卫宁健康（300253.SZ）11月21日在投资者互动平台表示，目前公司WiNEX产品已在全国数百家医疗机 构稳定运行。关于部署方式，因目前用户对于云端部署尚处于逐步接受阶段，本地化部署仍是当下主流 模式。同时，云端部署作为重要的战略发展方向，已在复星集团、深圳龙华区等诸多项目中成功落地， 公司与主流云服务商均已建立了合作关系。这种双轨部署策略既满足了大型医院对系统稳定性和数据安 全的核心需求，又为区域医疗、医联体等场景提供了灵活的云端解决方案。预计随着医疗行业数字化转 型的深入，特别是与华为等战略合作伙伴在AI技术上的深度合作，公司将持续优化云端产品的弹性与 智能化水平，推动云端业务成为公司未来的重要增长点。未来公司将继续凭借"双部署模式+AI能力深 度融合"的独特优势，加速向前发展。 每经AI快讯，有投资者在投资者互动平台提问：据公司介绍，WiNEX支持本地和云端两种部署方式， 请问目前两种部署方式各占多少比例？ （文章来源：每日经济新闻） ...

Group 1 - The actual controller of Weining Health, Zhou Wei, was sentenced to one and a half years in prison for bribery, raising concerns about the company's governance structure and transparency [1][4] - Zhou Wei's son, Zhou Cheng, has been nominated as a non-independent director candidate, which has sparked worries about the "familial" governance structure and internal controls of Weining Health [1][4] Group 2 - Weining Health reported a significant decline in performance, with a 32.27% year-on-year drop in revenue and a net loss of 241 million yuan, marking a 256.10% decrease in net profit compared to the previous year [2][3] - The company attributed the drastic performance fluctuations to factors such as deferred customer demand, project acceptance delays, and the inability of new products to generate substantial revenue [2][3] Group 3 - Weining Health is undergoing a transition from traditional software to internet healthcare, but its internet medical business is still in the "optimization" phase and has not yet made a stable contribution [3] - The company faces pressures from rigid labor costs and tax liabilities, which further squeeze profit margins [3][4] Group 4 - Weining Health is confronted with multiple intertwined risks, including legal issues, governance disputes, and significant performance declines, which complicate its path to regaining investor trust [4]

Core Viewpoint - The resignation of Chairman Zhou Wei due to a bribery conviction marks a significant management transition for Weining Health, raising concerns about governance and compliance within the company [2][4][8]. Management Changes - Zhou Wei resigned as Chairman and from all board positions following a court ruling for bribery, with Liu Ning, a co-founder, appointed as the new Chairman [2][4]. - Zhou Wei's son, Zhou Cheng, has been nominated as a non-independent director, indicating a continuation of family control within the company [4][11]. Financial Impact - Following the announcement of Zhou Wei's conviction, Weining Health's stock price dropped over 10%, reducing its market capitalization from 202 billion to 182 billion [7]. - The financial penalties imposed on the company and Zhou Wei are relatively minor, with a fine of 800,000 yuan representing only 0.9% of the company's latest audited net profit [16]. Governance and Compliance Issues - The incident highlights significant gaps in the company's compliance and governance structures, as the internal controls failed to prevent or detect the misconduct of senior management [8][9]. - Despite claims of a robust internal control system, the actual oversight mechanisms appear ineffective, as evidenced by the lack of action from the board and supervisory committees regarding Zhou Wei's actions [10][11]. Information Disclosure - The company's 2024 ESG report failed to mention Zhou Wei's legal issues, raising concerns about transparency and the integrity of its disclosures [12][14]. - The selective disclosure of information undermines the credibility of the company's governance claims and reflects poorly on its commitment to responsible investment practices [14]. Operational Challenges - Weining Health is undergoing a critical transition from traditional medical software to "AI + healthcare," with recent financial performance showing a decline in gross margin and revenue [16]. - The ongoing legal issues and management changes may hinder strategic decision-making and operational continuity, potentially impacting future performance [15][16].

医疗信息化龙头卫宁健康（300253.SZ）董事长更替。 11月10日，卫宁健康发布公告称，因工作调动，刘宁先生不再担任副董事长职务，仍在公司任职工代表 董事，新任公司董事长。 资料显示，刘宁，男，1963年出生，中国国籍，无境外永久居留权。复旦大学应用力学专业硕士，高级 工程师。1991年至2004年，先后担任美国惠普（HP）公司技术员，上海金仕达卫宁医疗信息技术有限 公司董事，副总裁。2004年起加入公司，历任副总裁，总裁、非独立董事、副董事长。现任公司职工代 表董事、董事长，兼任快享医疗科技（上海）有限公司董事长，上海卫心科技有限公司董事长。 此前，卫宁健康发布公告称，公司董事会收到董事长周炜的书面辞职报告。周炜因个人原因，申请辞去 第六届董事会董事长、董事及董事会提名委员会、审计委员会、薪酬与考核委员会委员等职务，同时不 再担任公司法定代表人。辞职后周炜将退出公司董监高序列，但仍以顾问身份留任，并继续担任全资子 公司卫宁互联网科技与上海卫宁软件的执行董事，相关职务变更将按流程推进。 资料显示，周炜，男，1967年出生，中国国籍，无境外永久居留权，中欧国际工商学院高层管理人员工 商管理硕士（EMBA）、 ...

Core Viewpoint - Weining Health Technology Group Co., Ltd. and its actual controller, Chairman Zhou Wei, have been sentenced for bribery, with the company facing a fine and Zhou receiving a prison sentence [1][3]. Group 1: Legal Issues - Weining Health's subsidiary, Shenzhen Weining Zhongtian Software Co., Ltd., was found guilty of bribery and fined 800,000 yuan [1][3]. - Chairman Zhou Wei was sentenced to one and a half years in prison and fined 200,000 yuan for the same offense [1][3]. - Both the company and Zhou Wei plan to appeal the verdict [2][3]. Group 2: Financial Impact - The fine of 800,000 yuan represents 0.9% of the company's most recent audited net profit attributable to shareholders [3]. - Shenzhen Weining Zhongtian's revenue for 2022, 2023, and 2024 is projected at 23.68 million yuan, 15.64 million yuan, and 13.65 million yuan, respectively, accounting for 0.77%, 0.49%, and 0.49% of Weining Health's total revenue [3]. - The net profit for the same years is expected to be 9.99 million yuan, 11.27 million yuan, and 7.00 million yuan, representing 9.20%, 3.15%, and 7.97% of Weining Health's net profit [3]. Group 3: Management and Operations - Other board members and senior management are continuing their duties normally, with Vice Chairman Liu Ning set to assume the role of acting Chairman [4]. - The company has experienced a significant decline in revenue, with a 32.27% year-on-year drop in the first three quarters [5][8]. - Weining Health's overall revenue and profit have decreased due to various factors, including delayed project acceptance and cost pressures [7].

Core Viewpoint - The recent legal issues surrounding the actual controller of Weining Health, Zhou Wei, have led to significant impacts on the company's stock price and financial performance, with a notable decline in revenue and profits [1][3][4]. Group 1: Legal Issues - Weining Health's actual controller, Zhou Wei, has been involved in a bribery scandal, receiving a criminal sentence for unit bribery, with a fine of 800,000 yuan for the company and a prison sentence of 18 months for Zhou Wei [1][2]. - Zhou Wei has a history of alleged bribery dating back to 2011, where he reportedly bribed a member of the IPO review committee to facilitate the company's IPO [2]. Group 2: Financial Performance - Weining Health's revenue and net profit for 2024 were reported at 2.782 billion yuan and 87.8932 million yuan, respectively, reflecting a year-on-year decline of 12.05% and 75.45% [3]. - In the first three quarters of 2025, the company reported revenue of 1.295 billion yuan, a year-on-year decrease of 32.27%, and a net loss of 241 million yuan, marking a significant decline compared to previous years [3][5]. Group 3: Business Operations - The company focuses on medical software development, sales, and technical services, aiming to enhance its core business through AI-driven products and technology [4]. - Challenges such as deferred customer demand, ongoing product upgrades, and operational costs have contributed to the decline in revenue and the emergence of losses [4].

每经记者｜许立波 每经编辑｜董兴生 11月5日晚间，卫宁健康（300253.SZ，股价9.15元，市值202.64亿元）公告称，公司收到全资子公司深 圳卫宁中天软件有限公司（以下简称"深圳卫宁中天"）和公司实际控制人、董事长周炜家属的通知，深 圳卫宁中天和周炜已于当日收到广东省茂名市电白区人民法院签发的《刑事判决书》。判决如下：被告 单位深圳卫宁中天犯单位行贿罪，判处罚金人民币八十万元。被告人周炜犯单位行贿罪，判处有期徒刑 一年六个月，并处罚金人民币二十万元。 公告称，以上为一审判决，尚未生效。被告单位及被告人均决定就上述判决向广东省茂名市中级人民法 院提起上诉。就上述《刑事判决书》的影响，公司表示，深圳卫宁中天仅在广东部分地区开展业务，预 计不会对公司经营产生重大不利影响。 从经营模式上看，卫宁健康的客户以国内的公立医院、卫生管理部门等机构为主，主要以"信息化工程 项目合同""软件销售合同"或"购买服务合同"等方式，向医院或卫生部门提供信息系统解决方案，构建 硬件和软件应用平台，向用户收取相关的项目合同款、软件销售合同款或技术服务款，实现收入与盈 利。 近年来，卫宁健康深陷业绩下滑泥潭。根据日前披露的三季报 ...

Core Viewpoint - The company is actively collaborating with relevant parties in the field of smart healthcare, focusing on various technological integrations and solutions [1] Group 1: Collaboration and Solutions - The company has jointly launched a smart healthcare data lake solution and a national health information platform solution in collaboration with Huawei Cloud [1] - The company has fully integrated with Huawei's Kunpeng, Ascend, HarmonyOS, and Gauss ecosystems [1] - The company's new generation product WiNEX is fully compatible with the Kunpeng ecosystem, and its underlying components are developed natively on Kunpeng [1] Group 2: Product Development and Certification - The company's medical large model WiNGPT has been adapted to the Ascend ecosystem and has passed mutual technical compatibility certification [1] - The company's WiNEX MY mobile and internet hospital mobile applications have been fully integrated into the HarmonyOS ecosystem, with relevant applications now available [1] - The company is also engaged in big data technology collaboration based on the Gauss database [1] Group 3: Market Opportunities - The company has extensive cooperation with Huawei in various medical information technology opportunities and projects across the country [1]

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first three quarters of 2025, primarily due to project delays and cost pressures, but maintains a positive long-term outlook based on its competitive advantages in the medical IT industry [1][5]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.296 billion yuan, a year-on-year decrease of 32.27%, and a net profit attributable to shareholders of -241 million yuan, down 256.10% [1]. - In Q3 2025, revenue was 457 million yuan, a decline of 33.78%, with a net profit of -123 million yuan, down 199.16% [1]. - The gross margin for the first three quarters was 29.07%, a decrease of 11.97 percentage points, attributed to increased implementation costs from project delays [2]. - The operating cash flow for the first three quarters was -11 million yuan, showing significant improvement compared to -104 million yuan in the same period last year [2]. Business Segments - The medical health informationization business generated revenue of 1.191 billion yuan, down 25.71%, with core software sales and technical services at 1.098 billion yuan, down 22.78% [3]. - The internet healthcare business saw revenue drop to 105 million yuan, a decline of 66.24% [3]. Product Development - The WiNEX 2025 version upgrade enhances the core system for digital hospitals, adding over 2,500 optimized features, with AI capabilities accounting for 15% [4]. - The company aims to streamline user habits and business processes, reducing implementation time by 50% and total cost of ownership (TCO) by approximately 20% [4]. Profit Forecast and Valuation - The company's net profit forecasts for 2025-2027 have been revised downwards to 20 million yuan, 331 million yuan, and 502 million yuan, reflecting a decrease of 95.29%, 38.96%, and 27.37% respectively [5]. - The target price is set at 10.46 yuan, based on a 70.0 times price-to-earnings ratio for 2026, down from a previous value of 14.34 yuan [5].

Investment Rating - The investment rating for the company is maintained at "Buy" [7][13]. Core Views - The company is expected to recover revenue growth in the fourth quarter of 2025, despite facing short-term challenges due to project delays and cost pressures [1][3]. - The long-term competitive advantage of the company in the medical IT industry is viewed positively, with expectations for improved product competitiveness and delivery efficiency [1][4]. Financial Performance - For the first three quarters of 2025, the company reported revenue of 1.296 billion RMB, a year-on-year decline of 32.27%, and a net profit attributable to shareholders of -241 million RMB, down 256.10% [1]. - The gross margin for the first three quarters was 29.07%, a decrease of 11.97 percentage points year-on-year, primarily due to increased implementation costs from project delays [2]. - The cash received from sales and services was 1.762 billion RMB, a decline of 2.27% year-on-year, indicating improved cash flow compared to revenue [2]. Business Segments - The medical health information business generated revenue of 1.191 billion RMB, down 25.71% year-on-year, with core software sales and technical services contributing 1.098 billion RMB, a decrease of 22.78% [3]. - The internet healthcare business saw revenue drop to 105 million RMB, a decline of 66.24% [3]. Product Development - The WiNEX 2025 version upgrade enhances the core system for digital hospitals, adding over 2,500 new features, with AI capabilities accounting for 15% [4]. - The company aims to streamline user habits and business processes, reducing implementation time by 50% and lowering total cost of ownership by approximately 20% [4]. Profit Forecast and Valuation - The net profit forecasts for 2025-2027 have been revised downwards to 20 million RMB, 331 million RMB, and 502 million RMB, reflecting a significant decrease in expected profitability [5][14]. - The target price for the company is set at 10.46 RMB, based on a 70.0x PE ratio for 2026, which is an adjustment from the previous target of 14.34 RMB [5].