Yinkang Life: Achieves double-digit growth in both revenue and net profit attributable to shareholders by 2025

Transferred from: China Securities Journal · China Securities Network

China Securities Journal China Securities Network news (Reporter Zhang Pengfei) On the evening of March 27, Yingkang Life disclosed its 2025 annual report. The report shows that in the face of a generally pressured external environment in the private hospital industry, the company has steadily improved its operational quality through solid fine management capabilities, deep AI empowerment, and organic integration of ecological resources, achieving dual improvements in revenue scale and profitability, with its development resilience and growth momentum fully released.

During the reporting period, the company achieved operating revenue of 1.886 billion yuan, a year-on-year increase of 20.93%, with a five-year compound growth rate of 23.32%; it realized a net profit attributable to the shareholders of the listed company of 68.5407 million yuan, a year-on-year decrease of 40.62%, mainly due to the adjustment of the transaction price related to the performance targets promised upon the acquisition of Saint Nor Medical, which is a one-time non-recurring item. Excluding the impact of the above major items, the net profit attributable to the shareholders of the listed company after deducting non-recurring gains and losses was 107 million yuan, a year-on-year increase of 28.50%, with a five-year compound growth rate of 25.7% after excluding goodwill impact; the net cash flow generated from operating activities was 341 million yuan, a year-on-year increase of 31.47%, further optimizing cash flow and providing solid support for sustainable development; total assets reached 4.193 billion yuan, a year-on-year increase of 18.54%, with a robust expansion of asset scale.

At the same time, under AI empowerment, the company’s comprehensive expense ratio for sales, management, R&D, and finance was optimized by 1.2 percentage points compared to the same period last year, with significant results from lean management and steadily improving operational efficiency.

Yingkang Life has always adhered to a balanced approach of internal growth and external expansion, continuously enhancing business scale and operational efficiency through strategic mergers and deep integrations. This is also a key lever for the company to achieve simultaneous scale benefits by 2025.

In 2025, the company made a move in Central China to complete the acquisition of Changsha Kexin Tumor Hospital, further improving the layout of regional medical centers. As a tertiary specialized tumor hospital, its minimally invasive interventional treatment technology for tumors ranks among the top in Hunan province, leading in the treatment capabilities for head and neck tumors. The integration effect after the acquisition was immediate: the annual performance commitment completion rate reached 106.75%, with patient volume increasing by 64% year-on-year, including outpatient volume increasing by 95% and surgical volume increasing by 38%, with the volume of level 3 and 4 surgeries also increasing by 38%. The company is currently advancing the second phase of construction for the hospital, with land use rights obtained, and it is expected that the bed capacity will reach 800 upon completion.

It is worth mentioning that from 2021 to now, the company has completed multiple acquisitions of over one billion scale, all targets have met their performance commitments. The performance completion rate for the Suzhou Guangci Tumor Hospital acquired in 2021 exceeded 100%, while the cumulative performance commitment completion rate for Saint Nor Medical acquired in 2022 reached 127.47%, and for Uniq Medical Equipment acquired in 2023, it reached 184.76%. The company’s ecological integration capability continues to consolidate, achieving deep synergy between all acquisition targets and the company, forming a synergistic effect of technology collaboration, key volume expansion, and cost reduction and efficiency enhancement, promoting continuous improvement in overall operational quality and creating a virtuous cycle of external growth and internal development.

In 2025, Yingkang Life will empower its core medical health business with AI technology, comprehensively promoting high-quality development. The company is deeply cultivating a differentiated service system, continuously solidifying its core competitiveness, promoting simultaneous improvements in the scale and quality of its core business, and laying a solid foundation for the development of the listed company.

In the core business segment of medical services, the revenue for this segment in 2025 is projected to be 1.501 billion yuan, a year-on-year increase of 25.93%. The total number of patients served by the company’s self-operated hospitals reached 604,100, a year-on-year increase of 11%, with outpatient volume increasing by 10% and inpatient volume increasing by 23%, continuously optimizing the business structure; surgical volume increased by 71%, with level 3 and 4 surgeries accounting for 78%, an increase of 7 percentage points compared to the same period, taking diagnostic and treatment capabilities to a new level. In terms of discipline construction, the company added 20 key disciplines, 19 discipline centers, and 13 specialized alliances throughout the year, established 71 medical consortia, launched 93 new technologies and projects, published 12 SCI papers, and continuously solidified specialized strengths, providing solid support for differentiated services.

Yingkang Life continues to deepen its “large specialty, strong comprehensive” layout characterized by oncology, continuously solidifying its tumor specialty. The company focuses on precise diagnosis and treatment of tumors and features for mid- to late-stage tumor treatments. On one hand, it builds a multidisciplinary comprehensive treatment (MDT) system, promotes the application of high-end equipment such as PET-CT and TOMO knives, and deepens advantages in precise radiotherapy and minimally invasive interventional technologies; on the other hand, in response to the needs and pain points of mid- to late-stage cancer patients, it establishes a specialized critical rehabilitation and nutritional support system, creating pain-free and non-nausea solutions to fill the gap in regional care needs. In 2025, the company’s tumor business revenue is expected to reach 622 million yuan, accounting for 41.5% of medical service revenue, with the regional medical center’s radiation capability continuously strengthening.

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