每经编辑｜金冥羽 今年上半年，医院的生意并不好做。 华润医疗（01515.HK）是华润集团旗下综合性医疗上市公司。2024年，公司自有医院常规门诊量和住院量分别为1032.56万人次和56.01万人次。 但在8月4日，公司股价低开7%后迅速下杀，截至午间收盘，股价跌15.8%，报3.73港元/股，市值约为48.4亿港元，成交额约为2.8亿港元。 消息面上，华润医疗（01515.HK）8月4日发布公告称，今年上半年，公司预料报告期的公司拥有人应占利润相较2024年同期下降约20%至25%；而经剔除 该公告所载有关集团一次性收到燕化IOT协议下以前年度管理费及供应链损失赔偿款项约人民币2.1亿元和对应的企业所得税后，公司拥有人应占利润相较 2024年同期下降约55%至60%。 公告称，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。同时公司逐渐退出IOT(即投资-运营-移交模式)业务，其对应的利润贡 献下降。2025年下半年公司将继续积极改善收入结构，推动管理精细化，控制运营成本，提高经营效益。 值得注意的是，在2024年年报中，华润医疗也坦言，受医保控费影响，次均费用有所下降。 图片来源：公司 ...

Core Viewpoint - International Medical (000516) reported a closing price of 5.48 yuan on August 1, 2025, with a slight increase of 0.18% and a trading volume of 257,100 hands, amounting to a total transaction value of 142 million yuan [1] Group 1: Financial Performance - The company reported a total revenue of 999.7 million yuan for Q1 2025, a year-on-year decrease of 14.99% [2] - The net profit attributable to shareholders was -106 million yuan, a decline of 1.37% year-on-year [2] - The company’s gross profit margin stood at 5.21%, significantly lower than the industry average of 34.85% [2] - The company’s debt ratio is 67.64%, indicating a high level of leverage [2] Group 2: Market Position - International Medical has a total market capitalization of 12.269 billion yuan, ranking 11th in the medical services industry [2] - The company’s net assets are valued at 3.339 billion yuan, ranking 14th in the industry [2] - The price-to-earnings ratio (P/E) is -28.84, which is below the industry average of 30.46 [2] - The return on equity (ROE) is -2.94%, ranking 39th in the industry [2] Group 3: Capital Flow - On August 1, 2025, the net outflow of main funds was 4.7383 million yuan, accounting for 3.34% of the total transaction value [1] - Retail investors showed a net inflow of 13.0032 million yuan, representing 9.18% of the total transaction value [1] - Over the past five days, the trend indicates a consistent net outflow from main and speculative funds, while retail investors have maintained a net inflow [1]

国际医学（000516.SZ）7月29日在投资者互动平台表示，西安国际医学中心医院老年护理院目前开放床 位100张，主要设全失能照护楼层、阿尔兹海默失能失智照护专区、生活护理照护楼层、医疗需求和康 复需求床位，房间分单人间、双人间、3-4人间和多人间，以满足各类入住长者的需求。 老年护理院依 托三级综合医院的医疗优势，可为入住长者提供日常就医、急危重症多学科会诊疗方案、优先转诊绿色 通道、康复训练、音乐疗愈、中医特色调理等全方位的服务。医养结合的康养项目是公司未来发展的重 要板块之一。 三级诊疗的区域性智能监测系统和家庭医生智能检测体系需要通过整合信息技术（如大 数据、人工智能、物联网等）对区域内的医疗资源、疾病动态和患者健康数据进行分层级管理，以实现 高效、精准的医疗资源分配和疾病防控。目前医院正在布局建设中。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：你好最近在贵公司国际医学微信小程序中看到推出了 国际医学中心医院老年护理院项目，并推出3天2晚的体验活动，不知道该老年养老护理院设计床位有多 少？能提供哪些服务？该项目是否会成为贵公司新的增长方向？其次贵公司是否有设计三级诊疗的 ...

证券日报网讯国际医学7月29日在互动平台回答投资者提问时表示，股东质押业务风险可控，不存在强 制抛售和平仓风险。从过往兑付来看，股东履约情况良好，具备兑付能力。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯国际医学7月29日在互动平台回答投资者提问时表示，公司股东世纪新元履约情况良好， 未出现欠息逾期情况。股东将通过短期与长期两个维度，平衡现金流与运营需求。 ...

证券日报网讯国际医学7月29日在互动平台回答投资者提问时表示，公司医疗主业稳健发展，关于公司 未来业绩的情况，请留意公司相关定期报告。公司将不断加强精细化运营，调整业务结构，提升运营质 效。一方面实施差异化经营策略，扩大服务规模；另一方面优化内部管理流程，提高运营效率。结合公 司发展阶段，目前资产负债率处于合理水平。随着公司已建成的整体医疗床位使用量稳步提升，经营业 绩的逐步改善，公司将进一步优化资本结构，降低负债水平。 （文章来源：证券日报） ...

Group 1 - The high-pressure oxygen chamber concept increased by 1.55%, ranking second among concept sectors, with three stocks rising, including a 20% limit up for Tiebian Heavy Industry [1] - The leading gainers in the high-pressure oxygen chamber sector were International Medicine and Yinkang Life, which rose by 0.93% and 0.20% respectively [1] - The sector saw a net inflow of 0.50 billion yuan from main funds, with Tiebian Heavy Industry receiving the highest net inflow of 1.03 billion yuan [2][3] Group 2 - The main fund inflow ratios for Tiebian Heavy Industry, International Medicine, and Jinling Pharmaceutical were 29.36%, 10.10%, and 5.54% respectively [3] - The trading performance of stocks in the high-pressure oxygen chamber sector showed varied results, with Tiebian Heavy Industry leading in both price increase and fund inflow [3][4] - Stocks such as Weiao and Innovation Medical experienced significant declines, with net outflows of -3214.35 million yuan and -4427.60 million yuan respectively [4]

Core Insights - The DRG (Diagnosis-Related Group) payment reform in China is set to deepen in 2025, aiming to optimize resource allocation, control costs, and improve medical efficiency [1] - The DRG/DIP (Disease Value Payment) system will cover all eligible medical institutions by the end of this year, transitioning to a fixed payment model based on disease grouping rather than itemized billing [1] - The adjustment in payment policies may suppress average costs and hospitalization rates in the short term, but will encourage healthcare institutions to focus on refined management and cost control in the long term [2] Company Strategies - The company is focusing on high CMI (Case Mix Index) disease categories such as neurosurgery and oncology, while also undertaking complex medical projects to establish a leading advantage [3] - The company is implementing a differentiated strategy by expanding into high-value medical health markets, including specialized services in areas like aesthetic medicine, reproductive health, and proton therapy [3][4] - The company has developed a comprehensive health service platform that integrates medical services, rehabilitation, and elderly care, aiming to enhance operational efficiency and overall performance [5] Market Positioning - The company is actively pursuing multi-dimensional strategies to adapt to the changing healthcare landscape, emphasizing refined operations, cost control, and revenue structure adjustments [2] - The establishment of the proton therapy center, expected to be operational by the end of 2025, positions the company as a key player in advanced cancer treatment in the Northwest region [4] - The company is leveraging its medical capabilities to provide VIP services and comprehensive health management, enhancing its competitive edge in the market [4][5]

Group 1 - The high-pressure oxygen chamber concept increased by 2.63%, ranking 10th among concept sectors, with five stocks rising, including a 20% limit-up for Tiedao Heavy Industry [1] - Notable gainers in the high-pressure oxygen chamber sector include Innovation Medical and Samsung Medical, which rose by 3.29% and 0.96% respectively [1] - The sector experienced a net inflow of 170 million yuan from main funds, with Tiedao Heavy Industry receiving the highest net inflow of 120 million yuan [2] Group 2 - The top stocks by net inflow ratio in the high-pressure oxygen chamber sector are Tiedao Heavy Industry at 39.19%, International Medical at 4.88%, and Samsung Medical at 4.16% [3] - The trading volume and turnover rates for key stocks in the sector indicate significant investor interest, with Tiedao Heavy Industry showing a turnover rate of 0.97% [3] - Decliners in the sector included Dahu Co., which fell by 0.55%, and Aoyang Health, which decreased by 0.50% [4]

Group 1 - The high-pressure oxygen chamber concept increased by 3.78%, ranking 8th among concept sectors, with 8 stocks rising, including a 20% limit up for Tiebian Heavy Industry [1] - The leading stocks in the high-pressure oxygen chamber sector included Weiao Co., International Medicine, and Dahu Co., which rose by 3.80%, 3.24%, and 2.44% respectively [1] - The high-pressure oxygen chamber sector saw a net inflow of 152 million yuan from main funds, with 6 stocks receiving net inflows, and 5 stocks exceeding 10 million yuan in net inflow [2] Group 2 - The top net inflow stock was Tiebian Heavy Industry, with a net inflow of 60.89 million yuan, followed by International Medicine, Samsung Medical, and Aoyang Health with net inflows of 57.53 million yuan, 42.20 million yuan, and 22.89 million yuan respectively [2] - In terms of net inflow ratios, Aoyang Health, Tiebian Heavy Industry, and International Medicine had the highest ratios at 15.77%, 14.47%, and 11.68% respectively [3] - The trading performance of stocks in the high-pressure oxygen chamber sector showed significant activity, with Tiebian Heavy Industry achieving a daily increase of 19.90% and a turnover rate of 1.60% [3]