8月4日，港股医疗板块出现剧烈震荡。央企华润集团旗下医疗上市平台华润医疗（01515.HK）股价暴 跌15.58%，盘中一度跌超16%，创下年内最大跌幅，股价收盘报3.73港元，总市值缩水至48.5亿港元。 截至8月5日收盘，华润医疗股价再次下跌1.07%，报收3.7港元，市值进一步缩水至47.98亿港元。 这场资本市场的地震源于华润医疗发布的盈利预警：预计今年上半年，其利润将同比下降20%-25%，在 剔除2.1亿元一次性收益后，上半年归属股东净利润同比下跌55%-60%。 医保控费政策重创医院收入 作为覆盖10省、坐拥13家三级医院的医疗集团，华润医疗的运营数据原本亮眼。2024年旗下医院完成门 诊接诊1032.56万人次，住院服务56.01万人次，运营床位超过2万张。但庞大的服务量未能转化为经营韧 性。华润医疗在业绩预警中直言，预期利润下降主要由于医保次均费用下降导致成员医疗机构经营利润 下降。这一现象并非孤例，而是整个行业在医保支付方式改革浪潮下的普遍现象。 2025年是中国DRG（疾病诊断相关分组）支付改革全面深化之年，DRG/DIP 2.0版分组方案已在全国落 地。这一改革从根本上改变了医院的收费 ...

本文源自：金融界 预期利润下降主要由于医保次均用下降致成员医疗机构经管利润下降。同时本公司逐渐退出IOT(即投 资-运营-移交模式)业务，其对应的利润贡献下降。2025年下半年本公司将继续积改善收入结构，推动管 理精细化，控制运管成本，提高经营效益。 | 香港交易及结算所有限公司及香港哪合交易所有限公司對本公告的内容廣不良 | 本公司仍在落實本則國於報告開之起合財務嚴表。本公告所載資料乃慰獲本公司 | | --- | --- | | 青、封其律破性设完整性冰不管表任何登明,崇明建表示题不到国本公告全高或 | Ⅰ 面已有资料 · 以及男本集膳波腹含刷风未提酱肝的综合管理服目之初步評估面 | | 任何部分歧容画產生或因綺麗華內容面引發的任何損失承擔任何责任。 | 作出 · 商〔等資料商未服本公司溶胚委員會及本公司之程數間簽回 · | | | 服東及滑在投資者於買賣本公司股份時期購獲得利率從建議參考本公司於2025年 | | > 華潤醫療控股有限公司 | 8月底開啟報告開樂刊發的中開風蘭公告所載之詳情, | | China Resources Medical Holdings Company Limited | 产 ...

大摩指出，公司将利润下降归因于平均医疗保险每次就诊费用减少，显示各地区受DRG/DIP2.0导致的 报销压力加剧。大摩认为这对其他依赖公共保险的医院营运商，如海吉亚医疗(06078)、锦欣生殖 (01951)和爱尔眼科（300015）(300015.SZ)构成负面影响。 摩根士丹利发布研报称，华润医疗(01515)发布今年上半年利润警告，普通股股东应占净利润预计同比 下降20%至25%。若剔除与"燕化IOT协议"相关的2.1亿元人民币补偿，基础业务利润将同比下降55%至 60%，低于市场共识和大摩的预估。大摩予华润医疗目标价3港元，评级"减持"。 ...

Group 1 - Morgan Stanley reports that China Resources Medical (01515) has issued a profit warning for the first half of the year, with net profit attributable to ordinary shareholders expected to decline by 20% to 25% year-on-year [1] - Excluding the 210 million RMB compensation related to the "Yanhua IOT Agreement," the underlying business profit is projected to decrease by 55% to 60%, falling below market consensus and Morgan Stanley's estimates [1] - The company attributes the profit decline to a reduction in average medical insurance reimbursement per visit, indicating increased reimbursement pressure across regions due to DRG/DIP 2.0 [1] Group 2 - Morgan Stanley sets a target price of 3 HKD for China Resources Medical and maintains a "Reduce" rating [1] - The report suggests that the profit decline could negatively impact other hospital operators reliant on public insurance, such as Haijia Medical (06078), Jinxin Fertility (01951), and Aier Eye Hospital (300015.SZ) [1]

摩根士丹利发表研究报告指出，华润医疗发布今年上半年利润警告，普通股股东应占净利润预计按年下 降20%至25%。若剔除与燕化IOT协议相关的2.1亿元补偿，基础业务利润将按年下降55%至60%，低于 市场共识和大摩的预估。大摩予华润医疗目标价3港元，评级"减持"。大摩指出，公司将利润下降归因 于平均医疗保险每次就诊费用减少，显示各地区受DRG/DIP 2.0导致的报销压力加剧。大摩认为这对其 他依赖公共保险的医院营运商，如海吉亚医疗、固生堂、锦欣生殖和爱尔眼科构成负面影响。 ...

Group 1: Pharmaceutical Regulations - Starting from August 1, all retail pharmacies in Foshan will implement a real-name registration system for the sale of 47 key controlled drugs, primarily for treating symptoms of Chikungunya fever [1] - The list of controlled drugs includes common medications such as Ibuprofen, Compound Cold Medicine, and Lianhua Qingwen capsules [1] Group 2: Clinical Trials and Drug Approvals - Kangning Jereh's innovative drug JSKN022, a PD-L1/αvβ6 dual-specific antibody drug conjugate, has received acceptance for clinical trial application from the National Medical Products Administration [3] - Yipin Hong's innovative drug APH03621 for endometriosis treatment has also received clinical trial registration acceptance from the National Medical Products Administration [5] - Lianhua Pharmaceutical's subsidiary has passed the consistency evaluation for the generic drug Lincomycin Hydrochloride Injection [4] Group 3: Financial Performance - China Resources Medical expects a profit decline of 20% to 25% for the first half of the year, with a significant drop of 55% to 60% when excluding one-time gains [6] - Zhenghai Bio reported a net profit of 46.49 million yuan for the first half of 2025, a decrease of 45.97% year-on-year, with revenue of 188 million yuan, down 5.14% [8] Group 4: Corporate Actions - Kexing Bio has spent 47.38 million yuan to repurchase 1.27 million shares, representing 0.63% of its total share capital [8] - WuXi AppTec has repurchased 6.51 million A-shares for a total of 497 million yuan [10] - Tian Tan Bio has decided to abandon the acquisition opportunity of Pailin Bio due to potential competition with its core business [9] Group 5: Industry Developments - Significant progress has been made in HIV vaccine research in China, with the completion of the first phase clinical trial for a replicating Tian Tan smallpox vaccine carrier HIV vaccine [11][13] - Sanofi announced the discontinuation of its PCSK9 inhibitor drug Alirocumab in China due to global supply issues and a strategic shift in its cardiovascular product line [12]

丨2025年8月5日星期二丨 NO.1赛诺菲停止降脂药"波立达"在中国市场的供应 8月4日，赛诺菲向《每日经济新闻》记者确认，公司停止波立达(通用名：阿利西尤单抗注射液)在中国 市场的供应，停供主要由于全球供应问题，以及公司心血管市场策略和管线优化。资料显示该药物是一 种新型降脂药，2020年4月在中国正式上市。 点评：本事件或引发投资者对赛诺菲心血管业务布局的重新评估。在中国降脂药市场竞争激烈的背景 下，这一决策可能影响其市场份额及营收预期，进而波及公司股价表现与投资者信心。 NO.2华润医疗预计上半年利润同比下降20%至25% 8月4日早间，华润医疗发布盈利预警公告称，上半年拥有人应占利润预计同比下降约20%至25%，预期 利润下降主要由于医保次均费用下降导致成员医疗机构经营利润下降。 点评：剔除一次性收益后，华润医疗的利润降幅更为显著，反映出公司核心业务面临一定压力，可能影 响投资者信心，股价短期或承压，长期需看医保政策调整及公司应对策略。 8月4日，"AI(人工智能)制药四小龙"之一剂泰科技宣布，公司近期已完成D轮融资，本轮融资募资总额 为4亿元人民币，由北京市医药健康产业投资基金和大兴区产业投资基金 ...

每经记者｜林姿辰 每经编辑｜张益铭 丨2025年8月5日 星期二丨 NO.1 赛诺菲停止降脂药"波立达"在中国市场的供应 NO.4 天坛生物宣布拟放弃收购派林生物的商业机会 8月4日，天坛生物发布公告称，公司拟放弃收购派林生物商业机会，之后中国生物将从整体发展战略出 发，实施派林生物商业机会的收购，中国生物完成本次收购后，将就新增同业竞争问题的解决时限、基 本路径等做出进一步承诺。 8月4日，赛诺菲向《每日经济新闻》记者确认，公司停止波立达（通用名：阿利西尤单抗注射液）在中 国市场的供应，停供主要由于全球供应问题，以及公司心血管市场策略和管线优化。资料显示该药物是 一种新型降脂药，2020年4月在中国正式上市。 点评：本事件或引发投资者对赛诺菲心血管业务布局的重新评估。在中国降脂药市场竞争激烈的背景 下，这一决策可能影响其市场份额及营收预期，进而波及公司股价表现与投资者信心。 NO.2 华润医疗预计上半年利润同比下降20%至25% 8月4日早间，华润医疗发布盈利预警公告称，上半年拥有人应占利润预计同比下降约20%至25%，预期 利润下降主要由于医保次均费用下降导致成员医疗机构经营利润下降。 点评：剔除一次性收 ...

Core Viewpoint - The stock price of China Resources Medical Holdings has plummeted due to a significant decline in expected mid-year profits, with a forecasted drop of 20% to 25% year-on-year for the six months ending June 30, 2025, and a more severe decline of 55% to 60% when excluding a one-time gain of approximately 210 million yuan [3][5]. Company Performance - China Resources Medical Holdings experienced a stock price drop of 15.58% on August 4, 2023, reaching a market capitalization of 4.85 billion HKD [1]. - The company anticipates a profit decline primarily due to reduced average medical insurance fees affecting operational profits and a gradual exit from the IOT business, which has decreased profit contributions [5]. - The company's hospital business revenue for 2024 has already shown a downward trend, with a reported revenue of 9.185 billion yuan, a year-on-year decrease of 2.4% [8]. Industry Context - The performance of hospital stocks has been generally poor in the first half of the year, with other companies like International Medical and Innovation Medical also forecasting losses [10]. - The National Healthcare Security Administration has introduced a new payment reform (DRG/DIP 2.0), which aims to optimize payment methods and improve service quality, potentially impacting the financial performance of medical institutions [12]. - The DRG/DIP payment model encourages hospitals to focus on clinical treatment efficiency and management, presenting both opportunities and challenges for companies in terms of information management and cost control [12].

Core Viewpoint - The stock price of China Resources Medical Holdings has plummeted due to a significant decline in expected mid-year profits, with a forecasted drop of 20% to 25% year-on-year for the six months ending June 30, 2025 [2][3]. Company Performance - On August 4, China Resources Medical's stock opened down 7% and fell to a low of 3.70 HKD, with a maximum decline exceeding 16%, closing at a 15.58% drop, resulting in a total market capitalization of 4.85 billion HKD [2]. - The company anticipates a profit decline of 55% to 60% year-on-year when excluding a one-time gain of approximately 210 million CNY from the Yanhua IOT agreement [3]. Reasons for Profit Decline - The primary reasons for the profit decline include reduced average medical insurance fees leading to lower operating profits for its medical institutions and a gradual exit from the IOT business, which has decreased profit contributions [5]. - The hospital business revenue has already shown a downward trend, with a reported revenue of 9.185 billion CNY in 2024, a year-on-year decrease of 2.4% [7]. Industry Context - The overall performance of hospital stocks has been poor in the first half of the year, with other companies like International Medical and Innovation Medical also reporting losses [8]. - The National Medical Insurance Administration has introduced reforms to the payment methods, which are expected to impact the industry significantly, pushing for a shift from "drug-supported medical care" to "quality-driven" services [9][10].