Investment Rating - The report maintains a "Neutral" rating for the company with a target price of HKD 13.55 [5][6]. Core Insights - The company's performance in the first half of 2025 showed a decline, with total revenue decreasing by 16.5% to RMB 1.99 billion and net profit dropping by 36.2% to RMB 250 million, falling short of expectations due to adverse macroeconomic conditions and stricter medical insurance cost control [1]. - Despite the revenue decline, there are positive signals in the balance sheet, including a 9.1% reduction in accounts receivable and a 29.9% increase in net cash from operating activities, indicating improved cash collection and reduced capital expenditures [2]. - The company received multiple professional honors in the first half of 2025, with its hospitals awarded seven national and provincial clinical key specialties/centers, reflecting its recognized professional capabilities [3]. - Long-term prospects in the oncology sector are expected to benefit from a favorable policy environment, with new support measures for the medical industry anticipated to alleviate financial pressures on medical institutions [4]. Summary by Sections Financial Performance - In the first half of 2025, the company reported a revenue decline of 16.5% to RMB 1.99 billion and a net profit decrease of 36.2% to RMB 250 million, attributed to the post-COVID macro environment and stricter medical insurance controls [1]. - The company's gross margin fell by 5.6 percentage points due to increased depreciation and amortization expenses from newly opened hospitals [1]. Balance Sheet Improvement - As of June 2025, accounts receivable decreased by 9.1% compared to the end of the previous year, indicating better cash collection [2]. - Net cash from operating activities increased by 29.9%, and capital expenditures were reduced by 28.5% year-on-year, contributing to a cash increase of RMB 240 million [2]. Industry Outlook - The oncology sector is expected to benefit from new policies, including immediate settlement of medical insurance funds and the establishment of innovative drug directories, which will support high-end specialty hospitals [4]. - The company is positioned as a leader in the oncology medical sector in Hong Kong and is expected to gradually recover starting in 2026 [5].

Core Viewpoint - Goldman Sachs reports that Haijia Medical (06078) has experienced a significant decline in both revenue and adjusted net profit for the first half of the year, consistent with previous profit warnings, reflecting ongoing pressures from industry policy reforms such as DRG/DIP payment reforms and volume-based procurement [1] Financial Performance - Haijia Medical's revenue and adjusted net profit have both declined significantly during the period, indicating the impact of industry-wide policy reforms [1] - The company's earnings forecasts for the fiscal years 2025 to 2027 have been reduced by 8.3%, 11%, and 14% respectively, due to the continued pressure from these policy reforms [1] Target Price and Rating - The target price for Haijia Medical has been lowered from HKD 21.3 to HKD 19.1, while maintaining a "Buy" rating [1]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 18.00, indicating a potential upside of 24.3% from the current price of HKD 14.48 [2][3][12]. Core Insights - The company's performance in the first half of 2025 (1H25) faced pressure due to external environmental changes, increased operational costs, and depreciation from new hospitals. However, there are signs of marginal improvement, with better cash flow and capital allocation expected to enhance shareholder returns. The report anticipates a gradual recovery in performance starting from the second half of 2025 (2H25) [2][6][15]. - The report highlights that the company is reducing new capacity investments, with only one hospital under construction by the end of 2025. This optimization in capital allocation is expected to lead to significant free cash flow growth [6][15]. - The introduction of new hospitals and advancements in medical technology are expected to drive future growth, with the management projecting monthly profitability for a newly opened hospital in 2H25 [6][15]. Financial Summary - Revenue for 2025 is projected at RMB 4,158 million, a decrease of 16.6% from previous forecasts. The gross profit is expected to be RMB 1,160 million, reflecting a 23.0% decline [15]. - The net profit attributable to shareholders is forecasted to be RMB 509 million for 2025, down 31.6% from earlier estimates [15]. - The report provides a detailed financial outlook, including a decrease in gross margin to 27.9% for 2025, compared to 30.2% previously [15][17].

Core Viewpoint - The report from CICC indicates that Haijia Medical (06078) experienced a significant decline in sales and profits in the first half of the year, primarily due to factors such as centralized drug procurement, the implementation of DRGs, and macroeconomic uncertainties [1] Financial Performance - Haijia Medical's sales decreased by 16% year-on-year [1] - Operating profit fell by 42% [1] - Net profit declined by 36% [1] - Adjusted net profit dropped by 34%, aligning with previous forecasts [1] Future Projections - CICC has revised its revenue forecasts for 2025 to 2027 down by 18% to 26% [1] - Net profit forecasts have been reduced by 19% to 27% [1] - The target price for Haijia Medical has been slightly lowered from HKD 17.3 to HKD 17 [1] - The rating remains "Outperform" [1] Key Focus Areas - The current priority is to improve profit margins driven by increased hospital utilization [1]

智通财经APP获悉，里昂发布研报称，海吉亚医疗(06078)上半年销售额同比跌16%，经营利润跌42%， 净利润跌36%，经调整净利润跌34%，与预告一致。业绩下跌主要受药品集中采购(GPO)、疾病诊断相 关组(DRG)实施及宏观经济不确定性影响。该行认为现有医院利用率提升带动利润率改善是目前的优先 关注点，将2025至27年收入预测下调18%至26%，净利润预测下调19%至27%;目标价由17.3港元微降至 17港元，并维持"跑赢大市"评级。 ...

Core Viewpoint - Haijia Medical (06078) reported a decline in revenue and net profit for the six months ending June 30, 2025, indicating challenges in the current operational environment [1] Financial Performance - The company achieved revenue of RMB 1.99 billion, a year-on-year decrease of 16.47% [1] - Net profit was RMB 246 million, down 36.18% year-on-year [1] - Adjusted net profit stood at RMB 263 million, reflecting a decrease of 34.47% compared to the previous year [1] - Earnings per share were RMB 0.4 [1] Service Optimization and Innovations - The company emphasizes patient-centric care and continuously optimizes service processes to enhance patient experience [1] - It has implemented an innovative "credit + medical" digital application service model, allowing for "diagnosis and treatment first, payment later" [1] - Initiatives include year-round outpatient services, early morning, afternoon, and evening clinics, and a "90-minute outpatient visit experience" to provide more time options for patients [1] Technology Integration - The company actively embraces artificial intelligence (AI) technology to drive data-driven decision-making [1] - Efforts are made to optimize patient visit processes and improve the efficiency of the company's supply chain and financial workflows [1] Patient Satisfaction - In the first half of 2025, patient satisfaction reached 97.40%, an increase of 0.5 percentage points from the same period last year [1] - The company aims for a target of 100% satisfaction and continues to enhance its service system [1]

Core Viewpoint - Haijia Medical (06078) reported a decline in revenue and net profit for the six months ending June 30, 2025, indicating challenges in the current operational environment [1] Financial Performance - The company achieved revenue of RMB 1.99 billion, a year-on-year decrease of 16.47% [1] - Net profit was RMB 246 million, down 36.18% compared to the previous year [1] - Adjusted net profit stood at RMB 263 million, reflecting a decrease of 34.47% year-on-year [1] - Earnings per share were RMB 0.4 [1] Service Optimization and Innovations - The company emphasizes patient-centric care and continuously optimizes service processes to enhance patient experience [1] - It has implemented a "credit + medical" digital application service model, allowing for "diagnosis and treatment first, payment later" [1] - Initiatives such as year-round outpatient services and extended hours on weekdays have been introduced to improve accessibility for patients [1] - The company aims to provide a "90-minute outpatient consultation experience" to offer more time choices for patients [1] Technology and Efficiency - Haijia Medical is actively adopting artificial intelligence (AI) technology to drive data-driven decision-making [1] - The focus is on optimizing patient consultation processes and improving the efficiency of the company's supply chain and financial workflows [1] - Patient satisfaction reached 97.40% in the first half of 2025, an increase of 0.5 percentage points from the same period last year [1] - The company aims for 100% patient satisfaction as a continuous improvement goal [1]

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。 Hygeia Healthcare Holdings Co., Limited （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） 海 吉 亞 醫 療 控 股 有 限 公 司 （股 份 代 號：6078） 自願性公告 二零二五年中期業績簡報 本公告乃由海吉亞醫療控股有限公司（「本公司」）自願作出。 為使本公司股東及潛在投資者能夠更深入、更全面地了解其二零二五年中期 業績及業務營運，本公司將於二零二五年八月二十九日上午八時三十分（香港 時間）召開電話會議，屆時將就本公司財務業績及業務營運進行簡報（「簡報」）。 本公司股東及潛在投資者可於預定時間通過以下撥入信息參加電話會議： | 撥入URL： | https://s.comein.cn/ctmysq3k | | --- | --- | | | 請使用上文所提供的鏈接以於電話會議舉行前完成網 | | | 上登記程序。 | | 電話撥入號碼： | ...

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。 Hygeia Healthcare Holdings Co., Limited （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） 海 吉 亞 醫 療 控 股 有 限 公 司 （股 份 代 號：6078） 截至二零二五年六月三十日止六個月 中期業績公告 財務摘要 截至二零二五年六月三十日止六個月，本集團的收入為人民幣1,989.7百萬元， 較二零二四年同期減少16.5%。 截至二零二五年六月三十日止六個月，本集團的淨利潤為人民幣245.8百萬元， 較二零二四年同期減少36.2%。 截至二零二五年六月三十日止六個月，本集團的非國際財務報告準則經調整 淨利潤(1)為人民幣262.5百萬元，較二零二四年同期減少34.5%。 截至二零二五年六月三十日止六個月，本集團的經營活動所得現金淨額為人 民幣455.7百萬元，較二零二四年同期增加29.9%。 截至二零二五年六月三十日止六個月，本集團的自由現金流 ...

格隆汇8月18日丨海吉亚医疗(06078.HK)公布，公司将于2025年8月28日召开董事会会议，以（其中包 括）审议及通过集团截至2025年6月30日止六个月的中期业绩及其发布，以及审议派发中期股息的建议 （如有）。 ...