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].

Core Viewpoint - The company, Chuangyue Huikang, has experienced a decline in revenue and net profit in its latest financial report, indicating potential challenges in its business operations while maintaining a relatively stable market presence with a modest increase in shareholder numbers [3][4]. Company Overview - Chuangyue Huikang focuses on the construction, research, and innovative services of healthcare information technology, offering a range of products including hospital information software, public health software, and various cloud platforms [2]. - The company has received multiple honors, such as being recognized as a "China Software Integrity Demonstration Enterprise" and a "Top 100 Digital Economy Enterprise in Hangzhou" [2]. Financial Performance - In the 2024 annual report, the company reported a revenue of 1.423 billion yuan, a year-on-year decrease of 11.96%, and a net loss of approximately 173.52 million yuan, reflecting a significant decline of 572.96% compared to the previous year [3]. - The gross profit margin stood at 45.18%, indicating the company's ability to maintain a relatively high margin despite the drop in revenue [3]. Market Position - As of April 25, the company's stock closed at 5.39 yuan, with a market capitalization of 8.35 billion yuan and a price-to-book ratio of 1.89 [1]. - The number of shareholders increased to 82,383, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares per shareholder [1].

Core Viewpoint - The implementation of the "Pharmaceutical Industry Digital Transformation Implementation Plan (2025-2030)" by seven government departments aims to enhance the digital transformation across the entire pharmaceutical industry chain, focusing on the deep application of artificial intelligence technology and the cultivation of excellent enterprises [1][3]. Group 1: Market Impact - Following the announcement, the pharmaceutical digitalization sector in the A-share market saw a collective rise, with notable increases such as 13.16% for Sichuang Medical [2][1]. - The digital transformation plan is expected to create significant opportunities for the pharmaceutical industry, effectively equipping it with a "digital brain" to enhance efficiency and reduce costs [6][7]. Group 2: Development Goals - The plan outlines two key stages: by 2027, significant progress in digital transformation should be achieved, and by 2030, large-scale pharmaceutical enterprises should have fully realized digital transformation [3][4]. - Specific targets include the development of over 30 digital technology standards and the establishment of more than 100 exemplary application scenarios in the pharmaceutical industry [4][5]. Group 3: Key Tasks - The plan identifies four major tasks: empowering with digital technology, promoting digital transformation, building a digital service system, and enhancing digital regulation [5][6]. Group 4: Market Growth Potential - The digital healthcare market in China is projected to exceed 1.2 trillion yuan by the end of 2024, with a compound annual growth rate of 24.5% [8]. - By 2025, the digital healthcare market is expected to surpass 1.8 trillion yuan, and by 2030, it could reach 2.5 trillion yuan, indicating a significant market opportunity driven by policy, technology, and demand [9]. Group 5: Company Innovations - Companies like Hengrui Medicine and Fosun Pharma are collaborating with AI platforms to enhance the efficiency of innovative drug development [11]. - Other firms, such as WuXi AppTec and Chengdu XianDao, are integrating AI into their research processes to improve precision and efficiency in drug development [10][11].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [3][5]. Core Insights - The company reported a revenue of 1.423 billion yuan for 2024, a decrease of 11.96% year-on-year, and a net profit attributable to shareholders of -174 million yuan [1]. - The gross margin for the year was 45.18%, down by 1.8 percentage points compared to the previous year [1]. - In Q4 2024, the company achieved a revenue of 254 million yuan, reflecting a significant decline of 44.65% year-on-year, with a net profit of -226 million yuan [1]. - The company has expanded its business in smart healthcare and public health, securing 31 new software orders worth a total of 580 million yuan [1]. - The HI-HIS new product has been successfully implemented in several key projects across regions such as South China, Central China, and Northwest China, with a 41% year-on-year increase in new orders [1][2]. Financial Summary - The financial summary indicates a projected revenue growth for the company, with estimates of 1.599 billion yuan in 2025, 1.857 billion yuan in 2026, and 2.153 billion yuan in 2027, reflecting growth rates of 12.39%, 16.14%, and 15.95% respectively [4][13]. - The net profit is expected to recover to 9 million yuan in 2025, 65 million yuan in 2026, and 136 million yuan in 2027, showing significant growth from the negative profit in 2024 [4][13]. - The report highlights a projected gross margin improvement, with estimates of 45.6% in 2025, 46.3% in 2026, and 46.9% in 2027 [4][13].

Core Viewpoint - The company, Chuangye Huikang, has experienced a significant decline in both revenue and net profit for the year 2024, indicating challenges in its operational performance and market conditions [3]. Stockholder Changes - As of March 31, 2025, the number of shareholders increased to 82,400, up by 28,300 from December 31, 2024, representing a growth rate of 52.45%. The average number of shares held per shareholder decreased from 28,700 to 18,800, with an average holding value of 115,500 yuan [2][6]. Performance Disclosure - The company's main revenue for 2024 was 1.423 billion yuan, a year-on-year decrease of 11.96%. The net profit attributable to shareholders was -174 million yuan, down 572.96% year-on-year. The non-recurring net profit was -192 million yuan, a decline of 664.96%. In Q4 2024, the single-quarter main revenue was 254 million yuan, down 44.65%, with a net profit of -226 million yuan, a decrease of 313.73% [3][6]. Institutional Research Insights - During an investor communication meeting on April 14, the company explained that the decline in revenue was primarily due to strict budget controls and centralized procurement processes followed by public medical institutions, leading to longer procurement cycles. The company is committed to advancing its "Huikang Cloud" strategy, focusing on product quality and technological ecosystem development to meet user demands [4]. - The company launched the smart medical assistant MedCopilot in 2024, which integrates medical models and clinical data to support physicians with intelligent diagnostic assistance and electronic medical record management. This product has been implemented in various medical institutions [5][6]. - For 2025, the company plans to enhance its core business competitiveness by optimizing the technical architecture of its core systems and establishing standardized project implementation processes and quality control systems [5].

Group 1 - The core business of the company is the construction, research and development, and service innovation of healthcare information technology [2] - The company offers a wide range of products including hospital information application software, public health information application software, and various cloud platforms [2] - The company has received multiple honors, including being recognized as a "China Software Integrity Demonstration Enterprise" and a "Top 100 Digital Economy Enterprise in Hangzhou" [2] Group 2 - In the latest financial report for 2024, the company achieved a revenue of 1.423 billion yuan, a year-on-year decrease of 11.96% [3] - The net profit for the same period was -173.52 million yuan, reflecting a year-on-year decline of 572.96% [3] - The company's gross profit margin stands at 45.18% [3] Group 3 - As of March 31, 2025, the number of shareholders increased to 82,383, with an average holding value of 352,800 yuan per shareholder [1] - The company's latest closing price was 5.28 yuan, down 1.31%, with a market-to-book ratio of 1.85 and a total market capitalization of 8.179 billion yuan [1][4] - The company's price-to-earnings ratio (TTM) is -47.14, compared to the industry average of 136.11 [4]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 6.75 [6][7]. Core Views - The company reported a revenue of RMB 1.423 billion for 2024, a year-on-year decline of 11.96%, and a net profit attributable to shareholders of -RMB 173.52 million, compared to a profit of RMB 36.69 million in the same period last year. This aligns with the company's previous performance forecast [1]. - The decline in revenue is attributed to systematic delays in project bidding and implementation by downstream clients, along with the ongoing market expansion of the new HI-HIS system [1]. - The company expects a reduction in goodwill impairment pressure in 2025, which may lead to a recovery in profitability [1]. Summary by Sections Financial Performance - The company's gross margin for 2024 was 45.18%, a decrease of 1.8 percentage points year-on-year. Revenue from technical services was RMB 567 million, down 6.54%, with a gross margin of 54.92%, up 0.90 percentage points. Software sales revenue was RMB 563 million, down 17.63%, with a gross margin of 51.81%, down 4.89 percentage points [2]. - The increase in sales, management, and R&D expense ratios was due to the new product's investment phase [2]. Order Growth and Product Promotion - In 2024, the company secured 31 software orders worth over RMB 10 million each in the smart hospital and public health markets, totaling RMB 580 million, compared to RMB 500 million in the previous year. The number of new HI-HIS system orders increased by 41% year-on-year [3]. - The company has completed several benchmark projects in regions such as South China, Central China, and Northwest China, enhancing its implementation efficiency and profitability potential for the HI-HIS product in 2025 [3]. AI and Product Competitiveness - The company has established strategic partnerships with over 300 medical institutions in the big data application field, integrating AI technology deeply into medical scenarios. The MedCopilot smart medical assistant is being promoted in conjunction with the HI-HIS system [4]. - This AI integration is expected to enhance the value of the company's medical information products and strengthen its competitive advantage [4]. Profit Forecast and Valuation - The company forecasts revenues of RMB 1.607 billion, RMB 1.821 billion, and RMB 2.071 billion for 2025, 2026, and 2027, respectively. The target price is set at 6.75 RMB, corresponding to a 6.5 times price-to-sales ratio for 2025 [5]. - The expected net profit attributable to shareholders for 2025 is RMB 133.28 million, with a significant recovery projected after the losses in 2024 [5].

Core Viewpoint - The company reported a decline in revenue and a net loss for 2024, primarily due to project delays and the initial phase of new product market expansion, but expects a recovery in profitability by 2025 [1][5]. Financial Performance - The company achieved a revenue of 1.423 billion yuan in 2024, a year-on-year decrease of 11.96%, and a net loss attributable to shareholders of 174 million yuan, compared to a profit of 37 million yuan in the same period of 2023 [1]. - In Q4 2024, revenue was 254 million yuan, down 44.65% year-on-year, with a net loss of 226 million yuan, compared to a loss of 55 million yuan in Q4 2023 [1]. - The overall gross margin for 2024 was 45.18%, a decrease of 1.8 percentage points year-on-year [2]. Revenue Breakdown - Technical service revenue was 567 million yuan, down 6.54% year-on-year, with a gross margin of 54.92%, up 0.90 percentage points [2]. - Software sales revenue was 563 million yuan, down 17.63% year-on-year, with a gross margin of 51.81%, down 4.89 percentage points [2]. Order Growth and Product Development - The company secured 31 software orders worth over 10 million yuan each in 2024, totaling 580 million yuan, compared to 29 orders worth 500 million yuan in 2023 [3]. - The number of new HI-HIS system orders increased to 31, a 41% year-on-year growth from 22 orders in 2023 [3]. - The company completed multiple benchmark projects in various regions, enhancing its implementation capabilities [3]. AI and Product Strategy - The company has established strategic partnerships with over 300 medical institutions in the big data application field, integrating AI technology into medical scenarios [4]. - The AI model "Qizhen Medical Model" is being applied in several core diagnosis and treatment processes, enhancing the company's competitive edge [4]. Future Projections - Revenue forecasts for 2025-2027 are 1.607 billion yuan, 1.821 billion yuan, and 2.071 billion yuan, respectively, reflecting a downward revision due to budget constraints [5]. - The company is assigned a target price of 6.75 yuan based on a 6.5x price-to-sales ratio for 2025, considering the accelerated promotion of the HI-HIS product [5].

Summary of the Conference Call for Chuangyue Huikang Company Overview - **Company**: Chuangyue Huikang - **Year**: 2024 - **Revenue**: 1.422 billion CNY - **Net Profit**: -192 million CNY - **Industry Contribution**: Medical industry accounted for 93.25% of revenue Key Financial Insights - Revenue decreased by 11.96% year-on-year, with a significant drop in net profit from 1.73 billion CNY to -192 million CNY [4][2] - Medical revenue from Corcept declined from 844 million CNY to 675 million CNY [4][2] - Public health sector orders dropped from 40% to approximately 30% of total orders due to insufficient fiscal funding [4][2] - Increased bad debt provisions by 70-80 million CNY negatively impacted net profit [4][2] Product and Project Developments - HIS system project contracts increased by 41% year-on-year, totaling 31 contracts [5][2] - Transition between old and new products extended delivery cycles, affecting product acceptance and payment timelines [5][2] - Plans to enhance the promotion of HealthFace products, with expectations for improved delivery cycles by the second half of the year [5][6] Collaborations and Partnerships - Collaboration with Philips is progressing well, although the promotion of Feiyuekang products did not meet expectations [7][2] - Future products will integrate into HealthSpace for easier client promotion [7][2] AI and Technology Advancements - Launched CDSS and other AI products, with over 20 clients in pilot programs and ten medical institutions completing applications post-Spring Festival [8][9] - Significant demand for AI solutions in the medical sector, with over ten hospitals having clear project implementations [10][2] - Collaboration with Zhejiang University to develop a medical large model, focusing on vertical industry knowledge integration and AR capabilities [11][2] Market Trends and Demand - Increased demand for AI in medical institutions, particularly for system upgrades and improvements [3][19] - Hospitals are preparing for new standards requiring AI functionalities, impacting existing module improvements [20][21] - The need for AI in hospitals is expected to influence project profit margins due to budget constraints [24][2] Future Directions - Plans to deepen AI integration into medical information systems over the next 5 to 10 years, focusing on algorithm development and data platform construction [14][2] - Emphasis on AR technology as a core component of medical processes rather than an auxiliary system [15][2] - Continued focus on enhancing diagnostic accuracy in grassroots medical settings through AI [28][2] Challenges and Strategic Responses - High costs associated with AI R&D and talent acquisition pose challenges, but partnerships with universities help mitigate these costs [22][2] - The company is adapting to budget constraints in hospitals, which may limit AI project funding [35][2] - The competitive landscape is shifting, with larger firms gaining market share while smaller companies struggle to survive [46][2] Conclusion Chuangyue Huikang is navigating a challenging financial landscape while making strides in AI and technology integration within the medical sector. The company is focusing on strategic partnerships, product development, and adapting to market demands to enhance its competitive position in the evolving healthcare landscape.