In 2025, both net profit excluding non-recurring gains and losses and net cash flow will rise simultaneously. Yingkang Life bets on AI medical treatment and proactive health management.

Yingkang Life Sciences Co., Ltd. (hereinafter referred to as “Yingkang Life”) has turned in a steady-but-progressive set of 2025 results.

The 2025 annual report shows that the company achieved full-year operating revenue of RMB 1.886 billion, up 20.93% year over year. Net profit attributable to shareholders of listed companies, excluding non-recurring gains and losses, was RMB 107 million, up 28.50% year over year. Net cash flow from operating activities was RMB 341 million, up 31.47% year over year.

On March 29, at Yingkang Life’s 2025 annual report media briefing, Ma Anjie, the company’s general manager, said in an interview with a reporter from Securities Daily that as the healthcare industry has entered a phase of deep transformation, the contest among enterprises is no longer only about scale and speed, but about sustainable operating capability, industry and business synergy, and planning ability for future scenarios.

More emphasis on operating fundamentals and the ability to generate sustainable “blood”

When asked about market concerns regarding the decline in net profit attributable to the parent company, Ma Anjie did not shy away. He said that if one looks only at net profit attributable to the parent, it is indeed easy to misread the company’s operating situation. In 2025, the decline in net profit attributable to the parent was mainly because Santong Medical, after meeting its performance target, triggered an increase in transaction consideration. This is a one-off, non-operating item, not a sign that the company’s operating capability has weakened, nor a normal occurrence that will recur repeatedly in the future.

Ma Anjie told reporters that currently the company places the most emphasis on three indicators: net profit excluding non-recurring items; operating cash flow; and the value brought by AI service products through continuing to serve users. In his view, net profit excluding non-recurring items is a barometer for observing a company’s long-term and stable operations, while operating cash flow is the company’s underlying engine for self-sustaining cash generation and for weathering cycles. As for AI, it cannot remain at the concept level; it must be genuinely reflected in improvements in efficiency, improvements in capabilities, and better user experience.

Based on the data disclosed in the annual report, this logic already has some support. In 2025, under AI enablement, the company improved its expense ratio by 1.2 percentage points year over year, and the scale of both its medical services and medical devices segments continued to expand. Revenue from the medical services segment was RMB 1.501 billion, up 25.93% year over year. The company’s self-operated hospitals cumulatively served 604,100 patients over the year, up 11% year over year. The number of surgeries increased 71% year over year, and the proportion of surgeries in the fourth and third tiers reached 78%. This means Yingkang Life’s growth is reflected not only at the revenue level, but also in the simultaneous improvement of operating efficiency, service structure, and discipline capabilities.

In the interview, Ma Anjie emphasized that in the current healthcare industry, enterprises must continue to transform in a pressured environment: transform the way they serve users, transform the way they interact with users, and transform their capability to provide scenario-based solutions for users. He believes that industry pressure will very likely become the norm in the future. What truly pulls companies apart is not simply making the scale bigger, but who can continuously and in depth deliver improvements in operating quality, cash-flow quality, and service capabilities.

Advancing M&A and AI on two lines

Regarding the M&A pace that the market has been watching, Ma Anjie’s response was quite direct. He said that the development of a listed company depends on both internal growth and external acquisitions. In the future, Yingkang Life will continue to pay attention to excellent targets, but the core is not how many assets it buys; it is whether it can identify good targets, whether it can integrate, empower, and further strengthen the assets brought back through M&A on an ongoing basis.

This is also the main line of Yingkang Life’s M&A logic in recent years. According to the annual report, since 2021 the company has incorporated core assets such as Suzhou Guangci Cancer Hospital, Santong Medical, Unni Devices, and Changsha Kexin Cancer Hospital into its portfolio. Ma Anjie said that to judge whether M&A synergies are working, it mainly comes down to three dimensions: first, whether capabilities have been effectively transplanted in terms of business, rather than just stacking scale; second, whether efficiency improvements have been achieved in terms of management; and third, whether resources have been extended from a single asset to form a new industrial ecosystem. He specifically mentioned that after Changsha Kexin was consolidated into the group, it still achieved growth in admission volume and high-grade surgery volume on the basis of full-bed operations. Santong and Unni have continued to release synergy effects in areas such as high-end channels and overseas expansion.

What has received more attention than M&A is the AI transformation that Yingkang Life is advancing. Ma Anjie said plainly that in the past few years the company has gone through three stages in its AI journey: first, basic digitalization efforts; second, AI tool applications; and now it is moving toward AI scenario-based products. In the past year, the company has focused on three questions: how AI can enhance diagnostic and treatment service capabilities; how AI can improve operational efficiency; and how AI can improve user experience. Next, the company wants to drive changes in the diagnostic and treatment service model itself. To that end, the company has developed an in-house intelligent agent for full-cycle management for cancer patients, hoping to use AI to break the constraints of traditional healthcare among high quality, low cost, and broad coverage, gradually shifting previously passive health-management services toward active sensing, active prediction, and active management.

In Ma Anjie’s view, the value of AI at Yingkang Life at its current stage mainly lies in embedding and integrating it into business processes. Only after users and the platform form continuous interaction does AI service have the possibility to gradually form a standalone value presentation. The annual report shows that the company has released an intelligent agent for full-cycle cancer management and is promoting scenario applications such as AI imaging doctors, an AI medical record assistant, and an AI health manager. For the company, this is not only a technology upgrade, but an expansion of service boundaries.

With regard to its 2026 planning, Ma Anjie also provided clearer directions. On the one hand, the medical services side will continue to advance the deployment of AI intelligent agents that serve cancer patients. On the other hand, the medical devices side will seek breakthroughs in device R&D and product layout centered on home-care scenarios. He said that in the future the company will promote three “into homes”: bringing AI services into homes, bringing nursing and rehabilitation into homes, and bringing health-care equipment into homes. Especially in the context of accelerating aging trends and the continuous release of demand for chronic disease management and long-term care, a large portion of patients’ health needs actually occur in home-care settings. What Yingkang Life wants to do next is to pull the growth line further from within hospitals to outside hospitals, extending health management from a single episode of care into continuous services over a longer cycle.

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