Winning Health(SZ:300253) Bei Jing Shang Bao·2025-11-10 11:51Core Viewpoint - The leadership change at Weining Health follows the conviction of its actual controller, Zhou Wei, for bribery, raising concerns about the company's future direction and performance amid ongoing transformation efforts [1][7][10]. Leadership Change - Zhou Wei resigned from all positions within the company due to personal reasons, and Liu Ning, a co-founder, has been appointed as the new chairman [4][5]. - Liu Ning holds 104 million shares, representing 4.68% of the total share capital, while his spouse holds an additional 37.01 million shares [5]. Legal Issues - Zhou Wei was sentenced to 18 months in prison and fined 200,000 yuan for bribery, while the subsidiary Shenzhen Weining Zhongtian was fined 800,000 yuan [7][8]. - The company plans to appeal the judgment, which has already impacted its stock price, causing a drop of 10.38% following the announcement [8][9]. Financial Performance - Weining Health reported a revenue of 1.296 billion yuan for the first three quarters, a decrease of 32.27% year-on-year, and a net loss of 241 million yuan, a decline of 256.1% [11]. - The company's gross margin has also decreased significantly from 41.68% in 2024 to 29.07% in the first three quarters of the current year [12]. Strategic Transformation - The company is undergoing a transformation to build a comprehensive intelligent solution covering the entire healthcare chain, focusing on internet hospitals, medical insurance payments, and health data governance [1][10]. - Despite being an early player in AI healthcare, the company faces challenges in translating R&D investments into revenue due to high costs, intense competition, and potential misalignment between technology and market needs [12].