美年大健康产业控股股份有限公司 2025 年半年度财务报告 美年大健康产业控股股份有限公司 2025 年半年度财务报告 2025 年 08 月 1 美年大健康产业控股股份有限公司 2025 年半年度财务报告 财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 （未经审计） 1、合并资产负债表 编制单位：美年大健康产业控股股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 2,095,342,991.94 | 3,069,635,444.40 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 10,275,229.25 | 10,295,110.02 | | 衍生金融资产 | | | | 应收票据 | 8,413,668.45 | 2,496,260.90 | | 应收账款 | 2,970,933,559.95 | 2,853,574,297.14 | | 应收款项融资 ...

美年健康上半年净亏损2.214亿元人民币。 ...

本公司及监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、监事会会议召开情况 证券代码：002044 证券简称：美年健康 公告编号：2025-060 美年大健康产业控股股份有限公司 第八届监事会第三十二次会议决议公告 《公司 2025 年半年度报告》全文详见公司指定信息披露媒体巨潮资讯网 （www.cninfo.com.cn），《公司 2025 年半年度报告摘要》详见公司指定信息披 露媒体《中国证券报》、《上海证券报》、《证券时报》、《证券日报》及巨潮 资讯网（www.cninfo.com.cn）。 美年大健康产业控股股份有限公司（以下简称"公司"）第八届监事会第三十 二次会议于 2025 年 8 月 15 日以电子发送等形式发出会议通知，会议于 2025 年 8 月 28 日上午 11:30 以通讯方式召开。应出席本次会议的监事 3 名，实际出席会 议的监事 3 名，会议由监事会主席夏庆仁先生主持。本次会议的召开符合《中华 人民共和国公司法》《公司章程》及有关法律、法规的规定。 二、监事会会议审议情况 1、审议并通过《公司 2025 年半年度报告及其摘要》 表决结 ...

第九届董事会第十一次会议决议公告 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、董事会会议召开情况 美年大健康产业控股股份有限公司（以下简称"公司"）第九届董事会第十一 次会议于 2025 年 8 月 15 日以电子发送等形式发出会议通知，会议于 2025 年 8 月 28 日上午 9:30 以通讯方式召开。应出席本次会议的董事为 9 名，实际出席会议的 董事为 9 名。会议由公司董事长俞熔先生主持，公司监事及高级管理人员列席了 会议。本次会议的出席人数、召开表决程序、议事内容均符合《中华人民共和国 公司法》《公司章程》等有关规定。 证券代码：002044 证券简称：美年健康 公告编号：2025-059 二、董事会会议审议情况 1、审议并通过《公司 2025 年半年度报告及其摘要》 美年大健康产业控股股份有限公司 表决结果：赞成 9 票，反对 0 票，弃权 0 票。 公司董事会审计委员会审议通过了该议案。 《公司 2025 年半年度报告》全文详见公司指定信息披露媒体巨潮资讯网 （www.cninfo.com.cn），《公司 2025 年半年度报告摘要》详 ...

Financial Performance - The company's operating revenue for the first half of 2025 was ¥4,109,252,112.57, representing a decrease of 2.28% compared to ¥4,205,187,220.80 in the same period last year[17]. - The net profit attributable to shareholders of the listed company was -¥221,363,086.13, a decline of 2.59% from -¥215,777,193.40 year-on-year[17]. - The net cash flow from operating activities improved by 28.73%, amounting to -¥422,236,256.65 compared to -¥592,486,769.73 in the previous year[17]. - Total assets at the end of the reporting period were ¥19,185,892,173.58, down 4.67% from ¥20,126,714,816.93 at the end of the previous year[17]. - The net assets attributable to shareholders of the listed company decreased by 3.38%, totaling ¥7,644,285,953.94 compared to ¥7,911,964,163.35 at the end of the previous year[17]. - The company reported a basic and diluted earnings per share of -¥0.06, unchanged from the same period last year[17]. - The company achieved total revenue of 4.109 billion yuan, with AI-driven revenue contributing 140 million yuan, a year-on-year increase of 62.36%[41]. - The company reported a total revenue of approximately ¥4.11 billion in the reporting period, representing a year-on-year decrease of 2.28% compared to ¥4.21 billion in the previous year[75]. - Operating costs increased by 1.70% to approximately ¥2.75 billion from ¥2.71 billion year-on-year[75]. - Research and development expenses rose by 12.38% to approximately ¥53.93 million, up from ¥47.98 million in the previous year[75]. Market Trends and Opportunities - The health examination market in China reached a scale of 190.4 billion yuan in 2022, with a year-on-year growth of approximately 10.7%[28]. - The overall health management market is expected to exceed 3 trillion yuan by 2028, with a compound annual growth rate of 12.5% from 2023 to 2028[28]. - By the end of 2024, the population aged 60 and above in China is projected to exceed 310 million, accounting for 22% of the total population, driving demand for health examinations[31]. - The per capita medical care expenditure in China is projected to be 2,547 yuan in 2024, reflecting a year-on-year increase of 3.6%[29]. - The silver economy in China is currently valued at approximately 7 trillion yuan, expected to reach 30 trillion yuan by 2035, representing about 10% of GDP[29]. - The health management awareness among the public is increasing, with the health literacy rate expected to reach 31.87% in 2024[29]. Company Strategy and Innovations - The company aims to transition from "single health examination service" to "comprehensive health management," establishing a new health management model of "examination in 2 hours, service for 365 days"[40]. - The company is enhancing its services through AI, genetic testing, and tumor early screening, aiming to improve health management and reduce national healthcare costs[33]. - The company is leveraging big data and AI technology to upgrade the quality of health examination processes, enhancing the detection rate of significant health issues[34]. - The company is committed to becoming a leader in full lifecycle digital health management, evolving from a preventive medical enterprise[36]. - The company is actively developing innovative health examination projects, including early screening for six major cancers and specialized health management services[37]. - The company is focusing on product innovation and differentiation, accelerating the development of key disciplines such as ultrasound intelligence and genetic testing[50]. - The company is enhancing its digital and ecological capabilities to build competitive barriers and support future growth[46]. - The company is advancing its "All in AI" strategy, focusing on AI-driven health management products, including the launch of AI smart liver health management products[58]. Customer Engagement and Service Quality - The company achieved a steady increase in personalized package sales and average transaction value, contributing to revenue growth in the individual health check segment[47]. - The company aims to enhance customer experience by optimizing its quality management system and maintaining a customer-centric approach[53]. - The company is enhancing service quality and operational efficiency through standardized service upgrades and intelligent tools, focusing on improving customer NPS values[56]. - The company is focusing on multi-dimensional revenue growth through both group and individual health examinations, enhancing service differentiation and customer value[44]. - The company reported a total of 9.55 million customers served, with 6 million from the company's controlled health examination subsidiaries[41]. Acquisitions and Market Expansion - The company continues to focus on expanding its health examination services through strategic acquisitions[87][88]. - The company acquired Hunan Meinian Health Management Co., Ltd. for approximately ¥33.6 million, holding an 84% stake[87]. - The acquisition of Ningde Meinian Health Management Co., Ltd. was completed for about ¥30.78 million, with an 81% ownership[87]. - Yantai Meinian Health Management Co., Ltd. was acquired for approximately ¥35.81 million, representing a 75% stake[87]. - The total amount spent on acquisitions during the reporting period reached ¥427.78 million[88]. - The company has established multiple subsidiaries, including Zhengzhou Ciming Aoya Health Management Co., Ltd. and Kunshan Ciming Health Check-up Center Co., Ltd., to expand market share[95]. - The company is in the process of issuing shares to purchase stakes in 14 companies, including Hengyang Meinian Health Checkup Center Co.[154]. Social Responsibility and Community Engagement - The company is committed to social responsibility, engaging in various public welfare activities, including health care for marginalized groups and community health services[64]. - The company provided free health check services valued at CNY 2,500 each to 100 underprivileged families and individuals, including the elderly and disabled, as part of the "Prevention New Life" initiative[128]. - The company has initiated various public welfare activities, including the "Health Care for Working Mothers" campaign, providing free health check-ups and consultations for hundreds of working mothers[119]. - The "Blind Assistance Health Check" program was launched, providing health check-ups for nearly 500 visually impaired individuals across multiple cities[121]. - The company aims to enhance its public welfare initiatives by establishing the Beijing Meinian Health Public Welfare Foundation, focusing on health management services for disadvantaged groups[116]. Legal and Compliance - The company has no significant litigation or arbitration matters during the reporting period, ensuring a stable legal environment[142]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties during the reporting period[138]. - The company has not experienced any violations regarding external guarantees during the reporting period[139]. - The company has not undergone any bankruptcy restructuring during the reporting period[141]. - The company has not received any penalties or corrective actions during the reporting period[144]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 172,408[191]. - The largest shareholder, Hangzhou Haoyue Enterprise Management Co., Ltd., holds 8.02% of the shares, totaling 313,937,797[191]. - Shanghai Tianyi Asset Management Co., Ltd. holds 5.97% of the shares, totaling 233,499,573, with all shares pledged[191]. - The total number of restricted shares decreased from 41,805,203 to 40,026,296, representing a reduction of approximately 4.26%[186]. - The total number of unrestricted shares increased from 3,872,448,720 to 3,874,227,627, reflecting an increase of about 0.07%[186]. - The top 10 shareholders include Hangzhou Haoyue with 313,937,797 shares, accounting for a significant portion of the company's equity[192]. Future Outlook - The company plans to expand its market presence with new health management centers in various cities, including Guangzhou and Shenzhen, by April 2024[171]. - A new product launch is scheduled for September 2024, with an expected revenue of 1,500 million, also under a responsibility guarantee until September 26, 2028[172]. - The company is focusing on strategic acquisitions to bolster its market position and expand its operational capabilities[171]. - The company has set a performance guidance of 5,000 million for the upcoming quarter, indicating a strong growth trajectory[171]. - The company is exploring partnerships with local health organizations to enhance service delivery and customer satisfaction[171].

Group 1 - The Alzheimer's concept sector declined by 1.07%, ranking among the top declines in the concept sector, with companies like Jingxin Pharmaceutical, Kanghong Pharmaceutical, and Meinian Health showing significant drops [1][2] - Among the Alzheimer's concept stocks, five stocks experienced price increases, with Tonghua Golden Horse, Wangsu Technology, and United Imaging Healthcare rising by 2.02%, 1.48%, and 0.49% respectively [1][2] - The sector saw a net outflow of 1.073 billion yuan from major funds, with 32 stocks experiencing outflows, and 11 stocks seeing outflows exceeding 30 million yuan [2][3] Group 2 - The top net outflow stocks in the Alzheimer's concept included Wangsu Technology with a net outflow of 233.89 million yuan, Meinian Health with 164.59 million yuan, and United Imaging Healthcare with 94.36 million yuan [2][3] - The stocks with the highest net inflows included Daan Diagnostics and Baiyang Pharmaceutical, with net inflows of 2.80 million yuan and 1.30 million yuan respectively [2][3] - The trading volume for the Alzheimer's concept stocks showed significant turnover rates, with Wangsu Technology at 7.68% and Meinian Health at 4.58% [2][3]

Group 1 - The core point of the news is that Meinian Health experienced a decline in stock price, dropping by 5.15% to 5.52 CNY per share, with a trading volume of 705 million CNY and a turnover rate of 3.20%, resulting in a total market capitalization of 21.607 billion CNY [1] - Meinian Health primarily engages in health check-ups and health management services, with 96.53% of its revenue coming from health check-up services and 3.47% from other services [1] Group 2 - From the perspective of fund holdings, Huatai-PB 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, ranking as the ninth largest holding [2] - The Health ETF (516790) was established on August 12, 2021, with a current size of 112 million CNY, showing a year-to-date return of 13.68% and a one-year return of 33.79%, ranking 2866 out of 4222 and 2534 out of 3776 respectively, while it has incurred a loss of 35.7% since inception [2]

Market Overview - The medical services sector experienced a decline of 2.4% on August 26, with Sunlight Nuohe leading the drop [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Individual Stock Performance - Notable gainers included Tongce Medical, which rose by 2.38% to a closing price of 48.26, and Lanwei Medical, which increased by 0.66% to 10.66 [1] - Conversely, Sunlight Nuohe saw a significant decline of 9.88%, closing at 72.10, while Hite Bio fell by 7.32% to 55.06 [2] Trading Volume and Capital Flow - The medical services sector saw a net outflow of 2.199 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.11 billion yuan [2][3] - The trading volume for key stocks varied, with Aier Eye Hospital recording a significant outflow of 859.905 million yuan from institutional investors [3] Summary of Key Stocks - Aier Eye Hospital: Closing price 13.83, down 0.58%, with a trading volume of 1.3036 million shares [1] - Sunlight Nuohe: Closing price 72.10, down 9.88%, with a trading volume of 81,300 shares [2] - Hite Bio: Closing price 55.06, down 7.32%, with a trading volume of 145,600 shares [2]

Core Viewpoint - The CSI All Share Healthcare Equipment and Services Index has shown significant growth, reflecting a positive trend in the healthcare sector, with a notable increase in trading volume and index performance over various time frames [1][2]. Group 1: Index Performance - The CSI All Share Healthcare Equipment and Services Index rose by 0.14% to 15,554.17 points, with a trading volume of 35.351 billion [1]. - Over the past month, the index has increased by 10.85%, by 14.71% over the last three months, and by 13.47% year-to-date [1]. Group 2: Index Composition - The index comprises companies related to the healthcare theme, with the top ten weighted companies being Mindray Medical (9.17%), United Imaging (7.63%), Aier Eye Hospital (7.12%), and others [1]. - The index is primarily composed of companies listed on the Shenzhen Stock Exchange (59.89%) and the Shanghai Stock Exchange (40.11%) [1]. Group 3: Industry Representation - The index exclusively represents the healthcare sector, with a 100% allocation to pharmaceutical and healthcare-related companies [2]. - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]. Group 4: Investment Products - Several public funds track the CSI All Share Healthcare Equipment and Services Index, including various Southern and Tianhong funds, as well as ETFs from different asset management companies [2].

Core Viewpoint - The private health examination industry is facing significant challenges despite rising prices, with major players like Meinian Health experiencing declining revenues and increasing losses [3][5]. Group 1: Industry Overview - The private health examination sector has expanded rapidly since 2010, primarily driven by capital investment, with about 80% of business coming from corporate clients [3][4]. - The market size of China's health examination industry is nearing 300 billion yuan in 2023, with public hospitals holding a 70% market share, leaving private institutions like Meinian Health with just over 20% [5][6]. Group 2: Financial Performance - Meinian Health reported a revenue decline and a loss of approximately 200 million yuan in the first half of the year, continuing a trend of decreasing income and profits over the past two years [3][4]. - The average customer spending at examination centers is rising, yet the overall financial performance of leading private institutions is deteriorating [3][4]. Group 3: Operational Challenges - Strict regulations from health authorities regarding staffing and facility requirements impose significant operational costs, with personnel expenses accounting for about 30% of operating costs [4][6]. - The need for advanced medical equipment and the high costs associated with maintaining large facilities contribute to financial strain, as investments in a 2000-3000 square meter center can reach around 20 million yuan [4][6]. Group 4: Market Dynamics - Corporate clients, while providing a large volume of business, possess strong bargaining power, leading to challenges in pricing and profitability for examination institutions [7]. - In response to stagnation in corporate client growth, Meinian Health is shifting focus towards individual clients, which typically yield higher profit margins [7][8]. Group 5: Marketing and Pricing Strategies - To attract individual clients, examination institutions are investing heavily in marketing, with Meinian Health's sales expenses exceeding 2.5 billion yuan in 2024 [7]. - The introduction of various health examination packages on e-commerce platforms has led to price increases, driven by internal adjustments and external costs from third-party platforms [7][8].