Investment Rating - The report maintains a rating of "Buy" for the company [1][3]. Core Views - The company's performance has fallen short of expectations, but there is a significant improvement in cash flow. Short-term growth is under pressure, but the long-term outlook for outsourcing penetration is promising [1][8]. - The target price has been adjusted to 38.50 CNY, up from the previous forecast of 34.40 CNY, reflecting a revised EPS forecast for 2024-2026 [3][8]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 5.619 billion CNY, a decrease of 10.95% year-on-year. The net profit attributable to shareholders was 94 million CNY, down 83.71% [8]. - The gross margin for Q1-Q3 was 35.15%, a decline of 2.29 percentage points, while the net margin was 1.49%, down 7.49 percentage points [8]. - Cash flow management has improved significantly, with operating cash flow of 312 million CNY for Q1-Q3, and accounts receivable decreased by 214 million CNY from Q2 [8]. Industry Outlook - The industry is currently facing short-term challenges due to regulatory adjustments and policy implementations, which are expected to reduce testing volumes and lower prices. However, there is potential for increased outsourcing in the long term as hospitals seek to reduce costs [8]. - The company is focusing on quality growth and has established 25 new partnerships with precision medicine centers and 20 new collaborations in research and disease alliances during Q1-Q3 [8]. Digital Transformation - The company is advancing its digital transformation initiatives, enhancing management efficiency across marketing, supply chain, and services. It has launched four products on the Guangzhou Data Exchange, marking a step towards compliant medical data circulation [8].

证券代码：603882 证券简称：金域医学 公告编号：2024-068 关于召开 2024 年第三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 2024 年 11 月 11 日中午 12:00 前访问网址 https://eseb.cn/1j4PertTEnm 进行会前提问，或将相关问题通过电子邮件 的形式发送至公司董事会办公室邮箱：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 2024 年 10 月 31 日发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解 公司 2024 年第三季度的经营成果、财务状况，公司计划于 2024 年 11 月 12 日 15:00-16:00 举行 2024 年第三季度业绩说明会（以下简称"业绩说明会"），就 投资者关心的问题进行交流。 一、说明会类型 本次业绩说明会以网络文字互动方式召开，公司将针对 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [10]. Core Views - The company reported a revenue of 5.619 billion yuan for the first three quarters of 2024, a year-on-year decrease of 10.95%, and a net profit attributable to shareholders of 94 million yuan, down 83.71% year-on-year [1]. - The decline in revenue and profit is attributed to the slow recovery of routine testing demand due to medical reforms and the promotion of DRGs [1]. - The company is actively responding to policy changes by establishing partnerships with top-tier hospitals and enhancing its digital transformation efforts, which are expected to support long-term growth [1]. - The report projects revenues for 2024-2026 to be 7.331 billion, 8.536 billion, and 9.955 billion yuan, respectively, with a forecasted net profit of 302 million, 812 million, and 997 million yuan for the same period [3]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 1.738 billion yuan, a year-on-year decrease of 13.15%, and a net profit of 4 million yuan, down 98.56% year-on-year [1]. - The gross profit margin for the first three quarters of 2024 was 35.15%, a decrease of 2.29 percentage points year-on-year, primarily due to reduced revenue and increased fixed cost amortization [1]. - The net profit margin for the first three quarters was 1.49%, down 7.49 percentage points year-on-year [1]. Cost Structure - The sales expense ratio for the first three quarters of 2024 was 12.06%, an increase of 0.37 percentage points year-on-year; the management expense ratio was 8.60%, up 0.43 percentage points year-on-year; while the R&D expense ratio was 5.38%, down 0.41 percentage points year-on-year [1]. Cash Flow and Receivables - The company has improved its cash flow management, with accounts receivable decreasing by 439 million yuan compared to the end of Q2 2024, totaling 5.116 billion yuan by the end of Q3 2024 [1]. - The net cash flow from operating activities for the first three quarters of 2024 was 312 million yuan, with Q3 contributing 278 million yuan [1]. Market Position and Future Outlook - The company is positioned as an industry leader and is expected to benefit from the rapid development of the industry, with ongoing improvements in laboratory profitability [3]. - The report emphasizes the importance of the company's strategic partnerships and digital transformation initiatives in driving future growth [1].

Investment Rating - The report maintains a "Recommended" rating for the company Jin Yu Medical (stock code: 603882) [3][8]. Core Views - The company's revenue for the first three quarters of 2024 was 5.619 billion yuan, a decrease of 10.95% year-on-year, with a net profit attributable to shareholders of 0.094 billion yuan, down 83.71% [1]. - The decline in revenue is attributed to slower-than-expected growth in routine testing demand, influenced by changes in the industry operating environment [1]. - The company has shown improvement in cash flow management, with accounts receivable collection rates significantly improving, which is expected to stabilize performance [2]. - The company is focusing on long-term strategies and operational efficiency, enhancing core capabilities while navigating external challenges [3]. Summary by Sections Financial Performance - For the first nine months of 2024, the company reported an operating income of 5.619 billion yuan, a decrease of 10.95%, and a net profit of 0.094 billion yuan, down 83.71% [1]. - The gross profit margin for Q3 2023 was 36.04%, with a decline in operating profit margin to approximately 6.3% due to increased credit impairment losses [1]. Accounts Receivable Management - As of Q3 2024, the net balance of accounts receivable was 5.116 billion yuan, with a cumulative provision for bad debts of approximately 1.3 billion yuan [2]. - The company has seen a reduction in the absolute amount of new impairment provisions in Q3, indicating improved cash flow management and collection rates [2]. Operational Strategy - The company has strengthened its internal management and operational efficiency, launching 25 new precision centers and 20 new partnerships in research and disease alliances in 2024 [3]. - The focus remains on the core medical testing business, with a commitment to long-term growth and innovation despite short-term external disruptions [3]. Future Outlook - The company is expected to benefit from the recovery of routine testing demand as the domestic healthcare environment stabilizes [1]. - Profit forecasts for 2024-2026 have been adjusted to 0.244 billion, 0.759 billion, and 1.255 billion yuan, reflecting a significant expected rebound in profitability [3].

Summary of Conference Call Notes Company and Industry Overview - The conference call involved multiple securities firms and highlighted the performance of a medical testing company, focusing on its financial results and industry outlook. Key Points and Arguments 1. **Financial Performance**: - The company reported total revenue of 5.619 billion yuan for the first three quarters, a decrease of 8.48% compared to the previous year, excluding the Western Australia business which was outsourced [2][3]. - Regular revenue, excluding COVID-19 related income from last year, decreased by 3.49% [2][3]. - The net profit for the first three quarters was 93.84 million yuan, with a non-GAAP net profit of 78.01 million yuan [3]. - The gross profit margin for the first three quarters was 35.15%, with a slight increase in the third quarter to 36.04% compared to the previous year [3]. 2. **Operational Adjustments**: - The company has shifted its focus to high-quality clients, reducing engagement with low-quality clients to improve cash flow and operational efficiency [5][6]. - As of September, accounts receivable stood at 5.116 billion yuan, down by 440 million yuan from June, indicating improved cash flow management [5]. 3. **Market Environment**: - The decline in revenue was attributed to complex external factors, including seasonal variations and increased competition [4][6]. - The company anticipates a recovery in the market, particularly with the seasonal increase in infection-related testing as winter approaches [18]. 4. **Industry Outlook**: - The company remains optimistic about the healthcare sector, citing ongoing reforms and the need for cost efficiency in medical services as favorable for third-party medical laboratories [6][7]. - The integration of artificial intelligence and big data into healthcare is expected to drive future growth and operational efficiency [8][9]. 5. **Strategic Focus**: - The company is committed to a long-term strategy emphasizing cash flow, quality revenue, and operational excellence [10][11]. - Plans include enhancing marketing strategies, refining product offerings, and improving service differentiation to maintain competitive advantage [14][15]. 6. **Regulatory Environment**: - The company is adapting to regulatory changes, including the implementation of DRG (Diagnosis-Related Group) payment systems and other cost-control measures by the government [22][32]. - There is a focus on maintaining quality while managing costs, as the government pushes for efficiency in public healthcare [32][33]. 7. **Challenges and Risks**: - The company faces challenges from external pressures such as price competition and regulatory changes that may impact profitability [19][20]. - The management is cautious about the potential for increased scrutiny and competition in the industry, particularly regarding pricing strategies [28][29]. Additional Important Content - The company has initiated a digital transformation strategy, launching innovative products and services to enhance customer experience and operational efficiency [9][10]. - The management emphasized the importance of maintaining a strong cash flow and prioritizing quality over quantity in business operations [5][6]. - The company has received recognition for its data-driven initiatives, including awards for its contributions to healthcare data management [9][10]. This summary encapsulates the key insights from the conference call, focusing on the company's financial performance, strategic direction, industry outlook, and the challenges it faces in a dynamic regulatory environment.

Financial Performance - Revenue for the third quarter was RMB 1.74 billion, a decrease of 13.15% year-over-year[2] - Net profit attributable to shareholders for the third quarter was RMB 4.19 million, a significant decrease of 98.56% year-over-year[2] - Revenue for the first nine months of 2024 was RMB 5.62 billion, down 10.95% year-over-year[2] - Net profit attributable to shareholders for the first nine months was RMB 93.84 million, a decrease of 83.71% year-over-year[2] - Total revenue for the first three quarters of 2024 was 5,618,852,446.76 RMB, a decrease from 6,309,622,119.42 RMB in the same period of 2023[16] - Total operating costs for the first three quarters of 2024 were 5,117,588,587.38 RMB, down from 5,575,699,748.49 RMB in the same period of 2023[16] - Net profit for the first three quarters of 2024 was 83,867,861.65 RMB, significantly lower than 566,649,689.09 RMB in the same period of 2023[18] - Net profit attributable to parent company shareholders was RMB 93.84 million, compared to RMB 576.02 million in the same period last year[19] - Comprehensive income attributable to parent company shareholders was RMB 90.79 million, compared to RMB 591.26 million in the same period last year[19] - Basic earnings per share were RMB 0.20, compared to RMB 1.23 in the same period last year[19] Cash Flow and Liquidity - Operating cash flow for the first nine months was RMB 311.92 million, down 38.58% year-over-year[3] - Cash received from sales of goods and services was RMB 5.48 billion, a decrease from RMB 6.94 billion in the same period last year[20] - Net cash flow from operating activities was RMB 311.92 million, compared to RMB 507.81 million in the same period last year[20] - Net cash flow from investing activities was negative RMB 361.42 million, compared to negative RMB 484.14 million in the same period last year[22] - Net cash flow from financing activities was negative RMB 463.11 million, compared to negative RMB 912.54 million in the same period last year[22] - Cash and cash equivalents at the end of the period were RMB 1.94 billion, a decrease from RMB 2.04 billion at the end of the same period last year[22] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 10.98 billion, a decrease of 6.71% compared to the end of the previous year[3] - The company's monetary funds as of September 30, 2024, amounted to 1,944,019,325.90, a decrease from 2,457,662,736.68 at the end of 2023[13] - Accounts receivable as of September 30, 2024, were 5,115,653,178.99, slightly down from 5,335,343,742.15 at the end of 2023[13] - Inventory as of September 30, 2024, was 219,728,110.68, a decrease from 248,207,375.35 at the end of 2023[13] - Fixed assets as of September 30, 2024, were 1,490,768,451.49, down from 1,658,412,561.01 at the end of 2023[13] - Construction in progress as of September 30, 2024, was 444,154,863.79, an increase from 359,106,431.46 at the end of 2023[13] - The company's total current assets as of September 30, 2024, were 7,602,529,177.22, down from 8,265,141,988.72 at the end of 2023[13] - Total assets as of Q3 2024 were 10,978,237,374.03 RMB, compared to 11,767,672,448.57 RMB at the end of 2023[14] - Total liabilities as of Q3 2024 were 2,965,165,339.17 RMB, down from 3,220,280,284.46 RMB at the end of 2023[15] - Accounts payable increased to 1,782,901,091.66 RMB in Q3 2024 from 2,065,125,244.77 RMB at the end of 2023[14] - Long-term loans increased to 438,816,493.70 RMB in Q3 2024 from 267,612,098.21 RMB at the end of 2023[14] - Deferred tax assets increased to 236,494,780.86 RMB in Q3 2024 from 151,106,249.77 RMB at the end of 2023[14] - Total equity attributable to owners of the parent company was 7,831,588,638.03 RMB in Q3 2024, down from 8,362,834,963.48 RMB at the end of 2023[15] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 34,066[8] - Liang Yaoming, a domestic natural person, holds 74,191,907 shares, accounting for 15.83% of the total shares[8] - Hong Kong Securities Clearing Company Limited holds 47,392,211 shares, accounting for 10.11% of the total shares[8] Business Development and Innovation - The company added 25 new precision medicine centers and 20 new industry-academia collaborations and disease alliances in the first nine months of 2024[7] - The company launched 4 products on the Guangzhou Data Exchange and won the "Commercial Value Award" at the 2024 "Data Element ×" competition[7] - The company continues to deepen its digital transformation, leveraging AI technologies to enhance medical testing data potential[7] Research and Development - R&D expenses for the first three quarters of 2024 were 302,366,808.51 RMB, a decrease from 365,465,783.65 RMB in the same period of 2023[18]

证券代码：603882 证券简称：金域医学 公告编号：2024-067 广州金域医学检验集团股份有限公司 1 关于计提资产减值准备的公告 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。 一、计提资产减值准备情况概述 为了客观、公允地反映广州金域医学检验集团股份有限公司（以下简称"公 司"）2024 年第三季度的财务状况以及经营成果，根据《企业会计准则》相关规 定和公司会计政策，公司对截至 2024 年 9 月 30 日的合并报表范围内各项资产进 行了减值测试，相应计提资产减值准备。详见下表： 单位：人民币元 | 类别 | 2024 年 1-9 月 | | | --- | --- | --- | | 一、信用减值损失 | | 420,559,824.32 | | 其中：应收账款减值损失 | | 420,149,725.16 | | 其他应收款信用减值损失 | | 410,099.16 | | 二、资产减值损失 | | -40,419.96 | | 其中：合同资产减值损失 | | -40,419.96 | | 合计 | | 420 ...

证券代码：603882 证券简称：金域医学 公告编号：2024-065 广州金域医学检验集团股份有限公司（以下简称"公司"）已于 2024 年 9 月 27 日召开 2024 年第二次临时股东大会，选举产生了第四届监事会非职工代表监 事，与职工代表大会选举产生的职工代表监事共同组成了第四届监事会。经全体 监事一致同意豁免本次会议通知期限，第四届监事会第一次会议于 2024 年 9 月 27 日下午在公司会议室以现场方式召开。会议由张栋先生主持，本次会议应出 席监事 3 名，实际出席监事 3 名。本次会议的通知和召开程序符合《中华人民共 和国公司法》、《广州金域医学检验集团股份有限公司章程》的相关规定，本次会 议及其决议合法有效。 二、监事会会议审议情况 出席本次会议的全体监事对本次会议的议案进行了认真审议，并以记名投票 表决方式通过以下决议： 广州金域医学检验集团股份有限公司 第四届监事会第一次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 特此公告。 广州金域医学检验集团股份有限公司监事 ...

北京市中伦律师事务所 关于广州金域医学检验集团股份有限公司 2024 年第二次临时股东大会的 法律意见书 二〇二四年九月 北京市中伦律师事务所 关于广州金域医学检验集团股份有限公司 2024 年第二次临时股东大会的 法律意见书 致：广州金域医学检验集团股份有限公司 北京市中伦律师事务所（以下简称"本所"）作为广州金域医学检验集团股 份有限公司（以下简称"公司"）的常年法律顾问，受公司委托，指派律师出席 公司 2024 年第二次临时股东大会（以下简称"本次股东大会"）。本所律师根 据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国 证券法》（以下简称"《证券法》"）、《上市公司股东大会规则》（以下简称 "《股东大会规则》"）等有关法律、法规、规范性文件及《广州金域医学检验 集团股份有限公司章程》（以下简称"《公司章程》"）的规定，对本次股东大 会进行见证并出具法律意见。 为出具本法律意见书，本所律师审查了公司本次股东大会的有关文件和材料。 本所律师得到公司如下保证，即其已提供了本所律师认为作为出具本法律意见书 所必需的材料，所提供的原始材料、副本、复印件等材料、口头证言均符合真实、 准确、完 ...

证券代码：603882 证券简称：金域医学 公告编号：2024-064 广州金域医学检验集团股份有限公司 第四届董事会第一次会议决议公告 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。 一、董事会会议召开情况 广州金域医学检验集团股份有限公司（以下简称"公司"）于 2024 年 9 月 27 日召开 2024 年第二次临时股东大会，选举产生公司第四届董事会，经公司全 体董事一致同意豁免会议通知期限，第四届董事会第一次会议于 2024 年 9 月 27 日下午在公司会议室以现场加通讯方式召开。会议由梁耀铭先生主持，本次会议 应出席董事 9 名，实际出席董事 9 名。公司监事及高级管理人员列席本次会议。 会议召开符合《中华人民共和国公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 出席本次会议的全体董事对本次会议的议案进行了认真审议，并以记名投票 表决方式通过以下决议： （二）审议通过《关于选举广州金域医学检验集团股份有限公司第四届董 事会战略委员会委员的议案》 经审议，第四届董事会设立战略委员会，任期与第四届董事会一致 ...