【盈康生命（300143.SZ）】医疗服务板块持续扩张，器械板块国际化战略成效显著——2025半年报点评（王明瑞/吴佳青）

Core Viewpoint - The company reported a stable performance in the first half of 2025, with revenue and net profit showing positive growth, indicating resilience in its business operations [4]. Group 1: Medical Services Segment - The medical services segment achieved revenue of 6.53 billion, a year-on-year increase of 2.28%, driven primarily by the oncology business, which generated 2.15 billion, up 25.14% [5]. - The number of oncology outpatient visits at Friendship Hospital reached 24,200, reflecting a growth of 21.59%, with an 8 percentage point increase in the proportion of level IV surgeries [5]. - Guangci Hospital's oncology revenue grew by 20.56%, with inpatient visits increasing by 45.51% and a 5 percentage point rise in level IV surgery proportion [5]. - The company is leveraging AI technology to enhance diagnostic efficiency and service experience, achieving a patient net promoter score (NPS) of 92.5% [5]. Group 2: Medical Devices Segment - The medical devices segment reported revenue of 1.90 billion, a year-on-year increase of 2.80%, with equipment and consumables business revenue growing by 13.34% [6]. - The domestic market is experiencing high-quality development through product and channel upgrades, while the overseas market has become a significant growth driver, with a 35% year-on-year increase in overseas revenue due to the addition of 9 new distributors [6]. Group 3: Strategic Acquisitions - The acquisition of a 51% stake in Changsha Kexin Oncology Hospital is expected to enhance the company's oncology specialty and integrate effectively with existing hospitals, potentially boosting the medical services segment's performance [7].