| | 本报告期 | | | --- | --- | --- | | 营业收入(元) | 576,678,264.25 | 72 | | 归属于上市公司股东的净利润(元) | -80.554.719.79 | 2 | | 归属于上市公司股东的扣除非经常性损益的净利润(元) | -94,623,973.22 | 2 | | 经营活动产生的现金流量净额(元) | -177,863,927.83 | -19 | | 基本每股收益(元/股) | -0.05 | | | 稀释每股收益(元/股) | -0.05 | | | 加权平均净资产收益率 | -1.84% | | | | 本报告期末 | | | 总资产(元) | 5,543,157,750.54 | 5.66 | | 归属于上市公司股东的净资产(元) | 4,344,244,547.81 | 4,41 | 以8月26日收盘价计算，创业慧康目前市盈率（TTM）约为-31.65倍，市净率（LF）约2.05倍，市销率（TTM）约7倍。 市盈率(TTM)历史分位(%) 100 ହ୍ତ ୨୦ 80 70 63~71 60 53o29 50 40 39 30 30.57 20 ...

Core Viewpoint - The credit rating report for Weining Health Technology Group indicates a stable outlook despite recent performance declines, driven by challenges in innovative business segments and competitive pressures in the healthcare information technology industry [3][5][6]. Company Overview - Weining Health is recognized as a leading enterprise in the domestic healthcare information industry, maintaining a market share of 13.4% in the core hospital diagnostic system sector as of 2023 [17]. - The company continues to implement its "1+X" strategy, focusing on the WiNEX series products and digital health applications [15][17]. Financial Performance - The company's revenue for 2024 was reported at 3.45 billion yuan, a decrease of 12.05% year-on-year, with a net profit of -0.03 billion yuan [4][16]. - The financial structure remains robust, with total debt at 11.62 billion yuan and equity at 60.30 billion yuan as of March 2025 [4][5]. - The company’s cash flow from operating activities was negative at -0.26 billion yuan, indicating liquidity challenges [4]. Business Segments - The healthcare information technology segment remains the primary revenue source, contributing 2.92 billion yuan in 2024, but faced a decline of 14.17% [16][19]. - The internet healthcare segment showed slight revenue growth, but overall performance is still impacted by losses in innovative business areas [24][25]. Market Environment - The healthcare information technology industry is experiencing growth, with a projected market size of 230.3 billion yuan in 2024, driven by policy support and AI technology integration [10][11]. - The industry faces high competition and rapid technological changes, necessitating continuous innovation and adaptation from companies [6][10]. Innovation and R&D - The company has been focusing on enhancing its R&D capabilities, with a significant investment in AI and digital health solutions, although R&D personnel and investment amounts have decreased recently [23][24]. - The introduction of new products, such as the WiNGPT2.8 and WiNEX Copilot 2.1, aims to strengthen the company's competitive position in the market [23]. Customer Base and Sales - The primary customers are public hospitals and health management departments, with a low customer concentration risk as the top five clients account for only 5.61% of total sales [19][21]. - The sales model primarily involves direct sales through competitive bidding, with payment structures that include prepayments and milestone payments [18]. Future Outlook - The company maintains a stable credit rating outlook, supported by its competitive advantages in core hospital systems and ongoing technological advancements [5][6]. - However, the future profitability of innovative business segments remains uncertain, with ongoing losses and the need for strategic adjustments [24][25].