Core Viewpoint - Chuangye Huikang Technology Co., Ltd. is a leading enterprise in the domestic healthcare information technology sector, focusing on software and system integration for healthcare informationization, with a full industry chain service capability [1] Group 1: Business Performance - In Q3 2025, Chuangye Huikang achieved a revenue of 862 million yuan, ranking 29th among 102 companies in the industry, while the industry leader, Shanghai Steel Union, reported a revenue of 57.318 billion yuan [2] - The company's net profit for the same period was -107 million yuan, placing it 89th in the industry, with the top performer, Desay SV, reporting a net profit of 1.805 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Chuangye Huikang's debt-to-asset ratio was 20.27%, an increase from 19.01% year-on-year, which is lower than the industry average of 31.94%, indicating strong debt repayment capability [3] - The gross profit margin for the same period was 49.87%, slightly down from 50.14% year-on-year, but still above the industry average of 41.71%, reflecting good profitability [3] Group 3: Executive Compensation - The chairman, Zhang Lvzhen, received a salary of 1.0848 million yuan in 2024, a slight decrease from 1.0858 million yuan in 2023 [4] - The general manager, Chen Zhongyang, earned 1.4098 million yuan in 2024, significantly up from 420,400 yuan in 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 0.69% to 64,400, while the average number of circulating A-shares held per shareholder increased by 0.70% to 23,700 [5] - Major shareholders included Noan Active Return Mixed A, which held 16.108 million shares, down by 8.0292 million shares from the previous period [5] Group 5: Market Outlook - Huatai Securities noted that the decline in revenue and profit in the first three quarters of 2025 was due to short-term market pressures and the lack of scale revenue from new products, but performance is expected to recover with industry demand [5] - Zhongtai Securities adjusted its revenue forecasts for 2025-2027 to 1.468 billion, 1.592 billion, and 1.794 billion yuan, respectively, with net profits projected at 50 million, 130 million, and 216 million yuan [6]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 6.05 RMB [7][5]. Core Views - The company's revenue and profit have declined significantly due to market pressures, delayed customer demand, and project acceptance delays, leading to a revenue drop of 26.26% year-on-year in the first three quarters of 2025 [1]. - Despite the current challenges, the report suggests that the company's performance is expected to recover as industry demand improves, supported by the introduction of new products and successful project deliveries [1][3]. - The company has made significant strides in the AI and data service market, launching an AI medical intelligence system that enhances its traditional software offerings and shifts its business model towards "software + data services" [3][4]. Revenue and Profitability - For the first three quarters of 2025, the company reported revenues of 862 million RMB, a decrease of 26.26% year-on-year, and a net profit attributable to shareholders of -122 million RMB, compared to a profit of 53 million RMB in the same period last year [1]. - The gross margin for the first three quarters was 49.87%, showing a slight decrease of 0.27 percentage points year-on-year, while the gross margin for Q3 2025 was 46.69%, an increase of 3.24 percentage points year-on-year [2]. Cost Structure - The report highlights an increase in sales, management, and R&D expense ratios due to the decline in revenue, with sales expenses at 8.35%, management expenses at 19.65%, and R&D expenses at 25.89% for Q3 2025 [2]. - The company has achieved a 20% increase in the number of million-level orders and a 7% increase in order value in the major customer market, indicating a positive trend despite overall revenue decline [2]. Market Position and Future Outlook - The company has established itself as a key player in the medical information technology sector, achieving comprehensive compatibility with domestic technology routes and enhancing data security and autonomy for hospitals [4]. - The report projects a revenue forecast adjustment for 2025, 2026, and 2027, with expected revenues of 1.21 billion RMB, 1.34 billion RMB, and 1.48 billion RMB respectively, reflecting a downward adjustment of 25%, 27%, and 28% due to delayed project bidding [5][13].

证券代码：301337 证券简称：亚华电子 投资者关系活动记录表 投资者关系活动类别 ☐特定对象调研 ☐分析师会议 ☐媒体采访 业绩说明会 ☐新闻发布会 ☐路演活动 ☐现场参观 ☐其他（请文字说明其他活动内容） 参与单位名称及人员姓名 线上参与公司2024年度网上业绩说明会的投资者 时间 2025年05月08日 15:00-16:00 地点 价值在线（https://www.ir-online.cn/）网络互动 上市公司接待人员姓名 实控人、董事长 耿斌 董事、总经理 向晖 独立董事 吴忠堂 财务总监、董事会秘书 于雷 投资者关系活动主要内容 介绍 1.公司提到将把握医疗领域旧病房更新改造的政策机遇，具体 有哪些项目已经启动或正在规划中？ 答:根据国务院《推动大规模设备更新和消费品以旧换新行动 方案》要求：加强优质高效医疗卫生服务体系建设，推进医疗卫生 机构装备和信息化设施迭代升级……推动医疗机构病房改造提升， 补齐病房环境与设施短板。公司"IP两线组网"技术，凭借"可靠 +便捷施工"双擎，切实为旧病房改造项目提供更优落地方案。截 至目前，上海第一人民医院、大同市第五人民医院、海南医科大学 第二附属医院等项目 ...