香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：6078） Hygeia Healthcare Holdings Co., Limited 海 吉 亞 醫 療 控 股 有 限 公 司 截至二零二四年六月三十日止六個月 中期業績公告 | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | 財務摘要 ...

证券研究报告 ＃industryId＃ 医疗服务 ＃06078.HK ＃海dy吉Com亚pa医ny＃疗 港股通（深） ＃investSuggestion＃ ＃ ＃title＃ 增持 ( 维持） 2023 年业绩符合预期，并购整合高效 ＃createTime1＃ 2024 年05 月 17 日 投资要点 ＃summary＃  海吉亚医疗发布2023年年报。公司2023年实现营业总收入40.77亿元，同 ＃市场ma数rk据etData＃ 比增长27.4%；实现净利润6.85亿元，同比增长42.1%；实现经调整净利润 日期 2024-05-16 7.13亿元，同比增长17.5%。公司2023年下半年实现营收23.17亿元，同比 收盘价（港元） 39.05 增长38.8%；实现净利润3.50亿元，同比增长38.0%；实现经调整净利润3.67 总股本（百万股） 631.52 亿元，同比增长19.8%。2023年公司ROE为12.24%，同比提升2.0pp。 流通股本（百万股） 631.52  2023年医院业务持续良性增长，肿瘤特色进一步增强。2023年，公司医院 净资产（百万元） 6,233.20 业务收入38. ...

Financial Performance - Revenue for 2023 reached RMB 4,076.68 million, a 27.6% increase from RMB 3,195.648 million in 2022[8] - Gross profit for 2023 was RMB 1,286.252 million, with a gross margin of 31.6%, slightly down from 32.2% in 2022[8] - Net profit for 2023 was RMB 684.948 million, representing a net profit margin of 16.8%, up from 15.1% in 2022[8] - Non-IFRS adjusted net profit for 2023 was RMB 713.445 million, with an adjusted net profit margin of 17.5%[8] - The company achieved a revenue of RMB 4.077 billion in 2023, with an adjusted net profit of RMB 713 million[14] - The company's revenue increased by 27.6% year-over-year to RMB 4,076.7 million, and net profit increased by 42.1% to RMB 684.9 million[19] - The company's gross profit increased by 25.1% year-over-year to RMB 1,286.3 million, and adjusted net profit increased by 17.5% to RMB 713.4 million[19] - The company's basic earnings per share increased by 40.3% year-over-year to RMB 1.08[19] - Adjusted net profit for 2023 was RMB 713.4 million, an increase from RMB 607.0 million in 2022[67] - Revenue for the first two months of 2024 increased by over 40% compared to the same period last year[53] - Total revenue for 2023 increased by 27.6% to RMB 4,076.7 million, with a 34.0% growth excluding the one-time impact of nucleic acid testing[54] - Gross profit increased by 25.1% to RMB 1,286.3 million in 2023, with a 36.0% growth excluding the one-time impact of nucleic acid testing[58] - Gross margin for 2023 was 31.6%, with a 0.5% improvement excluding the one-time impact of nucleic acid testing[58] - Net profit increased by 42.1% to RMB 684.9 million in 2023, with a 63.6% growth excluding the one-time impact of nucleic acid testing[65] - Non-IFRS adjusted net profit increased by 17.5% to RMB 713.4 million in 2023, with a 31.1% growth excluding the one-time impact of nucleic acid testing[65] - Administrative expenses increased by 38.8% to RMB 412.2 million in 2023, primarily due to new hospital acquisitions[60] - Other income increased by 138.0% to RMB 50.7 million in 2023, mainly due to government subsidies[61] Assets and Liabilities - Total current assets for 2023 increased to RMB 1,975.590 million from RMB 1,749.474 million in 2022[10] - Total non-current assets for 2023 surged to RMB 8,758.973 million, up from RMB 5,492.471 million in 2022[10] - Total current liabilities for 2023 rose to RMB 1,944.147 million from RMB 1,026.031 million in 2022[10] - Total non-current liabilities for 2023 increased to RMB 2,535.542 million, compared to RMB 1,275.851 million in 2022[10] - Equity attributable to owners of the company for 2023 was RMB 6,254.874 million, up from RMB 4,940.063 million in 2022[10] - Cash and cash equivalents as of December 31, 2023, totaled RMB 549.7 million, with total liquidity resources reaching RMB 768.0 million[68] - Net cash generated from operating activities increased by 14.2% to RMB 782.8 million in 2023, up from RMB 685.4 million in 2022[69] - Net cash used in investing activities surged by 669.6% to RMB 2,863.5 million in 2023, driven by acquisitions and increased capital expenditures[70] - Net cash generated from financing activities was RMB 1,775.3 million in 2023, a significant increase from a net cash outflow of RMB 154.2 million in 2022[71] - Capital expenditures rose by 55.0% to RMB 940.8 million in 2023, compared to RMB 606.9 million in 2022[72] - Total assets increased by 48.2% to RMB 10,734.6 million in 2023, while total liabilities grew by 94.6% to RMB 4,479.7 million, primarily due to new hospital acquisitions[75] - Inventory increased by 35.1% to RMB 207.9 million in 2023, up from RMB 153.9 million in 2022[76] - Trade receivables increased by 45.3% from RMB 594.6 million as of December 31, 2022, to RMB 864.0 million as of December 31, 2023, with a 24.2% increase excluding the impact of newly acquired hospitals[77] - Other receivables decreased by 11.1% from RMB 49.4 million as of December 31, 2022, to RMB 43.9 million as of December 31, 2023[77] - Prepayments to suppliers increased by 42.1% from RMB 50.3 million as of December 31, 2022, to RMB 71.5 million as of December 31, 2023[77] - Prepayments for non-current assets increased by 76.8% from RMB 78.5 million as of December 31, 2022, to RMB 138.8 million as of December 31, 2023, mainly due to new hospital acquisitions and business development needs[79] - Intangible assets increased by 65.5% from RMB 2,383.9 million as of December 31, 2022, to RMB 3,945.8 million as of December 31, 2023, primarily due to RMB 1,489.2 million in goodwill from acquisitions in 2023[80] - Trade payables increased by 73.4% from RMB 396.2 million as of December 31, 2022, to RMB 687.1 million as of December 31, 2023[81] - Other payables increased by 109.8% from RMB 344.6 million as of December 31, 2022, to RMB 723.0 million as of December 31, 2023[81] - Contract liabilities increased by 86.0% from RMB 29.2 million as of December 31, 2022, to RMB 54.3 million as of December 31, 2023[84] - Capital commitments decreased by 15.3% from RMB 583.4 million as of December 31, 2022, to RMB 494.4 million as of December 31, 2023[85] - The company's asset-liability ratio was 34.6% as of December 31, 2023[89] Hospital Operations and Expansion - The company operates 16 oncology-focused hospitals across 13 cities in 8 provinces in China as of the report date[12] - The company's hospital network expanded to 18 hospitals, including 4 tertiary hospitals[14] - The company operates 15 hospitals focused on oncology, covering 12 cities across 8 provinces in China[20] - Hospital business revenue reached RMB 3,890.3 million, a 28.5% increase year-over-year, with a 35.4% growth excluding the one-time impact of nucleic acid testing[21] - Inpatient service revenue increased by 31.6% to RMB 2,538.9 million, driven by expanded treatment projects, especially in oncology[21] - Outpatient service revenue grew by 23.1% to RMB 1,351.4 million, with a 43.2% increase excluding the one-time impact of nucleic acid testing[21] - The company completed 83,770 surgeries, a 34.6% increase year-over-year, with a higher proportion of complex and interventional surgeries[22] - Oncology-related business revenue increased by 23.6% to RMB 1,778.4 million, accounting for 43.6% of total revenue[24] - Gross profit from hospital business rose by 26.8% to RMB 1,179.2 million, with a 39.3% increase excluding the one-time impact of nucleic acid testing[26] - The company strengthened its multidisciplinary tumor diagnosis and treatment model (MDT) and expanded tumor screening efforts[27][28] - New oncology departments were established in several hospitals, including gastroenterology and hepatobiliary-pancreatic oncology departments[29] - The company launched tumor screening centers and imaging centers across major hospitals, offering various screening services[29] - Academic exchanges and collaborations in oncology were enhanced, including partnerships with universities and hosting national oncology conferences[30][31] - The company's medical professionals published 248 papers in oncology and related disciplines during the reporting period[32] - The company increased its medical professionals to 7,483 by the end of 2023, up by 2,356 from 2022, with 1,188 senior professionals, an increase of 380[33] - The company launched new services such as tumor patient home care and no-companion wards, and implemented year-round outpatient services across all hospitals[34] - The company expanded its commercial insurance coverage, partnering with over a dozen insurers, including PICC and China Life, to provide seamless claim services[36] - Three new hospitals are under construction: Dezhou Hygeia Hospital (1,000 beds), Wuxi Hygeia Hospital (800-1,000 beds), and Changshu Hygeia Hospital (800-1,200 beds)[37] - The company completed phase II expansions at Chongqing Hygeia Hospital (1,000 new beds), Shanxian Hygeia Hospital (500 new beds), and Chengwu Hygeia Hospital (350 new beds)[38] - The company acquired an 89.2% stake in Yixing Hygeia Hospital, which has the potential to upgrade to a tertiary hospital with over 800 beds[40] - The company plans to add 1,000 beds in the phase III expansion of Chang'an Hospital and 500 beds in the phase II expansion of Suzhou Yongding Hospital[39] - The company strengthened its talent pool, with 761 medical professionals promoted to higher positions in 2023[33] - The company's hospitals, including Suzhou Yongding Hospital, implemented innovative outpatient models to enhance patient experience[34] - Acquired 70% equity of Chang'an Hospital through the acquisition of Datang Hong Kong and 30% equity of Chang'an Hospital directly, expanding the company's medical service network and tumor business scale in Northwest China[41] - Chang'an Hospital, a Grade III-A general hospital, had an average of 630,000 patient visits (including inpatient and outpatient) from 2020 to 2022, with 1,000 registered beds and sufficient land for expansion[41] - Revenue of Yixing Hygeia Hospital increased by approximately 30.8% year-over-year from June 2023 to December 2023 after acquisition[42] - Revenue of Chang'an Hospital increased by approximately 28.9% year-over-year from September 2023 to December 2023 after acquisition[42] - Acquired 100% equity of Qufu Chengdong Hospital, planning to relocate it to a larger self-owned property to accommodate more hospital beds and radiotherapy equipment[42] - The company aims to seize the historic integration opportunity in the tumor medical industry and continue expanding its tumor medical service network[43] Market and Industry Trends - The tumor medical services market revenue is expected to reach RMB 700 billion by 2025, with a compound annual growth rate (CAGR) of 11.5% from 2021 to 2025[52] - China's elderly population aged 60 and above reached 297 million by the end of 2023, accounting for 21.1% of the total population, with 217 million aged 65 and above, representing 15.4% of the population[50] - The aging population is expected to drive increased demand for tumor-related treatments, with the elderly population projected to exceed 400 million by 2050[50] - The company aims to strengthen its discipline construction, improve diagnostic and treatment technologies, and provide multi-level, one-stop medical services to meet unmet patient needs[52] - Government policies have created a favorable environment for social capital in the medical sector, encouraging the development of professional hospital management groups and diversified medical services[47][48] - Social capital in healthcare has seen rapid growth in hospital numbers, bed capacity, medical staff, patient visits, and income, increasing its share in the overall medical services market[49] - Policies support the inclusion of private medical institutions in medical consortiums and encourage the expansion of high-quality medical resources and regional balance[48] - The government has introduced measures to optimize the development environment for private enterprises, including policy support and legal safeguards, to promote high-quality growth[48] - The company is positioned to benefit from the growing demand for tumor medical services driven by demographic trends and supportive government policies[50][52] Corporate Governance and Leadership - The company's chairman and CEO, Zhu Yiwen, increased his shareholding multiple times during the reporting period, demonstrating confidence in the company's development prospects[45] - The company was recognized as one of the "Top 50 Hong Kong Stock Connect Companies" in the 10th Hong Kong Stock 100 Strong and awarded "Best IR Hong Kong Company" by New Fortune[45] - The company's Chairman and Executive Director, Mr. Zhu Yiwen, has over 30 years of clinical experience and is responsible for the medium- and long-term development strategies of the company's hospitals[102] - Zhang Wenshan, aged 42, was appointed as an executive director of the company on January 20, 2020, and has been serving as the Group's R&D and Manufacturing Director since January 2014, overseeing the Group's R&D and manufacturing operations[108] - Jiang Hui, aged 48, was appointed as an executive director of the company on December 23, 2020, and has been serving as the Group's Radiotherapy Department Director since January 2015, responsible for overseeing the business operations of the Group's radiotherapy centers[108] - Liu Yanqun, aged 67, was appointed as an independent non-executive director of the company on September 18, 2019, providing independent opinions and judgments to the board[110] - Zhao Chun, aged 71, was appointed as an independent non-executive director of the company on May 6, 2022, with over 22 years of experience in hospital management[111] - Ye Changqing, aged 53, was appointed as an independent non-executive director of the company on September 21, 2019, with over 25 years of experience in professional accounting, financial advisory, and investment services[112] - Zhu Yiwen serves as the company's executive director and CEO[115] - Cheng Huanhuan serves as the company's executive director and co-CEO[115] - Ren Ai serves as the executive director, senior vice president, and assistant to the board chairman[115] - Zhang Wenshan serves as the executive director and R&D and Manufacturing Director of the Group[115] - Jiang Hui serves as the executive director and Radiotherapy Department Director of the Group[115] Employee and Compensation - The company has a total of 8,238 full-time employees as of December 31, 2023, with 93 at the headquarters level and 8,145 at its own hospitals[97] - Employee distribution by function: Physicians (28.4%), Other medical professionals (55.6%), Management, administration, and others (14.9%)[97] - Total employee compensation expenses for the year ended December 31, 2023, amounted to RMB 1,335.9 million, compared to RMB 1,049.8 million in the previous year[99] - The company provides internal and external training to employees and sets performance targets based on their roles and departments[99] - Employee benefits include social insurance, housing provident fund contributions, performance bonuses, and discretionary bonuses[99] - The company has not experienced any strikes or labor disputes that could significantly impact its business[97] - The company's hospitals independently recruit and contract with their employees[98] - Total employee compensation, including director salaries, amounted to RMB 1,335.9 million in 2023, compared to RMB 1,049.8 million in 2022[149] Shareholder and Equity Information - Chairman Zhu Yiwen holds a 44.69% beneficial interest in the company's ordinary shares through controlled entities and related parties[152] - Director Ren Ai holds a 0.01% beneficial interest in the company's ordinary shares through his spouse's interests[152] - The company's directors hold stock options representing 0.04% to 0.01% of the total issued shares[153] - Chairman Zhu Yiwen has a 100% interest in Hygeia Hospital Management and a 30% interest in variable interest entity hospitals and entrusted hospitals through controlled entities[156] - Director Ren Ai has a 100% interest in Hygeia Hospital Management and a 30% interest in variable interest entity hospitals and entrusted hospitals through his spouse's interests[156] - Century River Investment holds a 44.69% stake in the company, equivalent to 282,200,215 shares[161] - Century River, Red Palm, and Amber Tree are all controlled by Mr. Zhu and Ms. Zhu, collectively holding a 44.69% stake in the company[161][163] - The total number of issued shares as of December 31, 2023, is 631,524,200[164] - The Pre-IPO Share Incentive Plan issued 164,400 shares and 65,780 restricted share units to directors, senior management, and employees[165] - The company has no arrangements for directors to acquire shares or debentures of the company or any other corporation during the reporting period[159] - The company has adopted a Share Option Plan, authorizing the issuance of up to 18,540,000 shares, representing 3% of the total issued shares as of October 15, 2021[168] - As of the report date, 7,047,000 share options remain available for issuance under the Share Option Plan, accounting for approximately 1.12% of the total issued shares[168] - The exercise price for granted share options is HK$66.80 per share, determined as the highest of the closing price on

Table_Title Table_BaseInfo 2024 年 4 月 6 日 公司动态 海吉亚医疗（6078.HK） 证券研究报告 业绩稳健增长，医院网络向广度及深度拓展 医药 海吉亚作为民营肿瘤医院龙头，精细化管理和学科建设处于行业领先水平，业绩稳 投资评级： 买入 健增长，2023年净利润同比增加42.1%，收购三家优质医院标的、新建医院以及二 期项目的快速推进将进一步打开公司成长空间。 目标价格： 40 港元 报告摘要 现价(2024-04-05)： 28.35港元 业绩持续增长，剔除核酸影响净利润同比增长63.6%。 2023年公司实现营业收入40.8亿元，同比增长27.6%（剔除核酸同比增34.0%），实 总市值(百万港元) 17,903.71 95,217.68 现净利润6.9亿元，同比增长42.1%（剔除核酸同比增63.6%），实现经调整净利润 总股本(百万股) 631.52 247.45 7.1亿元，同比增长17.5%（剔除核酸同比增31.1%）。分业务板块来看，住院服务 12个月低/高(港元) 24.2/61.6 169.5/450 收入达25.4亿元，同比增长31.6%，主要是公司积 ...

股 票 研 究 [Table_industryInfo] 医药 [ Table_Main[海I Tnaf 吉bol]e 亚_Ti医tle]疗 （6078） [评Tab级le_：Inv est] 增持 当前价格（港元）： 30.15 业绩符合预期，床位扩张稳步推进 2024.04.02 海 ——2023年报点评 [ 交Ta易bl数e_M据a rket] 外 丁丹(分析师) 赵峻峰(分析师) 52周内股价区间（港元） 24.20-61.60 当前股本（百万股） 632 公 0755-23976735 0755-23976629 当前市值（百万港元） 20,146 司 dingdan@gtjas.com zhaojunfeng@gtjas.com 证书编号 S0880514030001 S0880519080017 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 业绩符合预期，并购整合能力持续验证，二期和新建医院项目稳步推进，床位数持续 国 海吉亚医疗 恒生指数 香 扩张，有望延续稳健快速增长，维持增持评级。 5% 摘要： 港 -7% [业Ta绩ble符_S合um预m期ar，y] 维持 ...

海[Ta吉ble亚_St医ock疗Nam（eRptType] ） 06078 公司研究/港股点评 经营韧性强，逐步进入收获期 投资评级：买入（维持） 主要观点： [Table_Rank] 报告日期： 2024-04-02  事件： [收Ta盘bl价e_（Ba港se元D）ata] 30.15 2024年3月26日公司发布2023年年度报告，2023年公司实现营 近12个月最高/最低（港元）62.75/23.55 业收入40.77亿元，同比+27.6%，实现归母净利润6.85亿元，同比 总股本（百万股） 632 +42.1%，实现经调整净利润7.13亿元，同比+17.5%；每股盈利1.08 流通股本（百万股） 632 元。 流通股比例（%） 100.00 总市值（亿港元） 190  点评：  疫情等偶发因素影响表观业绩，经营韧性不改 流通市值（亿港元） 190 公司2022年由于疫情因素产生一次性核酸收入，若剔除核酸影 [公Ta司ble价_C格ha与rt]恒生指数走势比较 响，公司营收&净利润&经调整净利润分别同比增长 34%/64%/31%，业务持续保持良性增长。分拆看，2023H2 公 司营收23.17 ...

研究报告Research Report 29 Mar 2024 海吉亚 Hygeia Healthcare (6078 HK) 并购优质医院标的，床位产能释放有望提速 Acquired high-quality hospitals, and the release of bed capacity is expected to accelerate [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Tab维le_持Inf优o] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 事件：公司发布2023年业绩公告 评级 优于大市OUTPERFORM 现价 HK$31.90 点评 目标价 HK$68.97 业绩稳健增长，受核酸检测基数、床位扩张及收并购致利润率下 HTI ESG 4.0-5.0-5.0 降。2023年公司实现收入40.77亿元（+27.6%），实现净利润6.85 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 亿元（+42 ...

[Table_Page] 公告点评|医疗保健设备与服务 证券研究报告 [【Table_T广itle] 发医药&海外】海吉亚医疗 [公Tab司le_I评nves级t] 买入 当前价格 31.90港元 （06078.HK） 合理价值 38.81港元 前次评级 买入 经营保持稳健，外延并购持续推进 报告日期 2024-03-29 [Table_Summary] 核心观点： *如无特殊说明，本报告货币单位为人民币（0.92人民币=1港元） [相Tab对le_P市icQ场uote表] 现 ⚫ 海吉亚医疗发布2023全年业绩。2023年公司实现营业收入40.77亿 10% -4% 元，同比+27.6%，剔除核酸影响后同比+34.0%；净利润6.85亿元， 03/23 05/23 07/23 09/23 11/23 01/24 03/24 -18% 同比+42.1%，剔除核酸影响后同比+36.6%；NonGaap净利润7.13亿 -32% 元，同比+17.5%，剔除核酸影响后同比+31.1%。此外公司还在年报披 -46% 露，2024年1-2月收入同比增长超过40%，整体经营情况良好。 -60% 海吉亚医疗 恒生指数 ⚫ ...

2024年3月31日 公司研究 收购医院整合顺利，看好 24 年业绩增长 ——海吉亚医疗（6078.HK）2023 年业绩点评 要点 买入（维持） 当 前价：31.90港元 事件：公司发布2023年业绩公告：公司实现营收40.77亿元（+27.6% YOY）、 净利润6.85亿元（+42.1% YOY）、经调整净利润（剔除股份支付薪酬开支、收 购医院资产评估增值所产生的折旧及摊销、汇兑净亏损）7.13亿元（+17.5% 作者 YOY）。剔除核酸检测一次性影响，公司收入/净利润/经调整净利润分别同比 分析师：黄素青 +34.0%/63.6%/31.1%。 执业证书编号：S0930521080001 021-52523570 点评： huangsuqing@ebscn.com 分析师：吴佳青 医院业务保持稳健增长，收购医院整合较为顺利：23年公司医院业务稳健增长， 执业证书编号：S0930519120001 实现收入38.90亿元，同比+28.5%，剔除核酸检测一次性影响同比+35.4%，其 021-52523697 wujiaqing@ebscn.com 中门诊和住院服务分别实现13.51/25.39亿元，同比 ...

证券研究报告·海外公司点评·医疗保健设备和服务(HS) 海吉亚医疗（06078.HK） 2023 年年报业绩点评：并购整合效益凸显， 2024 年 03月 28日 区域优势与品牌影响力进一步强化 证券分析师 朱国广 买入（维持） 执业证书：S0600520070004 zhugg@dwzq.com.cn [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 2022A 2023A 2024E 2025E 2026E 证券分析师 冉胜男 执业证书：S0600522090008 营业总收入（百万元） 3,206 4,084 5,597 6,842 8,192 ranshn@dwzq.com.cn 同比 38.30% 27.39% 37.04% 22.24% 19.74% 归母净利润（百万元） 476.78 682.93 887.61 1,108.28 1,363.96 股价走势 同比 8.00% 43.24% 29.97% 24.86% 23.07% 海吉亚医疗 恒生指数 Non-GAAP净利润 607.00 713.00 920.00 1,150.00 1,400.00 2% 同比 33.94% 17.53% 2 ...