万东医疗出售全资子公司股权暨关联交易公告——投资者详细解读

关键要点梳理

• 交易概述：北京万东医疗科技股份有限公司（“万东医疗”）拟将其全资子公司苏州万影医疗科技有限公司（“万影”）100%股权，以现金方式出售给美的影像科技（上海）有限公司（“美的影像”），交易价格为4,800万元。
• 关联方关系：美的影像为万东医疗控股股东美的集团股份有限公司（“美的集团”）控制的子公司，本次交易构成关联交易。
• 交易定价：交易价格参照银信资产评估有限公司出具的评估报告（评估基准日：2025年12月31日），评估值为4,300万元，最终双方协商定价为4,800万元，较账面成本（3,621.46万元）增值1,178.54万元，增值率32.54%。
• 财务影响：万影医疗2025年度净资产为36,214,659.84元，亏损11,199,491.89元，2024年度亏损5,889,467.73元，资产总额持续增长但盈利能力下降。
• 交易审批：无需提交股东会审议，已于2026年3月24日经董事会审议通过，关联董事回避表决，表决结果5票同意，0票反对，0票弃权。
• 交易后果：交易完成后，万影医疗将不再属于万东医疗合并报表范围，公司合并报表范围将变更。
• 合同条款：付款条件明确，交割先决条件满足后，10个工作日内全额一次性支付。
• 履约风险：美的影像资信状况良好，不存在失信情况，具备履约能力。
• 资产权属：万影医疗股权权属清晰，无抵押、质押、司法查封等限制。
• 历史关联交易：除日常关联交易外，过去12个月内不存在同一类别达到重大金额的关联交易。
• 人员安置及管理层变动：本次交易不涉及人员安置、土地租赁、管理层变动等情况。
• 同业竞争：交易完成后，公司与标的公司不会产生同业竞争。

对股东及股价的潜在影响

• 公司业务调整：此次出售子公司反映万东医疗业务规划调整，剥离持续亏损资产有助于优化公司财务结构，提升整体盈利能力。
• 关联交易价格公允：交易价格高于评估值，且账面增值明显。定价公允，未损害中小股东利益。
• 不会引发重大资产重组：交易金额占公司2025年度经审计净资产1.08%，不构成重大资产重组，无需股东会审议。
• 资产剥离影响合并报表：万影医疗剥离后，万东医疗合并报表范围将减少，财务数据将发生明显变化，投资者需关注公司未来盈利能力及业务重心变化。
• 风险提示：万影医疗持续亏损，剥离亏损资产短期内可能改善公司盈利，但需关注公司主营业务发展及后续资产配置方向。

详细交易流程及合同要点

1. 合同主体：转让方为万东医疗，受让方为美的影像，标的公司为万影医疗。
2. 交易价格及支付：交易价款为4,800万元，受让方需在交割先决条件满足及交割前事项完成后10个工作日内支付。
3. 交割先决条件：包括协议签署、必要审批及授权、无诉讼或法律障碍、双方陈述与保证真实无误、标的公司未发生重大不利变化。
4. 交割日：受让方支付股权转让款当日即为交割日，自交割日起标的股权归属受让方。
5. 违约责任：如任何一方违约，需赔偿守约方损失。
6. 合同生效：各方盖章且法定代表人签署时生效。

行业与标的公司详细信息

• 万影医疗主营业务：涵盖第二、第三类医疗器械生产与销售，射线装置销售，软件开发、技术服务等。
• 注册资本：10,000万元。
• 成立时间：2023年11月13日。
• 所属行业：医疗仪器设备及器械制造。

财务数据披露

• 万影医疗2025年度：
  • 资产总额：62,335,228.14元
  • 负债总额：26,120,568.30元
  • 净资产：36,214,659.84元
  • 营业收入：9,700,926.60元
  • 净利润：-11,199,491.89元（亏损）
• 万影医疗2024年度：
  • 资产总额：43,351,784.70元
  • 负债总额：24,541,868.41元
  • 净资产：18,809,916.29元
  • 营业收入：14,743,043.88元
  • 净利润：-5,889,467.73元（亏损）

综合分析

本次万东医疗出售万影医疗全部股权，属于公司业务结构优化和财务调整的重要举措。剥离持续亏损的资产，有助于公司提升盈利能力和财务健康度。交易价格高于评估值，显示交易双方对标的资产未来价值有一定认可。交易完成后，公司合并报表范围将发生变化，投资者需重点关注公司主营业务的后续发展和盈利能力提升。同时，关联交易过程规范、价格公允，有利于维护中小股东利益。

投资者须知及潜在影响

• 本次交易可能短期内改善公司财务表现，但需关注资产剥离后公司主营业务的增长与盈利能力。
• 交易价格高于评估值，有一定增值空间，显示管理层对标的资产价值的认可。
• 交易完成后，公司财务数据将调整，建议投资者关注公司后续公告与经营情况。
• 剥离亏损资产或有助于提升公司整体估值，可能对股价形成正面影响。

免责声明

本文仅为投资者解读万东医疗出售子公司万影医疗股权公告相关内容，不构成任何投资建议。投资者应根据自身风险偏好和实际情况，谨慎决策。公司后续经营情况、市场环境变化及其他不确定因素均可能影响公司股价表现。

Wandong Medical Sells 100% Stake in Subsidiary: Investor-Focused Detailed Analysis

Key Highlights

• Transaction Summary: Beijing Wandong Medical Technology Co., Ltd. (“Wandong Medical”) plans to sell 100% equity of its wholly-owned subsidiary, Suzhou Wanying Medical Technology Co., Ltd. (“Wanying”), to Midea Imaging Technology (Shanghai) Co., Ltd. (“Midea Imaging”) for RMB 48 million in cash.
• Related Party Transaction: Midea Imaging is controlled by Wandong Medical’s controlling shareholder, Midea Group Co., Ltd. (“Midea Group”). The transaction is a related-party transaction.
• Pricing: Based on a valuation report by YinXin Appraisal Co., Ltd. (valuation date: Dec 31, 2025), the assessed value is RMB 43 million. The agreed price is RMB 48 million, with a book value of RMB 36.21 million, resulting in a premium of RMB 11.78 million (32.54%).
• Financial Impact: Wanying reported net asset of RMB 36,214,659.84 in 2025, but a net loss of RMB 11,199,491.89. 2024 net loss was RMB 5,889,467.73, with growing assets but declining profitability.
• Approval Process: No shareholder meeting required; Board approved on March 24, 2026. Related directors abstained; 5 votes in favor, 0 against, 0 abstained.
• Post-Transaction: Wanying will no longer be consolidated in Wandong Medical’s financial statements, changing the reporting scope.
• Contract Terms: Payment is one-off, within 10 business days of meeting closing conditions.
• Risk Management: Midea Imaging is financially sound, not listed as a defaulter, and fully capable of payment.
• Asset Status: Wanying’s equity is clear, no mortgage, pledge, or legal restrictions.
• Historical Related Transactions: No significant related transactions in the past 12 months, aside from routine dealings.
• No Personnel Placement or Management Change: Transaction does not involve staff placement, land lease, or management changes.
• No Competition: Post-transaction, no industry competition between Wandong and Wanying.

Potential Impact on Shareholders & Share Price

• Business Adjustment: Selling a loss-making subsidiary helps optimize Wandong Medical’s financial structure and profitability.
• Fair Transaction Price: Price exceeds valuation, shows management’s confidence in asset value, and protects minority shareholders.
• No Major Asset Restructuring: Deal size is only 1.08% of audited net assets in 2025, no shareholder meeting required.
• Financial Reporting Change: Wanying will be excluded from consolidated financials, potentially impacting future profitability and business focus.
• Risk Warning: Short-term improvement expected, but long-term business development and asset allocation should be watched closely.

Detailed Transaction Process & Contract Terms

1. Parties: Seller: Wandong Medical; Buyer: Midea Imaging; Target: Wanying Medical.
2. Payment: RMB 48 million, paid in full within 10 business days after all closing conditions are met.
3. Closing Conditions: Signed agreement, necessary approvals, no legal barriers, truthful representations, no major adverse changes in target company.
4. Closing Date: Payment day is the closing date; equity transfers to buyer.
5. Breach: Breaching party compensates for losses.
6. Effectiveness: Contract effective upon signing and stamping by all parties.

Industry & Target Company Details

• Main Business: Production and sales of Class II & III medical devices, radiological equipment, software development, technical services.
• Registered Capital: RMB 10 million.
• Founded: Nov 13, 2023.
• Industry: Medical equipment manufacturing.

Financial Data

• 2025:
  • Total assets: RMB 62,335,228.14
  • Total liabilities: RMB 26,120,568.30
  • Net assets: RMB 36,214,659.84
  • Revenue: RMB 9,700,926.60
  • Net loss: RMB 11,199,491.89
• 2024:
  • Total assets: RMB 43,351,784.70
  • Total liabilities: RMB 24,541,868.41
  • Net assets: RMB 18,809,916.29
  • Revenue: RMB 14,743,043.88
  • Net loss: RMB 5,889,467.73

Comprehensive Analysis

Wandong Medical’s sale of Wanying Medical’s entire equity marks a major step in business restructuring and financial adjustment. The divestment of a loss-making asset is expected to improve profitability and financial health. The transaction price exceeds the assessed value, reflecting management’s confidence in the asset’s future. Post-deal, consolidated financial statements will change, and investors should monitor Wandong Medical’s main business and future profitability. The deal is norm-compliant and protects minority shareholders.

Investor Notes & Potential Impact

• Short-term financial improvement expected, but watch main business growth and profitability after asset divestment.
• Transaction price premium indicates asset value recognition.
• Financial reporting will change; follow future disclosures and business updates.
• Divestment may positively affect company valuation and share price.

Disclaimer

This article is an investor-focused interpretation of Wandong Medical’s announcement regarding the sale of Wanying Medical equity. It does not constitute investment advice. Investors should assess risks and make decisions accordingly. Subsequent business performance, market conditions, and other uncertainties may affect the share price.

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