Core Insights - Yonghe Medical reported a revenue of 1.805 billion yuan for 2024, marking a 1.5% year-on-year increase, with EBITDA improving significantly to 141 million yuan [2][5] - The company has entered a self-adjustment phase since 2022, focusing on internal restructuring and breaking away from previous operational models to ensure long-term growth [2][4] Financial Performance - In 2024, Yonghe Medical paused its rapid expansion strategy, optimizing nine underperforming clinics, reducing the number of hair transplant institutions in second and third-tier cities from 51 to 42 [3] - The gross profit for 2024 increased by 8.7% to 1.084 billion yuan, with a gross margin of 60.1%, up 4% year-on-year [3][5] Market Position and Strategy - Yonghe Medical's hair transplant service revenue reached 1.331 billion yuan, accounting for 73.7% of total revenue, with an average patient expenditure of 22,300 yuan [5] - The company is building a comprehensive hair care system, expanding its service offerings beyond hair transplants to include preventive treatments and maintenance [6][8] Brand and Service Development - In 2024, Yonghe Medical introduced a brand strategy emphasizing the importance of skilled doctors and improved service quality, establishing a professional medical team of 1,401 members [9] - The company has implemented a transparent pricing model and innovative service delivery methods, enhancing patient trust and satisfaction [10] Future Outlook - The hair health market in China is projected to grow from 79.55 billion yuan in 2023 to 116.54 billion yuan by 2028, indicating significant growth potential for Yonghe Medical [6] - The company anticipates a continuous increase in demand for hair treatment and maintenance services, positioning itself to capitalize on the expanding market [11]
雍禾医疗去年业绩改善，董事长张玉：“内修”是为了更长远的发展