格隆汇9月4日丨嘉和美康(688246.SH)公布，收到弘云久康出具的《关于弘云久康数据技术(北京)有限公 司减持计划的告知函》，因自身流动性需求，股东弘云久康计划自2025年10月9日起3个月内根据市场情 况通过集中竞价方式减持其持有的公司股份合计不超过1,375,855股，即不超过公司总股本的1%。 ...

嘉和美康公告，持股5%以上股东弘云久康数据技术（北京）有限公司现持有848.59万股，占6.17%；因 流动性需求，计划自2025年10月9日至2026年1月8日，通过集中竞价方式减持不超过137.59万股，即不 超过公司总股本的1%，减持价格按市场价格确定，股份来源为IPO前取得。 ...

智通财经APP讯，嘉和美康(688246.SH)公告，公司股东弘云久康数据技术(北京)有限公司(简称"弘云久 康")计划自2025年10月9日起3个月内根据市场情况通过集中竞价方式减持其持有的公司股份合计不超过 137.59万股，即不超过公司总股本的1%。 ...

嘉和美康(688246.SH)公告，公司股东弘云久康数据技术(北京)有限公司(简称"弘云久康")计划自2025年 10月9日起3个月内根据市场情况通过集中竞价方式减持其持有的公司股份合计不超过137.59万股，即不 超过公司总股本的1%。 ...

证券代码：688246 证券简称：嘉和美康 嘉和美康（北京）科技股份有限公司 2025 年第四次临时股东会会议资料 2025 年 9 月 15 日 | 目 | 录 | | --- | --- | | 2025 年第四次临时股东会会议须知 | 2 | | 2025 年第四次临时股东会会议议程 | 4 | | 2025 年第四次临时股东会会议议案 | 6 | | 议案一：关于子公司股权转让暨关联交易的议案 | 6 | | 议案二：关于变更公司独立董事的议案 | 7 | 五、要求发言的股东及股东代理人，应提前在股东会签到处进行登记，会议 进行中只接受股东及股东代理人发言或提问，股东现场提问请举手示意，经会议 主持人许可方可发言。有多名股东及股东代理人同时要求发言时，先举手者发言； 不能确定先后时，由主持人指定发言者。股东及股东代理人发言或提问应围绕本 次会议议题进行，简明扼要，时间不超过 5 分钟。 六、股东及股东代理人要求发言或提问时，不得打断会议报告人的报告或其 他股东及股东代理人的发言，在股东会进行表决时，股东及股东代理人不再进行 发言。股东及股东代理人违反上述规定，会议主持人有权加以拒绝或制止。 七、主持人 ...

Core Insights - The company reported a significant decline in revenue and net profit for the first half of 2025, with revenue at 219 million yuan, down 27.22% year-on-year, and a net profit of -116 million yuan compared to -27 million yuan in the same period last year [1] - The decrease in performance is attributed to delayed customer demand, slow bidding processes, tightened hospital budgets, increased industry competition, and rising implementation costs due to project delays [1] - The company is a leader in electronic medical records and anticipates that AI healthcare demand will enhance its value proposition in the future [1] Financial Performance - The gross margin for the first half of 2025 was 20.52%, a decrease of 27.51 percentage points, primarily due to extended project delivery cycles increasing cost pressures [2] - The sales, management, and R&D expense ratios were 19.35%, 17.52%, and 29.61%, respectively, with increases of 2.95, 1.31, and 4.26 percentage points, driven by rigid personnel costs and increased R&D investments [2] - R&D investment accounted for 43.36% of revenue, up 2.64 percentage points year-on-year, reflecting the company's commitment to enhancing its core technology and long-term competitiveness [2] Product Development - The company upgraded its core product, the electronic medical record system, integrating AI capabilities through the development of the Jiahe domain-specific medical model [3] - A new generation of intelligent electronic medical record platform (V7) was launched, featuring a microservices and B/S architecture, achieving full-stack compatibility and deep integration with the Jiahe medical model [3] - The company has accelerated the commercialization of AI products, with four core solution scenarios implemented in several large tertiary hospitals [3] Competitive Advantage - The company is enhancing its AI capabilities by upgrading its data center products into a multimodal intelligent platform, improving data governance and efficiency [4] - The integration of AI in emergency medical services has led to the development of a comprehensive platform that generates treatment plans and predicts mortality risk based on extensive data training [4] - The focus is on empowering clinical, research, teaching, and management scenarios with AI to enhance the competitiveness of medical products [4] Profit Forecast and Valuation - The profit forecast remains unchanged, with expected net profits of 44 million, 102 million, and 191 million yuan for 2025-2027 [5] - The company is assigned a target price of 44.48 yuan based on a 60x 2026 PE ratio, reflecting its strengthened competitiveness in the medical AI sector [5]

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 44.48 [7][8]. Core Views - The company reported a significant decline in revenue and net profit for the first half of 2025, primarily due to deferred customer demand, delayed bidding processes, tightened hospital budgets, and increased competition [1]. - Despite the current challenges, the company is expected to benefit from AI-driven demand in the healthcare sector, which may enhance its value proposition [1]. - The company maintains a strong focus on R&D, with R&D expenses accounting for 43.36% of revenue in the first half of 2025, indicating a commitment to enhancing its technological capabilities [2]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of RMB 2.19 billion, a year-on-year decrease of 27.22%, and a net profit attributable to shareholders of -RMB 1.16 billion, compared to -RMB 0.27 billion in the same period last year [1][12]. - The gross margin for the first half of 2025 was 20.52%, down 27.51 percentage points year-on-year, attributed to extended project delivery cycles and increased cost pressures [2]. Product Development - The company has launched a new generation of intelligent electronic medical record platforms (V7) that integrate AI capabilities, enhancing efficiency and quality in medical documentation [3]. - The company is actively upgrading its data center products to a multi-modal intelligent platform, improving data governance and operational efficiency through AI [4]. Market Position and Outlook - The company is ranked first in the electronic medical record segment for 2024, marking its 11th consecutive year at the top of the market [2]. - Profit forecasts for the company indicate a gradual recovery, with expected net profits of RMB 0.44 billion, RMB 1.02 billion, and RMB 1.91 billion for 2025, 2026, and 2027, respectively [5][11].

Core Viewpoint - The financial performance of Jiahe Meikang (688246) for the first half of 2025 shows significant declines in revenue and profit, indicating a challenging business environment and potential operational weaknesses [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 was 219 million yuan, a decrease of 27.22% year-on-year [1]. - The net profit attributable to shareholders was -116 million yuan, representing a decline of 323.29% compared to the previous year [1]. - In Q2 2025, total revenue was 117 million yuan, down 33.97% year-on-year, with a net profit of -98.86 million yuan, a decrease of 532.81% [1]. - The gross margin fell to 20.52%, down 57.28% year-on-year, while the net margin was -59.43%, a drop of 382.4% [1]. - The total of selling, administrative, and financial expenses reached 85.51 million yuan, accounting for 39.1% of revenue, an increase of 16.98% year-on-year [1]. - The company's cash flow per share was -1.22 yuan, an increase of 11.07% year-on-year, while earnings per share were -0.85 yuan, a decrease of 325% [1]. Accounts Receivable and Financial Health - Accounts receivable accounted for 89.54% of the latest annual revenue, indicating a significant reliance on credit [1]. - Cash and cash equivalents decreased by 52.74% to 193 million yuan, while interest-bearing debt increased by 2.21% to 304 million yuan [1]. - The company's historical return on invested capital (ROIC) has been low, with a median of 1.07% since its listing, and a worst year ROIC of -34.23% in 2017 [3]. Fund Holdings - The largest fund holding Jiahe Meikang is the E Fund New Normal Flexible Allocation Mixed Fund, which increased its position to 2.9388 million shares [4]. - Other funds that have increased their holdings include the Great Wall Consumer Value Mixed A and several others, indicating some level of institutional interest despite the company's poor performance [4].

嘉和美康首次公开发行股票的发行费用总额为1.21亿元，其中保荐机构华泰联合证券有限责任公司获得 保荐及承销费用9782.30万元。 嘉和美康于2021年12月14日在上交所科创板上市，发行价格为39.50元/股，发行数量为3446.94万股，保 荐机构(主承销商)为华泰联合证券有限责任公司，保荐代表人为孔祥熙、王琛。 嘉和美康首次公开发行股票募集资金总额13.62亿元，扣除发行费用后，募集资金净额为12.40亿元。嘉 和美康最终募集资金净额比原计划多4.90亿元。嘉和美康于2021年12月9日披露的招股说明书显示，该 公司拟募集资金7.50亿元，分别用于专科电子病历研发项目(急诊急救方向、妇幼专科方向)、综合电子 病历升级改造项目、数据中心升级改造项目、补充营运资金。 中国经济网北京8月28日讯嘉和美康(688246.SH)今日收报33.85元，跌幅5.10%，总市值46.57亿元。该股 目前处于破发状态。 ...

格隆汇8月28日｜嘉和美康(688246.SH)跌7.93%，报32.84元，总市值45.18亿元。嘉和美康公告，上半年 公司营业收入为2.19亿元，同比下降27.2%；归母净利润自去年同期亏损2747万元变为亏损1.16亿元， 亏损额进一步扩大；扣非归母净利润自去年同期亏损3074万元变为亏损1.18亿元，亏损额进一步扩大； EPS(全面摊薄)为-0.8452元。(格隆汇) ...