Group 1 - The core viewpoint of the articles highlights the financial performance and market position of International Medical, indicating a decline in revenue and net profit in the latest quarterly report [1] - As of March 31, 2025, the number of shareholders for International Medical increased to 109,907, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares [1] - The company operates in the health care service sector and has received multiple accolades, including being recognized as one of the top 100 private hospitals in the 2024 benchmark hospital research [1] Group 2 - The latest financial results for the first quarter of 2025 show a revenue of 999.7 million yuan, representing a year-on-year decrease of 14.99%, and a net loss of approximately 106.35 million yuan, a decline of 1.37% year-on-year [1] - The company's current price-to-earnings (P/E) ratio is significantly negative at -45.28, compared to the industry average of 38.00, indicating a poor valuation relative to peers [2] - The market capitalization of International Medical stands at 11.573 billion yuan, with a price-to-book (P/B) ratio of 3.24, which is slightly below the industry median of 2.61 [2]

证券代码：000516 证券简称：国际医学 公告编号：2025-018 西安国际医学投资股份有限公司 关于股份回购进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 西安国际医学投资股份有限公司（以下简称"本公司"或"公司"） 于2024年4月24日召开第十二届董事会第十五次会议，并于2024年5月20 日召开2023年度股东大会，审议通过了《关于回购公司股份方案的议案》 及《关于提请股东大会授权董事会办理本次回购相关事宜的议案》，决 定使用自有资金以集中竞价交易方式回购已发行的人民币普通股（A股） 股票，回购的股份将全部用于注销以减少公司注册资本。本次回购的资 金总额不低于人民币10,000万元（含）且不超过人民币15,000万元（含）， 回购价格不超过人民币9.16元/股（含），具体回购股份的数量以回购 结束时实际回购的股份数量为准。回购期限为自公司股东大会审议通过 本次回购方案之日起12个月内。公司已在中国证券登记结算有限责任公 司深圳分公司开立股份回购专用证券账户。具体内容详见公司分别于 2024年4月26日和5月21日在《中国证券报》《上海证券 ...

Core Viewpoint - The company International Medical has reported a decline in revenue and net profit for Q1 2025, indicating potential challenges in its financial performance despite holding a significant market position in the healthcare sector [1]. Group 1: Company Overview - International Medical's closing stock price on May 6 was 5.11 yuan, reflecting a 1.39% increase, with a latest price-to-book ratio of 3.24 and a total market capitalization of 11.551 billion yuan [1]. - As of Q1 2025, a total of 10 institutions hold shares in International Medical, including 5 other entities, 4 funds, and 1 brokerage, with a combined holding of 75,944.78 million shares valued at 4.139 billion yuan [1]. - The company's main business focuses on health services and the application of modern medical technology, with key products spanning healthcare, software and IT services, social services, and commodity circulation [1]. Group 2: Financial Performance - For Q1 2025, International Medical reported an operating revenue of 999.7 million yuan, representing a year-on-year decline of 14.99% [1]. - The net profit for the same period was -106,353,858.88 yuan, showing a year-on-year decrease of 1.37%, with a sales gross margin of 5.21% [1]. Group 3: Industry Comparison - The company has a trailing twelve months (TTM) price-to-earnings (PE) ratio of -45.20, which is significantly lower than the industry average of 38.66 [2]. - The industry median PE ratio stands at 38.36, indicating that International Medical is underperforming compared to its peers [2].

2025 年 05 月 02 日 公司研究 评级：买入(首次覆盖) 研究所： 证券分析师： 李明 S0350523090001 lim06@ghzq.com.cn [Table_Title] 2024 年亏损收窄，特色专科建设和精益管理助 力进一步利润改善 ——国际医学（000516）公司动态研究 | 相对沪深 | 表现 300 | | | 2025/04/30 | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 国际医学 | | -9.4% | 3.7% | -12.3% | | 沪深 300 | | -3.7% | -1.2% | 4.6% | | 市场数据 | 2025/04/30 | | --- | --- | | 当前价格（元） | 5.04 | | 周价格区间（元） 52 | 4.01-6.77 | | 总市值（百万） | 11,392.33 | | 流通市值（百万） | 11,209.79 | | 总股本（万股） | 226,038.27 | | 流通股本（万股） | 222,416.43 | | 日均成交额（百万） | 90 ...

Core Viewpoint - The 2025 International Medical Innovation Cooperation Forum aims to enhance medical innovation collaboration among countries involved in the Belt and Road Initiative, as well as with ASEAN and SCO member states, following directives from President Xi Jinping [1] Group 1: Forum Objectives - The forum emphasizes the establishment of a new mechanism for international medical innovation cooperation, focusing on innovation sharing [1] - It aims to build a high-level international medical open pilot zone through collaborative efforts [1] - The forum seeks to strengthen exchanges and cooperation in traditional medicine [1] - It promotes the construction of a community for global health and well-being through mutual benefits [1] Group 2: Participation and Theme - Over 400 guests, including leaders and officials from SCO member states, attended the forum [1] - The theme of the forum is "Medical Innovation Sharing, Sustainable Health Development" [1] - The forum released the "2025 International Medical Innovation Cooperation Forum Initiative" [1]

Group 1 - The 2025 International Medical Innovation Cooperation Forum will be held from April 28 to 30 in Fangchenggang City, aiming to deepen medical exchange and cooperation, and promote sustainable development in human health [1] - The forum is co-hosted by the Shanghai Cooperation Organization and the Guangxi Zhuang Autonomous Region government, with multiple activities including an opening ceremony, keynote speeches, exhibitions, sub-forums, and a closing ceremony [1] - Participants will include leaders, health officials, medical experts, and representatives from medical institutions and pharmaceutical companies from SCO member states, observer countries, dialogue partner countries, and ASEAN nations [1] Group 2 - The forum will feature four sub-forums, including a roundtable on international medical security policy exchange, focusing on sharing successful experiences in medical security systems and centralized procurement of pharmaceuticals among SCO member states [2] - A forum on health and industrial innovation will address cutting-edge medical developments, aiming to enhance cooperation in public health and digital economy as part of the global development initiative [2] - A roundtable on the protection and utilization of medicinal resource diversity will discuss international practices and technologies for sustainable use of medicinal plant and animal resources [2] - An international standard seminar on nutritional health foods will aim to deepen mutual recognition of international standards and promote industry cooperation [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [7][9]. Core Insights - The company reported a steady performance in 2024 with an operating revenue of 4.815 billion yuan, reflecting a growth of 4.28%. However, the net profit attributable to shareholders was a loss of 254 million yuan, although this represented a 31.01% improvement year-on-year [3][10]. - The first quarter of 2025 showed a slight revenue decline of 14.99% compared to the previous quarter, with an operating revenue of 999 million yuan and a net loss of 106 million yuan [3][4]. - The company has seen a steady increase in patient visits, with outpatient visits at high-tech hospitals growing by 0.3% and inpatient admissions by 1.8% in 2024. The central hospital experienced a more significant increase, with outpatient visits up by 19% and inpatient admissions by 15% [4][6]. Financial Performance Summary - In 2024, the gross profit margin was 9.45%, with a slight decrease of 0.10 percentage points. The net profit margin attributable to shareholders improved by 2.70 percentage points to -5.28% [5][10]. - The company is projected to achieve revenues of 4.852 billion yuan in 2025, with a gradual increase to 5.937 billion yuan by 2027. The net profit is expected to improve from a loss of 211 million yuan in 2025 to a profit of 68 million yuan in 2027 [7][10]. - The report highlights effective cost control measures, with a sales expense ratio of 0.76% and a management expense ratio of 11.22% in 2024 [5][10]. Strategic Developments - The company has made significant advancements in its clinical specialties, with several departments receiving provincial and municipal recognition for their clinical excellence. New specialized treatment centers and clinics have been established to enhance service offerings [6][10]. - The implementation of Diagnosis-Related Groups (DRG) has improved treatment efficiency, contributing to a stable growth in patient treatment volumes despite a slight decrease in average treatment costs [4][6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [7][9]. Core Insights - The company reported a steady performance in 2024, with a revenue of 4.815 billion yuan, reflecting a growth of 4.28%. However, the net profit attributable to shareholders was a loss of 254 million yuan, although this represented a 31.01% improvement compared to the previous year [3][10]. - The first quarter of 2025 showed a slight revenue decline of 14.99% year-on-year, with a revenue of 999 million yuan and a net loss of 106 million yuan, indicating ongoing challenges [3][4]. Financial Performance Summary - In 2024, the company achieved a gross margin of 9.45%, with a net profit margin of -5.28%, showing a slight improvement in cost control measures [5]. - The company’s revenue projections for 2025 to 2027 are 4.852 billion yuan, 5.362 billion yuan, and 5.937 billion yuan respectively, with expected net profits gradually improving from a loss of 211 million yuan in 2025 to a profit of 68 million yuan in 2027 [7][10]. Operational Highlights - The company experienced a steady growth in patient volume, with outpatient visits at high-tech hospitals increasing by 0.3% and inpatient admissions by 1.8% in 2024. The central hospital saw a significant increase in outpatient visits by 19% and inpatient admissions by 15% [4]. - The company has made significant advancements in its clinical specialties, with several departments receiving provincial and municipal recognition, enhancing its service offerings [6].

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company has shown a continuous narrowing of losses, with revenue for 2024 reaching 4.815 billion yuan, a year-on-year increase of 4.28%. The net loss attributable to the parent company was 254.13 million yuan, a reduction of 31.0% year-on-year [2][6] - The company is actively expanding its non-medical insurance business while maintaining a stable operational performance and optimizing its revenue structure [6] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 4.815 billion yuan, with a year-on-year growth of 4.28%. The net loss attributable to the parent company was 254.13 million yuan, which is a 31.0% reduction compared to the previous year [2][3] - For Q1 2025, the company reported a revenue of 999.7 million yuan, a decrease of 15.0% year-on-year, primarily due to DRG cost control and last year's high base effect. The net loss attributable to the parent company was 106 million yuan, a decrease of 1.4% year-on-year [2] Operational Highlights - The company’s high-tech hospital generated a revenue of 1.525 billion yuan in 2024, with a net profit of 85 million yuan, reflecting a year-on-year increase of 2.7% and 21.6% respectively. The hospital is operating at full capacity, with key medical quality indicators steadily improving [6] - The central hospital achieved a revenue of 3.274 billion yuan in 2024, a year-on-year increase of 7.6%, while the net loss was reduced by 36.7% to 165 million yuan. The hospital's outpatient and emergency service volume reached 1.4182 million visits, a year-on-year increase of 18.9% [6] Future Outlook - The company is expected to continue its development of a comprehensive medical innovation business model that combines serious medical care with consumer medical services. The revenue structure is anticipated to improve as the volume of medical services increases [6] - The profit forecasts for 2025 and 2026 have been adjusted to reflect the impact of medical insurance cost control policies, with projected net losses of 137 million yuan and 80 million yuan respectively, before turning profitable in 2027 with a net profit of 133 million yuan [6][7]

Group 1: Overall Business Performance - In 2024, the company achieved a total outpatient and emergency service volume of 2.5727 million visits, a year-on-year increase of 7.70% [2] - The inpatient service volume reached 205,700 visits, growing by 10.73% compared to the previous year [2] - The total revenue for 2024 was CNY 4.815 billion, reflecting a year-on-year growth of 4.28% [2] - The net profit attributable to the parent company was -CNY 254 million, a reduction in loss by 31.01% [2] - The operating cash flow was CNY 1.009 billion, remaining stable compared to the previous year [2] Group 2: Q1 2025 Performance - In Q1 2025, the company reported revenue of CNY 999 million, a decline of 14.99% year-on-year [2] - The net profit attributable to the parent company was -CNY 106 million, a decrease of 1.37% compared to the same period last year [2] - Operating cash flow for the quarter was CNY 244 million, an increase of 11.20% year-on-year [2] Group 3: Hospital Operations - In 2024, Xi'an Gaoxin Hospital generated revenue of CNY 1.525 billion, a growth of 2.68% [3] - Xi'an International Medical Center Hospital achieved revenue of CNY 3.274 billion, with a year-on-year increase of 7.60% [3] - In Q1 2025, Gaoxin Hospital's outpatient service volume was 281,400 visits, up by 1.91% [3] - The inpatient service volume for Gaoxin Hospital in Q1 2025 was 14,600 visits, down by 8.22% [3] Group 4: Project Developments - The Proton Therapy Center project is progressing, with the core component, the cyclotron, installed by June 18, 2024, and expected to be operational by the end of 2025 [3] - The company is focusing on the application of artificial intelligence in healthcare, ensuring data privacy and security while integrating with core business systems [3] Group 5: Strategic Outlook - For 2025, the company aims to enhance its patient-centered approach and improve service quality through institutional innovation and management reform [4] - The focus will be on strengthening core competencies in specialized fields and enhancing operational efficiency [4] - The company plans to adapt to ongoing healthcare policy reforms by optimizing its business structure and improving service quality [4]