Core Viewpoint - Guangzhou Kingmed Diagnostics Group Co., Ltd. has experienced a decline in stock price, with a cumulative drop of -10.12% over the past seven trading days, indicating potential challenges in the market [1] Company Overview - Kingmed Diagnostics focuses on third-party medical testing and pathology diagnosis, leveraging core resources such as "large platforms, networks, services, samples, and data" to provide advanced medical diagnostic information integration services to healthcare institutions across China [1] Financial Performance - The financial report indicates that Huabao Fund's Huabao CSI Medical ETF is among the top ten shareholders of Kingmed Diagnostics, having reduced its holdings in the first quarter of this year [1] - Year-to-date performance of the ETF shows a return of -1.01%, ranking 2505 out of 3432 in its category [2] Market Comparison - The ETF's performance over various periods is as follows: - Recent week: -0.25% - Recent month: +3.42% - Recent three months: -11.01% - Recent six months: -3.41% - Year-to-date: -1.01% - Comparatively, the average performance of similar funds shows a year-to-date return of +2.62% [2] Fund Management - The fund manager, Hu Jie, has extensive experience in the financial sector, having joined Huabao Fund in June 2006 and currently serving as the Director of Index Investment [4][5] - Hu Jie has managed multiple funds over her career, including the Huabao CSI Medical Index Fund and others, demonstrating a strong track record in fund management [5]

Summary of Jin Domain Medical Conference Call Company Overview - **Company**: Jin Domain Medical - **Industry**: Third-party medical testing Key Financial Performance - **2024 Revenue**: Decreased by 15.81% to 7.19 billion CNY [2][3] - **2024 Net Profit**: Reported at -0.38 billion CNY, a decline of 159.26% [3] - **2024 Operating Cash Flow**: Decreased by 26.36% to 906 million CNY [3] - **2025 Q1 Revenue**: Decreased by 20.35% to 1.467 billion CNY [4] - **2025 Q1 Net Profit**: Reported at -0.028 billion CNY, a decline of 49.09% [4] - **2025 Q1 Operating Cash Flow**: Increased by 139% to 55 million CNY [4] Key Challenges - **Market Demand**: Slowed down, impacting revenue [2][3] - **Cost Increases**: Rising fixed costs and extended accounts receivable cycles led to significant credit impairment losses of 619.48 million CNY [3] - **Investment Shortfalls**: Investments did not meet expectations, contributing to losses [2][3] Strategic Initiatives - **Customer-Centric Approach**: Focus on building a differentiated service system and launching high-sensitivity testing products [2][5] - **Cost Reduction Measures**: Implementing capacity layout and reagent procurement strategies to enhance efficiency [2][5] - **Digital Transformation**: Accelerating digital initiatives, including the launch of the "Encounter Medical Research Model" [2][5] Future Outlook - **Industry Confidence**: Optimism about the long-term demand driven by an aging population and the gradual recovery from the pandemic [3][6][7] - **Cost Advantages**: Scale production aligns with medical insurance cost control trends [7] - **Long-term Development Philosophy**: Commitment to sustainable growth rather than short-term profits [7] 2025 Strategic Focus - **Adaptation to External Changes**: Emphasizing a shift in mindset to address industry competition and cost pressures [8] - **Enhancing Professional Capabilities**: Improving service levels while reducing operational costs [8] - **Digital Business System**: Further exploration of large models in service enhancement and operational management [8] Industry Perspective - **Bright Future for Third-party Medical Testing**: The industry is expected to benefit from ongoing healthcare demands and policy support [9][10] - **Efficiency Requirements**: The trend towards cost control in medical insurance necessitates higher industry efficiency, particularly for leading enterprises [10]

Core Insights - The company, Kingmed Medical, released its 2024 Sustainable Development Report, marking its first comprehensive disclosure based on the four-element framework for sustainable development reports for listed companies [1] - Kingmed Medical integrates sustainable development goals with its operations, focusing on medical testing technology innovation and digital tools to provide precise medical testing services throughout the lifecycle [1] Group 1: Sustainable Development and Innovation - Kingmed Medical has launched the intelligent application "Xiaoyu Medical," which has served over 13,000 grassroots medical institutions, enhancing the quality of medical services and addressing resource shortages in these areas [2] - The company has developed the first large model in the medical testing industry, "Yujian Yiyan," and the intelligent application "Xiaoyu Medical," which offers project consultation, report interpretation, knowledge Q&A, and medication guidance [2] - The company has provided medical testing cooperation and smart medical testing services to 128 tightly-knit county medical communities [3] Group 2: Affordable Healthcare Initiatives - Kingmed Medical's affordable product series has served over 2 million people, aiming to lower the barriers to medical testing and make high-end medical technology accessible to a broader population [4] - The "Hui Min 3000" tumor gene testing system covers 18 common solid tumors and is priced under 3,000 yuan, helping 30,000 patients achieve precise diagnoses [4] Group 3: Community Support and Rural Revitalization - Kingmed Medical collaborates with the Guangzhou Kingmed Charity Foundation to engage in health assistance, industry support, education, and charity in 140 poverty-stricken counties, including 31 key rural revitalization counties [5] - The company has established 182 medical laboratories in 15 provinces and regions, enhancing medical testing and pathological diagnosis services in these areas [5] - Kingmed Medical has conducted over 220 public welfare activities, covering various diseases and reaching 29 provinces and regions across the country [6]

Meeting Information - The 2024 Annual General Meeting (AGM) of Guangzhou Kingmed Diagnostics Group Co., Ltd. will be held on June 9, 2025, at 14:30 [2] - The meeting will be convened by the Board of Directors and will utilize a combination of on-site and online voting methods [2] - The on-site meeting will take place at the company's headquarters located at No. 10, Spiral Road, International Biological Island, Guangzhou [2] Voting Procedures - The online voting system will be the Shanghai Stock Exchange's shareholder meeting online voting system, available on June 9, 2025 [3][5] - Voting times for the trading system are from 9:15-9:25, 9:30-11:30, and 13:00-15:00 on the day of the meeting [3] - Shareholders can also vote via the internet voting platform from 9:15 to 15:00 on the same day [3] Meeting Agenda - The meeting will review several proposals, including the independent directors' annual performance report for 2024 [6] - Proposals 1-6 were approved in the Board of Directors and Supervisory Board meetings held on April 25, 2025 [6] - Proposals 7 and 8, related to the remuneration of directors and supervisors, will be submitted for voting with the directors and supervisors abstaining from voting [6] Attendance and Registration - Shareholders registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch after the market close on the registration date are eligible to attend [8] - Registration for natural persons requires identification and shareholder account card, while legal entities must provide additional documentation [11][12] - The registration period for on-site attendance is from June 6, 2025, 9:00 to 17:00 [12] Additional Services - To enhance participation, the company will use a reminder service to notify shareholders about the meeting and voting [7] - Shareholders with multiple accounts can aggregate their voting rights across all accounts [7][8]

股东会召开日期：2025年6月9日 本次股东会采用的网络投票系统：上海证券交易所股东大会网络投票系统 证券代码：603882 证券简称：金域医学 公告编号：2025-028 广州金域医学检验集团股份有限公司 关于召开2024年年度股东会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 至2025 年 6 月 9 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东会召开当日的 9:15-15:00。 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 (一) 股东会类型和届次 2024年年度股东会 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的 方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 6 月 9 日 14 点 30 分 召开 ...

公司研究 证 券 研 究 报 告 资料来源：公司公告，华创证券预测 金域医学（603882）2024 年报&2025 年一季报点评 推荐（维持） 短期业绩承压，运营效率持续提升 目标价：41 元 事项： 公司发布 24 年报及 25 年一季报，24 年，公司实现营收 71.90 亿元（-15.81%）， 归母净利润-3.81 亿元（23 年同期为 6.43 亿元），扣非归母净利润-2.38 亿元（23 年同期为 3.65 亿元）。25Q1，公司实现营收 14.67 亿元（-20.35%），归母净利 润-0.28 亿元（24 年同期为-0.19 亿元），扣非归母净利润-0.39 亿元（24 年同期 为-0.29 亿元）。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 7,190 | 7,211 | 7,891 | 8,719 | | 同比增速(%) | -15.8% | 0.3% | 9.4% | 10.5% | | 归母净利润 ...

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 41 yuan [2][8]. Core Views - The company's short-term performance is under pressure, with a revenue decline of 15.81% in 2024, resulting in a total revenue of 7.19 billion yuan. The net profit attributable to shareholders was -0.38 billion yuan, compared to 0.64 billion yuan in the same period last year [2][4]. - In Q1 2025, the company reported a revenue of 1.47 billion yuan, down 20.35% year-on-year, with a net profit of -0.03 billion yuan [2][4]. - Despite the short-term challenges, the company is enhancing operational efficiency, with a 2.94% increase in specimen testing volume and a 50.88% revenue share from tertiary hospitals in 2024, up 7.75 percentage points year-on-year [8][9]. Financial Summary - **2024 Financial Performance**: - Total revenue: 7.19 billion yuan, down 15.8% - Net profit: -0.38 billion yuan, a decrease of 159.3% - Earnings per share: -0.82 yuan [4][9]. - **2025-2027 Projections**: - Expected revenue growth: 0.3% in 2025, 9.4% in 2026, and 10.5% in 2027 - Projected net profit: 0.96 billion yuan in 2025, 6.80 billion yuan in 2026, and 7.88 billion yuan in 2027 [4][9]. - **Valuation Metrics**: - Price-to-earnings ratio (P/E): 148 in 2025, decreasing to 18 by 2027 - Price-to-book ratio (P/B): stable around 1.9 [4][9]. Operational Efficiency - The company has optimized logistics routes, resulting in a 7.29% reduction in logistics costs. Additionally, procurement strategies have been improved, leading to a 15.54% decrease in reagent costs [8][9]. - The integration of AIoT technology has enhanced laboratory efficiency by 21% [8][9]. Market Position - The company maintains a leading market share, with significant growth in innovative product lines, including a 69.7% increase in revenue from specialized cancer screening and a 170% increase in RNA-seq revenue [8][9].

Group 1 - The core viewpoint of the articles is that Kingmed Medical has launched a new integrated solution for county medical communities, focusing on digital empowerment, professional services, and resource sharing to enhance the quality of grassroots medical care and promote hierarchical diagnosis and treatment [2][6][9] - The new solution incorporates a "digital intelligence" element, utilizing Kingmed's self-developed domain-specific AI model and the intelligent application "Xiaoyuyi" to improve digital governance capabilities and facilitate information sharing within the medical community [2][8] - The construction of county medical communities is progressing, with a goal of having over 90% of counties establish tight-knit medical communities by the end of 2025, but challenges in information technology and resource allocation remain [4][6] Group 2 - Kingmed Medical's integrated solution aims to address the bottlenecks in county medical community construction by providing a comprehensive service that includes laboratory management, quality control, and professional talent training [6][7] - The solution features a dual-driven model of "software + intelligent agent," which customizes information platform services for different county medical communities, integrating various systems to enhance clinical decision-making [8][9] - Kingmed Medical has established a nationwide service network and has collaborated with over 700 medical institutions, serving 128 tight-knit county medical communities to improve grassroots diagnostic capabilities [7][9]

Group 1 - The "Guangzhou Kingmed Diagnostics Group Co., Ltd." has successfully registered its "Targeted Sequencing Dataset for Respiratory Pathogen Microorganisms" as one of the top ten typical cases of data intellectual property registration [1] - The dataset analyzes the epidemic characteristics of specific respiratory pathogens, providing a basis for disease control evaluation and the formulation of refined prevention strategies [1] - The monitoring platform built on this dataset has significantly improved diagnostic capabilities, reducing the time for infectious disease alerts to 48 hours and increasing the detection rate in grassroots hospitals by over 28% [1] Group 2 - The health care industry is characterized as a data-intensive sector, with significant data scale, complexity, and application depth, playing a crucial role in precision medicine [2] - The Guangdong Provincial Market Supervision Administration is actively providing data intellectual property consulting services to health care enterprises, including in-depth research on Kingmed's data composition and potential value [2] - The successful registration of the dataset was facilitated by identifying core elements of technological innovation across the entire data collection and application chain [2]

证券代码：603882 证券简称：金域医学 公告编号：2025-027 广州金域医学检验集团股份有限公司 关于召开 2024 年度暨 2025 年第一季度 业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 问题征集方式：投资者可于 2025 年 5 月 20 日中午 12:00 前访问网址 ht tps://eseb.cn/1od5CZtiWmA 进行会前提问，或将相关问题通过电子邮件的 形式发送至公司证券事务部邮箱：sid@kingmed.com.cn。本公司将在业绩说 明会上对投资者普遍关注的问题进行统一回答。 广州金域医学检验集团股份有限公司（以下简称"公司"）已于 2025 年 4 月 26 日发布公司 2024 年年度报告及 2025 年第一季度报告，为便于广大投资者 更全面深入地了解公司 2024 年度及 2025 年第一季度的经营成果、财务状况，公 司计划于 2025 年 5 月 21 日 15:00-16:00 举行 2024 年度暨 2025 年第一季度业绩 说明会（以下简称" ...