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]
中金：维持华润医疗(01515)跑赢行业评级 目标价5港元