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 ...

Core Viewpoint - CICC has downgraded the net profit forecast for China Resources Medical (01515) for 2025/2026 by 16.8%/15.6% to RMB 471 million/RMB 499 million, reflecting a year-on-year change of -16.8%/+6.0% due to the impact of medical insurance settlement adjustments [1] Group 1: Financial Performance - In 1H25, the company's revenue was RMB 4.525 billion, a year-on-year decrease of 9.1%, and the net profit attributable to shareholders was RMB 340 million, down 21.8%, which was below CICC's expectations [2] - The company's hospital business revenue in 1H25 was RMB 4.259 billion, a decline of 7.4%, with outpatient revenue at RMB 1.813 billion (-4.4%) and inpatient revenue at RMB 2.446 billion (-9.6%) [4] - The gross profit from hospital operations was RMB 670 million, down 27.4%, with a gross margin of 15.7%, and the segment profit for hospital operations was RMB 255 million, a decrease of 51.1% [4] Group 2: Business Operations - The company managed and operated 103 medical institutions across 10 provinces and cities in China as of June 30, 2025, with a total of 18,286 hospital beds and a bed occupancy rate of 80.57%, compared to 79.93% in 1H24 [3] - The proportion of revenue from hospital operations increased to 94.1%, up 1.7 percentage points year-on-year, while the IOT business revenue decreased, with other business revenue at RMB 266 million, down 29.3% [3] Group 3: Cost Management - The administrative and other operating expense ratio in 1H25 was 10.4%, an increase of 0.9 percentage points year-on-year, while the financial expense ratio was 0.6%, a decrease of 0.2 percentage points due to adjustments in the debt structure [5] - The company has achieved cost reduction and efficiency improvement, maintaining a robust financial structure through continuous optimization of its capital structure [5]

Core Viewpoint - CICC has downgraded the net profit forecast for China Resources Medical (01515) for 2025/2026 by 16.8%/15.6% to RMB 471 million/RMB 499 million, reflecting a year-on-year change of -16.8%/+6.0% due to the impact of medical insurance settlement adjustments [1] Group 1: Financial Performance - The company's 1H25 performance showed revenue of RMB 4.525 billion, down 9.1% year-on-year, and a net profit of RMB 340 million, down 21.8%, with earnings per share at RMB 0.27, which was below CICC's expectations [2] - The administrative and other operating expense ratio increased to 10.4%, up 0.9 percentage points year-on-year, while the financial expense ratio decreased to 0.6%, down 0.2 percentage points, due to adjustments in the debt structure [5] Group 2: Business Segments - The hospital business's revenue accounted for 94.1% of total revenue, up 1.7 percentage points year-on-year, while the IOT business saw a reduction, with other business revenue at RMB 266 million, down 29.3% [3] - In 1H25, the hospital business generated revenue of RMB 4.259 billion, down 7.4% year-on-year, with outpatient revenue at RMB 1.813 billion, down 4.4%, and inpatient revenue at RMB 2.446 billion, down 9.6% [4] Group 3: Operational Metrics - The company managed 103 medical institutions across 10 provinces and cities in China, with a total of 18,286 operational beds and a bed occupancy rate of 80.57%, compared to 79.93% in 1H24 [3] - The number of outpatient and inpatient visits for self-owned hospitals was 5.1 million and 270,000, respectively, showing a year-on-year increase of 1.0% and a decrease of 3.9% [4]

Core Viewpoint - The company's net profit for 1H25 fell short of expectations, primarily due to adjustments in medical insurance settlements, with a reported revenue of 4.525 billion RMB, down 9.1% year-on-year, and a net profit of 340 million RMB, down 21.8% year-on-year [1][2]. Financial Performance - Revenue for the hospital business in 1H25 was 4.259 billion RMB, a decrease of 7.4% year-on-year, with outpatient revenue at 1.813 billion RMB (down 4.4%) and inpatient revenue at 2.446 billion RMB (down 9.6%) [2]. - The company managed 103 medical institutions across 10 provinces and cities in China, with a total of 18,286 operational hospital beds and a bed occupancy rate of 80.57%, an increase from 79.93% in 1H24 [1]. - The gross profit for the hospital business was 670 million RMB, down 27.4%, with a gross profit margin of 15.7% [2]. Business Segments - The hospital business accounted for 94.1% of total revenue, reflecting a year-on-year increase of 1.7 percentage points [1]. - The IOT business saw a reduction in scale, with other business revenue at 266 million RMB, down 29.3% year-on-year [1]. Cost Management - Administrative and other operating expense ratio increased to 10.4%, up 0.9 percentage points year-on-year, while financial expense ratio decreased to 0.6%, down 0.2 percentage points, due to adjustments in debt structure [2]. Profit Forecast and Valuation - The net profit forecasts for 2025 and 2026 have been revised down by 16.8% and 15.6% to 471 million RMB and 499 million RMB, respectively [3]. - The target price is maintained at 5.0 HKD, corresponding to 12.6 times and 11.7 times the price-to-earnings ratio for 2025 and 2026, with a current stock price reflecting 9.2 times and 8.6 times the price-to-earnings ratio, indicating a potential upside of 37.0% to the target price [3].

Core Insights - The company reported a revenue of RMB 4.525 billion for the first half of 2025, a decrease of 9.07% year-on-year [1] - The profit attributable to the company's owners was RMB 340 million, down 21.76% year-on-year, with earnings per share at RMB 0.27 [1] - The decline in net profit is primarily attributed to a decrease in average medical insurance fees, which affected the operating profits of member medical institutions [1] Financial Performance - The hospital business segment generated revenue of RMB 4.259 billion, a decrease of 7.4% year-on-year [1] - The number of outpatient and emergency visits increased by 1.0% to approximately 5.1 million, while inpatient visits decreased by 3.9% to approximately 270,000 [1] - Average revenue per outpatient and inpatient visit declined by 5.8% due to the decrease in average medical insurance fees [1] - The gross profit for the hospital business segment was RMB 670 million, down 27.4%, with a gross margin of 15.7%, compared to 20.1% in the same period last year [1] - The profit for the hospital business segment was RMB 255 million, a decrease of 51.1% year-on-year [1] Other Business Segments - Other business revenue was RMB 266 million, a decrease of 29.3% year-on-year, while segment profit increased by 96.9% to RMB 292 million [2] - After excluding a one-time management fee and compensation of approximately RMB 210 million from the Yanhua IOT agreement, the segment profit was RMB 86 million, down 42.1% year-on-year [2] - The reduction in IOT business scale contributed to the decline in profit contribution during the reporting period [2]

Core Viewpoint - China Resources Medical (01515) reported a decline in both revenue and net profit for the six months ending June 30, 2025, indicating challenges in the healthcare sector, particularly in hospital operations [1] Financial Performance - Revenue for the period was 4.525 billion RMB, a decrease of 9.07% year-on-year [1] - Net profit attributable to shareholders was 340 million RMB, down 21.76% compared to the previous year [1] - Basic earnings per share were 0.27 RMB, with an interim dividend proposed at 0.05 RMB per share [1] Business Segment Analysis - The hospital business segment generated revenue of 4.259 billion RMB, reflecting a 7.4% decline year-on-year [1] - Outpatient and emergency visits increased by 1.0%, while inpatient visits decreased by 3.9% [1] - Average revenue per outpatient and inpatient visit declined by 5.8% due to a decrease in average medical insurance costs [1] Operational Metrics - As of June 30, 2025, the group managed and operated 103 medical institutions across 10 provinces and cities in China [1] - The total outpatient visits and inpatient admissions for the group were approximately 5.1 million and 270,000, respectively, showing a 1.0% increase and a 3.9% decrease year-on-year [1]

Core Viewpoint - China Resources Medical (01515) reported a decline in revenue and profit for the six months ending June 30, 2025, indicating challenges in the healthcare sector, particularly in hospital operations [1] Financial Performance - Revenue for the period was 4.525 billion RMB, a decrease of 9.07% year-on-year [1] - Shareholder profit attributable to the company was 340 million RMB, down 21.76% compared to the previous year [1] - Basic earnings per share were 0.27 RMB, with an interim dividend proposed at 0.05 RMB per share [1] Hospital Operations - The hospital business segment generated revenue of 4.259 billion RMB, reflecting a 7.4% decline year-on-year [1] - Outpatient and emergency visits increased by 1.0%, while inpatient visits decreased by 3.9% [1] - Due to a decrease in average medical insurance costs, average revenue per outpatient and inpatient visit fell by 5.8% [1] Operational Scale - As of June 30, 2025, the group managed and operated 103 medical institutions across 10 provinces and cities in China [1] - The total outpatient visits and inpatient admissions for the group's own hospitals were approximately 5.1 million and 270,000, respectively, showing a 1.0% increase and a 3.9% decrease year-on-year [1]

免責聲明 EF002 執行董事胡定旭先生、傅廷美先生、周鵬先生及羅詠詩女士。 EF002 | 香港 | | | --- | --- | | 代扣所得稅信息 | | | 股息所涉及的代扣所得稅 | 不適用 | | 發行人所發行上市權證/可轉換債券的相關信息 | | | 發行人所發行上市權證/可轉換債券 | 不適用 | | 其他信息 | | | 可就部分股息行使貨幣選擇權只適用於香港中央結算(代理人)有限公司。 | | | 發行人董事 | | | 於本公告日期及自單寶杰先生之辭任於同日生效後，董事會成員包括執行董事于海先生及楊敏女士；非執行董事葛路女士；獨立非 | | 第 2 頁 共 2 頁 v 1.1.1 | 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 | 公告全部或任何部份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。 | | --- | --- | | | 股票發行人現金股息（可選擇貨幣）公告 | | 發行人名稱 | 華潤醫療控股有限公司 | | 股份代號 | 01515 | | 多櫃檯股份代號及貨幣 | 不適用 ...

Financial Performance Overview [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) China Resources Medical Holdings Company Limited's revenue decreased by 9.1% to RMB 4.525 billion in H1 2025, with gross profit down 31.2% to RMB 713 million. Profit for the period was RMB 374 million, a 26.9% decrease, and profit attributable to owners of the parent was RMB 340 million, with basic earnings per share of RMB 0.27 2025 H1 Key Financial Data (Profit or Loss Statement) | Metric | 2025 (RMB '000) | 2024 (RMB '000) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 4,524,803 | 4,976,334 | -9.1% | | Cost of Sales | (3,812,276) | (3,939,986) | -3.2% | | Gross Profit | 712,527 | 1,036,348 | -31.2% | | Profit Before Tax | 508,123 | 627,328 | -19.0% | | Income Tax | (133,875) | (115,673) | +15.7% | | Profit for the Period | 374,248 | 511,655 | -26.9% | | Attributable to Owners of the Parent | 339,521 | 433,949 | -21.7% | | Basic Earnings Per Share (RMB) | 0.27 | 0.34 | -20.6% | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets were RMB 13.586 billion, a 2.0% increase from year-end 2024. Net current liabilities improved to RMB -1.210 billion from RMB -1.260 billion, and total equity rose 3.6% to RMB 7.769 billion June 30, 2025 Key Financial Data (Balance Sheet) | Metric | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | Change | | :--- | :--- | :--- | :--- | | Total Non-current Assets | 10,071,137 | 10,079,012 | -0.1% | | Total Current Assets | 3,514,492 | 3,239,138 | +8.5% | | **Total Assets** | **13,585,629** | **13,318,150** | **+2.0%** | | Total Current Liabilities | 4,724,639 | 4,499,386 | +5.0% | | Total Non-current Liabilities | 1,092,346 | 1,320,696 | -17.3% | | **Total Liabilities** | **5,816,985** | **5,820,082** | **-0.1%** | | Net Current Liabilities | (1,210,147) | (1,260,248) | Improved | | Equity Attributable to Owners of the Parent | 6,449,385 | 6,213,536 | +3.8% | | Non-controlling Interests | 1,319,259 | 1,284,532 | +2.7% | | **Total Equity** | **7,768,644** | **7,498,068** | **+3.6%** | Notes to the Financial Statements [Company Information](index=5&type=section&id=Company%20Information) China Resources Medical Holdings Company Limited is incorporated in the Cayman Islands, primarily engaged in integrated medical services, hospital management, and sales of pharmaceuticals and medical devices in mainland China - **Company registered in the Cayman Islands**[7](index=7&type=chunk) - **Primary businesses** include integrated medical services; providing hospital management services, selling pharmaceuticals, medical devices and consumables, and offering other services[7](index=7&type=chunk) [Basis of Preparation and Changes in Accounting Policies](index=5&type=section&id=Basis%20of%20Preparation%20and%20Changes%20in%20Accounting%20Policies) The interim financial report is prepared in accordance with IAS 34, using the historical cost convention and consistent accounting policies with the 2024 annual financial statements. Despite current liabilities exceeding current assets as of June 30, 2025, management deems the going concern basis appropriate due to sufficient bank facilities. Accounting policy changes had no significant impact this period - **Prepared in accordance with IAS 34 Interim Financial Reporting**[8](index=8&type=chunk) - **Accounting policies are consistent** with the **2024** annual financial statements, except for changes expected to be reflected in the **2025** annual financial statements[8](index=8&type=chunk) - As of **June 30, 2025**, current liabilities exceeded current assets by **RMB 1.21 billion**, but with approximately **RMB 8.02 billion** in unutilised bank facilities, management considers the going concern basis appropriate[9](index=9&type=chunk) - **Application of amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates — Lack of Exchangeability** had no significant impact on this interim financial report[10](index=10&type=chunk) [Operating Segment Information](index=6&type=section&id=Operating%20Segment%20Information) The Group operates in two reportable segments: hospital business, covering outpatient and inpatient services of self-owned hospitals, and other businesses, including operational management and supply chain services for associate and IOT/OT hospitals. Segment performance is assessed based on adjusted profit before tax, with inter-segment transactions at market prices - **Reportable segments**: Hospital Business (outpatient and inpatient services of self-owned hospitals) and Other Businesses (operational management, supply chain, and other services to associate and IOT/OT hospitals)[16](index=16&type=chunk) - **Segment performance is assessed** based on adjusted profit/loss before tax, excluding fair value changes, unallocated income/gains, exchange differences, and unallocated losses/expenses[12](index=12&type=chunk) - **Inter-segment transactions are conducted** at prices used for sales to third parties at the time of transaction[14](index=14&type=chunk) [Segment Revenue and Results](index=7&type=section&id=Segment%20Revenue%20and%20Results) In H1 2025, hospital business revenue decreased 7.4% to RMB 4.259 billion, with segment results down 51.1% to RMB 255 million. Other business revenue fell 29.3% to RMB 266 million, but segment results surged 96.9% to RMB 292 million due to a one-off compensation payment Segment Revenue and Results (RMB '000) | Metric | Hospital Business (2025) | Hospital Business (2024) | Other Businesses (2025) | Other Businesses (2024) | | :--- | :--- | :--- | :--- | :--- | | Segment Revenue | 4,258,616 | 4,600,005 | 266,187 | 376,329 | | Segment Costs | (3,588,771) | (3,677,361) | (223,505) | (262,625) | | Segment Results | 254,708 | 520,836 | 292,340 | 148,486 | - **Hospital business revenue decreased by 7.4%** year-on-year, and segment results decreased by **51.1%** year-on-year[17](index=17&type=chunk)[19](index=19&type=chunk) - **Other business revenue decreased by 29.3%** year-on-year, while segment results significantly increased by **96.9%** year-on-year[17](index=17&type=chunk)[19](index=19&type=chunk) [Segment Assets and Liabilities](index=9&type=section&id=Segment%20Assets%20and%20Liabilities) As of June 30, 2025, hospital business segment assets were RMB 8.781 billion, and other business segment assets were RMB 1.366 billion. Segment liabilities exclude interest-bearing bank borrowings and other unallocated head office and corporate liabilities Segment Assets and Liabilities (RMB '000) | Metric | Hospital Business (Jun 30, 2025) | Hospital Business (Dec 31, 2024) | Other Businesses (Jun 30, 2025) | Other Businesses (Dec 31, 2024) | | :--- | :--- | :--- | :--- | :--- | | Segment Assets | 8,780,580 | 8,889,773 | 1,366,473 | 1,348,719 | | Segment Liabilities | 4,799,278 | 4,865,659 | 21,617 | 20,870 | - **Segment assets exclude** goodwill, unallocated investments in associates, financial assets at fair value through profit or loss, cash and cash equivalents, pledged deposits, and other unallocated head office and corporate assets[13](index=13&type=chunk) - **Segment liabilities exclude** interest-bearing bank borrowings and other unallocated head office and corporate liabilities[13](index=13&type=chunk) [Revenue Breakdown](index=10&type=section&id=Revenue%20Breakdown) In H1 2025, integrated medical services revenue was RMB 4.2

Group 1 - The core point of the article is the resignation of Mr. Dan Baojie from the position of Executive Director of China Resources Medical Holdings Company Limited, effective from August 26, 2025 [1] Group 2 - The announcement indicates a change in leadership within the company, which may impact its strategic direction and operations [1] - The reason for Mr. Dan Baojie's resignation is attributed to other work arrangements, suggesting potential shifts in his professional commitments [1]