回顾其上市历程，圣贝拉在2024年6月首次公开提交了招股说明书，并在2025年1月进行了更新。一旦成功上市，圣贝拉集团将开创港股市场中家庭品质护 理领域的先河。 圣贝拉集团近日宣布，已正式向港交所递交IPO备案申请，计划在香港上市。 在股东结构方面，圣贝拉集团吸引了多家知名机构的投资。其中，腾讯持股比例为11.6%，高榕资本持股约8.3%，显示出市场对圣贝拉集团发展前景的看 好。中国人寿、Mirae Asset、C Capital、太古地产、新鸿基公司等多家机构也位列股东名单之中。 具体来看，昆山唐陆持股4%，中国人寿持股2%，River Delta、海南圣诞、C Capital各持股1.8%、1.7%和1.7%。诸暨健投、Gotham Equity、耀和、Pegasus Capital和雅畔等股东也分别持有不同比例的股份。 圣贝拉集团的成功上市，不仅将为投资者带来新的投资机会，也将进一步推动家庭品质护理市场的发展。随着消费者对高品质家庭护理服务需求的不断增 加，圣贝拉集团有望在未来实现更加稳健的增长。 作为一家专注于高品质家庭护理服务的综合集团，圣贝拉自2017年成立以来，始终致力于满足年轻一代对家庭护理不 ...

全省二级及以上医院已全面推行责任制整体护理模式，实现优质护理服务全覆盖。在无陪护服务领域， 通过医疗机构自聘、引入第三方派遣等方式充实"护士助理"队伍，并协调医保部门完善政策保障、调整 护理服务价格。截至2024年底，全省有51家医疗机构开展无陪护服务，覆盖床位1.5万余张，服务患者 超64万人次。护理服务领域也不断延伸，61所医疗机构试点"互联网+护理服务"，累计上门服务患者近 1.74万人次。数据显示，全省医疗机构患者满意度提升至96.67%，护理专业服务能力持续提升，优质服 务内涵不断深化。 省卫健委要求，各级卫生健康行政部门和医疗机构要进一步加强护士队伍建设、关心爱护护士，扎实推 进我省护理事业高质量发展。聚焦护士队伍建设存在的突出问题，通过政策激励、职业发展路径拓宽等 措施，实现护士数量与结构"双优化"。 5月9日，记者从省卫健委召开的2025年庆祝"5.12"护士节暨推动护理工作高质量发展会上获悉，近年来 我省护理事业迎来快速发展，在队伍建设、服务能力、服务内涵等方面取得显著成效，截至2024年底， 全省注册护士总数达14.02万人，每千人口注册护士数提升至4.07人，护士队伍结构持续优化，人才梯 ...

5月12日是第114个国际护士节，山东省卫生健康委员会官方网站和健康山东云平台同时发布了《致 全省护理工作者的一封信》，向全省43.37万名护理工作者致以节日祝福。 近年来，山东不断推动护理服务能力提升，推进优质护理资源下沉。2024年，全省1199家医疗机构 累计为382.04万患者提供出院计划服务，559家医疗机构3.61万名护士为16.34万名患者提供"互联网+护 理服务"，护理服务内涵持续拓展。同时，山东不断着力于护理服务质量的有效改进，护理相关质量指 标持续向好。（记者 李丽 黄鑫 周欣怡） 同日，山东多家医疗机构纷纷组织相关活动。济南槐荫广场上，山东第一医科大学附属省立医院 （山东省立医院）的专家们将科普宣传与健康义诊带入了居民生活圈，现场开设了急救技能展示区、膳 食模型展示区等。 今年，我国护士节的主题是"关爱护士队伍，守护人民健康"。当天上午，第六届齐鲁国际护理学术 论坛开幕。会上，一本记录山东大学齐鲁医院41位护理人护理生涯的新书——《传灯者》发布。 "用专业和爱心守护生命。"这是山东大学齐鲁医院原副院长李昆华一生的真实写照。1982年，她作 为主编之一撰写的《护理医学问答》问世，并于次年获 ...

记者 顾泳 黄杨子 来自上海市卫生健康委的数据显示，截至2024年底，上海有注册护士12.31万人，较2020年增长了 19.41%，每千常住人口护士4.96人，医护比为1:1.26。 在国际护士节来临之际，2025年"上海好护士"评选今天揭晓，王子辰等20人荣获好护士、丁士英等 10人荣获提名奖。他们以仁心仁术、专业敬业，在岗位上深耕数十年，探索创造"独门绝活"，丰富了护 理学科内涵，有效改善患者生活质量。 开创多个专业内"第一" 所谓"三分治疗、七分护理"，好护士为疾病的治愈康复发挥重要功能，他们在工作中面对问题找寻 新方法，用自己的聪明才智换来患者的生活质量提升。瑞金医院皮肤科护士长袁勇勇便是其中典型。 袁勇勇深耕皮肤护理领域20年，始终紧跟患者需求，她将科研创新与临床实践融合，实现"让专业 护理成为皮肤病治疗不可或缺的角色"。她所在的科室自2003年起，就在国内首创外用强效糖皮质激素 软膏结合皮肤护理治疗各类自身免疫性大疱病，以此取代静脉与口服给药。这一皮肤护理治疗将该病的 死亡率控制在5%以下。 袁勇勇开创了多个专业内"第一"，皮肤护理治疗让52%银屑病患者在一年内不复发，湿疹与特应性 皮炎的症状显 ...

Group 1 - The core viewpoint highlights the significant improvement in the nursing workforce in Jiangsu, with a registered nurse count of 340,400 and a high proportion of advanced qualifications at 42.99%, surpassing the national target of 25% by 2027 [1] - Jiangsu has established 72 provincial specialized nurse training bases and 209 internship bases, training a total of 9,316 specialized nurses, which enhances the quality of medical services [1] - A tiered training system has been implemented to support the career development of nurses, focusing on foundational training for new nurses, specialized skills for specialized nurses, and comprehensive ability enhancement for nursing managers [1] Group 2 - Jiangsu is enhancing its nursing services through systematic training, policy incentives, and innovative service models, aiming to provide high-quality and detailed care for patients [2] - The province has achieved 100% coverage of responsibility-based overall nursing in hospitals above the secondary level and is expanding "Internet + nursing services" to increase home service availability [2] - Innovative nursing service models, such as "no-companion care services," are being explored to improve patient care while reducing the burden on patients and their families [2]

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was approximately $559 million, representing a 14% increase over the prior year period [5][18] - Adjusted EBITDA for Q1 2025 was $67.4 million, reflecting a 93.1% increase year-over-year, primarily due to improved pay rates and cost-saving initiatives [5][18] - Consolidated gross margin was $183.6 million, or 32.8% [18] Business Line Data and Key Metrics Changes - Private Duty Services (PDS) revenue was approximately $460 million, a 16.5% increase, driven by 10.9 million hours of care, a volume increase of 6.1% [19] - Home Health and Hospice revenue was approximately $56.7 million, a 3.9% increase, with 77% of admissions being episodic [20][21] - Medical Solutions revenue was $42.5 million, a 3.6% increase, with revenue per unique patient served at approximately $477, up 6.9% [23] Market Data and Key Metrics Changes - Preferred payer agreements accounted for approximately 54% of total PDS Managed Care Organization (MCO) volumes, up from 50% in the previous quarter [11] - The company aims to increase the number of PDS preferred payer agreements from 22 to 30 by the end of 2025 [10] Company Strategy and Development Direction - The company is focusing on five primary strategic initiatives: enhancing partnerships with government and preferred payers, identifying cost efficiencies, modernizing the medical solutions business, managing capital structure, and engaging employees [15] - The company anticipates 2025 revenue to exceed $2.15 billion and adjusted EBITDA to exceed $207 million, reflecting an improved outlook [16][28] Management's Comments on Operating Environment and Future Outlook - Management noted that the labor environment remains a primary challenge, but demand for home and community-based care continues to be strong [7] - The company is optimistic about achieving its legislative goals for reimbursement rate improvements in at least 10 states [9] - Management expressed confidence in the continued positive momentum from preferred payer agreements and rate enhancements [14] Other Important Information - The company is on track to close the acquisition of ThriveSkilled Pediatrics, which is expected to enhance its preferred payer and government affairs strategies [16][60] - The company reported liquidity of approximately $266 million at the end of Q1 2025, providing room for operational investments [26] Q&A Session Summary Question: Update on targeted states for rate increases and preferred payers - Management reported five government affairs rate increases and two preferred payer wins in Q1, with expectations to achieve 10 GA rate increases by year-end [31][32] Question: Insights on operating cash flow and EBITDA conversion - Management indicated that Q1 cash outflow was better than anticipated, with expectations for operating cash flow to improve throughout 2025 [35] Question: Details on one-time EBITDA benefits - Management highlighted strong cash collections and retro rate increases contributing to an $11 million EBITDA benefit in Q1 [40][41] Question: Contribution of Thrive acquisition to revenue and earnings - Management stated that the Thrive acquisition aligns with the company's cultural and strategic goals, but it has not yet been included in guidance due to timing [56][60] Question: Updates on Medicaid policy and advocacy efforts - Management noted positive bipartisan support for Medicaid program integrity and ongoing discussions with federal counterparts [62][64] Question: Size of rate enhancements and outlook for wage increases - Management clarified that the five government affairs rate wins were meaningful, with expectations for future GA rate increases to be in the single digits [68][70]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $337.7 million, a 20.3% increase from $280.7 million in Q1 2024 [9] - Adjusted earnings per share rose to $1.42, up 17.4% from $1.21 in Q1 2024 [9] - Adjusted EBITDA increased to $40.6 million, a 25.1% rise from $32.4 million in Q1 2024 [9] - Gross margin percentage improved to 31.9% from 31.4% in Q1 2024 [24] - Adjusted EBITDA margin was 12%, compared to 11.6% in Q1 2024 [25] Business Line Data and Key Metrics Changes - Personal Care segment revenues were $258.3 million, accounting for 76.5% of total revenue, with a 7.4% organic revenue growth [23] - Hospice same store revenue increased by 9.9%, with average daily census rising to 3,515, a 4.6% increase year-over-year [14][21] - Home Health segment revenues were $18 million, representing 5.3% of total revenue, with a 1.3% organic revenue growth [22] Market Data and Key Metrics Changes - Personal Care services received favorable reimbursement support, including a 5.5% rate increase in Illinois effective January 1, 2025 [12] - Same store hours in Personal Care increased by 2% compared to Q1 2024, marking the largest year-over-year volume growth in recent quarters [13] - The company experienced solid caregiver hiring success, with 79 hires per day in Personal Care, up from 78 in Q1 2024 [10] Company Strategy and Development Direction - The company aims for a minimum annual revenue growth of 10%, focusing on acquisitions that complement organic growth [17] - The Gentiva acquisition added approximately $280 million in annualized revenues, significantly expanding market coverage [22] - The company is actively pursuing additional acquisition opportunities to enhance density in existing markets and add clinical services [23][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued demand for home-based care, viewing it as a growth opportunity [18] - The company anticipates stable gross margins and consistent cash flow conversion in line with historical averages [25][27] - Management noted that the clinical hiring environment remains challenging, but improvements have been observed in the personal care segment [11][67] Other Important Information - The company utilized approximately $2.5 million in ARPA funding during Q1 2025, with $8.8 million remaining [28] - As of March 31, 2025, the company had cash on hand of approximately $97 million and reduced bank debt by $20 million [9][28] Q&A Session Summary Question: Commentary on hospice cap limitations - Management indicated that cap limitations have not been material, with effective management of referral mix [33][34] Question: Impact of weather on personal care services - Management confirmed weather events affected January but noted a rebound in February and March, expecting hours growth to remain in the 2% to 2.5% range [40][41] Question: Hospice revenue growth expectations - Management projected hospice revenue growth in the 5% to 7% range, leaning towards the upper end [44] Question: Margin expansion expectations - Management expects typical margin expansion of 40 to 50 basis points into Q2, with Q1 usually being the low point [50][51] Question: Impact of Medicaid changes - Management stated that potential changes to Medicaid would likely have no direct impact on the company, as its patient base is primarily elderly and disabled [54][56] Question: Performance of Gentiva post-acquisition - Management reported that Gentiva's bottom line performance has exceeded expectations, while top line growth was slightly lighter than anticipated [77] Question: Update on home health services - Management noted stability in Medicare rates and improvements in contracting with Medicare Advantage plans, with discounts narrowing from 40% to 15-20% [106]

目前我国的长护从业人员仅为30多万，长护险全面推开之后，护理人员的缺口预计会达千万级。 一场原计划只有百人参加的考试，最终报名人数达到了909人。全国首批长期照护师等级认定受到了长期护理和相 关养老服务从业人员的青睐和追捧，报名踊跃程度远超预期。 4月19日，全国首场长期照护师初级工（五级）考试在江苏南通长护产业园举行，首批100名考生参加考试。4月28 日，81名考试合格的考生获得了可在全国范围内联网查询的长期照护师职业等级证书，成为我国首批持证上岗的 长期照护师。 长期护理保险制度（下称"长护险"）连续5年被写入政府工作报告，今年政府工作报告再次提出"加快建立长期护 理保险制度"。第一财经了解到，国家医保局正在会同有关部门全力推动全国层面的长护险制度出台。 社保"第六险"渐行渐近，长护险从49城试点走向全国之后，长护及相关产业也将迎来新的发展机遇。作为国家医 保局主导设立的职业工种，长期照护师将解决长护险制度建设中照护服务供给不足等问题，为我国长护险全面落 地提供人才保障。 长护师证书为何成为"香饽饽"？ 49岁的王汝芳并没有想到自己会成为中国第一张长期照护师职业等级技能证书的持有者，她只是在公司号召考试 ...

Group 1 - The central economic work conference emphasizes the importance of boosting consumption and investment efficiency, with a focus on developing the silver economy as a key initiative [1][2] - The silver economy is a comprehensive economic system that combines elderly and pre-elderly services, covering various age groups and industries, thus having a broad impact on national economic and social development [2][3] - The potential for the silver economy in China is significant, with projections indicating that by the end of 2024, 22.0% of the population will be aged 60 and above, leading to rapid growth in demand for elderly care services [3][4] Group 2 - The development of the silver economy must focus on the changing needs of the elderly, fostering related industries such as health management, medical care, and cultural activities, which will create opportunities for sectors like tourism and financial services [4][5] - Challenges exist on both the demand and supply sides, including an inadequate income security system for the elderly and a lack of innovative products and services tailored to their needs [5][6] - To unlock the potential of the silver economy, it is essential to enhance the income security system for the elderly and improve the supply of services, particularly in community and rural areas [6][7]

Group 1 - The first batch of long-term care worker vocational skill level certificates was issued in Nantong, marking a significant step towards the professionalization of care for disabled individuals in Jiangsu province [1] - Approximately 300,000 people are currently engaged in long-term care services for disabled groups nationwide, but there are issues such as mismatched skills and unstandardized service [1] - The new profession of long-term care worker was established to better meet the care needs of disabled individuals, following the release of national occupational standards by the National Healthcare Security Administration and the Ministry of Human Resources and Social Security [1] Group 2 - The first qualification exam for long-term care workers saw 900 applicants in Jiangsu, exceeding expectations, indicating strong interest in this new profession [2] - Jiangsu aims to expand the coverage of long-term care insurance and connect it with subsidies for economically disadvantaged elderly and severely disabled individuals, enhancing the quality of life for more disabled persons [2] - There are currently 2,610 designated long-term care service institutions in Jiangsu, with over 94,000 nursing beds and nearly 70,000 care workers, providing services to over 600,000 disabled individuals [2]