Financial Performance - Revenue for the third quarter of 2024 was RMB 860.51 million, a decrease of 4.43% year-over-year[3] - Net profit attributable to shareholders for the third quarter was RMB -7.35 million, an improvement of 68.84% year-over-year[3] - Total revenue for the period reached 2,680,748,437.88 RMB, an increase from 2,507,074,501.01 RMB in the previous period[19] - Operating profit for the period was 74,974,123.46 RMB, up from 41,224,104.30 RMB in the previous period[22] - Net profit for the period was 56,491,361.49 RMB, compared to 36,231,423.01 RMB in the previous period[22] - Net profit attributable to parent company shareholders increased to 52,794,403.83 from 33,418,091.37, showing significant growth[24] - Comprehensive income total rose to 56,491,361.49 from 36,231,423.01, indicating overall financial improvement[24] - Basic and diluted earnings per share both increased to 0.0155 from 0.0100, reflecting higher profitability[24] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 6.18 billion, an increase of 1.67% compared to the end of the previous year[3] - The company's equity attributable to shareholders increased by 5.35% to RMB 2.31 billion compared to the end of the previous year[3] - Total assets increased from RMB 6,080,204,990.53 at the beginning of the period to RMB 6,181,836,361.04 at the end of the period[17] - Total liabilities decreased slightly to 3,827,256,953.63 RMB from 3,845,698,741.33 RMB[18] - Total equity increased to 2,354,579,407.41 RMB from 2,234,506,249.20 RMB[18] - The company's accounts receivable increased from RMB 1,023,067,107.20 at the beginning of the period to RMB 1,138,802,108.35 at the end of the period[17] - The company's short-term borrowings increased from RMB 716,486,474.08 at the beginning of the period to RMB 768,919,420.76 at the end of the period[17] - The company's accounts payable increased from RMB 1,299,581,146.42 at the beginning of the period to RMB 1,376,434,469.67 at the end of the period[17] Cash Flow - Operating cash flow for the first nine months of 2024 was RMB 182.33 million, an increase of 1.68% year-over-year[3] - Cash received from sales of goods and services increased to 2,640,473,369.46 from 2,351,494,251.04, showing higher revenue generation[24] - Net cash flow from operating activities slightly increased to 182,332,848.56 from 179,311,770.70, indicating stable operational performance[26] - Cash paid for goods and services increased to 1,067,617,179.59 from 1,011,576,344.16, reflecting higher operational expenses[26] - Cash paid to employees increased to 817,701,013.62 from 797,093,862.36, showing higher labor costs[26] - Net cash flow from investing activities decreased to -248,129,070.99 from -249,957,842.42, indicating reduced investment outflows[26] - Net cash flow from financing activities turned negative to -169,193,739.50 from 104,954,507.18, reflecting higher debt repayments[27] - Ending cash and cash equivalents decreased to 322,031,481.64 from 572,507,320.47, showing a significant reduction in liquidity[27] Shareholder Information - Beijing New Journey Health Industry Group Co., Ltd. holds 24.23% of shares, totaling 825,927,323 shares[9] - Que Wenbin, an individual shareholder, holds 10.75% of shares, totaling 366,317,769 shares[9] - The company plans to repurchase shares using self-owned or raised funds, with a total amount ranging from RMB 50 million to RMB 100 million, at a price not exceeding RMB 2.74 per share, aiming to repurchase approximately 18,248,175 to 36,496,350 shares, accounting for 0.54% to 1.07% of the total issued shares[13] - As of September 30, 2024, the company has repurchased 5,607,000 shares, representing 0.1645% of the total shares, with a total transaction amount of RMB 10,017,709[13] - On October 21, 2024, the company repurchased an additional 4,320,000 shares, accounting for 0.1267% of the total shares, with a total transaction amount of RMB 10,662,758[13] - As of the report date, the cumulative repurchased shares amount to 9,927,000, representing 0.2913% of the total shares, with a total transaction amount of RMB 20,680,467[13] Expenses and Income - Non-recurring gains and losses for the third quarter amounted to RMB 3.42 million, primarily due to government subsidies and asset disposal losses[4][5] - The company's investment income increased by 235.02% to RMB 2.91 million due to the disposal of equity in affiliated enterprises[6] - Fair value change income was RMB 323,499, a 100% increase due to gains from newly acquired asset management products[7] - Credit impairment loss decreased by RMB 23,683,043.84, a 51.38% improvement due to recovery of previously recognized bad debts[7] - Income tax expense increased by RMB 13,477,005.38, a 297.02% rise due to reduced deferred tax expenses[7] - R&D expenses increased to 7,514,256.13 RMB from 6,905,702.82 RMB[22] - Sales expenses rose to 182,604,597.48 RMB from 140,961,195.18 RMB[22] - Management expenses decreased to 383,700,270.18 RMB from 440,128,431.58 RMB[22] - Financial expenses increased to 92,855,637.61 RMB from 82,996,082.04 RMB[22] - Interest income decreased to 2,578,136.88 RMB from 5,793,685.43 RMB[22] Investments and Loans - Long-term loans decreased by 36.46% to RMB 458.93 million, as some loans were reclassified to current liabilities[6] - Cash received from disposal of subsidiaries and other business units surged by RMB 1,850,521.54, an 86,158.93% increase[7] - Cash paid for acquisition of fixed assets, intangible assets, and other long-term assets increased by RMB 88,537,316.83, a 56.24% rise due to increased investment in Chongzhou Second Hospital's new campus[7] - Cash paid for investments doubled to RMB 3,000,000, a 200% increase from the previous period[7] - Cash received from borrowings decreased by RMB 349,400,000, a 33.39% drop compared to the previous period[7] - Cash paid for debt repayment increased by RMB 363,365,568.12, a 90.32% rise[7] Monetary Funds and Contract Liabilities - The company's monetary funds decreased from RMB 580,235,282.43 at the beginning of the period to RMB 434,651,599.42 at the end of the period[15] - Contract liabilities increased by 39.45% to RMB 4.26 million, reflecting an increase in unfulfilled contract payments[6]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][6]. Core Insights - The acquisition of Chongqing New Mile Medical Management Co., Ltd. for 320 million yuan at a price-to-sales ratio of 1.0x initiates the process of injecting high-quality hospital assets from the controlling shareholder into the listed company [3][4]. - Chongqing New Mile is experiencing steady growth, with a revenue of 315 million yuan in 2023 and a compound annual growth rate (CAGR) of 12% from 2021 to 2023. The net profit for 2023 was 4.05 million yuan, with a net profit margin of 1.29% [4][6]. - The company has a strategic focus on integrating medical and elderly care services, addressing the aging population issue in Chongqing, and has received recognition as a "National Elderly-Friendly Hospital" [4][6]. Financial Projections - Revenue forecasts for 2024, 2025, and 2026 are 4.099 billion yuan, 4.891 billion yuan, and 5.840 billion yuan, respectively, with year-on-year growth rates of 14%, 19%, and 19% [6][7]. - The projected net profit for the same years is 122 million yuan, 226 million yuan, and 316 million yuan, reflecting significant growth rates of 298%, 85%, and 40% [6][7]. - The report anticipates a gradual improvement in profitability, with the price-to-earnings (P/E) ratio decreasing from 70x in 2024 to 27x in 2026 [6][7]. Market Data - As of October 23, 2024, the company's stock price is 2.51 yuan, with a market capitalization of approximately 8.555 billion yuan [4][6]. - The stock has a 52-week price range of 1.66 to 3.37 yuan, indicating potential for price appreciation [4][6].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company follows a dual-drive strategy of "medical + pharmaceutical" focusing on building regional medical centers and expanding its traditional Chinese medicine product line [2] - The company operates five regional medical centers with 3 tertiary hospitals and 7 secondary hospitals, with a bed utilization rate of around 90% and an average annual single-bed output of approximately 400,000 RMB [3] - The company plans to expand its bed capacity by adding over 2,000 beds and aims to increase the average annual single-bed output to 500,000-600,000 RMB [3] - The company's controlling shareholder, New Journey Group, plans to inject high-quality medical assets into the company within five years, with the first acquisition of Chongqing New Journey completed in October 2024 [4] - The company's revenue is expected to grow from 4.288 billion RMB in 2024 to 5.851 billion RMB in 2026, with net profit increasing from 135 million RMB to 380 million RMB during the same period [5] Medical Sector - The company has established five regional medical centers in Liaoning, Henan, Jiangsu, Jiangxi, and Sichuan, with a total of 8,000 beds [9] - The company's hospitals have a strong local market share, with some hospitals achieving a market share of 50% in their respective regions [12] - The company's hospitals have adapted well to the DRG/DIP payment system, with all DRG-implementing hospitals achieving medical insurance surpluses in the first half of 2024 [3] - The company plans to expand its bed capacity by adding over 2,000 beds, with some hospitals already opening new beds in 2022 [20] Pharmaceutical Sector - The company's flagship product, "Duyiwei Capsule," is included in the national essential drug list and has been incorporated into the national centralized procurement catalog, which is expected to drive volume growth [26] - The company has completed the first phase of technical transformation for Duyiwei Capsule, increasing its annual raw material processing capacity from 1,200 tons to 1,800 tons [26] - The company aims to achieve a compound annual growth rate of over 20% in revenue for its pharmaceutical sector in the next three years [26] Financial Projections - The company's revenue is projected to grow from 4.288 billion RMB in 2024 to 5.851 billion RMB in 2026, with net profit increasing from 135 million RMB to 380 million RMB during the same period [5] - The company's EPS is expected to increase from 0.04 RMB in 2024 to 0.11 RMB in 2026 [5] - The company's P/S ratio is projected to decrease from 2.05x in 2024 to 1.50x in 2026 [5] Asset Injection - The company's controlling shareholder, New Journey Group, plans to inject high-quality medical assets into the company within five years, with the first acquisition of Chongqing New Journey completed in October 2024 [4] - Chongqing New Journey has over 1,000 beds and generated revenue of 315 million RMB in 2023, with a net profit of 1.21 million RMB [4] - The acquisition of Chongqing New Journey is seen as the starting point for the injection of high-quality assets into the company [4]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company plans to acquire 100% equity of Chongqing Xinlicheng Medical Management Co Ltd for RMB 320 million, which is expected to expand its operations [2] - Chongqing Xinlicheng has shown steady revenue growth with a compound annual growth rate exceeding 10% and is projected to become a regional medical group with a scale of 8-10 billion yuan in the next three years [3] - The acquisition will add 1,000 beds to the company, and future expansions are planned, including new hospital buildings and tumor centers [4] - The parent company, Xinlicheng Health Group, has completed profit-oriented reforms for 70% of its hospitals and plans to inject high-quality medical assets into the company within five years [5] Financial Forecasts - The company's revenue is projected to be RMB 3,993 million, RMB 4,400 million, and RMB 4,835 million for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 11.2%, 10.2%, and 9.9% [9] - Net profit attributable to the parent company is expected to be RMB 128.2 million, RMB 184.1 million, and RMB 237.7 million for 2024, 2025, and 2026, respectively, with significant year-on-year growth rates [9] - The gross margin is forecasted to remain stable at around 30.4%-30.6% over the next three years [9] - ROE is expected to improve from 5.5% in 2024 to 9.0% in 2026 [9] Operational Highlights - Chongqing Xinlicheng operates over 1,000 beds and has established a comprehensive development model integrating elderly hospitals, elderly care centers, and home-based care services [3] - The company is actively expanding its bed capacity, with new hospital buildings and tumor centers under construction, expected to add significant bed capacity by 2026 [4] - The parent company manages nearly 30 hospitals and 200 grassroots medical institutions across 20 provinces, with a total bed capacity exceeding 20,000 [5] Valuation Metrics - The company's PE ratio is expected to decrease from 67.85 in 2024 to 36.60 in 2026, indicating improving valuation attractiveness [9] - EV/EBITDA is projected to decline from 18.11 in 2024 to 12.17 in 2026, reflecting better operational efficiency [9] - The company's PB ratio is forecasted to decrease from 3.74 in 2024 to 3.28 in 2026, suggesting a more favorable valuation [9]

新里程健康科技集团股份有限公司 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 新里程健康科技集团股份有限公司（以下简称"新里程"或"公司"）于2024 年10月17日下午收到深圳市中级人民法院（以下简称"深圳中院"）邮寄的《拍 卖通知书》［（2024）粤03执恢596号］，获悉深圳中院将于2024年11月18日10时至 2024年11月19日10时止（延时除外）在京东网司法拍卖平台上公开拍卖被执行人 公司股东阙文彬先生持有的公司部分股份。现将有关情况公告如下： 证券简称：新里程 证券代码：002219 公告编号：2024-085 新里程健康科技集团股份有限公司 关于股东所持公司部分股份将被司法拍卖的提示性公告 一、股东股份拍卖情况 | 股东 | 是否为控 股股东或 | 本次涉及股 | 占其所 | 占公司总 | 是否为 限售股 | | 拍卖 | 拍卖 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 第一大股 东及其一 | 份数量（股） | 持股份 比例 | 股本比例 | 及限售 | ...

证券研究报告 医疗服务 2024 年 10 月 17 日 新里程(002219.SZ) 公司快报 收购重庆新里程，控股股东资产注入打 响"第一枪" 事件： 2024 年 10 月 16 日，公司发布收购相关公告，上市公司拟向北京新 里程康养产业集团有限公司（控股股东实控）收购重庆新里程医疗管 理有限公司（以下简称"重庆新里程"）100%的股权，收购价格为 3.2 亿元人民币。 收购标的核心业务主体为重庆 4 家医院，收购价格合理公允。 收购标的重庆新里程的前身为重庆金浦医疗产业投资有限公司，2021 年以来被上市公司控股股东整合收购。2023 年度重庆新里程的营业 收入为 3.15 亿元，不含供应链的净利润为 121 万元，含供应链的净 利润为 405 万元；2024 年 1-7 月重庆新里程的营业收入为 2.04 亿 元，不含供应链的净利润为 743 万元，含供应链的净利润为 999 万 元。收购标的下设 12 家子公司，其中核心业务主体为重庆新里程金 易医院有限公司（简称"金易医院"）、重庆新里程盛景医院有限公司 （简称"盛景医院"）、重庆新里程百鞍医院有限责任公司（简称"百 鞍医院"）及重庆新里程康华医 ...

新里程健康科技集团股份有限公司 证券简称：新里程 证券代码：002219 公告编号：2024-083 新里程健康科技集团股份有限公司 关于召开2024年第五次临时股东大会的通知 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 一、召开会议的基本情况 （一）股东大会届次：2024 年第五次临时股东大会 （二）股东大会召集人：新里程健康科技集团股份有限公司（以下简称"公 司"）第六届董事会。 （三）会议召开的合法、合规性：本次股东大会的召开已经公司第六届董事 会第二十六次会议审议通过，召集程序符合有关法律、行政法规、部门规章、规 范性文件和《公司章程》等有关规定。 （四）会议召开的日期及时间： 1、现场会议时间：2024 年 11 月 4 日（星期一）下午 14:50 开始。 1、截止2024年10月28日（星期一）下午交易结束后，在中国证券登记结算 有限责任公司深圳分公司登记在册的本公司全体股东均有权出席本次股东大会； 不能亲自出席股东大会现场会议的股东可以以书面形式委托代理人出席会议和 参加表决，该股东代理人不必是本公司股东。（授权委托书见附件二）。 1 2、网络 ...

中国资产评估协会 资产评估业务报告备案回执 | 报告编码: | 1111200011202400106 | | --- | --- | | 合同编号: | 京亚泰兴华评合字 2024 第 YT041号 | | 报告类型: | 法定评估业务资产评估报告 | | 报告文号: | 京亚泰兴华评报字(2024)第YT060号 | | 报告名称: | 新里程健康科技集团股份有限公司拟收购重庆新里 程医疗管理有限公司100%股权所涉及的重庆新里程 | | | 医疗管理有限公司股东全部权益价值评估报告 | | 评估结论: | 322,000,000.00元 | | 评估报告日: | 2024年10月16 | | 评估机构名称: | 日 亚泰兴华( | | 签名人员: | 梁秀涛 编号:41000808 | | | 刘征 员编号:11210037 | | | (可扫描二维码查询备案业务信息) | 说明:报告备案回执仪证明此报告已在业务报备管理系统进行了备案,不作为 协会对该报告认证、认可的依据,也不作为资产评估机构及其签字资产评估专 业人员免除相关法律责任的依据。 备案回执生成日期:2024年10月16日 新里程健康科技集团 ...

重庆新里程医疗管理有限公司 2023年至2024年7月 合并及母公司财务报表 审计报告书 中兴华会计师事务所(特殊普通合伙) ZHONGXINGHUA CERTIFIED PUBLIC ACCOUNTANTS LLP 地址：北京市丰台区丽泽路 20 号丽泽 SOHO Ｂ座 20 层 邮编：100073 电话：(010) 51423818 传真：(010) 51423816 目 录 一、审计报告 三、审计报告附件 二、审计报告附送 1. 合并及母公司资产负债表 2. 合并及母公司利润表 3. 合并及母公司现金流量表 4. 合并股东权益变动表 5. 母公司股东权益变动表 6. 财务报表附注 1. 中兴华会计师事务所（特殊普通合伙）营业执照复印件 2. 中兴华会计师事务所（特殊普通合伙）执业证书复印件 3. 注册会计师执业证书复印件 中兴华会计师事务所(特殊普通合伙) ZHONGXINGHUA CERTIFIED PUBLIC ACCOUNTANTS LLP 地址(1ocation):北京市丰台区丽泽路 20 号丽泽 SOHO B 座 20 层 20/F,Tower B,Lize SOHO,20 Lize Road ...

新里程健康科技集团股份有限公司 证券简称：新里程 证券代码：002219 公告编号：2024-082 新里程健康科技集团股份有限公司 第六届监事会第二十次会议决议公告 本公司及监事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 一、监事会会议召开情况 。 新里程健康科技集团股份有限公司（以下简称"新里程"或"公司"）第六 届监事会第二十次会议通知于2024年10月12日以书面、电子邮件、电话送达等方 式发出，会议于2024年10月16日以现场表决结合通讯方式表决在公司会议室召开。 会议由公司监事会主席李海涛先生召集并主持，公司现任监事3名，实际表决监 事2名，关联监事李海涛先生回避表决，符合《公司法》和《公司章程》的有关 规定，会议决议合法有效。 二、监事会会议审议情况 经与会监事审议，会议审议通过了以下议案并做出如下决议： 1、第六届监事会第二十次会议决议。 特此公告。 1 新里程健康科技集团股份有限公司 新里程健康科技集团股份有限公司 监 事 会 二〇二四年十月十六日 （一）审议通过《关于收购重庆新里程医疗管理有限公司 100%股权暨关联 交易的议案》 同意公司以自有资金 ...