（文章来源：证券日报） 证券日报网讯 12月10日，国际医学在互动平台回答投资者提问时表示，国家推进基本医保省级统筹是 健全全民医保制度的重要举措，有利于增强医保制度的保障能力，提高基金使用效率，满足群众的多元 化医疗需求。省级统筹强化了基金在区域内的统一调度与支付能力。公司旗下医院打造了脑科、心血 管、消化、胸科、肿瘤、血液病、骨科等多个优势专科，开展了一系列技术含量高、难度大的复杂型医 疗项目，构建了坚实的医疗"护城河"。经过近几年的发展，公司旗下医疗机构外地患者占比从刚开诊时 的不足10%增长至2025年第3季度的42%。公司在服务本地患者的同时，也在发挥辐射作用，加快构建 立足西安，覆盖陕西，辐射中西部的综合医疗服务版图。在此背景下，公司作为区域内优质医疗资源提 供者的价值将更加凸显。面对行业变革，公司积极调整业务结构，增强服务附加值，在医美整形、康 复、妇儿、健康管理、中医、辅助生殖、精神心理、特需服务、老年护理、质子治疗等板块进行布局， 满足群众日益增长的多样化健康需求。 ...

Core Insights - The core focus of the national medical reform is to establish a "tiered diagnosis and treatment" system and implement a healthcare payment reform primarily based on DRG/DIP [1] Group 1: Industry Trends - The reform aims to guide medical institutions towards enhancing service quality and innovating service models, with tertiary hospitals being more competitive in complex case management, clinical pathway optimization, and medical resource utilization efficiency [1] - The company is actively adjusting its business structure to enhance service value and build competitive advantages through differentiated strategies [1] Group 2: Company Strategy - The company has developed multiple specialized departments, including neurology, cardiovascular, digestive, thoracic, oncology, hematology, and orthopedics, and is engaged in high-tech, complex medical projects that align with the DRG reform direction [1] - The company is expanding into various business segments such as aesthetic medicine, rehabilitation, maternal and child health, health management, traditional Chinese medicine, assisted reproduction, mental health, and special services [1] - The company is also opening specialized departments like elderly care facilities, Huibin departments, and proton therapy to meet market demand [1]

Core Viewpoint - The company is undergoing significant transformation and growth, driven by strategic initiatives and market dynamics, while addressing challenges posed by industry policies and competition [2][4]. Industry and Company Development Trends - The company has eliminated goodwill and COVID-19 related reporting interference, leading to a critical period for increasing market concentration among leading firms as the industry accelerates the exit of smaller players [2]. - Despite pressures from policies like DRG and centralized procurement, these have also catalyzed the company's business and product structure transformation, enhancing market share through a "product + service + digitalization" model [2]. Five-Year Strategic Plan and Half-Year Performance - Cost Control: The company achieved over a 25% reduction in procurement costs, with management and financial expenses decreasing by 16% and 29% year-on-year, respectively [3]. - Technical Competitiveness: Key business areas such as pathogen tNGS, hematology, and tumor companion diagnostics grew by 35%, 22%, and 20%, respectively, with special inspection revenue now accounting for 47.63% of diagnostic service revenue, up 7.32 percentage points from the end of 2024 [3]. - Development of Proprietary Products: The Kai Le Pu reagent consumables business grew by 43%, and the company has integrated smart products into its core strategy, launching a three-year plan for medical AI [3]. - Customer Structure Optimization: The company signed 1,036 new clients, including 133 tertiary hospitals, with revenue from tertiary hospitals now making up 49.28% of total revenue, an increase of 6.46 percentage points from the end of 2024 [3]. - Internationalization Progress: The company’s Vietnam branch received ISO15189 certification and is actively expanding into the "Belt and Road" markets, collaborating with domestic IVD companies to develop business in the Middle East [3]. Investor Inquiry Response Highlights - Impact of Package Splitting Policy: The company is enhancing competitiveness through regional integration and cost reduction, aiming to maintain stable gross margins and expand market share [4]. - Accounts Receivable and Cash Flow: The company expects better cash flow from regular business in the second half of the year, with COVID-19 related receivables anticipated to be fully accounted for by year-end [4]. - Development of Technical Talent: The company is advancing discipline construction and talent acquisition, having introduced 107 new testing projects and initiated a training program for commercial talent [4]. - Market Share and Precision Centers: The company is rapidly increasing market share, with 61 precision centers now profitable, and expects a doubling of revenue from precision centers by year-end compared to the previous year [4]. - Smart Product Advantages and Planning: The company’s smart product revenue has already surpassed the total for the previous year, with plans for product pipeline updates in the second half [4]. - Service Gross Margin Improvement: The service gross margin has increased by 0.8 percentage points year-on-year, with expectations for this trend to continue [4]. - Data Asset Value: The company conducts approximately 160 million tests annually, accumulating over 20PB of data, which can be utilized for research, AI training, and customer data services [4]. - Outbound Planning Progress: The company is promoting its services and products internationally through a "product + service + digitalization" approach, leveraging the "Belt and Road" initiative [4].