Core Insights - IBA reported strong revenue growth and improved profitability in the first half of 2025, driven by effective backlog conversion [2][4] Financial Performance - Total net sales increased by 40% year-over-year to EUR 304.9 million, with IBA Clinical and IBA Technologies growing by 47% and 30% respectively [3][4] - Gross profit rose to EUR 90.0 million, a 27% increase, while gross margin decreased to 29.5% from 32.6% due to a less favorable equipment profitability mix [3][4] - Operating expenses (OPEX) were controlled at EUR 79.4 million, representing 26% of total net sales, leading to a REBITDA of EUR 16.4 million, up 141% from the previous year [3][4] - The company reported a net loss of EUR 2.6 million, an improvement from a loss of EUR 10.3 million in H1 2024, attributed to non-recurring expenses and foreign exchange fluctuations [4] Order Intake and Backlog - Equipment order intake was EUR 107 million, a decrease of 7% compared to H1 2024, with a notable decline in Proton Therapy orders by 35% [5] - The backlog decreased to EUR 1.3 billion, driven by increased backlog conversion, with expectations for H2 order intake to be stronger [5] Strategic Developments - IBA's new CFO, Catherine Vandenborre, started on July 1, 2025, as part of the company's strategic initiatives [5] - The company reaffirmed its 2025 guidance, targeting a Group REBIT of at least EUR 25 million by year-end, supported by positive performance in Proton Therapy [6] Operational Highlights - PanTera began production of Actinium-225 in Belgium to support clinical trials, with a large-scale facility expected to break ground in Q4 2025 [5][6] - The company is implementing a new Enterprise Resource Planning (ERP) system, anticipated to be completed by early 2026 [7]

Group 1: Company Performance Overview - In the first half of 2025, the company achieved a total outpatient and emergency service volume of 1.3191 million, a year-on-year increase of 5.42% [4] - The company reported operating revenue of CNY 2,034.31 million, a decrease of 15.95% year-on-year, and a net profit attributable to shareholders of CNY -164.96 million, a year-on-year decrease in loss of 4.98% [4] - The operating cash flow net amount was CNY 592.54 million, an increase of 12.75% compared to the same period last year [4] Group 2: Service and Operational Improvements - The company established a senior care center with 100 beds to cater to the needs of elderly patients, including those with Alzheimer's and other disabilities [2] - The company’s hospitals completed 636 clinical application filings for restricted technologies and published 39 SCI papers, enhancing their academic influence [2] - The company improved patient service experience by optimizing the hospitalization settlement and medical insurance reimbursement processes [3] Group 3: Financial Metrics and Cost Management - In Q2 2025, the company achieved operating revenue of CNY 1.037 billion, a quarter-on-quarter increase of 4.02% [4] - The management expense ratio in Q2 was 13.12%, a decrease of 0.95 percentage points from the previous quarter [4] - The company implemented cost control measures, including optimizing personnel costs and enhancing procurement efficiency [6] Group 4: Patient Demographics and Market Reach - The proportion of out-of-town patients at Xi'an Gaoxin Hospital increased to 35%, while at Xi'an International Medical Center Hospital, it rose to 42% from less than 10% [7] - The company is adapting to DRG payment reform, stabilizing inpatient service volume while expanding outpatient services [6] Group 5: Future Outlook and Strategic Initiatives - The company plans to enhance medical quality and service experience while implementing differentiated strategies to build competitive advantages [9] - The proton therapy center, set to open in 2025, will be the first of its kind in Northwest China, significantly improving cancer treatment capabilities in the region [9]

Core Viewpoint - Guangzhou Taihe Hospital Proton Center has been recognized as the third-best proton therapy center in China for the 2024-2025 period, highlighting its exceptional treatment capabilities and quality medical services [2][5]. Industry Overview - The proton and heavy ion therapy sector in China is experiencing rapid growth, with the National Health Commission increasing the permitted number of proton and heavy ion therapy devices from 19 to 60 in its 14th Five-Year Plan, significantly boosting industry development [8]. - As of early 2025, there are 10 proton and heavy ion centers operational in mainland China, allowing more cancer patients to access this advanced precision radiotherapy technology [8]. Company Highlights - The Guangzhou Taihe Hospital Proton Center is the only clinical proton therapy center in South China, supported by the renowned MD Anderson Cancer Center, and adheres to international treatment standards [2][8]. - The center is equipped with the first Varian ProBeam proton therapy system in South China, which features advanced technology such as superconducting cyclotron and 360° rotating gantry [9]. - The expert team at the center consists of professionals with extensive experience from top medical institutions, emphasizing international academic exchange and training [10]. Treatment Efficacy - The proton therapy center has successfully treated patients aged 1 to 90, covering various types of cancers, including pediatric tumors and central nervous system tumors, demonstrating significant treatment outcomes [14]. - Clinical cases show remarkable results, such as a young patient with thymoma experiencing near-complete tumor regression after 30 sessions of proton therapy, and a 10-year-old patient with chemotherapy-resistant cancer showing significant improvement after 33 sessions [14]. Patient Experience - Patients express gratitude for the compassionate care received at the center, highlighting the dedication of the medical team and the personalized treatment plans [15]. - The hospital's director emphasizes the recognition as a top institution reflects the commitment to patient-centered care and the ongoing collaboration with international institutions to advance proton therapy technology [15].

（文章来源：深圳商报） 近日，深圳质子治疗中心正式启用。作为华南地区首个集医疗、科研、教学于一体的国际化质子治疗机 构，该中心依托全球领先的质子放射治疗技术，为肿瘤患者提供"精准、高效、低损伤"的尖端医疗服 务，深圳肿瘤放射治疗正式迈入质子治疗时代。相较传统放射治疗，质子治疗可以最大限度减少对正常 组织的损伤，降低对生长发育的影响及远期并发症（包括第二原发肿瘤）的风险，尤其适用于紧邻脑、 脊髓、眼睛等关键功能器官的肿瘤以及儿童肿瘤的治疗。 ...

Core Viewpoint - Meizhong Jiahe (2453.HK) has achieved a significant breakthrough in the treatment of choroidal malignant melanoma by successfully completing the first proton therapy in China, which preserves the patient's eye and vision, filling a treatment gap in the country [1][2]. Group 1: Treatment Innovation - The proton therapy using "pencil beam scanning" technology allows for high-dose radiation to be precisely focused on the tumor while minimizing damage to surrounding critical structures, marking a shift from destructive to functional treatment [1][2]. - Traditional treatment methods primarily involved enucleation, which resulted in permanent blindness and facial disfigurement for patients [1]. Group 2: Patient Outcomes - The first patient treated, a 45-year-old male from Hunan, experienced a significant improvement in vision from 0.1 to 0.4 within 48 hours post-treatment, with tumor markers decreasing by 90% and no complications such as corneal ulcers or retinal detachment [2]. - The patient expressed satisfaction with the treatment, stating he was able to retain his eye and continue working, contrasting with his initial expectation of undergoing enucleation [2]. Group 3: Market Potential - Proton therapy is recommended as a first-line treatment for choroidal melanoma in the 2024 NCCN guidelines, providing evidence-based support for eye-preserving strategies [2]. - With approximately 2,500 new cases of choroidal malignant melanoma diagnosed annually in China, Meizhong Jiahe's advancements in this field are expected to benefit domestic patients and create substantial market opportunities for the company [2].

最终，陈先生顺利完成质子治疗并达到 "微创，有效"的预期效果。本以为走到了生命终点的他如今回 归正常生活。 在与外科团队围绕手术根治性、切除范围与并发症风险的权衡，以及术后发音、吞咽等核心功能保留的 多维度评估后，陈先生及家人综合考虑后决定选择放疗。陈先生及其家属经多方了解，并获悉质子放疗 是当下国际前沿的抗癌技术，凭借其独特的生物物理特性使得在治疗食管癌时，能够显著减少对肺、心 脏、脊髓等重要器官的损伤，降低放射性肺炎、放射性心肌炎等并发症的发生率。最终，陈先生选择跨 越千里赴广州泰和肿瘤医院质子中心寻求帮助。 据了解，广州泰和肿瘤医院质子中心已让众多癌症患者从绝境求生到重燃希望。截至目前该质子中心咨 询了解人数、门诊日接诊人数、日上机人数日益增多，单日患者治疗数量最高峰超过50例，覆盖病种广 泛包括鼻咽癌、肺癌、肝癌、前列腺癌等常见恶性肿瘤，以及脊索瘤、软骨肉瘤等对传统治疗耐受的罕 见肿瘤。该中心凭借精准的质子放疗技术，不仅显著提升了肿瘤局部控制率，更极大减少了患者的不良 反应。例如，针对前列腺癌患者，质子放疗在有效杀灭癌细胞的同时，显著降低了直肠炎、膀胱炎等并 发症的发生概率；而在儿童肿瘤治疗中，质子放 ...