港股公司报告 | 公司点评 收入短期略有波动，利润优化值得期待 事件： 整体业绩符合预期，利润水平改善 2024 年 H1 诊疗量均实现增长，自有医院诊疗门诊量和住院量分别约 为 505 万人次和 28 万人次，分别较去年同期增长 3.5%及 3.0%；受两 年医保结算差影响，门诊和住院次均收入有所下滑，分别下降 2.0% 和 8.8%。 提质增效，财务费用大幅降低 公司努力通过提质增效降低次均收入下降对医院业务利润的影响， 2024H1 医院业务分部毛利为 9.23 亿元，毛利率 20.1%。2024H1 公司 财务费用合计 3984 万元，同比降低 34.8%，主要是由于置换境外贷 款为人民币贷款，贷款利率降低所致。所得税约为 1.16 亿元，同比 降低 16.3%，主要原因为境内应纳税所得额下降。 盈利预测 华润医疗是华润集团在医疗健康领域布局的主平台，已成为规模领先 的央企综合性医疗集团。随着资产并购整合落地，通过一体化精细管 理持续深化和非经常性影响逐步消除，公司业务规模和盈利能力有望 不断提升。考虑到 2023 年公司完成辽健和江能集团收购，我们将公 司 2024-2026 年营业收入上调为 10 ...

[Table_Title] 【广发海外】华润医疗（01515.HK） 收入略降，利润贡献趋于提升 [Table_Summary] 核心观点： ⚫ 公司披露 24H1 业绩公告，收入同比略降，利润稳健增长。24H1 收入 49.8 亿元，同比-2.7%，主要受两年医保结算差影响，叠加 23H1 基数 较高所致。公司积极降本增效，药品及耗材占收入比同比下降 0.6ppt， 抵减了两年医保结算差额的影响。24H1 归母净利润为 4.34 亿元，同 比+9.1%。拟中期派息人民币 5 分/股。 ⚫ 医院业务收入同比略降，门诊及住院人次均实现增长，次均收入降低。 根据公司业绩会材料，24H1 旗下医院医疗业务收入 46.0 亿元，同比 -3.0%。剔除两年医保结算差额及淮阴医院关停影响后，24H1 收入同 比持平。其中，门诊收入为 18.1 亿元，同比+1.4%，人次同比增长 3.5% 达 505 万，次均收入下降 2.0%；住院收入 27.0 亿元，同比-6.1%，人 次同比增长 3.0%达 28 万，次均收入同比-8.8%，手术量同比+1.2%， 其中三四级手术量+2.5%。24H1 医院业务毛利 9.23 亿元， ...

China Resources Medical Holdings Company Limited |Incorporated in the Cayman Islands with limited liability) (於同曼群島註冊成立之有限責任公 司) Stock Code 股票代號 : 1515 0 w INTERIM REPORT 中期報告 2024 CONTENTS 目錄 CONTENTS 目錄 CONTENTS 目錄 2 Corporate Information 公司資料 5 Management Discussion and Analysis 管理層討論與分析 27 Corporate Governance Highlights 企業管治摘要 29 Other Information 其他資料 38 Review Report 審閱報告 40 Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income 中期簡明綜合損益及其他全面收益報表 42 Interim Condense ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部 分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 1 China Resources Medical Holdings Company Limited 華潤醫療控股有限公司 （於開曼群島註冊成立的有限責任公司） （股份代號：1515） 截至2024年6月30日止六個月之中期業績公告 華潤醫療控股有限公司（「本公司」）董事會（「董事會」）欣然宣佈，本公司及其附屬公 司（「本集團」）截至2024年6月30日止六個月（「報告期」）之未經審核綜合業績，如下： 中期簡明綜合損益及其他全面收益報表 截至2024年6月30日止六個月－未經審核 | --- | --- | --- | --- | |----------------------|-------|-------------------------|-----------------------| | | | 截至 6 月 30 \n2024 年 | 日止六個月 \n2023 年 | | | 附註 | 人民幣 ...

Leadership Appointments - Mr. YU Hai was appointed as an executive Director and the chief executive officer of the Company effective from February 27, 2023[4] - Ms. YANG Min was appointed as an executive Director and the Chief Financial Officer effective from June 13, 2023[5] - Mr. ZHOU Peng was appointed as an independent non-executive Director and a member of the Audit Committee effective from September 14, 2023[5] Company Locations - The Company's headquarters and principal place of business in Chinese Mainland is located at 14/F, Kunlun Center Office Building, No. 9, Fuyi Street, Fengtai District, Beijing[6] - The Company's principal place of business in Hong Kong is located at Room 2603, 26/F, China Resources Building, 26 Harbour Road, Wanchai, HKSAR[7] - The Company's registered office is located at Harneys Fiduciary (Cayman) Limited, 4th Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman, KY1-1002, Cayman Islands[7] Financial and Legal Advisors - The Company's Hong Kong branch share registrar is Computershare Hong Kong Investor Services Limited, Shops 1712–1716, 17th Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, HKSAR[7] - The Company's auditors are KPMG, Certified Public Accountants, Public Interest Entity Auditor registered in accordance with the Accounting and Financial Reporting Council Ordinance, located at 8th Floor, Prince's Building, 10 Chater Road, Central, Hong Kong SAR[7] - The Company's legal adviser for Hong Kong law is Jingtian & Gongcheng LLP, located at Suites 3203–3207, 32/F, Edinburgh Tower, The Landmark, 15 Queen's Road Central, Central, HKSAR[8] - The Company's principal bankers include China Merchants Bank, located at 2nd Floor, Tower A, 156 Fuxingmennei Street, Xicheng District, Beijing, and Industrial and Commercial Bank of China, located at Room 102, Block 16, Court 2, East Baizhifang Street, Xicheng District, Beijing[9] Business Performance and Acquisitions - The Group completed the acquisitions of Liaojian and Jiangneng subsidiaries, significantly improving operational quality and performance, securing a favorable position in regional competition[12][13] - The Group's medical business recorded an increase in conventional outpatient visits exceeding 10 million, a year-on-year growth of 97%, and achieved operating revenue of RMB10.11 billion, a year-on-year increase of 79.8%[14] - The Group added 9 provincial key specialties, 31 municipal key specialties, and 67 new specialty clinics for specific diseases during the Reporting Period[14] - The Group initiated 37 national-level centralized projects and implemented 323 new technology projects[14] - The Group conducted 43 new drug clinical trial projects with Good-Clinical Practice (GCP) and obtained 14 patent authorizations[14] - The Group's R&D investment in 2023 grew by 206% year-on-year[14] - The Group's member hospitals achieved significant improvements in patient satisfaction through enhanced patient service management mechanisms[14] - The Group continues to focus on state-owned hospital reforms, aiming to improve medical technology levels and healthcare service efficiency through comprehensive innovation[14] - The Group's acquisitions of LH Subjects and JE Subject by the end of June 2023 further expanded its hospital network, laying a solid foundation for future high-quality development[17] - Consolidated revenue for the Reporting Period amounted to RMB10.108 billion, compared to RMB7.901 billion in FY2022 (restated)[21] - Consolidated net profit for the Reporting Period was RMB328 million, consistent with FY2022 (restated)[21] - LH Member Institutions and JE Member Medical Institutions contributed RMB4.096 billion in consolidated revenue and RMB383 million in consolidated net profit[21] - The Group operates a total of 134 medical institutions, including 13 Grade III hospitals, 25 Grade II hospitals, 43 Grade I hospitals and community centers, and 53 clinics and other medical institutions[23] - Self-owned hospitals recorded a year-on-year improvement in business volume, revenue, and operating profit during the Reporting Period[21] - The utilization rate of beds in self-owned hospitals increased to 83.7% in 2023 from 76.3% in 2022[24][25] - Revenue from medical business in self-owned hospitals reached RMB9.406 billion in 2023, up from RMB8.675 billion in 2022[24][25] - The Group completed the acquisition of LH Subjects and JE Subject in June 2023, expanding its hospital network[18] - The Group's financial results for the Reporting Period included the financial results of LH Subjects and JE Subject starting from January 1, 2023[20] - The Group's financial statements for FY2022 were restated to include the financial results of LH Subjects and JE Subject from June 2, 2022[19] - Hospital business revenue increased by 33.4% year-on-year to RMB 9,406.153 million, with outpatient revenue up 32.5% to RMB 3,932.694 million and inpatient revenue up 34.0% to RMB 5,473.459 million[28][30] - Hospital business segment profit rose 37.2% year-on-year to RMB 638 million, with LH and JE subjects contributing RMB 479 million and stock hospitals contributing RMB 159 million[33] - Excluding one-time impairment, stock hospitals' profit increased 47.4% year-on-year to RMB 484 million, driven by improved operational efficiency[33] - Other business revenue decreased 17.3% year-on-year to RMB 701 million, with segment profit down 6.8% to RMB 236 million[34] - Total revenue increased 27.9% year-on-year to RMB 10,107.5 million, with segment gross profit up 45.9% to RMB 1,905.837 million[28] - JR Holdings and JR Renkang achieved combined revenue of RMB 223 million and net profit of RMB 185 million, with the company's share of net profit at RMB 90.78 million[41] - The company received RMB 88.88 million in FY2022 dividends from JR Holdings and JR Renkang[41] - The company's investment in JR Holdings and JR Renkang totaled RMB 918 million and RMB 59.15 million, respectively, representing 7.2% of total assets[40] - The fair value of the company's investment in UMP Healthcare Holdings was approximately RMB 49.08 million as of December 31, 2023[44] - No concrete plans for material investment or capital asset acquisitions beyond ordinary business operations as of the report date[45] - The company's investment in United Medical Group has a fair value of approximately RMB 49.08 million as of December 31, 2023[46] - The Group achieved revenue of RMB 10.108 billion during the reporting period, a 27.9% year-on-year increase, with LH Subjects and JE Subject contributing RMB 4.096 billion[52] - Hospital business revenue reached RMB 9.406 billion, a 33.4% year-on-year increase, driven by increased patient visits and improved bed utilization[53] - Other business revenue decreased by 17.3% year-on-year to RMB 701 million[53] - Gross profit increased by 45.9% year-on-year to RMB 1.906 billion, with a gross profit margin of 18.9%[53] - Administrative expenses totaled RMB 971 million, a 20.0% year-on-year increase, with existing business administrative expenses growing at a lower rate of 3.3% due to effective cost control measures[54] - Impairment losses on goodwill, property, plant and equipment, and right-of-use assets amounted to RMB 141 million, RMB 209 million, and RMB 2 million, respectively, primarily due to the underperformance of Huaiyin Hospital[55] - The company plans to continue building leading hospitals, accelerate the construction of provincial and municipal key specialties, and expand the GCP program to enhance medical education and research[49] - The company aims to deepen regional integrated management and regional medical consortium construction to achieve comprehensive management of leading hospitals over regional medical institutions[50] - The company will strengthen the brain specialty, promote the construction of brain hospitals in Guangxi, and further expand the discipline's capacity in South China[50] - Huaiyin Hospital's revenue decreased by over 60% year-on-year, with an operating loss exceeding RMB 30 million in 2023[56] - The carrying amount of government service fee receivable for Huaiyin Hospital was RMB 73 million, and the loan receivable was RMB 41 million as of December 31, 2022[58] - The Group recorded impairment losses of RMB 114 million related to Huaiyin Hospital, reducing pre-tax profit by RMB 466 million and net profit by RMB 447 million[58] - The Group's income tax expense increased by 74.3% year-on-year to RMB 165 million, primarily due to increased profit[58] - The Group's net profit was RMB 328 million, representing a year-on-year decrease of 0.1%, with Huaiyin Hospital's impairment reducing net profit by RMB 447 million[58] - The Group's consolidated bank balances and cash, certificate of deposit, and bank financial products amounted to approximately RMB 1.28 billion as of December 31, 2023[59] - The Group obtained an offshore revolving term loan facility of HK$3.7 billion and mainland facilities of RMB 5.27 billion, with bank borrowings of RMB 2.16 billion as of December 31, 2023[60] - The Group's gearing ratio was 15.8% as of December 31, 2023, based on interest-bearing liabilities divided by total assets[62] - The Group is exposed to foreign currency risk, primarily related to fluctuations in the Hong Kong dollar and U.S. dollar against RMB, and has not used derivative contracts to hedge against this risk[63] - The Group had a total of 20,172 full-time employees as of December 31, 2023, a decrease from 20,622 employees in 2022[69] - Staff costs for FY2023 were approximately RMB3,406 million, up from RMB2,635 million in FY2022[69] - The Group operates a defined contribution Mandatory Provident Fund (MPF) Scheme in Hong Kong, with contributions based on a percentage of employees' basic salaries[70] - Subsidiaries in Mainland China participate in a central pension scheme, contributing a certain percentage of payroll costs[73] - The Group did not have any contingent liabilities or material pledges of assets as of December 31, 2023[66][67] - No significant subsequent events occurred after December 31, 2023, that would materially impact the Group's performance or value[68] - The Group faces foreign exchange risk due to currency fluctuations, primarily involving HKD and USD against RMB, but does not use derivative contracts to hedge this risk[65] - The Group is actively addressing talent shortages by attracting, training, and retaining qualified medical and management personnel to mitigate potential impacts on hospital operations[64][65] - The Group has implemented the "Hazardous Substances Safety Management Plan" and "Medical Waste Management System" to manage hazardous chemicals and medical waste, including storage, labeling, and disposal[85] - The Group formulated the "Energy Conservation, Emission Reduction and Environmental Protection Management System" to guide hospitals in energy conservation and eco-environmental protection, promoting green and high-quality development[85] - The Group monitors the implementation of environmental policies quarterly to ensure effective execution[85] - The Group has established the "Radiation Safety Management Plan" and "Radiation Emergency Plan" to manage radiation safety, with annual monitoring of radiation levels in hospitals[87] - The Group conducts regular drills and evaluations to assess responsiveness to radiation-related emergencies[87] - The Group maintains a high standard of health and safety measures in all company activities, with a focus on workplace safety[92] - The Group offers training and leadership development programs for employees with different academic backgrounds to support talent acquisition and continuous development[92] - The Group uses new media platforms to collect patient feedback and identify areas for service improvement[93] - The Group conducts annual supplier performance reviews and communicates with underperforming suppliers for rectification or improvements[94] - The Group's financial results for the year ended December 31, 2023, are detailed in the consolidated statement of profit or loss and comprehensive income[96] - The company proposes a final dividend of RMB6 cents per share for FY2023, totaling approximately RMB77.80 million, compared to RMB3.3 cents per share in FY2022[97][98] - The company's share premium as of December 31, 2023, amounted to RMB5,572,218,000, available for distribution subject to a solvency test[106] - Sales to the company's five largest customers accounted for approximately 6.5% of total sales in FY2023, with the largest customer contributing 3.0%[114] - Purchases from the company's five largest suppliers accounted for approximately 15.7% of total purchases in FY2023, with the largest supplier contributing 4.6%[114] - The company's dividend policy allows for profit sharing with shareholders in the form of annual dividends, provided it does not affect normal operations[100][104] - Sales to the top five customers accounted for approximately 6.5% of total sales for the year ended December 31, 2023, compared to 2.9% in 2022 (restated)[117] - Sales to the largest customer accounted for approximately 3.0% of total sales for the year ended December 31, 2023, compared to 1.2% in 2022 (restated)[117] - Purchases from the top five suppliers accounted for approximately 15.7% of total purchases for the year ended December 31, 2023, compared to 17.4% in 2022 (restated)[117] - Purchases from the largest supplier accounted for approximately 4.6% of total purchases for the year ended December 31, 2023, compared to 5.4% in 2022 (restated)[117] - The company maintains a directors' liability insurance policy to cover potential legal liabilities and related expenses for directors[116][118] - Independent non-executive directors receive an annual fee of HK$300,000 each[125] - The company has received annual independence confirmation from all independent non-executive directors, confirming their independence under Rule 3.13 of the Listing Rules[128][131] - None of the directors or their close associates had engaged in or had any interest in any business competing with the company as of December 31, 2023[130][132] - Song Qing, the Chairman, holds a long position of 400,000 ordinary shares, representing approximately 0.03% of the total shareholding[134] - Ge Lu, a non-executive director, holds a long position of 66,000 ordinary shares, representing approximately 0.01% of the total shareholding[135] - The maximum number of shares that can be issued under the Share Option Scheme is 83,376,300, representing 10% of the company's issued share capital as of the listing date[146] - The Share Option Scheme expired on September 29, 2023, and no further options can be granted or shares issued under the scheme thereafter[146] - The total number of shares issued or to be issued upon exercise of options granted to any grantee in any 12-month period shall not exceed 1% of the total number of shares in issue[147] - The Share Option Scheme was valid for 10 years from September 30, 2013, and no further options will be granted after its expiration, but previously granted options remain valid and exercisable[145] - The offer period for granting options is 14 days from the date of offer, and the option is deemed granted upon receipt of the signed offer document and a remittance of HK$1.00[151] - There is no minimum holding period required before an option can be exercised, and the exercise period is determined by the Board, not exceeding 10 years from the vesting period start date[152] - No share options were granted, exercised, expired, cancelled, or lapsed during the year ended December 31, 2023, and the Share Option Scheme expired on September 29, 2023[157] - The Share Award Scheme allows the Board to grant up to 5% of the total issued shares (64,833,825 shares) as Award Shares, representing approximately 5.00% of the issued share capital as of the annual report date[161] - The maximum number of Award Shares that can be granted to each Selected Participant is 1% of the total issued shares (12,966,765 shares)[161] - Since the adoption of the Share Award Scheme, a total of 32,212,216 Award Shares have been granted, subject to vesting criteria and conditions, with no shares granted in FY2023[164] - The Board has the discretion to determine the Grant Price for Award Shares, considering factors such as the participant's position, experience, years of service, performance, and contribution[160] - The Share Award Scheme is valid for 10 years from July 7, 2014, and is administered by the Board and the scheme's trustee[158] - 50% of the Relevant Award Shares were acquired by the Selected Participants at HK$5.27 per Share, and the remaining 50% were granted by the Company at zero consideration[166] - The Relevant Award Shares were vested during the period from FY2020 to FY2022, with the first batch vested on the date of the 2019 annual assessment, the second batch on the 2020 assessment, and the third batch on the 2021 assessment[166] - As of December 31, 2023, China Resources Company Limited held 474,319,516 shares, representing 36.58% of the issued share capital[171] - Mitsubishi UFJ Financial Group, Inc. held 65,224,166 shares, representing 5.03% of the issued share capital[171] - The remaining life of the Share Award Scheme is approximately 2 months as of the date of the annual report[167] - CR Hospital Investment acquired 76.10% equity interests in Liaoning CR Healthcare and 100% equity interests in Shenzhen CR Healthcare for RMB 3,394,607,000[177][178] - CR Hospital Investment also acquired 80% equity interests in the JE Subject for RMB 244,536,000 and purchased debts owed by the JE Subject amounting to RMB 316,944,600[179][182] - The equity transfers of the LH and JE transactions were completed by the end of June 2023[180][

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部 分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 China Resources Medical Holdings Company Limited 華潤醫療控股有限公司 （於開曼群島註冊成立的有限責任公司） （股份代號：1515） 截至2023年12月31日止年度全年業績公告 | --- | --- | --- | |--------------------------------------------------|------------|--------------------| | | | | | 財務摘要 | 2023 年 | 2022 年 （經重列） | | 收益（人民幣千元） | 10,107,500 | 7,901,287 | | 母公司擁有人應佔年度利潤（人民幣千元） | 257,680 | 265,855 | | 母公司普通股權益持有人應佔每股盈利（基本及攤薄） | | | | （人民幣） | 0.20 | 0.21 | | 建議分派 ...

众 華潤醫療控股有限公司 China Resources Medical Holdings Company Limited (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立之有限責任公司) Stock Code 股票代號 : 1515 IN IN IN IN ■■■ E ■ 0 O 中 期 報 告 INTERIM REPORT 2 0 2 3 CONTENTS 目錄 2 Corporate Information 公司資料 5 Management Discussion and Analysis 管理層討論與分析 21 Corporate Governance Highlights 企業管治摘要 24 Other Information 其他資料 32 Review Report 審閱報告 34 Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income 中期簡明綜合損益及其他全面收益報表 36 In ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 China Resources Medical Holdings Company Limited 華潤醫療控股有限公司 （於開曼群島註冊成立的有限責任公司） （股份代號：1515） 截至2023年6月30日止六個月之 中期業績公告 華潤醫療控股有限公司（「本公司」）董事會（「董事會」）欣然宣佈，本公司及其附屬公司 （「本集團」）截至2023年6月30日止六個月（「報告期」）之未經審核簡明綜合業績，如下： 中期簡明綜合損益及其他全面收益報表 截至2023年6月30日止六個月 | --- | --- | --- | --- | |----------------------|-------|----------------------------------------------------|---------------------------------------------------------| ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部 分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 China Resources Medical Holdings Company Limited 華潤醫療控股有限公司 （於開曼群島註冊成立的有限責任公司） （股份代號：1515） 補充公告 有關截至2022年12月31日止年度報告 之進一步資料 茲提述華潤醫療控股有限公司（「本公司」）於2023年4月24日刊發的截至2022年12月 31日止財務年度的年度報告（「2022年報」）。除文義另有所指外，本公告所用詞彙與 2022年報所界定者具有相同涵義。 董事會謹此提供有關2022年報的進一步資料如下： 採納若干估值方法的原因 根據2022年報，本公司分別採用了(i)貼現現金流量模型；及(ii)預期信貸虧損模型以 評估淮陰醫院商譽和應收款項之減值。 計提商譽減值撥備 — 貼現現金流量模型 本公司管理層持續審查商譽的減值撥備並通常按年審查，如若出現任何可能導致潛 在減值的事件或情況變化，則審查頻率會相應提高。 ...

華潤醫療控股有限公司 China Resources Medical Holdings Company Limited (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立之有限責任公司) Stock Code 股票代號 :1515 華潤醫療控股有限公司 China Resources ...