Former GE Healthcare Greater China VP Song Jinsong Appointed President of Wandong Medical
WDM
Medical Imaging Device R&D Manufacturer
GE Healthcare
Digital Solution Provider
December 9,WDMAnnouncement was issued, stating that it recently received from the company's director and presidentMr. Xie YufengA written resignation report due to personal reasons, resigning from the positions of company director, member of the board's strategy committee, president, and chief engineer. After the resignation takes effect,No longer holds any position in the company.; while appointingMr. Song Jin-songAs the president, the term of office shall commence from the date of approval at this meeting until the expiration of the current board of directors' term.
▲ Song Jin-song
Official information from WDM shows that Song Jinsong was born in 1967, is currently 56 years old, and has served in various positions.GE (General Electric, USA) Greater China RegionGeneral Manager of Magnetic Resonance Department, Vice President and General Manager of Central/North Region, Vice President and General Manager of HCS, President of Fosun Hospital Investment Group, Senior Vice President of Fosun Pharmaceutical Group, Director and CEO of PKU HealthCare Industry Group Co., Ltd., Chairman of Peking University Medicine Co., Ltd.
According to "Baidu Baike", Song Jinsong received his Bachelor of Medicine degree from China Medical University in July 1991; obtained his Doctor of Imaging Medicine degree from Peking Union Medical College in July 1999; and conducted postdoctoral research at the University of Munich, Germany, from September 2002 to May 2003.
June 1999 - August 2002, served at GE Healthcare (China) Co., Ltd.CT Product Manager；
June 2003 - July 2015, from GE Healthcare ChinaMagnetic ResonanceThe manager of the South Area was promoted to Vice President of Greater China and General Manager of HCS.
Song Jinsong, who worked at GE for 16 years, successively joined after leaving his position.Fosun PharmaAndPKU HealthCare Industry Group, which has drawn attention from the industry.
July 17, 2015Song Jinsong joined Shanghai Fosun Pharmaceutical (Group) Co., Ltd. as Senior Vice President.
However, this relationship lasted for less than two years.March 29, 2017Fosun Pharma announced that Song Jinsong submitted a written resignation letter, resigning from the position of Senior Vice President due to personal reasons.
April 25, 2017Song Jin-song joined PKU HealthCare Industry Group Co., Ltd. as its CEO.On August 29 of the same yearBeijing University Medical Corporation announced that Song Jinsong has been elected as the chairman of the eighth board of directors. According to the 2022 annual report of Beijing University Medical Corporation, while serving as the chairman of Beijing University Medical Corporation, Song Jinsong also serves as a director and CEO of PKU HealthCare Industry Group Co., Ltd.
October 16, 2023PKU HealthCare Industry Group Co.,Ltd. announced that Song Jinsong has submitted a written resignation report, applying to resign from the positions of director and chairman of the company due to personal reasons, and will no longer hold any position in the company.
Now, with the release of WDM's announcement, Song Jinsong's destination has finally been settled.
Combining"Healthcare + Investment"Song Jinsong, with a dual background, led a team during his tenure at Fosun Pharma that excelled inHospital Mergers and Acquisitions and Main Business; After taking office as the CEO of PKU HealthCare Industry Group Co., Ltd., he formulatedA completely new strategic upgrade, aiming to transition from the medical services field to the broader health sector. Building on a robust foundation of internet healthcare, it seeks to create an integrated online and offline closed-loop service industry combining "health management + insurance."
In July 2021, PKU HealthCare Industry Group Co.,Ltd.Parent company Founder GroupThe judicial reorganization plan has been officially approved, and the bankruptcy reorganization has entered the execution phase; in 2022,Ping An of ChinaThrough Ping An Life HoldingNew Founder GroupChanges in management mechanisms at the group level, the need to balance multiple interests, and strategic progress being hindered.Increased performance pressureAnd so on, these issues might have become one of the reasons for Song Jin-song's departure.
And WDM, which he is about to take charge of, is China's first listed medical imaging equipment manufacturer. It has gone through several changes of ownership, including Beijing Pharmaceutical Group, China Resources Group, and Yuyue Technology. In 2021, Midea Group became the new shareholder of WDM.
WDM's main business isLarge Medical Imaging EquipmentThe research and development, manufacturing, and sales, which is closely related to Song Jinsong.Previously, there was a high degree of overlap in the service areas of GE Healthcare in China.According to the 2022 annual report, WDM'sDR, DRF (Medical Diagnostic X-ray Machine)Located in a leading position in the domestic market industry,Mobile DRRanked in the first tier of the domestic market,DSA, MRI, CT, Digital Mammography SystemIn the second tier of the domestic market.
However, in the past two years, the sales volume of WDM's DR has not been satisfactory:
In 2021, DR sales reached 1,463 units, year-on-yearReduce18.72%; 319 units of mobile DR were sold, a year-on-year increaseReduce61.57%。
In 2022, the production volume of DR was 976 sets, and the sales volume was 1,024 sets, with year-on-year changes in production and sales volume respectively.Decreased by 34% and 30%。
WDM explained that this was due to the fact that after a decade of rapid development, the DR market in China has begun to enter a cycle of stock updates, and the number of public DR tenders in 2022 decreased significantly.
At the same time, WDM's performance in the past three years has also been unstable, with net profits continuing to decline:
2020Revenue of 1.132 billion yuan, year-on-year+15.22%; Non-net profit attributable to parent company 226 million yuan, year-on-year+52.25%；
2021Revenue of 1.156 billion yuan, year-on-year+2.14%; Non-net profit attributable to母公司 shareholders was 160 million yuan, a significant year-on-year decline.-29.21%；
2022Revenue of 1.121 billion yuan, year-on-year-3.02%; Non-net profit attributable to parent company 157 million yuan, year-on-year-1.83%；
2021-2022It was during Xie Yufeng's term as the president of WDM.
Official information provided by WDM shows that Xie Yufeng was born in 1970, aged 53. He graduated with a bachelor’s degree in Optoelectronic Technology from Zhejiang University and obtained his master’s degree in Business Administration from Peking University. He has held various positions including Director of the Research Institute, Manager of the X-ray Product Development Department, Logistics Manager, General Manager Assistant, Director, Chairman, President, and Chief Engineer at Beijing Wandong Medical Technology Co., Ltd.
December 16, 2018, Xie Yufeng was elected as WDMChairman of the 8th Board of DirectorsThis year, Wu Guangming, the actual controller and then chairman of WDM, was administratively punished by the China Securities Regulatory Commission and disciplined by the Shanghai Stock Exchange due to non-compliance operations. He was publicly declared unsuitable for serving as a director, supervisor, or senior manager of a listed company for three years. It was under such circumstances that Xie Yufeng became the chairman.
December 29, 2020Xie Yufeng serves as the president of WDM, with a term starting from the date of approval until the end of the current board's term.
In early 2021, Midea Group became the controlling shareholder of WDM; on June 18 of the same year,Vice President and CTO of Midea GroupHu ZiqiangReplace Yu Feng Xie，ElectedChairman of the 9th Board of Directors of WDM.
Xie Yufeng is a veteran who remained from China Resources, having served as the Vice General Manager and Chief Engineer of WDM since 2006, contributing to WDM for 17 years up to now. According to the 2022 annual report, his term as Director & President of WDM runs from June 19, 2021, to June 18, 2024, with the end of the term approaching.7 Months, and Xie Yufeng only53 years old, even younger than his successor Song Jin-song4 Years Old. This resignation has led to speculation about whether it is related to WDM's performance in the past two years. As for Song Jinsong, who was highly anticipated, his path ahead is not without challenges, and only time will tell.