美年健康(002044)：AI持续赋能 打造全周期健康管理生态

Core Viewpoint - The company is collaborating with leading enterprises in precision diagnosis and embodied intelligence to create a comprehensive health management model through "health check centers + home services" and "AI proactive health centers" [1] Group 1: Strategic Partnerships - On December 19, 2025, the company signed a strategic cooperation agreement with Shengxiang Bio, a leader in precision diagnosis, to develop a dual-service system combining health check centers and home services, establishing a digital health management loop [2][3] - The company showcased the "AI Proactive Health Center" in collaboration with Hong Kong's first embodied intelligent robot company, which includes various products such as robot nurses and smart health monitoring tools [4] Group 2: Product Development and Revenue Growth - The company is promoting specialized products like cardiopulmonary screening and AI-MDT reports, achieving approximately 250 million yuan in revenue from AI-related products in the first three quarters of 2025, a year-on-year increase of 71.02% [5] - The launch of the "Hematological Clock," an AI aging assessment product, is expected to further enhance AI-related revenue by utilizing extensive health data [5] Group 3: Customer Acquisition and Service Optimization - The company is implementing a "dual-wheel drive" strategy of group and individual health checks, increasing the proportion of individual customers contributing to revenue from 24.1% in 2024 to 33% [6] - The company is expanding its health management services, including weight management clinics, to create a complete health management loop from screening to intervention [6] Group 4: Future Outlook - For Q4 and next year, the company anticipates stable increases in customer spending through specialized products and improved customer acquisition strategies, while also enhancing operational efficiency through management tools [7] - Revenue projections for 2025-2027 are estimated at 10.636 billion, 11.538 billion, and 12.818 billion yuan, with net profits expected to grow significantly [8]