Core Viewpoint - The company focuses on a long-term investment strategy centered around mergers and acquisitions of leading firms in the healthcare and financial sectors, aiming to enhance valuation and create a second growth curve [1][2][3] Financial Performance - In the fiscal year 2024, the company reported a revenue of approximately 13.663 billion yuan, a slight increase of 0.1% year-on-year [1] - The healthcare segment generated about 8.488 billion yuan, growing by 8.4% and accounting for 62.1% of total revenue, while the financial segment contributed 5.227 billion yuan, representing 38.3% of total revenue [1] - The net profit for the year was 2.258 billion yuan, up 2.7% from 2023, with the healthcare segment contributing 522 million yuan, a 15.0% increase [1] Business Segments - The company operates 73 medical institutions, including 65 consolidated medical institutions, with a total of 15,832 open beds [2] - The total number of patient visits across these institutions reached approximately 10.414 million, reflecting a year-on-year growth of 4.5% [2] - The revenue from medical services amounted to 7.9 billion yuan, with an average revenue per bed of about 500,000 yuan [2] Investment Strategy - The company emphasizes a strategy of acquiring leading firms and replicating successful models, particularly in the healthcare sector [3] - Recent acquisitions include the Shandong University of Traditional Chinese Medicine Affiliated Eye Hospital, which will serve as a flagship for integrating eye care resources [3] - The company also acquired Qingniao Ruantong, a leading smart health and elderly care enterprise, to enhance its operational platform [3] Financial Services - The financial services segment, primarily focused on providing comprehensive financial solutions to public hospitals, generated interest income of 4.745 billion yuan, a decrease of 1.0% year-on-year [5] - Despite the decline in revenue, the financial services still contributed nearly 80% of the company's profits, with a total revenue of 5.272 billion yuan, down 11.1% [5] - The company is actively transforming its financial services to focus on healthcare and elderly care sectors, leveraging its strengths in equipment procurement and operational management [5]
直击业绩会 | 环球医疗执行董事、总经理王文兵：公司投资策略是并购头部、跟随头部