Group 1 - The company, Haijia Medical (06078.HK), announced a share buyback on February 12, 2023, spending HKD 1.994 million to repurchase 140,000 shares at a price range of HKD 14.22 to 14.27 per share [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 海吉亞醫療控股有限公司 呈交日期： 2026年2月12日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 06078 | 說明 | 普通股 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | ...

Core Viewpoint - Southbound funds reduced their holdings in Haijia Medical (06078.HK) by 122,800 shares on February 11, while in the past five trading days, there were four days of net increases totaling 1,164,800 shares [1] Group 1: Southbound Fund Activity - In the last 20 trading days, southbound funds have reduced their holdings on 12 days, with a total net reduction of 3,828,600 shares [1] - Currently, southbound funds hold 203 million shares of Haijia Medical, accounting for 32.83% of the company's issued ordinary shares [1] Group 2: Company Overview - Haijia Medical Holdings Limited is primarily an investment holding company that provides medical services [1] - The company operates through two business segments: the hospital business segment focuses on providing comprehensive diagnosis and treatment services for tumors, including multiple cancer medical services such as radiotherapy, chemotherapy, surgery, and targeted therapy [1] - The other business segment is engaged in various other operations, with the company primarily operating in the domestic market [1]

Core Viewpoint - Hai Jiaya Medical (06078) has released its 2025 performance forecast, indicating a potential revenue decline but with signs of operational resilience and future growth opportunities [1][4]. Financial Performance - For the second half of 2025, the company expects revenue between 20.1 billion to 20.6 billion yuan, representing a year-on-year decline of 0-3% [1][4]. - Adjusted net profit is projected to be approximately 1.88 billion to 2.28 billion yuan, with a year-on-year change of -7% to +13% [1][4]. - Operating cash flow is anticipated to grow by 36% to 53% year-on-year [1][4]. Market Position and Strategy - The company's hospitals are evenly distributed across the country, which supports stable revenue growth in the second half of 2025 [1][4]. - Looking ahead to 2026, the impact of DRGs payment reform on average hospitalization costs is expected to diminish, potentially leading to positive revenue growth [1][4]. Analyst Insights - Citic Securities believes that despite the earnings warning, the decline in performance has likely reached its bottom [1][4]. - The company is expected to see a 2% year-on-year revenue decline in the second half, with adjusted net profit showing a recovery of 3% growth, indicating improving profitability resilience [1][4]. - Key growth drivers for 2026 include expanding non-national health insurance directory revenue, enhancing existing hospital utilization, and reducing debt levels to improve operational leverage and restore profit margins [1][4].

Core Viewpoint - Haijia Medical (06078) has seen a stock price increase of over 5%, currently at HKD 14.73, with a trading volume of HKD 87.87 million, following the release of its 2025 performance forecast [1] Financial Performance - For the second half of 2025, the company is expected to achieve revenue between RMB 20.1 billion and RMB 20.6 billion, representing a year-on-year decline of 0% to 3% [1] - Adjusted net profit is projected to be approximately RMB 1.88 billion to RMB 2.28 billion, reflecting a year-on-year change of -7% to +13% [1] - Operating cash flow is anticipated to grow by 36% to 53% year-on-year [1] Market Outlook - The company's hospitals are evenly distributed across the country, and revenue growth is expected to stabilize in 2025 [1] - For 2026, the impact of DRGs payment reform on average hospitalization costs is expected to diminish, potentially leading to positive revenue growth [1] Analyst Insights - Citic Securities believes that despite the earnings warning, the decline in performance has likely bottomed out [1] - The second half of 2025 is expected to see a 2% year-on-year revenue decline, with adjusted net profit anticipated to recover by 3%, indicating improving profitability resilience [1] - Key growth drivers for 2026 include expanding non-national health insurance directory revenue, enhancing existing hospital utilization rates, and reducing debt levels to improve operational leverage and restore profit margins [1]

Core Viewpoint - Southbound funds have increased their holdings in Haijia Medical (06078.HK) by 19,400 shares on February 9, indicating a positive sentiment towards the company [1] Group 1: Southbound Fund Activity - In the last 5 trading days, southbound funds have increased their holdings for 4 days, with a total net increase of 807,800 shares [1] - Over the past 20 trading days, there have been 11 days of net reductions, totaling 3,667,800 shares [1] - Currently, southbound funds hold 202 million shares of Haijia Medical, representing 32.72% of the company's issued ordinary shares [1] Group 2: Company Overview - Haijia Medical Holdings Limited is primarily an investment holding company that provides medical services [1] - The company operates through two business segments: the hospital business segment focuses on comprehensive cancer diagnosis and treatment services, including radiotherapy, chemotherapy, surgery, and targeted therapy [1] - The other business segment is involved in various other operations, with the company primarily conducting its business in the domestic market [1]

Core Viewpoint - The article discusses the challenges faced by Hai Jiayi Medical, highlighting the decline in stock price despite revenue growth, and the shift in the healthcare service model from expansion through acquisitions to a focus on technological innovation [4][10][31]. Group 1: Company Overview - Hai Jiayi Medical is a leading private medical group in China, primarily focused on oncology services, operating a network of chain hospitals [10][16]. - The company has expanded its operations through acquisitions and partnerships, establishing a presence in various provinces, primarily targeting patients underserved by major hospitals in first-tier cities [16][22]. Group 2: Financial Performance - Despite projected revenue growth to a historical high in 2024, the company's stock price continues to decline, indicating a disconnect between revenue and market valuation [6][20]. - The revenue composition for 2024 shows approximately 45% from oncology services and 55% from non-oncology services, reflecting a diversified income stream [17]. Group 3: Market Dynamics - The healthcare market has shifted post-2020, with a decrease in patient demand and increased supply leading to a challenging business environment for private healthcare providers [20][31]. - Policy changes, particularly stricter medical insurance cost controls, have significantly impacted profitability, with a notable decline in gross margins from high-cost oncology services [23][25]. Group 4: Demand and Supply Factors - The demand for oncology services has weakened, with patients showing reduced willingness to pay for high-cost treatments amid economic pressures, leading to stagnant patient visits and declining revenue growth [28][30]. - Increased competition from public hospitals and other private entities has pressured pricing and profitability, with some acquisitions yielding lower net profit margins than initially expected [30][31]. Group 5: Future Outlook - The article suggests that the traditional model of growth through acquisitions in the healthcare sector may be reaching its limits, with future success likely hinging on technological advancements rather than mere expansion [31].

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry [3] Core Insights - The commercialization of ADC (Antibody-Drug Conjugates) is accelerating, with 20 ADC drugs approved globally, and 6 of them have been in the "billion-dollar club" for two consecutive years [30][31] - The report highlights the increasing competition in the ADC sector, with approximately 60 ADC drugs currently in clinical phase 3 and application stages [30] - Domestic innovative pharmaceutical companies are adopting various strategies for ADC capacity layout, with companies like Rongchang Biopharma transitioning from outsourcing to in-house production, while others like Kelong Biotechnology are building their own production bases [31][32] Summary by Sections Market Review - The pharmaceutical index rose by 0.14% this week, outperforming the CSI 300 index by 1.47 percentage points, ranking 15th in industry performance [10] - Year-to-date, the pharmaceutical index has increased by 3.28%, also outperforming the CSI 300 index by 2.99 percentage points, ranking 23rd [10] Individual Stock Performance - In the A-share market, 255 out of 479 pharmaceutical stocks rose, with the top five performers being Guangshengtang (+29.83%), Haixiang Pharmaceutical (+18.64%), and Meidixi (+18.04%) [20] - In the Hong Kong market, 38 out of 116 pharmaceutical stocks rose, with the top performers including Yiteng Jiahe (+14%) and Kedi-B (+9.96%) [24] Industry News and Policies - The newly revised "Regulations on the Implementation of the Drug Administration Law" supports segmented contract manufacturing and commercial-scale drug sales, providing a foundation for ADC commercialization cooperation [32] - Notable industry developments include Novartis's application for Ianalumab in China and Johnson & Johnson's approval of Daratumumab injection for multiple myeloma treatment [27][28] Weekly Insights - The ADC commercialization battle has begun, with a significant increase in demand for ADC production capacity, leading to a supply-demand imbalance [30] - Major CXO companies are expanding ADC production capacity, with companies like WuXi AppTec acquiring East Yao Pharmaceutical to meet rising orders [31]

Core Viewpoint - The strong trend in the mainland healthcare sector from last year is expected to continue into this year, with investors considering the value of more R&D pipelines when evaluating valuations [1] Group 1: CDMO Sector - The company has a constructive outlook on CDMO enterprises due to accelerated growth, strong product cycles, limited geopolitical risks, and reasonable valuations [1] - Ratings for WuXi AppTec (02359, 603259.SH) and WuXi Biologics (02268) have been upgraded to "Buy" [1] Group 2: Biotech and Pharmaceutical Companies - A selective strategy is adopted for biotech and pharmaceutical companies, favoring those with key data releases and early data showing potential, along with actual transaction expectations [1] - Companies such as Kelun-Biotech (06990), Innovent Biologics (02696), and Hansoh Pharmaceutical (03692) are viewed positively [1] Group 3: Medical Devices Sector - The company maintains a neutral view on the medical devices sector, noting that while the industry has bottomed out, recovery will take time [1] - Recommendations include buying Angelalign Technology (06699) and Weigao Group (01066) [1] Group 4: Medical Services Sector - A relatively cautious stance is held regarding the medical services sector due to ongoing cost control measures and a weak consumer cycle [1] - The rating for Haijia Medical (06078) has been downgraded to "Neutral" [1]

1月30日，海吉亚医疗(06078)发布了一则盈警。公告中，海吉亚医疗表示预期2025年的公司收入约为40.0-40.5亿元(人民币，单位下同)，同比下降约9%至 10%;而在商誉减值影响下，公司当期净利润则约为1.4-2.0亿元，同比下降约66%至76%。 面对这份收入、净利润双降的业绩预告，二级市场投资者非但没有恐慌卖出，反而加入进场建仓。智通财经APP观察到，盈警发布次日，海吉亚医疗股价止 跌反弹并拉出一根大阳线，当日公司股价收涨3.59%，成交量放大至687.96万股，实现量价齐升。 一则盈警推动的股价反弹 自去年8月1日拉出一个大阴线开启下跌行情以来，海吉亚医疗股价持续下跌了近3个半月，直到去年12月15日公司发布了一则3亿元回购计划才止跌反弹。 从盘面来看，此轮股价反弹持续了超过半个月。12月17日，海吉亚医疗正式宣布执行回购后，公司股价于次日拉出一根大阳线收涨3.78%，并带动公司股价 继续上攻。不过，海吉亚股价在12月19日并未攻破BOLL线上轨且成交量未继续放大，因此盘中主力资金选择在BOLL线中上轨之间做了6个交易日的小平台 震荡，进一步洗去前期抄底浮筹。 12月31日，海吉亚医疗单日成交 ...