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 - In 1H25, the company's revenue was RMB 4.525 billion, a year-on-year decrease of 9.1%, and the net profit attributable to shareholders was RMB 340 million, down 21.8%, which was below CICC's expectations [2] - The company's hospital business revenue in 1H25 was RMB 4.259 billion, a decline of 7.4%, with outpatient revenue at RMB 1.813 billion (-4.4%) and inpatient revenue at RMB 2.446 billion (-9.6%) [4] - The gross profit from hospital operations was RMB 670 million, down 27.4%, with a gross margin of 15.7%, and the segment profit for hospital operations was RMB 255 million, a decrease of 51.1% [4] Group 2: Business Operations - The company managed and operated 103 medical institutions across 10 provinces and cities in China as of June 30, 2025, with a total of 18,286 hospital beds and a bed occupancy rate of 80.57%, compared to 79.93% in 1H24 [3] - The proportion of revenue from hospital operations increased to 94.1%, up 1.7 percentage points year-on-year, while the IOT business revenue decreased, with other business revenue at RMB 266 million, down 29.3% [3] Group 3: Cost Management - The administrative and other operating expense ratio in 1H25 was 10.4%, an increase of 0.9 percentage points year-on-year, while the financial expense ratio was 0.6%, a decrease of 0.2 percentage points due to adjustments in the debt structure [5] - The company has achieved cost reduction and efficiency improvement, maintaining a robust financial structure through continuous optimization of its capital structure [5]
中金：维持华润医疗跑赢行业评级 目标价5港元