在医疗器械行业，大家熟悉的行业组织通常有三类： 学会（临床主导）、协会（行业管理或服务）、基金会 （公益与学术支持） 。 然而在全球创新型产业中，还有一类发挥关键作用但常被忽视的组织形式—— 产业联 盟（Industry Alliance） 。 与协会、学会或基金会不同， 产业联盟更像"产业协同的节点" ： 既不是监管方，也不是医院体系，也不是单一技术公司的延伸， 而是 让产业链上下游——研发、企业、医院、投资、供应链、应用机构——能够在一个共同平台上对话和协 作 。（相同的是，产业联盟也是非盈利机构，社会组织，同样可以制订标准、组织行业会议等。） 在半导体、人工智能、智能汽车、新能源、通信标准、高端制造等产业中， 许多关键技术和生态的建立，都 离不开产业联盟。医疗器械行业同样需要这种组织。 一、产业联盟是什么？与协会/学会有什么不同？ 协会：更像"行业管理者" （制定规则、协调行业） 学会：更像"专业共同体" （关注学术发展与临床） 产业联盟：更像"创新协同平台" （让产业要素真正连接、推进） 产业联盟通常在政府部门指导下，由企业、科研机构、投资机构等产业链上下游共同参与，围绕某一产业的关 键问题进行协作。 ...

Core Viewpoint - 嘉和美康, a leading company in the domestic medical information industry, has faced challenges in its financial performance while actively investing in AI and product upgrades to enhance its competitive position [2][6]. Group 1: Company Overview - 嘉和美康 was established on March 3, 2006, and listed on the Shanghai Stock Exchange on December 14, 2021, with its headquarters in Beijing [1]. - The company specializes in the research and industrialization of medical information software and has maintained the highest market share in China's electronic medical records industry for 11 consecutive years [1]. Group 2: Financial Performance - For Q3 2025, 嘉和美康 reported revenue of 330 million yuan, ranking 60th among 102 companies in the industry, while the industry leader, 上海钢联, achieved revenue of 57.318 billion yuan [2]. - The net profit for the same period was -190 million yuan, placing the company 98th in the industry, with the top performer, 德赛西威, reporting a net profit of 1.805 billion yuan [2]. - The company's asset-liability ratio stood at 40.12%, higher than the industry average of 31.94%, and increased from 33.46% in the previous year [3]. - 嘉和美康's gross margin was 20.20%, significantly below the industry average of 41.71%, and down from 47.29% year-on-year [3]. Group 3: Shareholder Information - As of September 30, 2025, 嘉和美康 had 7,592 A-share shareholders, an increase of 1.84% from the previous period, with an average holding of 18,100 circulating A-shares, a decrease of 1.80% [5]. - The top ten circulating shareholders included 长城消费增值混合A, which held 2 million shares, down by 410,000 shares from the previous period [5]. Group 4: Management and Compensation - The chairman and general manager, 夏军, received a salary of 1.26 million yuan in 2024, an increase of 981,000 yuan from 2023 [4]. Group 5: Industry Outlook and Future Projections - 中泰证券 noted that while 嘉和美康's performance was under pressure in the first half of 2025, the medical information industry has significant growth potential, with the company actively expanding into the medical AI sector [5]. - The company plans to launch a smart clinical solution, C-Fusion 1.0, and is focused on upgrading its product system through increased R&D investment [5]. - 华泰证券 maintained its profit forecast for 嘉和美康, projecting net profits of 44 million, 102 million, and 191 million yuan for 2025 to 2027, respectively, and set a target price of 44.48 yuan [6].

Core Viewpoint - The city of Tai'an is actively promoting the construction of "waste-free hospitals" as part of its broader initiative to develop a "waste-free city," contributing to green, low-carbon, and high-quality urban development [1][2]. Group 1: Achievements in "Waste-Free Hospital" Construction - Tai'an has established 5 provincial-level "waste-free hospitals" and 19 municipal-level "waste-free hospitals," with 2 exemplary cases included in the provincial list, demonstrating significant progress in this initiative [1]. - The city’s health commission has integrated "waste-free hospital" construction into the high-quality development framework of the health system, ensuring clear responsibilities and effective implementation through a structured work mechanism [2]. Group 2: Key Strategies and Actions - The health commission has emphasized the use of technology to enhance management efficiency, including the adoption of 5G smart logistics for precise material distribution and advanced wastewater treatment processes to ensure compliance with standards [2]. - A green operational model has been established focusing on "source reduction—process control—resource utilization," with initiatives such as electronic medical records, paperless operations, and strict medical waste classification leading to a 100% safe disposal rate of medical waste [2]. Group 3: Community Engagement and Future Plans - The city has engaged over 2,200 volunteers and distributed more than 20,000 promotional materials to raise awareness of the "waste-free" concept among healthcare workers and citizens, fostering a collaborative environment [3]. - The health commission plans to further consolidate the achievements of "waste-free hospitals," optimize medical processes, and explore new pathways for waste reduction and resource utilization to enhance the green operational level of medical institutions [3].

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]

Group 1 - The core stock price of Jiahe Meikang on July 30 was 35.24 yuan, down 1.76 yuan or 4.76% from the previous trading day [1] - The opening price on the same day was 36.00 yuan, with a highest price of 36.58 yuan and a lowest price of 34.80 yuan, resulting in a trading volume of 52,810 hands and a transaction amount of 188 million yuan [1] - Jiahe Meikang operates in the medical services sector, focusing on medical information technology, including the development, sales, and technical services of medical information systems [1] Group 2 - On July 29, the company announced that shareholder Guoshou Chengda plans to reduce its holdings by no more than 4.1276 million shares, accounting for 3% of the total share capital, between August 20 and November 19, 2025, due to personal funding needs [1] - On July 30, the net outflow of main funds for Jiahe Meikang was 26.4766 million yuan, representing 0.55% of the circulating market value [2]

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].