same period last year[4]. - The net profit attributable to shareholders was a loss of ¥15,647,403.70, representing a decline of 226.60% from a profit of ¥12,359,662.56 in the previous year[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of ¥27,959,264.39, a decrease of 389.48% compared to a profit of ¥9,658,288.80 last year[4]. - The total amount of sales and management expenses decreased by 15.70% year-on-year, while net cash flow from operating activities increased by 24.16% year-on-year[14]. - Total operating revenue for the current period was CNY 290,357,981.79, a decrease of 22.7% compared to CNY 375,491,442.27 in the previous period[20]. - The net profit for the current period was a loss of CNY 14,702,055.36, compared to a profit of CNY 14,258,715.78 in the previous period[20]. - The total comprehensive income attributable to the parent company was -15,647,403.70, compared to 12,359,640.67 in the previous period[21]. - Basic and diluted earnings per share were both -0.01, compared to 0.01 in the previous period[21]. Cash Flow and Assets - The net cash flow from operating activities was -¥152,166,660.54, an improvement of 24.16% from -¥200,644,939.83 in the previous year[4]. - The company's total assets decreased to CNY 5,564,740,193.08 from CNY 5,668,132,706.72, a decline of 1.8%[19]. - Current assets totaled CNY 3,007,557,226.42, down from CNY 3,075,922,035.12, indicating a decrease of 2.2%[19]. - The total liabilities decreased to CNY 1,102,949,579.87 from CNY 1,194,672,281.56, a reduction of 7.7%[19]. - The company's cash and cash equivalents decreased to CNY 718,220,351.12 from CNY 1,018,894,565.64, a decline of 29.5%[19]. - The cash received from the sale of goods and services was 246,234,254.96, slightly up from 246,047,168.37 in the previous period[23]. - The total cash outflow from operating activities was 425,154,234.18, down from 470,935,394.21 in the previous period[24]. - The cash and cash equivalents at the end of the period were 716,252,709.50, down from 802,849,099.37 at the end of the previous period[24]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 82,383[11]. - The largest shareholder, Ge Hang, holds 13.24% of shares, totaling 205,074,982 shares, with 40,000,151 shares frozen[11]. - The total number of restricted shares at the end of the reporting period is 22,430,922, with no shares released during the current period[13]. Investments and Development - The company reported a significant increase of 1135.01% in trading financial assets due to increased purchases of financial products[7]. - Development expenditures grew by 595.40% due to increased investment in new product development[7]. - Financial expenses increased by 90.31% compared to the previous year, primarily due to the expiration of large time deposits[7]. - Research and development expenses increased to CNY 79,270,029.19 from CNY 68,350,032.14, an increase of 16.5%[20]. Government Support and Market Position - The company received government subsidies amounting to ¥9,112,157.03 during the reporting period[5]. - The company is positioned to benefit from policy incentives and market expansion opportunities in the healthcare information technology sector, particularly in county-level medical community information system construction[14]. Product Development and Recognition - The company signed 8 new orders worth over 10 million during the reporting period, indicating stable demand in the healthcare information technology sector[14]. - The company has integrated its DeepSeek model with medical scenarios and launched the BsoftGPT·DeepSeek medical industry all-in-one machine, covering numerous medical applications[15]. - The "Smart Diagnosis Generation Algorithm" (BsoftGPT) was recognized in the 2024 Zhejiang Province "Smart Products" list, marking a significant technological achievement[15]. - The company aims to optimize medical resource allocation through deep integration of big data analysis and machine learning, enhancing diagnostic support for doctors and improving patient care pathways[15].