炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：市值风云 资管业绩亮眼，和主业亏损都是事实。 1月28日盘后，九安医疗（002432.SZ）发布2025年业绩预告，预计2025年实现归母净利润20.2亿元至 23.5亿元，同比增长21.05%至40.83%。 | 项目 | 本会计年度 | | | | 上年同期 | | --- | --- | --- | --- | --- | --- | | 归属于上市公司股东的 | | 202, 000 | l | 235,000 | 166, 872. 73 | | 净利润 | 比上年同期增长 | 21. 05% | 2 | 40. 83% | | | 扣除非经常性损益后的 | | 207.000 | ﺑﻪ | 240. 000 | 168.053.20 | | 净利润 | 比上年同期增长 | 23. 18% | 1 | 42. 81% | | | 基本每股收益(元/股) | | 4.6782 | N | 5.4424 | 3.8139 | （九安医疗业绩预告） 提到九安医疗，大家可能会立刻想起它在疫情期间凭借新冠检测试剂盒创造的"暴富神话 ...

资管业绩亮眼，和主业亏损都是事实。 | 作者 | | 观韬 | | --- | --- | --- | | 编辑 | | 小白 | 1月28日盘后，九安医疗（002432.SZ）发布2025年业绩预告，预计2025年实现归母净利润20.2亿元至 23.5亿元，同比增长21.05%至40.83%。 2025年前三季度，九安医疗营收仅10.69亿，但净利润达15.89亿，更有意思的是其营业总成本达12.76 亿，已经超过收入，数据也已经说明了一切。 | 项目 | 本会计年度 | | | | 上年同期 | | --- | --- | --- | --- | --- | --- | | 归属于上市公司股东的 | | 202, 000 | 2 | 235, 000 | 166.872.73 | | 净利润 | 比上年同期增长 | 21. 05% | 2 | 40. 83% | | | 扣除非经常性损益后的 | | 207,000 | 2 | 240, 000 | 168.053.20 | | 浄利润 | 比上年同期增长 | 23. 18% | ~ | 42. 81% | | | 基本每股收益(元/股) | | 4. 6 ...

Core Insights - The core observation is that despite a significant decline in revenue, Jiuan Medical has managed to achieve a growth in net profit, indicating a fundamental shift in its profit structure [1][3]. Financial Performance - Jiuan Medical reported a revenue of 1.069 billion yuan for the first three quarters, a year-on-year decrease of 48.89% [2][4]. - The net profit attributable to shareholders was 668.89 million yuan, reflecting a year-on-year increase of 16.11% [2][5]. - The company experienced a negative cash flow of 34.07 million yuan, a decline of 104.90% compared to the previous year [4]. - Investment income reached 937 million yuan, up 84.99% year-on-year, contributing significantly to the net profit growth [5][6]. Business Transformation - Jiuan Medical is transitioning from a reliance on traditional medical device sales to a dual business model that includes both healthcare operations and large asset investment [6][7]. - The company is focusing on expanding its internet healthcare and chronic disease management sectors, particularly through a new diabetes care model [7][8]. - The firm has increased its investment in research and development, with management expenses rising by 26.66% and R&D expenses by 25.91% [5][6]. Investment Strategy - Jiuan Medical has engaged in significant investments in various sectors, including technology and healthcare, and has established partnerships with venture capital firms [8][9]. - The company has launched a new venture capital fund with a total scale of 701 million yuan, aiming to make financial investments [10]. - Jiuan Medical's investment activities are primarily conducted through its wholly-owned subsidiary, Jiuan Hong Kong, focusing on long-term returns in emerging technology fields [8][9].