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10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: 通用環球醫療集團有限公司 呈交日期: 2025年11月5日 I. 法定/註冊股本變動 不適用 備註： 因公司註冊成立於香港，故法定股本及註冊股本的概念並不適用。 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 02666 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,891,539,661 | | 0 | | 1,891,539,661 | | 增加 / 減少 (-) | | | | | | | | | 本月底結存 | | | 1 ...

Group 1 - The core point of the news is that southbound funds have reduced their holdings in Universal Medical (02666.HK) by 249.85 million shares on November 4, 2025, marking a trend of net reductions over recent trading days [1] - Over the past five trading days, there have been three days of net reductions, totaling 189.1 million shares [1] - In the last twenty trading days, there have been eleven days of net reductions, amounting to 803.5 million shares [1] Group 2 - As of now, southbound funds hold 443 million shares of Universal Medical, which represents 23.39% of the company's total issued ordinary shares [1] - The company operates primarily in the healthcare sector in China, with two main divisions: financial services and healthcare services [2] - The financial services division includes direct financing leasing, sale-leaseback, insurance, operating leasing, and consulting services, while the healthcare division encompasses healthcare services, hospital management, medical equipment trade, and digital health technology services [2]

Group 1 - The core viewpoint of the report is that Pacific Securities maintains a "Buy" rating for Universal Medical (02666.HK), forecasting significant revenue and profit growth from 2025 to 2027, with projected revenues of 14.72 billion, 15.34 billion, and 16.25 billion yuan, and net profits of 2.12 billion, 2.23 billion, and 2.37 billion yuan respectively [1] - The expected EPS for the same period is 1.12, 1.18, and 1.25 yuan, with corresponding PE valuations of 4.99, 4.75, and 4.47 times based on the closing price on October 29 [1] - The company’s healthcare business is identified as a core growth engine, while its financial business remains stable with effective risk control, enhancing the overall value of the company [1] Group 2 - Universal Medical has a market capitalization of 11.576 billion HKD, ranking 5th in the healthcare services II industry [2] - Key performance indicators show a ROE of 12.39%, a net profit margin of 17.61%, and a debt ratio of 73.38%, which are competitive compared to the industry averages [2] - The company’s revenue of 14.701 billion HKD is significantly higher than the industry average of 3.832 billion HKD, indicating strong market positioning [2]

Core Viewpoint - Pacific Securities maintains a "Buy" rating for Universal Medical (02666), projecting revenue growth and profit increases from 2025 to 2027, with a target price of HKD 7.97 based on a 6.5x PE valuation for 2025 [1] Financial Performance - For the first half of 2025, Universal Medical reported revenue of CNY 75.81 billion, a year-on-year increase of 15.9%, and a net profit of CNY 13.35 billion, up 6.6% [1] - Basic earnings per share (EPS) reached CNY 0.65, reflecting an 8.0% increase year-on-year, with a return on equity of 14.08% and a return on total assets of 3.11% [1] Business Segments Healthcare Business - The healthcare segment generated revenue of CNY 49.64 billion in H1 2025, accounting for 65.5% of total revenue, with a year-on-year growth of 27.7% [2] - The health technology sub-sector saw a remarkable growth rate of 142.1%, indicating its potential as a key growth area [2] - The comprehensive medical sector includes 65 consolidated hospitals and over 16,000 open beds, with a total of 5.09 million patient visits, despite a 14.6% decline in segment profit due to external pressures [2] Financial Business - The financial segment, focusing on medical financing leasing, achieved revenue of CNY 28.51 billion, a 6.9% increase year-on-year [3] - The financial business emphasizes risk control, with a non-performing asset ratio of 0.97% and a provision coverage ratio of 313.87%, indicating strong risk management capabilities [3] - The average cost of interest-bearing liabilities decreased by 44 basis points to 3.40%, enhancing cost control alongside risk management [3]

Core Viewpoint - Pacific Securities maintains a "Buy" rating for Universal Medical (02666), projecting revenue growth from 147.23 billion to 162.54 billion CNY and net profit growth from 21.18 billion to 23.66 billion CNY from 2025 to 2027, with an estimated PE ratio decreasing from 4.99 to 4.47 times [1] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 75.81 billion CNY, a year-on-year increase of 15.9%, and a profit of 13.35 billion CNY, up 6.6% [1] - Basic earnings per share for 2025H1 were 0.65 CNY, reflecting an 8.0% increase year-on-year, with a return on equity of 14.08% and a return on total assets of 3.11% [1] - The medical health segment generated 49.64 billion CNY in revenue, accounting for 65.5% of total revenue, with a year-on-year growth of 27.7% [2] Group 2: Medical Health Business - The medical health segment is the core growth driver, with significant contributions from three areas: 1. Comprehensive medical services with 65 hospitals and over 16,000 beds, despite a 14.6% decline in profit to 2.31 billion CNY due to external pressures [2] 2. Specialized medical services, including the acquisition of Shandong University of Traditional Chinese Medicine Affiliated Eye Hospital [2] 3. Health technology revenue reached 6.46 billion CNY, a remarkable 142.1% increase, managing assets worth 370 billion CNY across over 1,600 institutions [2] Group 3: Financial Business - The financial business, focusing on medical financing leasing, generated 28.51 billion CNY in revenue, a 6.9% increase year-on-year [3] - The financial segment's non-performing asset ratio was 0.97%, with a provision coverage ratio of 313.87%, indicating strong risk management capabilities [3] - The average cost of interest-bearing liabilities decreased by 44 basis points to 3.40%, enhancing both risk resistance and cost control [3]

Group 1 - The core viewpoint of the article highlights that Universal Medical (02666.HK) has shown stable growth in its overall operations, with positive results in key areas as of the first three quarters of 2025 [1] - For the nine months ending September 30, 2025, the group's revenue increased by approximately 12.8% compared to the same period last year, while profit rose by about 7.6% [1][1] - The profit attributable to ordinary shareholders increased by approximately 4.2% year-on-year [1] Group 2 - As of October 30, 2025, Universal Medical's stock closed at HKD 6.14, up 0.33%, with a trading volume of 5.4575 million shares and a turnover of HKD 33.4515 million [1] - Investment banks predominantly rate the stock as "Buy," with one bank issuing a "Buy" rating in the last 90 days [1] - Guosen Securities recently assigned an "Outperform" rating to Universal Medical [1] Group 3 - Universal Medical has a market capitalization of HKD 11.576 billion, ranking 5th in the Medical Services II industry [1] - Key performance indicators show a Return on Equity (ROE) of 12.39%, which is significantly higher than the industry average of -0.02% [1] - The company's operating revenue stands at HKD 14.701 billion, surpassing the industry average of HKD 3.832 billion, ranking 4th in the sector [1]

Core Viewpoint - Global Medical (02666.HK) announced the transfer of convertible bonds worth a total of $90 million from CCP Leasing II Limited to Dragonland International Development Limited, which the board believes does not constitute a change in the terms of the bonds and will not affect the interests of the company and its shareholders [1] Group 1 - The convertible bonds were transferred on October 30, 2025, with a total principal amount of $90 million [1] - The transfer was made without prior written consent from the company, except in specific circumstances outlined in the subscription agreement [1] - The board has provided written consent for the transfer, affirming that it does not impact the terms of the convertible bonds [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，概不對因本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。 本公告僅供參考，並不構成收購、購買或認購本公司任何證券之邀請或要約。 （股份代號:2666） 完成可換股債券的轉讓 茲提述 (i) 本公司於二零二零年十二月二十九日及二零二一年三月二十五日就發行二零 二六年到期的 150,000,000 美元有擔保可換股債券刊發的公告（「該等公告」），以及 本公司於二零二一年一月十四日就該事項刊發的通函（「該通函」）；(ii) 本公司於二 零二一年六月十日、二零二二年六月十日、二零二三年六月十五日、二零二四年六月 十九日及二零二五年六月十九日就換股價格調整刊發的公告；及 (iii) 本公司於二零二 四年二月二十二日就認購人就本金額合共 60,000,000 美元的可換股債券部分行使認沽 期權刊發的公告。除非另有說明，本公告所用詞彙具有該等公告及該通函所界定的相 同涵義。 完成二零二六年到期可換股債券轉讓 通用環球醫療集團有限公司 GENERTEC UNIVERSAL M ...

Core Viewpoint - The company, Global Medical (02666.HK), reported a positive operational performance for the first three quarters of 2025, with significant growth in revenue and profit compared to the previous year [1] Financial Performance - For the nine months ending September 30, 2025, the company's revenue increased by approximately 12.8% compared to the same period last year [1] - The profit for the period rose by about 7.6% year-on-year [1] - The profit attributable to ordinary shareholders increased by approximately 4.2% compared to the previous year [1]

Core Insights - The company reported a steady improvement in overall operations for the first three quarters of 2025, with a revenue increase of approximately 12.8% and a profit increase of about 7.6% compared to the same period last year [1] - The company is actively responding to policy impacts such as healthcare payment reforms and centralized procurement, enhancing its medical service capabilities and optimizing its business structure [1][2] Financial Performance - For the nine months ending September 30, 2025, the profit attributable to ordinary shareholders increased by approximately 4.2% year-on-year [1] - The total revenue from medical services accounted for 36.5% of the overall income, reflecting a year-on-year increase of 2.3 percentage points [1] Operational Efficiency - The company has implemented various initiatives such as no-holiday outpatient services and extended hours for specialist consultations, resulting in a 3.4% increase in outpatient visits compared to the previous year [1] - The average length of hospital stay decreased to 9.1 days, while the total number of discharges increased by approximately 1.7% year-on-year, indicating improved operational efficiency [1] Cost Management - The company has strengthened cost control measures, particularly in drug and consumable management, leading to a reduction in the cost of medical supplies as a percentage of revenue from 44.9% to 43.0% [1] Strategic Development - In the specialized medical and health technology sectors, the company is focusing on both internal development and external expansion, with ongoing progress in layout expansion and capability building [2] - The financial business is transitioning towards four key areas: healthcare, equipment manufacturing, chemical pharmaceuticals, and innovative businesses, while also developing a new model combining financing leasing with full lifecycle management of medical equipment [2]