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

China Securities Journal, China Securities Network (Reporter Zhang Pengfei) - On the evening of March 27, Yingkang Life disclosed its 2025 annual report. The report shows that, in the face of an overall challenging external environment for the private hospital industry, the company has steadily improved its operational quality through solid refined management capabilities, deep AI empowerment, and organic integration of ecological resources, achieving simultaneous growth in revenue scale and profitability, with a comprehensive release of development resilience and growth momentum.

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%; net profit attributable to shareholders of the listed company was 68.5407 million yuan, a year-on-year decrease of 40.62%, mainly due to the adjustment of the transaction price caused by the performance targets promised at the time of the acquisition of Shengnuo Medical, which is a one-time non-recurring item. Excluding the impact of the aforementioned major items, the net profit attributable to shareholders of the listed company, 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; net cash flow from operating activities was 341 million yuan, a year-on-year increase of 31.47%, further optimizing cash flow and providing a solid guarantee for sustainable development; total assets reached 4.193 billion yuan, a year-on-year increase of 18.54%, indicating steady expansion of asset scale.

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

Yingkang Life has always adhered to a balance between internal growth and external development, continuously enhancing business scale and operational efficiency through strategic mergers and deep integration, which is also a key driver for the company to achieve simultaneous scale efficiency by 2025.

In 2025, the company strategically completed the acquisition of Changsha Kexin Tumor Hospital in Central China, further improving its regional medical center layout. As a tertiary specialized tumor hospital, its minimally invasive treatment technology for tumors is among the best in Hunan Province, leading in the treatment capability for head and neck tumors. The integration effects after the acquisition were immediate: the annual performance commitment completion rate reached 106.75%, with the number of patients increasing by 64% year-on-year, including a 95% year-on-year increase in outpatient visits and a 38% year-on-year increase in surgeries, with the number of level three and four surgeries also increasing by 38%. The company is currently advancing the second phase of the hospital’s construction, with land use rights obtained, and it is expected that the bed capacity will reach 800 upon completion.

It is worth mentioning that since 2021, the company has completed multiple merger and acquisition projects with a scale exceeding one billion, all of which have met their performance commitments. The performance completion rate of Suzhou Guangci Tumor Hospital, acquired in 2021, exceeded 100%, while the cumulative performance completion rate of Shengnuo Medical, acquired in 2022, reached 127.47%, and the cumulative performance completion rate of Uni Medical Instruments, acquired in 2023, reached 184.76%. The company’s ecological integration capabilities continue to accumulate, achieving deep synergy between various acquisition targets and the company, forming integration effects of technological synergy, key volume expansion, and cost reduction and efficiency enhancement, thus continuously improving overall operational quality and forming a virtuous cycle of external growth and internal development.

In 2025, Yingkang Life will empower its core medical health business with AI technology, fully promoting high-quality development. The company focuses on a differentiated service system, continuously solidifying its core competitiveness, promoting simultaneous growth 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 segment’s revenue in 2025 is expected to reach 1.501 billion yuan, a year-on-year increase of 25.93%. The number of patients served by the company’s self-operated hospitals reached 604,100, a year-on-year increase of 11%, with outpatient visits increasing by 10% year-on-year and inpatient admissions increasing by 23%, indicating continuous optimization of the business structure; the number of surgeries increased by 71%, with level three and four surgeries accounting for 78%, a 7 percentage point increase compared to the same period last year, elevating the 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, formed 71 medical alliance networks, launched 93 new technologies and projects, published 12 SCI papers, and continuously solidified its specialized strengths, providing strong support for differentiated services.

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

[Source: China Securities Journal · China Securities Network]