Core Viewpoint - The company reported a significant loss in the third quarter primarily due to the impact of centralized procurement on its product, Du Yi Wei [2] Group 1: Financial Performance - The third quarter loss was mainly attributed to the substantial impact of centralized procurement on Du Yi Wei Pharmaceutical [2] - The execution and implementation period of centralized procurement after winning bids at the beginning of the year led to a decline in sales during the execution phase [2] - The price drop resulting from the centralized procurement directly affected the company's financial performance, with the peak impact observed in the third quarter due to settlement delays [2] Group 2: Market Recovery Efforts - As of September, sales of Du Yi Wei products have shown signs of recovery after a period of decline [2] - The company is actively responding to the market situation post-centralized procurement by focusing on restoring growth in existing markets [2] - Additionally, the company is increasing efforts to develop untapped regions, aiming for a rebound in performance [2]

Core Insights - The company reported a decline in revenue for its medical services segment, with a total of 2.018 billion yuan, representing a year-on-year decrease of 13.88% due to adjustments in medical insurance payment policies [2] - The gross profit margin for the medical services segment improved by 1.1 percentage points year-on-year, attributed to structural adjustments and cost management efforts [2] - The pharmaceutical segment experienced a significant revenue drop to 238 million yuan, down 60.46% year-on-year, primarily due to the impact of centralized procurement on the pricing and sales volume of its unique product series, resulting in losses for the segment [2]

Revenue Performance - Medical services segment achieved revenue of 2.018 billion CNY, a year-on-year decrease of 13.88% due to adjustments in medical insurance payment policies [2] - Pharmaceutical segment reported revenue of 238 million CNY, down 60.46% year-on-year, primarily impacted by centralized procurement of the "Duyiwai" series products [2] Cost Management - Sales expenses decreased by 35% year-on-year, mainly due to reduced sales expenses in the pharmaceutical segment following price drops from centralized procurement [3] - Management expenses fell by 23% year-on-year through strict budget management and performance reforms [3] - Drug cost ratio was 36%, down 4 percentage points year-on-year, while effective revenue ratio increased by 3 percentage points [3] Operational Adjustments - Bed occupancy rate was nearly 80%, slightly down year-on-year, as the company adjusted patient admission strategies in response to ongoing medical insurance payment reforms [6] - Plans to add over 2,000 beds, representing a 30% increase, with new facilities under construction [6] Future Outlook - The company aims to stabilize and improve pharmaceutical segment performance through refined sales strategies and market coverage [7] - Anticipates significant recovery in performance starting from September, driven by proactive measures and strategic investments [8] - Focus on enhancing "health technology" positioning and exploring innovative business segments for future growth [8]

Investment Rating - The investment rating for the company is "Buy" [1][5] Core Views - The report highlights that the negative impact of policy adjustments on the medical service industry is concentrated, but various business segments are expected to gradually stabilize and recover [3][5] - The company's medical service revenue for the first half of 2025 was 1.378 billion yuan, down 14.84% year-on-year, but the gross margin for medical services increased by 0.99 percentage points, indicating stable profitability [5] - The report anticipates that the aging population will continue to drive demand for medical services, leading to a potential recovery in the company's medical service business [5] Financial Summary - Revenue projections for 2025 to 2027 are 3.366 billion yuan, 3.649 billion yuan, and 3.946 billion yuan, with year-on-year growth rates of -11.4%, 8.4%, and 8.1% respectively [4][5] - The net profit attributable to the parent company is expected to be 87 million yuan, 106 million yuan, and 140 million yuan for the same period, with growth rates of -24.3%, 21.6%, and 32.7% respectively [4][5] - The current price-to-earnings (PE) ratios are projected to be 83.9, 68.9, and 52.0 for 2025, 2026, and 2027 respectively [4][5] Business Performance - The company's pharmaceutical and medical product revenue for the first half of 2025 was 208 million yuan, down 44.66% year-on-year, primarily due to the impact of centralized procurement [5] - The report suggests that the pharmaceutical business may stabilize as the company increases its efforts in grassroots market development and expands its market coverage [5]

证券代码：002219 证券简称：新里程 新里程健康科技集团股份有限公司 投资者关系活动记录表 编号：2025-02 投资者关系 活动类别 □ 特定对象调研 □ 分析师会议 □ 媒体采访 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 □ 其他 参与单位名称 通过全景网"投资者关系互动平台"参会的投资者 时间 2025 年 4 月 30 日 地点 全景网"投资者关系互动平台" （https://rs.p5w.net） 上市公司接待人员 姓名 副董事长张延苓，独立董事王敬民，财务总监刘军，副总裁、董事会 秘书徐旭，副总裁朱钿 投资者关系活动 主要内容介绍 公司于 2025 年 4 月 30 日 16:00-17:00 通过全景网"投资者关 系互动平台"举行 2024 年度网上业绩说明会，本次业绩说明会采用 网络远程的方式举行，业绩说明会问答环节主要内容如下： 问：公司本期盈利水平如何？ 答：投资者您好，公司 2024 年实现营业收入 37.99 亿元；归母 1 净利润 1.15 亿元，同比增长 296.13%。感谢您的关注。 问：公司 2024 年的收入，有多少是来自医院的？门诊和住院的 收入分别有多少 ...

Financial Performance - In 2024, the company achieved a revenue of CNY 3.799 billion, a decrease of 2.95% compared to 2023 [3] - The medical services sector generated CNY 3.05 billion, while the pharmaceutical sector contributed CNY 750 million [3] - Net profit attributable to shareholders was CNY 115 million, marking a significant increase of 296.13% [3] - Cash flow from operating activities reached CNY 439 million, an increase of 36.64% year-on-year [3] - As of year-end, total assets amounted to CNY 6.677 billion, with net assets at CNY 1.985 billion [3] - The weighted average return on equity improved to 5.16%, up by 4.02 percentage points from 2023 [3] - In Q1 2025, revenue was CNY 796 million, with a net profit of CNY 25.65 million [3] Operational Strategies - The company is focusing on a "medical + pharmaceutical" dual-driven strategy to enhance brand image and market influence [4] - Plans to expand hospital capacity and improve service quality through specialized committees and management practices [4] - The pharmaceutical sector aims to increase revenue through R&D, acquisitions, and channel reforms [4] - The company is actively pursuing mergers and acquisitions to enhance business scale and performance [4] Insurance and Revenue Structure - In 2024, insurance revenue accounted for 52% of total income, with a payment cycle of 2-3 months [4] - The company is implementing strategies to improve insurance settlement rates amidst existing pressures [4] - The introduction of DRG 2.0 in several hospitals aims to manage costs and enhance service quality [6] Technological Integration - All hospitals have adopted DeepSeek for AI applications, enhancing operational efficiency and patient data management [11] - The AI implementation has improved patient understanding of their health status and increased the quality of medical records [11] Market Position and Future Outlook - The price reduction of the Du Yi Wei product line by approximately 34% post-collection has led to a decrease in revenue but minimal impact on overall profit [14] - The company holds over 80% market share for the Du Yi Wei series, indicating strong product recognition and quality [14] - Future plans include optimizing product structure and seeking acquisitions to enhance market competitiveness [14] Asset Management - The company is planning continuous asset injections from the controlling shareholder, with a focus on compliance and market conditions for pricing [15] - The strategy aims to leverage favorable regulatory policies for mergers and acquisitions [15]