On December 26, VISHEE announcedThe预定可使用状态时间of the "R&D Center Construction Project," "Informatization Construction Project," and "Rehabilitation Equipment Assembly and Debugging Project," which were funded by the raised capital, will be extended to December 31, 2025.

According to the announcement, these three projects were originally planned to use raised funds of 197 million yuan, 44.75 million yuan, and 79.7778 million yuan, respectively. As of November 30, 2024, the accumulated investment of raised funds has reached 175 million yuan, 8.4127 million yuan, and 42.0073 million yuan, respectively.

On the evening of December 26, VISHEE issued an announcement stating that the second meeting of the Fourth Board of Supervisors had reviewed and approved the "Proposal on the Extension of Certain Fundraising Projects." It announced that the scheduled operational readiness dates for its fundraising investment projects — "R&D Center Construction Project," "Information Technology Construction Project," and "Rehabilitation Equipment Assembly and Testing Project" — would be extended to December 31, 2025, postponing the original plan from December 2024.

Regarding this delay, VISHEE provided a specific explanation. The company stated that since the funds were put in place, the infrastructure project of "VISHEE Medical Headquarters R&D Economic Park," located in Tieshenqiao 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 time) 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. It would also adjust the expected usable state date of the R&D center construction project and the informatization construction project 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 Debugging Project" lacked prudence or was inconsistent with the company's actual operational needs, and whether the information disclosure regarding this project in the prospectus was inaccurate or incomplete. In its response, VISHEE stated that it would continue the construction of the Rehabilitation Equipment Assembly and Debugging Project and postpone the scheduled availability date to December 2024.

However, in April 2023, VISHEE announced plans to change the implementing entities, locations, and methods for its R&D center construction project and IT infrastructure project, citing reasons such as the planned relocation of the company’s headquarters. The estimated operational readiness date of the projects was also postponed again from September 2023 to December 2024.

However, according to CNR.com, on December 17, 2024, the headquarters R&D Economic Park of VISHEE, located in the South Park of Software Valley, Yuhuatai District, Nanjing, has been basically completed and is about to be put into use. As a major project in Nanjing, 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.National High-tech Enterprise, STAR Market Listed Company, National Specialized,精细化, and New "Little Giant" Enterprise.

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

• From 2001 to 2009, the focus was mainly on agency sales:

The company started with agency business and has been cooperating with Canadian TT Company since 2003. TT Company is an enterprise specializing in the manufacturing of biofeedback, neurofeedback, and psychophysiological instruments.

• From 2011 to 2019, independently developed and launched its own products:

While continuing to develop agency business, the company has increased its investment in independent research and development. Through independent R&D, the company has successively entered the mental rehabilitation market, the neurological rehabilitation market, and the pelvic floor and postpartum rehabilitation market.

• From 2020 to present, developing the next generation of rehabilitation medical technology:

In 2021, the company launched its rehabilitation robot product. In 2022, the company began expanding into the medical aesthetics field, exploring new business growth opportunities.

VISHEE Medical successfully listed on the STAR Market in 2020, with its stock price experiencing a dramatic fluctuation. In the early stages of the listing, its 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 adjustment. From the stock's peak price to the present,It has been nearly four years, during which the maximum decline reached 88%. The current stock price is around 29 yuan, with a cumulative decline as high as 82%.

After successfully going public in 2020, the company's performance continued to rise in the first two years but suffered a major setback in the third year, with another decline in performance in 2022. The company stated that this was mainly due to the repeated impact of the pandemic, which affected market academic promotion, hospital sales, logistics transportation, and installation services to varying degrees. In 2023, the company performed well. However, considering the influence of the broader economic environment, the company’s stock price did not see a significant rebound.

As a leader in the rehabilitation medical device field, VISHEE's main business covers multiple aspects such as research and development, production, and sales. Relying on six major technology platforms—electrophysiology, electrical stimulation, magnetic stimulation, radiofrequency, laser, and rehabilitation robotics—the company focuses on four key areas: pelvic floor and postpartum rehabilitation, mental health, neurological rehabilitation, and sports rehabilitation.

• Electrical Stimulation Products:

Main Products: MyOnyx Biofeedback Stimulator, Ruiyi Biofeedback Stimulator.

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

Purpose: Treatment of pelvic floor dysfunction (urinary incontinence, etc.), postpartum issues (uterine involution, etc.), and motor dysfunction, etc.

• Magnetic Stimulation Products:

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.

• Electrophysiology Products:

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.

• Rehabilitation Robot:

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.

• Medical Beauty Energy Source Products:

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

Efficacy: Shaping magnets for postpartum recovery 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.

• Consumables and Accessories:

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 generated 200 million yuan in revenue, accounting for 43.17% of the company's total income, making them 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 products, electrical stimulation products, and laser radiofrequency products contributed 14%, 13.6%, and 8% of the revenue share respectively.

——

VISHEE Still Has Certain Development Advantages. 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 broad development space for rehabilitation medical device companies like VISHEE. In addition, VISHEE has also focused on the layout of medical aesthetics energy-based devices. As people's pursuit of beauty continues to rise, the medical aesthetics market is showing vigorous development. Relying on its profound background and technical advantages in the field of biomedical engineering, VISHEE actively develops medical aesthetics energy-based device products, which is expected to create the company’s second growth curve. Currently, VISHEE is adjusting projects in view of the economic environment, which is beneficial for strengthening its layout and continuous expansion. For further developments regarding VISHEE, DeviceHome will continue to track and report.

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