Group 1: Company Overview and Strategy - Guoxin Health is focused on building a multi-level medical security system based on the "1+3+N" framework, addressing the needs for supplementary insurance and the pain points in commercial health insurance [2] - The company is implementing a "Digital Intelligence Innovation" strategy and has initiated the "AI in ALL" action to enhance its data processing capabilities and integrate AI technology across various medical fields [3] Group 2: Financial Performance - In 2024, the company achieved a revenue of approximately 356.9 million RMB, representing a year-on-year growth of 8.11%, while the net profit was approximately -11.5 million RMB, showing a reduction in losses by 85.72% [12] - The company’s revenue in 2024 compared to 2020 increased by about 150 million RMB, a growth rate of approximately 72% [8] Group 3: Market Position and Growth Potential - Guoxin Health has served over 70 regions under the DRG payment reform and maintains a leading market share in the DIP payment implementation across 40 regions [8] - The company is actively expanding its innovative services in health management, commercial insurance, and pharmaceutical innovation, which are expected to be new growth points [10] Group 4: Shareholder Engagement and Future Plans - As of March 31, 2025, the company had 70,199 shareholders, indicating a broad base of investor support [6] - The major shareholder plans to increase their stake in the company by investing between 100 million RMB and 200 million RMB within the next six months [13]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][26]. Core Views - The company continues to deepen its focus on "computing power and connectivity," with a total revenue of 79.024 billion yuan in 2024, a year-on-year increase of 2.22%, while the net profit attributable to shareholders decreased by 25.23% to 1.572 billion yuan [10][4]. - In Q1 2025, the company achieved a revenue of 20.79 billion yuan, reflecting a year-on-year growth of 22.25%, although the net profit attributable to shareholders fell by 15.75% to 349 million yuan [10][4]. - The company's ICT infrastructure and services business generated revenue of 54.459 billion yuan in 2024, up 5.73%, accounting for 68.91% of total revenue, with the subsidiary, H3C, contributing significantly [2][12]. - The company is actively expanding its international market presence, with international business revenue growing by 32.44% to 2.916 billion yuan in 2024 [2][12]. Summary by Sections Financial Performance - The company reported a total revenue of 79.024 billion yuan in 2024, with a net profit of 1.572 billion yuan, down 25.23% year-on-year [10][4]. - The projected net profits for 2025-2027 are 2.01 billion yuan, 2.47 billion yuan, and 2.98 billion yuan, respectively [4][26]. Market Position - The company maintains a leading market share in several product categories, including 38.2% in the Chinese enterprise campus switch market and 54.4% in the blade server market [2][12]. - The company is enhancing its product offerings by increasing the proportion of white-label products in collaboration with cloud vendors, which has slightly reduced the overall gross margin by 3.3 percentage points [3][20]. Strategic Initiatives - The company is focusing on AI applications, integrating large models with various industry scenarios, and has launched several new products, including the 800G CPO switch and the H3C S12500 core switch [3][20]. - The company plans to acquire an additional 30% stake in H3C, increasing its ownership to 81% [4][26].

证券简称：国新健康 证券代码：000503 编号：2025-09 国新健康保障服务集团股份有限公司 国新健康保障服务集团股份有限公司 董 事 会 二零二五年二月二十日 1 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 国新健康保障服务集团股份有限公司（以下简称"公司"）于 2025 年 2 月 20 日召开第十一届董事会第三十六次会议，审议通过了《关于调整公司组织架 构的议案》。为进一步深化公司综合性改革，加快推进公司 AI in ALL 工作落地， 公司决定对组织架构进行调整：撤销 PBG 数据研发部，设立公司 AI 中心，统筹 负责公司 AI 底座建设等工作；法务部更名为法律风控部。公司相关制度中涉及 相关部门名称变更的，随之进行相应调整。 调整后的组织架构图如下： 特此公告。 关于调整公司组织架构的公告 ...