本报讯(记者矫月)近日，港股上市企业美中嘉和医学技术发展集团股份有限公司(以下简称"美中嘉和") 与友邦保险控股有限公司及其附属公司(以下简称"友邦保险")就香港及澳门企业业务正式达成战略合 作。双方将依托美中嘉和旗下广州泰和肿瘤医院作为核心服务载体，携手共建粤港澳大湾区跨境癌症治 疗及企业健康管理生态合作体系。此次合作让美中嘉和高端医疗服务的渠道矩阵进一步扩大，其高端医 疗服务的触达路径更趋多元。 粤港澳大湾区医疗融合的加速，为美中嘉和带来了前所未有的发展机遇。从"港澳药械通"政策覆盖45家 内地医院，到跨境救护车转运的常态化运作，再到香港长者医疗券的使用范围扩展至大湾区核心城市， 这一系列举措有效突破了跨境医疗的关键瓶颈。 作为拥有超过1600万名团体保险计划成员的行业领军者，友邦保险将通过专属健康福利方案，为美中嘉 和精准导入优质企业客户。双方合作提供的跨境医疗对接、第二诊疗意见、定制化健康检查等一系列服 务，不仅丰富了美中嘉和的收入来源，还构建了涵盖"预防-治疗-康复"全流程的健康管理闭环。此次合 作将企业健康福利从传统的被动治疗模式转变为积极主动的预防策略，这不仅有助于提升客户的忠诚 度，还能增加其 ...

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].

Core Viewpoint - The company, Meizhong Jiahe, reported a significant improvement in its financial performance for the first half of 2025, achieving a revenue of 201 million yuan and turning a profit after a previous loss, showcasing its competitive edge in the high-end medical service sector amidst a challenging industry environment [1][2]. Group 1: Financial Performance - For the first half of 2025, the company achieved a revenue of 201 million yuan, with its hospital business generating 153 million yuan, reflecting a year-on-year growth of 11.2% [1][2]. - The company's gross profit reached 4 million yuan, a substantial improvement from a loss of 35 million yuan in the same period last year, marking a key milestone in its profitability [1]. Group 2: Hospital Business and Treatment Advancements - The hospital business accounted for approximately 76.3% of the company's total revenue, indicating its central role in the overall financial performance [2]. - The launch of the first proton therapy center in South China at Guangzhou Taihe Hospital has contributed to the hospital business's profitability, with the gross margin improving from -22.1% to 0.4% [2]. - Proton therapy, recognized as one of the most advanced radiation treatment technologies, offers precise targeting of tumor tissues while minimizing damage to surrounding healthy tissues [2]. Group 3: AI and Technological Innovations - The company has proactively invested in artificial intelligence since 2015, establishing a subsidiary focused on AI in healthcare [3]. - In May 2025, the company launched a proprietary large language model specifically for proton therapy, enhancing its technological capabilities and operational efficiency [3]. Group 4: Drug Accessibility and Strategic Partnerships - The company has developed a robust drug supply system, providing access to nearly 200 original research drugs and over 50 patented brand drugs, addressing the challenges posed by strict drug usage regulations in public hospitals [4]. - Strategic partnerships with renowned medical institutions, including a long-term collaboration with Mayo Clinic and being the sole strategic partner of MD Anderson Cancer Center, further strengthen the company's market position [4]. - The ongoing expansion of proton therapy services, advancements in AI models, and the opening of new hospitals are expected to unlock significant growth potential for the company in the future [4].

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]