云康集团(02325)公布2025年中期业绩，收益约3.13亿元，同比减少17.6%;公司拥有人应占亏损5534万 元，同比收窄56.1%;每股亏损0.09元。 公告称，收益减少主要受集采、医保控费及行业竞争加剧等多方面因素影响。其中，诊断外包服务取得 收益1.185亿元，较2024年同期减少34.0%，由于受行业政策影响及市场竞争激烈，常规检测服务需求增 长不及预期，短期业绩承压，且集团主动优化客户结构，为优质客户提供更好的服务，导致上半年取得 收益减少。 公告称，亏损明显收窄主要归因于以下原因：报告期内，集团持续提升运营及管理能力，通过强化成本 管控及费用精准投放等举措，毛利率较上年同期有所提升，销售费用及管理费用较上年同期下降明显; 集团积极优化债务结构，加强资金管理，经营活动所得现金净额始终保持净流入水平，财务成本较上年 同期大幅减少;及集团计提的资产减值损失准备金较上年同期减少。 ...

Core Viewpoint - The company is undergoing significant transformation and growth, driven by strategic initiatives and market dynamics, while addressing challenges posed by industry policies and competition [2][4]. Industry and Company Development Trends - The company has eliminated goodwill and COVID-19 related reporting interference, leading to a critical period for increasing market concentration among leading firms as the industry accelerates the exit of smaller players [2]. - Despite pressures from policies like DRG and centralized procurement, these have also catalyzed the company's business and product structure transformation, enhancing market share through a "product + service + digitalization" model [2]. Five-Year Strategic Plan and Half-Year Performance - Cost Control: The company achieved over a 25% reduction in procurement costs, with management and financial expenses decreasing by 16% and 29% year-on-year, respectively [3]. - Technical Competitiveness: Key business areas such as pathogen tNGS, hematology, and tumor companion diagnostics grew by 35%, 22%, and 20%, respectively, with special inspection revenue now accounting for 47.63% of diagnostic service revenue, up 7.32 percentage points from the end of 2024 [3]. - Development of Proprietary Products: The Kai Le Pu reagent consumables business grew by 43%, and the company has integrated smart products into its core strategy, launching a three-year plan for medical AI [3]. - Customer Structure Optimization: The company signed 1,036 new clients, including 133 tertiary hospitals, with revenue from tertiary hospitals now making up 49.28% of total revenue, an increase of 6.46 percentage points from the end of 2024 [3]. - Internationalization Progress: The company’s Vietnam branch received ISO15189 certification and is actively expanding into the "Belt and Road" markets, collaborating with domestic IVD companies to develop business in the Middle East [3]. Investor Inquiry Response Highlights - Impact of Package Splitting Policy: The company is enhancing competitiveness through regional integration and cost reduction, aiming to maintain stable gross margins and expand market share [4]. - Accounts Receivable and Cash Flow: The company expects better cash flow from regular business in the second half of the year, with COVID-19 related receivables anticipated to be fully accounted for by year-end [4]. - Development of Technical Talent: The company is advancing discipline construction and talent acquisition, having introduced 107 new testing projects and initiated a training program for commercial talent [4]. - Market Share and Precision Centers: The company is rapidly increasing market share, with 61 precision centers now profitable, and expects a doubling of revenue from precision centers by year-end compared to the previous year [4]. - Smart Product Advantages and Planning: The company’s smart product revenue has already surpassed the total for the previous year, with plans for product pipeline updates in the second half [4]. - Service Gross Margin Improvement: The service gross margin has increased by 0.8 percentage points year-on-year, with expectations for this trend to continue [4]. - Data Asset Value: The company conducts approximately 160 million tests annually, accumulating over 20PB of data, which can be utilized for research, AI training, and customer data services [4]. - Outbound Planning Progress: The company is promoting its services and products internationally through a "product + service + digitalization" approach, leveraging the "Belt and Road" initiative [4].

据证券之星公开数据整理，近期金域医学（603882）发布2025年中报。截至本报告期末，公司营业总收 入29.97亿元，同比下降22.78%，归母净利润-8480.68万元，同比下降194.6%。按单季度数据看，第二季 度营业总收入15.3亿元，同比下降24.97%，第二季度归母净利润-5702.16万元，同比下降152.66%。本报 告期金域医学公司应收账款体量较大，当期应收账款占最新年报营业总收入比达57.18%。 合同资产变动幅度为-37.8%,原因:随经营规模变化相应减少。 其他流动资产变动幅度为-35.2%,原因:预缴所得税减少。 开发支出变动幅度为51.85%,原因:数据资源开发投入增加。 其他非流动资产变动幅度为55.44%,原因:构建长期资产预付款增加。 应交税费变动幅度为-45.75%,原因:应交所得税减少。 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率33.93%，同比减2.37%，净利率-3.23%， 同比减250.66%，销售费用、管理费用、财务费用总计7.04亿元，三费占营收比23.47%，同比增 18.36%，每股净资产14.73元，同比减11.95%，每股经营性现金流0 ...

Industry Outlook - The third-party medical diagnostic service industry is rapidly developing, with ICL expected to benefit from cost and technology advantages [3] - ICL's chain operators have a broader laboratory network compared to hospital laboratories, allowing for lower costs and more testing projects [3] - New technologies such as AI pathology diagnosis and automated laboratory systems are anticipated to reshape the industry [3] Financial Performance - In 2024, the company achieved a revenue of CNY 174,218.10 million, a year-on-year increase of 4.05% [9] - The medical diagnostic service revenue was CNY 79,716.65 million, growing by 23.26%, contributing significantly to overall revenue growth [9] - The company reported a net profit of -CNY 10,943.62 million, a reduction in losses by 22.71% compared to the previous year [9] Operational Strategies - The company is focusing on digital transformation and information technology to enhance operational efficiency and service quality [5] - A dual-driven business model is being implemented to achieve full-process digitalization from sample receipt to laboratory testing [5] - The company aims to diversify its supplier base to mitigate risks associated with reliance on major suppliers, which account for 65.28% of procurement [6] Future Growth Drivers - The main growth drivers include stable revenue from core business operations and effective management of operational costs [5] - The company plans to enhance its capabilities in CRO (Contract Research Organization) and scientific services, which are showing growth potential [10] - Continued investment in AI medical applications is expected to create new revenue streams, although profitability in this area has not yet been achieved [11] Environmental Initiatives - The company is committed to energy management and has set specific goals for reducing emissions related to laboratory energy consumption and hazardous material transport [12] - A cold chain logistics system has been established to ensure safe and efficient transportation of clinical samples and medical devices [10] Challenges and Responses - The industry faces pressure from healthcare cost control measures, prompting the company to enhance its business model and expand its marketing network [12] - The company is adapting to seasonal revenue fluctuations and aims to stabilize profitability through improved operational efficiency [8]