齐鲁晚报·齐鲁壹点 郭健 9月30日，记者从泰安市政府新闻办召开的新闻发布会上了解到，近年来，泰安市将"无废城市"建设作 为推动城市绿色低碳高质量发展的一项重要举措和系统工程，全力构建固体废物治理新格局。 构建绿色体系，推动循环发展。着力构建"源头减量—过程管控—资源利用"的绿色运行模式。在源头减 量上，全面推行电子病历、无纸化办公、绿色采购；在过程管控上，严格执行医疗废物分类收集和规范 处置，实现医疗废物安全处置率100%；在资源利用上，建立可回收物回收机制，通过与专业的回收企 业合作，实现了可回收物100%回收利用，提高了资源利用效率，减少了资源浪费。 广泛宣传动员，营造共建氛围。通过张贴海报、发放倡议书、新媒体宣传等多种形式，广泛传播"无 废"理念。全市累计组织志愿者2200余人次，发放宣传材料2万余份，发布新闻报道20余篇，切实增强了 医务人员和市民的环保意识，形成了全员参与、共建共享的良好局面。 下一步，市卫健委将继续巩固"无废医院"建设成果，进一步优化医疗流程，探索废弃物减量和资源化利 用新路径，持续提升医疗机构绿色运营水平，为泰安"无废城市"建设注入更多卫健动能。 （齐鲁晚报·齐鲁壹点客户端欢迎 ...

Core Insights - The company reported a significant decline in revenue and net profit for the first half of 2025, with revenue at 219 million yuan, down 27.22% year-on-year, and a net profit of -116 million yuan compared to -27 million yuan in the same period last year [1] - The decrease in performance is attributed to delayed customer demand, slow bidding processes, tightened hospital budgets, increased industry competition, and rising implementation costs due to project delays [1] - The company is a leader in electronic medical records and anticipates that AI healthcare demand will enhance its value proposition in the future [1] Financial Performance - The gross margin for the first half of 2025 was 20.52%, a decrease of 27.51 percentage points, primarily due to extended project delivery cycles increasing cost pressures [2] - The sales, management, and R&D expense ratios were 19.35%, 17.52%, and 29.61%, respectively, with increases of 2.95, 1.31, and 4.26 percentage points, driven by rigid personnel costs and increased R&D investments [2] - R&D investment accounted for 43.36% of revenue, up 2.64 percentage points year-on-year, reflecting the company's commitment to enhancing its core technology and long-term competitiveness [2] Product Development - The company upgraded its core product, the electronic medical record system, integrating AI capabilities through the development of the Jiahe domain-specific medical model [3] - A new generation of intelligent electronic medical record platform (V7) was launched, featuring a microservices and B/S architecture, achieving full-stack compatibility and deep integration with the Jiahe medical model [3] - The company has accelerated the commercialization of AI products, with four core solution scenarios implemented in several large tertiary hospitals [3] Competitive Advantage - The company is enhancing its AI capabilities by upgrading its data center products into a multimodal intelligent platform, improving data governance and efficiency [4] - The integration of AI in emergency medical services has led to the development of a comprehensive platform that generates treatment plans and predicts mortality risk based on extensive data training [4] - The focus is on empowering clinical, research, teaching, and management scenarios with AI to enhance the competitiveness of medical products [4] Profit Forecast and Valuation - The profit forecast remains unchanged, with expected net profits of 44 million, 102 million, and 191 million yuan for 2025-2027 [5] - The company is assigned a target price of 44.48 yuan based on a 60x 2026 PE ratio, reflecting its strengthened competitiveness in the medical AI sector [5]

证券研究报告 25H1 毛利率短期承压，研发投入持续提升 25H1 公司毛利率为 20.52%，同比下降 27.51pct，主要由于部分客户的项 目实施交付周期延长，导致成本端压力增大。销售/管理/研发费率分别为 19.35%/17.52%/29.61%，同比+2.95/+1.31/+4.26pct，费用率提升主要是 由于人员成本支出偏刚性以及公司加大研发投入。公司保持高研发投入，持 续迭代医疗 AI 技术与产品，增强核心技术壁垒与长期竞争力，25H1 研发投 入占收入比为 43.36%，同比提升 2.64pct。根据 IDC 数据，公司 2024 年 在电子病历细分市场排名第一，连续第 11 年蝉联市场第一。 重磅升级核心产品电子病历，深度融合 AI 能力 公司自主研发嘉和垂域医疗大模型，25 年 4 月，"北医三院-嘉和美康医学 信息人工智能联合研发实验室"发布"三院灵智"智能体系。公司 25 年初 推出新一代智能电子病历平台（V7），采用微服务与 B/S 架构，实现国产 化全栈适配，深度融合嘉和医疗大模型，构建多层病历生成、医保联动临床 路径及病案内涵质控，实现深度、广度、效率、质量全面领先。在技术突破 ...

Core Viewpoint - The Beijing University Third Hospital's Haidian North Campus has officially opened its wards, enhancing medical services in the Haidian District and expanding its capacity to serve the local population [1] Group 1: Hospital Overview - The Haidian North Campus occupies over 9,600 square meters and has a planned total of 400 beds [1] - The campus is an important part of the Haidian District's medical center and is directly managed by the main hospital [1] Group 2: Medical Services and Facilities - The hospital has expanded its departments, including hematology, neurology, cardiology, respiratory and critical care, gastroenterology, rehabilitation, and orthopedics, to improve service quality [1] - Advanced medical equipment is available to support outpatient, emergency, inpatient, and surgical services, ensuring comprehensive care for various diseases and critical conditions [1] Group 3: Technological Integration - The hospital will implement electronic medical records, mobile payments, and online follow-up consultations as part of its smart healthcare initiatives [1] - The aim is to explore smart campus construction to provide more efficient and convenient services for patients [1]

嘉和美康7月30日股价报35.24元，较前一交易日下跌1.76元，跌幅4.76%。当日开盘价为36.00元，最高 触及36.58元，最低下探34.80元，成交量为52810手，成交金额达1.88亿元。 嘉和美康属于医疗服务板块，公司专注于医疗信息化领域，主要业务包括医疗信息系统研发、销售和技 术服务。公司产品涵盖电子病历、医院信息平台、医疗大数据分析等多个方向。 7月29日公司公告显示，股东国寿成达计划在2025年8月20日至11月19日期间减持不超过412.76万股，占 总股本比例3%。减持原因为股东自身资金需求。 7月30日数据显示，嘉和美康主力资金净流出2647.66万元，占流通市值的0.55%。 风险提示：投资有风险，入市需谨慎。 ...

Core Viewpoint - Public hospitals are essential to China's healthcare system, and achieving high-quality development is their unwavering goal. Strengthening smart hospital construction, enhancing medical humanistic quality, and ensuring medical quality and safety are crucial for promoting high-quality development and improving patient satisfaction and experience [1]. Group 1: Smart Hospital Construction - The "Opinions on Promoting High-Quality Development of Public Hospitals" emphasizes the need for a "three-in-one" smart hospital construction, which includes electronic medical records, smart services, and smart management [1]. - To achieve the goal of a "three-in-one" smart hospital, medical institutions should focus on two main aspects: first, improving top-level design by creating a comprehensive policy framework for smart hospital construction and establishing a dedicated coordination group [1]. - Second, institutions should ensure that key tasks are effectively implemented, enhancing the functionality of electronic medical record systems and establishing a unified medical data platform for interconnectivity among different departments and systems [1]. Group 2: Enhancing Patient Experience - Smart services are vital for improving patient satisfaction and accessibility to quality medical services. The hospital focuses on treating complex and critical cases and advancing core technologies for major diseases based on clinical needs [2]. - The hospital has planned the construction of high-end health check centers and international outpatient services to cater to diverse patient needs, while also implementing smart navigation systems to streamline patient visits [2]. - To improve patient efficiency, the hospital promotes day surgery and day chemotherapy models, allowing patients to return home on the same day after treatment, thus minimizing disruption to their daily lives [2]. Group 3: Patient-Centered Care - The hospital emphasizes a patient-centered approach, enhancing nursing humanistic care through initiatives like the palliative care project and establishing a health protection network that spans hospitals, communities, and homes [3]. - The hospital actively engages in health initiatives for the elderly and children, improving their medical experience and linking with charitable organizations for special patient assistance [3]. - The focus on quality and safety in medical services is reinforced by integrating quality control into clinical specialty capacity building, standardizing treatment processes, and utilizing information technology for real-time monitoring of medical quality [3].

Core Viewpoint - The eighth health ministerial meeting of the Shanghai Cooperation Organization (SCO) emphasized the importance of digital health as a key driver for regional health cooperation and economic transformation, with a focus on emergency medicine, primary health care, digital health, and traditional medicine [1][2]. Group 1: Digital Health Initiatives - The meeting highlighted the need for member countries to strengthen cooperation in the application of digital health technologies to innovate and develop health services [2]. - The SCO Secretary-General pointed out the organization's commitment to the digital transformation of healthcare, particularly in telemedicine, supported by the "Telemedicine Cooperation Concept" established at the 2022 Samarkand Summit [1][2]. - The digital health system in Xi'an demonstrated the effectiveness of digital healthcare, allowing for real-time uploads and diagnostics, showcasing the benefits of digital health advancements [2]. Group 2: International Collaboration and Standards - The World Health Organization (WHO) is working with countries to develop digital health strategies that enhance the accessibility and quality of healthcare services through telemedicine and electronic health records [3]. - There is a call for China to collaborate with other countries in developing new medical technologies, including artificial intelligence, and to help establish international standards in the digital health sector [3]. - The successful hosting of the health ministerial meeting lays a solid foundation for the upcoming SCO summit in Tianjin, China, in 2025, furthering health cooperation among member states [3].