Financial Data and Key Metrics Changes - The company recorded a consolidated pro forma turnover of approximately $1,570 million, marking a 20% increase compared to the same period in 2024 [5] - Pro forma EBITDA advanced by 21%, reaching around $234 million, resulting in a margin of 16.1% [11] - Gross sales increased by 20.3%, reaching around $1,670 million, while operating profit increased by 17.7% to approximately $92.3 million [11] - Pro forma net loss was reported at $4.2 million due to significant foreign exchange losses [11][18] Business Line Data and Key Metrics Changes - Clinics accounted for 37% of total sales, with a 20% growth driven by a 13% rise in the number of visits and a 6% increase in average fees [13] - Hospitals represented about 28% of total sales, growing by 38% due to increased patient numbers and higher average fees [15] - Laboratories accounted for 11% of total sales, posting an 18% year-on-year growth driven by a 21% increase in lab tests performed [15] - Corporate accounts remained largely flat, with a 1.2% decline in subscriptions offset by a 0.9% increase in average fees [16] Market Data and Key Metrics Changes - The dental services market contracted, with a 5.5% decline in sales, attributed to increased competition and market dynamics [14] - The pharmacy segment grew by 13%, driven by a 22% increase in average spend per client [16] - The overall market for medical services is influenced by purchasing power, particularly for elective services [17] Company Strategy and Development Direction - The company is focusing on strategic investments in technology and innovation, particularly in robotic surgery and AI integration [6][10] - There is a commitment to expanding genetic testing and sequencing projects to enhance access to personalized medicine [9][11] - The company plans to maintain a low capital expenditure approach in the short term, prioritizing operational efficiency [10][21] Management's Comments on Operating Environment and Future Outlook - Management expects to maintain a stable trajectory while adapting to the evolving macroeconomic environment [9] - The company is closely monitoring potential impacts on purchasing power due to recent fiscal measures [9][17] - There is confidence in achieving budget targets for the full year, despite challenges from foreign exchange losses [38] Other Important Information - The company completed several acquisitions to strengthen its market position, including RoutineMed Group and All Clinic [6] - A significant investment of over €2 million was made in diagnostic infrastructure, enhancing the company's capabilities [8] - The net debt to pro forma EBITDA ratio remains stable at 3.72% as of June 2025 [18][19] Q&A Session Summary Question: What is the negative EBITDA from new hospital units and their breakeven timeline? - Management indicated that two large hospitals are close to breakeven, with expectations for positive results by the end of the year [22][23] Question: What is the estimated impact of VAT on costs? - The estimated impact of a 2% to 3% VAT increase is around €2 million per year, which is not considered significant [26][27] Question: What are the expectations for capital expenditures? - Capital expenditures are expected to remain low, with no significant investments planned for the third or fourth quarters [28][30] Question: How will rising energy costs affect the company? - Management does not foresee a major impact from rising energy costs, estimating a potential annual impact of €1 to €2 million [35][36] Question: What is the outlook for personnel expenses and public sector salary caps? - Recent government measures are expected to positively impact personnel expenses, with more doctors from the public sector willing to negotiate [42] Question: How does management plan to address currency risk? - Management is actively monitoring currency risks and has strategies in place to mitigate potential impacts [45][46]

Financial Data and Key Metrics Changes - The company recorded a consolidated pro forma turnover of approximately $1,570 million, representing a 20% increase compared to the same period in 2024 [5] - Pro forma EBITDA increased by 21%, reaching around $234 million, with a margin of 16.1% [11] - Gross sales increased by 20.3%, reaching around $1,670 million, while operating expenses rose by 10.9% to approximately $1,360 million [11] - The pro forma net loss was reported at $4.2 million, influenced by a foreign exchange loss of around $83 million [11][21] Business Line Data and Key Metrics Changes - Clinics accounted for 37% of total sales, with a 20% growth driven by a 13% rise in the number of visits and a 6% increase in average fees [13] - Hospitals represented about 28% of total sales, growing by 38% due to increased patient numbers and investments in technology [15] - Laboratories accounted for 11% of total sales, posting an 18% year-on-year growth, driven by a 21% increase in lab tests performed [16] Market Data and Key Metrics Changes - The corporate segment accounted for 9.75% of total sales, remaining largely flat compared to the previous year, with a 1.2% decline in subscriptions offset by a 0.9% increase in average fees [17] - The pharmacy segment represented 2.4% of total sales, with revenues growing by 13% due to a 22% increase in average spend per client [18] Company Strategy and Development Direction - The company is focusing on strategic investments in technology and innovation, particularly in robotic surgery and AI integration [6][9] - There is a commitment to expanding genetic testing capabilities, with an initial investment of €3 million for advanced sequencing technology [8] - The company plans to maintain a stable trajectory while adapting to the evolving macroeconomic environment, with a focus on operational efficiency [9][10] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining a stable net debt to pro forma EBITDA ratio, despite challenges from foreign exchange fluctuations [22] - The company is preparing for various scenarios due to macroeconomic challenges, including potential impacts from VAT increases [20] - Management anticipates that new hospital units will reach breakeven by the end of the year, contributing positively to overall performance [26][28] Other Important Information - The company completed several acquisitions to strengthen its market position, including RoutineMed Group and All Clinic [6] - Capital expenditures for the second half of the year are expected to remain low, with no significant investments planned [23] Q&A Session Summary Question: What is the current negative EBITDA from new hospital units and their breakeven timeline? - Management indicated that two large hospitals are close to breakeven, with expectations for positive results by mid-year [25][26] Question: What is the estimated impact of VAT increases on costs? - The estimated impact of a 2% to 3% VAT increase is around €2 million per year, which is not considered significant [29][30] Question: What are the expectations for capital expenditures in the near term? - Management confirmed that capital expenditures will be low, with no large investments planned for at least the third quarter [31][32] Question: How are rising energy costs affecting the company? - Management stated that rising energy costs are not expected to have a major impact, estimating a potential annual effect of €1 to €2 million [37][38] Question: What is the outlook for the full year in line with second-quarter results? - Management aims to fulfill the budget presented earlier in the year, despite challenges from foreign exchange rates [40][41]

Financial Data and Key Metrics Changes - The company recorded a consolidated pro forma turnover of approximately $1,570 million, representing a 20% increase compared to the same period in 2024 [5] - Pro forma EBITDA increased by 21%, reaching around $234 million, with a margin of 16.1% [11] - Gross sales increased by 20.3%, reaching around $1,670 million, while operating expenses rose by 10.9% to approximately $1,360 million [11] - The pro forma net loss was reported at $4.2 million, influenced by a foreign exchange loss of around $83 million [11][21] Business Line Data and Key Metrics Changes - Clinics accounted for 37% of total sales, with a 20% growth driven by a 13% rise in the number of visits and a 6% increase in average fees [13] - Hospitals represented about 28% of total sales, growing by 38% due to increased patient numbers and investments in technology [15] - Laboratories accounted for 11% of total sales, posting an 18% year-on-year growth driven by a 21% increase in lab tests performed [16] - Corporate accounts remained flat, with a 1.2% decline in subscriptions offset by a 0.9% increase in average fees [17] Market Data and Key Metrics Changes - The dental services market contracted, with a 5.5% decline in sales, attributed to increased competition and market dynamics [14] - The company noted that the market for elective medical services may be affected by changes in purchasing power due to recent fiscal measures [9] Company Strategy and Development Direction - The company is focusing on strategic investments in technology and innovation, particularly in robotic surgery and AI integration [7][10] - There is a commitment to expanding genetic testing capabilities, with an initial investment of €3 million for advanced sequencing technology [9] - The company plans to maintain a stable trajectory while adapting to the evolving macroeconomic environment, with a cautious approach to capital expenditures [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the performance of new hospital units, expecting them to reach breakeven by the end of the year [25][26] - The company is closely monitoring the impact of rising energy costs and potential government measures on purchasing power [37][39] - Management aims to fulfill the budget presented to investors and is optimistic about operational improvements despite foreign exchange losses [40][52] Other Important Information - The company completed several acquisitions to strengthen its market position, including RoutineMed Group and All Clinic [6] - Capital expenditures for the second half of the year are expected to remain low, with no significant investments planned [23][32] Q&A Session Summary Question: What is the negative EBITDA from new hospital units and their breakeven timeline? - Management indicated that two large hospitals are close to breakeven, with expectations for positive results by mid-year [25][26] Question: What is the estimated impact of VAT increases on costs? - The estimated impact of a 2% to 3% VAT increase is around €2 million per year, which is not considered significant [29][30] Question: What are the expectations for capital expenditures? - Management confirmed that capital expenditures will be low, with no large investments planned for the third or fourth quarters [31][32] Question: How will rising energy costs affect the company? - Management stated that the impact of rising energy costs is minimal, estimating a potential annual impact of €1 to €2 million [37][38] Question: What is the outlook for the full year results? - Management aims to fulfill the budget presented earlier and is optimistic about operational performance despite challenges [40][41]

在江苏大学附属医院(下称"江大附院")门诊大厅，患者李女士仅用10分钟便完成门诊缴费、发票打印和 检查预约。她感慨："过去看病像'折返跑'，现在一个窗口全搞定！" 这一变化，源于该院"三优一满意"专项行动中推出的"一窗通办"服务。作为连续获评国家卫生健康委改 善医疗服务示范医院、改善医疗服务群众满意的医疗机构等荣誉称号的公立医院，近年来，江大附院紧 扣"医疗优质、服务优良、流程优化、群众满意"目标，以技术创新为引擎，以患者需求为导向，全体医 护人员用扎实技术与暖心服务，不断书写医疗为民新答卷。 专业深耕，守护生命防线 "通过机器人辅助手术，能够实现更小切口、更精准的操作，从而减少患者的术后恢复时间和并发症风 险。"泌尿外科主任陈兵海操控第四代达芬奇机器人，为一名肾肿瘤患者实施精准切除手术。今年以 来，该院机器人手术数量不断攀升，现已涵盖泌尿外科、普外科等多个领域，带领外科手术迈进精准微 创新时代。 □ 本报记者薛诚通讯员钱小蔷孙卉 精准微创的理念同样在骨科领域结出硕果。近日举办的全国脊柱微创技术峰会上，该院脊柱外科主任李 大鹏发布全新骨科微创手术方法"UNS下保留黄韧带纤维环手工缝合术"，具有创伤小、损伤少、 ...

Core Insights - The treatment costs for five major lung diseases in China amount to nearly 270 billion yuan annually, representing about 6% of the total annual disease treatment costs and approximately 0.2% of the GDP in 2022 [1][2] - The prevalence of chronic respiratory diseases in China has shown a concerning trend of initially declining and then rising, particularly among the aging population and younger individuals [1][2] Group 1: Disease Burden and Economic Impact - Five major lung diseases causing significant treatment costs include pneumonia, COPD, lung cancer, tuberculosis, and asthma, with lung cancer treatment alone costing around 60 billion yuan annually [1] - The aging population (ages 65-85) accounts for 65% of the COPD treatment costs, while the incidence of lung cancer has notably increased among individuals around 45 years old [1][2] Group 2: Technological Advancements and Challenges - New technologies such as AI-assisted nodule detection and robotic surgeries improve diagnostic accuracy but may also lead to over-medicalization and increased patient costs due to expensive new drugs [2] - Experts advocate for leveraging new technologies to enhance early screening and treatment in primary care settings, aiming to improve the standardization of lung disease diagnosis and management [2] Group 3: Early Screening and Diagnosis - Early detection is crucial, as 75% of lung cancer patients are diagnosed at advanced stages, with only 17.3% diagnosed at stage I [4][5] - LDCT screening significantly improves early lung cancer diagnosis rates by approximately 74.1% compared to traditional chest X-rays, which have a high misdiagnosis rate [5][6] Group 4: Healthcare Infrastructure and Accessibility - There is a need for improved screening capabilities in primary healthcare settings, as many lack the necessary equipment like CT scanners [6][8] - The government has allocated significant funding to enhance early screening and intervention for COPD, with annual budgets of 40-60 million yuan supporting various provinces [8][9] Group 5: Comorbidities and Holistic Management - The trend of comorbidities among lung disease patients necessitates a comprehensive approach to treatment, addressing both respiratory and other chronic conditions like diabetes and hypertension [10][13] - The concept of "severe lung cancer" has emerged, highlighting the need for integrated management strategies that consider the patient's overall health status and comorbidities [10][11] Group 6: Policy and Collaborative Efforts - The National Health Commission's action plan emphasizes the importance of collaboration between healthcare institutions to manage chronic respiratory diseases effectively [14] - Recommendations include joint prevention and management of chronic diseases, promoting multidisciplinary cooperation to enhance treatment capabilities for complex cases [14]

肺部疾病存在"共患病"现象和肺癌"慢病化"趋势。 据中国医学科学院北京协和医院教授张力回忆，大约在十多年前，当上海复旦大学附属中山医院呼吸内 科主任白春学为中国肺癌医生撰写《小结节指南》时，他用了一个非常醒目的题目"要点亮被人们遗忘 的角落——肺小结节"，那时候国内对肺小结节关注的人不是特别多。 5种肺部疾病造成我国一年近2700亿元的治疗花销，这一治疗花销逼近全国一年疾病总治疗费用的6％， 约占当年（2022年）GDP的0.2％。 在近日召开的博鳌亚洲论坛全球健康论坛2025年北京会议期间，国家卫健委卫生发展研究中心研究员万 泉揭示了这组最新的疾病负担数据。这五种主要肺部疾病按照年治疗费用由高到低分别是肺炎、慢阻 肺、肺癌、肺结核和哮喘。 "近年来，我国慢性呼吸疾病的患病率呈现先下降后上升的情况，值得高度关注。"世界卫生大会中国政 府顾问，国家心理健康和精神卫生防治中心主任付强同样提出警示。 社会老龄化和疾病年轻化的趋势正加剧肺部慢病的疾病负担。万泉举例说，在过去20年中，65~85岁之 间老年人占整个慢阻肺疾病费用的65%；近年来我国45岁左右中年人肺癌发病率明显提升，在每年约 600亿元的肺癌治疗费用中 ...