2026.02. 12 本文字数：2286，阅读时长大约4分钟 作者 | 第一财经 郭晋晖 封图 | AI生成 受人口结构变化、医保改革不断深化等多方面因素影响，我国的公立医院正在告别大规模扩张的时 代。 2026年初的全国卫生健康工作会议明确要求，调控三级医院规模、发展速度，优化结构，全面提升 医疗卫生服务公益性、可及性和能力水平。 国家卫健委最新公布的数据显示，经过一年短暂回升后，2024年我国公立医院数量"掉头向下"，与 2020年相比，5年间减少了116家，新增床位数在2024年也出现下降。 中国社会保障学会近日发布的《中国医疗保障发展报告（2025）》之《中国公立医院改革发展报 告》（下称《报告》）分析称，随着城乡及区域医疗资源不均衡、供需矛盾问题的日益凸显，公立医 院的改革已经进入了一个更加紧迫和复杂的阶段，针对运营效率低下、医疗行为失范、应对挑战能力 不足等问题，必须全面深化公立医院公益性改革。 公立医院5年间减少116家 我国已建成全球规模最大的医疗卫生服务网络，公立医院作为医疗卫生服务体系的主体，承担着全国 80%以上的诊疗任务，在我国医疗卫生服务中占据主导地位，其运行效率、服务质量与公益性 ...

Core Viewpoint - Shanghai is positioned to enhance its global competitiveness in the health industry through a series of proposals focusing on the integration of medical services, insurance, and pharmaceuticals, addressing challenges such as aging population and regulatory frameworks [1][3]. Group 1: Medical and Pharmaceutical Industry Development - The biopharmaceutical industry in Shanghai is transitioning from a "follower" to a "leader" phase, but faces challenges such as disconnection between innovation and industry chains, and imbalances in supply and demand [1][3]. - The implementation of the new regulations for biomedical technology and the first version of the commercial health insurance innovative drug directory are critical for Shanghai to leverage its role as a pioneer in reform [1][4]. Group 2: Regulatory and Pricing Challenges - The current regulatory framework for biomedical technologies lacks specificity, leading to potential inefficiencies in resource allocation and regulatory processes [4][5]. - There is a need for clear pricing standards for biomedical technologies, as existing regulations do not provide detailed guidelines for cost and pricing mechanisms [5][6]. Group 3: Health Insurance and Payment Mechanisms - To address the high costs of innovative drugs, proposals include expanding commercial health insurance coverage and optimizing reimbursement levels for innovative drugs, particularly those developed in Shanghai [7][8]. - A new funding pool for innovative drugs is suggested to support local high-value clinical innovations that are not yet included in national insurance negotiations [8][9]. Group 4: AI and Digital Transformation in Drug Development - The pharmaceutical industry is experiencing a paradigm shift towards digitalization and AI integration, with major companies investing heavily in AI technologies to enhance drug development efficiency [10][11]. - The establishment of a centralized data platform for biomedical research is proposed to overcome data fragmentation and enhance collaboration across institutions, aiming to create a world-class biomedical database by 2030 [12][13].

Group 1 - The company expects to achieve an annual revenue of 351 million yuan for 2025, remaining stable compared to the previous year [1] - The net profit attributable to shareholders is projected to be -409 million yuan, with a net profit of -148 million yuan after excluding non-recurring gains and losses, also stable year-on-year [1] - The decline in performance is primarily due to the underperformance of the company's investment in Shenzhou Medical Technology Co., leading to an expected loss of approximately 260 million yuan from fair value changes of financial assets [1] Group 2 - The company aims to align with the "Healthy China" initiative and the "Three Medical Coordination" reform, focusing on the digitalization and informatization of the healthcare industry [2] - The core strategy revolves around the aggregation, circulation, and application of health big data, targeting areas such as comprehensive management of medical insurance funds and healthcare service innovation [2] - The company is actively exploring investment collaborations to support the "Healthy China" strategy with technical support and professional services [2]

Group 1 - The company, Guo Xin Health, is forecasting a loss for the fiscal year 2025, with an expected operating revenue of approximately RMB 351 million, which is roughly in line with the previous year [1][3] - The net profit attributable to shareholders is projected to be around RMB -4.09 billion, primarily due to an expected impairment loss of RMB 260 million on trading financial assets [3][11] - The decline in the value of trading financial assets is linked to the underperformance of Shenzhou Medical Technology Co., Ltd., in which the company holds a 7.66% stake [3][8] Group 2 - The company has communicated with its auditing firm regarding the performance forecast, and there are no discrepancies between the company and the auditors concerning the forecast [2] - The fair value of the trading financial assets held by the company was approximately RMB 407.81 million at the end of 2024, and it is expected to decrease by RMB 260 million by the end of 2025 [10][11] - The company emphasizes that the financial data presented is preliminary and has not been audited, urging investors to exercise caution [9][11]

Core Viewpoint - Guoxin Health has released a performance forecast, expecting a total operating revenue of 350.77 million yuan for the year 2025, with a focus on health data and digital transformation in the healthcare sector [1] Group 1: Performance Forecast - The company anticipates an operating revenue of approximately 350.77 million yuan for 2025 [1] - The net profit attributable to shareholders is expected to be around -409 million yuan [1] Group 2: Financial Performance - For the first three quarters of 2025, the company's main revenue was 170 million yuan, a year-on-year decrease of 14.87% [2] - The net profit attributable to shareholders for the same period was -138 million yuan, a year-on-year decline of 347.32% [2] - The company's gross profit margin was reported at -5.15% [2] Group 3: Quarterly Performance - In Q3 2025, the company's single-quarter main revenue was 74.87 million yuan, an increase of 19.26% year-on-year [2] - The net profit attributable to shareholders for Q3 was -39.34 million yuan, a year-on-year decrease of 193.59% [2] - The company reported a debt ratio of 37.02% and investment income of 16.57 million yuan [2] Group 4: Reasons for Performance Changes - The increase in losses is primarily due to expected impairment of trading financial assets, particularly related to Shenzhou Medical Technology Co., Ltd., which has seen a decline in operating performance [1]

Core Viewpoint - Guoxin Health expects a total operating revenue of 351 million yuan for the year 2025, maintaining stability compared to the previous year [1] Group 1: Financial Performance - For the first three quarters of 2025, the company's main revenue was 170 million yuan, a year-on-year decrease of 14.87% [2] - The net profit attributable to shareholders was -138 million yuan, a year-on-year decline of 347.32% [2] - The net profit after deducting non-recurring gains and losses was -138 million yuan, a year-on-year decrease of 27.09% [2] - In Q3 2025, the company's single-quarter main revenue was 74.87 million yuan, a year-on-year increase of 19.26% [2] - The single-quarter net profit attributable to shareholders was -39.34 million yuan, a year-on-year decline of 193.59% [2] - The single-quarter net profit after deducting non-recurring gains and losses was -39.37 million yuan, a year-on-year decrease of 29.67% [2] - The company's debt ratio stood at 37.02% [2] - Investment income was 16.57 million yuan, while financial expenses amounted to 6.53 million yuan [2] - The gross profit margin was -5.15% [2] Group 2: Strategic Focus - The company is aligning its operations with the "Healthy China" initiative and the "Three Medical Collaborations" reform, focusing on health data integration and digital transformation [1] - The strategic focus includes comprehensive management services for medical insurance funds, medical quality and safety services, and health service innovation [1] - The company aims to leverage data value and actively pursue investment collaborations to support the national strategy for "Healthy China" [1] Group 3: Asset Impairment - The increase in losses is primarily due to expected impairment of trading financial assets, specifically a 99.01% partnership interest in Shenzhou Borui (Shenzhen) Investment Enterprise [1] - The decline in operating performance of Shenzhou Medical Technology Co., Ltd., in which Shenzhou Borui holds a 7.66% stake, is anticipated to result in a fair value loss of approximately 260 million yuan on the company's trading financial assets [1]

Core Viewpoint - Guoxin Health is expected to report a net profit loss of approximately 148 million RMB for the year 2025 after deducting non-recurring gains and losses, primarily due to impairment losses on financial assets [1] Group 1: Financial Performance - For the year 2025, the company achieved an operating income of approximately 351 million RMB, which is roughly the same as the previous year [1] - The net profit attributable to shareholders of the listed company is approximately -409 million RMB [1] - In the first three quarters of 2025, the company's main revenue was 170 million RMB, a year-on-year decrease of 14.87% [2] - The net profit attributable to shareholders for the same period was -138 million RMB, a year-on-year decrease of 347.32% [2] - The third quarter of 2025 saw a single-quarter main revenue of 74.87 million RMB, a year-on-year increase of 19.26% [2] - The single-quarter net profit attributable to shareholders was -39.34 million RMB, a year-on-year decrease of 193.59% [2] - The company reported a gross margin of -5.15% [2] Group 2: Strategic Focus - The company is aligning its operations with the "Healthy China" initiative and the "Three Medical Collaborations" reform, focusing on healthcare industry informationization, digitalization, and intelligence [1] - The strategic focus includes comprehensive management services for medical insurance funds, medical quality and safety services, drug and device regulation, and health service innovation [1] - The company aims to leverage health big data to provide technical support and professional services for the national strategy of "Healthy China" [1] Group 3: Asset Impairment - The increase in losses is mainly attributed to expected impairment of trading financial assets, specifically a 99.01% partnership interest in Shenzhou Borui (Shenzhen) Investment Enterprise [1] - The impairment is linked to a 7.66% stake in Shenzhou Medical Technology Co., Ltd., which is expected to experience a decline in operating performance and lower-than-expected main business income [1] - The company anticipates a fair value change loss of approximately 260 million RMB related to these trading financial assets [1]

《数字医联体建设的理论与实践》两部专著。山东大学公共卫生学院王箐教授、中国人民大学人口与健 康学院梁海伦副院长分别对两部专著进行了深度解读。这两部专著系统总结了潍坊市在推动三医协同、 数据共享和数字健康治理方面的创新实践，生动展现了潍坊在打破信息壁垒、重塑治理流程中的理论思 考与实证案例。 北京大学国家发展研究院木兰讲席教授、北大健康发展研究中心主任李玲对两本专著进行了点评，对潍 坊市在"三医"协同数据共享机制建设，以及在数字健康领域形成的以"一体两翼三支撑四保障"为核心 的"潍坊模式"给予了充分肯定，认为潍坊市取得的成果充分体现了顶层设计的优势，建议持续打造可复 制、可推广的改革样板。 座谈交流环节，与会专家围绕如何深化"三医"协同、释放数据价值、赋能公立医院高质量发展等议题展 开了深入讨论。一致认为，潍坊市的探索为全国破解"三医"协同难题提供了宝贵的实践参考，对于构建 现代化卫生健康治理体系具有重要的借鉴意义。 此次会议的成功举办，标志着潍坊市在数字健康治理领域迈出了坚实步伐。接下来，潍坊市卫健委将继 续深化与高校智库的合作，紧扣数据互联互通这一关键，进一步推动三医协同发展与治理机制创新，努 力在数字医联 ...

Core Viewpoint - The recent release of the "Opinions on Promoting the High-Quality Development of the Pharmaceutical Retail Industry" by the Ministry of Commerce and nine other departments aims to enhance the pharmaceutical retail sector through various measures, including improving pharmaceutical service capabilities and promoting prescription circulation [1][2]. Group 1: Policy Initiatives - The "Opinions" propose to enhance pharmaceutical service capabilities, promote prescription circulation, optimize designated pharmacy outpatient coordination, establish a commercial insurance payment guarantee system, improve health services, diversify pharmaceutical retail formats, and support the merger and reorganization of retail pharmacies [2][3]. - The encouragement of collaboration between qualified medical institutions, internet hospitals, and retail pharmacies through electronic prescription platforms is expected to accelerate prescription circulation and outpatient coordination in pharmacies [3]. Group 2: Industry Impact - The policy is likely to benefit leading retail pharmacies by enhancing their market share during the industry consolidation phase, as the optimized licensing process for merged pharmacies will allow for the continuation of existing medical insurance qualifications [3]. - The development of insurance products tailored for pharmacy scenarios and the establishment of health stations for chronic disease management and medication guidance will enable retail pharmacies to better meet the growing health service demands [3]. Group 3: Future Outlook - The acceleration of the "four modernizations" (professionalization, intensification, digitization, and standardization) in the pharmaceutical retail sector aligns with the broader healthcare reform goals outlined in the "14th Five-Year Plan," indicating a new phase for medical reform in China [4]. - The encouragement of industry concentration through the recent policy is expected to provide foundational support for the separation of medical services and the implementation of tiered diagnosis and treatment [4].

当前肾脏病患者需长期透析治疗，却面临医保监管难、医疗效率低、患者随访弱的三重困境，医保部门难以核验服务真实 性，医护人员受限于"人海战术"导致随访不及时，患者居家康复期间缺乏专业监测易引发风险。为此，老来健康依托智慧 眼"砭石医疗人工智能开放服务平台"，联合邵阳市医保中心、中南大学湘雅二医院及邵阳市中心医院，打造了医保-医疗-患者 三医协同的SaaS模式智能管理方案，推出了"肾小保——医保智慧经办透析管理助手"，直击了当前肾脏病管理中医保监管 难、医疗效率低、患者随访弱的核心痛点。为此，公司联合医保机构与三甲医院，构建了"医保-医疗-患者"三医协同的智能管 理方案。该方案通过"AI大模型+物联网"技术，实时采集患者健康数据，并依托医疗大模型生成动态健康画像，实现全流程闭 环管理。具体体现在：为医生自动标记重点患者、生成健康报告，提升随访效率；为医保部门智能核验服务真实性，大幅缩 短审核时间；为患者提供异常预警与远程指导，及时防范风险。目前，"肾小保"已成为全国率先获国家医保局推广的肾病管 理AI应用。在邵阳试点期间，已纳管159名患者，提升了医院管理效率与患者满意度。其轻量化部署降低了医疗机构转型成 本，数据 ...