研报掘金丨国盛证券：维持美年健康“买入”评级，上半年实现个检与团检双轮驱动

Core Insights - The report from Guosheng Securities indicates that Meinian Health's net profit attributable to shareholders for the first half of the year was -221 million yuan, a year-on-year decrease of 2.59% [1] - In Q2 2025, the net profit attributable to shareholders was 53.98 million yuan, reflecting a year-on-year decline of 23.81% [1] Business Performance - The company achieved a dual-driven model of individual and group health check-ups, with a total of 9.55 million visits (including affiliated hospitals) in the first half of the year, of which 6 million visits were from controlled hospitals [1] - The group health check-up business remains a revenue pillar, accounting for 67% of total revenue, supported by deep engagement with clients in six major industries: banking, telecommunications, public security, energy, electricity, and education [1] Operational Metrics - As of June 30, 2025, the company had 566 branches covering over 30 provinces (autonomous regions, and municipalities), with 304 of these being controlled health check-up branches [1] - In H1 2025, the company managed to reduce sales expenses to 982 million yuan, a year-on-year decrease of 8.75%, and management expenses to 415 million yuan, a year-on-year decrease of 0.50%, indicating effective cost control and the release of operational leverage [1] Future Outlook - Due to the decline in performance in H1 2025 and the anticipated recovery time for the health check-up market demand, the company has adjusted its previous earnings forecast while maintaining a "buy" rating [1]