中信证券发布研报称，2025H1海吉亚医疗(06078)业绩阶段性承压，高质量发展初见成效。公司的技术 服务占比持续提升，人才团队建设持续推进。2025H1公司新建项目有序推进，且持续发展创新医疗 （002173）服务。参照可比公司估值水平，给予公司2025年20x PE，对应2025年目标价20港元，维 持"买入"评级。 ...

Core Viewpoint - The report from CITIC Securities indicates that Haijia Medical (06078) will experience a phase of performance pressure in H1 2025, but high-quality development is beginning to show results [1] Group 1: Company Performance - The proportion of technical services in the company's operations continues to increase [1] - The construction of the talent team is being actively promoted [1] - New projects are progressing in an orderly manner [1] Group 2: Future Outlook - The company is continuously developing innovative medical services [1] - Based on comparable company valuation levels, a 20x PE is assigned for the year 2025, leading to a target price of 20 HKD [1] - The "Buy" rating is maintained for the company [1]

Investment Rating - The report maintains an "OUTPERFORM" rating for Hygeia Healthcare, with a target price of HK$35.17, indicating a significant upside from the current price of HK$14.58 [3][6]. Core Insights - The operating performance for the first half of 2025 remained relatively stable, with a notable improvement in cash flow [1][5]. - Revenue for 1H25 was RMB 1.99 billion, reflecting a year-over-year decline of 16.5% and a quarter-over-quarter decrease of 3.6%. Oncology services accounted for 44% of total revenue [4][13]. - The company operates 16 oncology-focused hospitals and is actively catering to international patients, particularly from Malaysia and Indonesia [4][13]. - Gross margin was under pressure due to new hospital openings and the impact of DRGs and centralized procurement, resulting in a gross margin of 26.6%, down 5.2 percentage points [4][14]. - Adjusted net profit for 1H25 was RMB 260 million, a decrease of 34.5% year-over-year but an increase of 30.2% quarter-over-quarter, with a net margin of 13.2% [4][14]. Financial Performance Summary - The company expects revenue for 2025 and 2026 to be RMB 4.49 billion and RMB 4.65 billion, respectively, with year-over-year growth of 1.0% and 3.7% [6][16]. - Adjusted net profit is projected to be RMB 610 million and RMB 690 million for 2025 and 2026, reflecting growth rates of 6.1% and 7.6% [6][16]. - Operating cash flow improved to RMB 460 million, a 29.9% increase, while capital expenditures decreased by 28.5% to RMB 240 million [5][15]. - Free cash flow surged to RMB 210 million, marking a significant increase of 1,611% [5][15]. Valuation and Market Position - Hygeia Healthcare is recognized as a leading private healthcare provider with quality hospital assets and long-term brand value, justifying the target price of HK$35.17, which corresponds to a P/E ratio of 32x for 2025 and 29x for 2026 [6][16]. - The company has a market capitalization of HK$9.02 billion (approximately US$1.16 billion) and a free float of 54% [3][6].

截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 海吉亞醫療控股有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06078 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | 本月底法定/註冊股本總額： USD 50,000 備註： 本公司為於開曼 ...

Group 1 - The company's performance in the first half of 2025 declined, with revenue down 16.5% to 1.99 billion RMB and net profit down 36.2% to 250 million RMB, falling short of expectations due to a challenging macro environment and stricter medical insurance cost control [1] - The company's hospitals, particularly those in third and fourth-tier cities, experienced revenue declines due to insufficient medical insurance funding [1] - New hospitals are still in the ramp-up phase, leading to increased depreciation and amortization costs, which contributed to a 5.6 percentage point drop in gross margin [1] Group 2 - Despite the decline in performance, 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 [1] - Capital expenditures were reduced by 28.5%, and cash increased by 240 million RMB compared to the end of the previous year, with a 6.7 percentage point decrease in net debt ratio [1] - The company received multiple national and provincial clinical specialty titles in the first half of 2025, reflecting its recognized professional capabilities [1] Group 3 - The private healthcare sector, particularly in oncology, is expected to benefit from supportive policies in 2025, including immediate medical insurance settlement and the establishment of innovative drug directories [2] - These policies are anticipated to alleviate financial pressures on medical institutions and favor high-end specialty hospitals [2] - The company, as a leading player in the oncology sector in Hong Kong, is expected to benefit in the long term from these developments [2] Group 4 - Due to the performance decline in the first half of 2025, revenue forecasts for 2025-2027 have been adjusted downwards by 15.5%, 12.9%, and 13.2%, respectively, with net profit forecasts also reduced by 23.8% for both 2025 and 2026, and 18.8% for 2027 [2] - Despite these adjustments, the company's balance sheet is improving, and government support for the pharmaceutical and healthcare sectors is increasing, suggesting a potential recovery starting in 2026 [2] - The target price has been adjusted to 13.55 HKD, maintaining a "neutral" rating, with the price-to-earnings ratio rolling to 2026 estimates [2]

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。 ...