加强AI医疗布局，技术赋能医疗创新 8月28日，美中嘉和（02453）披露2025年中期业绩。截至2025年6月30日，公司实现营收2.01亿元，其 中医院业务实现营收1.53亿元，同比增长11.2%，在同业普遍营收下滑的大背景下，美中嘉和展现出差 异化的营收增长曲线。此外，毛利润0.4百万元，相较于去年同期亏损0.35亿元，公司盈利能力大幅好 转，取得扭亏为盈的关键里程碑进展。 医院业务经营稳健，盈利拐点显现 美中嘉和作为我国首家在肿瘤治疗领域对标国际领先水平的医疗集团，在2025年继续展现出其在高端医 疗服务领域的竞争优势和发展潜力。从基本医疗保险基金支付（医保）占比来看，公司2025年医保占比 为25%，相较2024年同期41%明显下降；分业务部门来看，公司医院业务实现营收1.53亿元，同比增长 11.2%，占公司营收比重约为76.3%。随着华南地区首个质子治疗中心在美中嘉和旗下广州泰和肿瘤医 院投入运营，公司医院业务盈利拐点显现，医院业务毛利率由去年同期的-22.1%上升至2025年上半年的 0.4%，可以预见的是，随着未来广州医院的经营持续爬坡，将有效驱动集团整体盈利能力的增强。 相关资料显示，美中 ...

Core Viewpoint - The Shenzhen Proton Therapy Center has officially opened, marking the first integrated medical, research, and teaching facility for proton therapy in South China, providing advanced cancer treatment services [1][2]. Group 1: Facility Overview - The center covers a total area of 35,000 square meters and is equipped with 5 treatment rooms and 300 beds, utilizing the IBA Proteus PLUS proton therapy system [1]. - Over 70% of cancer patients require radiotherapy, which traditionally damages surrounding healthy tissues; proton therapy minimizes this damage through its unique "Bragg Peak" effect [1][2]. Group 2: Clinical Trials and Patient Experience - The Shenzhen Proton Therapy Center has begun recruiting for clinical trials, with the first patient, referred to as Zhang, reporting minimal side effects from the treatment [2]. - The center aims to address the issue of local patients needing to travel for advanced cancer treatment, filling a significant gap in Shenzhen's healthcare offerings [2]. Group 3: Strategic Importance - The launch of the center is expected to enhance the overall treatment capabilities of Shenzhen hospitals and promote integrated development between medical institutions in Beijing and Shenzhen [3]. - The center is positioned to provide international-level precision radiotherapy services, potentially extending its influence to the Guangdong-Hong Kong-Macao Greater Bay Area and Southeast Asia, reinforcing Shenzhen's status as a key cancer treatment hub in southern China [3].

Core Insights - The DRG (Diagnosis-Related Group) payment reform in China is set to deepen in 2025, aiming to optimize resource allocation, control costs, and improve medical efficiency [1] - The DRG/DIP (Disease Value Payment) system will cover all eligible medical institutions by the end of this year, transitioning to a fixed payment model based on disease grouping rather than itemized billing [1] - The adjustment in payment policies may suppress average costs and hospitalization rates in the short term, but will encourage healthcare institutions to focus on refined management and cost control in the long term [2] Company Strategies - The company is focusing on high CMI (Case Mix Index) disease categories such as neurosurgery and oncology, while also undertaking complex medical projects to establish a leading advantage [3] - The company is implementing a differentiated strategy by expanding into high-value medical health markets, including specialized services in areas like aesthetic medicine, reproductive health, and proton therapy [3][4] - The company has developed a comprehensive health service platform that integrates medical services, rehabilitation, and elderly care, aiming to enhance operational efficiency and overall performance [5] Market Positioning - The company is actively pursuing multi-dimensional strategies to adapt to the changing healthcare landscape, emphasizing refined operations, cost control, and revenue structure adjustments [2] - The establishment of the proton therapy center, expected to be operational by the end of 2025, positions the company as a key player in advanced cancer treatment in the Northwest region [4] - The company is leveraging its medical capabilities to provide VIP services and comprehensive health management, enhancing its competitive edge in the market [4][5]

Core Viewpoint - Proton therapy has emerged as a preferred treatment option for ocular malignant tumors, particularly for preserving the eye in patients diagnosed with choroidal malignant melanoma, as demonstrated by the successful case of Mr. Zheng [2][8]. Group 1: Patient Experience and Treatment Journey - Mr. Zheng initially experienced vision problems, which led to a diagnosis of choroidal malignant melanoma, resulting in the recommendation for eye removal [1][2]. - After seeking treatment at Guangzhou Taihe Tumor Hospital, Mr. Zheng underwent proton therapy, which allowed him to preserve his eye and stabilize his condition [1][2][10]. - The emotional impact of potentially losing an eye was profound for Mr. Zheng, highlighting the importance of maintaining one's sense of completeness and dignity [1][2]. Group 2: Advantages of Proton Therapy - Proton therapy offers a precise treatment method that minimizes damage to surrounding healthy tissues, making it particularly suitable for eye tumors [7][9]. - The unique physical properties of proton therapy, such as the "Bragg peak," allow for maximum energy release at the tumor site, ensuring targeted treatment [7][9]. - Clinical studies indicate that proton therapy has a local control rate of 96.4% and an eye preservation rate of 95.0%, significantly improving patients' quality of life [7][9]. Group 3: Technological and Institutional Support - Guangzhou Taihe Tumor Hospital is equipped with advanced proton therapy technology, including the Varian ProBeam system, which is the first of its kind in South China [8][9]. - The treatment protocols followed international standards set by institutions like MD Anderson Cancer Center, ensuring high-quality care [9][10]. - A multidisciplinary team of experts, experienced in both domestic and international practices, contributed to the successful treatment of Mr. Zheng, emphasizing the importance of collaborative care [9][10].

Group 1: Core Themes of the Event - The event "Charming China, Moving Forward" aims to showcase Hefei's new productive forces and high-quality economic development through a 100-hour media coverage [1] - The focus areas include technological innovation, industrial development, and cultural tourism integration, highlighting Hefei's transformation into a vibrant city [1] Group 2: Technological Advancements - Hefei is breaking new boundaries in human understanding with national laboratories and significant scientific achievements, including advancements in deep space exploration and steady magnetic fields [3] - The city is committed to building a comprehensive national science center, with 13 major scientific facilities established or under development, focusing on quantum information, fusion energy, and deep space exploration [5] Group 3: Industrial Development - Hefei's industrial backbone is formed by six trillion-yuan-level industrial chains, including new energy vehicles, advanced photovoltaics, and artificial intelligence, with the new industries accounting for 56% of the industrial output [8] - Traditional industries are undergoing transformation, with a collaborative ecosystem of leading enterprises, industrial chains, and clusters driving growth [8] Group 4: Global Connectivity - Hefei is leveraging multiple national opportunities, such as the Yangtze River Economic Belt and the Belt and Road Initiative, to enhance its global trade connections [9] - The city has established several national-level open platforms, including a free trade zone and a cross-border e-commerce pilot zone, facilitating international trade and investment [9] Group 5: Cultural and Tourism Development - Hefei is enhancing its cultural and tourism sectors, with initiatives like "Science Tourism" and the development of ecological parks and creative industries [10][12] - The city has been recognized as a national garden city and a model for educational tourism, attracting talent and fostering innovation [12] Group 6: Demographic and Economic Growth - Hefei's population is projected to reach 10.002 million by 2024, with a GDP of 1.35 trillion yuan, reflecting its rapid urbanization and economic expansion [12]

Core Viewpoint - Proton therapy is redefining breast cancer recovery by providing effective treatment without compromising the patient's future health and quality of life [1][5]. Group 1: Patient Experience and Benefits - A young HER2-positive breast cancer patient successfully underwent proton therapy, experiencing minimal side effects and expressing gratitude for the treatment's impact on her quality of life [1]. - Proton therapy has been successfully implemented for multiple breast cancer patients at Guangzhou Taihe Cancer Hospital, emphasizing its role in enhancing both longevity and quality of life [1]. Group 2: Suitable Patient Demographics - Proton therapy is particularly beneficial for left-sided breast cancer patients due to its ability to significantly reduce radiation exposure to the heart and coronary arteries [3]. - Patients requiring irradiation of the internal mammary lymph nodes, those with unique anatomical structures, young patients under 50, and those needing re-irradiation for local recurrence can also benefit from proton therapy [3][4]. Group 3: Advantages of Proton Therapy - The unique physical properties of proton therapy, such as the Bragg Peak, allow for precise targeting of tumors while minimizing damage to surrounding healthy tissues, which is crucial for protecting vital organs [5]. - Proton therapy reduces the risk of secondary cancers by limiting unnecessary radiation exposure to healthy tissues, making it especially important for younger patients with longer life expectancies [5][6]. - The treatment offers better dose distribution, potentially improving local control rates for complex cases [5]. Group 4: Treatment Applications - Proton therapy serves as an adjunctive treatment post-surgery, effectively targeting residual cancer cells while maximizing protection of the heart and lungs [7]. - It can be used as a curative option for patients unable to undergo surgery due to severe comorbidities, either alone or in combination with systemic therapies [8]. - Proton therapy can be integrated with other treatments, such as chemotherapy and targeted therapies, to enhance local toxicity control and optimize treatment outcomes [9].

Summary of Proton and Heavy Ion Therapy Industry Conference Call Industry Overview - The National Health Commission has relaxed licensing for proton and heavy ion therapy, benefiting private hospitals [2][3] - Approximately 53 licenses for proton and heavy ion therapy have been issued in China, but the number of operational centers remains low compared to Europe and the US [3][7] - The latest policy allows non-public hospitals to apply for licenses, which is favorable for private hospitals [3] Key Company Insights - Guangzhou Taikang Cancer Hospital's proton center has been operational since late 2024, treating nearly 200 patients with a single treatment costing 295,000 RMB [2][4] - The hospital's outpatient volume is close to 1,000 visits, indicating strong initial performance [4] - Revenue from proton and heavy ion therapy is approximately 60 million RMB year-to-date, but actual financial income may vary due to settlement cycles with self-pay and commercial insurance patients [5][11] - Shanghai Taihe Cancer Hospital is expected to open in 2026, with its proton center operational by 2027-2028, involving a total investment of 3 billion RMB [8] Financial Performance - The overall revenue of Guangzhou Taikang Cancer Hospital is stable compared to the previous year, with further data on other services pending [6] - The hospital aims to treat 1,000 patients in 2025, which could significantly reduce losses, although net profit may still be challenging to achieve due to high initial investments [10] Market Dynamics - The treatment is not covered by health insurance, with commercial insurance accounting for about 10%-20% of payments, which is expected to increase in the future [11] - The competitive landscape in Shanghai is robust, with the first proton center operating at full capacity, treating around 1,000 patients annually [7] Technological Developments - The company has developed an AI model for proton therapy, currently deployed in Guangzhou, with plans to expand its application to other treatment areas [14][15] - The trend in radiation therapy is moving towards more precise methods, with proton and heavy ion therapies being among the most advanced [12] Future Outlook - The company is focused on optimizing operations in its three hospitals before exploring external growth opportunities [17] - The proportion of revenue from radiation therapy exceeds 50%, highlighting its significance in the company's overall business model [18] - Pricing for proton therapy is expected to remain stable in the short term due to limited competition, but may adjust in the long term as more centers open [19] Regulatory and Competitive Landscape - The company is monitoring the impact of national healthcare price reforms on future gross margins, particularly in the context of service price reductions [13] - Domestic manufacturers are gradually improving their technology, with potential for local production to reduce treatment costs [19]

Core Viewpoint - Prostate cancer is gaining public attention, with advanced radiation therapy, particularly proton therapy, showing significant potential as a treatment option for elderly patients like Biden [1] Group 1: Treatment Landscape - Prostate cancer treatment in the U.S. is primarily radiation-based (70%) with surgery as a secondary option (30%), leading to a nearly 98% five-year survival rate [1] - Advanced radiation techniques, including proton therapy, have significantly reduced side effects such as erectile dysfunction and urinary incontinence compared to traditional methods [1] Group 2: Advantages of Proton Therapy - Proton therapy offers precise targeting of tumors, minimizing damage to surrounding healthy tissues through the Bragg peak effect, unlike traditional photon therapy which can harm adjacent organs [3] - The ability to deliver higher doses (82-87 GyRBE) to tumors without damaging surrounding tissues enhances local control rates [3] - Proton therapy significantly reduces long-term side effects, improving patients' quality of life post-treatment [3] Group 3: Patient Selection for Proton Therapy - Patients with localized prostate cancer (T1-T2) can achieve over 95% five-year biochemical recurrence-free survival with proton therapy [5] - Low-risk patients can achieve a 94%-99% five-year survival rate with minimal rectal toxicity [6] - Intermediate-risk patients benefit from combined proton therapy and short-term hormone therapy, achieving 91%-94% five-year biochemical recurrence-free survival [6] - Elderly patients or those with comorbidities experience lower rates of severe side effects with proton therapy compared to surgical options [7] Group 4: Global Application and Development - The U.S., Europe, Japan, and China are leading in the application of proton therapy for prostate cancer, with the U.S. integrating it into treatment guidelines [9] - China is rapidly developing its proton therapy capabilities, with centers like the Shanghai Proton and Heavy Ion Center reporting a 100% five-year specific survival rate for localized prostate cancer patients [10] - Clinical cases in China demonstrate the effectiveness of proton therapy in controlling tumors while minimizing side effects, enhancing patient quality of life [10]

Group 1: 2024 Overall Business Performance - The company achieved a total outpatient and emergency service volume of 2.5727 million, a year-on-year increase of 7.70% [1] - The inpatient service volume reached 205,700, reflecting a year-on-year growth of 10.73% [1] - The total operating revenue for the year was 4.815 billion, with a year-on-year increase of 4.28% [2] - The net profit attributable to the parent company was -254 million, a reduction in loss by 31.01% [2] Group 2: Q1 2025 Business Performance - In Q1 2025, the company reported an operating revenue of 999.7 million, a decrease of 14.99% compared to the same period last year [3] - The net profit attributable to the parent company was -106 million, a decline of 1.37% year-on-year [3] - The net operating cash flow was 244 million, indicating stable cash flow management [3] Group 3: 2024 Operational Highlights - Xi'an High-tech Hospital generated operating revenue of 1.525 billion, a year-on-year increase of 2.68% [3] - Xi'an International Medical Center Hospital achieved operating revenue of 3.274 billion, with a year-on-year growth of 7.60% [3] - The outpatient and emergency service volume at the International Medical Center Hospital reached 1.4182 million, a year-on-year increase of 18.88% [4] - The inpatient service volume was 139,700, reflecting a year-on-year growth of 15.32% [4] Group 4: Proton Center Project and Digitalization - The proton therapy center project is progressing, with the core component, the cyclotron, installed by June 18, 2024, and expected to be operational by the end of 2025 [5][6] - The company has completed local deployment of medical intelligent models, integrating with core business systems to enhance operational efficiency [7] Group 5: Quality Improvement and Service Expansion - The hospital is advancing its three-tier evaluation work, focusing on system optimization and quality enhancement [8] - The company is expanding into high-end medical services, including aesthetic medicine, rehabilitation, and proton therapy, to meet diverse health needs [9] - The company is adapting to ongoing healthcare policy reforms by refining operations and adjusting business structures to maintain service quality [10]

Core Viewpoint - Proton therapy has shown significant effectiveness in treating head and neck tumors, providing hope for patients who have faced challenges with traditional treatments [1][3][4] Group 1: Patient Success Stories - A patient named Sun experienced a near-complete disappearance of her nasal rhabdomyosarcoma after undergoing 30 sessions of proton therapy, alleviating her symptoms significantly [1] - Another patient, Mr. Chen, benefited from proton therapy for recurrent nasopharyngeal cancer, with significant tumor reduction observed after treatment [3] - Ms. Li, suffering from sinonasal neuroendocrine carcinoma, saw her tumor shrink from 7 cm to 2 cm after proton therapy, with substantial improvement in her quality of life [3] Group 2: Advantages of Proton Therapy - Proton therapy offers precise targeting of tumors, effectively killing cancer cells while minimizing damage to surrounding healthy tissues, leading to lower side effects compared to traditional radiation therapy [4] - The National Comprehensive Cancer Network (NCCN) has recognized proton therapy as a standard treatment method for head and neck cancers [4] Group 3: Institutional Background - Guangzhou Taihe Hospital's proton center is supported by renowned institutions like MD Anderson Cancer Center and Mayo Clinic, featuring advanced technology such as the Varian ProBeam proton therapy system [4] - The center has seen a growing number of consultations and treatments, with a peak of over 50 patients treated in a single day, covering various cancer types including nasopharyngeal, esophageal, lung, breast, and pancreatic cancers [4]