近日，明基医院集团股份有限公司（下称"明基医院"）向港交所主板提交上市申请，中金公司、花 旗担任联席保荐人。 这是明基医院第四次递表港交所，此前2024年4月27日、2024年10月3日、2025年4月10日先后三次 递表，最近一次则是通过港交所聆讯后失效。 这家运营两家民营医院的医院集团，从2023年的民营医疗小上市潮开启IPO之旅，至今仍未上市， 其质地如何？ 业绩波动 招股书显示，明基医院借鉴中国台湾省的医院运营管理经验，是中国内地的一家民营营利性综合医 院集团，目前拥有和运营两家民营营利性综合医院。 根据咨询机构弗若斯特沙利文的数据，以2024年总收入来看，明基医院是华东地区最大的民营营利 性综合医院集团，在华东地区的市场份额为1%；以相同口径计，公司在全国民营营利性综合医院集团 中排名第七，在中国的市场份额为0.4%；以2024年的床均收入计，公司在中国内地所有民营营利性综 合医院集团中排名第一。 其中，提供医疗服务所产生的收入分别占总收入的98.7%、98.9%、98.8%、99%，是主要收入来 源。这种综合医疗服务包括住院医疗服务及门诊医疗服务。 截至2025年6月30日，明基医院的两家医院总建 ...

Group 1: Market Overview - The health industry continues to strengthen, with several stocks performing exceptionally well [1][6] - A-shares experienced fluctuations, with major indices slightly declining after reaching a 10-year high [1] - The total trading volume for the week was approximately 10.22 trillion yuan, with daily turnover around 2 trillion yuan [1] Group 2: Financing Trends - Cumulative net financing for the year reached 634 billion yuan, with over 12.6 billion yuan net bought this week [2] - The power equipment sector saw over 5.3 billion yuan in net purchases, while the non-ferrous metals and basic chemicals sectors each received over 3 billion yuan [2] - The pharmaceutical and biotechnology sectors attracted over 30.5 billion yuan in net inflows, while the electronics sector faced a net outflow of over 16.1 billion yuan [2] Group 3: Banking Sector Performance - The banking sector has been performing strongly, with indices frequently reaching historical highs [3] - Over the past three years, bank stocks have increased by 94%, significantly outperforming the Shanghai Composite Index [3] - Agricultural Bank of China has shown remarkable growth, with a cumulative increase of 317% over four years [3] Group 4: Policy and Future Outlook - Policies aimed at optimizing bank credit structures and enhancing interest margins are expected to support the banking sector [5] - The health industry is projected to grow significantly, with estimates suggesting a market size of 17.4 trillion yuan by 2025 and 29.1 trillion yuan by 2030 [8] - The market is expected to stabilize, with structural trends becoming more pronounced, particularly in the TMT sector and coal and banking investments [9]

截至11月14日收盘，民营医院概念上涨1.35%，位居概念板块涨幅第6，板块内，42股上涨，海南海 药、大东方、人民同泰等涨停，嘉事堂、方盛制药、永和智控等涨幅居前，分别上涨5.97%、4.92%、 4.63%。跌幅居前的有*ST万方、麦迪科技、三星医疗等，分别下跌5.06%、3.09%、2.76%。 今日涨跌幅居前的概念板块 | 002622 | 皓宸医 | -0.55 | 2.89 | -233.92 | -2.65 | | --- | --- | --- | --- | --- | --- | | | 疗 | | | | | | 002524 | 光正眼 | 1.67 | 2.52 | -248.45 | -3.98 | | | 科 | | | | | | 000990 | 诚志股 | -0.25 | 0.87 | -249.25 | -2.97 | | | 份 | | | | | | 301103 | 何氏眼 科 | -0.40 | 1.37 | -256.07 | -6.87 | | 301239 | 普瑞眼 | -1.28 | 0.98 | -368.53 | -6.92 | | | 科 | | ...

Core Viewpoint - Ming Kee Hospital is a leading private for-profit hospital group in East China, with significant market share and a focus on providing high-quality medical services through its two hospitals in Nanjing and Suzhou [2][3]. Company Overview - Ming Kee Hospital operates two private for-profit general hospitals: Nanjing Ming Kee Hospital and Suzhou Ming Kee Hospital, making it the largest private for-profit hospital group in East China by total revenue in 2024, with a market share of 1.0% in the region and 0.4% nationally [2]. - Nanjing Ming Kee Hospital, operational since 2008, was rated as a tertiary hospital in 2022, becoming the first private hospital in Nanjing to achieve this status. It ranks as the third largest private for-profit hospital in China with a market share of 0.3% [2]. - Suzhou Ming Kee Hospital, operational since 2013, is also a tertiary hospital and has received various certifications, including from the Joint Commission International (JCI) [2]. Financial Performance - Revenue for Ming Kee Hospital was approximately RMB 2.336 billion in 2022, RMB 2.688 billion in 2023, and RMB 2.659 billion in 2024, with RMB 1.330 billion and RMB 1.312 billion for the six months ending June 30 in 2024 and 2025, respectively [5]. - Profit figures were RMB 89.55 million in 2022, approximately RMB 167.45 million in 2023, and approximately RMB 108.92 million in 2024, with RMB 63.40 million and RMB 48.70 million for the six months ending June 30 in 2024 and 2025, respectively [6]. - Gross profit margins were 16.4% in 2022, 18.9% in 2023, and 18.1% in 2024, with a margin of 15.9% for the six months ending June 30 in 2025 [7][9]. Industry Overview - The private hospital sector in China is predominantly for-profit, holding a market share of 66.5% in 2024. The revenue of private hospitals is projected to grow from RMB 437.9 billion in 2019 to RMB 944.7 billion in 2024, with a compound annual growth rate (CAGR) of 16.6% [10]. - The number of private hospitals is expected to increase from 22,424 in 2019 to 27,652 in 2024, with a CAGR of 4.3% [13]. - The demand for higher quality medical services is anticipated to rise due to increasing disposable income and changing patient preferences, positioning private hospitals as key players in meeting this demand [13].

Industry Rating - The report rates the pharmaceutical industry as "Leading" [1] Core Insights - The report emphasizes the significance of the ESMO conference, highlighting the achievements of Chinese pharmaceutical companies and suggesting to focus on catalysts such as policies, academic conferences, and business development in Q4 2025 [1][4] - The report indicates a potential market rebound due to increasing industry catalysts, including various academic conferences and favorable policies [4] - The report recommends continued attention to companies with promising clinical pipelines and their global commercialization potential [4][5] Valuation Summary - The report provides a detailed valuation overview of various companies, with all covered companies rated as "Buy" except for two rated as "Neutral" and one as "Sell" [3] - Notable target prices and current prices for selected companies include: - AstraZeneca: Target price 93.30, Current price 83.87 [3] - BeiGene: Target price 225.00, Current price 188.20 [3] - Innovent Biologics: Target price 48.00, Current price 36.42 [3] - I-Mab: Target price 105.00, Current price 86.10 [3] - China Biologic Products: Target price 9.10, Current price 7.43 [3] Market Performance - The Hang Seng Index rose by 2.3% and the Hang Seng Healthcare Index increased by 2.0% during the week of October 14-21, 2025, ranking fifth among twelve industry indices [4][7] - Sub-industry performance showed CXO leading with a 4.5% increase, followed by Internet medicine and biopharmaceuticals [4][7] Institutional Holdings - As of October 21, 2025, the proportion of domestic institutional holdings through Hong Kong Stock Connect decreased slightly to 22.1%, while foreign institutional holdings also saw a minor decline to 38.6% [34][38] - The report notes that both domestic and foreign investors are increasing their positions in innovative drug companies with clear pipeline values [4][38] Clinical Developments - The report highlights significant clinical trial results presented at the ESMO conference, including: - CanSino Biologics' promising data on its PD-1/VEGF inhibitor [5][6] - Rongchang Biopharmaceuticals' HER2 ADC showing significant survival benefits [5][6] - Kelun-Biotech's results indicating substantial improvements in progression-free survival [5][6] - The report suggests that these developments enhance the global competitiveness of the covered companies [5][6]

Core Viewpoint - Mingji Hospital has faced multiple failures in its attempts to go public on the Hong Kong Stock Exchange, attributed to unfavorable industry conditions and low market expectations for comprehensive hospitals [1][3][5]. Group 1: Company Performance - Mingji Hospital generated revenues of 23.36 billion, 26.88 billion, and 26.59 billion from 2022 to 2024, with profits of 895.5 million, 1.67 billion, and 1.09 billion respectively, indicating a strong performance compared to many peers in the private healthcare sector [3][5]. - Despite its profitability, Mingji Hospital's limited number of facilities (only two hospitals) hinders its ability to attract investor confidence regarding future growth potential [4][5]. Group 2: Industry Environment - The private healthcare sector is currently facing significant challenges, with over 50% of private hospitals projected to incur losses in 2024, highlighting a broader industry struggle [3][5]. - Recent changes in national healthcare policies and stricter regulations have increased operational costs for private hospitals, further complicating their ability to secure funding and go public [5][22]. Group 3: IPO Challenges - Mingji Hospital's repeated failures to list are indicative of a structural dilemma within the healthcare sector, where many private hospitals are encountering similar obstacles in their IPO pursuits [1][7][8]. - The capital market's confidence in private healthcare has waned, with fewer investment institutions showing interest in conducting due diligence on private hospitals since 2023 [5][22]. Group 4: Future Prospects - Mingji Hospital is actively seeking solutions to its growth challenges, including investments in new facilities, but these efforts have yet to yield profitable results [4][5]. - The hospital's expansion plans face stiff competition in regions already saturated with healthcare providers, particularly in Suzhou, where the number of tertiary hospitals has reached 32 [5][22].

Core Insights - The private hospital sector saw a slight increase of 0.29%, ranking 9th among concept sectors, with 32 stocks rising, including Guizhou Bailing and Luoxin Pharmaceutical hitting the daily limit [1][2] Sector Performance - The top-performing concept sectors included Hainan Free Trade Zone (+2.58%) and Military Equipment Restructuring (+1.98%), while sectors like Special Steel (-2.68%) and Photolithography (-2.47%) faced declines [2] - The private hospital sector attracted a net inflow of 201 million yuan, with 29 stocks receiving inflows, and 6 stocks exceeding 50 million yuan in net inflow [2] Stock Highlights - Notable stocks in the private hospital sector included: - New Mileage: +9.87% with a net inflow of 161.24 million yuan and a net inflow ratio of 19.36% [3] - Guizhou Bailing: +9.98% with a net inflow of 95.37 million yuan and a net inflow ratio of 33.91% [3] - Luoxin Pharmaceutical: +9.94% with a net inflow of 77.86 million yuan and a net inflow ratio of 35.07% [3] - Other significant gainers included Hainan Haiyao (+6.14%) and Xinfeng Pharmaceutical (+3.20%) [1][3] Decliners - The stocks with the largest declines included: - Pingtan Development: -4.53% [1] - Xiangjiang Holdings: -3.06% [7] - Anke Biotechnology: -2.48% [7]

Core Viewpoint - Hai Jiayi Medical (06078) has issued a profit warning, expecting a revenue decline of approximately 15% to 17% and a net profit decline of about 34% to 39% for the mid-year period [1] Financial Performance - For the first half of 2025, Hai Jiayi Medical reported revenue of 1.99 billion RMB, a year-on-year decrease of 16.47%, and a net profit of 246 million RMB, down 36.18% [3][4] - The company's inpatient services revenue was 1.22 billion RMB (down 18.4% year-on-year) and outpatient services revenue was 722 million RMB (down 11.2% year-on-year) [4] Impact of DRG Payment Reform - The implementation of the DRG (Diagnosis-Related Group) payment reform is a significant factor contributing to the company's financial downturn, shifting the payment model from fee-for-service to bundled payments based on disease types [3][6] - This reform has led to a compression of profit margins for private hospitals, including Hai Jiayi Medical, as it incentivizes cost control rather than revenue maximization [3][6] Market Dynamics - Despite the financial challenges, the demand for hospital services remains stable, with the number of patients treated reaching 2.2 million, unchanged from the previous year [4][6] - The aging population in China, projected to reach over 400 million by 2035, and the expected growth in the oncology market present a favorable long-term outlook for Hai Jiayi Medical [7] Capital Expenditure and Future Strategy - The company has indicated a reduction in capital expenditures, with a current spending of 242 million RMB, down 28.5% year-on-year, and plans to focus on acquisitions rather than building new hospitals in the short term [5][6] - The management believes that the company will eventually see a rebound in revenue and profit as it navigates through the current downturn and capitalizes on new capacity and market concentration [6][7] Stock Performance and Market Sentiment - Hai Jiayi Medical's stock has experienced a significant decline of approximately 87.95% from its peak of 109.43 HKD in 2021 to around 13 HKD, with a static PE ratio dropping to 13.03 times [1][8] - Recent trading activity shows low trading volumes and a bearish sentiment, with the stock price remaining below the average cost, indicating a potential for further downside before any recovery [8][11]

Core Viewpoint - Hai Jiayi Medical (06078) has issued a profit warning, expecting a revenue decline of approximately 15% to 17% and a net profit decline of about 34% to 39% for the mid-year period [1] Financial Performance - For the first half of 2025, Hai Jiayi Medical reported revenue of 1.99 billion RMB, a year-on-year decrease of 16.47%, and a net profit of 246 million RMB, down 36.18% year-on-year [3][4] - The company's inpatient services and outpatient services generated revenues of 1.22 billion RMB (down 18.4% year-on-year) and 722 million RMB (down 11.2% year-on-year) respectively [3][4] DRG Payment Reform Impact - The implementation of the DRG (Diagnosis-Related Group) payment reform is a significant factor contributing to the company's revenue and profit decline, shifting the payment model from fee-for-service to bundled payments based on disease types [3][6] - The reform has led to a compression of profit margins for private hospitals, including Hai Jiayi Medical, as it incentivizes cost control rather than revenue maximization [3][6] Market Dynamics - Despite the revenue and profit declines, the number of patients treated remained stable at 2.2 million, indicating consistent demand for Hai Jiayi's hospital services [4][6] - The aging population in China, projected to reach over 400 million by 2035, and the expected growth in the oncology market present a favorable long-term outlook for Hai Jiayi Medical [7] Capital Expenditure and Future Strategy - The company has indicated a reduction in capital expenditures, with a current spending of 242 million RMB, down 28.5% year-on-year, and plans to focus on acquisitions rather than new hospital constructions in the short term [5][6] - Hai Jiayi Medical is expected to experience a rebound in revenue and profit as it navigates through the capital expenditure peak and benefits from new capacity coming online [6][7] Stock Performance and Market Sentiment - Following the profit warning, the stock price fell significantly, reaching a low of 13.12 HKD, representing an 87.95% decline from its peak of 109.43 HKD in 2021 [1][8] - The stock has shown signs of stabilization, with a recent increase in trading volume and a potential for a turnaround, although market sentiment remains cautious [8][11]

交银国际研究 行业更新 行业评级 领先 2025 年 9 月 25 日 医药行业周报 医保和商保目录调整加速推进，板块回调中择时布局低估优质标的 行业与大盘一年趋势图 资料来源 : FactSet 9/24 1/25 5/25 9/25 -10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 行业表现 恒生指数 丁政宁 Ethan.Ding@bocomgroup.com (852) 3766 1834 诸葛乐懿 Gloria.Zhuge@bocomgroup.com (852) 3766 1845 估值概要 | 公司名称 | 股票代码 | 评级 | 目标价 | 收盘价 | | -----每股盈利----- | ----市盈率---- | | | ----市账率---- 股息率 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | FY25E | | | FY26E FY25E FY26E FY25E FY26E | | | FY25E | | | | | | ( ...