公告称，收入、净利润及非国际财务报告准则经调整净利润下降主要是由于行业及宏观经济影响，以及 集团新开业医院开办费及折旧摊销增加的影响。集团截至2025年12月31日止年度的净利润下降除了上述 因素外，还主要由于Etern Group Ltd.的商誉减值拨备。于厘定有关减值及拨备的必要性及金额时，公司 已仔细评估集团的营运及财务表现以及其业务的未来前景。实际减值及拨备金额仍须待公司进一步评估 后方可作实。 智通财经APP获悉，海吉亚医疗(06078)涨超4%，截至发稿，涨4.13%，报13.35港元，成交额6237.13万 港元。 消息面上，海吉亚医疗公布，预期2025年的收入约为人民币40.0–40.5亿元，同比下降约9%至10%；净 利润约为人民币1.4–2.0亿元，同比下降约66%至76%(主要受商誉减值影响)；经调整净利润约为人民币 4.5–4.9亿元，同比下降约19%至25%；经营活动所得现金净额约为人民币9.4–10.0亿元，同比增加约33% 至41%。 ...

Core Viewpoint - Haijia Medical (06078) shares rose over 4%, currently up 4.13% at HKD 13.35, with a trading volume of HKD 62.37 million [1] Financial Projections - The company expects revenue for 2025 to be approximately RMB 4.0–4.05 billion, representing a year-on-year decline of about 9% to 10% [1] - Net profit is projected to be around RMB 140–200 million, reflecting a year-on-year decrease of approximately 66% to 76%, primarily due to goodwill impairment [1] - Adjusted net profit is anticipated to be between RMB 450–490 million, indicating a year-on-year decline of about 19% to 25% [1] - Cash generated from operating activities is expected to be around RMB 940–1,000 million, showing a year-on-year increase of approximately 33% to 41% [1] Factors Influencing Financial Performance - The decline in revenue, net profit, and adjusted net profit is attributed to industry and macroeconomic impacts, as well as increased startup costs and depreciation for newly opened hospitals [1] - The decrease in net profit for the year ending December 31, 2025, is also significantly influenced by the goodwill impairment provision related to Etern Group Ltd. [1] - The company has conducted a careful assessment of its operational and financial performance, along with future business prospects, to determine the necessity and amount of the impairment and provision [1]

发布时间：2026-02-02 行业投资评级 强于大市|维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 8338.3 | | 52 周最高 | 9323.49 | | 52 周最低 | 6876.88 | 行业相对指数表现 -5% -1% 3% 7% 11% 15% 19% 23% 27% 31% 2025-02 2025-04 2025-06 2025-09 2025-11 2026-01 医药生物 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com 分析师:徐智敏 SAC 登记编号:S1340525100003 Email: xuzhimin@cnpsec.com 近期研究报告 2025 年有数十个 AI 衍生的管线进入人体临床试验，但回顾过往 管线来看，与任何其他新技术的发展一样，AI 制药的发展之路也是曲 折的。AI 制药极大加速了临床早期的进程同时亦能取得超出传统经验 水平的 1 期成功率（80%~90% vs 40%~65%），而在 2 期及后续的进 ...

Group 1 - The core viewpoint of the news is that Tongce Medical's stock has increased by 5%, reaching a price of 48.30 yuan per share, with a trading volume of 481 million yuan and a turnover rate of 2.25%, resulting in a total market capitalization of 21.604 billion yuan [1] - Tongce Medical Co., Ltd. is located in Hangzhou, established on August 30, 1995, and listed on October 30, 1996. The company's main business involves medical service investment and dental medical services [1] - The revenue composition of Tongce Medical is as follows: medical services account for 92.84%, product sales 4.06%, construction engineering 2.72%, and others 0.38% [1] Group 2 - From the perspective of the top ten circulating shareholders of Tongce Medical, Huabao Fund holds a position in the top ten shareholders, with the Huabao CSI Medical ETF (512170) reducing its holdings by 1.5804 million shares in the third quarter, now holding 8.8854 million shares, which represents 1.99% of the circulating shares [2] - The Huabao CSI Medical ETF (512170) was established on May 20, 2019, with a latest scale of 25.263 billion yuan. Year-to-date return is 4.77%, ranking 2834 out of 5579 in its category; the one-year return is 14.49%, ranking 3655 out of 4285; and since inception, the return is 6.66% [2] - The fund manager of Huabao CSI Medical ETF is Hu Jie, who has a cumulative tenure of 13 years and 113 days, with the total asset scale of 101.358 billion yuan. The best fund return during his tenure is 162.35%, while the worst is -98.01% [2]

中国是癌症最严峻的国家之一，中国国家癌症中心发布的《2024中国癌症报告》数据显示，2022年 中国新发约482.47万癌症病例，居全球首位，相当于每分钟约有约9.2人被确诊；死亡病例257万例，超 过全球总数的1/4，癌症治疗的"早发现、早诊断、早治疗"是关键。癌症病理诊断是癌症诊疗的"金标 准"，然而，当前我国面临病理医生数量缺口大、病理医生分布不均、三甲医院病理诊断任务繁重、基 层医院病理初诊符合率不足等多重挑战。 据悉，此次，华为云智慧医疗专区通过与上海瑞金医院合作，将三甲医院的病理诊断经验与AI、 云计算等技术结合，形成可规模化推广的辅助诊断能力，赋能基层医疗机构和医生。这意味着未来即使 在县域或偏远地区，患者也能就近完成专业级的病理诊断，无需再为一份诊断报告长途奔波。 2月1日，记者了解到，华为云正式推出面向医疗健康领域的"智慧医疗专区"，作为华为云"行业AI 梦工厂"计划的首个垂直行业服务平台，该专区致力于推动人工智能技术在医疗领域的规模化普惠应 用，助力优质医疗资源下沉基层，让三甲医院的诊断能力通过AI技术赋能更多地区医院和医生。 技术重构普惠医疗生态 如何借技术之力构建更普惠的医疗生态？ 华 ...

1月30日，江河集团跌1.84%，成交额7775.64万元。两融数据显示，当日江河集团获融资买入额406.25 万元，融资偿还319.20万元，融资净买入87.05万元。截至1月30日，江河集团融资融券余额合计9109.71 万元。 融资方面，江河集团当日融资买入406.25万元。当前融资余额9099.52万元，占流通市值的0.84%，融资 余额低于近一年10%分位水平，处于低位。 截至10月31日，江河集团股东户数1.77万，较上期减少1.87%；人均流通股63845股，较上期增加 1.91%。2025年1月-9月，江河集团实现营业收入145.54亿元，同比减少5.63%；归母净利润4.58亿元，同 比增长5.67%。 分红方面，江河集团A股上市后累计派现33.08亿元。近三年，累计派现10.42亿元。 机构持仓方面，截止2025年9月30日，江河集团十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股3879.49万股，相比上期减少501.82万股。交银趋势混合A（519702）位居第六大流通股 东，持股910.21万股，为新进股东。博时主题行业混合（160505）位居第八大流通股东，持股807 ...

截至10月31日，三星医疗股东户数3.35万，较上期增加0.00%；人均流通股41941股，较上期增加 0.00%。2025年1月-9月，三星医疗实现营业收入110.80亿元，同比增长6.19%；归母净利润15.28亿元， 同比减少15.85%。 分红方面，三星医疗A股上市后累计派现64.07亿元。近三年，累计派现33.29亿元。 1月30日，三星医疗跌3.51%，成交额4.63亿元。两融数据显示，当日三星医疗获融资买入额3649.60万 元，融资偿还4469.93万元，融资净买入-820.33万元。截至1月30日，三星医疗融资融券余额合计2.99亿 元。 融资方面，三星医疗当日融资买入3649.60万元。当前融资余额2.93亿元，占流通市值的0.88%，融资余 额超过近一年50%分位水平，处于较高位。 融券方面，三星医疗1月30日融券偿还7.48万股，融券卖出5.57万股，按当日收盘价计算，卖出金额 131.62万元；融券余量22.89万股，融券余额540.89万元，超过近一年60%分位水平，处于较高位。 资料显示，宁波三星医疗电气股份有限公司位于浙江省宁波市鄞州工业园区(宁波市鄞州区姜山镇)，成 立日期2 ...

Key Points - The core viewpoint of the article is that Haocen Medical (002622) is facing significant financial challenges, with projected losses for 2025 due to increased competition and rising customer acquisition costs in the dental service market [1][3]. Trading Information Summary - On January 30, Haocen Medical closed at 3.08 yuan, up 1.32%, with a turnover rate of 2.24%, a trading volume of 188,100 shares, and a transaction amount of 57.4874 million yuan [1]. - The net inflow of main funds was 1.5021 million yuan, while retail investors saw a net inflow of 2.5788 million yuan, and speculative funds experienced a net outflow of 4.0809 million yuan [3]. Performance Disclosure Highlights - Haocen Medical forecasts a net profit loss of 70 million to 140 million yuan for the year 2025, with a non-recurring net profit loss of 65 million to 130 million yuan [1][3]. - The expected operating revenue for 2025 is projected to be between 650 million yuan and 750 million yuan [1][3]. Company Announcement Summary - The anticipated losses are attributed to intensified competition in the dental service sector, increased customer acquisition costs, and a decline in average transaction value, leading to a decrease in profits [1][3]. - The company plans to recognize impairment provisions for goodwill and long-term equity investments, indicating a further deterioration in financial health [1][3].

Core Viewpoint - The Hunan Provincial Medical Security Bureau has issued multiple guidelines to standardize and integrate pricing for various medical services, including rehabilitation, mental health treatment, cosmetic surgery, and several other categories, aiming to enhance management and transparency in healthcare pricing [1][3]. Group 1: New and Abolished Medical Service Pricing Projects - A total of 46 new rehabilitation projects, 16 mental health projects, and 202 cosmetic surgery projects have been added [1]. - Additionally, 68 new respiratory system projects, 87 new urology projects, 82 new neurological projects, 164 new ENT projects, 53 new body system projects, 114 new dental service projects, 25 new hernia (thyroid) projects, and 109 new musculoskeletal projects have been introduced [1]. - Conversely, 34 rehabilitation projects, 30 mental health projects, and 23 cosmetic surgery projects have been abolished [2]. - The abolishment also includes 78 respiratory projects, 190 urology projects, 161 neurological projects, 234 ENT projects, 121 body system projects, 198 dental service projects, 40 hernia (thyroid) projects, and 343 musculoskeletal projects [2]. Group 2: Pricing Policy Clarifications - All cosmetic surgery projects will operate under market-adjusted pricing, while other categories will have government-guided pricing [3]. - Public medical institutions are required to follow government-guided prices, with the option to reduce prices, while non-public institutions must adhere to market-adjusted pricing and align with public institutions on service pricing and payment standards [3]. - Local governments are tasked with determining reasonable government-guided prices based on local medical technology levels, fund capacity, and patient affordability, alongside ensuring effective policy communication and monitoring [3]. Group 3: Implementation Timeline - The series of documents will be executed in the near future, with specific medical service pricing policies for insurance payments to be clarified before implementation [4].

Core Insights - Beijing has officially launched a pilot program for internet-based first consultations in healthcare, with Beijing Children's Hospital and Capital Institute of Pediatrics designated as trial institutions [1][2] - The pilot focuses on three pediatric sub-specialties: growth and development, nutrition, and skin diseases, which are now available for online appointments [1][3] Group 1: Internet Consultation Benefits - Internet consultations can eliminate geographical barriers, allowing patients from outside Beijing to access high-quality medical resources without the need for travel [2] - This initiative aims to enhance patient experience and reduce transportation and manpower costs for families seeking medical care in Beijing [2] Group 2: Pilot Program Structure - The pilot program is designed to ensure safety and quality in internet-based first consultations, with specific requirements for participating medical institutions and specialties [3] - Selected hospitals must demonstrate comprehensive management capabilities, experience in internet follow-up consultations, and a significant volume of out-of-town patients [3] Group 3: Physician Qualifications - Physicians participating in the pilot must have at least three years of independent clinical experience, hold a title of attending physician or higher, and possess at least one year of experience in internet follow-up consultations [3] - Continuous management and training for physicians will be implemented to maintain high-quality service delivery [3] Group 4: Safety and Quality Assurance - The Beijing Health Commission will enforce strict oversight of the pilot program, including monitoring compliance with legal regulations and management requirements [4] - A quality evaluation mechanism will be established to assess the service quality of the pilot institutions and ensure patient rights are protected [4] - Patients can access the online consultation services through designated hospital platforms starting from January 31, 2026, with services including online pre-consultation, diagnosis, and medication delivery [4]