Weisi Medical's Roller-Coaster Performance Over the Past Five Years Shows Recovery in First Three Quarters of 2025

Source: Cailian Press

The STAR Market Daily, October 23rd, by reporter Shi ShiyunOn the evening of October 22,VISHEE(688580.SH) Discloses Q3 Earnings Report. During the reporting period, the company achieved revenue of 115 million yuan, an increase of 14.87% compared to the same period last year; the net profit attributable to shareholders was 32.824 million yuan, with a year-on-year increase of 14.99%; the non-recurring net profit was 30.0288 million yuan, representing a year-on-year growth of 21.61%.

From the overall performance in the first three quarters, VISHEE achieved a cumulative revenue of 326 million yuan, representing a year-on-year increase of 11.58%, and a non-net profit of 93.60 million yuan, marking a year-on-year increase of 37.35%.

According to the earnings report, VISHEE's net cash flow from operating activities in the first three quarters was 104 million yuan, representing a year-on-year increase of 69.02%.

If calculated based on the closing price of 47.79 yuan per share on October 22, VISHEE's current P/E ratio (TTM) is approximately 36.34 times, and its P/B ratio (LF) is about 2.76 times.

VISHEE's main business is the research and development, production, and sales of medical devices. The company's products mainly include electrical stimulation, magnetic stimulation, electrophysiological, and rehabilitation categories.RobotMedical devices and related products for rehabilitation, with application areas covering multiple细分fields such as pelvic floor and postpartum rehabilitation, neurological rehabilitation, psychiatric rehabilitation, and pediatric rehabilitation.

Since the beginning of this year, whether in a single quarter or half-year period, VISHEE has delivered financial results showing double growth in both revenue and net profit. However, if we extend the timeline, since its listing on the STAR Market in 2020, the performance growth of VISHEE over the past five years has shown roller-coaster-like fluctuations.

Performance report data shows,From 2020 to 2024, VISHEE's revenue was 378 million yuan, 430 million yuan, 322 million yuan, 462 million yuan, and 400 million yuan, respectively. During the same period, the net profit attributable to parent company was 144 million yuan, 178 million yuan, 94 million yuan, 136 million yuan, and 102 million yuan, respectively.

Revenue and profit growth rates have also been volatile. From 2020 to 2024, the revenue growth rates were 18.66%, 13.66%, -25.21%, 43.72%, and -13.45%, respectively, while the net profit growth rates attributable to shareholders were 44.06%, 23.77%, -47.23%, 45.22%, and -25.16%.

Especially in 2022, VISHEE's performance "took a dramatic turn for the worse," marking the first negative growth since its listing. At that time, VISHEE attributed the reasons to the impact of the pandemic, which hindered bidding and market promotion activities, leading to the decline in performance.

By 2024, VISHEE's revenue and net profit have once again seen a dual decline. The company mentioned it is facing challenges such as relatively insufficient market demand and intensified competition.It was also in this year that VISHEE's gross profit margin "bottomed out" at 65.45%, the lowest in nearly five years.

According to reports,The rehabilitation medical device industry where VISHEE is located features a highly dispersed competitive landscape, with a large number of small and medium-sized enterprises and a relatively low market concentration.

Currently, the rehabilitation medical device market in China exhibits clear stratification characteristics: mid-to-low-end products are predominantly imitations, with prominent homogeneity issues and generally low unit prices, while the high-end market is dominated by imported products. Meanwhile, the entire process of research and development, market entry, and promotion of rehabilitation devices not only requires substantial financial investment but also undergoes a lengthy market cultivation cycle.

This means that companies in the industry not only have to face fierce competition in the stock market, but also bear the pressure of high R&D investment and long return cycles. If leading companies want to break through, they need to build core advantages in technological innovation, product differentiation layout, and deep cultivation of market channels.

To solidify its market share, VISHEE is exploring new niche markets. In its 2025 mid-year report, the company explicitly stated that in the second half of the year, it will deepen its strategy of "focusing on core rehabilitation businesses while expanding into emerging sectors." While enriching its rehabilitation product portfolio, VISHEE will also intensify its efforts in emerging sectors such as photomedicine aesthetics and urology.

Currently, VISHEE has entered the field of urological laser treatment through the acquisition of Crysdale Laser.

In the medical aesthetics field,VISHEE has laid out products such as body contouring magnets, picosecond lasers, and radiofrequency.It aims to accelerate the commercialization of medical aesthetics products, expand the large-scale sales of three major product categories—skin, body, and intimate—and create a second growth curve.

However, the medical aesthetics market has a fast iteration pace and is susceptible to multiple factors such as policy adjustments, market demand fluctuations, and changes in consumer preferences, requiring companies to respond with flexible marketing strategies.

Moreover, according to VISHEE's response to investors on the SSE e-Interactive platform, the company has accumulated core technologies and multiple patents in the field of non-invasive brain-computer interfaces, such as EEG signal acquisition, interference correction, transmission analysis, and machine learning algorithms, which will accelerate the deep integration of brain-computer interfaces with rehabilitation technologies.

Another noteworthy point is that VISHEE Medical was previously embroiled in a dispute withMeland(688273.SH) also released its Q3 earnings report on the evening of October 22.

Data shows,Malande's Q3 revenue reached 103 million yuan, a year-on-year increase of 0.42%, while the net profit after deducting non-recurring gains and losses was 19.0819 million yuan, a year-on-year decrease of 14.64%. In the first three quarters, the revenue amounted to 344 million yuan, a year-on-year increase of 4.01%, and the net profit was 79.8049 million yuan, a year-on-year decrease of 9.74%, showing a situation of revenue growth without profit growth.

Mylan focuses on the research and production of medical device products in the pelvic floor and obstetrics and gynecology rehabilitation fields. There is a high degree of overlap between its business scope and that of VISHEE, and this business overlap has also become the core cause of the ongoing disputes between the two parties.

Public information shows that, among the four core technical staff members disclosed in the previous Malande prospectus, Yang Ruijia, Shi Zhihuai, and Fan Lu all had work experience at VISHEE. Among them, Yang Ruijia and Shi Zhihuai served as Product Director and R&D Director, respectively. However, while they were still employed, they established Malande, a competing company, by having relatives and friends hold shares on their behalf.

Thereafter, VISHEE initiated multiple lawsuits on the grounds of core patent disputes, accusing Yang Ruijia and Shi Zhihuai of violating non-compete clauses. According to the judgment documents, in 2015, VISHEE sued Malende, claiming that all nine patents involved were service inventions. After two years of trial up to the Jiangsu Higher People's Court's verdict, the court ultimately recognized four of the patents as belonging to VISHEE’s service invention category.

(Reporter Shiyun Shi from the STAR Market Daily)