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TNH Hospital Group (TNH VN) – H1 2025 Earnings – Investment in New Services, IVF Launch in 2026
Summary of H1 2025 results and outlook of TNH Hospital Group (TNH VN)
- Net revenue edged up 1.4% y/y to VND216bn, supported by Viet Yen GH’s contribution, offsetting softer TIGH & YBGH revenue. The 8.4% rise in average revenue per patient mitigated a 6.4% decline in total patient visits due to lower outpatient visits from delayed preventive healthcare check-ups. Meanwhile, curative services performed well, with a better outpatient-to-inpatient conversion (6.8%→9.0%). This reflects high uptake of specialized medical procedures with favorable patient feedback including maternity and pediatrics, endoscopy, surgeries (hip replacement, and cataract surgery). New service offerings—a vaccination service, comprehensive maternity care, 24/7 Emergency— along with patient acquisition campaigns, are expected to support visit recovery in H2.
- Short-term loss of VND55bn reflects strategic transformation. Following engagement of foreign institutional investors’ activist approach, the new BoD actively implements initiatives including internal audit, standardized project evaluation, and international best practices in finance, risk, and quality management to ensure feasibility, optimize financial and human resources, reduce execution risk and improve investment efficiency. While these initiatives, alongside Viet Yen GH’s ramp-up costs, have temporarily weighed on profitability, they are critical initiatives in organizational capabilities and sustainable high-quality care amid hospital network expansion.
- Looking ahead, the Board is rolling out the strategic growth initiative to boost profitability, including 24/7 Emergency and Intensive care services (ICU), Vaccination services, and In Vitro Fertilization (IVF), the first private facility of its kind in Thai Nguyen and neighboring provinces—to meet rising demand among underserved regions. Operating efficiency and patient visits are expected to enhance as rising contribution of new services and Viet Yen GH utilization scales up. In 2026, TNH will open Lang Son GH and Maternity Center combined with improved utilization rate across 3 existing hospitals.
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