Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a stable performance in the first half of 2025, with revenue of 7.581 billion yuan, representing a year-on-year growth of 15.9%, and a net profit attributable to shareholders of 1.228 billion yuan, up 8% year-on-year [4] - The healthcare segment is growing rapidly, with the health technology business being the core driver, achieving revenue of 4.964 billion yuan in the first half of 2025, a year-on-year increase of 27.7%, accounting for 65.5% of total revenue [5][6] - The financial business remains robust, with revenue of 2.851 billion yuan in the first half of 2025, a year-on-year growth of 6.9%, and a net profit of 1.05 billion yuan, up 7% year-on-year [7] Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 7.581 billion yuan, a 15.9% increase year-on-year, and a net profit of 1.228 billion yuan, an 8% increase year-on-year [4] - The healthcare segment's revenue reached 4.964 billion yuan, with a net profit of 285 million yuan, reflecting a 5.3% increase in profit [5][6] Business Segments - The healthcare business is divided into three segments: 1. Comprehensive medical services generated 4.222 billion yuan in revenue, a 15.8% increase, but net profit decreased by 14.6% due to DRG payment reform [6] 2. Specialty medical services generated 130 million yuan, primarily from a newly consolidated ophthalmology hospital [6] 3. Health technology business revenue surged to 646 million yuan, a 142.1% increase, with equipment management contributing significantly [6] Future Projections - The company is expected to achieve revenues of 14.795 billion yuan, 15.347 billion yuan, and 16.182 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 8%, 4%, and 5% [9] - Net profit projections for the same years are 2.095 billion yuan, 2.230 billion yuan, and 2.356 billion yuan, with growth rates of 3%, 6%, and 6% respectively [9]
环球医疗(02666):2025H1经营稳健,业绩符合预期