2024年1至12月份，嘉和美康的营业收入构成为：医疗信息化行业占比99.73%，其他行业占比0.27%。 （记者 曾健辉） 每经AI快讯，嘉和美康（SH 688246，收盘价：29.9元）9月10日晚间发布公告称，截至本公告披露日， 嘉和美康（北京）科技股份有限公司股东苏州赛富璞鑫医疗健康产业投资中心（有限合伙）持有公司股 份约267万股，占公司股份总数的1.94%。相关股份为嘉和美康首次公开发行并上市前取得的股份，且 已于2022年12月14日起上市流通。公司于2025年9月10日收到赛富璞鑫出具的《关于股东减持计划的告 知函》，因股东流动性需求，股东赛富璞鑫计划根据市场情况通过集中竞价方式减持其持有的公司股份 不超过约267万股，即不超过公司总股本的1.94%。自本公告披露之日起3个交易日后的90天内进行。赛 富璞鑫系已在中国证券投资基金业协会完成备案的私募基金，并向中国证券投资基金业协会成功申请了 创业投资基金股东的减持政策，且截至公司首次公开发行上市日，赛富璞鑫的投资期限超过48个月但不 满60个月，赛富璞鑫适用连续30日内集中竞价交易减持的股份总数不超过公司股份总数的1%，通过大 宗交易减持的股份 ...

Group 1 - The core point of the article is that Jiahe Meikang announced a share reduction plan by its shareholder Hongyun Jiukang Data Technology, which plans to reduce its holdings by up to 138,000 shares, representing no more than 1% of the total share capital [1] - As of the announcement date, Hongyun Jiukang holds approximately 8.49 million shares, accounting for 6.17% of the total shares of Jiahe Meikang [1] - The revenue composition for Jiahe Meikang in 2024 is heavily weighted towards the medical information industry, which accounts for 99.73% of total revenue, while other industries contribute only 0.27% [1] Group 2 - Jiahe Meikang's market capitalization is reported to be 4.2 billion yuan [1] - The shares to be reduced were acquired before the company's initial public offering and have been tradable since December 14, 2022 [1] - The reduction plan is set to commence on October 9, 2025, and will last for three months, depending on market conditions [1]

Core Viewpoint - The company has successfully turned around its financial performance by divesting from its photovoltaic business and focusing on its core medical information technology sector, leading to significant profit growth and improved operational efficiency [1][2]. Financial Performance - In the first half of 2025, the company achieved a net profit attributable to shareholders of 28.33 million yuan, a substantial increase of 137.11% year-on-year, marking a return to profitability [1]. - The company's asset-liability ratio has significantly decreased, and cash flow conditions have improved following the divestment of the photovoltaic business [2]. Business Structure - The core business of medical information technology remains stable, with ongoing innovation and expansion into new areas such as health care robots, which are currently in the scenario validation phase [2]. - The company has developed a comprehensive smart robot health care solution that integrates intelligent interaction, big data analysis, and health management, targeting elderly and rehabilitation patients [2]. Research and Development Investment - The company plans to invest 43.55 million yuan in new projects focused on innovative product development, including low-altitude medical rescue and smart medical service robots [3]. - An additional 130 million yuan is earmarked for upgrading products and services based on large model artificial intelligence technology, aiming to enhance the existing smart medical product system [3]. Strategic Focus - The company emphasizes that medical information technology remains its core value, having established applications in over 2,400 medical institutions across the country, which provides a strong foundation and competitive advantage [3]. - The company is strategically positioned in the auxiliary reproductive business, with its Haikou Mary Hospital being the second private hospital in Hainan to obtain a reproductive license, indicating a stable operation in a scarce market [4]. Synergy and Market Opportunities - The company is exploring synergies between its various business segments, leveraging data and technology to enhance overall competitiveness and core value [4]. - The strategic focus on health care robots and low-altitude emergency rescue aligns with national trends, providing significant market opportunities in elder care and rehabilitation [4].

Group 1 - The core viewpoint is that the medical information technology industry is currently facing operational pressure due to factors such as competitive landscape, technological iteration costs, and customer budgets [1] - The company states that its current operational situation is normal and emphasizes its commitment to management, innovation, and ecosystem collaboration to enhance performance and intrinsic value [1]

Core Viewpoint - The first provincial-level "cloud film" bulk procurement in China is reshaping the value perception of medical procurement, focusing on quality rather than just price reduction [1][3]. Group 1: Procurement Model Innovation - The cloud film procurement project in Guizhou marks a shift from "lowest price wins" to a new evaluation system where price accounts for only 10 points, technology for 30 points, and business for 60 points [3][4]. - The highest bid was 4.98 yuan per person, while the lowest was 0.51 yuan, with the final winning bid set at 4.95 yuan per person [1][5]. - The project aims to reduce redundant examinations by 20% to 30%, addressing the issues of high medical costs and accessibility for patients [1][12]. Group 2: Project Details and Requirements - The procurement covers all public medical institutions in Guizhou capable of providing radiological services, with a total demand of 21.56 million instances in the first year [11]. - The winning bidder must meet stringent requirements for technology, quality, and safety, including a system availability of at least 99.99% and response times within specified limits [3][9]. - The two-year procurement cycle is designed to ensure that companies do not incur losses and can recover their costs effectively [9][10]. Group 3: Economic Impact and Cost Savings - The procurement price of 4.95 yuan per person is significantly lower than the traditional film costs, which range from 12 to 18 yuan per person [12][20]. - Hospitals utilizing cloud film services can save substantial amounts on procurement costs, with estimates of savings reaching up to 1.5 million yuan annually for larger institutions [12]. - The cost of data storage is expected to decrease further, enhancing the economic viability of cloud film solutions [12][20]. Group 4: Future Prospects and Industry Trends - The initiative is part of a broader plan to establish a national medical insurance imaging cloud data network by the end of 2027, facilitating data sharing across institutions [1][18]. - The transition from traditional film to cloud film is seen as inevitable, with the market for physical film expected to decline as cloud solutions become more prevalent [20]. - The cloud film model represents a shift in revenue generation from one-time sales to ongoing service fees, indicating a transformation in the business landscape for medical imaging [20].

Core Viewpoint - The procurement of "cloud film" in Guizhou Province represents a shift in medical procurement values, focusing on quality rather than just price, with a new evaluation system prioritizing technical and business aspects over cost [1][3][4]. Group 1: Procurement Model - The "cloud film" procurement project is the first provincial-level bulk procurement of digital medical consumables in China, covering all public medical institutions in Guizhou with a total demand of 21.56 million instances in the first year [2][5]. - The evaluation criteria for this procurement emphasize quality, with price accounting for only 10 points, technical aspects for 30 points, and business factors for 60 points, moving away from the traditional "lowest bid wins" model [3][4]. Group 2: Economic Impact - The maximum bid price of 4.95 yuan per instance is significantly lower than traditional film costs, which range from 12 to 18 yuan per instance, leading to substantial savings for hospitals [7][13]. - The projected annual demand of 21.56 million instances is considered conservative compared to the previous year's 38.96 million instances, indicating potential for increased efficiency and reduced costs in the healthcare system [6][7]. Group 3: Technological and Operational Considerations - The procurement requires the winning bidder to provide a comprehensive service that includes a dedicated cloud network for secure data transmission, which entails higher operational costs [5][6]. - The new system aims to reduce redundant examinations by 20% to 30%, addressing the challenges of high patient costs and resource wastage in the healthcare sector [1][7]. Group 4: Future Developments - The national plan aims to establish a unified medical insurance imaging cloud data network by the end of 2027, facilitating data sharing and interoperability across institutions [1][10]. - The establishment of a provincial imaging cloud platform is seen as a foundational step towards a broader cross-provincial data sharing system, enhancing the efficiency of medical services [10][11]. Group 5: Market Trends - The trend towards "cloud film" is expected to phase out traditional film, with the average price of medical film decreasing from 13.3 yuan per sheet in 2016 to 8.52 yuan in 2023, indicating a shift in market dynamics [13][14]. - The revenue model for cloud film services differs from traditional film, transitioning from one-time sales to ongoing service fees, which may reshape the competitive landscape in the industry [13].

Core Insights - The company reported a significant decline in revenue and net profit for the first half of 2025, with revenue at 219 million yuan, down 27.22% year-on-year, and a net profit of -116 million yuan compared to -27 million yuan in the same period last year [1] - The decrease in performance is attributed to delayed customer demand, slow bidding processes, tightened hospital budgets, increased industry competition, and rising implementation costs due to project delays [1] - The company is a leader in electronic medical records and anticipates that AI healthcare demand will enhance its value proposition in the future [1] Financial Performance - The gross margin for the first half of 2025 was 20.52%, a decrease of 27.51 percentage points, primarily due to extended project delivery cycles increasing cost pressures [2] - The sales, management, and R&D expense ratios were 19.35%, 17.52%, and 29.61%, respectively, with increases of 2.95, 1.31, and 4.26 percentage points, driven by rigid personnel costs and increased R&D investments [2] - R&D investment accounted for 43.36% of revenue, up 2.64 percentage points year-on-year, reflecting the company's commitment to enhancing its core technology and long-term competitiveness [2] Product Development - The company upgraded its core product, the electronic medical record system, integrating AI capabilities through the development of the Jiahe domain-specific medical model [3] - A new generation of intelligent electronic medical record platform (V7) was launched, featuring a microservices and B/S architecture, achieving full-stack compatibility and deep integration with the Jiahe medical model [3] - The company has accelerated the commercialization of AI products, with four core solution scenarios implemented in several large tertiary hospitals [3] Competitive Advantage - The company is enhancing its AI capabilities by upgrading its data center products into a multimodal intelligent platform, improving data governance and efficiency [4] - The integration of AI in emergency medical services has led to the development of a comprehensive platform that generates treatment plans and predicts mortality risk based on extensive data training [4] - The focus is on empowering clinical, research, teaching, and management scenarios with AI to enhance the competitiveness of medical products [4] Profit Forecast and Valuation - The profit forecast remains unchanged, with expected net profits of 44 million, 102 million, and 191 million yuan for 2025-2027 [5] - The company is assigned a target price of 44.48 yuan based on a 60x 2026 PE ratio, reflecting its strengthened competitiveness in the medical AI sector [5]

Core Insights - The procurement process in Guizhou Province is reshaping the value perception of medical procurement, focusing on quality rather than just price [1][5] - The first provincial-level "cloud film" bulk procurement project was launched, marking a shift towards a digital and service-oriented procurement model [2][5] - The new evaluation system allocates only 10 points for price, 30 points for technology, and 60 points for business aspects, moving away from the traditional "lowest bid wins" approach [5][6] Group 1: Procurement Details - The highest bid in the recent procurement was 4.98 yuan per person, while the lowest was 0.51 yuan, with the final winning bid set at 4.95 yuan per person [8][11] - The total procurement demand for the first year is estimated at 21.56 million instances, indicating a significant scale for the project [19] - The project aims to reduce redundant medical checks by 20% to 30%, addressing the issues of high medical costs and accessibility for patients [1][19] Group 2: Evaluation Criteria - The procurement requires that cloud film products meet stringent technical, quality, and safety standards, with specific performance metrics outlined [5][17] - The evaluation criteria emphasize the importance of service quality and operational efficiency, with a focus on long-term sustainability for the winning bidders [16][17] - The procurement cycle is set for two years, allowing companies to recover their investments while ensuring quality service delivery [16][19] Group 3: Industry Implications - The shift to cloud films is expected to phase out traditional film, which has been declining in price and usage over recent years [25][27] - The integration of cloud technology in medical imaging is anticipated to enhance data sharing and interoperability among healthcare institutions [21][24] - The establishment of a provincial imaging cloud platform is seen as a step towards a national network aimed at improving patient care and reducing unnecessary medical expenses [24][23]

Core Viewpoint - The National Healthcare Security Administration (NHSA) is actively promoting the construction of a unified national medical insurance imaging cloud data sharing pathway to accelerate the sharing of healthcare information across the country [1] Group 1: Progress in Data Sharing - As of August 20, 2025, 22 provincial medical insurance departments, including Beijing, Hebei, Shanxi, and others, have initiated the software deployment for the medical insurance imaging cloud data sharing pathway [1] - Among these, 17 provincial medical insurance departments, including Hebei, Shanxi, and Inner Mongolia, have completed the deployment of the imaging cloud software, enabling the capability for uploading imaging cloud index data and cross-province retrieval of imaging data [1] Group 2: Data Collection and Applications - A total of 18.483 million pieces of medical insurance imaging cloud index data have been aggregated to date, providing a solid data foundation for convenient patient medical services, intelligent medical insurance supervision, financial insurance product design, and innovation in healthcare services [1]

研究报告 Research Report 28 Aug 2025 医脉通 Medlive Technology (2192 HK) 25H1 业绩符合预期，应用 AI 技术提升平台能力 Performance meets expectations, applying AI technology to enhance platform capabilities [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$14.07 目标价 HK$15.00 HTI ESG 5.0-5.0-5.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$10.33bn / US$1.33bn 日交易额 (3 个月均值) US$6.90mn 发行股票数目 734.26mn 自由流通股 (%) 26% 1 年股价最高最低值 HK$17.04-HK$7.20 注：现价 HK$14.07 为 2025 ...