新里程(002219) - 2025年8月29日投资者关系活动记录表

Financial Performance - In the first half of 2025, the company achieved a revenue of 1.588 billion CNY, a year-on-year decrease of 20.63% [2] - The medical services segment generated 1.38 billion CNY, while the pharmaceutical segment contributed 210 million CNY [2] - Gross margin was 28.2%, with the medical services segment at 26% and the pharmaceutical segment at 40.47% [2] - Pre-tax operating profit was 33.73 million CNY, and net profit attributable to shareholders was 7.43 million CNY [2] - Operating cash flow was 140 million CNY, a decline of 15% [2] Cost Management - The drug cost ratio was 24.10%, down 2.29 percentage points year-on-year [4] - The cost of consumables accounted for 12.81%, a decrease of 0.91 percentage points [4] - Labor costs represented 36.24%, an increase of 0.71 percentage points, but variable labor costs decreased [4] - Overall, variable cost ratios are declining, indicating effective cost control [4] Hospital Operations - In the first half of 2025, outpatient visits and average outpatient costs remained stable, while inpatient visits decreased by approximately 9% and average inpatient costs fell by about 12% [2] - The company aims to control the drug cost ratio to around 35% in the second half of 2025 [5] - As of mid-2025, the proportion of procurement from centralized purchasing in drug costs was about 23% [6] Insurance and Revenue - Insurance revenue accounted for approximately 50.5% of total revenue in the first half of 2025 [7] - The payment cycle for insurance is typically 1-2 months for monthly payments and annual settlements for yearly payments [8] Strategic Developments - The company is focusing on enhancing hospital standards and technical capabilities, with 42 key disciplines and specialties established [16] - The company is actively adapting to policy changes in medical insurance and drug procurement, aiming to improve management and operational efficiency [15][17] - Plans for bed expansion include 800 new beds at Siyang Hospital and additional projects at other facilities [13][12] Future Outlook - The company anticipates a slowdown in revenue growth due to ongoing reforms in medical insurance payment methods, but expects to enhance management and service capabilities [15] - The focus will remain on integrating medical and pharmaceutical services, as well as expanding non-insurance revenue projects [17]