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联合健康集团UnitedHealth Group Inc.(UNH)2025年10-K年度报告「NYSE」(英文版)(86页).pdf

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1、UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington,D.C.20549_ Form 10-K_ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31,2025orTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the

2、 transition period from _ to _Commission file number:1-10864 _ UnitedHealth Group Incorporated(Exact name of registrant as specified in its charter)Delaware41-1321939(State or other jurisdiction ofincorporation or organization)(I.R.S.EmployerIdentification No.)1 Health Drive 55344655 New York Avenue

3、 NW20001Eden Prairie,MinnesotaWashington,DC(Address of principal executive offices)(Zip Code)(Address of principal executive offices)(Zip Code)(800)328-5979(Registrants telephone number,including area code)_ Securities registered pursuant to Section 12(b)of the Act:Title of each classTrading Symbol(

4、s)Name of each exchange on which registeredCommon Stock,$.01 par valueUNHNew York Stock ExchangeSecurities registered pursuant to Section 12(g)of the Act:None _ Indicate by check mark if the registrant is a well-known seasoned issuer,as defined in Rule 405 of the Securities Act.Yes No Indicate by ch

5、eck mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d)of the Act.Yes No Indicate by check mark whether the registrant(1)has filed all reports required to be filed by Section 13 or 15(d)of the Securities Exchange Act of 1934 during the preceding 12 months(o

6、r for such shorter period that the registrant was required to file such reports),and(2)has been subject to such filing requirements for the past 90 days.Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted p

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1. **公司定位与业务**:UnitedHealth Group为医疗保健与福祉公司,旗下分Optum(信息与技术驱动健康服务)和UnitedHealthcare(健康福利计划)两大业务,致力于提升医疗系统效能。 2. **四大报告分部**:Optum Health(患者中心护理)、Optum Insight(数据与分析)、Optum Rx(药房护理服务)、UnitedHealthcare(含雇主/个人、 Medicare/退休、社区/州计划)。 3. **核心数据**: - 2025年总营收中44%来自CMS(主要为Medicare & Retirement业务)。 - Optum Rx管理1880亿美元药品支出,其中870亿美元为专科药。 - UnitedHealthcare覆盖2970万雇主/个人、840万Medicare Advantage及740万社区/州计划人群。 4. **监管与风险**:业务受联邦(CMS、HIPAA)及州严格监管,涉及医疗欺诈、隐私安全等合规风险。 5. **高管团队**:Stephen Hemsley任CEO,核心团队涵盖财务、医疗、法律等领域资深人士。
**公司业务?** **风险因素?** **高管背景?**
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