Winning Health(SZ:300253)2023-08-17 16:00Financial Performance - In the first half of 2023, the company achieved a net profit attributable to shareholders of 16,591,597.98 CNY, a decrease of 75.20% year-on-year [42]. - The company's operating revenue was 1,191,843,074.22 CNY, representing an increase of 8.75% compared to the same period last year [42]. - The net profit after deducting non-recurring gains and losses was -45,105,966.26 CNY, a decline of 165.44% year-on-year [42]. - The company's cash flow from operating activities was -285,479,278.61 CNY, a decrease of 36.33% compared to the previous year [42]. - The company reported a total of ¥61,697,564.24 in non-recurring gains after tax adjustments [26]. - The company does not plan to distribute cash dividends or issue bonus shares for the current period [12]. Revenue Breakdown - The medical health information business revenue accounted for 89.66% of total revenue, up from 83.66% in the previous year, with a year-on-year growth of 16.55% [49]. - The core product software sales and technical service revenue accounted for 74.29% of total revenue, with a year-on-year increase of 13.74% [49]. - Revenue from the main business segment increased by 32.39% year-on-year, accounting for 15.37% of total revenue, compared to 12.63% in the same period last year [76]. - The internet healthcare segment's revenue decreased by 31.19% year-on-year, now representing 10.34% of total revenue, down from 16.34% [76]. - The revenue from the healthcare information technology sector was ¥1,068,628,737.94, with a year-on-year growth of 16.55% [114]. - The revenue from internet healthcare was ¥123,214,336.28, reflecting a decline of 31.19% year-on-year [114]. Strategic Initiatives - The company has upgraded its "dual-wheel drive" strategy to a "1+X" strategy, focusing on digital health services and innovative business models [28]. - The company aims to create a closed-loop ecosystem in the healthcare industry, enhancing collaboration among service providers, payers, and pharmaceutical companies [30]. - The company is actively expanding its market presence in the healthcare information technology sector, being the first listed company in this field in China [29]. - The company is focusing on technological innovation and the development of a big data and artificial intelligence ecosystem to enhance service capabilities [56]. - The company is actively exploring the application of generative AI in healthcare, focusing on high-value medical scenarios [64]. - The company is expanding its "Internet + Healthcare" segment, with a recent financing round of CNY 300 million for its subsidiary, focusing on insurance intelligent risk control and data + AI services [79]. Research and Development - The company invested CNY 352 million in R&D, which constitutes 29.53% of total revenue during the reporting period [82]. - The company obtained 27 new patents during the reporting period, bringing the total to 122 patents, including 19 invention patents [82]. - The company launched a new version of the WiNEX large clinical product, enhancing its delivery capabilities and expanding its solution offerings [82]. Market Position and Competition - The company holds a 12.3% market share in the core diagnostic system market in China, ranking first for three consecutive years [84]. - The software and information technology services industry in China saw a revenue increase of 14.20% year-on-year, reaching CNY 551.7 billion in the first half of 2023 [61]. - The hospital application software system market is expected to grow at a compound annual growth rate (CAGR) of 18.2%, reaching CNY 34.79 billion by 2027 [61]. - The company faces risks related to rapid technological updates and market competition in the healthcare information industry [137]. Financial Position - The total assets at the end of the reporting period were 7,808,288,564.32 CNY, a slight decrease of 0.17% from the end of the previous year [42]. - The company's cash and cash equivalents decreased by 5.41% to CNY 857,662,081.86 from CNY 1,281,646,109.21 at the end of the previous year [97]. - The company's contract assets increased by 3.96% to CNY 2,051,163,313.79 from CNY 1,745,150,496.81 at the end of the previous year [97]. - The company's weighted average return on net assets was 0.32%, down from 1.31% in the previous year [42]. Project Developments - The company completed the delivery of a digital hospital project for Peking University People's Hospital in April 2023, enhancing its reputation in digital healthcare solutions [77]. - The company signed contracts worth approximately CNY 100 million in the first half of 2023, a 90% increase compared to the same period last year [55]. - The merger memorandum with Beijing Global Medical Rescue Co., Ltd. aims for Yunyue Technology to acquire 100% of Global Medical, with the merger currently in the due diligence phase [53]. Subsidiary Performance - In the first half of 2023, Nari Holdings (including Nari Health) reported revenue of approximately CNY 3,594 million, a 4.75% increase year-on-year, while net loss decreased by 10.80% to CNY 3,462.79 million [55]. - Yunyue Technology's revenue for the first half of 2023 was CNY 8,727.44 million, a decrease of 39.71% year-on-year, with a net loss of CNY 4,089.44 million [55]. - Weining Technology's revenue was CNY 3,274.25 million, down 46.45% year-on-year, with a net loss of CNY 6,872.16 million [55]. Cash Flow and Investments - The company reported a significant increase in financial expenses, rising by 29.52% to ¥25,148,706.15 from ¥19,417,026.46 year-on-year [112]. - The cash and cash equivalents net increase was -¥451,375,427.54, showing an improvement of 9.88% compared to -¥500,881,868.74 in the previous year [112]. - The company raised a total of RMB 970,265,000.00 from the issuance of 9,702,650 convertible bonds, with a net amount of RMB 961,209,622.64 after deducting issuance costs [123]. - The total amount of unused raised funds is RMB 11,966,100, which is managed in a special account [123].