Core Viewpoint - Neusoft Ruixin Technology Group has demonstrated significant progress in its strategic transformation, achieving a total revenue of RMB 925 million and a profit of RMB 204 million for the period ending June 30, 2025, highlighting the effectiveness of its "education, medical care, and elderly care" strategy [1][2] Financial Performance - The company reported total revenue of RMB 925 million, with a gross profit of RMB 400 million and a net profit of RMB 204 million during the reporting period [2] - The education segment generated approximately RMB 780 million, while the medical and elderly care services contributed RMB 49.7 million, increasing its share of total revenue from 0.7% to 5.4% [2][3] Strategic Transformation - Neusoft Ruixin's "education, medical care, and elderly care" strategy has begun to yield results, particularly in the elderly care sector, which is now a significant part of the company's operations [1][4] - The company has integrated its resources across education, healthcare, and technology to create a comprehensive service system that addresses the needs of different life stages [4] Operational Highlights - The company's medical entities, such as the Ruikang Cardiovascular Hospital and Ruikang Dental Hospital, have seen substantial increases in patient volume, with outpatient and emergency visits exceeding 28,000 and inpatient surgeries surpassing 5,800, marking a 34% increase compared to the previous year [3] - The occupancy rate of the Ruikang Home for the Elderly has exceeded 88%, with 92% of residents being over 80 years old, indicating strong market acceptance of its high-quality services [3] Educational Initiatives - Neusoft Ruixin's educational institutions have continued to grow, with a total enrollment of 58,000 students across three IT application-oriented universities, reflecting a 1.8% increase year-on-year [4] - The Neusoft Phoenix Academy aims to enhance the lives of the elderly through education, leveraging resources from the company's universities to create a unique intergenerational learning environment [5] Market Focus - The company is targeting the rapidly growing silver economy, with over 310 million people aged 60 and above in China by the end of 2024, positioning itself to capture this significant market opportunity [6] - Neusoft Ruixin plans to develop a "city-level smart elderly care platform" to integrate various elderly care services, aiming to transform traditional service models into more intelligent and personalized solutions [6][7] Future Plans - The "Shengqing Kangyang" smart elderly care platform launched in Shenyang has already aggregated over 780 quality service providers, with plans to expand to 10 cities and serve 2,000 elderly care institutions and 12 million elderly individuals by 2025 [7] - The company aims to leverage technology to enhance its educational and healthcare ecosystems, contributing to the high-quality development of China's silver economy [7]

证券研究报告 | 半年报点评 gszqdatemark 2025 08 27 年 月 日 东软睿新集团（09616.HK） 上半年业绩受收入节奏确认影响，全年营收预计保持增长 事件：公司发布 2025 半年报。公司 2025H1 营收同减 4.5%至 9.25 亿元，经调整归 母净利同减 26.3%至 2.04 亿元（调整股权激励费用、上市开支以及汇兑损益）。公司 2025H1 毛利率同减 9.7PCTs 至 43.0%；销售费用率同减 0.30PCTs 至 1.91%；管理费 用率同减 0.06PCTs 至 11.60%；研发费用率同减 0.73PCTs 至 1.40%，经调整净利率 同减 6.5PCTs 至 22.1%。 学历职业教育业务受收入节奏确认影响，学生人数持续增长。公司目前分别在大连、成 都以及佛山运营三所民办本科高校，学校、专业行业名列前茅。2025H1 公司全日制高 等学历教育业务营收同减 2.9%至 7.80 亿元，主要是由于教学日历差异导致的收入波 动，预计 H2 该影响消除。人数方面，2025/2026 获批学额达 2.14 万人，较 2024/2025 学年增长 6.0%（其中成都学 ...