研报掘金丨华安证券：维持美年健康“买入”评级，坚定“AllinAI”战略，AI赋能成效显著

Core Viewpoint - Meinian Health reported a net profit attributable to shareholders of -221 million yuan in H1 2025, a year-on-year decrease of 2.59% [1] - In Q2 2025, the company achieved a net profit of 54 million yuan, down 23.81% year-on-year [1] - The company's performance is under short-term pressure, with an increasing proportion of individual examination services [1] Financial Performance - The gross margin for the medical industry in H1 2025 was 32.71%, a decrease of 2.76 percentage points year-on-year [1] - Sales expenses for H1 2025 were 982 million yuan, down 8.75% year-on-year [1] - Management expenses for H1 2025 were 415 million yuan, a slight decrease of 0.50% year-on-year [1] Strategic Initiatives - The company is committed to the "All-in-AI" strategy, with significant results from AI empowerment, which has become a core driver of performance growth [1] - Meinian Health is building a new health management model based on health checkup big data, aiming for "checkup in 2 hours, service 365 days" [1] - The company is transitioning from a leader in preventive healthcare to a pioneer in digital health management across the entire lifecycle [1]