Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, primarily due to the impact of healthcare payment reforms, but is actively optimizing its business structure and expanding into new markets, which may lead to gradual recovery in revenue over time [1][2]. Financial Performance - The company achieved revenue of 1.99 billion yuan, a decrease of 16.47%, and a net profit attributable to shareholders of 247 million yuan, down 35.76% [1] - Adjusted net profit was 263 million yuan, reflecting a decline of 34.5%, with an adjusted net profit margin of 13.2%, down 3.6 percentage points [1][2] - The hospital business generated revenue of 1.94 billion yuan, a decrease of 15.83%, with outpatient and inpatient revenues declining by 11.12% and 18.39% respectively [1] Operational Efficiency - Operating cash flow increased significantly to 456 million yuan, up 29.91%, with a substantial improvement in net cash ratio by 94.3 percentage points [3] - Trade receivables decreased by 10.7% compared to the beginning of the year, indicating effective working capital management [3] - The company is in the early stages of a refined management transformation, which is expected to gradually enhance cost control and profitability in the long term [2] Future Outlook - The company anticipates a gradual recovery in revenue as policy impacts diminish and the market expands due to an aging population [1] - Profit forecasts for 2025-2027 are 515 million, 628 million, and 718 million yuan, reflecting a year-on-year change of -13.9%, +21.9%, and +14.3% respectively [3] - The current stock price corresponds to a PE ratio of 15.5, 12.7, and 11.1 for 2025-2027, with a target price of 16.44 HKD based on an 18x PE for 2025 [3]
海吉亚医疗(06078.HK)：业绩短期承压 看好长期稳步修复