New Journey(002219)2024-11-03 06:20Financial Performance - The company achieved a revenue of 2.68 billion CNY in the first three quarters, representing a year-on-year growth of 6.9% [2] - The traditional Chinese medicine segment generated 590 million CNY, with a significant growth of 50% [2] - The net profit attributable to the parent company was 52.79 million CNY, up 58% year-on-year, with a non-recurring net profit of 47.78 million CNY, reflecting a 61% increase [2] - Operating cash flow reached 180 million CNY, and the net assets attributable to the parent company stood at 2.31 billion CNY, both showing year-on-year growth [2] Revenue Breakdown - Revenue from the medical services segment was 2.09 billion CNY, while the pharmaceutical segment contributed 590 million CNY [2] - Outpatient visits totaled approximately 2.23 million, marking a 4% increase, while inpatient admissions remained stable at around 180,000 [2] - The revenue ratio of outpatient to inpatient services was approximately 3:7 [2] Medical Insurance and Bad Debt - Medical insurance revenue accounted for about 50% of the medical services segment, with a bad debt ratio of less than 5%, showing stability compared to the previous year [2] - Drug costs represented approximately 26% of total expenses, while consumables accounted for about 14% [2] Strategic Development - The company aims to establish a regional center in Chongqing with projected revenue of 800-1,000 million CNY, leveraging its geographical advantages [3] - The company plans to continue asset injections, focusing on compliance, reasonable valuation, profitability, and growth potential [3] - The "1+N" strategy aims to create a comprehensive healthcare network integrating elderly hospitals, care centers, and community services [4] Collaboration with Insurance - The partnership with Aixin Life Insurance integrates insurance into the healthcare process, simplifying patient reimbursement and enhancing service efficiency [6] - The "medical + insurance" model aims to provide comprehensive health management and support for the elderly population [6] Future Outlook - The company expects total revenue to exceed 6 billion CNY in 2024, with an average net profit margin of around 9% [7] - The group has established several specialized elderly hospitals, with annual business growth exceeding 10%, and some hospitals achieving growth rates of up to 22% [7]