Core Viewpoint - In a challenging industry environment, Yingkang Life (300143) has reported steady growth in its semi-annual results, with revenue of 843 million yuan, a year-on-year increase of 2.4%, and a net profit attributable to shareholders of 61.83 million yuan, up 12.8% [1] Group 1: Medical Services - The company is focusing on the construction of a tumor specialty service system and deep integration with artificial intelligence (AI), driving a transition from scale expansion to quality and efficiency in medical services [2] - The company has completed a comprehensive development path from the 1.0 stage of new technologies and equipment to the 3.0 stage of tumor ecological evolution, enhancing its competitive advantage in the "pre-diagnosis and treatment" chain [2] - The acquisition of Changsha Kexin Tumor Hospital is expected to enhance the company's tumor medical service capabilities in Central China and improve its national strategic layout [2] - The tumor revenue in the medical services segment reached 214.95 million yuan, a year-on-year increase of 25.14%, with significant growth in tumor outpatient visits and surgeries [3] Group 2: AI Integration - Yingkang Life is one of the few medical groups in the industry to achieve unified AI deployment, integrating AI technology into all aspects of medical services [4] - AI applications have significantly improved diagnostic efficiency, with reading efficiency up by 66% and patient wait times reduced by 2 days [4] - The company has achieved a patient net promoter score (NPS) of 92.5%, indicating high patient satisfaction with its services [4] Group 3: Medical Devices - The company is advancing product upgrades and global expansion in its medical device segment, achieving a "soft and hard integration" of the industrial chain [6] - Major products have seen market share growth, with the infusion pump's domestic market share exceeding 10%, ranking third [6] - Overseas revenue for medical devices has increased by 35%, with the addition of nine new overseas distributors across various regions [6] Group 4: Future Outlook - The company aims to deepen its tumor discipline construction and enhance regional medical center layouts, creating a comprehensive health ecosystem [7] - Through AI empowerment and industrial collaboration, Yingkang Life is transitioning from a traditional medical service provider to a comprehensive health management platform [7]

Core Viewpoint - The company reported a steady growth in net profit for 1H25, driven by advancements in its medical services and medical devices segments, alongside effective cost reduction measures. The outlook for the full year remains positive with an expected net profit growth of 15% [1]. Group 1: Financial Performance - In 1H25, the company achieved revenue of 843 million yuan (+2.4% year-on-year) and a net profit attributable to shareholders of 62 million yuan (+12.8% year-on-year) [1]. - The second quarter saw a quarter-on-quarter increase in revenue and net profit of 6.08% and 6.14%, respectively [1]. - The gross profit margin improved by 0.5 percentage points year-on-year, while the expense ratio decreased by 2 percentage points [1]. Group 2: Medical Services Segment - The medical services segment generated revenue of 653 million yuan in 1H25 (+2.3% year-on-year), with a stable gross margin of 21.24% [2]. - The segment's growth was supported by a 25% year-on-year increase in tumor-related revenue [2]. - The integration of Changsha Kexin Hospital is expected to boost revenue in 2H25, with a profit target of no less than 57 million yuan for the year [2]. Group 3: Medical Devices Segment - The medical devices segment reported revenue of 190 million yuan in 1H25 (+2.8% year-on-year) with a slight increase in gross margin to 46.03% [3]. - The domestic market share for key products has been stable, with over 10% market share in infusion pumps and mammography equipment [3]. - The overseas business experienced a significant growth of 35% year-on-year, driven by a tailored strategy for different markets [3]. Group 4: Profit Forecast and Valuation - The company projects EPS for 2025-2027 to be 0.18, 0.21, and 0.23 yuan, reflecting a downward revision from previous estimates [4]. - A price-to-earnings ratio of 69 times is assigned for 2025, with a target price of 12.42 yuan, up from 11.97 yuan, due to positive expectations for the integration of Changsha Kexin [4].

Core Viewpoint - The company reported a stable performance in the first half of 2025, with revenue and net profit showing positive growth, indicating alignment with expectations [1] Financial Performance - In the first half of 2025, the company achieved revenue of 843 million yuan, a year-on-year increase of 2.40% [1] - The net profit attributable to shareholders was 62 million yuan, up 12.82% year-on-year, while the net profit excluding non-recurring items was 61 million yuan, reflecting a growth of 19.22% [1] Business Segments - **Medical Services Segment**: - Revenue reached 653 million yuan, growing by 2.28% year-on-year [2] - The oncology business, a key driver, generated 215 million yuan, with a significant increase of 25.14% [2] - Patient volume at the Friendship Hospital's oncology outpatient department reached 24,200, up 21.59%, with an 8 percentage point increase in the proportion of level IV surgeries [2] - Guangci Hospital's oncology revenue grew by 20.56%, with inpatient visits increasing by 45.51% [2] - The company has embraced AI to enhance diagnostic efficiency and service experience, achieving a Net Promoter Score (NPS) of 92.5% [2] - **Medical Devices Segment**: - Revenue was 190 million yuan, reflecting a year-on-year growth of 2.80%, with equipment and consumables business growing by 13.34% [2] - The domestic market has seen high-end upgrades in products and channels, while the overseas market has become a significant growth driver, with a 35% increase in overseas revenue due to the addition of 9 new distributors [2] Strategic Developments - The company acquired a 51% stake in Changsha Kexin Oncology Hospital, a tertiary oncology specialty hospital, which is expected to enhance collaboration with existing hospitals and strengthen the company's oncology focus [3] - The acquisition is anticipated to further deepen the company's strategic development and contribute to sustained growth in the medical services segment [3] Profit Forecast and Valuation - The company maintains its net profit forecasts for 2025-2027 at 139 million, 170 million, and 196 million yuan, corresponding to EPS of 0.19, 0.23, and 0.26 yuan respectively [3] - The ongoing stable development of both the medical services and medical devices segments supports a "buy" rating [3]

8月26日，盈康生命发布投资者关系活动记录表，盈康生命表示，2025年上半年公司实现收入 8.43 亿 元，同比增长 2.40%；实现归母净利润 0.62亿元，同比增长12.82%。医疗服务板块来看，公司上半年医 疗服务板块收入6.53 亿元，同比增长 2.28%。报告期内，公司医疗器械实现收入 1.90 亿元，同比增长 2.80%。 未来，公司将积极论证和探索深层次脑机接口技术落地的可行性，从神经康复、疑难脑病诊疗切入，推 进阿尔茨海默病、卒中后遗症、帕金森等神经系统疾病诊疗技术提升。公司旗下医院聚焦差异化业务， 加大创新服务能力：搭建"健康管理中心"，通过整合医学方案形成差异化产品和服务体系，提升差异化 服务能力。在链接扩大服务生态方面，盈康生命推进"医联体"合作，承接上级医院转诊的复杂病例，向 下分流康复、慢病管理患者；发展AI 医疗，拓展诊疗服务半径；拓展支付渠道，优化支付结构，推动 商保合作项目，构建"患者-医院-保司"三方共赢生态。 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Viewpoints - The medical services segment continues to expand, with a revenue of 6.53 billion yuan in the first half of 2025, reflecting a year-on-year growth of 2.28%. The oncology business is a key driver, achieving a revenue of 2.15 billion yuan, up 25.14% year-on-year [2] - The medical device segment shows robust growth in international markets, with a revenue of 1.90 billion yuan, a year-on-year increase of 2.80%. The overseas revenue grew by 35% due to the addition of 9 new distributors [2] - The acquisition of a 51% stake in Changsha Kexin Oncology Hospital is expected to enhance the company's oncology specialty and further boost the performance of the medical services segment [3] Financial Performance Summary - In the first half of 2025, the company achieved a total revenue of 843 million yuan, a year-on-year increase of 2.40%. The net profit attributable to shareholders was 62 million yuan, up 12.82% year-on-year, and the net profit excluding non-recurring items was 61 million yuan, reflecting a growth of 19.22% [1] - The projected net profit for 2025 is estimated at 139 million yuan, with corresponding EPS of 0.19 yuan [3] Revenue and Profit Forecast - The company forecasts revenues of 1.905 billion yuan for 2025, with a growth rate of 22.15%. The net profit is projected to reach 139 million yuan, with a growth rate of 20.66% [4][9]

Financial Performance - The company achieved revenue of 843 million CNY in the first half of 2025, a year-on-year increase of 2.40% [3] - Net profit attributable to shareholders reached 61.83 million CNY, up 12.82% year-on-year [3] - Medical services segment revenue was 653 million CNY, growing 2.28% year-on-year [3] - Medical device segment revenue was 190 million CNY, with a year-on-year increase of 2.80% [3] Oncology Services - Revenue from oncology services reached 215 million CNY, a significant increase of 25.14% [3] - The number of level IV surgeries increased by 6.62% [3] - The outpatient volume at Friendship Hospital reached 24,200 visits, up 21.59% year-on-year [3] - The proportion of level IV surgeries at Friendship Hospital increased by 8 percentage points [3] Medical Device Market - The company’s infusion pump market share exceeded 10%, ranking third in the domestic market [16] - The mammography device market share is approximately 10%, also ranking third [17] - Overseas revenue for medical devices grew by 35% year-on-year [18] AI Integration - AI applications have improved clinical capabilities, reducing complication rates by 10% and average hospital stays by 1-2 days [15] - The efficiency of image diagnosis increased by 66%, and patient follow-up efficiency improved by 300% [15] - Patient Net Promoter Score (NPS) reached 92.5%, surpassing the industry average of 90% [15] Hospital Operations - Sichuan Friendship Hospital generated revenue of 291 million CNY, maintaining stability amid competition [6] - Suzhou Guangci Hospital achieved revenue of 269 million CNY, with a year-on-year growth of 1.69% [7] - The company’s managed hospitals, including Yuncheng Hospital, have seen significant operational improvements, with surgical volumes increasing by 18% [12] Strategic Developments - The acquisition of Changsha Kexin Oncology Hospital enhances the company’s oncology ecosystem and regional presence [10] - The company is focusing on differentiated services and expanding its service ecosystem through partnerships and AI integration [9]

据证券之星公开数据整理，近期盈康生命（300143）发布2025年中报。截至本报告期末，公司营业总收 入8.43亿元，同比上升2.4%，归母净利润6182.72万元，同比上升12.82%。按单季度数据看，第二季度 营业总收入4.34亿元，同比上升6.62%，第二季度归母净利润3183.46万元，同比上升11.41%。本报告期 盈康生命应收账款上升，应收账款同比增幅达45%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率26.82%，同比增1.89%，净利率7.27%，同比增 10.39%，销售费用、管理费用、财务费用总计1.11亿元，三费占营收比13.19%，同比减10.55%，每股净 资产3.33元，同比增53.53%，每股经营性现金流0.2元，同比减42.0%，每股收益0.08元，同比减3.26% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 8.23 亿 | 8.43 乙 | 2.40% | | 归母净利润（元） | 5480.11万 | 6182.72万 | 12.82% | | 扣非净利润(元) ...

中证报中证网讯(王珞)8月24日晚间，盈康生命（300143）发布半年度报告，数据显示，公司上半年实 现营业收入8.43亿元，同比增长2.4%；归属于上市公司股东的净利润6182.72万元，同比增长12.8%；扣 非归母净利润6058.99万元，同比增长19.2%，实现营收与净利润双增长。毛利率同比提升0.5个百分 点，费用率同比下降2个百分点，经营提质增效明显，公司实现持续高质量发展。 诊疗能力升级，驱动肿瘤规模及行业影响力提升。报告显示，公司肿瘤收入2.15亿元，同比增长 25.14%，肿瘤诊疗人次快速增长、肿瘤四级手术量显著增加。报告期内，友谊医院先后获评国家标准 化癌症筛查AAA级管理中心试点单位、CSCO"省市级肿瘤患者营养指导中心优秀单位"，区域口碑与专 业影响力持续强化，肿瘤诊疗能力和资质持续提升。 区域布局拓展至华中，外延式发展战略持续落地。盈康生命上半年收购长沙珂信肿瘤医院并完成交割， 该医院作为三级肿瘤专科医院，以肿瘤微创介入治疗技术为优势特色，头颈部肿瘤治疗能力实现区域引 领，长沙珂信的加入进一步丰富公司肿瘤预诊治康生态，为上市公司发展再添动能。 AI赋能提质增效 当前，盈康生命已实现" ...

证券日报网讯盈康生命（300143）8月25日在互动平台回答投资者提问时表示，公司及实际控制人始终 高度重视并积极致力于履行相关承诺，对于山西盈康一生医院有限责任公司(运城医院)，公司已通过托 管方式解决同业竞争问题，并持续推进其规范化运营与业务发展。 ...

（文章来源：证券日报） 证券日报网讯盈康生命8月25日在互动平台回答投资者提问时表示，公司始终关注并积极评估与主业相 关的前沿技术及应用场景，包括机器人在医疗、养老服务等领域的创新探索。如发生相关合作且达到信 息披露标准，公司将严格按照相关规定，及时履行信息披露义务。 ...