证券研究报告 2025 年 09 月 10 日 湘财证券研究所 ——IVD&医疗服务 2025H1 业绩分析 相关研究： 1.《20250520湘财证券-IVD&医疗 服务行业-结构性机会频现》 2025.05.20 行业评级：买入（维持） 行业研究 IVD&医疗服务行业 2025H1 业绩分析 民营医疗及 IVD 承压，CXO 持续向好 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 1 17 43 绝对收 9 31 82 注：相对收益与沪深 300 相比 分析师：蒋栋 证书编号：S0500521050001 Tel：(8621)50295368 Email：jiangdong@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： 行业整体：业绩改善明显 医药工业营收及利润降幅逐月收窄：根据 Wind 数据显示，2025 年 1-6 月份，医药制造业累计收入 1.23 万亿元，同比下降 1.20%，呈现降幅 逐月收窄趋势；利润总额 1766.9 亿元，同比下降 2.8%，降幅也呈现逐 月收窄趋势。预计 2025 年下半年医药工业营收及利润有望持续恢复。 结 ...

2） 主营业务结构持续优化，团个检双轮驱动成效显现。尽管面临季节性和宏观环境的短期扰动，公司 主营业务基本盘依然稳固，并通过结构优化提升长期盈利能力。客户结构方面，公司持续推动团检向个 检的转化与裂变，通过深化与天猫、京东、抖音等线上平台合作，并优化私域运营，实现"团检公域引 流，个检私域沉淀"的流量转化路径。个检收入占比从2021 年的17%提升至2024 年的24.1%，2025 年上 半年进一步提升至33%。个检业务通常具备更高的客单价和毛利率，其占比提升有利于改善整体盈利水 平。客单价方面，通过推广创新筛查项目和个性化体检套餐，公司客单价保持稳定，2025 年上半年为 656 元。 3） "All in AI"战略成效显著，第二增长曲线加速兑现。公司"All inAI"战略成效显著，2025 年上半年AI 业务实现收入1.40 亿元，同比增长62.36%，AI 赋能的商业化落地正逐步兑现。增长主要由多元化的AI 产品矩阵驱动，包括心肺联筛、AI-MDT 报告、肺结宁、脑睿佳及眼底AI等一系列创新产品。此外，AI 技术深度赋能运营端，依托"扁鹊"智能体检系统与"健康小美"智能主检系统显著提升了预约、导诊 ...

企查查APP显示，近日，成都美年医学检验实验室有限公司成立，注册资本1000万元，经营范围包含： 检验检测服务；第三类医疗器械经营；人体基因诊断与治疗技术开发；信息系统集成服务等。企查查股 权穿透显示，该公司由美年健康(002044)间接全资持股。 ...

Group 1: Company Performance Highlights - The report indicates that Meinian Health achieved a revenue of 4.1 billion yuan in H1 2025, with a year-on-year decline of 2.28%, and a net loss of 221 million yuan, which is an increase in loss by 2.59% year-on-year [4][6] - Zhongjian Technology reported a significant revenue increase of 59.46% year-on-year, reaching 464 million yuan in H1 2025, with a net profit growth of 99.15% [8][9] - Jinfat Technology's revenue for H1 2025 was 31.6 billion yuan, reflecting a 36% year-on-year increase, while net profit rose by 54% [15][16] Group 2: Strategic Initiatives and Innovations - Meinian Health is advancing its "All in AI" strategy, integrating AI technology into health management, generating 140 million yuan in revenue from AI-related services, a 62.36% increase year-on-year [6][7] - Zhongjian Technology is benefiting from the growing demand for high-performance carbon fiber in aerospace and high-end equipment, with a focus on expanding production capacity [8][11] - Jinfat Technology is leveraging new materials and innovative products to capture emerging market opportunities, with significant growth in its modified plastics and new materials segments [15][17] Group 3: Financial Projections and Ratings - Meinian Health's revenue projections for 2025-2027 are 10.4 billion, 11.4 billion, and 12.6 billion yuan, with net profits expected to grow significantly in the coming years [7] - Zhongjian Technology's revenue forecasts for 2025-2027 are 1.06 billion, 1.27 billion, and 1.59 billion yuan, with a "buy" rating maintained due to strong growth prospects [13] - Jinfat Technology anticipates revenues of 646 billion, 737 billion, and 828 billion yuan for 2025-2027, with a "buy" rating reflecting its leadership in the modified plastics industry [19]

[Table_StockNameRptType] 美年健康（002044） 公司点评 业绩短期承压，"All in AI"战略成果显著 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-09-08 | | | [Table_BaseData] 收盘价（元） | | 5.34 | | 近 12 个月最高/最低（元） | | 7.79/3.22 | | 总股本（百万股） | | 3,914 | | 流通股本（百万股） | | 3,874 | | 流通股比例（%） | | 98.98 | | 总市值（亿元） | | 209 | [公司价格与沪深 Table_Chart] 300 走势比较 -16% 20% 55% 91% 126% 9/24 12/24 3/25 6/25 美年健康 沪深300 [Table_Author] 分析师：谭国超 执业证书号：S0010521120002 邮箱：tangc@hazq.com [Table_Author] 分析师：钱琨 执业证书号：S0010524110002 邮箱：qiankun@hazq ...

（文章来源：证券日报） 证券日报网讯 9月5日晚间，美年健康发布公告称，公司及控股子公司未发生逾期担保、涉及诉讼的担 保及因担保被判决败诉而应承担损失的情况。 ...

近日，公司全资子公司美年大健康产业（集团）有限公司（以下简称"美年大 健康"）向招商银行股份有限公司上海分行（以下简称"招商银行"）签署了《最高 额不可撤销担保书》，为美年健康提供本金余额之和最高限额人民币 30,000 万元 的连带责任担保。本《最高额不可撤销担保书》生效后，本次担保额度将覆盖公 司于 2025 年 3 月 1 日披露的《关于公司及下属子公司提供担保的进展公告》（公 告编号：2025-003）中公司和美年大健康共同向招商银行签署的《最高额不可撤 销担保书》合计本金余额之和最高限额人民币 20,000 万元的担保额度。 美年大健康产业控股股份有限公司 关于公司及下属子公司提供担保的进展公告 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。 一、担保情况概述 美年大健康产业控股股份有限公司（以下简称"公司"或"美年健康"）于 2024 年 12 月 13 日召开第九届董事会第五次（临时）会议及 2024 年 12 月 30 日召开 2024 年第六次临时股东大会，审议通过《关于公司及下属子公司申请融资额度并提供 担保的议案》，同意公司及部分下属子公 ...

Summary of Key Points Core Viewpoint - A total of 135 stocks received buy ratings from institutions today, with 17 stocks receiving initial attention from institutions, indicating a strong interest in the market and potential investment opportunities [1]. Institutional Ratings - 140 buy rating records were published today, with 29 of these providing future target prices. 13 stocks have an upside potential exceeding 20%, with AVIC Optoelectronics showing the highest potential at 61.62% [1]. - Notable stocks with high upside potential include Noli Shares at 48.46% and United Imaging Healthcare at 37.22% [1]. - 17 stocks received initial buy ratings from institutions, including Haimeixing and Hengli Hydraulic [1]. Market Performance - Stocks rated with buy ratings saw an average increase of 3.27%, outperforming the Shanghai Composite Index. 119 stocks experienced price increases, with several hitting the daily limit up [1]. - Stocks with significant declines included Noli Shares, Agricultural Bank, and Shoufang Environmental Protection, with declines of 3.23%, 2.93%, and 1.26% respectively [1]. Industry Focus - The most favored industries include power equipment and machinery, each with 17 stocks listed in the buy rating category. The pharmaceutical and communication sectors also attracted attention, with 15 and 6 stocks respectively [2]. - Specific stocks receiving multiple buy ratings include Betaini, Kebo Da, AVIC Optoelectronics, and Yunnan Baiyao, each with two buy ratings [2][3]. Detailed Stock Information - A selection of stocks with buy ratings includes: - Betaini (2 ratings, +2.22% today, PE 40.30) in beauty care - Kebo Da (2 ratings, +10.00% today, PE 27.44) in automotive - AVIC Optoelectronics (2 ratings, +0.57% today, PE 28.83) in defense and military [2][3]. - Other notable stocks include: - Yunnan Baiyao (2 ratings, +1.06% today, PE 14.56) in pharmaceuticals - Zhonglian Heavy Industry (2 ratings, +0.41% today, PE 11.39) in machinery [2][3]. Additional Stock Ratings - Additional stocks with single buy ratings include: - Xuji Electric (1 rating, +2.09% today, PE 18.44) in power equipment - Xugong Machinery (1 rating, -0.20% today, PE 13.29) in machinery - China Rare Earth (1 rating, +2.33% today, PE 174.07) in non-ferrous metals [3][4].

Core Viewpoint - The collaboration between Meinian Health, Guofu Quantum, and Jingbeifang aims to explore the value release of digital assets in the healthcare sector, leveraging each company's strengths to innovate and upgrade the health industry [1][4]. Group 1: Collaboration and Strategic Goals - Meinian Health's subsidiary has signed a framework agreement with Guofu Quantum and Jingbeifang to explore comprehensive business opportunities in the digital asset RWA (Real World Asset) field [1]. - The partnership will focus on the tokenization of medical assets under the regulatory frameworks of mainland China and Hong Kong, aiming to reshape the value chain in the healthcare sector [1][4]. - This collaboration is expected to transform Meinian Health from a "health examination service provider" to a "medical data technology platform," enhancing its cash flow structure and expanding its business capabilities [4]. Group 2: Asset and Data Strengths - As of 2024, Meinian Health operates 576 health examination centers equipped with advanced medical devices, establishing a solid foundation of tangible assets [2]. - The company has served over 200 million people, with more than 25 million health examinations conducted in 2024, accumulating extensive multimodal health data [2][9]. - Meinian Health has developed AI applications for health management, including intelligent health managers and disease risk prediction models, which enhance its service offerings and operational efficiency [2][8]. Group 3: Research and Development Achievements - Meinian Health has led a national key research project to build a health examination big data cloud platform, gathering over 130 million health examination records, which supports the value of its data assets [6][7]. - The company has published numerous research papers based on its health examination data, contributing to significant findings in public health and disease prevention [17][18]. - Collaborations with prestigious medical institutions have resulted in breakthroughs in various health-related research projects, further validating the commercial potential of its data [16][18]. Group 4: Unique Data Advantages - Meinian Health's health examination data focuses on asymptomatic populations, providing unique insights for early disease detection and prevention [11]. - The data's medical-grade accuracy and comprehensive multimodal integration enhance its value for serious medical research compared to consumer-grade health monitoring devices [12][13]. - The company's annual health examinations create a natural cohort tracking mechanism, ensuring high compliance and data integrity for longitudinal studies [14][15].

Group 1 - The core viewpoint of the news is that Meinian Health has experienced a decline in stock price, with a drop of 5.17% to 5.32 CNY per share, and a total market capitalization of 20.824 billion CNY [1] - Meinian Health's main business involves health check-ups and health management, with 95.67% of its revenue coming from check-up services and 4.33% from other services [1] - The company is located in Shanghai and was established on January 22, 1991, with its listing date on May 18, 2005 [1] Group 2 - Huatai Bairui Fund has one fund heavily invested in Meinian Health, specifically the Health ETF (516790), which reduced its holdings by 20,000 shares in the second quarter, now holding 460,600 shares, accounting for 2.11% of the fund's net value [2] - The Health ETF (516790) was established on August 12, 2021, with a current scale of 112 million CNY, and has reported a year-to-date return of 16.02% [2] - The fund's performance has ranked 3019 out of 4222 in the year-to-date category and 2924 out of 3781 over the past year, with a total loss of 34.38% since inception [2]