Core Viewpoint - Southbound funds increased their holdings in Universal Medical (02666.HK) by 2.468 million shares on October 21, 2025, indicating a positive sentiment towards the company despite some recent fluctuations in holdings [1] Summary by Sections Southbound Fund Activity - Over the past five trading days, there were two days of net reductions in holdings, totaling 259,000 shares [1] - In the last twenty trading days, there were eleven days of net reductions, amounting to 9.7395 million shares [1] - As of now, southbound funds hold 444.5 million shares of Universal Medical, representing 23.51% of the company's total issued ordinary shares [1] Shareholding Changes - On October 21, 2025, total shareholding was 444.5 million shares, with an increase of 2.468 million shares, reflecting a change of 0.56% [2] - On October 20, 2025, total shareholding was 442 million shares, with an increase of 150,500 shares, reflecting a change of 0.03% [2] - On October 17, 2025, total shareholding was 442 million shares, with an increase of 591,500 shares, reflecting a change of 0.13% [2] - On October 16, 2025, total shareholding was 442 million shares, with a decrease of 2.945 million shares, reflecting a change of -0.66% [2] - On October 15, 2025, total shareholding was 445.1 million shares, with a decrease of 524,000 shares, reflecting a change of -0.12% [2] Company Overview - Universal Medical Group Limited, formerly known as Universal Medical Financial and Technical Consulting Services Limited, operates in the healthcare sector in China [2] - The company has two main divisions: the financial services division, which includes direct financing leasing, sale-leaseback, insurance, operating leasing, and consulting services; and the healthcare division, which encompasses healthcare services, hospital operation management, and medical equipment import/export trade [2] - The company primarily conducts its business within mainland China [2]

Core Viewpoint - Southbound funds have reduced their holdings in Universal Medical (02666.HK) by 524,000 shares on October 15, indicating a trend of net selling over recent trading days [1] Group 1: Shareholding Changes - In the last 5 trading days, southbound funds have reduced their holdings on 3 days, with a total net reduction of 4,391,500 shares [1] - Over the past 20 trading days, there have been 12 days of net selling, totaling 10,207,500 shares [1] - As of now, southbound funds hold 445 million shares of Universal Medical, accounting for 23.49% of the company's total issued ordinary shares [1] Group 2: Trading Data - On October 15, 2025, the total shareholding was 445 million shares, with a decrease of 524,000 shares, representing a change of -0.12% [2] - On October 14, 2025, there was an increase of 113,500 shares, a change of 0.03% [2] - On October 13, 2025, a decrease of 1,788,000 shares occurred, reflecting a change of -0.40% [2] - On October 3, 2025, there was an increase of 555,000 shares, a change of 0.12% [2] - On October 2, 2025, a decrease of 2,748,000 shares was noted, representing a change of -0.61% [2] Group 3: Company Overview - Universal Medical Group Co., Ltd. (formerly known as Universal Medical Financial and Technical Consulting Services Co., Ltd.) operates in the healthcare sector in China [2] - The company has two main divisions: financial services, which include direct financing leasing, sale-leaseback, insurance, operating leasing, and consulting services; and healthcare services, which encompass medical health services, hospital operation management, and medical equipment trade [2] - The company primarily conducts its business within mainland China [2]

Core Insights - The article presents a ranking of 33 Hong Kong-listed medical service companies based on their stock price performance as of September 30, 2025, highlighting significant price increases and declines among these companies [1][2]. Group 1: Top Performers - The top performer is Brainstorm Cell Therapeutics (脑动极光-B) with a stock price of HKD 8.58, reflecting a remarkable increase of 166.46% [1]. - MediWound (麦迪卫康) ranks second with a stock price of HKD 1.23, showing a growth of 136.54% [1]. - Yonghe Medical (雍禾医疗) comes in third with a stock price of HKD 2.05, marking a rise of 127.78% [1]. Group 2: Notable Declines - The company with the largest decline is Yimeng Group (云康集团), with a stock price of HKD 1.28, experiencing a drop of 86.15% [1]. - Meizhong Jiahe (美中嘉和) follows with a stock price of HKD 3.20, down by 70.91% [1]. - Another significant decline is seen in Yimeng Sunshine (一昧阳光), which has a stock price of HKD 17.00, down by 76.06% [1]. Group 3: Market Capitalization - Fosun Pharma (复星医药) has the highest market capitalization at HKD 680.48 billion, with a stock price of HKD 25.78 [2]. - Far East Horizon (远东宏信) ranks second with a market cap of HKD 328.32 billion and a stock price of HKD 6.87 [2]. - Global Medical (环球医疗) holds a market cap of HKD 114.82 billion, with a stock price of HKD 6.07 [2].

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 第 2 頁 共 10 頁 v 1.1.1 III.已發行股份及/或庫存股份變動詳情 (A). 股份期權（根據發行人的股份期權計劃） | 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: | 通用環球醫療集團有限公司 | | | 呈交日期: | 2025年10月8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 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][27]. Core Viewpoints - The company is focusing on optimizing its revenue and profit structure, with a core business in medical services, supported by financial services and driven by health technology [1][10]. - The company has successfully integrated 65 medical institutions, with a total of 16,168 beds, and is expanding its health technology business [1][10]. - The financial business is showing signs of transformation, with a net interest margin increase and improved asset quality [2][13]. - The company is facing policy pressures in its comprehensive medical services but is advancing health technology acquisitions [3][20]. Summary by Sections Revenue and Profit Structure - For the first half of 2025, the company achieved revenue of 75.81 billion, a year-on-year increase of 15.9%. Medical health business revenue was 49.64 billion, up 27.7%, accounting for 65.5% of total revenue [1][10]. - The annual profit was 13.35 billion, a 6.6% increase, with the medical health business contributing 2.85 billion, a 5.3% increase [1][10]. Financial Business Performance - The financial business generated revenue of 28.51 billion, a 6.9% increase, with a net interest margin of 4.34%, up 0.92 percentage points [2][13]. - The company maintained a good asset quality with a non-performing asset ratio of 0.97% and a provision coverage ratio of 313.87% [2][13]. Comprehensive Medical Services - Comprehensive medical services generated revenue of 42.22 billion, a 15.8% increase, but profit decreased by 14.6% to 2.31 billion [3][20]. - The company reported a total diagnosis volume of approximately 5.09 million, with a surgical volume of 53,000 [3][20]. Health Technology and Acquisitions - The company successfully acquired Beijing Jinxu Yike, with health technology revenue reaching 6.46 billion, a 142.1% increase [3][20]. - The equipment lifecycle management business generated 4.18 billion, up 58.7%, while the smart health business contributed 2.22 billion [3][20]. Investment Outlook - The company is positioned to capitalize on policy opportunities in the healthcare sector, with rapid growth in hospital group business and a focus on health technology and specialized medical services [4][27]. - The projected net profit for 2025-2027 is expected to be 21.21 billion, 21.97 billion, and 22.94 billion, with corresponding PE ratios of 5.0, 4.9, and 4.6 [4][27].

Core Viewpoint - The company reported a strong performance in the first half of 2025, with significant growth in its healthcare segment, driven by its health technology business, while maintaining stability in its financial operations [1] Financial Performance - In the first half of 2025, the company achieved operating revenue of 7.581 billion yuan, a year-on-year increase of 15.9% [1] - The net profit attributable to shareholders was 1.228 billion yuan, reflecting an 8% year-on-year growth [1] Healthcare Segment - The healthcare division generated operating revenue of 4.964 billion yuan, up 27.7% year-on-year, accounting for 65.5% of total revenue [1] - The healthcare segment's net profit was 285 million yuan, a 5.3% increase, representing 21.3% of total net profit [1] - The healthcare business is divided into three segments: - Comprehensive medical services: Revenue of 4.222 billion yuan, a 15.8% increase, but net profit decreased by 14.6% due to DRG payment reform and rising fixed costs [1] - Specialized medical services: Revenue of 130 million yuan, primarily from the newly consolidated Shandong University of Traditional Chinese Medicine Affiliated Eye Hospital [1] - Health technology: Revenue of 646 million yuan, a remarkable 142.1% increase, with equipment management contributing 418 million yuan and a net profit of 48 million yuan, up 45.9% [1] Financial Services - The financial segment reported operating revenue of 2.851 billion yuan, a 6.9% increase, with net profit reaching 1.05 billion yuan, up 7% [1] - As of June 30, 2025, the company had net interest-earning assets of 70.605 billion yuan, with a non-performing asset ratio below 1% and a 30-day overdue rate of 0.9% [1] - The company improved its financing structure and reduced costs, achieving an average cost rate of interest-bearing liabilities of 2.84% [1] Investment Outlook - The company is projected to achieve operating revenues of 14.795 billion yuan, 15.347 billion yuan, and 16.182 billion yuan for 2025-2027, with year-on-year growth rates of 8%, 4%, and 5% respectively [1] - Net profit attributable to shareholders is expected to reach 2.095 billion yuan, 2.230 billion yuan, and 2.356 billion yuan, with growth rates of 3%, 6%, and 6% respectively [1]

Core Viewpoint - Huazhong Securities maintains an "overweight" rating for Universal Medical, projecting revenue growth from 2025 to 2027, with a compound annual growth rate of approximately 5% [1] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 7.581 billion yuan, a year-on-year increase of 15.9%, and a net profit attributable to shareholders of 1.228 billion yuan, up 8% year-on-year [1] - The company expects to achieve revenues of 14.795 billion yuan, 15.347 billion yuan, and 16.182 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 2.095 billion yuan, 2.230 billion yuan, and 2.356 billion yuan for the same years [1] Group 2: Business Segments - The healthcare segment is growing rapidly, with health technology being the core driver; in the first half of 2025, healthcare revenue reached 4.964 billion yuan, a 27.7% increase, accounting for 65.5% of total revenue [1][2] - The comprehensive medical business generated 4.222 billion yuan in revenue in the first half of 2025, a 15.8% increase, but net profit decreased by 14.6% due to DRG payment reform and rising fixed costs [2] - The health technology business has shown significant growth, achieving 646 million yuan in revenue in the first half of 2025, a 142.1% increase [2] Group 3: Financial Services - The financial services segment remains stable, with revenue of 2.851 billion yuan in the first half of 2025, a 6.9% increase, and net profit of 1.05 billion yuan, up 7% [3] - The company maintains a healthy asset quality, with a non-performing asset ratio below 1% and a provision coverage ratio of 313.87% [3] - The average cost of interest-bearing liabilities is 2.84%, achieved through various cost-reduction strategies [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a stable performance in the first half of 2025, with revenue of 7.581 billion yuan, representing a year-on-year growth of 15.9%, and a net profit attributable to shareholders of 1.228 billion yuan, up 8% year-on-year [4] - The healthcare segment is growing rapidly, with the health technology business being the core driver, achieving revenue of 4.964 billion yuan in the first half of 2025, a year-on-year increase of 27.7%, accounting for 65.5% of total revenue [5][6] - The financial business remains robust, with revenue of 2.851 billion yuan in the first half of 2025, a year-on-year growth of 6.9%, and a net profit of 1.05 billion yuan, up 7% year-on-year [7] Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 7.581 billion yuan, a 15.9% increase year-on-year, and a net profit of 1.228 billion yuan, an 8% increase year-on-year [4] - The healthcare segment's revenue reached 4.964 billion yuan, with a net profit of 285 million yuan, reflecting a 5.3% increase in profit [5][6] Business Segments - The healthcare business is divided into three segments: 1. Comprehensive medical services generated 4.222 billion yuan in revenue, a 15.8% increase, but net profit decreased by 14.6% due to DRG payment reform [6] 2. Specialty medical services generated 130 million yuan, primarily from a newly consolidated ophthalmology hospital [6] 3. Health technology business revenue surged to 646 million yuan, a 142.1% increase, with equipment management contributing significantly [6] Future Projections - The company is expected to achieve revenues of 14.795 billion yuan, 15.347 billion yuan, and 16.182 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 8%, 4%, and 5% [9] - Net profit projections for the same years are 2.095 billion yuan, 2.230 billion yuan, and 2.356 billion yuan, with growth rates of 3%, 6%, and 6% respectively [9]

Investment Rating - The report maintains an "Outperform" rating for the biopharmaceutical industry [1] Core Viewpoints - The growth of healthcare expenses, which reached 9.06 trillion yuan in 2023, is outpacing GDP growth, indicating that commercial health insurance may provide a solution to the pressures faced by the medical insurance system [3][15] - The commercial health insurance sector is expected to grow significantly, with premiums projected to reach 97.74 billion yuan by 2024, driven by low penetration rates and the need for additional funding sources [20][24] - Policies are increasingly supportive of commercial health insurance, particularly in relation to innovative drugs, which are now being included in the commercial health insurance directory [71][76] Summary by Sections Part 1: Healthcare Financing System - The healthcare financing system in China consists of government, social, and personal contributions, with social contributions being the main driver for future growth [10][15] Part 2: Growth of Health Insurance - The commercial health insurance market is expected to fill a significant funding gap, with an estimated shortfall of over 1.7 trillion yuan by 2030 [21][22] - Medical insurance is the primary source of compensation within commercial health insurance, with a compensation rate of approximately 68.79% in 2022 [27][31] Part 3: Core Products of Medical Insurance - The report highlights the importance of medical insurance as a key focus area, noting that it directly compensates for medical expenses, unlike critical illness insurance [31][35] Part 4: Policy Support for Health Insurance Development - A series of policies since 2009 have aimed to promote the development of commercial health insurance, with specific targets for market size and coverage [71][72] Part 5: Investment Recommendations - The report suggests focusing on innovative drug companies with rich pipelines, DTP pharmacies, and companies in the TPA industry, as well as innovative medical devices and high-end medical service providers [77]

Group 1 - The core point of the news is that southbound funds have significantly increased their holdings in Universal Medical (02666.HK), with a total net increase of 483.9 thousand shares over the last five trading days and 1,047.63 thousand shares over the last twenty trading days [1][2] - As of September 19, 2025, southbound funds hold 458 million shares of Universal Medical, representing 24.19% of the company's total issued ordinary shares [1][2] - The daily changes in shareholding show a consistent increase, with the largest single-day increase of 2.0695 million shares on September 16, 2025 [2] Group 2 - Universal Medical Group Limited 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 [2] - The healthcare services division encompasses medical health services, hospital operation management, medical equipment import and export trade, domestic trade, full-cycle equipment management, and medical digital technology services [2]