Core Viewpoint - Meinian Health is actively implementing ESG responsibilities, showcasing various highlights and innovations to promote sustainable development and social progress [3][4]. Environmental Protection - Meinian Health has improved its environmental protection system, upgrading its solid medical waste and wastewater management quality control system to a five-level standard [3]. - The company strictly enforces medical waste classification and has initiated a paperless office approach, generating a significant amount of electronic reports to save resources [3]. - Measures such as dynamic disinfection of equipment and comprehensive medical wastewater treatment systems have been established to ensure a safe medical environment [3]. Social Responsibility - In 2024, Meinian Health served approximately 30 million people, with a significant abnormal result detection rate of 9.52%, alerting nearly 3 million clients to major health risks [4]. - The company hosted 366 public welfare activities, benefiting over 80,000 individuals, and provided free health check-ups and financial assistance to special groups [4]. - Meinian Health conducted 46 rural medical consultations, covering 51 towns and serving nearly 27,000 people, thereby improving health literacy in rural areas [4]. Corporate Governance - In 2024, Meinian Health disclosed 124 external documents, enhancing communication with investors and refining relevant systems [4]. - The company has established a compliance management system and introduced compliance experts, along with AI compliance assistants to improve risk control [4]. - Measures for information security and privacy protection have been strengthened through various certifications and encryption technologies [4]. ESG Shortcomings - Despite claims of a standardized environmental management system, Meinian Health received a score of 54.89 in the environmental category, ranking 22nd among 26 healthcare providers in the A-share market [5]. - The company lacks comprehensive data disclosure on greenhouse gas emissions, energy consumption, and pollutant treatment, limiting its environmental performance [5]. - There has been a rise in complaints regarding service quality, appointment management, and fee transparency, indicating areas for improvement [6]. AI Innovation - Meinian Health has launched an "ALL in AI" strategy, introducing the AI health management assistant "Health Xiaomei" to enhance service quality throughout the health check process [7][9]. - The company aims to transition from annual health checks to continuous health management, promoting a service model that includes screening, assessment, intervention, and follow-up [9]. - However, the company faces challenges in balancing AI system development with existing medical testing business, and the profitability of AI initiatives remains uncertain [9].

4月18日，美年健康今日收盘5.19元，下跌2.08%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到71.98倍，总市值203.15亿元。 从行业市盈率排名来看，公司所处的医疗服务行业市盈率平均45.89倍，行业中值48.60倍，美年健康排 名第33位。 股东方面，截至2025年3月31日，美年健康股东户数189346户，较上次增加72947户，户均持股市值 35.28万元，户均持股数量2.76万股。 美年大健康产业控股股份有限公司的主营业务是健康体检服务。公司的主要产品是体检服务。 最新一期业绩显示，2024年年报，公司实现营业收入107.02亿元，同比-1.76%；净利润2.82亿元，同 比-44.18%，销售毛利率42.78%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)33美年健康71.9871.982.57203.15亿行业平均 45.8942.243.37142.32亿行业中值48.6037.502.4250.67亿1普瑞眼科-182.9122.862.7661.25亿2何氏眼 科-147.3745.181.4828.71亿3迪安诊断-92.4427.831.2185. ...

Core Insights - The health management revolution driven by AI is gradually unfolding in the consumer market, with Meinian Health leveraging vast health data and a nationwide network of health examination centers to capture a significant share of the market [1][9] - In 2024, Meinian Health reported a revenue of 10.702 billion yuan and a net profit of 283 million yuan, with over 215 million yuan of revenue generated from AI-related services [1][7] - The aging population and increasing health concerns among the elderly are creating a robust demand for health management services, with the overall health management market expected to exceed 3 trillion yuan by 2028 [2][3] Market Dynamics - The rapid aging of the population in China, with over 310 million elderly individuals and a chronic disease prevalence rate exceeding 78%, is driving demand for health management services [2][3] - The introduction of new health screening products, such as "Nai Rui Jia" for brain health and "Fei Jie Ning" for lung health, reflects the growing consumer willingness to pay for personalized health management services [2][3] Policy Support - Recent government policies, including the "Promotion of Health Consumption Special Action Plan," are accelerating the development of AI-driven health management services, encouraging health examination institutions to extend their services [3][9] - The government's focus on "AI + healthcare" as a key area for innovation highlights the importance of technology in addressing healthcare challenges, particularly for the elderly [3][9] Data and Technology - Meinian Health possesses a significant data advantage, with over 1 billion imaging data points and more than 200 million structured health data points, establishing the largest personal health examination data center in China [4][6] - The integration of AI into health management services is enhancing the precision of health risk predictions and management, exemplified by the AI-driven blood sugar management product that utilizes a "three-expert management" model [4][5] Business Model Innovation - The convergence of data assets and health management scenarios is creating a "snowball effect," where increased data leads to improved AI capabilities and service precision [5][6] - Meinian Health is redefining its business model by creating a digital health service platform that integrates health examinations, intelligent diagnostics, specialized treatments, and insurance payments [6][10] Future Outlook - The company is set to further promote its AI health management assistant "Health Xiao Mei" across its examination centers, enhancing its capabilities in personalized health risk assessment and management [8][10] - The ongoing development of smart wearable devices and digital therapies will contribute to a new model of health management, driven by AI and aimed at chronic disease management [8][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 10.702 billion yuan in 2024, a year-on-year decrease of 1.76%, while the net profit attributable to shareholders was 282.24 million yuan, down 44.18% year-on-year [7] - AI revenue is beginning to scale, with 215.58 million yuan generated from AI-related services, including heart-lung screening and AI for eye and brain health [7] - The company has a stable increase in customer unit price, with an average price of 672 yuan for health check-ups in 2024, reflecting a 4.1 percentage point increase in individual check-up revenue share [7] - The acquisition of 19 health examination centers is expected to enhance the company's performance, contributing approximately 505 million yuan in total revenue and 52 million yuan in net profit for 2024 [7] - The profit forecast for 2025-2026 has been adjusted to 629.21 million yuan and 911.79 million yuan respectively, with a projected net profit of 1.125 billion yuan in 2027, corresponding to PE valuations of 33, 23, and 18 times [7] Summary by Sections Financial Performance - Total revenue for 2024 is projected at 10.702 billion yuan, with a year-on-year growth rate of -1.76% [1] - Net profit attributable to shareholders is expected to be 282.24 million yuan, reflecting a decline of 44.18% year-on-year [1] - The company anticipates a gradual recovery in revenue growth, with projections of 11.587 billion yuan in 2025 and 12.432 billion yuan in 2026 [8] AI and Data Utilization - The company has leveraged its extensive health data, with over 1 billion imaging data points and 200 million structured health data points, to integrate AI technology into its services [7] - The introduction of AI-driven health management tools is expected to reduce service costs and enhance operational efficiency [7] Market Position and Expansion - The company operates 576 health examination centers, with a mix of wholly-owned and joint-venture facilities [7] - The acquisition of additional centers is aimed at solidifying market position and supporting the implementation of AI strategies [7]

业绩简评 2025 年4 月16 日，公司发布2024 年年度报告。公司实现收入107.02 亿元，同比-1.76%；归母净利润 2.82 亿元，同比-44.18%；实现扣非归母净利润2.52 亿元，同比-45.52%。 经营分析 单季度来看，2024Q4 公司实现收入35.61 亿元，同比-3.12%；归母净利润2.58 亿元，同比-8.01%；实现 扣非归母净利润2.44 亿元，同比+3.76%。 深化医疗健康大数据资产价值,全面实施"All in AI"战略。24年公司结合AI 技术手段取得的收入为2.12 亿元，主要包括心肺联筛、眼底AI、脑睿佳等收入。1）AI 健管方面，公司与华为等国内大模型技术公 司合作发布业内首个AI 数智健康管理师"健康小美"，24 年，"健康小美"开展试运营工作并开启重点功 能使用，产品推广有望进一步为用户提供数智健管师服务。2）产品创新方面，公司重点新增AI 智能血 糖管理、AI 智能肝健康管理、中医智能体检、女性健康管理等重点创新产品，更新迭代胶囊胃镜Pro 版，拓展基因盒子产品系列，新产品及服务的推出进一步提升公司的市场竞争力。3）大数据资产方 面，目前公司的数据资源 ...

证券代码：002044 证券简称：美年健康 公告编号：2025-018 美年大健康产业控股股份有限公司 关于 2023 年股票期权激励计划首次授予的股票期权 第一个行权期行权条件未成就及注销部分股票期权的公告 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（以下简称"公司"、"美年健康"）于 2025 年 4 月 15 日召开第九届董事会第八次会议、第八届监事会第二十九次会议，审 议通过《关于 2023 年股票期权激励计划首次授予的股票期权第一个行权期行权 条件未成就及注销部分股票期权的议案》。现将有关事项说明如下： 一、本激励计划已履行的决策程序和批准情况 1、2023 年 12 月 6 日，公司召开第八届董事会第三十次（临时）会议，审议 通过了《关于公司<2023 年股票期权激励计划（草案）>及其摘要的议案》、《关 于公司<2023 年股票期权激励计划实施考核管理办法>的议案》及《关于提请股 东大会授权董事会办理公司 2023 年股票期权激励计划相关事项的议案》等议案。 同日，公司召开第八届监事会第十八次（临时）会议，审议通 ...

北京市天元律师事务所 关于美年大健康产业控股股份有限公司 2023 年股票期权激励计划 首次授予的股票期权第一个行权期行权条件未成就 及注销部分股票期权的法律意见 北京市天元律师事务所 北京市西城区金融大街 35 号 国际企业大厦 A 座 509 单元 邮编：100033 北京市天元律师事务所 关于美年大健康产业控股股份有限公司 2023 年股票期权激励计划 首次授予的股票期权第一个行权期行权条件未成就 及注销部分股票期权的法律意见 京天股字（2023）第 617-4 号 致：美年大健康产业控股股份有限公司 北京市天元律师事务所（以下简称"本所"）接受美年大健康产业控股股份有限 公司（以下简称"美年健康"或"公司"）的委托，担任公司 2023 年股票期权激励计 划（以下简称"本次激励计划"）的专项法律顾问，为公司本次激励计划首次授予的 股票期权第一个行权期行权条件未成就及注销部分股票期权（以下简称"本次激励 计划行权条件未成就及注销事项"）出具本法律意见。 本所对公司提供的、本所认为出具本法律意见所需的文件进行了法律审查，就 公司股权激励计划的本次激励计划行权条件未成就及注销事项以及与之相关的问 题向相关人员 ...

关于美年大健康产业控股股份有限公司 非经营性资金占用及 其他关联资金往来情况 汇总表的专项审核报告 众环专字(2025)0203805号 目 录 起始页码 专项审核报告 汇总表 非经营性资金占用及其他关联资金往来的情况汇总表 1 关于美年大健康产业控股股份有限公司 非经营性资金占用及其他关联资金往来情况汇总表 的专项审核报告 众环专字(2025)0203805 号 美年大健康产业控股股份有限公司全体股东： 我们接受委托，在审计了美年大健康产业控股股份有限公司（以下简称"美年健康"） 2024 年 12 月 31 日合并及公司的资产负债表，2024 年度合并及公司的利润表、合并及公司 的现金流量表和合并及公司的股东权益变动表以及财务报表附注的基础上，对后附的《上市 公司 2024 年度非经营性资金占用及其他关联资金往来的情况汇总表》（以下简称"汇总表"） 进行了专项审核。按照中国证券监督管理委员会印发的《上市公司监管指引第 8 号——上市 公司资金往来、对外担保的监管要求》的规定，编制和披露汇总表、提供真实、合法、完整 的审核证据是美年健康管理层的责任，我们的责任是在执行审核工作的基础上对汇总表发表 专项审核意 ...

粤开证券股份有限公司 关于美年大健康产业控股股份有限公司 2024 年度募集资金存放与使用情况的专项核查意见 粤开证券股份有限公司（以下简称"粤开证券"或"持续督导机构"）作为 美年大健康产业控股股份有限公司（以下简称"美年健康"、"上市公司"或"公 司"）2019 年度非公开发行股票的持续督导机构，根据《证券发行上市保荐业务 管理办法》《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管 要求》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运 作》等相关法律、法规的规定，对美年健康 2024 年度募集资金存放与使用情况 进行了核查，核查情况及核查意见如下： 一、募集资金基本情况 （一）实际募集资金金额和资金到账时间 经中国证监会《关于核准美年大健康产业控股股份有限公司非公开发行股票 的批复》（证监许可[2019]1556 号）核准，本公司采用非公开发行方式发行人民 币普通股（A 股）177,139,393 股，发行价格为 11.55 元/股，募集资金总额为人民 币 2,045,959,989.15 元，扣除本次发行费用人民币 40,488,318.39 元，实际募集资 金净额 ...