Core Viewpoint - Meizhong Jiahe (2453.HK) has achieved a significant breakthrough in the treatment of choroidal malignant melanoma by successfully completing the first proton therapy in China, which preserves the patient's eye and vision, filling a treatment gap in the country [1][2]. Group 1: Treatment Innovation - The proton therapy using "pencil beam scanning" technology allows for high-dose radiation to be precisely focused on the tumor while minimizing damage to surrounding critical structures, marking a shift from destructive to functional treatment [1][2]. - Traditional treatment methods primarily involved enucleation, which resulted in permanent blindness and facial disfigurement for patients [1]. Group 2: Patient Outcomes - The first patient treated, a 45-year-old male from Hunan, experienced a significant improvement in vision from 0.1 to 0.4 within 48 hours post-treatment, with tumor markers decreasing by 90% and no complications such as corneal ulcers or retinal detachment [2]. - The patient expressed satisfaction with the treatment, stating he was able to retain his eye and continue working, contrasting with his initial expectation of undergoing enucleation [2]. Group 3: Market Potential - Proton therapy is recommended as a first-line treatment for choroidal melanoma in the 2024 NCCN guidelines, providing evidence-based support for eye-preserving strategies [2]. - With approximately 2,500 new cases of choroidal malignant melanoma diagnosed annually in China, Meizhong Jiahe's advancements in this field are expected to benefit domestic patients and create substantial market opportunities for the company [2].

美中嘉和公告，控股股东北京泰和诚于2025年6月20日通过大宗交易出售3280万股公司H股，每股价格 为6.12港元，占公司已发行股份总数的约4.46%。董事会预计此次减持不会对公司的业务经营造成不利 影响。 ...

Q&A 请介绍一下质子治疗和重离子治疗行业的最新发展情况，以及相关政策的解读。 质子重离子治疗属于国家甲类大型医用设备，配置许可由国家卫健委管控。目 前国内已发放约 53 台质子重离子的配置许可，但实际开业的治疗中心数量仍 然很少。相比欧美国家，中国在质子重离子治疗设备数量上仍然落后。2024 年 2 月，国家卫健委发布通知，允许全国非公立医院单独申请 8 张配置许可， 其中 5 张已在 2024 年发放，剩余 3 张将在 2025 年发放。这次最新通知将非 公立与公立医院一起申报，这对民营医院较为友好，可以选择单独申请或与公 立医院竞争。 公司方面，我们广州泰康肿瘤医院的质子中心已获得所有牌照， 并于 2024 年底正式投入运营。上海太和肿瘤医院正在建设中，计划在这一批 次申请社会办医赛道中的一张牌照。我们的设备来自比利时 IBA，相较于上海 地区已有两家开业的质子治疗中心，我们的进口设备具有一定优势。此外，我 们在华北地区布局了石家庄医院，与石药集团合资建设，将配备一台重离子设 美中嘉和 20250611 摘要 国家卫健委放宽质子重离子配置许可，利好民营医院。广州泰康肿瘤医 院质子中心已运营，上海太和肿瘤 ...

Company Overview - Meizhong Jiahe Medical Technology Development Group Co., Ltd. is a leading comprehensive oncology medical solution platform in China, focusing on advanced oncology diagnosis and treatment technology research, development, transformation, and application [4] - The company has attracted significant strategic investments from well-known institutions such as CICC Capital, CITIC Xingye, and Shenshan Asset, positioning itself as a mixed-ownership enterprise to promote the development and transformation of medical services in China [4] - Meizhong Jiahe operates multiple international oncology specialty medical institutions across major cities in China, ranking second among private oncology medical groups in terms of the number of owned medical institutions [4] Financial Performance - As of December 31, 2024, Meizhong Jiahe reported total operating revenue of 388 million yuan, a year-on-year decrease of 27.91%, and a net profit attributable to shareholders of -443 million yuan, a year-on-year decrease of 18.8% [2] - The company's gross margin stands at -17.32%, with a debt-to-asset ratio of 67.82% [2] Market Position and Valuation - Currently, there are no institutional investment ratings for Meizhong Jiahe's stock [3] - The company's price-to-earnings (P/E) ratio is -9.38, ranking 76th in the healthcare equipment and services industry, which has an average P/E ratio of -20.22 [3] Business Model and Services - Meizhong Jiahe provides comprehensive oncology medical services, including diagnosis and treatment solutions, operational management, equipment leasing, and maintenance services [4] - The company has developed a cloud-based business model to empower enterprise clients, particularly in lower-tier cities, through remote consultation, quality control, supply chain management, and joint research [4][5] - The company has launched platforms such as "Jiahe Cloud Imaging Remote Medical Information Diagnosis Platform" and "Jiahe Feiyun Intelligent Radiotherapy Cloud Platform" to enhance the quality of oncology diagnosis and treatment in underserved areas [4] Technological Advancements - Meizhong Jiahe has strong technical capabilities in radiation therapy, having hosted the first guideline project approved by the National Cancer Center's Radiation Quality Control Expert Committee led by a private medical institution [5] - The company has received approval for additional guidelines related to radiation therapy data auditing and remote treatment planning, further solidifying its expertise in the field [5]

Core Insights - The article highlights the significant breakthrough of Meizhong Jiahe (02453.HK) in the field of tumor precision diagnosis and treatment, particularly with the launch of its self-developed proton therapy vertical large language model [1][4] - The deployment of this model at Guangzhou Taihe Tumor Hospital marks a milestone in the intelligentization of tumor medical services, showcasing the company's strong technical capabilities and immense commercial potential [1][4] Company Developments - Meizhong Jiahe's subsidiary, Beijing Hexin Kang Technology Co., Ltd., established in 2015, focuses on improving medical services through artificial intelligence technology [1] - The proton large model is a pioneering achievement in the proton therapy vertical field, establishing industry technical standards and filling a gap in the market [1][3] Application and Impact - The proton large model has been successfully implemented at Guangzhou Taihe Tumor Hospital, which is the first clinical center in South China equipped with the Varian ProBeam proton radiation therapy system [2] - The model's training data is sourced from the hospital's clinical processes, ensuring accuracy and relevance, which enhances the efficiency of "human-machine collaboration" in treatment [2] Future Plans - The development plan for the proton large model extends beyond proton therapy, aiming to create an AI diagnostic matrix covering the entire lifecycle of tumor screening, diagnosis, treatment, and rehabilitation [3] - This approach allows Meizhong Jiahe to improve the efficiency and quality of its medical services while also enabling diverse collaborations with other medical institutions through technology licensing and remote diagnostic support [3] Market Position - As the first company in Hong Kong to engage in proton therapy, Meizhong Jiahe has established a strong competitive barrier in the tumor diagnosis and treatment sector [4] - The launch of the proton large model elevates the company's advantages, redefining industry standards and accelerating the intelligent transformation of the tumor medical industry [4]

Company Overview - Meizhong Jiahe Medical Technology Development Group Co., Ltd. is a leading comprehensive oncology medical solution platform in China, focusing on advanced cancer diagnosis and treatment technology research, development, transformation, and application [4] - The company has attracted significant strategic investments from well-known institutions such as CICC Capital, CITIC Xingye, Shengshan Asset, and CSPC Pharmaceutical Group, positioning itself as a mixed-ownership enterprise to promote the development and transformation of medical services in China [4] - Meizhong Jiahe operates multiple international oncology specialty medical institutions across major cities in China, ranking second among private oncology medical groups in terms of the number of owned medical institutions [4] Financial Performance - As of December 31, 2024, Meizhong Jiahe reported total operating revenue of 388 million yuan, a year-on-year decrease of 27.91%, and a net profit attributable to shareholders of -443 million yuan, a year-on-year decrease of 18.8% [2] - The company's gross margin stands at -17.32%, with a debt-to-asset ratio of 67.82% [2] Market Position and Valuation - Currently, there are no institutional investment ratings for Meizhong Jiahe's stock [3] - The company's price-to-earnings (P/E) ratio is -9.86, ranking 76th in the healthcare equipment and services industry, which has an average P/E ratio of -22 [3] Business Model and Services - Meizhong Jiahe provides comprehensive oncology medical services throughout the treatment process, including tumor diagnosis and treatment solutions, operational management, equipment leasing, and maintenance services [4] - The company has developed a cloud-based business model to empower enterprise clients, particularly in lower-tier cities, through remote consultations, quality control in radiotherapy, supply chain management, and joint research [4][5] - The company has established advanced platforms such as the "Jiahe Cloud Imaging Remote Medical Information Diagnosis Platform" and the "Jiahe Feiyun Intelligent Radiotherapy Cloud Platform," which have been recognized in national pilot projects for 5G+ healthcare applications [4] Technological Strength - Meizhong Jiahe has strong technical capabilities in radiotherapy, with its experts leading the first guideline project approved by the National Cancer Center for a private medical institution [5] - The company has received approval for additional guidelines related to radiotherapy data quality assurance and the construction of remote radiotherapy planning platforms based on 5G technology [5]

Demographics and Market Demand - By the end of 2024, the population aged 60 and above in China is expected to exceed 310 million, with 90 million in the younger elderly group (60-65 years), indicating a significant demand for early cancer screening and precision treatment[8]. - The number of new cancer cases in China is significantly increasing, driven by aging population and chronic disease prevalence, creating new demands for cancer prevention and treatment[41]. Company Operations and Expansion - The company has been approved to operate 8 new proton therapy devices, positioning itself as a leading provider in the market, responding to the national policy encouraging social medical services[9]. - The Guangzhou Proton Center, operational by December 2024, will provide treatment for patients aged 4 to 75, covering high-incidence cancers such as head and neck tumors[10]. - The company is collaborating with county hospitals to establish cooperative centers, providing remote planning and MDT consultation services, enhancing grassroots medical capabilities[11]. - The company aims to penetrate second and third-tier cities by offering standardized oncology department solutions, with a contract signed with Shenmu City Hospital[14]. - The company is expanding internationally by offering customized packages for high-incidence cancers in Southeast Asia and establishing a cross-border medical payment system[14]. - The company is focusing on domestic production of proton auxiliary equipment to reduce operational costs and enhance technological autonomy[12]. - The company is leveraging AI and 5G technologies to empower grassroots medical networks, promoting early cancer screening and treatment accessibility[8]. - The group has established four offline self-operated medical institutions focused on high-end oncology medical services, primarily located in Guangzhou and Shanghai[22]. - The Guangzhou Taihe Cancer Hospital, with a planned total construction area of over 100,000 square meters, is set to provide advanced proton therapy services, marking a significant milestone in high-end medical services in South China[23]. - The Shanghai Taihe Cheng Cancer Hospital, under construction, will cover nearly 160,000 square meters and aims to provide precision radiotherapy services, enhancing competitiveness in the high-end medical service market[24]. - The group has launched a light asset business model for medical equipment, software, and related services, targeting hospitals in second and third-tier cities to improve radiation therapy and imaging diagnosis capabilities[26]. - The group aims to deepen cooperation with top international medical institutions to maintain leadership in oncology treatment technology[18]. - The group aims to optimize regional layout by penetrating second and third-tier cities and establishing international cancer treatment centers[42]. Financial Performance - Revenue decreased by 27.9% from RMB 538.7 million for the year ending December 31, 2023, to RMB 388.3 million for the year ending December 31, 2024[21]. - Gross loss increased by 3.3% from RMB 65.1 million for the year ending December 31, 2023, to RMB 67.2 million for the year ending December 31, 2024[21]. - Net loss increased by 13.7% from RMB 426.4 million for the year ending December 31, 2023, to RMB 484.8 million for the year ending December 31, 2024[21]. - Adjusted net loss increased by 5.5% from RMB 420.6 million for the year ending December 31, 2023, to RMB 443.9 million for the year ending December 31, 2024[21]. - Hospital business revenue fell by 15.1% from RMB 320.0 million in 2023 to RMB 271.6 million in 2024[50]. - Revenue from medical equipment, software, and related services dropped by 46.6% from RMB 218.7 million in 2023 to RMB 116.7 million in 2024[50]. - Sales and installation of medical equipment and software revenue decreased by 44.3% from RMB 178.3 million in 2023 to RMB 99.3 million in 2024[50]. - Total cost of sales reduced by 24.5% from RMB 603.7 million in 2023 to RMB 455.6 million in 2024[52]. - Employee benefits expenses decreased from RMB 164.9 million in 2023 to RMB 112.8 million in 2024, representing 24.8% of total sales costs[53]. - Management and technical support revenue fell by 69.9% from RMB 23.1 million in 2023 to RMB 7.0 million in 2024[54]. - Operating lease revenue decreased by 39.1% from RMB 17.2 million in 2023 to RMB 10.5 million in 2024[54]. - The gross profit margin for 2024 was -17.3%, compared to -12.1% in 2023[97]. - The net profit margin for 2024 was -124.9%, worsening from -79.2% in 2023[97]. Research and Development - The group has established a three-tier R&D system focusing on national-level research projects, international cooperation, and clinical trials, contributing to the development of precision medical equipment[31]. - The group has received recognition for its international research capabilities, with a joint project with the Mayo Clinic being approved by the U.S. National Institutes of Health[32]. - The AI business is leveraging high-quality medical data to train tumor models focused on proton therapy, aiming to provide precise information for patients and doctors[36]. - The group is focusing on tumor diagnosis and rehabilitation management, deepening collaboration with equipment manufacturers for integrated AI diagnostic systems[37]. - Research and development expenses decreased by 14.4% from RMB 36.4 million for the year ended December 31, 2023, to RMB 31.2 million for the year ending December 31, 2024, mainly due to reduced costs associated with software system development[62]. Corporate Governance and Management - The company has a strong governance structure with independent directors providing oversight and independent opinions[117]. - The company has a diverse board with members having extensive backgrounds in finance and management[119]. - The company is committed to maintaining compliance with the Company Law of the People's Republic of China regarding its supervisory board[118]. - The supervisory board consists of three supervisors, including one employee representative supervisor, with a term of three years[118]. - The company has established a remuneration and assessment committee to review and propose recommendations regarding the remuneration of directors, supervisors, and senior management[161]. - The audit committee, consisting of three independent non-executive directors, has reviewed the group's annual performance and recommended approval to the board[194]. Social Responsibility and Community Engagement - The group has established a charity fund to support economically disadvantaged cancer patients, enhancing its social responsibility[39]. - The group made charitable donations totaling approximately RMB 210,000 for the year ending December 31, 2024[198]. - The company is committed to ongoing communication with regulatory bodies regarding evolving ESG-related regulations[165]. Shareholder Information and Capital Structure - Major shareholders include Ascendium Group Limited, holding 205,607,968 domestic shares (28.70%) and 96,518,100 H shares (13.47%) of the company[173]. - The company has a significant concentration of ownership, with several entities holding over 10% of total equity[174][175]. - The report indicates a diverse range of shareholders, including both domestic and H-share investors[174][175]. - The overall equity structure suggests potential for strategic partnerships and market expansion opportunities[174][175][176]. - The company holds nine low-risk financial products with a total fair value of RMB 207.2 million as of June 30, 2024, which have since been fully redeemed and settled[185]. Future Plans and Investments - The company plans to fully utilize the net proceeds from the global offering by December 31, 2025, subject to business needs and market conditions[184]. - The company is undertaking large-scale hospital construction projects, which require significant operational and financial resources[135]. - There are no detailed future plans for significant investments or capital assets as of December 31, 2024[86].

Core Viewpoint - Meizhong Jiahhe is facing significant financial pressure in the short term, with a 27.9% year-on-year revenue decline and an increase in net losses, raising concerns about its ability to turn a profit despite the launch of proton therapy services [1][2][3]. Financial Performance - For the fiscal year 2024, Meizhong Jiahhe reported total revenue of 3.88 billion yuan, a decrease from previous years [6]. - The company's hospital business generated 2.716 billion yuan, accounting for 69.9% of total revenue, down 15.1% year-on-year [3]. - Revenue from medical equipment, software, and related services was 1.167 billion yuan, making up 30.1% of total revenue, with a significant decline of 46.6% [3]. - The net loss expanded from 4.26 billion yuan in 2023 to 4.85 billion yuan in 2024, marking a 13.7% increase [3]. Business Operations - Meizhong Jiahhe operates four self-owned medical institutions primarily located in Guangzhou and Shanghai, covering the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta [3]. - The company has been adjusting its internal business structure, focusing on high-margin departments while reducing low-margin ones, which has impacted revenue [4]. Proton Therapy Development - The Guangzhou Taihe Cancer Hospital's proton center is set to officially open in December 2024, with expectations to treat over 2,000 patients annually and generate more than 600 million yuan in revenue [5]. - Proton therapy has been operational since its launch, treating nearly 100 patients, with a treatment fee of approximately 295,000 yuan, primarily funded through self-pay and commercial insurance [7]. Market Position and Future Outlook - The management believes that the demand for high-end cancer treatment will exceed supply, especially given the company's strategic positioning in key regions [8]. - Plans are underway to establish specialized hospitals in Shanghai and Shijiazhuang, with the latter expected to open in the second half of 2026 [7].

Summary of the Conference Call for Meizhong Jiahe Company Overview - Meizhong Jiahe focuses on the oncology specialty field, providing high-end cancer medical services as a beneficial supplement to the public healthcare system. The company was established in 2008 and aims to build high-end oncology hospitals in first-tier cities to serve patients nationwide [3][4]. Core Business and Collaborations - The company collaborates with top U.S. cancer hospitals, including MD Anderson Cancer Center and Mayo Clinic, to introduce advanced treatment technologies in China [3]. - The business is divided into hospital services targeting C-end patients and a light-asset model empowering medical institutions in lower-tier cities [3]. Financial Performance and Projections - In 2024, Guangzhou Taihe Cancer Hospital is expected to generate approximately 120 million yuan in revenue, with a gross margin adjusted to -44% [3][9]. - The Shanghai outpatient department is projected to achieve medical revenue of around 82 million yuan in 2024, while the imaging center's revenue is expected to remain stable between 63 million and 64 million yuan [3][10]. - The company anticipates that by 2025, revenue from the Guangzhou hospital will exceed 300 million yuan, with total revenue not less than 500 million yuan, and positive cash flow [3][15]. Treatment Innovations - The Guangzhou Taihe Cancer Hospital's self-treatment center, which opened in December 2024, offers proton therapy, a cutting-edge radiation treatment that has already served dozens of patients by February 2025 [5][13]. - Proton therapy is highlighted for its advantages in improving cure rates and quality of life for patients with various types of tumors [5]. International Cooperation and Research - Meizhong Jiahe actively engages in international collaborations, including academic conferences and research projects, and has been selected for national high-end medical equipment promotion projects [6][8]. - The company has established partnerships with over 20 major domestic insurance companies to enhance patient access to high-end medical services [19][20]. Market Demand and Competitive Landscape - The domestic proton therapy market is characterized by high demand that exceeds supply, with an estimated 450,000 new cancer patients annually, of which 2% belong to the mid-to-high-end demographic willing to pay for advanced treatments [18]. - Currently, there are only 10 operational proton centers in China, with expectations to reach 20 within five years and 30 within ten years, indicating a significant growth opportunity for Meizhong Jiahe [18]. Challenges and Strategic Adjustments - The company has faced challenges due to tightened medical insurance policies, leading to adjustments in its business structure and a focus on high-margin departments [11][21]. - Management expenses are projected to be controlled at around 20%, with sales expenses also kept within 20% for new hospital operations [12]. Future Outlook - The company aims to leverage its unique position in the high-end oncology market to attract more patients and improve financial performance in 2025, which is seen as a pivotal year for growth [22][23]. - Efforts will be made to enhance brand recognition for high-end cancer treatment services, particularly through the use of proton therapy equipment [23].

Core Viewpoint - Meizhong Jiahe (02453.HK), the first high-end oncology medical service listed company in China, reported a total revenue of 388 million yuan for the fiscal year 2024, a decrease of 27.9% year-on-year, while gross profit increased by 3.3% to 67 million yuan. The adjusted net loss was 444 million yuan, an increase of 5.5% year-on-year. The company is expected to see a turnaround in performance in 2025, driven by the launch of proton therapy, an advanced chemotherapy technology [1][2][3]. Group 1: Financial Performance - In 2024, Meizhong Jiahe achieved total revenue of 388 million yuan, down 27.9% year-on-year [1] - Gross profit for the year was 67 million yuan, reflecting a 3.3% increase [1] - The adjusted net loss was 444 million yuan, which is a 5.5% increase compared to the previous year [1] Group 2: Proton Therapy Development - Meizhong Jiahe has launched the first proton therapy center in South China, with clinical operations starting on December 16, 2024, and has seen a growing number of patients [2] - The proton therapy center is expected to have an annual patient capacity of 2,000, with projected annual revenue exceeding 600 million yuan based on treatment costs of approximately 300,000 yuan per course [3] - The high initial costs and long construction periods for proton therapy centers create a significant barrier to entry, limiting competition and enhancing patient attraction for Meizhong Jiahe [3] Group 3: AI and Technology Integration - The company has developed a light asset business model utilizing cloud computing and has seen success with its AI and imaging business, particularly in the context of the recent boom in AI technology [4][5] - Meizhong Jiahe has established a core product matrix in AI diagnostics, aiming to empower grassroots medical institutions and enhance the distribution of quality medical resources [5] - The company is constructing China's first tumor treatment vertical model based on proton therapy, which is expected to increase the value of its AI diagnostic business [5] Group 4: Strategic Positioning - Meizhong Jiahe is the only non-public institution involved in setting multiple radiation therapy industry standards in China and has established strategic partnerships with MD Anderson and Mayo Clinic [6] - The unmet clinical demand in China's high-end medical service market, combined with the patient influx expected from the proton therapy center, positions Meizhong Jiahe as a potential standout in the medical services sector [6]