AI 赋能、科学提效降本，利润稳定增长 美年健康(002044) 美年健康 2025 年三季报点评 [Table_Industry] 医药/必需消费 公 司 季 报 点 [Table_Summary] 我们预测 2025-2027 年的营业收入分别为 107.46、119.06、130.78 亿 元，增速分别为 0.4%、10.8%、9.8%，归母净利润分别为 4.23、6.91、 9.64 亿元，增速分别为 49.9%、63.4%、39.4%，EPS 分别为 0.11、 0.18、0.25 元，我们采用 PE 方法进行估值，参考可比公司，给予 2026 年归母净利润 40 倍估值，对应目标价 7.06 元，维持优于大市评级。 | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 10,894 | 10,702 | 10,746 | 11,906 | 13,078 | | (+/-)% | 26.4% | -1.8% | 0.4% ...

11月1日-2日，由中国科技金融促进会指导、美年健康集团与阿里云等单位联合主办的"2025新质生产力 AI+医疗创新应用大赛暨预防医学创新论坛"在上海隆重举行。本次活动不仅是AI+医疗领域的高规格赛 事，更彰显美年健康集团以"以赛代评、以赛代选"为机制，系统筛选先进技术，集聚创新企业，展现其 在AI医疗领域的坚定投入。 上海国有资本投资有限公司党委副书记、总裁戴敏敏致辞表示，上海国投公司作为上海国有资本投资运 营主平台，聚焦三大先导产业和未来产业，专注投早、投小、投长期、投硬科技，进行了深入探索和实 本次大赛以"AI赋能医疗创新，创新驱动未来健康"为主题，旨在挖掘AI在预防医学、慢病管理、健康筛 查等领域的创新应用，搭建产学研用对接平台，促进科技与金融的深度融合，推动科技成果转化落地。 大赛自筹备以来，得到了社会各界的广泛关注，吸引了来自全国高校、科研院所、科技创新企业的300 余个项目报名参赛，包括来自优脑银河、数坤科技、博奥晶方、深博医疗、健康小美、南大菲特、智杏 中医、弘达君康、医者信息等科技创新企业及团队的优质项目。项目覆盖区域广、切题角度精、科技含 量高，覆盖智能诊断系统、远程医疗监护、药物研发加速 ...

近日，以"用心服务，守护健康"为主题的美年健康集团客户服务日活动在上海举行。美年健康集团董事 长俞熔，集团总裁徐涛出席了本次活动。 美年健康将2025年定为"客户服务体验年"，每月第一个工作日设为"客户服务日"。在此期间，集团及各 地分公司管理层下沉至分院参与服务，倾听客户心声、不断优化服务细节。此次发布的十大举措，正是 这一战略的核心落地成果，标志着美年健康的客户服务向标准化、数智化与精细化全面进阶。 活动现场，美年健康董事长俞熔表示，"客户服务日"始于2019年，是美年健康集团最核心的品牌活动之 一。"客户至上，服务至上"是美年健康始终不变的准则，2025年是美年健康的"客户服务体验年"，集团 总部和各地分公司的管理层深入体检中心一线，在关键服务岗位上为客户提供细致贴心的服务，通过站 在客户与管理者的双重视角，将一线反馈转化为优化管理决策的直接依据，由此构建起 "发现问题 — 解决问题 — 持续优化" 的闭环机制，让服务质量在持续攀升中实现质的飞跃。今天，发布的十大举措 不仅是技术与服务的迭代，更是"以客户为中心"理念的深化。从快速预约、AI智能导诊到"检-管-医- 保"全链条保障，每个细节都承载着"体检 ...

此次大赛以"AI赋能医疗创新，创新驱动未来健康"为主题，作为新质生产力"AI+"大赛在医疗健康领域 的首次落地，旨在挖掘AI在预防医学、慢病管理、健康筛查等领域的创新应用，搭建产学研用对接平 台，促进科技与金融的深度融合，推动科技成果转化落地。 大赛自筹备以来，得到了社会各界的广泛关注，吸引了来自全国高校、科研院所、科技创新企业的300 余个项目报名参赛。项目覆盖区域广、切题角度精、科技含量高，覆盖智能诊断系统、远程医疗监护、 药物研发加速、个性化治疗方案、医疗影像分析、智能健康管理六大技术方向。 为加快新质生产力在医疗健康领域的深度融合，11月1日-2日，由中国科技金融促进会指导、美年健康 （002044）集团与阿里云等单位联合主办的"2025新质生产力AI+医疗创新应用大赛暨预防医学创新论 坛"在上海举行。本次活动不仅是AI+医疗领域的高规格赛事，更显示了美年健康集团以"以赛代评、以 赛代选"为机制，系统筛选先进技术，集聚创新企业，展现其在AI医疗领域的坚定投入与生态引领力。 开幕式上，美年健康集团董事长俞熔发表致辞，分享美年在"AI+健康管理"领域的战略愿景；美年健康 集团总裁徐涛则发布"美年AI创新需 ...

为加快新质生产力在医疗健康领域的深度融合，11月1日至2日，由中国科技金融促进会指导、美年健康 集团与阿里云等单位联合主办的"2025新质生产力AI+医疗创新应用大赛暨预防医学创新论坛"在上海隆 重举行。本次大赛以"AI赋能医疗创新，创新驱动未来健康"为主题，旨在挖掘AI在预防医学、慢病管 理、健康筛查等领域的创新应用，搭建产学研用对接平台，促进科技与金融的深度融合。活动吸引了来 自全国高校、科研院所及科技创新企业的300余个项目报名参赛，覆盖智能诊断系统、远程医疗监护、 药物研发加速、个性化治疗方案、医疗影像分析、智能健康管理六大技术方向。 在大会重要环节，美年健康集团总裁徐涛发布了"美年健康AI创新需求"，聚焦五大方向，推动创新产品 采购与投融资对接，助力优秀项目快速融入产业生态：第一，医疗健康大模型和智能体。美年健康将持 续迭代医疗专业领域的疾病筛查、健康管理大模型，针对专病、慢病提供智能体解决方案和健康管理服 务。第二，重点学科建设和创新产品。围绕AI在八大核心学科的覆盖，包括超声智能化、智能主检、 脑科学、呼吸/肺健康、消化道健康、乳腺/宫颈筛查、血糖/肥胖/脂肪肝管理、抗衰检测/基因盒子，形 成A ...

11月3日，美年健康盘中上涨2.13%，截至11:24，报5.75元/股，成交5.98亿元，换手率2.75%，总市值 225.07亿元。 分红方面，美年健康A股上市后累计派现6.34亿元。近三年，累计派现1.27亿元。 机构持仓方面，截止2025年9月30日，美年健康十大流通股东中，华宝中证医疗ETF（512170）位居第 七大流通股东，持股8866.40万股，相比上期减少1512.18万股。南方中证500ETF（510500）位居第十大 流通股东，持股4563.40万股，为新进股东。招商优势企业混合A（217021）退出十大流通股东之列。 责任编辑：小浪快报 资料显示，美年大健康产业控股股份有限公司位于上海市静安区灵石路697号健康智谷9号楼三楼，成立 日期1991年1月22日，上市日期2005年5月18日，公司主营业务涉及健康体检、健康管理业务。主营业务 收入构成为：体检服务95.67%，其他服务4.33%。 美年健康所属申万行业为：医药生物-医疗服务-医院。所属概念板块包括：家庭医生概念、低价、民营 医院、基因测序、融资融券等。 截至9月30日，美年健康股东户数15.20万，较上期减少11.85%；人均 ...

Investment Rating - Investment Rating: Buy (Maintain) [3] Core Views - The company reported a slight decline in revenue for the first three quarters of 2025, with total revenue of 6.925 billion yuan, down 3.01% year-on-year, while net profit attributable to shareholders increased by 110.53% to 52 million yuan [7] - The third quarter showed improvement in operations due to the peak season, with revenue of 2.816 billion yuan, a decrease of 4.06% year-on-year, but net profit increased by 13.65% to 273 million yuan [7][8] - The company is implementing an "All in AI" strategy, with AI-related revenue reaching 250 million yuan, a growth of 71.02% year-on-year, indicating significant contributions from innovative products [9] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 6.925 billion yuan, a decrease of 3.01% year-on-year, and a net profit of 52 million yuan, an increase of 110.53% [7] - In Q3 alone, the company reported operating revenue of 2.816 billion yuan, down 4.06% year-on-year, with a net profit of 273 million yuan, up 13.65% [7] Operational Insights - The company experienced operational improvements in Q3 due to the peak season, with an increase in the proportion of key customer contracts and attendance rates [8] - The total number of branches reached 561, with 300 being controlled health examination branches, and the revenue contribution from individual customers increased to 33% [8] AI Strategy and Innovation - The "All in AI" strategy has become a core driver of growth, with AI-related revenue of 250 million yuan, up 71.02% year-on-year [9] - The company has launched AI applications in 217 health examination centers, significantly enhancing operational efficiency [9] - New health management services, including GLP-1RA drug clinics and smart traditional Chinese medicine examination services, are being developed to transition towards comprehensive digital health management [9] Investment Recommendations - The company is expected to achieve operating revenues of 11.720 billion yuan, 13.042 billion yuan, and 14.240 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 9.5%, 11.3%, and 9.2% [10] - Net profit attributable to shareholders is projected to reach 640 million yuan, 862 million yuan, and 1.088 billion yuan for the same years, with significant growth rates [10]

Core Viewpoint - The company is seeking to acquire multiple health management and inspection centers through a share issuance, but has received a query from the Shenzhen Stock Exchange requiring further clarification and modifications to its response [2][3][4]. Group 1: Acquisition Details - The company plans to purchase 84% of Hengyang Meinian Health Inspection Center, 81% of Ningde Meinian Health Management Co., 75% of Yantai Meinian Health Management Co., and several other health management entities, totaling multiple stakes across various companies [2]. - The acquisition involves both majority and minority stakes in several subsidiaries, indicating a significant expansion strategy within the health management sector [2]. Group 2: Regulatory Process - The company received an inquiry letter from the Shenzhen Stock Exchange on August 22, 2025, requiring a detailed response within 30 days [3]. - Following the initial response submitted on September 20, 2025, the company was instructed to modify and supplement its reply due to further review requirements from the exchange [3]. - The company has applied for an extension of up to 30 days to submit the revised response, adhering to the regulations set forth by the Shenzhen Stock Exchange [3][4]. Group 3: Future Steps - The transaction is contingent upon approval from the Shenzhen Stock Exchange and registration consent from the China Securities Regulatory Commission, introducing uncertainty regarding the timeline and outcome of the acquisition [4]. - The company is committed to advancing the necessary procedures and will continue to fulfill its disclosure obligations as required by law [4].

Group 1: Company Performance - The company achieved a revenue of 1.40 billion yuan in the first half of 2025, representing a year-on-year growth of 62.36%[1] - The net profit for 2025 is projected to be 640 million yuan, with a growth rate of 127% compared to 2024[1] - The EPS for 2025 is expected to be 0.2, up from 0.1 in 2024[1] Group 2: Market Trends - The AI-enabled revenue has become a core driver of performance, with significant contributions from products like AI-MDT reports and lung cancer screening[1] - The company is expanding its product matrix with new AI-driven health management products, indicating a strong focus on innovation[1] Group 3: Strategic Initiatives - The company is implementing an "All in AI" strategy, which has shown significant operational improvements and efficiency gains[1] - Collaborations with major tech firms like Alibaba for developing innovative screening products highlight the company's commitment to leveraging AI technology[1] Group 4: Risks and Challenges - Potential risks include ongoing industry policy impacts, declining customer prices, and the possibility of AI application not meeting expectations[1] - The company faces competition in the AI healthcare space, which may affect its market position and growth trajectory[1]

证券代码：002044 证券简称：美年健康 公告编号：2025-080 关于延期回复《关于美年大健康产业控股股份有限公司发行股份 购买资产申请的审核问询函》的公告 特此公告。 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。 美年大健康产业控股股份有限公司 美年大健康产业控股股份有限公司（以下简称"公司"）拟通过发行股份的方 式购买交易对方持有的衡阳美年健康体检中心有限公司 84.00%股权、宁德美年大 健康管理有限公司 81.00%股权、烟台美年大健康体检管理有限公司 75.00%股权、 烟台美年福田健康体检管理有限公司 49.00%股权、武汉美慈奥亚科技管理有限公 司 52.81%股权、三明美年大健康管理有限公司 85.00%股权、肥城美年健康管理有 限公司 90.00%股权、德州美年大健康体检管理有限公司 84.00%股权、连江美年大 健康管理有限公司 82.00%股权、沂水美年大健康体检管理有限公司 80.50%股权、 山东美铭奥亚健康咨询有限公司 92.35%股权及公司控股子公司郑州美健健康管理 有限公司 47.37%少数股权、广州花都区美年大健康管理 ...