机构：中金公司 研究员：冯喜鹏/赵丽萍/张琎/肖楷 1H25 业绩好于我们预期 公司公布1H25 业绩：收入3.12 亿元（+28.2% YoY），归母净利润1.66 亿元（+4.3% YoY），剔除利息 收入及债券投资收入后的non-IFRS 息税前利润7269 万元（+36.4% YoY），对应利润率23.3%（+1.4pct YoY），好于我们预期，主要因合作项目数量持续快速增长。 发展趋势 平均单客户合作项目有所提升，带动收入端稳健发展。1H25 收入按业务板块拆分：精准营销及企业解 决方案2.92 亿元（+29.6% YoY），医学知识解决方案919.5 万元（+9.2% YoY），智能患者管理解决方 案1046 万元（+11.5% YoY）。1H25 收入按地区拆分：中国区收入3.04 亿元（+28.0%YoY），海外收入 7755 万元（+37.5% YoY）。根据公告，公司1H25 期间精准教育及企业解决方案覆盖客户数191 家 （+20.9% YoY），具体覆盖项目445 个（+32.4% YoY），我们测算平均单个企业贡献合作项目约2.3 个 （vs1H24 期间约2.1 个），企业合作持 ...

医脉通(02192)盘中跌超5%，截至发稿，跌4.3%，报14.02港元，成交额3244.76万港元。 消息面上，医脉通发布截至2025年6月30日止6个月业绩，该集团期内取得收益3.12亿元人民币，同比增 加28.2%；母公司拥有人应占溢利1.55亿元，同比增加5.9%；每股基本盈利21.2分。此外，董事会决议 宣布派发中期股息每股普通股人民币11.66分，去年同期为人民币12.05分。 ...

消息面上，医脉通发布截至2025年6月30日止6个月业绩，该集团期内取得收益3.12亿元人民币，同比增 加28.2%；母公司拥有人应占溢利1.55亿元，同比增加5.9%；每股基本盈利21.2分。此外，董事会决议 宣布派发中期股息每股普通股人民币11.66分，去年同期为人民币12.05分。 智通财经APP获悉，医脉通(02192)盘中跌超5%，截至发稿，跌4.3%，报14.02港元，成交额3244.76万港 元。 ...

本文源自：财华网 【财华社讯】医脉通(02192.HK)公布，截至2025年6月30日止六个月，收益约3.12亿元(人民币,下同)， 同比增长28.2%；母公司拥有人应占溢利约1.55亿元，同比增长5.9%；非香港财务报告准则经调整净溢 利约1.67亿元，同比增长6.9%；每股基本盈利21.2分。派中期股息每股普通股11.66分。 ...

医脉通(02192)发布公告，将于2025年9月25日派发截至2025年6月30日止六个月的中期股息每股0.1166 元。 ...

（原标题：医脉通(02192)发布中期业绩 股东应占溢利1.55亿元 同比增加5.9%） 智通财经APP讯，医脉通(02192)发布截至2025年6月30日止6个月业绩，该集团期内取得收益3.12亿元人 民币，同比增加28.2%;母公司拥有人应占溢利1.55亿元，同比增加5.9%;每股基本盈利21.2分。 ...

医脉通(02192)发布截至2025年6月30日止6个月业绩，该集团期内取得收益3.12亿元人民币，同比增加 28.2%;母公司拥有人应占溢利1.55亿元，同比增加5.9%;每股基本盈利21.2分。 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][7]. Core Insights - The company is a leader in the medical digital marketing sector, leveraging 29 years of data assets to create a unique AI+medical platform. It has over 7 million registered users, with 2.65 million monthly active users, providing a strong foundation for value-added services to pharmaceutical companies and patients [1][12]. - The digital marketing landscape is rapidly expanding, with the market size exceeding 3 billion RMB in 2023 and a CAGR of 33.5% from 2019 to 2023. The shift towards digital marketing is driven by the need for compliance and efficiency in the medical field [2][58]. - The company has successfully monetized its large physician user base, achieving a compound annual growth rate (CAGR) of 36.8% in revenue from precision marketing and enterprise solutions from 2018 to 2024 [3][26]. Summary by Sections 1. Company Overview - The company has established itself as a leading medical information service platform, with a focus on enhancing user experience through a diverse range of products. It has developed AI products like MedAssister and MedSeeker, supported by a vast database of medical literature [1][12]. - The user base includes over 4 million registered physicians, achieving an 88% coverage rate among practicing physicians in China [12][68]. 2. Digital Marketing Industry - The digital marketing sector is witnessing significant growth, with a market size of 3 billion RMB in 2023. The industry is characterized by a shift towards compliance and efficiency, making digital marketing a preferred choice for pharmaceutical companies [2][58]. - The company’s digital marketing solutions have shown a clear advantage over traditional methods, offering better compliance, cost-effectiveness, and time efficiency [2][45]. 3. AI Empowerment - The company is leveraging AI to enhance the effectiveness of its data assets, launching products that integrate extensive medical data to improve customer acquisition and content generation [4][66]. - The forecasted net profits for 2025, 2026, and 2027 are projected to be 322 million, 364 million, and 415 million RMB, respectively, with corresponding growth rates of 2.2%, 13.2%, and 13.8% [4][6]. 4. Financial Forecast and Valuation - The company’s revenue is expected to grow from 558 million RMB in 2024 to 1.092 billion RMB in 2027, with a CAGR of 35.5% from 2024 to 2027 [6][26]. - The projected P/E ratios for 2025, 2026, and 2027 are 26, 23, and 20, respectively, indicating a favorable valuation outlook [4][6].