Core Viewpoint - Hai Jiaya Medical (06078) has released its 2025 performance forecast, indicating a potential revenue decline but with signs of operational resilience and future growth opportunities [1][4]. Financial Performance - For the second half of 2025, the company expects revenue between 20.1 billion to 20.6 billion yuan, representing a year-on-year decline of 0-3% [1][4]. - Adjusted net profit is projected to be approximately 1.88 billion to 2.28 billion yuan, with a year-on-year change of -7% to +13% [1][4]. - Operating cash flow is anticipated to grow by 36% to 53% year-on-year [1][4]. Market Position and Strategy - The company's hospitals are evenly distributed across the country, which supports stable revenue growth in the second half of 2025 [1][4]. - Looking ahead to 2026, the impact of DRGs payment reform on average hospitalization costs is expected to diminish, potentially leading to positive revenue growth [1][4]. Analyst Insights - Citic Securities believes that despite the earnings warning, the decline in performance has likely reached its bottom [1][4]. - The company is expected to see a 2% year-on-year revenue decline in the second half, with adjusted net profit showing a recovery of 3% growth, indicating improving profitability resilience [1][4]. - Key growth drivers for 2026 include expanding non-national health insurance directory revenue, enhancing existing hospital utilization, and reducing debt levels to improve operational leverage and restore profit margins [1][4].
海吉亚医疗午后涨近5% 2025年下半年公司收入同比增速企稳