Core Viewpoint - Meizhong Jiahhe is facing significant financial pressure in the short term, with a 27.9% year-on-year revenue decline and an increase in net losses, raising concerns about its ability to turn a profit despite the launch of proton therapy services [1][2][3]. Financial Performance - For the fiscal year 2024, Meizhong Jiahhe reported total revenue of 3.88 billion yuan, a decrease from previous years [6]. - The company's hospital business generated 2.716 billion yuan, accounting for 69.9% of total revenue, down 15.1% year-on-year [3]. - Revenue from medical equipment, software, and related services was 1.167 billion yuan, making up 30.1% of total revenue, with a significant decline of 46.6% [3]. - The net loss expanded from 4.26 billion yuan in 2023 to 4.85 billion yuan in 2024, marking a 13.7% increase [3]. Business Operations - Meizhong Jiahhe operates four self-owned medical institutions primarily located in Guangzhou and Shanghai, covering the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta [3]. - The company has been adjusting its internal business structure, focusing on high-margin departments while reducing low-margin ones, which has impacted revenue [4]. Proton Therapy Development - The Guangzhou Taihe Cancer Hospital's proton center is set to officially open in December 2024, with expectations to treat over 2,000 patients annually and generate more than 600 million yuan in revenue [5]. - Proton therapy has been operational since its launch, treating nearly 100 patients, with a treatment fee of approximately 295,000 yuan, primarily funded through self-pay and commercial insurance [7]. Market Position and Future Outlook - The management believes that the demand for high-end cancer treatment will exceed supply, especially given the company's strategic positioning in key regions [8]. - Plans are underway to establish specialized hospitals in Shanghai and Shijiazhuang, with the latter expected to open in the second half of 2026 [7].
引入质子治疗，去年仍亏损逾4亿元 美中嘉和：今年将力争把亏损降到最低