观察团深入产科、生殖科、妇科、儿保科、医美科五大核心科室进行探访。从产科LDR产房家庭化的温馨设置，到生殖科胚胎实验室的严谨精密；从妇科 微创技术的娴熟展示，到儿保科对儿童早期发展评估的细致入微，再到医美科"医疗级安全"的严格标准，每一个细节都让观察团成员印象深刻。 2026年1月23日，以"拾光共赴，三生有幸"为主题的昆明安琪儿妇产医院13周年媒体开放日隆重举行。活动首次以"媒体观察团+KOL观察团"的形式，邀请 各级媒体代表及各行业代表深入医院，通过零距离的科室探访、深度的圆桌对话，全方位、多角度展现了其作为西南首家非公三级甲等医院的专业实力 与"尽善尽美"的服务理念，开启了民营医院透明化沟通的新范式。 开放与透明——跨越十三年的"信任之旅" 在开场仪式上，昆明安琪儿妇产医院总经理游金忠先生在致辞中回顾了医院从不辍初心的奋斗历程到成为行业标杆的卓越成就，并发布了未来在学科建 设、智慧医疗等方面的规划。同时为观察团成员授予了"安琪儿健康品监官"证书，寓意着医院主动接受社会监督、构建和谐医患关系的决心。 蔺汝云副院长及五大科室负责人坦诚回应，金句频出。产科强调"安全是永不妥协的底线"，生殖科阐述"用严谨医学呵 ...

Core Viewpoint - Lianchi Hospital Group has submitted its listing application to the Hong Kong Stock Exchange, aiming to present itself as a "high-quality specialized medical platform" driven by healthcare payment reforms and consumer medical upgrades [1] Financial Performance - For the first three quarters of 2025, Lianchi Hospital reported revenue of 359 million RMB and a net profit of 55.51 million RMB, with a stable gross margin of 35.6% [1] - The revenue growth for 2024 is projected at 17.4%, with a sustained growth rate of over 20% for the first three quarters of 2025 [2] - The gross margin improved from 32.9% in 2023 to 36.1% in 2024, indicating initial success in business structure optimization and cost control [2] Cost and Efficiency Concerns - The company's operating expenses have surged, with sales expenses increasing by 24.0% in 2024, significantly outpacing revenue growth [4] - General and administrative expenses also grew by over 20%, reflecting increased management complexity and fixed cost pressures due to expansion [4] - The rapid increase in expenses has led to a divergence between revenue growth and operating profit growth, indicating potential sustainability issues [4] Revenue Composition - The revenue is primarily driven by two segments: maternal and child healthcare and orthopedic services, with maternal healthcare becoming the main growth engine [5] - The share of maternal healthcare revenue rose from 59.5% in 2023 to 65.5% in 2024, with a 45.8% year-on-year increase in obstetric services [5] - Orthopedic services showed signs of fatigue, with revenue share declining from 28.3% in 2023 to 26.1% in 2024, although a rebound was noted in the first three quarters of 2025 with a 42.0% year-on-year growth [6] Geographic Expansion and Operational Challenges - The company is transitioning from a regional to a cross-regional group, facing performance disparities between mature and newly acquired hospitals [7] - Revenue contribution from traditional core hospitals has decreased, indicating potential growth ceilings for established facilities [7] - New acquisitions are still in the investment phase, contributing to higher operational costs and impacting overall profitability [7] Strategic Outlook - Lianchi Hospital is at a critical transition phase, evolving from a local specialty hospital to a dual-specialty regional group [8] - The key for investors lies in the company's ability to maintain its obstetric advantage while developing orthopedic services into a stable growth pillar [8] - The company must demonstrate effective management and rapid profitability of new hospitals to avoid falling into a growth trap characterized by high costs and pressured profits [8]