国际医学披露中报，扣非净利同比下降36%

Core Viewpoint - The company is facing significant financial challenges, with declining revenues and net profits, despite attempts to expand its services and adapt to new payment models [1][2][4]. Financial Performance - The company's revenue for the first half of the year was 20.34 billion, a year-on-year decrease of 15.95%, and the net profit was -1.89 billion, down 36.09% [1]. - The Xi'an International Medical Center Hospital reported a revenue of 13.83 billion for the first half of 2025, a decline of 15.37%, with a net loss of 1.13 billion, which is an increase of 44.63% in losses compared to the previous year [2]. - The Xi'an Gaoxin Hospital also experienced a revenue drop of 17.30%, totaling 6.39 billion, with net profit falling by 37.48% to 309.77 million [3]. Business Operations - The company operates two major hospitals, with the Xi'an International Medical Center Hospital being the largest single hospital in the country, yet it struggles to convert its scale into profitability [2][5]. - The outpatient services are growing, with a 7.37% increase in emergency and outpatient visits, reaching 740,500, but inpatient services have declined by 2.80% to 66,000 [2]. - The company has introduced new services, such as a high-end health service department and a senior care facility, but these have not yet improved profitability [1]. Financial Structure - The company faces significant financial pressure, with accounts receivable at 5.94 billion, short-term loans at 8.82 billion, and long-term loans at 25.71 billion [3][6]. - The asset structure shows that fixed assets account for 69.65% of total assets, while cash reserves are only about 4 billion, representing 3.98% of total assets [6][7]. Governance and Management - The company is experiencing internal governance challenges, with recent high-level resignations raising concerns about management stability and strategic direction [8]. - The controlling shareholder has indicated financial strain, with a high percentage of pledged shares, signaling potential liquidity issues [8]. Strategic Challenges - The company is grappling with issues related to business positioning, asset efficiency, debt repayment, and corporate governance, which are critical for overcoming its current operational difficulties [9].