华润医疗(01515) - 2025 - 中期业绩

Financial Performance Overview Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income China Resources Medical Holdings Company Limited's revenue decreased by 9.1% to RMB 4.525 billion in H1 2025, with gross profit down 31.2% to RMB 713 million. Profit for the period was RMB 374 million, a 26.9% decrease, and profit attributable to owners of the parent was RMB 340 million, with basic earnings per share of RMB 0.27 2025 H1 Key Financial Data (Profit or Loss Statement) | Metric | 2025 (RMB '000) | 2024 (RMB '000) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 4,524,803 | 4,976,334 | -9.1% | | Cost of Sales | (3,812,276) | (3,939,986) | -3.2% | | Gross Profit | 712,527 | 1,036,348 | -31.2% | | Profit Before Tax | 508,123 | 627,328 | -19.0% | | Income Tax | (133,875) | (115,673) | +15.7% | | Profit for the Period | 374,248 | 511,655 | -26.9% | | Attributable to Owners of the Parent | 339,521 | 433,949 | -21.7% | | Basic Earnings Per Share (RMB) | 0.27 | 0.34 | -20.6% | Condensed Consolidated Statement of Financial Position As of June 30, 2025, total assets were RMB 13.586 billion, a 2.0% increase from year-end 2024. Net current liabilities improved to RMB -1.210 billion from RMB -1.260 billion, and total equity rose 3.6% to RMB 7.769 billion June 30, 2025 Key Financial Data (Balance Sheet) | Metric | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | Change | | :--- | :--- | :--- | :--- | | Total Non-current Assets | 10,071,137 | 10,079,012 | -0.1% | | Total Current Assets | 3,514,492 | 3,239,138 | +8.5% | | Total Assets | 13,585,629 | 13,318,150 | +2.0% | | Total Current Liabilities | 4,724,639 | 4,499,386 | +5.0% | | Total Non-current Liabilities | 1,092,346 | 1,320,696 | -17.3% | | Total Liabilities | 5,816,985 | 5,820,082 | -0.1% | | Net Current Liabilities | (1,210,147) | (1,260,248) | Improved | | Equity Attributable to Owners of the Parent | 6,449,385 | 6,213,536 | +3.8% | | Non-controlling Interests | 1,319,259 | 1,284,532 | +2.7% | | Total Equity | 7,768,644 | 7,498,068 | +3.6% | Notes to the Financial Statements Company Information China Resources Medical Holdings Company Limited is incorporated in the Cayman Islands, primarily engaged in integrated medical services, hospital management, and sales of pharmaceuticals and medical devices in mainland China - Company registered in the Cayman Islands[7] - Primary businesses include integrated medical services; providing hospital management services, selling pharmaceuticals, medical devices and consumables, and offering other services[7] Basis of Preparation and Changes in Accounting Policies The interim financial report is prepared in accordance with IAS 34, using the historical cost convention and consistent accounting policies with the 2024 annual financial statements. Despite current liabilities exceeding current assets as of June 30, 2025, management deems the going concern basis appropriate due to sufficient bank facilities. Accounting policy changes had no significant impact this period - Prepared in accordance with IAS 34 Interim Financial Reporting[8] - Accounting policies are consistent with the 2024 annual financial statements, except for changes expected to be reflected in the 2025 annual financial statements[8] - As of June 30, 2025, current liabilities exceeded current assets by RMB 1.21 billion, but with approximately RMB 8.02 billion in unutilised bank facilities, management considers the going concern basis appropriate[9] - Application of amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates — Lack of Exchangeability had no significant impact on this interim financial report[10] Operating Segment Information The Group operates in two reportable segments: hospital business, covering outpatient and inpatient services of self-owned hospitals, and other businesses, including operational management and supply chain services for associate and IOT/OT hospitals. Segment performance is assessed based on adjusted profit before tax, with inter-segment transactions at market prices - Reportable segments: Hospital Business (outpatient and inpatient services of self-owned hospitals) and Other Businesses (operational management, supply chain, and other services to associate and IOT/OT hospitals)[16] - Segment performance is assessed based on adjusted profit/loss before tax, excluding fair value changes, unallocated income/gains, exchange differences, and unallocated losses/expenses[12] - Inter-segment transactions are conducted at prices used for sales to third parties at the time of transaction[14] Segment Revenue and Results In H1 2025, hospital business revenue decreased 7.4% to RMB 4.259 billion, with segment results down 51.1% to RMB 255 million. Other business revenue fell 29.3% to RMB 266 million, but segment results surged 96.9% to RMB 292 million due to a one-off compensation payment Segment Revenue and Results (RMB '000) | Metric | Hospital Business (2025) | Hospital Business (2024) | Other Businesses (2025) | Other Businesses (2024) | | :--- | :--- | :--- | :--- | :--- | | Segment Revenue | 4,258,616 | 4,600,005 | 266,187 | 376,329 | | Segment Costs | (3,588,771) | (3,677,361) | (223,505) | (262,625) | | Segment Results | 254,708 | 520,836 | 292,340 | 148,486 | - Hospital business revenue decreased by 7.4% year-on-year, and segment results decreased by 51.1% year-on-year[17][19] - Other business revenue decreased by 29.3% year-on-year, while segment results significantly increased by 96.9% year-on-year[17][19] Segment Assets and Liabilities As of June 30, 2025, hospital business segment assets were RMB 8.781 billion, and other business segment assets were RMB 1.366 billion. Segment liabilities exclude interest-bearing bank borrowings and other unallocated head office and corporate liabilities Segment Assets and Liabilities (RMB '000) | Metric | Hospital Business (Jun 30, 2025) | Hospital Business (Dec 31, 2024) | Other Businesses (Jun 30, 2025) | Other Businesses (Dec 31, 2024) | | :--- | :--- | :--- | :--- | :--- | | Segment Assets | 8,780,580 | 8,889,773 | 1,366,473 | 1,348,719 | | Segment Liabilities | 4,799,278 | 4,865,659 | 21,617 | 20,870 | - Segment assets exclude goodwill, unallocated investments in associates, financial assets at fair value through profit or loss, cash and cash equivalents, pledged deposits, and other unallocated head office and corporate assets[13] - Segment liabilities exclude interest-bearing bank borrowings and other unallocated head office and corporate liabilities[13] Revenue Breakdown In H1 2025, integrated medical services revenue was RMB 4.2