Core Viewpoint - The company Jiahe Meikang (688246.SH) clarified on its investor interaction platform that it is not involved in the brain-computer interface field [1] Company Summary - Jiahe Meikang has explicitly stated its non-involvement in the brain-computer interface sector, indicating a clear focus on its current business operations [1]

Core Viewpoint - The U.S. government, led by President Trump, announced a 100% tariff on all Chinese goods starting November 1, along with export controls on key software, which will accelerate the domestic software replacement process in China [2][3]. Group 1: U.S. Trade Measures - The U.S. will impose a 100% additional tariff on all Chinese imports and export controls on key software starting November 1 [2]. - The U.S. measures are seen as a strategic move to pressure China ahead of the APEC summit, with potential implications for negotiations [2][3]. Group 2: China's Response and Industry Impact - China's Ministry of Commerce has implemented export controls on various technologies, including chip production equipment and lithium batteries, which are crucial for modern industries [2][3]. - China is expected to dominate the rare earth industry by 2025, holding 49% of global reserves and 69% of production, making it a critical resource for the U.S. [2][3]. Group 3: Domestic Software Development - The export controls on key software will accelerate the domestic replacement process in China, particularly in the fields of EDA, CAD, CAE, MES, and PLM [3][4]. - The shift towards domestic software is seen as essential due to China's heavy reliance on imported industrial software [3][4]. Group 4: Industrial Digital Transformation - The announcement of using WPS format in government documents marks a significant milestone for domestic software, indicating a breakthrough in the software replacement strategy [4]. - "Lighthouse factories," which utilize advanced technologies for efficiency, are expected to be prioritized in national strategic development plans, driving demand for industrial software [4]. Group 5: Investment Opportunities - Companies in the EDA, industrial software, operating systems, databases, network security, and industry IT sectors are highlighted as potential investment opportunities due to the ongoing shift towards domestic solutions [4]. - Specific companies to watch include: - EDA: Huada Jiutian, Guangliwei, Gai Lun Electronics [4] - Industrial Software: Dingjie Zhizhi, Nengke Technology, Suochen Technology, Zhongwang Software, Zhongkong Technology [4] - Operating Systems: China Software, Ruantong Power, Runhe Software, Chengmai Technology [4] - Databases: Dameng Data, Taiji Co. [4] - Network Security: Deepin Technology, Qilin Security, Sanwei Security, Guotou Intelligent, Qimingxing Chen [4] - Industry IT: Keda Xunfei, Hehe Information, Hengsheng Electronics, Kingsoft Office, Foxit Software, Tuolisi, Tax Friend Shares, Caixun Shares, Dingdian Software, Jiuyuan Yinhai, Jiahe Meikang, Guanglian Da, Kingdee International, Yonyou Network, Fanwei Network, Yuxin Technology, Newland [4].

Investment Rating - The report maintains a positive outlook for the computer industry, expecting a continued "scissor difference" in Q3 2025, indicating structural growth despite varying performance among companies [3][4][11]. Core Insights - The report predicts that 22% of the tracked companies will see net profit growth exceeding 50%, with notable performers including 深信服 (1528%), 卡莱特 (998%), and 新国都 (235%) [4][5]. - The report highlights a trend of cost reduction through layoffs and non-essential cost cuts, leading to improved efficiency and profitability across the industry [3][4]. - The report identifies key investment targets in various segments, including AIGC, digital economy leaders, and data innovation [3][4]. Summary by Sections Q3 2025 Performance Forecast - Among 54 tracked companies, 11 are expected to exceed 50% profit growth, while 9 will see growth between 30%-50% [4][5]. - 36% of companies are projected to have growth between 0%-30%, and 22% are expected to experience a decline [5][6]. Key Company Performances - 深信服 is projected to achieve a staggering 1528% profit growth, while 卡莱特 is expected to see 998% growth [4][5]. - Companies like 海康威视 and 金山办公 are expected to maintain stable growth rates of around 9% and 15%, respectively [8][10]. - 联想集团 is forecasted to face a significant decline of 99% in profit, indicating challenges in its operational strategy [6][10]. Investment Targets - The report categorizes investment targets into four segments: AIGC, digital economy leaders, data innovation, and AIGC computing power [3][4]. - Notable companies in the AIGC segment include 金山办公 and 道通科技, while 海光信息 and 软通动力 are highlighted in the data innovation category [3][4].

Core Viewpoint - 嘉和美康's financial performance in the first half of 2025 shows significant declines in revenue and net profit, indicating ongoing challenges for the company [1][2]. Financial Performance Summary - In the first half of 2025, 嘉和美康 reported revenue of 2.19 billion yuan, a decrease of 27.22% year-on-year [1][2]. - The net profit attributable to shareholders was -1.16 billion yuan, and the net profit after deducting non-recurring gains and losses was -1.18 billion yuan [1][2]. - The net cash flow from operating activities was -1.68 billion yuan [1][2]. Previous Year Comparison - For the year 2024, 嘉和美康 achieved revenue of 5.92 billion yuan, down 14.85% from 2023 [3]. - The net profit attributable to shareholders for 2024 was -2.56 billion yuan, compared to a profit of 32.28 million yuan in the previous year [3]. - The net cash flow from operating activities for 2024 was -67.63 million yuan [3]. IPO and Fundraising - 嘉和美康 raised a total of 1.362 billion yuan from its initial public offering, with a net amount of 1.24 billion yuan after deducting issuance costs [4]. - The company initially planned to raise 750 million yuan for various projects, including electronic medical record development and data center upgrades [4].

Core Insights - The medical information technology industry is undergoing significant consolidation, with major acquisitions signaling a shift in the market dynamics after a period of rapid growth [1][2][3] - The demand for medical IT solutions has decreased as most hospitals have met previous regulatory requirements, leading to a more cautious approach in project approvals and increased competition among firms [3][4][6] - The integration of AI and new technologies is expected to drive the next phase of growth in the medical IT sector, creating opportunities for companies that can adapt to changing market needs [9] Industry Trends - Recent acquisitions include the purchase of medical consulting firm Yice Medical Management by Xisoft Technology, indicating a trend where larger firms seek to enhance their service offerings by integrating complementary smaller companies [1][7] - The medical IT industry experienced a boom from 2018 to mid-2023, driven by regulatory support and technological advancements, but has since faced challenges due to market saturation and budget constraints in hospitals [2][3][8] - The push for digital transformation in hospitals has led to a demand for more comprehensive solutions that integrate various operational aspects, moving beyond simple IT services [4][6] Market Dynamics - The competitive landscape is shifting as smaller firms struggle to meet the new demands for standardized solutions, while larger firms are better positioned to capitalize on these changes through strategic acquisitions [6][8] - The focus on cost control and efficiency in hospitals has made it more challenging for medical IT companies to secure contracts, as decision-makers are now more cautious and selective [3][6] - The ongoing consolidation in the industry is expected to enhance the bargaining power of remaining firms and may lead to a more concentrated market structure [8][9]

Group 1 - On September 25, Jiahe Meikang's stock rose by 3.20%, with a trading volume of 93.32 million yuan [1] - The financing buy-in amount for Jiahe Meikang on that day was 22.23 million yuan, while the financing repayment was 11.74 million yuan, resulting in a net financing buy-in of 10.50 million yuan [1] - As of September 25, the total balance of margin trading for Jiahe Meikang was 193 million yuan, accounting for 4.73% of its market capitalization [1] Group 2 - As of June 30, the number of shareholders for Jiahe Meikang was 6,655, an increase of 12.93% compared to the previous period [2] - For the first half of 2025, Jiahe Meikang reported operating revenue of 219 million yuan, a year-on-year decrease of 27.22% [2] - The net profit attributable to the parent company for the same period was -116 million yuan, representing a year-on-year decrease of 323.29% [2] Group 3 - The main business of Jiahe Meikang includes medical information software development and industrialization, with revenue composition as follows: software development and technical services 42.39%, self-developed software sales 37.64%, purchased software and hardware sales 19.86%, and other service sales 0.11% [1]

Core Points - The company held its fourth extraordinary general meeting of shareholders on September 15, 2025, with all resolutions passed without any objections [2][4]. - The meeting was chaired by the company's chairman, Xia Jun, and utilized a combination of on-site and online voting methods, complying with legal and company regulations [2][4]. - All seven current directors attended the meeting, along with the board secretary and some senior executives [3]. Voting and Resolutions - Two main resolutions were discussed: the transfer of subsidiary equity and the change of independent directors, both of which were approved [4][5]. - The voting process included separate counting for minority investors, and certain individuals recused themselves from voting on the first resolution [5]. - Both resolutions were passed with more than half of the voting rights represented at the meeting [5]. Legal Verification - The meeting was witnessed by lawyers from Zhonglun Law Firm, who confirmed that all procedures and results were in accordance with legal and regulatory requirements [6].

证券代码：688246 证券简称：嘉和美康 公告编号：2025-063 嘉和美康（北京）科技股份有限公司 2025年第四次临时股东会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东会召开的时间：2025 年 09 月 15 日 （二） 股东会召开的地点：北京市海淀区东北旺西路 8 号院 28 号楼 1 层会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 54 | | --- | --- | | 普通股股东人数 | 54 | | 2、出席会议的股东所持有的表决权数量 | 47,319,392 | | 普通股股东所持有表决权数量 | 47,319,392 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 34.3926 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 34.3926 ...

北京市中伦律师事务所 关于嘉和美康（北京）科技股份有限公司 2025 年第四次临时股东会的 法律意见书 二〇二五年九月 北京市中伦律师事务所 关于嘉和美康（北京）科技股份有限公司 2025 年第四次临时股东会的 法律意见书 致：嘉和美康（北京）科技股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共 和国证券法》（以下简称"《证券法》"）、中国证券监督管理委员会发布的《上 市公司股东会规则》（以下简称"《股东会规则》"）的规定，北京市中伦律师 事务所（以下简称"本所"）接受嘉和美康（北京）科技股份有限公司（以下简 称"公司"）的委托，指派本所律师出席公司 2025 年第四次临时股东会（以下 简称"本次股东会"），对本次股东会的相关事项进行见证并出具法律意见。 为出具本法律意见书，本所律师审查了公司提供的相关文件，该等文件包括 但不限于： 1.现行有效的公司章程； 2.于 2025 年 8 月 28 日发布在上海证券交易所网站（www.sse.com.cn）上的 公司关于召开 2025 年第四次临时股东会的通知的公告； 3.公司本次股东会股权登记日（2025 年 9 月 10 日） ...

Core Viewpoint - The announcement from Jiahe Meikang (688246.SH) reveals that shareholder Saifu Puxin plans to reduce its stake in the company due to liquidity needs, intending to sell up to 2,672,492 shares, representing 1.94% of the total share capital [1][2]. Shareholder Reduction Plan - Saifu Puxin intends to sell shares through centralized bidding within 90 days after the announcement, starting from three trading days post-disclosure [1]. - The planned cash-out from this reduction is approximately 79.91 million yuan, based on the closing price of 29.90 yuan per share on September 10 [2]. Shareholding Details - As of the announcement date, Saifu Puxin holds 2,672,492 shares, which is 1.94% of the total shares, acquired prior to the company's IPO [2]. - Saifu Puxin has previously reduced its holdings, selling 2,063,776 shares between April 3 and June 27, 2025, at prices ranging from 26.19 yuan to 33.85 yuan per share [3][4]. Historical Reduction Summary - Since March 13, 2023, Saifu Puxin has cumulatively reduced its holdings by 593,960 shares, realizing approximately 199.20 million yuan in cash [4][5]. - The initial shareholding was 8,612,100 shares, accounting for 6.25% of the total share capital [4]. Company IPO and Fundraising - Jiahe Meikang went public on December 14, 2021, with an issue price of 39.50 yuan per share, raising a total of 1.362 billion yuan, netting 1.240 billion yuan after expenses [6]. - The funds raised are allocated for various projects, including electronic medical record development and operational capital [6].