（ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） 股 份 代 號 ：6078 2024 Annual Report 2024 Stock Code: 6078 (Incorporated in the Cayman Islands with limited liability) 年 報 Annual Report 2024 年報 目錄 公司資料 2 財務摘要 4 公司簡介 5 主席報告 6 管理層討論及分析 7 董事及高級管理層 33 董事會報告 38 企業管治報告 69 獨立核數師報告 93 合併綜合收益表 99 合併財務狀況表 100 合併權益變動表 102 合併現金流量表 103 合併財務報表附註 104 釋義及詞彙 181 2 海吉亞醫療控股有限公司 2024年年報 公司資料 董事會 執行董事 朱義文先生 （主席兼首席執行官） 程歡歡女士 任愛先生 張文山先生 姜蕙女士 獨立非執行董事 劉彥群先生 葉長青先生 趙淳先生 審核委員會 葉長青先生 （主席） 劉彥群先生 趙淳先生 薪酬委員會 趙淳先生 （主席） 任愛先生 劉彥群先生 提名委員會 劉彥群先生 （主席） 任愛先生 （於二零二五年三 ...

Investment Rating - The report assigns an "Accumulate" rating to the company [4][6]. Core Views - The company reported a revenue of 4.446 billion yuan in 2024, representing a year-on-year increase of 9.06%, while the net profit attributable to shareholders decreased by 12.40% to 598 million yuan [1][2]. - The company's gross margin for 2024 was 29.90%, down by 1.65 percentage points, with a significant decline in the second half of 2024 [2]. - The hospital business generated 4.322 billion yuan in revenue, up 11.11%, with outpatient services growing by 20.84% and inpatient services by 5.93% [3]. - The company is focusing on enhancing its oncology specialty and exploring AI integration in medical services [3]. Financial Summary - The company expects revenues of 4.885 billion yuan in 2025, 5.343 billion yuan in 2026, and 5.818 billion yuan in 2027, with corresponding net profits of 671 million yuan, 777 million yuan, and 884 million yuan respectively [4][10]. - The projected PE ratios for 2025, 2026, and 2027 are 10.66, 9.20, and 8.08 respectively [4][10]. - The company’s total assets are projected to grow from 11.850 billion yuan in 2025 to 14.030 billion yuan in 2027 [10].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 22.11 HKD [8][9]. Core Views - The company is expected to achieve a revenue of 4.45 billion RMB in 2024, reflecting a year-on-year growth of 9.1%, while the adjusted net profit is projected to be 600 million RMB, a decline of 15.6% year-on-year [1]. - The decline in profit is attributed to several factors including increased financial costs and depreciation expenses from new hospital constructions [1]. - For 2025, the adjusted profit is anticipated to rebound with a growth of 16% year-on-year, supported by improved cash flow and cost management [1]. Summary by Sections Hospital Business - The hospital business is projected to generate 4.32 billion RMB in revenue for 2024, with outpatient revenue increasing by 20.8% year-on-year and inpatient revenue by 5.9% year-on-year [2]. - The growth is driven by the performance of mature hospitals and the ramp-up of new facilities, with an expected increase in bed utilization rates [2]. Group Empowerment - The report highlights the positive contributions of Xi'an Chang'an Hospital and Yixing Haijia Hospital to the company's revenue and profit in 2025, with significant increases in surgical cases [3]. Expansion Plans - The company has two new hospitals under construction and four hospitals with expansion plans, aiming to exceed 16,000 beds upon completion [4]. Profit Forecast and Valuation - The adjusted EPS for 2025-2027 is forecasted at 1.13, 1.27, and 1.40 RMB respectively, with a target PE of 18 times for 2025 [5][13]. - The revenue projections for 2025-2027 are 4.91 billion, 5.38 billion, and 5.80 billion RMB, reflecting a slowdown compared to previous estimates [13][14].

Investment Rating - The report maintains an "Outperform" rating for Hygeia Healthcare [3][6]. Core Insights - Hygeia Healthcare achieved stable operations in 2024, with a revenue of 4.45 billion yuan, reflecting a growth of 9.1%. The oncology business revenue reached 1.96 billion yuan, accounting for 44.2% of total revenue, an increase of 0.6 percentage points [4][13]. - The gross profit margin was reported at 29.9%, a decrease of 1.6 percentage points, while the net profit was 600 million yuan, down 12.6% year-on-year [4][13]. - The company is focusing on enhancing brand strength and ramping up capacity, with significant increases in patient visits and surgeries performed [4][14]. Financial Performance Summary - Revenue projections for 2025 and 2026 are estimated at 4.79 billion yuan and 5.15 billion yuan, respectively, with year-on-year growth rates of 7.6% and 7.7% [6][16]. - Adjusted net profit is expected to be 700 million yuan and 750 million yuan for 2025 and 2026, indicating growth of 16.3% and 7.6% [6][16]. - The report highlights the successful integration of acquisition projects, which is expected to enhance long-term competitiveness and bed capacity [5][15]. Valuation - The target price is set at HKD 35.17, corresponding to a price-to-earnings ratio of 28x for 2025 and 26x for 2026 based on adjusted net profit [6][16]. - The company is recognized as a leading private medical service provider with valuable hospital assets and long-term brand value [6][16].

Company Overview - Hai Ji Ya Medical Holdings Limited is a medical group focused on oncology, listed on the Hong Kong Stock Exchange since June 29, 2020, under stock code 06078.HK [3] - The company operates a network of oncology-focused hospitals and radiotherapy centers across multiple provinces and cities in China, managing or operating 13 hospitals as of June 30, 2023 [3] - The company has established partnerships with 24 third-party hospitals to provide radiotherapy services [3] Financial Performance - For the fiscal year ending December 31, 2024, Hai Ji Ya Medical reported total revenue of 4.446 billion yuan, a year-on-year increase of 9.06% [2] - The net profit attributable to shareholders was 598 million yuan, reflecting a year-on-year decrease of 12.4% [2] - The company's gross margin stood at 29.9%, with a debt-to-asset ratio of 38.93% [2] Stock Performance - As of April 1, the stock price of Hai Ji Ya Medical was 14.78 HKD per share, marking a 9.97% increase with a trading volume of 34.7844 million shares and a turnover of 0.525 billion HKD [1] - Over the past month, the stock has experienced a cumulative decline of 8.94%, and a year-to-date decline of 5.75%, underperforming the Hang Seng Index, which has risen by 15.25% [2] Industry Valuation - The average price-to-earnings (P/E) ratio for the healthcare equipment and services industry is -18.15 times, with a median of 2.44 times [3] - Hai Ji Ya Medical's P/E ratio is 12.94 times, ranking 25th in the industry [3] - Comparatively, other companies in the sector have significantly lower P/E ratios, such as Giant Medical Holdings at 0.24 times and Jing Jiu Kang Liao at 0.38 times [3] Technological Development - Shanghai Gamma Star Technology Development Co., Ltd., a wholly-owned subsidiary of Hai Ji Ya Medical, has developed a patented stereotactic radiotherapy system for treating tumors [4] - The company employs a vertically integrated radiotherapy service model, enhancing operational efficiency and profitability [4] Shareholder Activity - On March 31, 2025, shareholder Zhu Yiwen increased his holdings by 258,400 shares at an average price of 13.3997 HKD per share, bringing his total holdings to 284.2 million shares, representing 45.7% of the company [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5][12] Core Insights - The company experienced revenue growth of 9.1% year-on-year in 2024, achieving a total revenue of 4.446 billion yuan, while net profit decreased by 12.6% to 598 million yuan due to financial asset impairment [5][6] - The outpatient services saw significant growth, with outpatient revenue increasing by 20.8% to 1.633 billion yuan, contributing to a total hospital revenue of 4.32 billion yuan [6] - The company has adjusted its profit forecasts for 2025-2026, now expecting net profits of 697 million yuan and 779 million yuan respectively, with a new forecast for 2027 at 862 million yuan [5] Financial Performance Summary - In 2024, the company reported a gross margin of 29.9% and a net margin of 13.5% [5] - The number of outpatient visits increased by 23.8% to 4.526 million, and surgical cases rose by 15.8% to 97,000, with surgical revenue growing by 21.2% [6] - The company plans to expand its hospital capacity significantly, with new hospitals and expansions projected to increase bed capacity to over 16,000 [7] Valuation Metrics - The current price-to-earnings (P/E) ratio is projected at 12.3 for 2025, 11.0 for 2026, and 10.0 for 2027 [5] - The company’s return on equity (ROE) is expected to be 9.49% in 2025, increasing slightly in subsequent years [8] - The projected earnings per share (EPS) for 2025 is 1.12 yuan, with a gradual increase to 1.39 yuan by 2027 [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5][12] Core Insights - In 2024, the company experienced revenue fluctuations with a total revenue of 4.446 billion HKD (up 9.1% year-on-year) and a net profit of 598 million HKD (down 12.6% year-on-year) [5] - The adjusted net profit for 2024 was 602 million HKD (down 15.6% year-on-year), with a gross margin of 29.9% (down 1.6 percentage points) and a net margin of 13.5% [5] - Due to the impact of financial asset impairment, the profit forecast for 2025-2026 has been revised downwards, with expected net profits of 697 million HKD and 779 million HKD for 2025 and 2026 respectively [5] - The company is projected to achieve net profits of 862 million HKD in 2027, with corresponding price-to-earnings ratios of 12.3, 11.0, and 10.0 for 2025-2027 [5] Revenue and Business Growth - The company's outpatient services saw rapid growth in 2024, with outpatient service revenue reaching 1.633 billion HKD (up 20.8% year-on-year) [6] - The total revenue from hospital operations was 4.32 billion HKD (up 11.1% year-on-year), with inpatient service revenue of 2.69 billion HKD (up 5.9% year-on-year) [6] - The oncology-related business generated 1.963 billion HKD in revenue (up 10.4% year-on-year), accounting for 44.15% of total revenue [6] - The number of patient visits increased to 4.526 million (up 23.8% year-on-year), and the number of surgeries performed was 97,000 (up 15.8% year-on-year) [6] Hospital Development and Expansion - The company is progressing with new hospital projects, including the completion of Dezhou Haijia Hospital, which has 1,000 planned beds [7] - The Wuxi Haijia Hospital project is expected to be completed and opened in 2025, with 800 to 1,000 planned beds [7] - Ongoing expansions include the Kaiyuan Hospital phase II project, which will add approximately 500 beds, and several other hospital expansion projects that will increase total bed capacity to over 16,000 [7]

Investment Rating - The report maintains a "Buy" rating for the company, Hai Jiaya Medical (6078 HK), with a target price of HKD 18.00, indicating a potential upside of 30.2% from the current closing price of HKD 13.82 [2][3]. Core Insights - The company's performance in 2024 is expected to be under pressure due to changes in the medical insurance payment environment, but long-term growth visibility remains significant. It is anticipated that by 2025, the company will recover with a profit growth rate exceeding 20% as the impact of medical insurance cost control normalizes and new hospital integrations are completed [3][7]. - The report highlights that while the company's revenue for 2024 is projected to grow by 9%, it falls short of expectations, with a notable decline of 11% in the second half of 2024. The oncology segment remains stable, contributing 44% to revenue, while outpatient services show resilience with a 21% increase in annual revenue [7][8]. - The report emphasizes the company's ongoing expansion through new hospitals and acquisitions, which are expected to contribute positively to revenue growth in the future. The company is also exploring new business avenues in response to the changing medical insurance landscape, including internet hospitals and self-paid services related to innovative drugs [7][8]. Financial Forecast Changes - Revenue and net profit forecasts for 2025 and 2026 have been adjusted downward by 16-21% and 21-27%, respectively, reflecting the short-term impact of medical insurance cost control on the company's performance [6][7]. - The updated financial projections for 2025 estimate revenue at RMB 4,987 million, a decrease of 15.8% from previous estimates, with a net profit forecast of RMB 743 million, down 20.6% [6][13].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company reported a revenue of 4.446 billion yuan, representing a year-on-year increase of 9.1%, while net profit decreased by 12.6% to 598 million yuan [1] - The hospital business showed steady growth, with revenue reaching 4.323 billion yuan in 2024, up 11.1% year-on-year, driven by outpatient and inpatient services [2] - The company is focusing on enhancing its oncology specialty capabilities and innovating its business development model, including collaborations with commercial insurance companies and the integration of AI technology [3] Summary by Sections Financial Performance - Revenue for 2024 is projected at 4.825 billion yuan, with a growth rate of 8.5% [4] - Net profit for 2024 is forecasted at 688 million yuan, reflecting a 15% increase from the previous year [4] - Earnings per share (EPS) for 2024 is estimated at 1.11 yuan, with corresponding price-to-earnings (P/E) ratios of 12, 10, and 9 for 2024, 2025, and 2026 respectively [3][4] Business Development - The company operates 16 hospitals, including 4 tertiary hospitals and 12 secondary hospitals, with ongoing construction of 2 additional tertiary hospitals [2] - The company is actively expanding its service offerings beyond basic medical services, including partnerships for infertility treatment and enhancements in aesthetic and dental services [3] Market Position - The company has a total market capitalization of 85.93 billion HKD, with a current share price of 13.82 HKD [5] - The stock has experienced a significant decline over the past year, with a relative performance of -98.3% [6]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 18.00, indicating a potential upside of 30.2% from the current price of HKD 13.82 [2][3]. Core Insights - The company's performance in 2024 is expected to be under pressure due to changes in the medical insurance payment environment, but long-term growth visibility remains significant. It is anticipated that by 2025, the company will recover with a profit growth rate exceeding 20% as the impact of cost control normalizes and new hospital integrations are completed [3][7]. - The report highlights that despite a projected revenue growth of 9% for 2024, the second half of the year may see an 11% decline in revenue due to pressures from DRG/DIP nationwide promotion and slow reimbursement in certain regions. However, the company has shown resilience in outpatient services, with a 21% increase in annual revenue [7][8]. Financial Forecast Changes - Revenue and net profit forecasts for 2025 and 2026 have been adjusted downwards by 16-21% and 21-27% respectively. The new revenue forecast for 2025 is set at RMB 4,987 million, down from RMB 5,922 million, while the net profit forecast is reduced to RMB 743 million from RMB 936 million [6][7]. - The report provides detailed financial projections, including a projected revenue of RMB 5,527 million for 2026 and RMB 6,291 million for 2027, with corresponding net profits of RMB 853 million and RMB 1,033 million [13]. Business Growth Drivers - New hospital openings and expansions are expected to provide growth momentum. The company has completed the acceptance and opening of a tertiary hospital in Dezhou, with additional hospitals in Wuxi and Changshu expected to open by the end of this year and next year respectively [7][8]. - The company is exploring new business avenues in response to the changing medical insurance payment environment, including internet hospitals and self-funded services related to innovative drugs, which are anticipated to have long-term growth potential [7][8].