（九安医疗业绩预告） 提到九安医疗，大家可能会立刻想起它在疫情期间凭借新冠检测试剂盒创造的 "暴富神话"，一年爆赚 160 亿。那么，它现在怎么样了呢？ 答案就藏在公司最新发布的 2025 年"成绩单"里。根据业绩预告，九安医疗表 示 2025 年的业绩增长主要源于资产管理业务配置方面的良好表现。 导语：资管业绩亮眼，和主业亏损都是事实。 作者：市值风云 App：观韬 最懂炒股的医疗公司？九安医疗：主业躺平，投资躺赢， 市值躺枪 1 月 28 日盘后，九安医疗（002432.SZ）发布 2025 年业绩预告，预计 2025 年 实现归母净利润 20.2 亿元至 23.5 亿元，同比增长 21.05%至 40.83%。 | 项 目 | 本会计年度 | | | 上年同期 | | --- | --- | --- | --- | --- | | 归属于上市公司股东的 | | 202, 000 | 235, 000 | 166.872.73 | | 净利润 | 比上年同期增长 | 21.05% | 40. 83% | | | 扣除非经常性损益后的 | | 207, 000 ਨ | 240, 000 | 168. 053 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：市值风云 资管业绩亮眼，和主业亏损都是事实。 1月28日盘后，九安医疗（002432.SZ）发布2025年业绩预告，预计2025年实现归母净利润20.2亿元至 23.5亿元，同比增长21.05%至40.83%。 | 项目 | 本会计年度 | | | | 上年同期 | | --- | --- | --- | --- | --- | --- | | 归属于上市公司股东的 | | 202, 000 | l | 235,000 | 166, 872. 73 | | 净利润 | 比上年同期增长 | 21. 05% | 2 | 40. 83% | | | 扣除非经常性损益后的 | | 207.000 | ﺑﻪ | 240. 000 | 168.053.20 | | 净利润 | 比上年同期增长 | 23. 18% | 1 | 42. 81% | | | 基本每股收益(元/股) | | 4.6782 | N | 5.4424 | 3.8139 | （九安医疗业绩预告） 提到九安医疗，大家可能会立刻想起它在疫情期间凭借新冠检测试剂盒创造的"暴富神话 ...

资管业绩亮眼，和主业亏损都是事实。 | 作者 | | 观韬 | | --- | --- | --- | | 编辑 | | 小白 | 1月28日盘后，九安医疗（002432.SZ）发布2025年业绩预告，预计2025年实现归母净利润20.2亿元至 23.5亿元，同比增长21.05%至40.83%。 2025年前三季度，九安医疗营收仅10.69亿，但净利润达15.89亿，更有意思的是其营业总成本达12.76 亿，已经超过收入，数据也已经说明了一切。 | 项目 | 本会计年度 | | | | 上年同期 | | --- | --- | --- | --- | --- | --- | | 归属于上市公司股东的 | | 202, 000 | 2 | 235, 000 | 166.872.73 | | 净利润 | 比上年同期增长 | 21. 05% | 2 | 40. 83% | | | 扣除非经常性损益后的 | | 207,000 | 2 | 240, 000 | 168.053.20 | | 浄利润 | 比上年同期增长 | 23. 18% | ~ | 42. 81% | | | 基本每股收益(元/股) | | 4. 6 ...

Investment Rating - The report maintains a "Recommendation" rating for Jiuan Medical (002432) with a target price of 53 CNY, while the current price is 41.63 CNY [4][8]. Core Insights - The company's revenue for the first three quarters of 2025 was 1.069 billion CNY, a decrease of 48.89% year-on-year, while the net profit attributable to the parent company was 1.589 billion CNY, an increase of 16.11% [2][8]. - The decline in revenue is primarily attributed to a significant drop in government orders for reagent kits, which decreased by 860 million CNY compared to the same period last year [8]. - The C-end reagent kit business showed a quarter-on-quarter revenue increase in Q3 2025, reaching 304 million CNY, up 17.8% from Q2, driven by sales growth in the iHealth product series and internet medical services [8]. - The asset management business contributed significantly to profits, with net profit for the first three quarters of 2025 reaching 1.589 billion CNY, exceeding the revenue of 1.069 billion CNY, mainly from investment income and fair value changes totaling 1.814 billion CNY [8]. - The company is actively promoting the development of new products, including Continuous Glucose Monitoring (CGM), a four-in-one test kit, and AI smart hearing aids, with the latter expected to enhance patient convenience and reduce costs [8]. Financial Summary - For 2025, the projected net profit attributable to the parent company is 2.341 billion CNY, with a year-on-year growth of 40.3%, and the earnings per share (EPS) is expected to be 5.04 CNY [4][8]. - The company's total revenue is forecasted to decline to 1.411 billion CNY in 2025, with a year-on-year decrease of 45.6%, before recovering to 1.610 billion CNY in 2026 [4][8]. - The price-to-earnings (P/E) ratio is projected to be 8 for 2025 and 7 for 2027, indicating a favorable valuation compared to historical levels [4][8].

Core Viewpoint - Jiuan Medical's stock performance shows a mixed trend with a slight increase in share price but a significant drop in operating revenue, indicating potential challenges ahead for the company [1][2]. Financing and Trading Activity - On November 17, Jiuan Medical's stock rose by 0.62% with a trading volume of 789 million yuan. The financing buy-in amounted to 99.33 million yuan, while financing repayment was 117 million yuan, resulting in a net financing outflow of 17.46 million yuan [1]. - As of November 17, the total margin trading balance for Jiuan Medical was 1.265 billion yuan, with a financing balance of 1.254 billion yuan, representing 6.14% of the circulating market value, which is above the 90th percentile of the past year [1]. - In terms of securities lending, on November 17, 2,300 shares were repaid while 6,000 shares were sold short, with a total short sale value of 263,300 yuan. The remaining short position was 26,180 shares, with a short balance of 11.49 million yuan, also above the 90th percentile of the past year [1]. Company Financial Performance - For the period from January to September 2025, Jiuan Medical reported operating revenue of 1.069 billion yuan, a year-on-year decrease of 48.89%. However, the net profit attributable to shareholders increased by 16.11% to 158.9 million yuan [2]. - Since its A-share listing, Jiuan Medical has distributed a total of 1.794 billion yuan in dividends, with 1.39 billion yuan distributed over the past three years [3]. Shareholder Structure - As of November 10, the number of shareholders for Jiuan Medical reached 68,600, an increase of 1.63% from the previous period. The average number of circulating shares per shareholder decreased by 1.60% to 6,768 shares [2]. - Among the top ten circulating shareholders, Huabao Zhongzheng Medical ETF holds 9.4265 million shares, a decrease of 1.562 million shares from the previous period. Other notable shareholders include Southern Zhongzheng 500 ETF and Hong Kong Central Clearing Limited, both of which also saw reductions in their holdings [3].

Core Viewpoint - Jiuan Medical experienced a decline of 2.78% in stock price on November 11, with a trading volume of 1.483 billion yuan, indicating market volatility and investor sentiment towards the company [1]. Financing and Margin Trading - On November 11, Jiuan Medical had a financing buy-in amount of 198 million yuan and a financing repayment of 188 million yuan, resulting in a net financing purchase of 9.05 million yuan [1]. - The total margin trading balance for Jiuan Medical reached 1.242 billion yuan as of November 11, with a financing balance of 1.231 billion yuan, accounting for 6.16% of the circulating market value, which is above the 90th percentile of the past year [1]. - In terms of securities lending, Jiuan Medical repaid 4,600 shares and sold 300 shares on November 11, with a remaining short position of 261,100 shares and a short balance of 11.2173 million yuan, also above the 90th percentile of the past year [1]. Company Overview - Jiuan Medical, established on August 22, 1995, and listed on June 10, 2010, is located in Tianjin and specializes in the research, production, and sales of home medical health electronic products [1]. - The revenue composition of Jiuan Medical includes iHealth series products (78.56%), ODM/OEM products (7.72%), internet medical products and services (6.57%), new retail business (5.03%), traditional hardware products (1.46%), and others (0.66%) [1]. Shareholder and Financial Performance - As of October 31, the number of shareholders for Jiuan Medical was 67,500, a decrease of 3.30% from the previous period, while the average circulating shares per person increased by 3.41% to 6,878 shares [2]. - For the period from January to September 2025, Jiuan Medical reported a revenue of 1.069 billion yuan, a year-on-year decrease of 48.89%, while the net profit attributable to shareholders increased by 16.11% to 158.9 million yuan [2]. Dividend and Institutional Holdings - Jiuan Medical has distributed a total of 1.794 billion yuan in dividends since its A-share listing, with 1.39 billion yuan distributed over the past three years [3]. - As of September 30, 2025, among the top ten circulating shareholders, Huabao Zhongzheng Medical ETF held 9.4265 million shares, a decrease of 1.562 million shares from the previous period, while other institutional shareholders also reported reductions in their holdings [3].

Group 1: Business Strategy and Investment - The company has established a dual business model focusing on medical health operations and large asset allocation investments, aiming for stable profits and cash flow [2][3] - The asset allocation strategy is inspired by Yale University's endowment model, targeting a long-term return of 6%-10% per year [3] - As of mid-2025, the company's private equity assets accounted for 12.6% of its total assets, with significant investments in hard technology and healthcare sectors [3][4] Group 2: Product Development and Market Expansion - The company plans to launch a four-in-one respiratory test product, currently in clinical trials, to address seasonal respiratory diseases [5] - The three-in-one test product has achieved stable sales in the consumer market, with a focus on expanding sales channels [8] - The company is actively developing AIoT diabetes management tools, aiming to enhance chronic disease management through technology [12][23] Group 3: Financial Performance and Shareholder Value - The company has conducted five share buyback programs since 2021, totaling approximately ¥2.88 billion, with a sixth program currently underway [7][20] - As of Q3 2025, the company reported a revenue of ¥3.04 billion, a 17.8% increase from the previous quarter, driven by iHealth products and internet medical services [24][25] - The company has committed to distributing at least 30% of its cumulative net profit as dividends over the next three years [20][21] Group 4: Market Challenges and Future Outlook - The company faces challenges in the U.S. market due to tariff issues, but has established overseas production capabilities to mitigate these impacts [29] - The diabetes care service model has expanded to approximately 50 cities and 424 hospitals, managing over 366,000 patients in China [10][22] - The company anticipates significant growth in the diabetes care market, with a target of managing 1 million patients within three years [22]

Core Insights - On October 23, Jiuan Medical's stock rose by 0.75%, with a trading volume of 257 million yuan, indicating positive market sentiment towards the company [1] - The company reported a significant decrease in revenue for the first half of 2025, with a 43.35% year-on-year decline, while net profit increased by 52.91% [2] Financing and Trading Activity - On October 23, Jiuan Medical had a financing buy-in amount of 68.42 million yuan, with a net financing buy of 30.20 million yuan, indicating strong investor interest [1] - The total financing and securities lending balance reached 1.22 billion yuan, with financing balance accounting for 6.47% of the circulating market value, which is above the 80th percentile of the past year [1] - The securities lending balance was 9.86 million yuan, with a lending volume of 244,100 shares, also above the 90th percentile of the past year [1] Shareholder and Institutional Holdings - As of October 20, the number of Jiuan Medical shareholders decreased to 69,800, while the average circulating shares per person increased by 3.30% to 6,651 shares [2] - The company has distributed a total of 1.794 billion yuan in dividends since its A-share listing, with 1.39 billion yuan distributed in the last three years [3] - Notable institutional holdings include Huabao Zhongzheng Medical ETF and Southern Zhongzheng 500 ETF, with both reducing their holdings [3]

Core Viewpoint - On October 16, Jiuan Medical experienced a 1.29% increase in stock price with a trading volume of 537 million yuan, indicating strong market interest and activity in the company's shares [1]. Financing Summary - On October 16, Jiuan Medical had a financing purchase amount of 63.86 million yuan and a financing repayment of 55.10 million yuan, resulting in a net financing purchase of 8.76 million yuan. The total financing and securities balance reached 1.21 billion yuan [1]. - The current financing balance of 1.20 billion yuan accounts for 6.34% of the circulating market value, which is above the 80th percentile level over the past year, indicating a high level of financing activity [1]. - In terms of securities lending, Jiuan Medical repaid 2,000 shares and sold 5,000 shares on October 16, with a selling amount of 203,900 yuan. The remaining securities lending volume is 244,300 shares, with a balance of 9.96 million yuan, also exceeding the 90th percentile level over the past year [1]. Business Performance - As of September 19, Jiuan Medical had 72,000 shareholders, a decrease of 1.50% from the previous period, while the average circulating shares per person increased by 1.53% to 6,582 shares [2]. - For the first half of 2025, Jiuan Medical reported a revenue of 765 million yuan, a year-on-year decrease of 43.35%, while the net profit attributable to the parent company was 920 million yuan, reflecting a year-on-year increase of 52.91% [2]. Dividend and Shareholding Structure - Since its A-share listing, Jiuan Medical has distributed a total of 1.794 billion yuan in dividends, with 1.39 billion yuan distributed over the past three years [3]. - As of June 30, 2025, among the top ten circulating shareholders, Huabao Zhongzheng Medical ETF held 10.99 million shares, a decrease of 1.836 million shares from the previous period. The Southern Zhongzheng 500 ETF held 4.936 million shares, down by 128,100 shares. Hong Kong Central Clearing Limited entered the top ten shareholders with 2.7895 million shares [3].

Core Viewpoint - On September 24, Jiuan Medical's stock rose by 2.08%, with a trading volume of 266 million yuan, indicating strong market interest and activity in the company's shares [1]. Financing Summary - On September 24, Jiuan Medical had a financing buy-in amount of 28.14 million yuan and a financing repayment of 46.23 million yuan, resulting in a net financing outflow of 18.09 million yuan [1]. - As of September 24, the total financing and securities lending balance for Jiuan Medical was 1.23 billion yuan, with the financing balance accounting for 6.63% of the circulating market value, indicating a high level of financing activity compared to the past year [1]. - The company had a securities lending repayment of 1,800 shares and a securities lending sell-out of 2,100 shares, with a sell-out amount of 81,600 yuan, and a remaining securities lending balance of 21,390 shares valued at 8.31 million yuan, also at a high level compared to the past year [1]. Business Performance - For the first half of 2025, Jiuan Medical reported a revenue of 765 million yuan, a year-on-year decrease of 43.35%, while the net profit attributable to the parent company was 920 million yuan, reflecting a year-on-year increase of 52.91% [2]. - The company has cumulatively distributed dividends of 1.794 billion yuan since its A-share listing, with 1.39 billion yuan distributed over the past three years [3]. Shareholder Structure - As of September 10, Jiuan Medical had 73,100 shareholders, an increase of 1.53%, with an average of 6,483 circulating shares per person, a decrease of 1.48% [2]. - Among the top ten circulating shareholders, Huabao Zhongzheng Medical ETF held 10.99 million shares, a decrease of 1.836 million shares from the previous period, while Hong Kong Central Clearing Limited entered as a new top ten shareholder with 2.7895 million shares [3].