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 ...

Operational Performance - As of June 30, 2025, the Group managed and operated a total of 103 medical institutions across 10 provinces and cities in China[17]. - The number of outpatient and emergency visits for self-owned hospitals was approximately 5.1 million, representing a year-over-year increase of 1.0%[17]. - In-patient visits were approximately 270,000, reflecting a year-over-year decrease of 3.9%[17]. - The hospital business segment reported revenue of RMB 4,259 million for the first half of 2025, a decrease of 7.4% compared to RMB 4,600 million in the same period of 2024[30]. - Out-patient and emergency visits increased by 1.0%, while in-patient visits decreased by 3.9% during the reporting period[32]. - The gross profit for the hospital business segment was RMB 670 million, representing a decrease of 27.4%, with a gross profit margin of 15.7% compared to 20.1% in the previous year[33]. - Revenue from other business segments was RMB 266 million, a decrease of 29.3%, while segment profit increased by 96.9% to RMB 292 million[34]. - The overall revenue for the group was RMB 4,525 million, down 9.1% from RMB 4,976 million in the previous year[30]. - The segment results for the hospital business recorded a profit of RMB 255 million, a significant decrease of 51.1% year-over-year[33]. - The average medical insurance fee per visit decreased, leading to a 5.8% decline in revenue per out-patient and emergency visit, as well as in-patient visit[32]. Financial Performance - The Group recorded a net profit of RMB 374 million for the Reporting Period, representing a decrease of 26.9% year-over-year, primarily due to a reduction in operating profits from member medical institutions[51][54]. - Finance costs for the Group amounted to approximately RMB 27.32 million, down from RMB 39.84 million in the corresponding period, attributed to proactive debt structure adjustments[49][52]. - The Group's income tax increased by 15.7% to approximately RMB 134 million, mainly due to a one-off compensation received under the Yan Hua IOT Agreement[50][53]. - The Group's consolidated bank balances and cash totaled approximately RMB 1.320 billion, an increase from RMB 1.054 billion as of December 31, 2024[56][59]. - The Group had bank borrowings of RMB 850 million as of June 30, 2025, down from RMB 1.436 billion at the end of 2024, with all borrowings consisting of fixed interest rates[57][58]. - The Group's gearing ratio was 9.9% as of June 30, 2025, a decrease from 10.8% at the end of 2024[58]. - The Group's leverage ratio was 9.9% as of June 30, 2025, down from 10.8% on December 31, 2024[61]. - Staff costs for the reporting period were approximately RMB 1,716 million, slightly up from RMB 1,704 million in the corresponding period[71]. - The Group had a total of 19,735 full-time employees as of June 30, 2025, a decrease from 19,953 employees on December 31, 2024[71]. - The Group declared an interim dividend of RMB 0.05 per share for the six months ended June 30, 2025, consistent with the corresponding period[78]. Investments and Acquisitions - As of June 30, 2025, the group did not have any significant investments or material acquisitions during the reporting period[37]. - The restructuring agreement with Jing Mei Group established two associates, JR Renkang and JR Holdings, with the group holding a 49% stake in JR Renkang[38]. - As of June 30, 2025, the Group's investment costs in JR Holdings and JR Renkang amounted to RMB874 million and RMB2.45 million, respectively, with a combined carrying amount of RMB1.036 billion, representing approximately 7.6% of the Group's total assets[39][41]. - During the Reporting Period, JR Holdings and JR Renkang achieved a total revenue of RMB231 million and a combined net profit of RMB97 million, with RMB47.77 million attributable to the Group[42][46]. Legal Matters - The Company is pursuing legal action regarding the Yan Hua IOT Agreement dispute, with a case filed in June 2025[87]. - The Company received liquidated damages of RMB 14,400,000 from Yan Hua Phoenix through court enforcement procedures due to a breach of the Yan Hua IOT Agreement[119]. - The Company filed a new litigation in June 2025 seeking termination of the Yan Hua IOT Agreement and compensation for breach of contract[123]. - The Company has a history of litigation with Yan Hua parties since 2019 regarding the Yan Hua IOT Agreement, with multiple court rulings in favor of the Company[121]. - The Company is actively pursuing legal actions to enforce compliance with the Yan Hua IOT Agreement and recover losses incurred[123]. Corporate Governance - The Company has complied with the CG Code during the reporting period, except for the roles of chairman and CEO being held by the same individual since June 19, 2025[94]. - The Company will review its corporate governance structure and practices periodically[96]. - The Board has reviewed the efficiency of the Group's risk management and internal control systems, covering financial, operational, compliance, and risk management aspects[108]. - The Board has overall responsibility for maintaining effective risk management and internal control systems to ensure compliance with laws and regulations[107]. - The Company has made appropriate disclosures regarding its financial performance and compliance with relevant regulations[105]. Shareholder Information - As of June 30, 2025, China Resources Company Limited holds 474,319,516 shares, representing 36.58% of the total issued shares[140]. - FIL Limited, Pandanus Associates Inc., and Pandanus Partners L.P. each hold 95,272,000 shares, accounting for 7.35% of the total issued shares[140]. - The total number of issued shares of the Company as of June 30, 2025, is 1,296,676,516[147]. - The Company maintained a sufficient public float as required under the Listing Rules throughout the reporting period[144]. - The Company did not have any treasury shares as of June 30, 2025[145]. Financial Reporting - The interim financial report for the six months ended June 30, 2025, is unaudited but has been reviewed by KPMG, ensuring compliance with relevant accounting standards[102]. - The Audit Committee has confirmed that the unaudited consolidated interim results were prepared in compliance with accounting standards and applicable legal requirements[101]. - The review of the interim financial report did not reveal any material discrepancies[153]. - The Company’s financial position and performance are presented in the interim financial report for the six-month period ended June 30, 2025[148]. - Revenue for the six months ended June 30, 2025, was RMB 4,524,803, a decrease of 9.1% compared to RMB 4,976,334 in the same period of 2024[157]. - Gross profit for the same period was RMB 712,527, down 31.2% from RMB 1,036,348 in 2024[157]. - Profit before tax decreased to RMB 508,123, a decline of 18.9% from RMB 627,328 in the previous year[157]. - Net profit attributable to owners of the company was RMB 339,521, down 21.7% from RMB 433,949 in 2024[157]. - Earnings per share (basic and diluted) for the period was RMB 0.27, compared to RMB 0.34 in the same period last year[157].

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 ...

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]