Chinese Rehab Medical Device Leader Weisi Medical Announces Further Delay of Key Funded Projects

On December 26, VISHEE announced on the Shanghai Stock Exchange that its investment in"The预定可使 of R&D Center Construction Project, Informatization Construction Project, and Rehabilitation Equipment Assembly and Debugging Project"The status time will be extended to December 31, 2025., which is a delay from the original plan of December 2024.

According to the announcement,These three projects were originally planned to use raised investment funds of 197 million yuan, 44.75 million yuan, and 79.7778 million yuan, respectively.As of November 30, 2024, a total of 175 million yuan, 8.4127 million yuan, and 42.0073 million yuan of raised funds have been invested.

Regarding this delay, VISHEE provided a specific explanation.

The company stated that since the funds were raised, the infrastructure construction of "VISHEE Medical Headquarters R&D Economic Park," located in Tiexinqiao Street, Yuhuatai District, Nanjing City (east of Ningdan Road and west of the Beijing-Shanghai High-Speed Railway), has been fully completed.However, the current internal environment and supporting facilities have not yet reached the standard for office use, and internal decoration and office environment construction are still required.Therefore, the company's original plan for the overall relocation of its office headquarters has also been postponed to December 2025.

Based on the overall development progress of the R&D Economic Park, the delay in the relocation plan for the company's headquarters office, and the actual investment progress of the three fundraising projects, the company has decided to extend the预定可使用状态时间 (预定 availability date) of these projects to December 31, 2025.

These projects have previously experienced multiple delays and changes.In June 2022, VISHEE announced that it planned to terminate the construction of the rehabilitation equipment assembly and debugging project., and the expected usable state date for the R&D center construction project and the informatization construction project has been adjusted from September 2022 to September 2023.

Moreover, the delay of the fundraising projects has drawn the attention of the Shanghai Stock Exchange (SSE). The SSE requested VISHEE to explain whether the initial planning of the "Rehabilitation Equipment Assembly and Testing Project" was imprudent or inconsistent with the company’s actual operational needs, and whether the information disclosed in the prospectus regarding this project was inaccurate or incomplete. In its response, VISHEE stated that it would continue the construction of the Rehabilitation Equipment Assembly and Testing Project and postpone the scheduled availability date to December 2024.

However,In April 2023, VISHEE Medical cited reasons such as the planned relocation of the company's headquarters., announced the proposed changes to the implementation entities, locations, and methods of the R&D center construction project and the informatization construction project, and once again postponed the estimated available status date of the projects from September 2023 to December 2024.

But according to CNR,Report on December 17, 2024: The VISHEE Medical Headquarters R&D Economic Park, located in the South Park of Software Valley, Yuhuatai District, Nanjing City, has been basically completed and is about to be put into use.As a major project in Nanjing City, the park has a total construction area of approximately 69,000 square meters, including office buildings, research and development centers, production workshops, etc. After completion, it will mainly focus on the research and development of rehabilitation medical devices and medical beauty-related products.

VISHEE was founded in 2001, with its headquarters located in Nanjing. It is a medical device company that provides high-quality products and solutions for rehabilitation medicine.Listed on the STAR Market in 2020, is a national-level specialized and new "little giant" enterprise.

The development process of the company over the past twenty years can be simply divided into the following stages:

Since its listing on the STAR Market, VISHEE's stock price has experienced dramatic fluctuations. In the early stages of its IPO, the stock price quickly surged to a high of 166 yuan, but then encountered a sharp decline. Although there was a rebound in 2021, it was followed by an even more intense round of adjustments.Since the stock price peaked nearly four years ago, the maximum decline has reached 88%., the current stock price is around 29 yuan, with a cumulative decline as high as 82%.

In terms of performance, the company's results have continued to climb over the past two years.But in the third year, it met Waterloo, and its performance declined again in 2022.VISHEE has been mainly impacted by the recurring outbreaks of the pandemic, with various aspects such as academic market promotion, hospital sales, logistics transportation, and installation services all being affected to different extents.In 2023, the company performed well. However, considering the impact of the economic environment, there was no significant recovery in the company's stock price.。

As a leader in the field of rehabilitation medical devices, VISHEEMain business covers multiple links such as R&D, production, and sales.The company relies on six major technology platforms—electrophysiology, electrical stimulation, magnetic stimulation, radiofrequency, laser, and rehabilitation robotics—to deeply cultivate four major fields: pelvic floor and postpartum rehabilitation, mental health, neurological rehabilitation, and sports rehabilitation.

Main Products: MyOnyx Biofeedback Stimulator, Ruiyi Biofeedback Stimulator.

Application Areas: Obstetrics and Gynecology Related Departments (Obstetrics and Gynecology, Child Health Care Department, etc.), Rehabilitation Department, Proctology, Urology.

Application: Treatment of pelvic floor dysfunction (such as urinary incontinence), postpartum issues (such as uterine involution), movement disorders, etc.

Product Range: Transcranial Magnetic Stimulators, Pelvic Floor Magnetic Stimulators, Pulsed Magnetic Field Therapy Devices, etc.

Applications and Uses: Neuroelectrophysiological examination, adjunctive treatment for symptoms such as low mood, anxiety, and conditions like urinary incontinence and constipation.

Including: Multi-parameter Biofeedback Instrument, Surface Electromyography Analysis System, Neonatal EEG Measurement Instrument.

Applied Departments: Psychiatry, Psychology, Child Healthcare, Neurology, Rehabilitation, Neonatology.

Applications: Treatment of anxiety disorders and ADHD in children, assessment of nerve and muscle function, screening for neonatal brain injury, etc.

Products: X-walk Series Exoskeleton Robots, X-locom Series Rehabilitation Training Systems.

Application: Rehabilitation Department, Orthopedics Department, Neurology Department, assisting paraplegic and hemiplegic patients in regaining walking ability.

Product Matrix: Covering multiple fields such as obstetrics and gynecology, dermatology, and medical aesthetics.

Efficacy: Shaping magnets for postpartum rehabilitation and fat reduction, radio frequency for intimate care and anti-aging, and picosecond lasers for tattoo removal, etc.

Goal: To become a leading brand in China's medical aesthetics energy source market within 5 years.

Including: vaginal electrode, rectal electrode, pelvic floor training probe, pelvic floor muscle rehabilitator.

Application: Obstetrics and gynecology, pelvic floor rehabilitation centers, etc., used with the main unit to deliver electrical stimulation or electromyographic signals.

The financial report data for 2023 shows,Magnetic stimulation products accounted for 43.17% of the company's total revenue with 200 million yuan in revenue., becoming the undisputed main product. At the same time, consumables and accessories achieved a revenue of 0.76 billion yuan, accounting for 16.48%. In addition, electrophysiological, electrical stimulation, and laser radiofrequency products contributed 14%, 13.6%, and 8% of the revenue share respectively.

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With the intensification of population aging and the continuous increase in the number of people with chronic diseases,The demand for rehabilitation medical services and rehabilitation medical devices shows a continuous growth trend.. This trend provides opportunities for rehabilitation medical device companies such as VISHEE.Vast Development Space。

In addition,VISHEE has also focused on the layout of medical beauty energy source equipment field.As people's pursuit of beauty continues to increase, the medical aesthetics market is showing a vigorous development trend. VISHEE, with its strong foundation and technical advantages in the field of biomedical engineering, is actively developing energy-based medical aesthetic devices, which is expected to create a second growth curve for the company. Currently, VISHEE is adjusting its projects in response to the broader economic environment, which will help strengthen its strategic layout and continuous expansion.