研报掘金丨东海证券：国际医学盈利能力持续提升，维持“买入”评级

Core Viewpoint - International Medical reported a revenue of 2.034 billion yuan in H1 2025, a year-on-year decrease of 15.95%, primarily due to the deepening reform of DRG/DIP payment methods leading to a decline in average hospitalization costs [1] Financial Performance - The net profit attributable to the parent company was -165 million yuan, reflecting a year-on-year reduction in losses by 4.98% [1] - In Q2 2025, the net profit attributable to the parent company was -59 million yuan, with year-on-year and quarter-on-quarter reductions in losses of 14.68% and 44.89% respectively [1] Service Metrics - The total number of outpatient and emergency services reached 1.3191 million visits, an increase of 5.42% year-on-year [1] - The number of inpatient services was 96,300 visits, a year-on-year decrease of 4.01%, mainly due to adjustments in medical insurance payment structures [1] Strategic Initiatives - The company plans to focus on business structure adjustments and consumer healthcare layout, while simultaneously managing costs and enhancing service efficiency to better adapt to policy changes [1] - The company is actively exploring an innovative business model of "comprehensive healthcare + specialty" and is expanding into aesthetic medicine and rehabilitation specialties, continuously enhancing its core competitiveness and improving profitability [1]