从蓝图到实景 济南国际医学中心："生态赋能"打造国家级医学健康产业高地 从初创之地到投资热土，济南国际医学中心（以下简称"医学中心"）在"十四五"期间，蹚出了一条 从起步到实景的蝶变之路。 5年的乘势而上，在2025年结出累累硕果。政策红利释放、金融"活水"注入、开放格局跃迁、重大 项目按下"快进键"、高端医疗资源加速汇聚、高能级创新平台持续扩容……济南国际医学中心已初步形 成"高端化、特色化、国际化"发展格局。 医疗服务：从"病有所医"到"病有良医" 清晨，位于医学中心的山东省质子中心内，工作人员正在为肿瘤患者进行精准放疗。"不同于传统 放疗，质子治疗像'立体精准爆破'，能精准打击肿瘤，最大程度保护正常组织。"工作人员介绍。截至 目前，该中心累计治疗患者近2000例，位列2024—2025年度中国质子重离子中心排行榜首位。 这片35平方公里的土地，已成为济南践行"健康中国"战略的核心载体。 作为国家区域医疗中心，中国中医科学院广安门医院济南医院把"京城名医"的号源带到泉城百姓家 门口；树兰（济南）医院的专家诊室里，医疗团队正通过远程系统与来自上海的肝胆外科专家进行疑难 病例讨论……随着高端医疗机构的相继入驻 ...

本报讯 （记者殷高峰）致力于打造优质医疗资源，构建"综合医疗+特色专科"双轮驱动发展模式的西安 国际医学（000516）投资股份有限公司（以下简称"国际医学"）近日再出大手笔。 国际医学近日披露向特定对象发行股票的预案。根据预案，本次发行拟募集资金总额不超过10.08亿 元，募集资金拟主要投资于智慧康养项目、质子治疗中心二期项目及补充流动资金。 把握"银发经济"发展机遇 近年来，随着人口结构的演变，我国老龄化程度持续加深。根据国家统计局的数据，2024年末我国65周 岁及以上人口已达约2.20亿人，较上年新增约347万人；65周岁及以上人口占总人口的比例约为15.6%， 较上年新增0.2个百分点。随着我国老龄人口比例不断上升以及居民健康观念日益强化，我国医疗卫生 总支出呈现持续增长的态势。根据国家卫健委的统计数据，我国医疗卫生支出总额已由2014年的3.54万 亿元快速增长到2023年的9.06万亿元，年均复合增长率为11.01%。 在市场看来，老龄化结构的不断加深进一步推高了医疗卫生需求，持续拉动相关需求增长，促进了相关 服务的快速发展。 多部委联合制定的《健康中国行动—癌症防治行动实施方案（2023—20 ...

Core Insights - Proton therapy represents a breakthrough in radiation therapy, offering unique physical properties that enhance tumor treatment precision and safety [3] - The integration of humanistic care into proton therapy transforms it from a technical procedure into a compassionate healthcare service [6][7] Group 1: Advantages of Proton Therapy - Proton therapy's unique physical characteristics allow for precise energy release at the tumor site, minimizing damage to surrounding healthy tissues, making it particularly suitable for tumors near critical organs [3] - The Guangzhou Taihe Cancer Hospital has established a comprehensive quality control system to ensure the precise implementation of proton therapy, including daily assessments of tumor size and position using CBCT technology [3] Group 2: Humanistic Care in Proton Therapy - The patient-centered service philosophy at Guangzhou Taihe integrates humanistic care throughout the proton therapy process, from initial consultations to ongoing support [6][7] - A complete follow-up support system is in place to monitor patients' recovery and provide health guidance post-treatment, addressing both physical and psychological well-being [7] Group 3: Multidisciplinary Team Collaboration - The implementation of proton therapy requires close collaboration among a multidisciplinary team, including radiation oncologists, medical physicists, radiation therapists, and nursing staff [9] - Guangzhou Taihe emphasizes team building and professional development through systematic training and academic exchanges, ensuring that team members stay updated on the latest technological advancements [9] - Continuous quality improvement activities are conducted to optimize workflows and enhance treatment efficiency, ensuring that every patient receives the best possible care [9]

Core Viewpoint - Proton therapy, recognized as a "precision weapon against cancer," is transforming traditional cancer treatment due to its ability to minimize side effects and enhance patient quality of life through the unique physical property known as "Bragg Peak" [1][2]. Summary by Sections Understanding "Bragg Peak" - Traditional photon therapies, such as X-rays, cause collateral damage to healthy tissues as they penetrate the body, leading to significant side effects [1]. - Proton therapy, utilizing the "Bragg Peak," allows for energy release that is concentrated at the tumor site, minimizing damage to surrounding healthy tissues [2]. Clinical Application and Case Study - A case study of a pancreatic cancer patient demonstrated that over 95% of the radiation dose was concentrated in the tumor, with significantly reduced exposure to surrounding organs, showcasing the protective benefits of "Bragg Peak" [3]. Special Populations and Treatment Efficacy - Proton therapy is particularly beneficial for children, as it reduces the risk of secondary tumors by over 50% compared to traditional therapies, thus preserving their long-term health and quality of life [4]. - The 5-year survival rate for pediatric patients treated with proton therapy is 15%-20% higher than that of traditional methods, with over 90% of children maintaining normal IQ levels post-treatment [4]. Limitations and Complementary Role - Proton therapy is not a universal solution; it has specific indications and cannot fully replace surgery or medication, as these modalities complement each other in cancer treatment [5][6]. - Certain advanced or moving tumors may not be suitable for proton therapy, and surgical intervention remains the preferred option for early-stage cancers [6]. International Comparison and Trends - The 5-year cancer survival rate in China is approximately 43.7%, significantly lower than Japan (66%) and the U.S. (69%), highlighting the need for improved diagnostic and treatment technologies [7]. - The increasing number of proton therapy centers in the U.S. (46 operational and 7 under construction) indicates a growing recognition of its importance in cancer treatment [7]. Patient Trends and Cost Considerations - There is a rising trend of Hong Kong residents seeking proton therapy in mainland China due to limited availability and high costs in Hong Kong, where treatment can exceed 500,000 HKD compared to approximately 300,000 RMB in mainland facilities [8]. - The cost-effectiveness of mainland proton therapy, combined with advanced technology and treatment protocols, is attracting more patients from Hong Kong [8]. Future Directions - The future of proton therapy is expected to focus on precision, localization, and affordability, with the potential for integration with targeted and immunotherapy treatments for mid to late-stage cancers [9].

Core Viewpoint - Proton therapy is recognized as a "precision cancer treatment tool" that significantly alters traditional cancer treatment methods, primarily due to its ability to minimize side effects and enhance patient quality of life through the "Bragg Peak" phenomenon [1][2]. Summary by Sections Understanding "Bragg Peak" - The "Bragg Peak" refers to the unique energy release pattern of charged particles like protons, which allows for concentrated energy delivery at the tumor site while sparing surrounding healthy tissues [1][2]. - Traditional photon therapies, such as X-rays, cause collateral damage to normal tissues, whereas proton therapy can be likened to a "precision missile" that targets only the tumor [2]. Clinical Examples and Efficacy - A case study of a pancreatic cancer patient demonstrated that over 95% of the radiation dose was concentrated in the tumor, with significantly reduced exposure to surrounding organs, showcasing the protective benefits of the "Bragg Peak" [3]. - Proton therapy has been shown to reduce the incidence of secondary tumors by over 50% in pediatric patients, making it a preferred option for treating childhood cancers [4]. Limitations and Complementary Role - Proton therapy is not a universal solution and has specific indications; it cannot replace surgery or medication but can complement them in certain scenarios [5][6]. - For advanced tumors with multiple metastases, proton therapy may have limited effectiveness, and surgical options remain the primary treatment for early-stage cancers [6]. International Comparison and Trends - The five-year cancer survival rates in China (43.7%) lag behind those in Japan (66%) and the U.S. (69%), attributed to differences in tumor types, early diagnosis rates, and treatment protocols [7]. - The increasing demand for proton therapy in mainland China is driven by its cost-effectiveness compared to Hong Kong, where treatment costs are significantly higher [8]. Future Directions - The future of proton therapy is expected to focus on "precision, localization, and accessibility," with advancements in domestic equipment and diversified payment systems anticipated to enhance its integration with targeted and immunotherapy options for mid to late-stage cancers [9].

Core Viewpoint - The international standard for radiation protection in medical proton accelerators has been officially released, addressing the need for unified safety regulations in proton therapy centers globally [1] Group 1: Standard Development - The standard was led by China with contributions from experts from nine countries including the USA, France, Canada, and Switzerland [1] - The standard aims to provide a coordinated framework for radiation safety in proton therapy centers, which has been lacking internationally [1] Group 2: Proton Therapy Overview - Proton therapy is recognized as one of the most advanced techniques for tumor radiation treatment, offering precise targeting and fewer side effects, making it a new choice for cancer treatment worldwide [1] - According to the Particle Therapy Co-Operative Group (PTCOG), over 120 proton therapy centers have been established globally [1] Group 3: Challenges Addressed - The absence of standardized safety regulations has led to high costs for shielding walls and structures in proton therapy systems, increased radiation safety risks, and limitations on global promotion [1] - The new standard provides various empirical formulas and calculation methods to unify and standardize the design of shielding for proton therapy centers, addressing key issues such as walls, maze design, penetrations, and sky scatter [1]

Summary of the Conference Call Company and Industry - **Company**: International Medical - **Industry**: Healthcare and Medical Services Key Points and Arguments 1. Innovation and Talent Development - The establishment and application of an innovative treatment system for cervical spine diseases has won the first prize for scientific and technological progress in Shaanxi Province - Continuous improvement in the talent structure within the company's medical institutions, with notable achievements including: - 4 new doctoral and master's supervisors - 87 doctoral and master's degree holders - 21 mid-to-senior title holders - The clinical research capabilities have been strengthened, with 17 provincial-level academic conferences hosted and over 100 academic papers published, including 14 SCI papers [1][2] 2. Operational Performance - In the first three quarters of 2025, the total number of outpatient and emergency services reached 1.97 million, a year-on-year increase of 4.03% - Inpatient services totaled 145,900, a decrease of 3.88% year-on-year - Revenue for the first three quarters was approximately 2.995 billion yuan, a decrease of 16.94% year-on-year, with a net profit attributable to shareholders of negative 200 million yuan, down 38.45% [2][3] 3. Financial Metrics - In Q3 2025, revenue was approximately 900 million yuan, a decrease of 18.95% year-on-year, with a net profit of negative 100 million yuan, down 234% - Operating cash flow for the first three quarters was 921 million yuan, an increase of 47.67% year-on-year, indicating stable medical business returns [3][4] 4. Cost Management - Management expense ratio decreased by 0.54 percentage points to 10.99% - Financial expense ratio decreased by 0.07 percentage points to 3.43% [3][4] 5. Hospital Performance - High-tech hospital outpatient services reached 864,200, a year-on-year increase of 1.33%, while inpatient services decreased by 5.73% - The central hospital saw outpatient services of 1.11 million, a year-on-year increase of 6.24%, but inpatient services decreased by 3.01% [4][5] 6. Impact of Medical Insurance Policy - The decline in revenue and profit in Q3 was significantly influenced by the medical insurance policy reform, which required hospitals to return excess funds from the previous year, impacting income and profit directly [12][15] 7. Future Outlook - The fourth quarter is expected to be a peak season for medical services, with a focus on cost control and efficiency improvement - The company aims to enhance medical quality and patient experience while expanding service scale and improving profitability [7][8] 8. New Business Developments - The company is expanding into consumer-oriented medical services, with notable growth in areas such as elderly care and aesthetic medicine - The proton therapy project is seen as a competitive advantage, with installation and testing progressing well [29][49] 9. Digital Asset Strategy - The company has registered its medical data assets on a trading platform, signaling readiness for potential collaborations and transactions in the future [55][58] 10. Management's Commitment - The management emphasizes a commitment to deepening core business operations and enhancing overall value accumulation while adapting to industry changes and policies [61][62] Other Important but Overlooked Content - The company has a strong focus on integrating technology and digital solutions to improve operational efficiency and patient care - The management is optimistic about the potential for future growth in the healthcare sector, despite current challenges [56][60]

Core Viewpoint - The company has not yet launched proton therapy services in its hospitals but is actively monitoring advancements in medical technology for future implementation based on regional demand and strategic alignment [2]. Group 1 - The company responded to an investor inquiry regarding its technological advantages in proton therapy [2]. - The company emphasizes its commitment to exploring cutting-edge medical technologies for clinical application in its hospitals [2]. - Future exploration of proton therapy will depend on factors such as regional medical needs and the maturity of the technology [2].

Core Insights - The strategic partnership between Meizhong Jiahe Medical Technology Development Group and AIA Insurance aims to establish a cross-border cancer treatment and corporate health management ecosystem in the Guangdong-Hong Kong-Macao Greater Bay Area [1][2] - This collaboration enhances Meizhong Jiahe's high-end medical service channels and diversifies its service reach [1] - The integration of healthcare services in the Greater Bay Area presents unprecedented growth opportunities for Meizhong Jiahe [1] Group 1: Partnership and Services - AIA Insurance, with over 16 million group insurance plan members, will introduce high-quality corporate clients to Meizhong Jiahe through exclusive health benefit programs [2] - The partnership will offer a range of services including cross-border medical coordination, second medical opinions, and customized health check-ups, enriching Meizhong Jiahe's revenue streams [2] - This collaboration shifts corporate health benefits from a passive treatment model to a proactive prevention strategy, enhancing customer loyalty and lifecycle value [2] Group 2: Competitive Advantage and Market Position - Meizhong Jiahe's expertise in proton therapy, supported by top international institutions, creates a unique competitive edge [3] - The company has signaled a strategic focus on proton therapy and AI-integrated cancer treatment, positioning itself for significant industry growth [3] - The partnership with AIA Insurance is expected to stabilize patient flow, becoming a core driver of the company's performance [3] Group 3: International Expansion and Future Outlook - Meizhong Jiahe's medical services are attracting international patients from regions such as Hong Kong, Macau, Southeast Asia, and the Middle East [4] - The deepening integration of healthcare in the Greater Bay Area and improvements in cross-border payment systems will enhance the company's competitive advantage [4] - The collaboration represents a strategic alignment of scarce medical resources with insurance channels, further unlocking Meizhong Jiahe's commercial value [4]

Core Viewpoint - Meizhong Jiahe Medical Technology Development Group Co., Ltd. has demonstrated significant revenue growth and improved profitability in the first half of 2025, despite a general decline in the industry [1][2]. Group 1: Financial Performance - As of June 30, 2025, the company achieved revenue of 201 million yuan, with hospital business revenue of 153 million yuan, reflecting a year-on-year growth of 11.2% [1]. - The company reported a gross profit of 400,000 yuan, marking a significant turnaround from a loss in the same period last year [1]. - The proportion of basic medical insurance fund payments decreased to 25% in 2025 from 41% in 2024 [1]. Group 2: Business Operations - The hospital business accounted for approximately 76.3% of total revenue, indicating its critical role in the company's financial structure [1]. - The opening of the first proton therapy center in South China at Guangzhou Taihe Hospital has led to a noticeable improvement in hospital business profitability, with gross margin rising from -22.1% to 0.4% [1]. - The proton therapy center has seen continuous growth in patient consultations and treatments since its launch, positioning it as a leading facility in the region [2]. Group 3: Technological Advancements - The company launched a self-developed large language model focused on proton therapy in May 2025, enhancing its technological capabilities in this field [2]. - This model integrates a vast array of high-quality treatment data and literature, which is expected to improve operational efficiency and extend its influence in the industry [2]. - Meizhong Jiahe has established strategic partnerships with renowned institutions like Mayo Clinic and MD Anderson Cancer Center, further solidifying its competitive edge in high-end medical services [3]. Group 4: Future Growth Potential - The ongoing development of proton therapy services, rapid advancements in AI models, and the upcoming openings of additional hospitals are anticipated to unlock significant growth potential for the company [3]. - The company is well-positioned to leverage its comprehensive advantages in medical equipment, treatment drugs, and patient care to enhance its market position [3].