Winning Health(SZ:300253) Shen Zhen Shang Bao·2026-01-14 12:52Core Viewpoint - The company, Weining Health, is expected to report a net loss for the first time in its 15-year history as a publicly listed entity, with significant declines in revenue and profit projected for 2025 [1][2]. Financial Performance - In Q1 and H1 of 2025, the company's revenue decreased by 30.24% and 31.43% year-on-year, respectively [1]. - The net profit attributable to shareholders saw a drastic decline, with a year-on-year drop of 68.18% expanding to 491.04%, resulting in a loss of -1.18 billion yuan in H1 [1]. - By Q3 2025, revenue fell by 32.27% to 1.296 billion yuan, and net profit plummeted by 256.10% to -2.41 billion yuan [1]. - The company reported a total impairment provision of 83.0458 million yuan for H1 2025 and additional tax liabilities totaling 57.3736 million yuan, impacting net profit [1]. Business Challenges - The company cited several factors contributing to the decline in performance, including deferred customer demand, delays in bidding processes, and the transition of WiNEX products not yet generating significant revenue [2]. - The company’s return on assets (ROA) was -2.90% and return on equity (ROE) was -4.10% for the first three quarters of 2025, indicating severe profitability issues [2]. - The gross margin fell from 41.68% in 2024 to 29.07% in 2025, while the net margin dropped from 1.80% to -19.12% [2]. Management Changes - The company recently underwent a leadership change, with Liu Ning appointed as the new chairman following the resignation of the previous chairman due to legal issues [3]. - Liu Ning, a co-founder of the company, holds 4.68% of the shares directly, with his spouse holding an additional 1.67%, totaling 6.35% ownership [3]. Market Performance - Despite the operational challenges, the company's stock price has shown resilience, closing at 14.73 yuan per share on January 14, with a year-to-date increase of 67.01% [4].