Meinian Health: Policy and “All in AI” Strategy Stabilize Core Business and Unlock Future Growth
As a leading player in China’s preventive healthcare sector, Meinian Health faced a dual environment in the first half of 2025: policy tailwinds for the health check-up industry and intensifying market competition. By leveraging AI technology, implementing refined cost control, and coordinating multiple brands, the company demonstrated strong business resilience. Internally, the “All in AI” strategy, combined with favorable external policies, is expected to open up new growth opportunities for Meinian Health.
I. Revenue Shows Seasonal Dip, but Cash Flow and Cost Control Highlight Financial Resilience
In H1 2025, Meinian Health reported revenue of RMB 4.109 billion, down 2.28% year-on-year, mainly due to the traditional off-season for health check-ups and delayed client budgets. However, the revenue decline slowed in Q2 (down only 2.0% YoY). Net profit attributable to shareholders was -RMB 221 million, a smaller decrease than revenue, thanks to effective cost control and growth in high-margin AI product revenue. As of June 30, 2025, the company had served 9.55 million check-up clients, with 6 million at majority-owned centers. Single-center capacity utilization remained stable, laying a solid foundation for the upcoming peak season.
Operating costs were RMB 2.752 billion, with minimal growth, reflecting the success of cost efficiency initiatives. Measures such as smart appointment systems and integrated testing centers helped reduce costs. Sales expenses fell 8.75% YoY due to agile sales team restructuring, while management expenses dropped 0.5% YoY through centralized management. Investment in AI medical technologies and digital platforms drove a 12.38% YoY increase in R&D expenses, strengthening the company’s foundation for the AI era.
Operating cash flow improved by 28.73% YoY to -RMB 422 million, with cash and equivalents at RMB 2.095 billion and ample bank credit available, ensuring short-term liquidity. Total assets stood at RMB 19.186 billion, down 4.67% YoY, mainly due to minor adjustments in cash and fixed assets. Outstanding loans decreased by 3.3% from end-2024, and net current liabilities fell by 17.7% YoY, easing short-term debt pressure.
Overall, while revenue declined slightly in H1, losses were controlled, cost management was effective, and cash flow improved, indicating sound operations. With the peak season ahead, Meinian Health is poised for a turnaround.
II. Building Core Barriers in Health Check-Ups: AI and Multi-Brand Strategy Drive Differentiation
Meinian Health’s core strategy remains focused on health check-ups, with over 99% of revenue from medical services and nearly 96% from check-ups. Leveraging advantages in technology, brand, and service, the company is also expanding into health management, showing strong resilience despite regional competition.
AI Empowerment Delivers Quality and Efficiency
AI-powered products such as cardiovascular screening, AI-MDT reports, and other AI-driven services contributed RMB 140 million in revenue.
Pre-check: The “Xingyu” AI proposal system, based on data from 200 million check-ups, customizes packages for corporate clients, improving package matching by 15%.
During check-up: The “Health Xiaomei” AI guide reduced client wait times by over 20%.
Post-check: AI-MDT multidisciplinary consultations, modeled after top hospital practices, increased follow-up rates for major abnormalities by 13.05% YoY.
Dual-Engine Growth: Corporate and Individual Clients
Corporate check-ups focus on six key sectors (banking, telecom, public security), accounting for 67% of business, with key client contracts rising to 38%.
Individual check-ups account for 33%, with traffic from Tmall, Douyin, and other platforms, and a private domain repurchase rate of 42%.
The “corporate-to-individual” pathway is being established, with individual client revenue up 3.5% YoY, boosting resilience.
Multi-Brand Coverage and High-End Market Breakthroughs
Meinian Health operates four major brands—Meinian, Ciming, Ciming Aoya, and MJ Health—targeting different customer segments:
Mass market: Meinian and Ciming have 566 branches (304 majority-owned) across 30 provinces, with core regions (Yangtze River Delta, Greater Bay Area) contributing over 60% of revenue.
High-end market: Ciming Aoya focuses on executives and high-net-worth families, offering “private doctor + international referral” services, with revenue up 18.2% YoY in H1 2025. MJ Health leverages its AMHTS automated check-up system, with high-end client spending exceeding RMB 5,000 and increasing penetration in top-tier cities.
Regional Performance Diverges, Core Markets Remain Strong
East, North, and Central South China contributed over 68% of revenue. South China saw the highest growth (5.89%), driven by aging demographics and upgraded health consumption. Northeast, North, and Northwest China experienced declines due to public hospital expansion and fluctuating local demand. Addressing regional imbalances will require optimizing branch layouts and strengthening localized services.
Continuous Quality Improvement and Enhanced Customer Experience
Meinian Health is committed to medical quality, implementing a three-tier quality control system and monthly inspections. Collaborations with Alibaba DAMO Academy have produced AI-powered early screening for pancreatic cancer. The company has launched 25 weight management clinics, introduced new medications, and enhanced the “check-up + health management” ecosystem. Digital tools have improved appointment accuracy, smart guidance, and customer satisfaction, with a 93.13% improvement rate and a 9.48% increase in VIP report interpretation. As the official medical provider for “Soochow Super League,” brand influence has expanded through scenario-based partnerships.
III. Policy and Technology Drive, Poised for H2 Recovery
With the Chinese government promoting health check-ups and early screening, combined with rising health awareness and an aging population, demand for professional check-up services is increasing. Meinian’s “All in AI” strategy will continue, aiming for AI-driven systems in all majority-owned centers and over 5% of revenue from AI-related products. New offerings in liver health, traditional Chinese medicine, and popular products like capsule endoscopy and genetic testing are expected to exceed one million units annually. The company is also leveraging its vast check-up data in partnerships with insurers.
According to MoonFox Financial Alternative Data, Meinian Health’s composite operating index is set to rise in Q3. With the peak season, AI product scaling, and ongoing M&A integration, Meinian is transforming from a traditional check-up provider to a full-cycle digital health management platform—well-positioned to maintain industry leadership and capture long-term growth opportunities.
About MoonFox Data
MoonFox Data, a subsidiary of Aurora Mobile (NASDAQ: JG), is a leading alternative data provider delivering actionable insights to global financial institutions and investment firms. Trusted by top 50 funds, MoonFox leverages proprietary big data and advanced analytics to help clients uncover market trends and drive smarter decisions across China and emerging markets.
