Core Insights - The company reported a significant decline in revenue and net profit for the first half of 2025, with revenue at 219 million yuan, down 27.22% year-on-year, and a net profit of -116 million yuan compared to -27 million yuan in the same period last year [1] - The decrease in performance is attributed to delayed customer demand, slow bidding processes, tightened hospital budgets, increased industry competition, and rising implementation costs due to project delays [1] - The company is a leader in electronic medical records and anticipates that AI healthcare demand will enhance its value proposition in the future [1] Financial Performance - The gross margin for the first half of 2025 was 20.52%, a decrease of 27.51 percentage points, primarily due to extended project delivery cycles increasing cost pressures [2] - The sales, management, and R&D expense ratios were 19.35%, 17.52%, and 29.61%, respectively, with increases of 2.95, 1.31, and 4.26 percentage points, driven by rigid personnel costs and increased R&D investments [2] - R&D investment accounted for 43.36% of revenue, up 2.64 percentage points year-on-year, reflecting the company's commitment to enhancing its core technology and long-term competitiveness [2] Product Development - The company upgraded its core product, the electronic medical record system, integrating AI capabilities through the development of the Jiahe domain-specific medical model [3] - A new generation of intelligent electronic medical record platform (V7) was launched, featuring a microservices and B/S architecture, achieving full-stack compatibility and deep integration with the Jiahe medical model [3] - The company has accelerated the commercialization of AI products, with four core solution scenarios implemented in several large tertiary hospitals [3] Competitive Advantage - The company is enhancing its AI capabilities by upgrading its data center products into a multimodal intelligent platform, improving data governance and efficiency [4] - The integration of AI in emergency medical services has led to the development of a comprehensive platform that generates treatment plans and predicts mortality risk based on extensive data training [4] - The focus is on empowering clinical, research, teaching, and management scenarios with AI to enhance the competitiveness of medical products [4] Profit Forecast and Valuation - The profit forecast remains unchanged, with expected net profits of 44 million, 102 million, and 191 million yuan for 2025-2027 [5] - The company is assigned a target price of 44.48 yuan based on a 60x 2026 PE ratio, reflecting its strengthened competitiveness in the medical AI sector [5]

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 44.48 [7][8]. Core Views - The company reported a significant decline in revenue and net profit for the first half of 2025, primarily due to deferred customer demand, delayed bidding processes, tightened hospital budgets, and increased competition [1]. - Despite the current challenges, the company is expected to benefit from AI-driven demand in the healthcare sector, which may enhance its value proposition [1]. - The company maintains a strong focus on R&D, with R&D expenses accounting for 43.36% of revenue in the first half of 2025, indicating a commitment to enhancing its technological capabilities [2]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of RMB 2.19 billion, a year-on-year decrease of 27.22%, and a net profit attributable to shareholders of -RMB 1.16 billion, compared to -RMB 0.27 billion in the same period last year [1][12]. - The gross margin for the first half of 2025 was 20.52%, down 27.51 percentage points year-on-year, attributed to extended project delivery cycles and increased cost pressures [2]. Product Development - The company has launched a new generation of intelligent electronic medical record platforms (V7) that integrate AI capabilities, enhancing efficiency and quality in medical documentation [3]. - The company is actively upgrading its data center products to a multi-modal intelligent platform, improving data governance and operational efficiency through AI [4]. Market Position and Outlook - The company is ranked first in the electronic medical record segment for 2024, marking its 11th consecutive year at the top of the market [2]. - Profit forecasts for the company indicate a gradual recovery, with expected net profits of RMB 0.44 billion, RMB 1.02 billion, and RMB 1.91 billion for 2025, 2026, and 2027, respectively [5][11].

Core Viewpoint - The financial performance of Jiahe Meikang (688246) for the first half of 2025 shows significant declines in revenue and profit, indicating a challenging business environment and potential operational weaknesses [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 was 219 million yuan, a decrease of 27.22% year-on-year [1]. - The net profit attributable to shareholders was -116 million yuan, representing a decline of 323.29% compared to the previous year [1]. - In Q2 2025, total revenue was 117 million yuan, down 33.97% year-on-year, with a net profit of -98.86 million yuan, a decrease of 532.81% [1]. - The gross margin fell to 20.52%, down 57.28% year-on-year, while the net margin was -59.43%, a drop of 382.4% [1]. - The total of selling, administrative, and financial expenses reached 85.51 million yuan, accounting for 39.1% of revenue, an increase of 16.98% year-on-year [1]. - The company's cash flow per share was -1.22 yuan, an increase of 11.07% year-on-year, while earnings per share were -0.85 yuan, a decrease of 325% [1]. Accounts Receivable and Financial Health - Accounts receivable accounted for 89.54% of the latest annual revenue, indicating a significant reliance on credit [1]. - Cash and cash equivalents decreased by 52.74% to 193 million yuan, while interest-bearing debt increased by 2.21% to 304 million yuan [1]. - The company's historical return on invested capital (ROIC) has been low, with a median of 1.07% since its listing, and a worst year ROIC of -34.23% in 2017 [3]. Fund Holdings - The largest fund holding Jiahe Meikang is the E Fund New Normal Flexible Allocation Mixed Fund, which increased its position to 2.9388 million shares [4]. - Other funds that have increased their holdings include the Great Wall Consumer Value Mixed A and several others, indicating some level of institutional interest despite the company's poor performance [4].

嘉和美康首次公开发行股票的发行费用总额为1.21亿元，其中保荐机构华泰联合证券有限责任公司获得 保荐及承销费用9782.30万元。 嘉和美康于2021年12月14日在上交所科创板上市，发行价格为39.50元/股，发行数量为3446.94万股，保 荐机构(主承销商)为华泰联合证券有限责任公司，保荐代表人为孔祥熙、王琛。 嘉和美康首次公开发行股票募集资金总额13.62亿元，扣除发行费用后，募集资金净额为12.40亿元。嘉 和美康最终募集资金净额比原计划多4.90亿元。嘉和美康于2021年12月9日披露的招股说明书显示，该 公司拟募集资金7.50亿元，分别用于专科电子病历研发项目(急诊急救方向、妇幼专科方向)、综合电子 病历升级改造项目、数据中心升级改造项目、补充营运资金。 中国经济网北京8月28日讯嘉和美康(688246.SH)今日收报33.85元，跌幅5.10%，总市值46.57亿元。该股 目前处于破发状态。 ...

格隆汇8月28日｜嘉和美康(688246.SH)跌7.93%，报32.84元，总市值45.18亿元。嘉和美康公告，上半年 公司营业收入为2.19亿元，同比下降27.2%；归母净利润自去年同期亏损2747万元变为亏损1.16亿元， 亏损额进一步扩大；扣非归母净利润自去年同期亏损3074万元变为亏损1.18亿元，亏损额进一步扩大； EPS(全面摊薄)为-0.8452元。(格隆汇) ...

公司代码：688246 公司简称：嘉和美康 登录新浪财经APP 搜索【信披】查看更多考评等级 第一节重要提示 1.1 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到http://www.sse.com.cn网站仔细阅读半年度报告全文。 1.2 重大风险提示 公司已在本报告中详细描述了可能存在的相关风险，敬请查阅本报告"第三节管理层讨论与分析" 之"四、风险因素"中的内容。 1.3 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 1.4 公司全体董事出席董事会会议。 1.5 本半年度报告未经审计。 1.6 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 1.7 是否存在公司治理特殊安排等重要事项 □适用√不适用 第二节公司基本情况 2.1 公司简介 公司股票简况 ■ 2.2 主要财务数据 单位：元币种：人民币 公司存托凭证简况 □适用√不适用 联系人和联系方式 ■ ■ 2.3 前10名股东持股情况表 单位: 股 ■ 2.4 前十名境内存托凭证持有 ...

Core Insights - Pension funds have emerged as significant shareholders in 11 stocks listed on the Sci-Tech Innovation Board, with a total holding of 50.67 million shares valued at 2.647 billion yuan at the end of Q2 [1][2] Group 1: Pension Fund Holdings - Pension funds have newly entered 3 stocks, increased holdings in 2 stocks, and reduced holdings in 4 stocks, while 2 stocks remained unchanged in their holdings [1] - The stock with the highest holding ratio by pension funds is Haitai New Light, accounting for 4.20% of the circulating shares, followed by Rongzhi Rixin and Huafeng Technology at 4.04% and 2.67%, respectively [1] - The top holdings by quantity include Transsion Holdings with 17.72 million shares, Shengyi Electronics with 5.33 million shares, and Yubang Power with 5.19 million shares [1] Group 2: Industry Focus - The stocks held by pension funds are primarily concentrated in the electronics, pharmaceutical, and national defense industries, with 3, 2, and 2 stocks respectively [1] - Eight stocks have been continuously held by pension funds for more than two reporting periods, with Yubang Power and Kaili New Materials being held for 12 reporting periods [1] Group 3: Performance Metrics - Among the stocks held by pension funds, 7 reported year-on-year net profit growth in the first half of the year, with Rongzhi Rixin showing the highest growth of 2063.42% [2] - The average increase of the Sci-Tech Innovation Board stocks held by pension funds since July is 17.32%, with Huafeng Technology leading with a cumulative increase of 40.03% [2] - The stock with the largest decline is Guoke Military Industry, which has decreased by 8.89% [2]

Policy Developments - The State Council aims to develop the China (Jiangsu) Pilot Free Trade Zone into a globally influential biopharmaceutical industry hub, with a plan that includes 18 key tasks for integrated innovation across the entire industry chain by 2030 [1] Drug Approvals - China Resources Double Crane announced that its subsidiaries received drug registration certificates for three products, which will enhance the company's product line and market competitiveness [2] - Tianyao Pharmaceutical's subsidiary received a drug registration certificate for a new eye drop product, which is expected to positively impact the company's domestic market expansion and performance [3] Financial Reports - China National Pharmaceutical Group reported a revenue of 17.076 billion yuan for the first half of 2025, a decrease of 6.71% year-on-year, with a net profit of 294 million yuan, down 16.19% [4] - Jiahe Meikang reported a revenue of 219 million yuan for the first half of 2025, a decline of 27.22%, resulting in a net loss of 116 million yuan [5] - Renfu Pharmaceutical reported a revenue of 12.064 billion yuan, a decrease of 6.20%, but a net profit increase of 3.92% to 1.155 billion yuan [6] Investment Activities - Tibet Pharmaceutical plans to invest 60 million USD in Accuredit Therapeutics Limited, acquiring a 40.82% stake, focusing on gene editing technologies [7] Industry Developments - The first long-acting injection for infertility treatment has been approved, providing a more efficient and convenient option for patients compared to traditional daily injections [8] - A study revealed a protein linked to infertility and cancer, suggesting potential new treatment avenues for both conditions [9] Shareholder Actions - Dabo Medical announced a plan for a shareholder to reduce their stake by up to 2% of the company's shares [10] - Kangchen Pharmaceutical's executive plans to sell up to 87,500 shares due to personal financial needs [11]

Group 1 - The stock price of Jiahe Meikang closed at 35.67 yuan on August 27, down 6.65% from the previous trading day, with a trading volume of 86,185 hands and a transaction amount of 324 million yuan [1] - Jiahe Meikang operates in the healthcare services industry, focusing on the research and sales of medical information software, with major products including electronic medical record systems and hospital information platforms [1] - The company announced on August 27 that it would transfer part of the equity of its controlling subsidiary, Beijing Jiahe Haishen Health Technology Co., Ltd., to related party Xia Jun [1] Group 2 - The semi-annual report disclosed on the same day showed that the company achieved operating revenue of 219 million yuan in the first half of the year, a year-on-year decrease of 27.22%, and a net loss attributable to shareholders of 116 million yuan, which is a significant increase from the loss of 27.47 million yuan in the same period last year [1] - The company attributed the decline in performance to the impact of the healthcare industry environment, with deferred customer demand release and delayed bidding processes leading to a reduction in new orders [1] - On August 27, the net outflow of main funds was 22.29 million yuan, with a cumulative net outflow of 44.19 million yuan over the past five days [1]

证券日报网讯 8月27日晚间，嘉和美康发布公告称，公司的控股孙公司北京嘉和海森健康科技有限公司 的自然人股东陈联忠、蔡挺、崔凯拟将其分别持有的嘉和海森11.8988%、6.3460%、2.3798%的股权转 让给公司关联人夏军。公司全资子公司北京嘉和美康信息技术有限公司作为嘉和海森的控股股东，拟放 弃此次股权转让的优先购买权、跟随出售权。上述股权转让同时，全资子公司嘉和信息拟将持有的嘉和 海森的全部股权无偿划转予上市公司，公司对嘉和海森由间接持股转变为直接持股。本次交易构成关联 交易，不构成重大资产重组。 （编辑 李家琪） ...