盈利预测、估值与评级：我们维持公司25-27年归母净利润预测为1.39/1.70/1.96亿元，对应EPS 分别为 0.19/0.23/0.26 元，公司医疗服务和医疗器械板块持续稳健发展，维持"买入"评级。 风险提示：伽马刀销售不及预期；被并购公司业绩不及预期；商誉减值风险；医院业务增长不及预期等 医疗器械板块国内高端升级，海外市场收入增速靓丽：2025 年上半年，医疗器械板块实现收入1.90 亿 元，同比增长2.80%，其中设备及耗材业务收入同比增长13.34%。国内市场公司通过产品和渠道的高端 升级实现高质量发展，市场份额稳中有进；海外市场成为重要增长引擎，2025 年上半年新增9 家渠道 商，驱动医疗器械海外收入同比增长35%。 收购长沙珂信肿瘤医院有限公司51%股权，医疗服务板块再下一城：长沙珂信是一家位于长沙的集医 疗、科研，预防、康复于一体的三级肿瘤专科医院，其被收购后有望和公司现有的四川友谊医院、苏州 广慈医院、重庆友方医院高效协同，和公司现有产业布局高度融合，有望进一步深化公司发展战略，公 司肿瘤特色有望进一步增强，医疗服务板块业绩有望持续增长，我们预计25H2 公司医疗服务板块利润 有望进 ...

2025 年 8 月 26 日 公司研究 医疗服务板块持续扩张，器械板块国际化战略成效显著 ——盈康生命（300143.SZ）2025 半年报点评 要点 点评： 医疗服务板块稳健增长，AI 赋能提质增效：2025 年上半年，公司医疗服务板块 实现收入 6.53 亿元，同比增长 2.28%。其中，肿瘤业务作为核心驱动力，实现 收入 2.15 亿元，同比增长 25.14%。分医院看，友谊医院肿瘤门诊量达 2.42 万 人次，同比增长 21.59%，肿瘤四级手术占比提升 8 个百分点；广慈医院肿瘤收 入同比增长 20.56%，肿瘤住院人次同比增长 45.51%，肿瘤四级手术占比提升 5 个百分点。公司积极拥抱 AI 赋能，通过在影像诊断、靶区勾画、院后随访等场 景的应用，有效提升了诊疗效率与服务体验，患者净推荐值（NPS）达 92.5%。 医疗器械板块国内高端升级，海外市场收入增速靓丽：2025 年上半年，医疗器 械板块实现收入 1.90 亿元，同比增长 2.80%，其中设备及耗材业务收入同比增 长 13.34%。国内市场公司通过产品和渠道的高端升级实现高质量发展，市场份 额稳中有进；海外市场成为重要增长引擎，20 ...

88%执业医师的伙伴，精准营销助力创新药商业化，AI 持续赋能平台 [Table_CoverStock] —医脉通(2192.HK)公司深度报告 [Table_ReportDate] 2025 年 8 月 25 日 S1500523080002 S1500524030003 [Table_CoverAuthor] 唐爱金 医药行业首席分析师 章钟涛 医药行业分析师 tangaijin@cindasc.com zhangzhongtao@cindasc.com 证券研究报告 公司研究 [Table_ReportType] 公司深度报告 [Table_StockAndRank] 医脉通（2192.HK） 投资评级 买入 上次评级 [Table_Chart] 资料来源： ifind ，信达证券研发中心 [Table_BaseData] 公司主要数据 | 收盘价（港元） | 14.65 | | --- | --- | | 52 周内股价波动区间 | 6.71-17.18 | | (港元) | | | 最近一月涨跌幅(％) | -2.33 | | 总股本(亿股) | 7.34 | | 流通 H 股比例(％) | 100 ...

中证报中证网讯(王珞)8月24日晚间，盈康生命（300143）发布半年度报告，数据显示，公司上半年实 现营业收入8.43亿元，同比增长2.4%；归属于上市公司股东的净利润6182.72万元，同比增长12.8%；扣 非归母净利润6058.99万元，同比增长19.2%，实现营收与净利润双增长。毛利率同比提升0.5个百分 点，费用率同比下降2个百分点，经营提质增效明显，公司实现持续高质量发展。 诊疗能力升级，驱动肿瘤规模及行业影响力提升。报告显示，公司肿瘤收入2.15亿元，同比增长 25.14%，肿瘤诊疗人次快速增长、肿瘤四级手术量显著增加。报告期内，友谊医院先后获评国家标准 化癌症筛查AAA级管理中心试点单位、CSCO"省市级肿瘤患者营养指导中心优秀单位"，区域口碑与专 业影响力持续强化，肿瘤诊疗能力和资质持续提升。 区域布局拓展至华中，外延式发展战略持续落地。盈康生命上半年收购长沙珂信肿瘤医院并完成交割， 该医院作为三级肿瘤专科医院，以肿瘤微创介入治疗技术为优势特色，头颈部肿瘤治疗能力实现区域引 领，长沙珂信的加入进一步丰富公司肿瘤预诊治康生态，为上市公司发展再添动能。 AI赋能提质增效 当前，盈康生命已实现" ...

Summary of the Conference Call for Yaoshi Bang Company Overview - **Company**: Yaoshi Bang - **Industry**: Pharmaceutical distribution and healthcare services Key Points and Arguments Business Model and Financial Performance - Yaoshi Bang operates a self-operated model for generic drugs, achieving positive operating cash flow without the need for financing expansion. This model involves direct procurement from upstream pharmaceutical companies and sales to downstream clients, resulting in a high-frequency, small-order fulfillment system with zero accounts receivable [2][3] - The company's gross margin has reached 30%-40%, with a significant growth rate of 530% for its private label products in the first four months of the year, surpassing the total scale of the previous year [2][7] - For the first half of 2025, the company expects a net profit of 100-150 million, with an adjusted net profit of 200-250 million, indicating confidence in achieving high-end forecast targets [5] Market Dynamics and Customer Segmentation - Single pharmacies contribute approximately 60% of the company's GMV, while small and medium-sized chains and grassroots medical institutions each contribute 20% [6] - Despite a contraction in the pharmacy industry, the number of single pharmacies continues to grow, with small chains performing relatively well. The company believes that the outpatient pharmaceutical market will grow faster than the inpatient market, leading to sustained business growth [6] Inventory and Cash Flow Management - The inventory turnover days are projected to be around 30 days by the end of 2024, with actual turnover closer to 20 days. The company maintains zero accounts receivable by implementing a cash-on-delivery policy [8] - The overall expense ratio is expected to decrease from 10.7% in 2024 to 8.5% by 2028, driven by fixed cost reductions and improved management efficiency [9] Growth Strategy and Future Outlook - The company aims to achieve a gross merchandise volume (GMV) of 5 billion for its private label products by 2028, with over 90% of this coming from private labels [7] - Yaoshi Bang's self-operated business accounts for 40% of its B2P GMV, with expectations for this segment to double by 2025 [4][10] - The company is focused on increasing procurement frequency rather than average order value, with over 400,000 paying users averaging 29 purchases per month [11] Competitive Landscape - Yaoshi Bang does not face direct competition from platforms like JD and Alibaba, as they primarily target the B2C market. The company has carved out a niche in the outpatient market, which has been largely overlooked by traditional suppliers [14][15] - The company has established a strong foothold in the market, with no significant new competitors expected to emerge due to the extensive infrastructure already in place [16] Industry Trends - The large chain pharmacy sector has seen stagnation, with a chain rate of 57.8% in 2022 and 2023. In contrast, single pharmacies are thriving due to lower operational costs and a more personalized service model [18] - The company collaborates with top 100 large chains, achieving annual procurement amounts of 100-200 million, enhancing its bargaining power with suppliers [19] Future Growth Engines - The company's growth over the next three to five years will depend on industry conditions, with potential growth rates of 10-30% based on market recovery [27] - Yaoshi Bang plans to enhance service quality through proprietary brands and standardized traditional Chinese medicine products, while also promoting POCT devices to improve the operational capabilities of grassroots medical institutions [27] Valuation and Market Position - The company's current market value is considered undervalued, with a clear path for future profitability driven by a comprehensive infrastructure and digital operations [28] Additional Important Insights - The company maintains a commitment to stable dividends as long as it remains profitable, with expected net profits significantly higher than the previous year [26] - Operating cash flow is projected to continue increasing, driven by effective working capital management [24][25]

Core Viewpoint - The report highlights the performance and management of the Yongying CSI All-Share Medical Device ETF Fund for the second quarter of 2025, emphasizing its investment strategy, financial metrics, and market outlook for the medical device industry. Fund Overview - The fund aims to closely track the performance of the CSI All-Share Medical Device Index, with a total fund share of 470,599,906.92 as of the report date [1]. - The fund operates as an open-ended ETF and was established on November 22, 2021 [1]. Financial Performance - The net asset value (NAV) for the Yongying CSI All-Share Medical Device ETF Initiating Link A was 0.6086 RMB, with a net value growth rate of -0.26% during the reporting period [5]. - For the same period, the performance benchmark yielded a return of -0.89% [5]. - The NAV for the Yongying CSI All-Share Medical Device ETF Initiating Link C was 0.6043 RMB, with a net value growth rate of -0.31% [5]. Investment Strategy - The fund primarily employs an index investment strategy, investing in the target ETF to achieve close tracking of the benchmark index [5]. - The fund's investment strategy includes stock investment, bond investment, and asset-backed securities investment, among others [1]. Market Outlook - The medical device sector is expected to see significant performance improvements in the third quarter, driven by high growth rates in bidding data since November 2024 and supportive government policies for high-end medical devices [4]. - The integration of AI technologies in medical devices is anticipated to enhance innovation and market competitiveness [4]. Management Report - The fund management adheres to strict compliance with investment regulations and maintains a disciplined investment research and decision-making process [3]. - The management emphasizes fair trading practices and has not encountered any significant violations of fair trading during the reporting period [4]. Fund Share Changes - The total shares for Yongying CSI All-Share Medical Device ETF Initiating Link A increased from 131,880,539.89 to 133,505,066.16 during the reporting period [7]. - For Initiating Link C, shares rose from 328,466,280.74 to 337,094,840.76 [7]. Other Important Information - There were no single investors holding more than 20% of the fund shares during the reporting period [7].

Core Viewpoint - 微脉, a leading full-course management service provider in China, has submitted its IPO application to the Hong Kong Stock Exchange, aiming to leverage AI in healthcare and expand its services [1][3]. Group 1: Company Overview - Founded in 2013 and headquartered in Hangzhou, 微脉 focuses on AI-enabled healthcare services, connecting hospitals, doctors, and patients to enhance the medical service value chain [3]. - The company has partnered with 157 hospitals to provide full-course management services, establishing dedicated management centers within these hospitals [4]. - 微脉 has served approximately 500,000 patients across over 80 disease categories, including obstetrics, gynecology, pediatrics, and oncology [4]. Group 2: Financial Performance - 微脉's revenue grew from 512 million yuan in 2022 to 653 million yuan in 2024, while adjusted net losses narrowed from 414 million yuan to 193 million yuan during the same period [5]. - Full-course management services accounted for 72% of total revenue in 2024, with significant contributions from healthcare product sales, which increased from 51.97 million yuan in 2022 to 126 million yuan in 2024 [5]. - The adjusted net loss showed a substantial reduction of 57.5% and 69.5% in 2023 and 2024, respectively [5]. Group 3: Investment and Valuation - 微脉 has completed six rounds of financing, attracting investments from notable firms such as Source Code Capital and IDG Capital, achieving a post-investment valuation of approximately 559 million USD (around 4 billion yuan) [6]. - The company was recognized as a "2023 Hangzhou Unicorn Enterprise" and has a significant portion of its shares controlled by its CEO, Qiu Jialin [6][7]. Group 4: Future Plans and Use of IPO Proceeds - The funds raised from the IPO will primarily be used to enhance AI capabilities, expand full-course management services, and strategically invest in companies with competitive advantages in specific medical specialties [9].

Group 1 - The core viewpoint of the articles highlights the significant growth and strategic advancements of Ping An Good Doctor in the healthcare sector, particularly through AI technology and partnerships [1][2] - On June 30, Ping An Good Doctor's stock rose nearly 6% to HKD 9.07, marking a three-day consecutive increase and reaching a new high since late February [1] - The company announced a brand upgrade to "Ping An Good Doctor" on June 10, introducing a comprehensive AI medical product matrix called "7+N+1" aimed at enhancing user experience and service efficiency [1] Group 2 - The healthcare industry is increasingly leaning towards AI-enabled solutions due to the pressures from an aging population and rising chronic disease rates, positioning Ping An Good Doctor as a leader in this transition [2] - Analysts from Citigroup and Goldman Sachs express strong confidence in Ping An Good Doctor's strategic focus on enhancing user experience and its robust financial performance, with Citigroup listing it as a preferred stock [2] - The collaboration with Meituan aims to enhance health service offerings for commercial insurance users and expand O2O services to over 100 cities by the end of 2025, promoting digitalization in the healthcare sector [1]

Core Insights - The article highlights the transformation of the Shangzhai Central Health Center in Aba Prefecture, which has successfully integrated AI technology into its healthcare services, significantly improving its operational metrics and patient care [1][4]. Group 1: Financial Performance - The health center's business revenue increased from 450,000 yuan to over 1.04 million yuan, and the annual outpatient visits rose from 3,948 to 9,163 [1][3]. - For the period from January to October 2024, the health center's total business income exceeded 1.04 million yuan, with inpatient and surgical volumes growing by over 100% year-on-year [3]. Group 2: Infrastructure and Technology - The health center underwent significant hardware upgrades, including the construction of a new 4,500 square meter facility equipped with advanced medical equipment such as a 32-slice CT scanner and automated anesthesia machines [2][4]. - The introduction of an AI-assisted diagnostic system has improved the accuracy of diagnoses and reduced the risks of misdiagnosis, achieving a case record standardization rate of 97.21% [2][4]. Group 3: Healthcare Network and Community Impact - The health center has established a "1+3+N" medical network system, linking it with the local people's hospital and other healthcare facilities, thereby enhancing service delivery to approximately 20,000 residents [3]. - The health center has taken on health management responsibilities for local diseases, creating a disease prevention network that covers over 10,000 farmers and herders [4]. Group 4: Future Goals and Vision - The overarching goal of the health center is to provide high-quality medical services to farmers and herders within their communities, reflecting a commitment to improving local healthcare access [5].

Core Insights - The FDA has approved the clinical trial application for the company's universal on-demand tumor therapeutic vaccine EVM14, marking a significant milestone in the transition of mRNA technology from basic research to global clinical application [1][2] - The company has successfully localized its clinically validated self-developed mRNA platform and is advancing multiple innovative therapeutic drug pipelines, integrating AI technology into mRNA cancer vaccine development [1][5] Group 1: Company Developments - The company has launched its first personalized mRNA tumor therapeutic vaccine EVM16, which has completed its first patient dosing at Peking University Cancer Hospital [4][6] - The company reported a significant revenue increase, with last year's first half revenue reaching 302 million yuan (approximately 42 million USD), a substantial rise from 9 million yuan in the same period the previous year [4] Group 2: Market Potential and Strategy - The mRNA tumor vaccine sector is poised for growth, with the global mRNA therapeutic market expected to reach 20.83 billion USD by 2025 and 42.64 billion USD by 2034 [5] - The company has established a comprehensive end-to-end platform for mRNA technology development, covering antigen design, mRNA sequence optimization, LNP delivery technology, and industrial production [5][6] Group 3: Product Pipeline - EVM14 targets multiple tumor-associated antigens (TAA) and is designed for the treatment of various cancers, including non-small cell lung cancer and head and neck cancer [6][7] - EVM16 utilizes a proprietary algorithm for predicting new antigens based on individual tumor mutations, with clinical trials set to evaluate its safety and efficacy [6][8] Group 4: AI Integration - The company has integrated AI technology into key stages of mRNA development, enhancing efficiency in new antigen prediction, mRNA sequence design, and LNP research [9] - The proprietary AI-based algorithm, EVER-NEO-1, can identify both reported and previously unreported tumor new antigens, showcasing its advanced capabilities [9] Group 5: Competitive Landscape - The company has shifted from a product introduction model to a dual-driven strategy combining self-research and strategic licensing, positioning itself competitively in the biotech sector [8] - The rising interest in AI-driven drug development is reflected in the company's high market-to-sales ratio of approximately 30 times, indicating strong investor confidence [9]