盈康生命一季度扣非净利劲增25.8%，AI战略驱动盈利质量持续优化

Core Viewpoint - Yingkang Life reported a slight decline in revenue but a significant increase in net profit, showcasing strong profitability and growth potential in a challenging private hospital industry [1][2][4] Financial Performance - Revenue for Q1 2025 decreased by 1.73% year-on-year to 409 million yuan, while net profit attributable to shareholders increased by 14.4% to 29.993 million yuan [1] - Non-recurring net profit surged by 25.8% year-on-year to 29.965 million yuan, indicating improved profit quality [2] Operational Efficiency - The company achieved a reduction in operating expenses, with the expense ratio decreasing by 2.9 percentage points [2] - The oncology revenue share rose to 31.9%, up 17 percentage points from the previous year, becoming a key growth driver [2] Strategic Initiatives - Yingkang Life announced the acquisition of a 51% stake in Changsha Kexin Tumor Hospital for 357 million yuan, aiming to enhance its regional medical center layout and expand oncology treatment capabilities [2] - The company has implemented an "AI + Medical" strategy since 2021, integrating AI across all aspects of diagnosis, management, and service [3] Technological Advancements - The launch of the "AI Innovation Application Platform" in April 2023, in collaboration with industry leaders, aims to enhance the entire service chain from disease screening to health management [3] - The company is transitioning from "tool empowerment" to "ecosystem reconstruction" in AI healthcare, providing a replicable model for intelligent transformation in the industry [3] Industry Positioning - Yingkang Life stands out in the private hospital sector, successfully navigating cost pressures and achieving profit growth while many smaller private hospitals face losses [3][4] - The company is positioned as a benchmark for transformation in the private hospital industry, leveraging AI, specialization, and external expansion to enhance quality alongside scale [4]