Group 1: Heart Disease Medical Devices - Haitong International maintains an "outperform" rating for Xintai Medical, with a target price of HKD 28.94, highlighting its leadership in congenital heart disease intervention devices and a projected revenue growth of 32.4% year-on-year for H1 2025 [1] Group 2: Express Delivery Services - CITIC Securities maintains a "buy" rating for Jitu Express, noting a 23.1% year-on-year increase in parcel volume in Q3, with Southeast Asia's growth rate reaching 78.7%, driven by cost and efficiency advantages [2] - Shenwan Hongyuan also maintains an "accumulate" rating for Jitu Express, reporting a market share increase to 32.8% and a recovery in domestic express delivery prices, despite a downward revision in profit forecasts [3] Group 3: Healthcare and Medical Services - CITIC Jiantou maintains a "buy" rating for China Resources Medical, indicating that while H1 2025 performance may be pressured by declining average medical insurance fees, the company holds a solid regional leadership position [4] - CITIC Jiantou also maintains a "buy" rating for Weitai Medical, projecting a 63.1% year-on-year revenue growth for H1 2025, with significant narrowing of losses and potential for breakeven by year-end [5] Group 4: Consumer Goods and Retail - Guosen Securities maintains an "outperform" rating for Shangmei Co., with a target price of HKD 120.9, emphasizing strong growth in net profit at a compound annual growth rate of 130% from 2022 to 2024 [6] - Huaxin Securities maintains an "accumulate" rating for Nayuki Tea, benefiting from demand catalyzed by Meituan's delivery subsidies and seasonal effects, with improved profitability through product innovation [7] - Huaxin Securities also maintains a "buy" rating for Wugu Mofang, reporting a 14% revenue growth and an 18% net profit increase for H1 2025, driven by strong performance in offline channels [8] Group 5: Food and Beverage - Guangda Securities maintains an "accumulate" rating for Xiaocaiyuan, noting its position as a leading casual dining chain with a customer price range of HKD 50-70, and plans to expand to 1,000 stores by the end of 2026 [10] - Xibu Securities initiates coverage on China Resources Beverages with an "accumulate" rating and a target price of HKD 15, highlighting a market share of 32.7% and improvements in gross margin through increased self-production [11]

机构：中信建投证券 研究员：贺菊颖/王在存/吴严 核心观点 公司2025H1 收入同比下滑9.1%，归母净利润同比下滑21.8%，剔除收到赔偿款的影响后，公司净利润 同比下滑57.1%，业绩下滑的主要原因是医保次均费用下降导致成员医疗机构经营利润下降，同时IOT 业务规模缩减也对利润贡献产生影响。展望2025 下半年，医保支付改革、地区竞争加剧等外部影响依 然存在，公司有望凭借旗下医院的区域龙头地位、持续的学科建设投入，保持相对稳健发展，预计 25H2 收入增速延续25H1 的趋势。 事件 公司发布2025 年中期报告 2025 年上半年公司实现收入45.25 亿元，同比-9.1%；实现净利润3.74 亿元，同比-26.9%；实现归母净 利润3.40 亿元，同比-21.8%；EPS 0.27 元。2025 年上半年，公司董事会决议派发中期股息每股人民币5 分，与去年同期持平。 简评 2025 年上半年公司自有医院实现收入42.59 亿元， 同比-7.4%。从诊疗量看，门急诊人次同比增长 1.0%，但住院人次同比下降3.9%。医保次均费用下降导致门急诊和住院次均收入均下降5.8%，这是导 致医院业务收入下滑的核 ...

中信建投（601066）发布研报称，维持华润医疗(01515)"买入"评级，预计2025-2027年收入为90.00亿 元、91.99亿元、94.04亿元，同比变化-8.67%、+2.21%、+2.23%;归母净利润5.29亿元、5.29亿元、5.56 亿元，同比变化-6.49%、+0.03%、+4.99%。2025年上半年公司实现收入45.25亿元，同比-9.1%;实现净 利润3.74亿元，同比-26.9%;实现归母净利润3.40亿元，同比21.8%;EPS0.27元。2025年上半年，公司董 事会决议派发中期股息每股人民币5分，与去年同期持平。 展望2025年下半年，医保支付改革、地区竞争加剧等外部影响依然存在，公司有望凭借旗下医院的区域 龙头地位、持续的学科建设投入，保持相对稳健发展，预计25H2收入增速延续25H1的趋势。中长期来 看，公司将会密切关注国家和地方落地国企办医高质量发展方案的工作进展，以期在中国医疗行业未来 的整合浪潮中抓住机遇。 母公司华润健康旗下拥有非上市医疗机构航天系医院，包括北京航天总医院(三级综合医院，开放床位 968张)、西安航天医院(二甲综合、开放床位696张)、陕西航天医 ...

展望2025年下半年，医保支付改革、地区竞争加剧等外部影响依然存在，公司有望凭借旗下医院的区域 龙头地位、持续的学科建设投入，保持相对稳健发展，预计25H2收入增速延续25H1的趋势。中长期来 看，公司将会密切关注国家和地方落地国企办医高质量发展方案的工作进展，以期在中国医疗行业未来 的整合浪潮中抓住机遇。 母公司华润健康旗下拥有非上市医疗机构航天系医院，包括北京航天总医院(三级综合医院，开放床位 968张)、西安航天医院(二甲综合、开放床位696张)、陕西航天医院(二甲综合、开放床位401张)等， 2024年航天系医院收入规模超过30亿。集团未来将会把握资本市场时机择机向上市公司注入优质资产， 参考2023年收母公司旗下的辽健、江能集团，公司有望实现规模的稳健增长。 智通财经APP获悉，中信建投发布研报称，维持华润医疗(01515)"买入"评级，预计2025-2027年收入为 90.00亿元、91.99亿元、94.04亿元，同比变化-8.67%、+2.21%、+2.23%;归母净利润5.29亿元、5.29亿 元、5.56亿元，同比变化-6.49%、+0.03%、+4.99%。2025年上半年公司实现收入45 ...

Core Insights - The appointment of Cheng Jie as the new president of China Resources Pharmaceutical signifies a strategic shift as the company faces challenges in traditional business growth and profitability amidst industry transformation [1][2][11] - The company reported a "revenue growth without profit increase" in its recent half-year report, with total revenue reaching 131.87 billion yuan, a 2.5% year-on-year increase, while net profit dropped by 20.3% to 2.08 billion yuan [2][7] - Cheng Jie, who has a strong background within the company, is expected to leverage his experience to navigate the current challenges and drive innovation and growth [4][19] Company Performance - China Resources Pharmaceutical's revenue has shown steady growth, increasing from 232.20 billion yuan in 2022 to 257.67 billion yuan in 2024, with an average annual growth rate of over 5% [7] - However, net profit has fluctuated, with a 13.06% decline in 2024 to 3.35 billion yuan and a further drop of 20.25% in the first half of 2025 [7][8] - The decline in profit is attributed to one-time impairment losses and rigid expense growth, with a net loss of 1.09 billion yuan in other income and losses reported for the first half of 2025 [7][8] Strategic Initiatives - The company has been actively pursuing mergers and acquisitions, with significant transactions including the acquisition of 100% of Green Cross Hong Kong for 1.82 billion yuan and a 28% stake in Tian Shi Li Pharmaceutical for 6.21 billion yuan [9][10] - Despite the expansion through acquisitions, the company is now shifting focus towards optimizing its asset structure by divesting non-core and loss-making businesses to enhance operational efficiency and profitability [10][15] - Cheng Jie is tasked with balancing the expansion from acquisitions with the need for profit growth, as well as addressing potential impairment risks associated with goodwill from these acquisitions [11][19] Industry Context - The Chinese pharmaceutical distribution market is experiencing maturation and differentiation, presenting structural opportunities for leading companies like China Resources Pharmaceutical [12] - Collaborations with multinational pharmaceutical companies are increasing, as these companies seek to focus on core products and leverage local distribution expertise [12][13] - The industry is transitioning from a phase of scale expansion to one of high-quality development, emphasizing the need for new products, channels, and innovative service models [14][15] Innovation and R&D - China Resources Pharmaceutical is enhancing its pharmaceutical business through initiatives such as establishing a 1 billion yuan investment fund focused on innovative drugs and high-end medical devices [17] - The company is also pursuing partnerships for innovative drug development, such as a collaboration with Nanjing Ai Er Pu for a heart failure treatment [17][19] - However, the company faces challenges in its R&D efforts, with a significant portion of its pipeline still focused on generic drugs rather than innovative products, which may hinder its competitive edge in a rapidly evolving market [18][19]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 華潤醫療控股有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01515 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 3,040,000,000 | HKD | | 0.00025 HKD | | 760,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 3,040,000,000 | HKD | | 0.00025 HKD | | 760,000 | 本月底法定/註冊股本總額： HKD 760,000 F ...

（於開曼群島註冊成立的有限責任公司） (Incorporated in the Cayman Islands with limited liability) (Stock Code 股份代號：1515) NOTIFICATION LETTER 通 知 信 函 September 25, 2025 Dear registered shareholder(s)/non-registered shareholder(s) (Note), China Resources Medical Holdings Company Limited (the "Company") 各 位 登 記 股 東 ╱ 非 登 記 股 東 （附 註） ： 華 潤 醫 療 控 股 有 限 公 司（「本 公 司」） － 發 佈 截 至2025年6月30日 止 六 個 月 之 中 期 報 告（「本 次 公 司 通 訊 文 件」） 本 次 公 司 通 訊 文 件 之 中、英 文 版 本 已 上 載 於 本 公 司 網 站www.crmedical.hk及 香 港 交 易 所 披 露 易 網 站www.hkexnews.hk，歡 迎 查 閱。 如 閣 ...

38 Interim Condensed Consolidated Statement of Cash Flows 中期簡明綜合現金流量報表 40 Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註 59 Definitions 釋義 CORPORATE INFORMATION 公司資料 Directors Executive Directors CONTENTS 目錄 華潤醫療控股有限公司 二零二四年度報告 1 2 Corporate Information 公司資料 6 Management Discussion and Analysis 管理層討論與分析 20 Corporate Governance Highlights 企業管治摘要 24 Other Information 其他資料 30 Review Report 審閱報告 32 Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income 中期簡明綜合損益及其 ...

THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION (ii) Your Personal Data is supplied to the Company on a voluntary basis. Failure to provide sufficient information may render the Company not able to process your instructions and/or request as stated in this dividend currency election form. or other professional adviser. 閣下如對本文件任何內容或應採取之行動有任何疑問，應諮詢 閣下之股票經紀或其他證券交易商、銀行經理、律師、專業會計師或其他專業顧問。 閣下是自願向本公司提供個人資料。倘若 閣下未能提供足夠資料，本公司可能無法處理 閣下在本股息貨幣選擇表格上所述的指示及╱或要求。 (iii) Your Personal Data may be disclosed o ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 華潤醫療控股有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01515 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,040,000,000 | HKD | | 0.00025 HKD | | | 760,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | | 本月底結存 | | | 3,040,000,000 | HKD | | 0.00025 HKD | | | 760,000 | 本月底法定/註冊股本 ...