INKON Life(SZ:300143) EBSCN·2025-11-04 06:13Investment Rating - The report maintains a "Buy" rating for Yingkang Life [5][3] Core Insights - Yingkang Life achieved a revenue of 1.358 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 10.59%. The net profit attributable to the parent company was 87 million yuan, up 5.20% year-on-year, while the net profit excluding non-recurring items was 85 million yuan, reflecting a growth of 12.53% year-on-year [1][2] Summary by Sections Financial Performance - In the first three quarters of 2025, the medical services segment saw a user growth of 8%, with inpatient visits increasing by 20% and surgical procedures rising by 10%. The revenue from the oncology business reached 415 million yuan, showing significant year-on-year growth [2][3] - The overall expense ratio decreased by 0.3 percentage points year-on-year, indicating initial improvements in efficiency [2] Medical Services and Equipment - The medical device segment experienced a 29% year-on-year increase in overseas revenue, driven by high-quality development in the domestic market through product and channel upgrades [2] - The acquisition of Changsha Kexin Oncology Hospital is expected to enhance collaboration with existing hospitals and improve patient volume, which increased by 11% post-acquisition [3] Profit Forecast and Valuation - The profit forecast for the company is maintained at 139 million yuan for 2025, with corresponding EPS of 0.19 yuan. The continuous stable development of both medical services and medical devices supports this outlook [3][9]