新里程成立于2001年9月30日，于2008年3月6日在深圳证券交易所上市，注册地址为甘肃省，办公地址为 北京市。该公司是国内领先的"医疗+医药"双轮驱动企业，旗下拥有多家医院且药品业务有一定市场份 额。 新里程主营业务为药品(含中药饮片)制造和医疗服务，所属申万行业为医药生物 - 医疗服务 - 医院，所属概 念板块有低价、民营医院、中药核聚变、超导概念、核电。 经营业绩：营收行业第六，净利润第十四 2025年三季度，新里程营业收入22.56亿元，行业排名6/15，行业第一名爱尔眼科174.84亿元，第二名美年 健康69.25亿元，行业平均数为29.66亿元，中位数为13.6亿元。当期净利润为 - 3927.36万元，行业排名 14/15，行业第一名爱尔眼科33.67亿元，第二名通策医疗6.16亿元，行业平均数为2.9亿元，中位数为 4071.52万元。 资产负债率高于同业平均，毛利率低于同业平均 偿债能力方面，2025年三季度新里程资产负债率为69.13%，高于去年同期的65.53%，且高于行业平均 46.74%。从盈利能力看，2025年三季度毛利率为26.92%，低于去年同期的28.69%，也低于行业平均 ...

Group 1 - The core viewpoint of the news is that New Mileage (SZ 002219) announced an investor research meeting scheduled for October 30, 2025, where the company's chairman Lin Yanglin and others will participate and answer investor questions [1] - For the first half of 2025, New Mileage's revenue composition shows that the medical industry accounts for 86.85%, while the pharmaceutical industry accounts for 13.15% [1]

证券代码：002219 证券简称：新里程 新里程健康科技集团股份有限公司 投资者关系活动记录表 编号：2025-06 投资者关系 活动类别 □ 特定对象调研 □ 分析师会议 □ 媒体采访 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 □ 其他 参与单位名称 （排名不分先 后） 中信建投、首创证券、湘财证券、国海证券、甬兴证券、天风 证券、国盛证券、东北证券、申万宏源、国泰海通、华安证券、西 南证券、中信证券、中邮证券、平安证券、华福证券、国信证券、 德邦证券、开源证券、西部证券、长江证券、银河证券、野村东方 证券、五矿金通基金、四川振兴基金、常春藤联盟、德恒国际、浦 银安盛基金、圆信永丰基金、嘉实基金、宝盈基金、天冶基金、华 安基金、创金合信基金、富安达基金、红土创新基金、山铁基金、 上海原泽基金、北京国际信托、中邮证券自营、北京瑞丰投资、泰 康资管、长江证券资管、上海集元资管、深圳尚诚资管、锦州银行、 青榕资产、青岛鸿竹资产、青骊投资、吉渊投资、才華資本等 时间 2025 年 10 月 30 日 地点 电话会议 1 | 上市公司接待 | 董事长林杨林，董事周子晴，董事许铭桂，财务总监刘军，副 | ...

Summary of Conference Call Notes Company and Industry Overview - The company operates in the healthcare and pharmaceutical sectors, facing challenges due to policy changes and market dynamics, particularly related to the "Duyiwai" product and its impact on revenue and profitability [2][3][9]. Key Points and Arguments Financial Performance - The pharmaceutical segment's revenue for the first three quarters declined by over 50% year-on-year, primarily due to the impact of the "Duyiwai" centralized procurement, leading to significant drops in both sales volume and price [2][3]. - The medical services segment reported revenue of 2.018 billion yuan, a year-on-year decrease of 13.88%, with a profit margin of 6.5%, down by 1.5 percentage points [3]. - The company managed to stabilize outpatient visits at approximately 800,000 per quarter, with outpatient average costs around 270 yuan [4]. Cost Management - The company implemented cost control measures, resulting in a 35% reduction in sales expenses and a 23% decrease in management expenses year-on-year [2][8]. - The expected sales expense ratio for the next year is anticipated to remain similar to the current year, while management expenses are projected to decrease further [8]. Hospital Operations and Capacity Expansion - The bed occupancy rate is close to 80%, with plans to add 2,000 new beds across various hospitals, including Siyang Hospital and Chongzhou Second Hospital [2][6]. - The company is actively adjusting its patient admission strategies in response to changes in medical insurance payment policies [5][6]. Market Outlook - Following the implementation of centralized procurement for "Duyiwai," the average sales price dropped by 55%, and sales volume decreased by 36% in the first three quarters [14]. - A rebound in sales is expected in the fourth quarter, with projections indicating that total revenue could reach 60% of the total from the first three quarters [14][19]. Strategic Initiatives - The company is focusing on enhancing the performance of the "Duyiwai" brand through product specification changes, expanding sales capabilities, and entering new markets [17][18]. - There are ongoing efforts to inject strategic investments into the "Duyiwai" brand to strengthen its market position [18]. Regulatory and Policy Challenges - The company is adapting to healthcare policy changes by restructuring its service offerings and optimizing cost structures to maintain profitability [20][21]. - The introduction of DRG (Diagnosis-Related Group) payment models is being managed to stabilize revenue streams, with no significant new instances of payment refusals reported [10][11]. Shareholder Dynamics - Significant changes occurred among the top ten shareholders, with some shares being sold off due to judicial auctions, while stable institutional investors have increased their holdings, indicating confidence in the company's future [16]. Additional Important Insights - The company is actively pursuing health technology asset injections to enhance its growth potential, despite regulatory challenges [22]. - The overall market sentiment remains cautious, with expectations of a recovery in the fourth quarter as operational adjustments take effect [19].

每经AI快讯，有投资者在投资者互动平台提问：贵公司在质子治疗方面有哪些技术优势？ 新里程（002219.SZ）10月28日在投资者互动平台表示，公司旗下医院暂未开展质子治疗业务。公司始 终关注医疗技术前沿发展，未来将基于区域医疗需求、技术成熟度及战略协同性，积极探索相关前沿技 术在旗下医院的临床应用落地。 （文章来源：每日经济新闻） ...

Core Viewpoint - The company reported a significant decline in revenue and net profit for the third quarter of 2025, indicating financial challenges and a need for strategic adjustments [2][21]. Financial Performance - Total revenue for the first three quarters of 2025 was 2.256 billion yuan, a decrease of 23.40% year-on-year [2]. - The net profit attributable to shareholders was a loss of 38.468 million yuan, compared to a profit of 56.716 million yuan in the same period last year [2]. - The net profit after deducting non-recurring items was a loss of 33.421 million yuan, down from a profit of 47.780 million yuan year-on-year [2]. - Basic earnings per share were -0.0114 yuan, with a weighted average return on net assets of -1.95% [2][21]. Cash Flow and Capital Structure - The net cash flow from operating activities was 1.509 billion yuan, a decline of 31.88% compared to the previous year [24]. - The company experienced a significant decrease in cash and cash equivalents, down 34.72% from the end of the previous year [26]. - The current ratio was 0.56, and the quick ratio was 0.5, indicating potential liquidity issues [32]. Asset and Liability Changes - As of the end of the third quarter of 2025, the company's total assets were approximately 6.553 billion yuan, with a notable increase in construction in progress by 11.54% [26]. - Other receivables increased by 60.45%, while fixed assets decreased by 3.37% [26]. - Short-term borrowings increased by 23.29%, while long-term borrowings decreased by 15.67% [29]. Valuation Metrics - As of October 24, the company's price-to-earnings (P/E) ratio was approximately 403.08, and the price-to-book (P/B) ratio was about 4.01 [1].

其中，新里程第三季度实现营业收入6.68亿元，同比下降29.26%；归属净利润-4589.93万元，同比下降 604.29%。 北京商报讯（记者 丁宁）10月26日晚间，新里程（002219）发布2025年三季报显示，公司前三季度实 现营业收入22.56亿元，同比下降23.4%；归属净利润为-3846.82万元，同比下降167.83%。 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥668,205,837.80, a decrease of 29.26% compared to the same period last year[5] - The net profit attributable to shareholders was a loss of ¥45,899,265.40, representing a decline of 604.29% year-on-year[5] - Basic earnings per share were -¥0.0136, down 615.79% from the previous year[5] - The company reported a net loss of CNY 3,001,573,674.46, compared to a net loss of CNY 2,963,105,462.22 in the previous period[17] - The company reported a net loss of ¥39,273,609.59, compared to a net profit of ¥64,236,567.81 in the previous period, indicating a significant decline in profitability[22] - Operating income decreased to ¥1,840,736.52 from ¥83,693,091.17 year-over-year, reflecting a substantial drop in operational performance[22] - The company’s total comprehensive income was -¥39,273,609.59, compared to ¥64,236,567.81 in the previous period, highlighting a significant downturn in overall financial health[22] Assets and Liabilities - Total assets at the end of the reporting period were ¥6,553,494,556.46, a decrease of 1.85% from the end of the previous year[5] - Total assets decreased to CNY 6,553,494,556.46 from CNY 6,677,192,220.41, a reduction of 1.9%[19] - Current liabilities totaled CNY 3,397,056,008.22, down 4.4% from CNY 3,554,245,324.97[17] - Non-current liabilities increased to CNY 1,133,244,612.46 from CNY 1,082,217,261.47, an increase of 4.7%[17] - The company’s total equity decreased to CNY 2,023,193,935.78 from CNY 2,040,729,633.97, a decline of 0.9%[19] - The total equity attributable to shareholders decreased by 0.84% to ¥1,968,248,965.17[5] Cash Flow - The company reported a net cash flow from operating activities of ¥150,956,067.08, down 31.88% year-on-year[5] - Cash flow from operating activities generated ¥150,956,067.08, down from ¥221,602,100.83 in the previous period, showing a decrease of approximately 32%[23] - The company incurred total operating cash outflows of ¥2,168,439,165.33, compared to ¥2,699,237,920.23 in the previous period, reflecting a reduction in cash outflows[23] - The company’s financing activities generated a net cash inflow of ¥71,168,098.79, contrasting with a net outflow of -¥208,419,983.73 in the previous period, suggesting improved financing conditions[24] Research and Development - Research and development expenses increased by 61.69% to ¥12,149,790.69 due to higher external R&D spending[8] - Research and development expenses rose to CNY 12,149,790.69, up from CNY 7,514,256.13, reflecting a 61.5% increase[20] Shareholder Information - The total number of common shareholders at the end of the reporting period was 69,301, with no preferred shareholders having restored voting rights[11] - The largest shareholder, Beijing New Mileage Health Industry Group Co., Ltd., holds 24.38% of shares, amounting to 825,927,323 shares, with 310,625,970 shares pledged[11] - The second-largest shareholder, Minmetals Jintong Equity Investment Fund Management Co., Ltd., holds 4.91% of shares, totaling 166,391,223 shares[11] - The company has no preferred shareholders or significant changes in the top ten shareholders participating in margin trading[12] Government Subsidies and Other Income - The company reported a total of ¥1,880,599.39 in government subsidies recognized during the reporting period[6] - The company received cash from other operating activities amounting to approximately ¥59.78 million, a 144.54% increase compared to the previous period[9] - The company received ¥112.7 million from investments, marking a 100.00% increase from the previous period due to funds from priority partners[9] Financing Activities - Cash received from financing activities rose by 100.82% to ¥238.28 million, attributed to an increase in non-bank financing[9] - Cash paid for financing activities increased by 55.14% to ¥288.45 million, primarily for the repayment of employee loans and other non-bank financing[9] - Cash paid for the acquisition of subsidiaries increased dramatically by 3100.00% to ¥160 million, indicating a substantial investment in subsidiary equity acquisition[9] - The net cash received from the disposal of subsidiaries was ¥521.92, reflecting a significant decrease of 99.98% due to the disposal of subsidiaries during the reporting period[9]

Core Insights - The launch of HarmonyOS 6 marks a significant milestone in the evolution of the Harmony ecosystem, with over 60 Tencent products now available and regular updates from partners like Alipay and Meituan [1][2] - HarmonyOS aims to create a next-generation operating system for the era of intelligent connectivity, moving beyond traditional operating systems like Windows, Android, and iOS [3][5] Group 1: Product Features and Innovations - HarmonyOS 6 introduces a "super assistant" named Xiao Yi, capable of performing various tasks such as photo editing and providing descriptions for visually impaired users, showcasing a comprehensive upgrade in intelligent experiences [5] - The new Harmony Star River interconnect architecture enhances cross-device collaboration, allowing seamless sharing of files and experiences between devices [5][7] - The security features of HarmonyOS 6 have been upgraded with the Star Shield security architecture, providing proactive safety measures such as AI fraud detection and privacy protection for financial applications [5][7] Group 2: Ecosystem Development - The ecosystem surrounding HarmonyOS is expanding rapidly, with over 2.3 million HarmonyOS 5 devices in use as of October 22, indicating strong user trust and support from partners [2] - The operating system is designed to foster innovation among developers by providing open access to core capabilities, enabling a cycle of developer innovation, enhanced user experience, and increased ecosystem attractiveness [7][8] - HarmonyOS is positioned as a collaborative platform rather than a closed system, encouraging deep co-creation with numerous developers [8]

Core Insights - The premiere of Alban Berg's opera "Wozzeck" in its full stage version marks a significant milestone in the history of modern opera in China, coinciding with the 140th anniversary of Berg's birth and the 100th anniversary of the opera's debut [1][2] - The performance, conducted by renowned maestro Charles Dutoit and directed by John Simmons, features world-class singers and the Shanghai Symphony Orchestra, highlighting the importance of this event in the context of 20th-century opera [2][3] Artistic Presentation - The minimalist stage design, created by Sami van Hovell, serves as a philosophical and psychological space that reflects the inner turmoil of the protagonist, Wozzeck, and critiques societal issues [6][7] - The contrasting color scheme in the production symbolizes the tragic fate of the characters, representing their loss of individuality within a societal framework [6][7] Historical Context - "Wozzeck" is based on Georg Büchner's unfinished play and tells the tragic story of a soldier's mental breakdown due to oppression and betrayal, showcasing a departure from traditional operatic forms [3][4] - The performance is seen as a culmination of Dutoit's long-held desire to conduct "Wozzeck," emphasizing the growth of China's music scene and its capacity to embrace complex works [4][5] Directorial Approach - Director John Simmons aims to strip away romanticism to focus on the moral and humanistic core of the text, enhancing the opera's emotional impact [5][6] - The inclusion of children as continuous witnesses throughout the performance serves to highlight the contrast between the corrupted adult world and the innocence of youth, reinforcing the opera's themes [5][6]