美的“带不动”万东医疗

Core Viewpoint - WanDong Medical has reported its first-ever loss in net profit for the first three quarters since its listing, indicating a significant decline in performance following the acquisition by Midea Group [1][3][4]. Financial Performance - For the first three quarters of 2025, WanDong Medical's net profit attributable to shareholders was -27.21 million yuan, a decrease of 123.51% year-on-year [2][3]. - The company's revenue for the same period was 1.19 billion yuan, reflecting an 8.73% increase year-on-year, but the third quarter saw a revenue decline of 12.17% to approximately 345 million yuan [2][3]. - The gross profit margin has dropped to 32.62%, continuing a downward trend for four consecutive years [1][7]. Management Changes - In May 2023, WanDong Medical appointed Ma Chibing as the new chairman, a move seen as a response to the company's ongoing operational challenges [1][4][10]. Research and Development - WanDong Medical's R&D expenses surged to 182 million yuan in the first three quarters of 2025, surpassing the total for the entire year of 2024 [9]. - The company aims to allocate over 15% of its revenue to R&D annually, focusing on core technology breakthroughs and digital transformation [9]. Market Position and Strategy - Following Midea Group's acquisition in 2021, WanDong Medical has positioned itself as a "smart medical ecosystem builder," focusing on high-end medical equipment and services [3][10]. - The company is facing increased pressure to develop products that meet evolving market demands, particularly in the DR and CT segments [8].