为进一步优化区域医疗资源配置、提升患者就医体验,精准满足群众多元化健康需求,荣成市人民医院高 起点规划、高标准建设的现代化康复医学中心,于12月28日正式启用。该中心的落地投用,不仅填补了本 地区高端康复医疗资源的空白,更将为康复医疗事业注入全新动能,有力推动其朝着规范化、高效化、智 能化的方向迈进,为群众带来更优质、更便捷的康复医疗服务。 作为荣成市医疗服务体系核心力量,荣成市人民医院始终深耕医疗质量与学科建设。此次新建的康复医 学中心,重点解决了原康复科床位紧张、治疗室分散等突出问题,为患者提供更优质便捷的康复服务。新 康复医学中心面积7700余平方米,共设4层,功能分区科学合理。 1楼划分为门诊及中医康复治疗区两大功能区域2楼和3楼为病房区域,共开放床位100张,可满足大量康复 患者的住院需求。4楼则打造了1000余平米的康复大厅,实现了运动康复治疗区、作业康复治疗区、物理 因子治疗的合理分区。 智能化是该康复医学中心的一大核心亮点。中心引进三维步态分析系统、认知评估康复系统、下肢外骨 骼训练器、磁刺激智能机器人系统等一系列先进康复设备与智能系统,为精准评估、个性化治疗提供坚 实硬件支撑。 中医康复是中 ...

齐鲁晚报·齐鲁壹点 连宁燕 通讯员 李煜 为进一步优化区域医疗资源配置、提升患者就医体验，精准满足群众多元化健康需求，荣成市人民医院 高起点规划、高标准建设的现代化康复医学中心，于12月28日正式启用。该中心的落地投用，不仅填补 了本地区高端康复医疗资源的空白，更将为康复医疗事业注入全新动能，有力推动其朝着规范化、高效 化、智能化的方向迈进，为群众带来更优质、更便捷的康复医疗服务。 作为荣成市医疗服务体系核心力量，荣成市人民医院始终深耕医疗质量与学科建设。此次新建的康复医 学中心，重点解决了原康复科床位紧张、治疗室分散等突出问题，为患者提供更优质便捷的康复服务。 新康复医学中心面积7700余平方米，共设4层，功能分区科学合理。 1楼划分为门诊及中医康复治疗区两大功能区域，其中门诊涵盖康复科普通门诊、专家门诊，未来还将 逐步拓展减重门诊、脊柱侧弯筛查、青少年假性近视等特色门诊；中医康复治疗区设置针灸、推拿、艾 灸、熏蒸、蜡疗等中医特色治疗室。诊区同时配备独立的医技检查室（含心电图、彩超、CT等）、住 院处及药房，可最大程度地方便患者就医。 2楼和3楼为病房区域，共开放床位100张，可满足大量康复患者的住院需求。 ...

近日，三星医疗在互动平台向投资者表示，公司坚定不移地推进数字化转型战略，提升患者体验和医疗 质量。在国内老龄化趋势下，公司重点围绕连锁经营、学科建设、医疗质量等方面，持续深耕康复领 域，不断提高管理运营水平。1至9月，三星医疗实现营收110.80亿元，同比增长6.19%；实现归母净利 润15.28亿元，同比下降15.85%。 ...

Core Viewpoint - The signing of the specialized alliance between Qilu Second Hospital's Rehabilitation Medicine Center and Liangshan People's Hospital marks a significant step in enhancing local access to high-quality rehabilitation medical services through an innovative model of "specialized alliance + expert residency" [1][4]. Group 1: Partnership and Leadership - The partnership aims to establish a comprehensive specialized alliance system covering key areas such as discipline construction, talent training, technical support, and two-way referrals [4]. - The appointment of a "First Director + Executive Director" dual leadership mechanism is designed to upgrade cooperation from "resource sinking" to "deep integration," allowing national-level treatment concepts and management models to be implemented directly at the county level [4][6]. Group 2: Impact on Local Healthcare - The collaboration is expected to transform the rehabilitation medical landscape in Liangshan, addressing the challenges posed by an aging population and improving the quality of life for residents [6]. - Liangshan People's Hospital has already seen significant development in its rehabilitation department, achieving recognition as a key specialty in Jining City by 2025, with patient satisfaction continuously increasing [6][7]. Group 3: Commitment to Quality and Accessibility - The expert team from Qilu Second Hospital, recognized as a leading force in rehabilitation medicine, will share their experience and core technologies to enhance the local healthcare capabilities [6][7]. - The new model aims to eliminate barriers to high-quality medical resources, allowing patients to receive equivalent rehabilitation services to those offered by provincial hospitals, thus addressing the common issues of accessibility and affordability in healthcare [7].

齐鲁晚报·齐鲁壹点 连宁燕 近日，山东大学附属威海市立医院康复医学中心正式揭牌成立。这一举措不仅是医院学科布局优化的重 要战略，更是区域康复医疗资源整合、服务能级跃升的重要里程碑，将借助AI技术赋能，为威海及周 边地区成人与儿童患者带来全面、连续、个性化的高品质康复医疗服务。 顺势而为： 精准锚定民生需求，破解康复医疗痛点 作为威海市医疗服务体系的核心力量，威海市立医院始终以民众健康需求为导向，深耕医疗质量与学科 建设。近年来，随着人口老龄化程度加深，脑卒中、骨科术后、慢性病等群体的康复需求呈爆发式增 长，同时儿童注意力缺陷多动障碍、自闭症、发育迟缓等特殊康复需求也持续上升。区域内康复医学专 业床位不足、多学科协同机制不健全、康复服务同质化、儿童康复专科资源短缺等问题日益凸显，对康 复医疗的规范化、高效化、智能化运行提出了更高要求。 "很多患者在临床治疗后，由于缺乏科学系统的康复干预，导致功能恢复不佳，影响生活质量，尤其是 儿童群体的康复更需要精准化、个性化的专属方案和技术支持。"医院康复医学中心主任于广湖表示， 传统医院康复服务模式分散、学科间协同不足，且缺乏针对儿童的专项服务体系和智能技术支撑，难以 满足 ...

Core Viewpoint - The opening of Shenzhen Beida Rehabilitation Hospital marks a significant step for Ping An in enhancing healthcare services in the Greater Bay Area, aligning with the national strategy of building a healthy China and advancing the company's medical and elderly care strategy [4][19]. Group 1: Hospital Overview - Shenzhen Beida Rehabilitation Hospital, operated by Beida Medical Group under Ping An, officially opened in Bao'an District, Shenzhen, with a total construction area of nearly 30,000 square meters and 301 approved beds [1]. - The hospital is expected to handle an annual patient volume of up to 100,000, providing comprehensive rehabilitation services from acute to chronic care [1]. Group 2: Service Features - The hospital aims to provide high-quality rehabilitation services by leveraging a "family-style service + AI empowerment" model, ensuring a full-cycle service from pre-hospital to post-hospital care [4][8]. - It will feature a multi-specialty rehabilitation treatment matrix, including six major rehabilitation specialties, and plans to establish expert studios in collaboration with top hospitals for remote diagnosis [13]. Group 3: Technological Integration - The hospital will incorporate advanced technologies into its operations, including exoskeleton robots and 3D posture analysis systems, to enhance rehabilitation services [13]. - A focus on smart rehabilitation will drive the hospital's development, integrating cutting-edge technology into diagnosis, service, and management processes [6]. Group 4: Strategic Collaboration - Shenzhen Beida Rehabilitation Hospital will collaborate with Ping An's insurance, medical, and elderly care services to create an innovative "insurance + rehabilitation + elderly care" model [14]. - The hospital is set to integrate with Ping An Health Insurance's high-end medical direct payment system, facilitating a seamless payment experience for patients [17]. Group 5: Market Positioning - The hospital is positioned as a benchmark for professional rehabilitation medical services in the Greater Bay Area, aiming to meet the increasing demand for high-quality rehabilitation resources [10][8]. - As part of Ping An's broader healthcare ecosystem, the hospital will contribute to the integration of healthcare and elderly care services, enhancing the overall quality of care in the region [19].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2025 is in line with market expectations, with significant improvements in quality and efficiency [8] - The company has achieved robust growth in its power distribution business, particularly in overseas markets, which is becoming a key growth driver [8] - The rehabilitation hospital business faces some pressure, but long-term demand remains strong [8] - The company has effectively controlled costs, leading to a notable reduction in expenses [8] - The long-term outlook for the overseas power distribution market is positive, with strong competitive advantages [8] Financial Summary - Total revenue for 2023 is projected at 11,463 million, with a year-on-year growth of 25.99% [1] - Net profit attributable to shareholders for 2023 is expected to be 1,904 million, reflecting a year-on-year increase of 100.79% [1] - The earnings per share (EPS) for 2023 is estimated at 1.35 yuan, with a price-to-earnings (P/E) ratio of 18.20 [1] - The company anticipates total revenue of 18,034 million in 2025, with a year-on-year growth of 23.51% [1] - The net profit attributable to shareholders for 2025 is projected at 2,511 million, with a year-on-year growth of 11.14% [1] - The EPS for 2025 is expected to be 1.79 yuan, with a P/E ratio of 13.80 [1]

Core Insights - Samsung Medical has 38 hospitals, including 32 rehabilitation hospitals, focusing on building a chain of rehabilitation hospitals with a specialty in critical rehabilitation [1] - The subsidiary Ningbo Mingzhou Hospital is a tertiary Class B general hospital with over 40 departments, including dentistry, ophthalmology, and medical aesthetics [1] - The company, headquartered in Ningbo, is part of the AUX Group and operates in manufacturing, medical services, and financial leasing [1] - In Q1 2025, the company achieved revenue of 3.631 billion yuan, a year-on-year increase of 20.03%, and a net profit attributable to shareholders of 489 million yuan, up 34.33% year-on-year [1]

Group 1 - The company has a total of 38 hospitals in its medical sector, with 32 of them being rehabilitation hospitals focused on severe rehabilitation [2] - The subsidiary Ningbo Mingzhou Hospital is a tertiary Class B comprehensive hospital with over 40 departments, including dental, ophthalmology, and medical aesthetics [2]

Financial Data and Key Metrics Changes - The company's consolidated revenue grew nearly 5% to $1.3 billion, and adjusted EBITDA increased to $125.4 million from $124.7 million in the prior year [9] - Earnings per common share from continuing operations rose 88% to $0.32 from $0.17 per share in the same quarter prior year [9] Business Line Data and Key Metrics Changes - Inpatient rehab hospital division revenue rose 17% year over year to $313.8 million, with adjusted EBITDA increasing nearly 15% to $71 million [10] - Outpatient rehabilitation division revenue increased 3.8%, driven by a corresponding 3.8% increase in patient volume [11] - Critical illness recovery hospital division revenue was $601.1 million, a decline of 1% from the same quarter last year [13] Market Data and Key Metrics Changes - The occupancy rate for inpatient rehab hospitals was lower than the prior year at 82%, while the same store occupancy rate remained stable at 86% [10] - The critical illness recovery hospital division's occupancy rate improved to 69% from 67% in the prior year [13] Company Strategy and Development Direction - The company plans to add 382 rehab beds by the end of 2027, with a focus on markets with strong volume and occupancy rates [6] - Upcoming openings include a 45-bed hospital in Temple, Texas, and a 30-bed critical illness recovery hospital in Memphis, Tennessee [6][7] - The company remains committed to delivering value to shareholders through stock repurchases and dividends [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the development pipeline and growing demand for inpatient rehab services [6] - The company is optimistic about the outpatient division's prospects, expecting improvements in EBITDA margins [29] - Management noted ongoing challenges with the LTACH reimbursement system but is hopeful for positive changes through dialogue with regulators [12][39] Other Important Information - The company repurchased over 5.7 million shares at an average price of $14.86, totaling $85.1 million [9] - A cash dividend of $0.0625 per share was declared, payable on August 28, 2025 [9] Q&A Session Summary Question: How did EBITDA per segment come in line versus internal expectations? - Management indicated that critical illness came in slightly lower than expectations, while inpatient rehab exceeded expectations, and they are comfortable with the reaffirmed guidance [22] Question: What is the strategy in states with favorable environments for inpatient rehab? - The company plans to engage with major systems in states like North Carolina to grow their post-acute network without immediate construction [24][26] Question: How is outpatient rehab expected to evolve throughout the year? - Management expects outpatient rehab to improve, with initiatives in scheduling expected to enhance EBITDA margins towards 10% [28][29] Question: What is the impact of the outlier threshold? - Management noted that the final rule for LTACHs included a slight improvement in the rate, but challenges remain with the reimbursement system [30][40] Question: What is the supply-demand picture in the critical illness recovery hospitals? - Management stated that demand for services remains strong, driven by demographics and medical technology, despite challenges with reimbursement [44] Question: What are the trends in labor costs across business lines? - Management reported improvements in employee rate increases, with a decrease in pressures from agency costs compared to previous years [48]