Winning Health has released its 1Q26 results,reporting revenue of RMB397mn,up 15.21%YoY,and attributable net profit of RMB14mn,compared with RMB5mn in 1Q25.In our view,1Q revenue growth confirms the company’s business has entered arecovery cycle.As WiNEX and AI products achieve scale deployment and as project delivery and collection cycles improve,we expect operating cash flow and profitability to recover quarter by quarter.Meanwhile,high-margin businesses such as specialized large models,AI clinical assistants,and intelligent operations are scaling up,which will drive revenue mix optimization and gross margin improvement.Leveraging its core strengths in the WiNEX product and the WiNGPT large model,Winning has established a“foundation&engine”edge.Its products cover thousands of medical institutions nationwide,with asignificant presence in tertiary and group hospitals.We suggest continued focus on the progress of AI product deployment,the scaling of WiNEX deliveries,and the recovery of hospital budgets and orders.Maintain OVERWEIGHT.
Software and technical services drove 1Q revenue growth
Winning’s revenue recovery continued,with core software and technical services revenue in 1Q26 reaching RMB345mn,up 18.18%YoY,driven by the scaled delivery of WiNEX and the effective marketing of AI products.In 1Q26,gross margin was 30.77%,down 3.69pp YoY.The sales/admin/R&D expense ratio was 12.92%/9.74%/20.25%,a change of-2.04/+0.51/+5.4pp YoY.R&D expenses for the quarter amounted to RMB80.5mn,a significant increase of 57.14%YoY that supports AI large model development,intelligent product iteration,and clinical scenario implementation.AI capabilities have now been embedded into the WiNEX system,creating afully integrated data and model architecture,which builds differentiated technological barriers to entry while advancing the company’s AI strategy.
AI strategy being implemented
Winning’s expansion into AI healthcare is beginning to deliver tangible results,supported by continuous improvements in its technology and product portfolio.So far in 2026,the company has established an AI Healthcare Business Unit and launched core products such as WiNTALK,a voice assistant for medical staff,and WiNBOT,a dedicated AI workstation for doctors.These products cover arange of scenarios,including clinical voice interaction,research data organization,and operational intelligence queries.Coverage of these domains advances AI from an auxiliary tool to aclinical intelligent partner.
Winning’s proprietary medical vertical large model,WiNGPT,has been upgraded to version 3.5,and WiNEX Copilot to version 3.0.Both integrate over ahundred AI scenarios into intelligent agents,enhancing diagnostic and treatment efficiency.
Regarding collaboration,in March,Winning partnered with the Obstetrics and Gynecology Hospital of Fudan University to launch the“Hongfangzi Qiyuan AI Obstetrics and Gynecology Large Model”.WiNGPT serves as the core engine,supporting specialized capabilities such as CDSS,disease-specific quality control,and multidisciplinary consultations.Concurrently,as acore council member,Winning joined the“Hongfangzi Obstetrics and Gynecology Digital Intelligence Innovation Alliance”,fostering collaboration in specialized AI,data governance,and standard setting.This opens up commercial opportunities in vertical fields like obstetrics and gynecology.
Earnings forecasts and valuation
We maintain our earnings forecasts,projecting revenue of RMB2.45/2.83/3.27bn for 2026/2027/2028 and attributable net profit of RMB40/209/402mn.Based on the Wind consensus average of 7.9x 2026E PS for peers,and considering the company’s growing competitive advantage in AI healthcare,we assign atarget multiple of 10.0x 2026E PS.Our target price remains RMB11.14.
Risks:Slower WiNEX adoption than we expect,slower development of medical AI technology than we expect.

　　事项：
　　近期，公司发布2025年报及2026年一季度报告：2025年，实现营业收入21.06亿元，同比下滑24.30%；归母净利润亏损3.74亿元，上年同期盈利0.88亿元；扣非净利润亏损3.55亿元，上年同期盈利1.24亿元。2026年一季度实现营业收入3.97亿元，同比增长15.21%；归母净利润0.14亿元，同比增长165.26%；扣非净利润0.02亿元，同比下滑68.01%。
　　评论：
　　2025年：营收短期承压，归母净利润首次年度亏损。2025年，实现营业收入21.06亿元，同比下滑24.30%，主要系宏观环境、行业需求波动、市场竞争加剧、WiNEX产品在升级替换过程中尚未转化为规模收入等因素影响。归母净利润为亏损3.74亿元，是上市以来首次年度亏损，主要系收入下滑，毛利率下降、三费增加导致，其中2026年毛利率为32.83%，同比下滑8.85pct；三费合计约为8.31亿元，同比增加2.63%。
　　WiNEX产品技术升级，交付规模与能力提升。2025年，公司对WiNEX产品持续打磨，进一步实现业务场景消息统一聚合、多语言语义中枢统一管理、系统权限统一管控及异常机制统一管理，夯实了产品技术底座与质量保障体系。同时，推进“出厂即可用2.0”模式，逐步向“AI+交付”模式升级，使得WiNEX产品交付规模与标准化交付能力持续提升。
　　2026年一季度：营收增速环比转正，毛利率持续承压。2026年第一季度，公司实现营业收入3.97亿元，同比增长15.21%，是2024年Q2以来实现单季度营收增速为正。公司归母净利润0.14亿元，同比增长165.26%，主要受益于营收增加、叠加政府补贴计入。2026Q1公司毛利率为30.77%，同比下降3.69pct，较2025年下降2.06pct，持续承压。
　　投资建议：考虑2025年公司业务表现，结合2026年Q1收入增速转正，我们调整盈利预测，预计公司2026-2028年营业收入分别为24.30/27.59/30.86亿元，对应增速15.4%/13.6%/11.8%；归母净利润为0.52/1.81/3.18亿元，同比分别为扭亏/249.4%/76.4%；对应EPS（摊薄）分别为0.02/0.08/0.14元。估值方面，参考可比公司，结合公司历史估值，我们给予公司2026年10xPS，对应目标价11.04元，维持“推荐”评级。
　　风险提示：下游需求恢复不及预期；WiNEX产品推广不及预期；AI技术发展不及预期等。

　　公司发布2026年一季报，实现营业收入3.97亿元，同比增长15.21%，实现归母净利润0.14亿元，25Q1为0.05亿元。一季度营收增长验证公司业务进入复苏周期，随着WiNEX及AI产品规模化落地、项目交付与回款节奏改善，经营现金流与盈利能力有望逐季修复。同时，专科大模型、AI临床助手、智能运营等高毛利业务逐步放量，将驱动收入结构优化与毛利率提升。公司依托WiNEX产品与WiNGPT大模型双核心，形成“底座+引擎”优势，产品覆盖全国数千家医疗机构，在三级医院与集团化医院中优势显著。我们建议持续关注AI产品落地进度、WiNEX交付放量及医院端预算与订单恢复情况，维持增持评级。
　　软件及技术服务驱动一季度收入增长
　　公司营收端延续复苏态势，核心软件及技术服务收入3.45亿元，同比增长18.18%，主要得益于WiNEX规模化交付与AI产品推广成效显著。2026Q1公司毛利率为30.77%，同比下降3.69pct，销售/管理/研发费率分别为12.92%/9.74%/20.25%，同比变动-2.04/0.51/5.4pct，一季度研发费用达8050万元，同比大增57.14%，为AI大模型、智能产品迭代与临床场景落地提供坚实保障，AI能力已深度内生于WiNEX系统，实现数据与模型底层一体融合，构筑差异化技术壁垒，推动AI战略持续深化。
　　AI战略加速落地，产品与生态双轮驱动
　　公司AI医疗转型进入落地兑现期，技术与产品体系持续完善。2026以来，公司成立AI医疗事业部，推出WiNTALK医护随身语音管家、WiNBOT医生专属AI工作站等核心产品，覆盖临床语音交互、科研数据整理、运营智能问数等场景，推动AI从辅助工具向临床智能伙伴升级。技术层面，自主研发医疗垂直大模型WiNGPT迭代至3.5版本，WiNEXCopilot升级为3.0版，整合百余个AI场景为智能Agent，显著提升诊疗效能。生态合作层面，3月联合复旦大学附属妇产科医院发布“红房子·启元AI妇产大模型”，WiNGPT作为核心引擎嵌入，支撑CDSS、专病质控、多学科会诊等专科能力，同时以核心理事单位加入“红房子妇产数智创新联盟”，在专科AI、数据治理、标准建设等方面深度协同，打开妇产等垂直领域商业化空间。
　　经营效率持续提升，交付及管理机制优化
　　公司以AI重构研发、交付、运营全链路，经营质效稳步改善。研发端采用“LLM+Agent+Skill”智能开发体系，三大智能体覆盖需求至测试全流程，推动产研从“人带工具”向“AI主导、人做决策”转变，研发效率与创新速度同步提升。交付端创新“1人+5Agent”人机协同模式，通过智能分析师、策略规划师、数据分析师等智能体协同，实现交付从经验驱动向智能驱动升级，项目交付周期缩短、规模化交付能力增强，支撑WiNEX全国拓展。管理端持续推进数字化与智能化，ChatBI等工具赋能运营决策，AI逐步从“助手”升级为“伙伴”，推动组织向人机协同演进，长期将有效降低运营成本、提升人均效能。
　　盈利预测与估值
　　维持盈利预测，预计2026-28年收入分别为24.53/28.28/32.70亿元，归母净利润分别为0.40/2.09/4.02亿元。参考可比公司Wind一致预测均值7.9倍26PS，考虑公司AI医疗竞争优势不断加强，给予公司10.0倍26PS，维持目标价11.14元。
　　风险提示：WiNEX推广低于预期；医疗AI技术发展低于预期。

For 2025,Winning Health's revenue was RMB2,106mn(-24.30%YoY),and attributable net profit(NP)was RMB-374mn(-525.38%YoY),in line with its profit alert.The company attribute revenue and profit declines mainly to slowing demand in the healthcare IT sector,delayed project acceptances,and the fact that the upgraded WiNEX product has yet to generate revenue at scale.Furthermore,the company faced multiple headwinds,including rigid labor costs,asset impairment provisions,internet healthcare business adjustments,and supplementary tax payments.For 4Q25,revenue was RMB810mn,with the YoY decline narrowing notably to-6.74%,showing signs of marginal operational improvement;attributable net loss was RMB-132mn(widening by 98.53%YoY).For 2025,net operating cash flow was RMB555mn(+36.28%YoY).Considering the gradual recovery of hospital tenders,we expect the company to resume revenue growth and turn profitable.Maintain OVERWEIGHT.
GPM faced short-term pressure
For 2025,GPM was 32.83%,down by 8.85pp YoY,mainly because delayed deliveries of some hospital projects put short-term pressure on software and service GPMs.Sales/administrative/R&D expense ratios were 15.18/8.45/15.84%(+2.85/+1.18/+6.33pp YoY on rigid personnel costs amid arevenue decline).The company continued to optimize its business mix,shutting down and divested its inefficient internet healthcare business to focus on the core healthcare IT segment,and the revenue proportion of software&services rose to 82.35%.The overseas arm achieved breakthroughs,with revenue growing by 38.00%YoY and Southeast Asian markets offering new increments.Regarding subsidiaries,the company optimized and integrated operations,sold inefficient assets,and focused on high-value regions and core businesses.We expect steadily improving operating efficiency could pave the way for profit recovery in 2026.
Earnings forecasts and valuation
Considering the company focuses on software services and scales back its hardware segment,we trim our estimates for system integration revenue growth.We now project 2026/2027/2028 revenue at RMB2,453/2,828/3,270mn(-10.89/-6.50%vs previous 2026/2027 estimates)and attributable NP at RMB40/209/402mn(-87.91/-58.28%vs previous 2026/2027 estimates on downward revisions to revenue growth/software&service GPMs and upward revisions to expense ratios/asset impairment losses).We value the stock at 10.0x 2026E PS,a premium over its peers'average of 7.8x on Wind consensus to factor in the company's strengthening competitive edges in AI healthcare.Our target price is RMB11.14(previous:RMB10.46,based on 70x 2026E PE,vs its peers'average of 51.1x).
Risks:WiNEX adoption and healthcare AI technology development missing our expectations.

　　投资要点：
　　事件：公司2025年实现营业收入21.06亿元，同比下降24.30%；实现归母净利润-3.74亿元，上年同期盈利8789万元；实现扣非净利润-3.55亿元，上年同期盈利1.24亿元。
　　25Q4营收端企稳，利润改善可期。分产品，2025年医卫信息化、互联网医疗健康业务分别实现营业收入19.27亿、1.79亿元，同比下降21.17%、46.93%。2025年，公司收入、利润下滑主要受行业景气度承压、WiNEX尚未形成规模化收入等因素影响。2025Q4，公司实现营业收入8.10亿元，同比下降6.74%，收入端降幅收窄。公司已发布2026年股权激励，激励目标为2026-2029年利润不低于0.8/1.8/3.0/5.0亿元。
　　毛利率承压，费用率水平整体稳定。2025年毛利率为32.83%，同比下降8.85个百分点。销售费用率、管理费用率、财务费用率分别为15.18%、8.45%、2.95%，分别同比提升2.85、1.18、0.89个百分点，主要系收入下降而费用支出相对刚性。2025年，公司研发投入5.28亿元，占营业收入的25.08%，资本化率为36.86%，同比下降16.07个百分点，主要系上年资本化项目完工结转。
　　持续推动WiNEX和AI落地，海外业务初显潜力。WiNEX产品方面，公司将持续提升WiNEX交付规模与标准化交付能力，推进“出厂即可用2.0”模式，逐步向“AI+交付”模式升级，交付效率有望进一步提升。AI医疗业务方面，2025年，公司升级发布WiNGPT3.5Turbo和WiNEXCopilot3.0；2026年，公司新设AI医疗事业部，有望推动AI产品在更多临床高价值场景落地。海外业务方面，2025年，公司实现海外业务收入725万元，同比增长38%，公司将借助海外生态伙伴渠道，积极布局东南亚及亚洲市场，培育新的增长点。
　　盈利预测与投资建议：基于2025年报，若不考虑股权激励相关费用，预计公司2026-2028年归母净利润为0.67/1.80/3.09亿元，对应4月16日收盘价PE为282.9/105.4/61.3X，维持增持”评级。
　　风险提示：下游行业景气度不及预期；同业竞争加剧；AI相关研发及落地不及预期。