万东医疗2026年第一季度报告深度解读：亏损加剧，成本压力明显，现金流状况需警惕

一、报告核心要点

• 营业收入同比增长8.92%，但成本增幅更高，导致公司亏损
• 归属于上市公司股东的净利润大幅下滑至-15,934万元，同比下降145.46%
• 经营活动现金流净额为-2.3亿元，较去年同期继续恶化
• 基本每股收益降至-0.023元/股
• 总资产较去年末减少6.23%，归属于股东的所有者权益下降0.36%
• 毛利率受集采项目影响下滑，成本控制不及预期
• 公司获得政府补助但无法完全弥补经营亏损

二、详细财务数据与变动分析

• 营业收入为4.07亿元，同比增长8.92%。但营业成本同比增长31.53%，达到3.06亿元，导致毛利率显著下滑。
• 利润总额为-1,5624万元，归属于股东的净利润-1,5934万元，扣除非经常性损益后的净利润-1,8033万元，显示主营业务亏损加剧。
• 经营活动现金流净额为-2.3亿元，较去年同期-2.09亿元进一步恶化，资金压力明显。
• 基本每股收益和稀释每股收益均为-0.023元/股，同比下降146%。加权平均净资产收益率降至-0.36%。
• 总资产下降至54亿元，较去年末减少6.23%；归属于上市公司股东的所有者权益为44.42亿元，下降0.36%。
• 在建工程同比增长34.43%，主要为车间改造及相关设备尚未达到预定可使用状态所致。
• 递延收益增长181.13%，主要系收到政府补贴。
• 应付票据和应付账款分别下降37.83%和30.02%，反映公司支付货款及银行承兑汇票到期兑付。
• 财务费用同比大增93.32%，受利率下调影响，利息收入减少。
• 其他收益同比下降61.65%，政府补助结转减少。
• 存货下降17.73%，但仍高于4亿元，反映库存压力。

三、非经常性损益及政府补助

• 本期非经常性损益合计为209.98万元，包括政府补助231.3万元、金融资产公允价值变动77.2万元及营业外支出93.2万元。
• 公司享受软件产品增值税即征即退政策，涉及金额642万元，具有持续性，计入经常性损益。

四、股东结构及变化

• 公司前十大股东包括美的集团（持股45.46%）、江苏鱼跃科技等。
• 未发现前十大股东之间存在关联关系或一致行动关系。
• 报告期末普通股股东总数为27350人。

五、关键风险及价格敏感信息

• 公司主营业务亏损加剧，现金流状况恶化，若无法有效降本增效，未来仍有持续亏损风险。
• 集采项目陆续交付，营业收入虽增长，但毛利率明显下滑，成本压力尚未缓解。
• 财务费用大幅上升，资金成本高企，利息收入减少。
• 政府补助虽有一定支撑，但不足以弥补主营亏损，需警惕业绩持续下滑对股价的影响。
• 应付账款、票据及税费显著减少，反映公司资金流出加快，或面临更高的资金周转压力。
• 存货压力依然较大，若未来需求不及预期，库存风险加剧。

六、投资者需关注事项

• 持续经营亏损和现金流恶化可能影响公司未来融资能力和投资价值。
• 集采项目带来的成本压力及毛利率下降需持续关注。
• 公司是否能有效调整产品结构、降本增效，将成为后续业绩改善关键。
• 政府补贴政策能否持续及规模变化也需关注。
• 短期内业绩大幅下滑属于明显负面消息，可能对公司股价造成压力，投资者需警惕。

免责声明

本新闻仅为信息解读，不构成任何投资建议。投资者需结合自身情况和市场环境，理性判断和决策。

Wandong Medical 2026 Q1 Report Deep Dive: Losses Widen, Cost Pressure Remains, Cash Flow Situation Requires Vigilance

Key Points of the Report

• Operating revenue rose 8.92% YoY, but cost growth outpaced revenue, resulting in significant losses.
• Net profit attributable to shareholders dropped sharply to -159.34 million yuan, down 145.46% YoY.
• Net cash flow from operating activities was -230 million yuan, further deteriorating from last year.
• Basic earnings per share fell to -0.023 yuan/share.
• Total assets decreased by 6.23% from last year-end, shareholders’ equity fell by 0.36%.
• Gross margin declined due to centralized procurement project delivery and cost control lagging expectations.
• Government subsidies received but insufficient to offset operating losses.

Detailed Financial Data and Change Analysis

• Operating income reached 407 million yuan, up 8.92% YoY. Operating costs jumped 31.53% YoY to 306 million yuan, leading to a sharp fall in gross margin.
• Total profit was -15.62 million yuan, net profit attributable to shareholders was -15.93 million yuan, and net profit after non-recurring items was -18.03 million yuan, showing intensified core business losses.
• Net cash flow from operations was -230 million yuan, further worsening from -209 million yuan last year, reflecting obvious funding pressure.
• Basic and diluted EPS both at -0.023 yuan/share, down 146%. Weighted average ROE fell to -0.36%.
• Total assets declined to 5.4 billion yuan, down 6.23%; shareholders’ equity at 4.44 billion yuan, down 0.36%.
• Construction in progress up 34.43% YoY, mainly due to workshop renovation and equipment not yet ready for use.
• Deferred income up 181.13%, mainly from government subsidies.
• Notes payable and accounts payable fell 37.83% and 30.02% respectively, reflecting payment of goods and notes maturity.
• Financial expenses up 93.32% YoY, interest income down due to rate cuts.
• Other income down 61.65% YoY, less government subsidy carried forward.
• Inventory fell 17.73%, but still over 400 million yuan, indicating inventory pressure.

Non-Recurring Items and Government Subsidies

• Non-recurring profit and loss totaled 2.1 million yuan, including government grants of 2.31 million yuan, fair value changes in financial assets of 772k yuan, and other expenses 931k yuan.
• The company enjoys VAT refund policy for software products, involving 6.42 million yuan, with sustainability, recorded as recurring profit/loss.

Shareholder Structure and Changes

• Top 10 shareholders include Midea Group (45.46%), Jiangsu Yuyue Technology, etc.
• No evidence of related party or concerted action among top 10 shareholders.
• Number of ordinary shareholders at period end: 27,350.

Key Risks and Price Sensitive Information

• Main business losses worsen, cash flow deteriorates, risk of continued losses if cost control fails.
• Centralized procurement project delivery drives revenue but gross margin falls, cost pressure remains.
• Financial expenses surge, funding costs high, interest income drops.
• Government subsidies provide support but can’t offset core business losses; beware of continued performance decline impacting share price.
• Accounts payable, notes and taxes drop sharply, indicating accelerated cash outflow and higher capital turnover pressure.
• Inventory pressure still high; if future demand falls short, inventory risk grows.

Investor Focus Points

• Continued losses and worsening cash flow may affect future financing and investment value.
• Cost pressure and gross margin decline from centralized procurement projects need ongoing attention.
• Whether the company can effectively adjust product mix and improve cost efficiency will be key to future performance improvement.
• Government subsidy policy sustainability and scale changes should be monitored.
• Short-term performance decline is a clear negative message, likely to pressure share price; investors should beware.

Disclaimer

This news is for informational analysis only and does not constitute investment advice. Investors should make rational judgments and decisions based on their own circumstances and market environment.

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