WDM(600055) Mei Ri Jing Ji Xin Wen·2025-05-22 07:58Core Viewpoint - After being acquired by Midea Group for four years, Wandong Medical has undergone a leadership change, with Hu Ziqiang resigning as chairman and being succeeded by Ma Chibing, both of whom are Midea Group executives [2][3]. Group 1: Leadership Changes - Hu Ziqiang has resigned from his positions at Wandong Medical due to personal reasons, effective immediately, and will no longer hold any roles within the company [2]. - Ma Chibing, who has over 20 years of experience at Midea Group, has been appointed as the new chairman of Wandong Medical [2][3]. - Hu Ziqiang previously served as Midea Group's Vice President and CTO, while Ma Chibing has held various leadership roles within Midea, including overseeing the cleaning appliance division [3]. Group 2: Financial Performance - In 2024, Wandong Medical reported a revenue of 1.524 billion yuan, marking a 23.26% year-on-year increase, the largest revenue growth in the past decade [6]. - Despite the revenue growth, the company's net profit attributable to shareholders decreased by 16.54% to 157 million yuan in 2024, following a trend of declining net profits over the past three years [6]. - The company has experienced a decline in gross profit margin each year, with costs increasing significantly, particularly in the context of a shift towards higher-end products [6][7]. Group 3: Market Strategy - Wandong Medical is focusing on expanding into the mid-to-high-end market, with a strategic plan to strengthen its domestic foundation while also targeting international markets [6]. - The company has established a "5+1" regional layout for overseas markets, achieving a revenue of 233 million yuan from international sales, which represents a 68.36% increase year-on-year [7]. - However, the costs associated with this international expansion have risen sharply, with a 108.38% increase in corresponding costs, leading to a decrease in gross margin [7].