Midea Group — Midea: Wandong Medical losses, leadership and proposed disposal

analysisA March 2026 report of Wandong Medical’s annual disclosure records 2025 revenue of RMB1.347 billion, an attributable loss of RMB228 million and RMB252 million operating cash outflow. The company did not propose a year-end dividend. Investors quoted in the report contrasted the fourth-quarter loss with management’s earlier delivery expectations. Losses and missed expectations are not themselves findings of fraud or disclosure illegality. These figures belong to Wandong, not the listed Midea parent. Wandong attributed lower revenue to procurement-delivery delays and strategic repositioning. It said investment in higher-end products, public-hospital procurement and research contributed to profit and cash-flow pressure. ¹

analysisThe same report describes a proposed related-party sale of Wandong’s wholly owned Suzhou Wanying Medical Technology to Midea Imaging Technology (Shanghai) for RMB48 million. It also records Wang Jianguo’s election as Wandong chairman on 26 January 2026 after Ma Chibing left for personal reasons. The report describes an intended disposal, not proof that the equity transfer completed. Its price is compared with a reported RMB36.215 million carrying cost; the premium is not evidence that the transaction was improper. Wandong explained the sale by a change in business planning; the subsidiary’s cumulative 2024–2025 losses were reported as RMB17.089 million. ¹