Group 1 - Morgan Stanley reports that China Resources Medical (01515) has issued a profit warning for the first half of the year, with net profit attributable to ordinary shareholders expected to decline by 20% to 25% year-on-year [1] - Excluding the 210 million RMB compensation related to the "Yanhua IOT Agreement," the underlying business profit is projected to decrease by 55% to 60%, falling below market consensus and Morgan Stanley's estimates [1] - The company attributes the profit decline to a reduction in average medical insurance reimbursement per visit, indicating increased reimbursement pressure across regions due to DRG/DIP 2.0 [1] Group 2 - Morgan Stanley sets a target price of 3 HKD for China Resources Medical and maintains a "Reduce" rating [1] - The report suggests that the profit decline could negatively impact other hospital operators reliant on public insurance, such as Haijia Medical (06078), Jinxin Fertility (01951), and Aier Eye Hospital (300015.SZ) [1]

Core Viewpoint - Morgan Stanley's research report indicates that China Resources Medical has issued a profit warning for the first half of this year, with net profit attributable to ordinary shareholders expected to decline by 20% to 25% year-on-year [1] Financial Performance - Excluding a compensation of 210 million yuan related to the YanHua IOT agreement, the underlying business profit is projected to decline by 55% to 60% year-on-year, which is below market consensus and Morgan Stanley's estimates [1] - Morgan Stanley sets a target price of 3 HKD for China Resources Medical and maintains a "Reduce" rating [1] Industry Impact - The company attributes the profit decline to a reduction in average medical insurance reimbursement per visit, indicating increased reimbursement pressure across regions due to DRG/DIP 2.0 [1] - This situation is expected to negatively impact other hospital operators that rely on public insurance, such as Haijia Medical, Gushengtang, Jinxin Fertility, and Aier Eye Hospital [1]