开拓医疗、康养业务，提升多业务协同效应。公司于2024 年5 月完成对大连睿康心血管病医院等两家医 院的收购，并于24 年开始运营睿康之家，正式进入医养（医疗、康养）领域。1H25 医养业务贡献收入 0.5 亿元，占比达到5.4%，较去年同期提升4.7 个百分点。1H25 睿康心血管病医院门诊与急诊接待量超 2.8 万人次，住院与手术量超5800 人次，平均占床率45%，住院与手术人次较2024 年同期增加34%。睿 康之家（康养业务）入住率达88%。配合心血管医院的强大医疗后勤保障，康养业务对老年人群的吸引 力持续增强。公司同时利用大学业务中的师资与教研团队，开发适合老年人群的兴趣课程，增加康养业 务的趣味性，进一步提升康养业务的品质。未来公司将推进康养同高校在场地利用方面的协同，进一步 盘活资产使用效率，提升运营效益。我们预计随着心血管医院门诊及手术数量逐步放量，医养业务将持 续快速增长。至27 年板块收入预计可达1.7 亿元，3 年复合增速40.8%，收入占比将从24 年3%提升至27 年的7.1%。 维持买入评级。尽管25 学年（2024 年9 月至2025 年6 月）在校生人数保持增长，但因为高学费 ...

Core Viewpoint - The aggressive expansion strategy of the company has led to significant profit erosion, with a drastic decline in net profit for 2024, marking a historical low since its listing [1][5]. Financial Performance - In 2024, the company reported a net profit of 114 million yuan, a year-on-year decrease of 79.23%, continuing a trend of declining profits for the second consecutive year [1][5]. - The company's revenue for 2024 was 18 billion yuan, reflecting a growth of 3.57% compared to the previous year [5]. - The company experienced a decline in net profit and revenue in 2023, with net profit dropping to 549 million yuan, a decrease of 45.6% year-on-year [5]. Expansion Strategy - The company has adopted a "land grab" strategy, opening over 1,000 new stores annually, with a total of 11,498 stores as of December 31, 2024 [4][5]. - The company plans to continue expanding its store presence in the Sichuan-Chongqing region while optimizing existing stores rather than significantly increasing the number of new stores [6]. Business Segments - The company derives 71.88% of its revenue from pharmaceutical retail, amounting to 12.938 billion yuan, while wholesale revenue accounts for 22.71% [3]. - The company is investing 24 million yuan in real estate to enhance its medical and elderly care business, which is seen as a strategic move in response to the growing elderly care market [2][3]. Market Trends - The elderly care market in China is expanding, with a market size of 12 trillion yuan in 2023, expected to reach 30 trillion yuan by 2035 [2]. - The company is integrating medical, rehabilitation, nursing, and elderly care services to create a comprehensive healthcare ecosystem [2][3].