格隆汇8月27日丨智慧健康科技(01715.HK)发布公告，截至2025年6月30日止六个月，实现收入人民币 2394万元，同比减少57.2%；毛利为人民币240.4万元，同比减少61.8%；公司拥有人应占亏损为人民币 1150万元，上年同期公司拥有人应占亏损为人民币2314.9万元；基本每股亏损人民币0.08元。 ...

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) This section provides a high-level overview of the company's financial performance, highlighting key metrics and their year-on-year changes [Key Financial Data](index=1&type=section&id=Key%20Financial%20Data) For the six months ended June 30, 2025, the company's revenue significantly decreased by 57.2% to RMB 23,940 thousand, gross profit decreased by 61.8% to RMB 2,404 thousand, and gross margin fell from 11.3% to 10.0%, while net loss for the period narrowed by 50.2% to RMB (11,513) thousand, with basic and diluted loss per share of RMB (0.08) | Metric | 2025 (thousand RMB) | 2024 (thousand RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 23,940 | 55,949 | -57.2% | | Gross Profit | 2,404 | 6,298 | -61.8% | | Gross Margin | 10.0% | 11.3% | -1.3 pp | | Net Loss for the Period | (11,513) | (23,149) | -50.2% | | Loss Per Share (Basic and Diluted) | (0.08) RMB | (0.31) RMB | -74.2% | [Condensed Consolidated Interim Statement of Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Comprehensive%20Income) This section presents the company's financial performance over the interim period, detailing revenue, expenses, and comprehensive income [Statement of Profit or Loss](index=2&type=section&id=Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the company's revenue significantly declined, but net loss for the period narrowed considerably due to cost control and reversal of impairment losses on financial assets, with various expenses showing decreases | Metric | 2025 (thousand RMB) | 2024 (thousand RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 23,940 | 55,949 | -57.2% | | Cost of Sales | (21,536) | (49,651) | -56.6% | | Gross Profit | 2,404 | 6,298 | -61.8% | | Other Income | 744 | 1,445 | -48.5% | | Net Other Losses | (1) | (2,965) | -99.9% | | Selling and Distribution Expenses | (6,579) | (10,429) | -36.9% | | Administrative Expenses | (5,440) | (9,518) | -42.8% | | Research and Development Expenses | (2,265) | (2,798) | -19.0% | | Impairment Loss on Investments | (658) | – | N/A | | Reversal of Impairment Loss on Financial Assets / (Impairment Loss) | 1,825 | (1,817) | N/A | | Operating Loss | (9,970) | (19,784) | -49.6% | | Net Finance Costs | (1,337) | (3,125) | -57.2% | | Loss Before Income Tax | (11,496) | (23,122) | -50.3% | | Loss for the Period | (11,513) | (23,149) | -50.2% | [Other Comprehensive Income](index=3&type=section&id=Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the company recorded a foreign currency translation difference loss of RMB 245 thousand, resulting in a total comprehensive loss of RMB (10,472) thousand for the period, a narrowing from RMB (23,394) thousand in the prior period | Metric | 2025 (thousand RMB) | 2024 (thousand RMB) | | :--- | :--- | :--- | | Exchange differences on translation of foreign operations | (245) | 1,041 | | Other comprehensive income / (loss) for the period, net of tax | (245) | 1,041 | | Total comprehensive loss for the period | (10,472) | (23,394) | [Condensed Consolidated Interim Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Financial%20Position) This section outlines the company's financial position, detailing its assets, equity, and liabilities at the end of the interim period [Assets](index=4&type=section&id=Assets) As of June 30, 2025, total assets increased to RMB 173,836 thousand, primarily driven by significant increases in cash and cash equivalents and prepayments, despite a substantial decrease in trade receivables | Metric | June 30, 2025 (thousand RMB) | December 31, 2024 (thousand RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Total Non-current Assets | 17,278 | 19,659 | -12.2% | | Inventories | 28,337 | 30,713 | -7.8% | | Net Trade Receivables | 2,861 | 24,645 | -88.4% | | Other Receivables, Deposits and Prepayments | 78,083 | 59,796 | +30.6% | | Cash and Cash Equivalents | 45,939 | 2,299 | +1900.4% | | Total Current Assets | 156,558 | 117,811 | +32.9% | | Total Assets | 173,836 | 137,470 | +26.5% | [Equity and Liabilities](index=4&type=section&id=Equity%20and%20Liabilities) As of June 30, 2025, total equity significantly increased to RMB 87,923 thousand, primarily due to an increase in share capital, while total liabilities decreased, with reductions in both current and non-current liabilities | Metric | June 30, 2025 (thousand RMB) | December 31, 2024 (thousand RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Share Capital | 81,256 | 25,758 | +215.5% | | Share Premium | 106,317 | 106,793 | -0.4% | | Reserves | (100,952) | (90,493) | +11.6% | | Equity Attributable to Owners of the Company | 86,621 | 42,058 | +106.0% | | Non-controlling Interests | 1,302 | 335 | +288.7% | | Total Equity | 87,923 | 42,393 | +107.4% | | Total Non-current Liabilities | 4,443 | 6,591 | -32.6% | | Total Current Liabilities | 81,470 | 88,486 | -7.9% | | Total Liabilities | 85,913 | 95,077 | -9.6% | | Total Equity and Liabilities | 173,836 | 137,470 | +26.5% | [Notes to the Condensed Consolidated Interim Financial Information](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Information) This section provides detailed explanations and disclosures regarding the condensed consolidated interim financial information [General Information and Basis of Preparation](index=6&type=section&id=General%20Information%20and%20Basis%20of%20Preparation) The company is incorporated in the Cayman Islands, primarily engaged in the development, manufacturing, and sale of kitchenware and health-related products in China, with its shares listed on the Main Board of the Hong Kong Stock Exchange on July 16, 2018, and interim financial information prepared in accordance with HKAS 34 and presented in RMB - The Company was incorporated on May 16, 2017, under the Companies Law of the Cayman Islands, primarily engaged in the development, manufacturing, and sale of kitchenware and health-related products in China[10](index=10&type=chunk) - The Company's shares were listed on the Main Board of The Stock Exchange of Hong Kong Limited on July 16, 2018[11](index=11&type=chunk) - The condensed consolidated interim financial information is prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants and presented in RMB[12](index=12&type=chunk)[13](index=13&type=chunk) [Accounting Policies](index=6&type=section&id=Accounting%20Policies) The condensed consolidated financial statements are prepared on a historical cost basis, with accounting policies and methods consistent with the 2024 annual financial statements, and amendments to HKFRSs having no significant impact on the current period's financial position and performance - The condensed consolidated financial statements are prepared on a historical cost basis[14](index=14&type=chunk) - Amendments to HKFRSs were first applied in the current interim period, but they had no significant impact on the Group's financial position and performance[15](index=15&type=chunk) [Segment Information](index=7&type=section&id=Segment%20Information) The company operates in two segments: kitchenware development, manufacturing, and sales, and health-related product sales, with both segments recording losses for the six months ended June 30, 2025, and primary business activities concentrated in China - The Group's operating segments include the development, manufacturing, and sale of kitchenware, and the sale of health-related products[16](index=16&type=chunk) Revenue by Product Category | Product Category | 2025 (thousand RMB) | 2024 (thousand RMB) | | :--- | :--- | :--- | | Kitchenware | 15,794 | 22,555 | | Health-related Products | 8,146 | 33,394 | | **Total Revenue** | **23,940** | **55,949** | Segment Revenue and Loss | Segment | 2025 Segment Revenue (thousand RMB) | 2025 Segment Loss (thousand RMB) | | :--- | :--- | :--- | | Kitchenware Development, Manufacturing and Sales | 15,794 | (7,784) | | Health-related Product Sales | 8,146 | (20) | | **Total** | **23,940** | **(7,804)** | - The Group's business is primarily conducted in China, with most assets and liabilities located in China[19](index=19&type=chunk) [Expenses by Nature](index=8&type=section&id=Expenses%20by%20Nature) For the six months ended June 30, 2025, cost of materials used, employee benefit expenses, and consignment fees all significantly decreased, reflecting the company's efforts in cost control | Expense Category | 2025 (thousand RMB) | 2024 (thousand RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Cost of materials used | 21,536 | 49,651 | -56.6% | | Employee benefit expenses | 4,303 | 8,466 | -49.2% | | Consignment fees | 546 | 1,742 | -68.6% | | Depreciation of property, plant and equipment | 1,051 | 752 | +39.8% | [Income Tax Expense](index=9&type=section&id=Income%20Tax%20Expense) For the six months ended June 30, 2025, income tax expense decreased from RMB 27 thousand in the prior period to RMB 17 thousand, primarily due to a reduction in taxable profit | Metric | 2025 (thousand RMB) | 2024 (thousand RMB) | | :--- | :--- | :--- | | Current income tax | – | 1 | | Deferred income tax | 17 | 26 | | **Income Tax Expense** | **17** | **27** | - The decrease in income tax expense was primarily due to a reduction in taxable profit[22](index=22&type=chunk) [Loss Per Share](index=9&type=section&id=Loss%20Per%20Share) For the six months ended June 30, 2025, basic and diluted loss per share was RMB (0.08), a significant narrowing from RMB (0.31) in the prior period, primarily due to reduced loss for the period and an increase in the weighted average number of ordinary shares outstanding from the rights issue | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Loss attributable to owners of the Company (thousand RMB) | (11,500) | (23,149) | | Weighted average number of ordinary shares in issue | 141,119,472 | 75,612,000 | | Basic loss per share (RMB) | (0.08) | (0.31) | - The calculation of basic and diluted loss per share has been adjusted to reflect the effects of the 2025 rights issue and the 2024 share consolidation[23](index=23&type=chunk) - As there were no potential dilutive ordinary shares during the period, diluted loss per share was the same as basic loss per share[24](index=24&type=chunk) [Trade Receivables](index=9&type=section&id=Trade%20Receivables) As of June 30, 2025, net trade receivables significantly decreased by 88.4% to RMB 2,861 thousand, primarily due to reduced sales revenue during the interim period, with a typical credit period of 60 to 180 days Trade Receivables Breakdown | Metric | June 30, 2025 (thousand RMB) | December 31, 2024 (thousand RMB) | | :--- | :--- | :--- | | Trade receivables | 14,969 | 38,578 | | Less: Loss allowance | (12,108) | (13,933) | | **Net Trade Receivables** | **2,861** | **24,645** | - Net trade receivables decreased by **88.4%**, primarily due to reduced sales revenue during the interim period[25](index=25&type=chunk)[64](index=64&type=chunk) - The credit period for trade receivables typically ranges from **60 to 180 days**[27](index=27&type=chunk)[64](index=64&type=chunk) Trade Receivables Aging | Aging | June 30, 2025 (thousand RMB) | December 31, 2024 (thousand RMB) | | :--- | :--- | :--- | | 1 to 30 days | 1,985 | 15,425 | | 31 to 60 days | 169 | 907 | | 61 to 90 days | 367 | 9,810 | | Over 90 days | 12,448 | 12,436 | [Trade Payables](index=10&type=section&id=Trade%20Payables) As of June 30, 2025, total trade payables increased to RMB 14,912 thousand, up from RMB 12,710 thousand as of December 31, 2024 | Aging | June 30, 2025 (thousand RMB) | December 31, 2024 (thousand RMB) | | :--- | :--- | :--- | | 1 to 30 days | 7,238 | 5,336 | | 31 to 60 days | – | 1,527 | | 61 to 90 days | 610 | 319 | | Over 90 days | 7,064 | 5,528 | | **Total** | **14,912** | **12,710** | [Dividends](index=10&type=section&id=Dividends) For the six months ended June 30, 2025 and 2024, the company did not declare any dividends - The Company did not declare any dividends for the six months ended June 30, 2025 and 2024[30](index=30&type=chunk) [Other Receivables, Deposits and Prepayments](index=17&type=section&id=Other%20Receivables,%20Deposits%20and%20Prepayments) As of June 30, 2025, total other receivables, deposits, and prepayments increased to RMB 78,083 thousand, primarily due to increased prepayments for inventory purchases from suppliers Other Receivables, Deposits and Prepayments Breakdown | Metric | June 30, 2025 (thousand RMB) | December 31, 2024 (thousand RMB) | | :--- | :--- | :--- | | Non-current deposits | – | 210 | | Prepayments | 69,665 | 48,161 | | Deposits paid to consignment stores | 1,918 | 5,525 | | Other receivables | 5,451 | 5,136 | | Recoverable VAT | 1,257 | 1,182 | | Less: Provision for expected credit losses on other receivables | (208) | (208) | | **Total** | **78,083** | **60,006** | - Prepayments increased by **44.7%** to **RMB 69.7 million**, primarily due to increased prepayments to suppliers[63](index=63&type=chunk) [Management Discussion and Analysis](index=12&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the company's operations, financial performance, and future outlook, along with detailed explanations of key financial items and risk factors [Business Review and Outlook](index=12&type=section&id=Business%20Review%20and%20Outlook) The Group primarily researches, develops, produces, and sells kitchenware and health-related products in China through diversified distribution channels, facing significant revenue decline due to consumption contraction, market competition, high inflation, and interest rates, but plans to develop new products, implement strict cost control, and consider business diversification to enhance performance - The Group primarily researches, develops, produces, and trades kitchenware and health-related products in China, distributing through channels such as distributors, consignment, TV platforms, online platforms, and corporate clients[35](index=35&type=chunk) - The Chinese economy grew by **5.3%** as scheduled in the first half of 2025, but the company continued to be affected by consumption contraction, intense market competition, high inflation, and interest rates[36](index=36&type=chunk) - The company's revenue decreased by **57.2%** to **RMB 23.9 million**, gross margin fell from **11.3%** to **10.0%**, but net loss narrowed to **RMB 11.5 million**, primarily due to reduced revenue and corresponding cost expenses[36](index=36&type=chunk) - Looking ahead, the Group will continue to develop new products, implement strict cost control measures, and consider business diversification to create value[37](index=37&type=chunk) [Financial Review](index=12&type=section&id=Financial%20Review) The financial performance for the period was affected by multiple factors, with a significant decline in revenue, but net loss narrowed due to cost control and reversal of impairment losses on financial assets, with various expenses generally decreasing, reflecting the company's austerity measures in an unfavorable market environment [Revenue](index=12&type=section&id=Revenue) The Group's total revenue decreased by 57.2% year-on-year to RMB 23.9 million, primarily due to a significant decline in health-related product sales and physical store revenue, though online platform sales increased - The Group's total revenue decreased by **57.2%** from **RMB 55.9 million** for the six months ended June 30, 2024, to approximately **RMB 23.9 million**[38](index=38&type=chunk) [Revenue by Product Category](index=13&type=section&id=Revenue%20by%20Product%20Category) Health-related product sales revenue significantly decreased by 75.6% to RMB 8,146 thousand, causing its proportion of total revenue to fall from 59.7% to 34.0%, while revenue from stoves (radiation) also decreased, but its proportion of total revenue increased | Product Category | 2025 (thousand RMB) | % of Total Revenue | 2024 (thousand RMB) | % of Total Revenue | | :--- | :--- | :--- | :--- | :--- | | Stoves (radiation) | 10,151 | 42.4 | 17,066 | 30.5 | | Stoves (induction) | 684 | 2.9 | 1,193 | 2.1 | | Pots and pans | 3,427 | 14.3 | 3,123 | 5.6 | | Health-related products | 8,146 | 34.0 | 33,394 | 59.7 | | Others | 1,532 | 6.4 | 1,173 | 2.1 | | **Total** | **23,940** | **100.0** | **55,949** | **100.0** | [Revenue by Geographical Region](index=13&type=section&id=Revenue%20by%20Geographical%20Region) The vast majority of the Group's revenue is derived from the Chinese market - The vast majority of the Group's revenue is derived from China[42](index=42&type=chunk) [Revenue by Sales Channel](index=13&type=section&id=Revenue%20by%20Sales%20Channel) Revenue from physical sales locations significantly decreased by 75.1%, being the primary reason for the decline in total revenue, while online platform sales revenue, however, grew by 11.6%, reflecting changes in consumer preferences | Sales Channel | 2025 (thousand RMB) | % of Total Revenue | 2024 (thousand RMB) | % of Total Revenue | | :--- | :--- | :--- | :--- | :--- | | **Direct Sales** | **7,824** | **32.7** | **10,418** | **18.6** | | Consignment stores | 6,273 | 26.2 | 7,501 | 13.4 | | Corporate clients | 358 | 1.5 | 189 | 0.3 | | TV platforms | 1,193 | 5.0 | 2,728 | 4.9 | | **Distributors** | **16,116** | **67.3** | **45,531** | **81.4** | | Online platforms | 6,133 | 25.6 | 5,497 | 9.8 | | Physical sales locations | 9,983 | 41.7 | 40,034 | 71.6 | | **Total** | **23,940** | **100.0** | **55,949** | **100.0** | [Direct Sales](index=14&type=section&id=Direct%20Sales) Within direct sales channels, revenue from consignment stores and TV platforms decreased due to consumption downgrade and reduced product sales, but corporate client sales increased due to higher orders from property developers - Revenue from consignment stores decreased by **16.4%** to **RMB 6.3 million**, primarily due to reduced consumer spending amid a consumption downgrade trend[45](index=45&type=chunk) - Revenue from corporate client sales increased by **89.4%** to **RMB 0.4 million**, primarily due to increased sales orders from property developers in China[46](index=46&type=chunk) - Direct sales revenue from TV platforms decreased by **56.3%** to **RMB 1.2 million**, primarily due to consumption downgrade and reduced sales of kitchenware products[47](index=47&type=chunk) [Distributor Sales](index=14&type=section&id=Distributor%20Sales) In distributor sales, online platform revenue grew by 11.6%, reflecting a shift in consumer preference towards shopping on social media platforms; meanwhile, physical sales location revenue significantly decreased by 75.1%, mainly affected by consumption downgrade and reduced health-related product sales - Online platform sales revenue increased by **11.6%** to **RMB 6.1 million**, due to consumers increasingly preferring to select and purchase merchants' products on social media platforms[48](index=48&type=chunk) - Revenue from physical sales locations decreased by **75.1%** to **RMB 10.0 million**, primarily due to reduced consumer spending amid a consumption downgrade trend and decreased sales of health-related products[49](index=49&type=chunk) [Gross Profit and Gross Margin](index=14&type=section&id=Gross%20Profit%20and%20Gross%20Margin) The Group's gross margin decreased from 11.3% to 10.0%, primarily due to the reclassification of inventory impairment losses to cost of sales, partially offset by the positive impact of a significant reduction in sales of lower-margin health-related products - Gross margin decreased from **11.3%** to **10.0%**, primarily due to the reclassification of **RMB 1.1 million** in inventory impairment losses from other losses to cost of sales during the interim period[50](index=50&type=chunk) - The significant reduction in sales of lower-margin health-related products had a positive impact on gross margin, partially offsetting the aforementioned negative factors[50](index=50&type=chunk) [Other Income](index=15&type=section&id=Other%20Income) Other income decreased by 48.5% year-on-year to RMB 0.7 million, primarily due to a reduction in license income - Other income primarily includes government grants, license income, management fee income, and miscellaneous income[51](index=51&type=chunk) - Other income decreased by **48.5%** to **RMB 0.7 million**, primarily due to a reduction in license income[51](index=51&type=chunk) [Other Losses](index=15&type=section&id=Other%20Losses) Other losses of RMB 1 thousand were recorded for the current period, a significant reduction from RMB 3.0 million in the prior period, primarily attributable to the reclassification of inventory impairment losses to cost of sales - Other losses of **RMB 1 thousand** were recorded for the current period, compared to **RMB 3.0 million** in the prior period, primarily attributable to the reclassification of **RMB 1.1 million** in inventory impairment losses from other losses to cost of sales during the interim period[52](index=52&type=chunk) [Selling and Distribution Expenses](index=15&type=section&id=Selling%20and%20Distribution%20Expenses) Selling and distribution expenses decreased by 36.9% year-on-year to RMB 6.6 million, primarily due to reduced consignment fees and a lower proportion of sales through TV platforms - Selling and distribution expenses decreased by **36.9%** to **RMB 6.6 million**, primarily due to reduced consignment fees and a lower proportion of sales through TV platforms[53](index=53&type=chunk) [Administrative Expenses](index=15&type=section&id=Administrative%20Expenses) Administrative expenses decreased by 42.8% year-on-year to RMB 5.4 million, primarily attributable to reduced employee benefit expenses resulting from optimized departmental staffing - Administrative expenses decreased by **42.8%** to **RMB 5.4 million**, primarily attributable to reduced employee benefit expenses resulting from optimized departmental staffing[54](index=54&type=chunk) [Research and Development Expenses](index=15&type=section&id=Research%20and%20Development%20Expenses) Research and development expenses decreased by 19.0% year-on-year to RMB 2.3 million, primarily due to the Group's implementation of cost control measures - Research and development expenses decreased by **19.0%** to **RMB 2.3 million**, primarily due to the Group's implementation of cost control measures[55](index=55&type=chunk) [Impairment Loss on Investments](index=16&type=section&id=Impairment%20Loss%20on%20Investments) An impairment loss on investments of RMB 0.7 million was recorded for the current period, compared to zero in the prior period, attributable to the investee suspending business operations - Impairment loss on investments increased from zero to **RMB 0.7 million**, attributable to the investee suspending business operations[56](index=56&type=chunk) [Reversal of Impairment Loss on Financial Assets / (Impairment Loss)](index=16&type=section&id=Reversal%20of%20Impairment%20Loss%20on%20Financial%20Assets%20%2F%20(Impairment%20Loss)) A reversal of impairment loss on financial assets of RMB 1.8 million was recorded for the current period, compared to an impairment loss of RMB 1.8 million in the prior period, primarily due to improved collection management - A reversal of impairment loss on financial assets of **RMB 1.8 million** was recorded for the current period, compared to an impairment loss of **RMB 1.8 million** in the prior period, attributable to improved collection management and recovery of credit losses on financial assets[57](index=57&type=chunk) [Finance Income](index=16&type=section&id=Finance%20Income) Finance income primarily consists of bank interest income, which decreased from RMB 5 thousand to RMB 1 thousand in the current period - Finance income refers to bank interest income, which decreased from **RMB 5 thousand** to **RMB 1 thousand** in the current period[58](index=58&type=chunk) [Finance Costs](index=16&type=section&id=Finance%20Costs) Finance costs decreased by 57.3% year-on-year to RMB 1.3 million, primarily attributable to a lower proportion of high-interest borrowings and a reduction in outstanding loan balances - Finance costs decreased by **57.3%** to **RMB 1.3 million**, primarily attributable to a lower proportion of high-interest borrowings and a reduction in outstanding loan balances[59](index=59&type=chunk) [Income Tax Expense](index=16&type=section&id=Income%20Tax%20Expense) Income tax expense decreased from RMB 27 thousand to RMB 17 thousand, primarily due to a reduction in taxable profit - Income tax expense decreased to approximately **RMB 17 thousand**, primarily due to a reduction in taxable profit[60](index=60&type=chunk) [Net Loss](index=16&type=section&id=Net%20Loss) Net loss for the current period was RMB 11.5 million, a significant narrowing from RMB 23.1 million in the prior period, primarily benefiting from the control of various costs and expenses mentioned above - The Group recorded a net loss of **RMB 11.5 million** for the current interim period, compared to a net loss of **RMB 23.1 million** in the prior period[61](index=61&type=chunk) [Dividends](index=16&type=section&id=Dividends) The Board does not declare any dividends for the interim period - The Board does not declare any dividends for the interim period[62](index=62&type=chunk) [Other Receivables, Deposits and Prepayments](index=17&type=section&id=Other%20Receivables,%20Deposits%20and%20Prepayments) Prepayments increased by 44.7% from RMB 48.2 million as of December 31, 2024, to RMB 69.7 million as of June 30, 2025, primarily due to increased prepayments to suppliers - Prepayments increased by **44.7%** to **RMB 69.7 million**, primarily due to increased prepayments to suppliers[63](index=63&type=chunk) [Trade Receivables](index=17&type=section&id=Trade%20Receivables) Trade receivables decreased by 88.4% from RMB 24.6 million as of December 31, 2024, to RMB 2.9 million as of June 30, 2025, primarily due to reduced sales revenue during the interim period - Trade receivables decreased by **88.4%** to **RMB 2.9 million**, primarily due to reduced sales revenue during the interim period[64](index=64&type=chunk) [Capital Structure, Liquidity, Financial Resources and Gearing Ratio](index=18&type=section&id=Capital%20Structure,%20Liquidity,%20Financial%20Resources%20and%20Gearing%20Ratio) The company completed a rights issue to increase share capital, raising approximately HKD 58.9 million net proceeds for debt repayment and working capital, resulting in significantly increased net current assets, cash and cash equivalents, and improved current and gearing ratios - The company completed a rights issue, issuing **242,837,879** rights shares and raising approximately **HKD 58.9 million** in net proceeds[66](index=66&type=chunk) - As of June 30, 2025, the Company's issued share capital was **HKD 90,189,970**, divided into **360,759,879** shares with a par value of **HKD 0.25** each[66](index=66&type=chunk) Key Financial Ratios | Metric | June 30, 2025 (thousand RMB) | December 31, 2024 (thousand RMB) | | :--- | :--- | :--- | | Net current assets | 75.1 million | 29.3 million | | Cash and cash equivalents | 45.9 million | 2.3 million | | Borrowings | 50.8 million | 60.5 million | | Current ratio | 1.9 times | 1.3 times | | Gearing ratio | 0.6 | 1.4 | - The weighted average interest rate for borrowings was approximately **4.33%** per annum (December 31, 2024: 4.54%)[68](index=68&type=chunk) [Capital Commitments](index=19&type=section&id=Capital%20Commitments) As of June 30, 2025, the Group had no significant capital commitments - As of June 30, 2025, the Group had no significant capital commitments[70](index=70&type=chunk) [Contingent Liabilities](index=19&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities or guarantees - As of June 30, 2025, the Group had no significant contingent liabilities or guarantees[71](index=71&type=chunk) [Pledge of Assets](index=19&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group pledged land use rights and buildings with a carrying amount of approximately RMB 13.1 million as collateral for its borrowings of approximately RMB 26.1 million - As of June 30, 2025, the Group pledged land use rights and buildings with a carrying amount of approximately **RMB 13.1 million** as collateral for its borrowings of approximately **RMB 26.1 million**[72](index=72&type=chunk) [Material Acquisitions and Disposals of Assets, Subsidiaries, Associates and Joint Ventures](index=19&type=section&id=Material%20Acquisitions%20and%20Disposals%20of%20Assets,%20Subsidiaries,%20Associates%20and%20Joint%20Ventures) During the interim period, the Group did not have any material acquisitions or disposals of assets, subsidiaries, associates, or joint ventures - During the interim period, the Group did not have any material acquisitions or disposals of assets, subsidiaries, associates, or joint ventures[73](index=73&type=chunk) [Material Investments Held by the Group](index=19&type=section&id=Material%20Investments%20Held%20by%20the%20Group) During the interim period, the Group did not hold any material investments - During the interim period, the Group did not hold any material investments[74](index=74&type=chunk) [Future Plans for Material Investments and Capital Assets](index=19&type=section&id=Future%20Plans%20for%20Material%20Investments%20and%20Capital%20Assets) Other than those disclosed in this announcement, the Group currently has no other future plans for material investments or capital assets - Other than those disclosed in this announcement, the Group currently has no other future plans for material investments or capital assets during the interim period[75](index=75&type=chunk) [Foreign Exchange Risk](index=19&type=section&id=Foreign%20Exchange%20Risk) The Group's foreign exchange risk is primarily related to RMB exchange rate fluctuations, but it currently has no hedging policy; management monitors and considers hedging significant foreign currency exposures when necessary - The Group's foreign exchange risk is primarily related to RMB exchange rate fluctuations, as its assets and liabilities are denominated in currencies other than RMB[76](index=76&type=chunk) - The Group has no hedging policy, but management monitors foreign exchange risk and considers hedging significant foreign currency exposures when necessary[76](index=76&type=chunk) [Employees and Remuneration Policy](index=20&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 54 employees, with remuneration and benefits determined based on market rates, government policies, and individual performance - As of June 30, 2025, the Group had **54 employees** (December 31, 2024: 69 employees)[77](index=77&type=chunk) - Employee remuneration and benefits are determined based on market rates, government policies, and individual performance[77](index=77&type=chunk) [Use of Proceeds from Rights Issue](index=20&type=section&id=Use%20of%20Proceeds%20from%20Rights%20Issue) The company raised approximately HKD 58.9 million in net proceeds from the 2025 rights issue, with approximately HKD 28.9 million used for debt repayment and the remaining HKD 30 million for general working capital, including selling and distribution, administrative, and R&D expenses - Upon completion of the 2025 rights issue, the company received net proceeds of approximately **HKD 58.9 million**[78](index=78&type=chunk) - The net proceeds are intended to be used for: (i) approximately **HKD 28.9 million** for repayment of other borrowings; and (ii) the remaining approximately **HKD 30 million** for the Group's general working capital[78](index=78&type=chunk) Use of Proceeds from Rights Issue | Intended Use | Original Allocation (million HKD) | Utilized as of June 30, 2025 (million HKD) | Unutilized as of June 30, 2025 (million HKD) | Expected Timeline for Unutilized Net Proceeds | | :--- | :--- | :--- | :--- | :--- | | Repayment of the Group's other borrowings | 28.9 | 10.1 | 18.8 | On or before June 30, 2026 | | Supplementing the Group's general working capital | 30.0 | 0.9 | 29.1 | On or before December 31, 2026 | | **Total** | **58.9** | **11.0** | **47.9** | | [Other Information](index=21&type=section&id=Other%20Information) This section covers additional disclosures including directors' and substantial shareholders' interests, corporate governance, and post-reporting period events [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company or any Associated Corporation](index=21&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares,%20Underlying%20Shares%20and%20Debentures%20of%20the%20Company%20or%20any%20Associated%20Corporation) As of June 30, 2025, Mr. Zhao Jie held 7.15% equity, and Mr. Wu Huizhang directly and indirectly held a total of 2.55% equity, with no other directors or chief executives holding disclosable interests or short positions Directors' Interests | Name of Director | Capacity / Nature of Interest | Number of Shares Held | Approximate % of the Company's Shareholding | | :--- | :--- | :--- | :--- | | Mr. Zhao Jie | Beneficial owner | 25,780,000 (L) | 7.15% | | Mr. Wu Huizhang | Beneficial owner and interest in controlled corporation | 9,200,000 (L) | 2.55% | - Save as disclosed above, none of the directors or chief executives of the Company and/or their respective associates had any interests or short positions in the shares, underlying shares, and debentures of the Company or any associated corporation that were required to be recorded in the register kept by the Company under Section 352 of the Securities and Futures Ordinance, or otherwise notified to the Company and the Stock Exchange under Part XV of the Securities and Futures Ordinance or the Model Code[82](index=82&type=chunk) [Arrangements for Directors to Purchase Shares or Debentures](index=22&type=section&id=Arrangements%20for%20Directors%20to%20Purchase%20Shares%20or%20Debentures) From the listing date to June 30, 2025, the company did not grant any rights to any director, their spouse, or minor children to purchase company shares or debentures, nor did it enter into any related arrangements - The Company did not grant any rights to any director, their respective spouses, or children under the age of eighteen to acquire benefits by purchasing shares or debentures of the Company from the listing date to June 30, 2025, nor did they exercise such rights[84](index=84&type=chunk) [Substantial Shareholders' and Other Persons' Interests and Short Positions in Shares and Underlying Shares of the Company](index=22&type=section&id=Substantial%20Shareholders'%20and%20Other%20Persons'%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares%20of%20the%20Company) As of June 30, 2025, Starlight Investment Fund SPC – Starlight Investment Fund SP6 was a substantial shareholder, holding 27.72% equity Substantial Shareholder Interests | Shareholder Name | Capacity / Nature of Interest | Number of Shares Held | Approximate % of the Company's Shareholding | | :--- | :--- | :--- | :--- | | Starlight Investment Fund SPC – Starlight Investment Fund SP6 | Beneficial owner | 100,000,000 (L) | 27.72% | - Save as disclosed above, the Company was not aware of any other relevant interests or short positions in the issued share capital of the Company that would be required to be disclosed to the Company under Divisions 2 and 3 of Part XV of the Securities and Futures Ordinance[86](index=86&type=chunk) [Share Option Scheme](index=22&type=section&id=Share%20Option%20Scheme) The company adopted a share option scheme on June 24, 2018, to incentivize and retain participants, and during the interim period, no share options were granted, exercised, cancelled, or lapsed, with no outstanding share options - The Company conditionally adopted a share option scheme on **June 24, 2018**, to incentivize and retain relevant participants[87](index=87&type=chunk) - During the interim period, no share options were granted, exercised, cancelled, or lapsed, and there were no outstanding share options under the share option scheme[88](index=88&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=23&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) During the interim period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities, and as of June 30, 2025, the Company held no treasury shares - During the interim period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[89](index=89&type=chunk) - As of June 30, 2025, the Company held no treasury shares[89](index=89&type=chunk) [Directors' and Substantial Shareholders' Interests in Competing Businesses or Conflicts of Interest](index=23&type=section&id=Directors'%20and%20Substantial%20Shareholders'%20Interests%20in%20Competing%20Businesses%20or%20Conflicts%20of%20Interest) During the interim period, the directors were not aware of any directors, substantial shareholders, or their associates engaging in any business that competes or may compete with the Group's business, or having any related interests, nor were there any other conflicts of interest - During the interim period, the directors were not aware of any directors, substantial shareholders of the Company, and their respective associates engaging in any business that directly or indirectly competes or may compete with the Group's business, or having any interests therein, nor any other conflicts of interest existing or potentially existing between any such persons and the Company[90](index=90&type=chunk) [Review of Interim Results](index=23&type=section&id=Review%20of%20Interim%20Results) The Audit Committee has reviewed the unaudited condensed consolidated interim financial information and interim results for the six months ended June 30, 2025, and discussed related financial matters with the Board - The Audit Committee has reviewed the unaudited condensed consolidated interim financial information and interim results for the six months ended June 30, 2025, and discussed related financial matters with the Board[91](index=91&type=chunk) [Model Code for Securities Transactions by Directors](index=23&type=section&id=Model%20Code%20for%20Securities%20Transactions%20by%20Directors) The company has adopted the Model Code set out in Appendix C3 of the Listing Rules, and all directors confirmed their compliance with the code throughout the interim period - The Company has adopted the Model Code set out in Appendix C3 of the Listing Rules as the code of conduct for directors' securities transactions after successful listing[92](index=92&type=chunk) - Following specific inquiries, all directors confirmed their compliance with the Model Code throughout the interim period[92](index=92&type=chunk) [Corporate Governance](index=23&type=section&id=Corporate%20Governance) The company has adopted corporate governance practices compliant with the Corporate Governance Code in Appendix C1 of the Listing Rules and believes it complied with the code provisions during the interim period, except for code provision C.1.6, as an independent non-executive director was unable to attend general meetings - The Board has adopted a set of corporate governance practices that comply with the requirements of the Corporate Governance Code set out in Appendix C1 of the Listing Rules[93](index=93&type=chunk) - The Company complied with the code provisions set out in the Corporate Governance Code during the interim period, except for code provision C.1.6, as Mr. Li Wei, an independent non-executive director, was unable to attend the extraordinary general meeting and the annual general meeting[93](index=93&type=chunk)[94](index=94&type=chunk) [Events After Reporting Period](index=24&type=section&id=Events%20After%20Reporting%20Period) After the reporting period, the company proposed a capital reorganization (including capital reduction and share subdivision) and completed changes to its company name, stock short name, and company website to update its corporate image and reflect business development - On **August 4, 2025**, the Company proposed a capital reduction, reducing the par value of each issued share from **HKD 0.25** to **HKD 0.001**[95](index=95&type=chunk) - Immediately following the effective date of the capital reduction, the Company proposed a share subdivision, where each authorized but unissued share with a par value of **HKD 0.25** will be subdivided into **250** new shares with a par value of **HKD 0.001** each[95](index=95&type=chunk) - The company completed its company name change in **July 2025**, with the English name changing from "Volcano Spring International Holdings Limited" to "AI Health Technology Limited," and the Chinese name from "火山邑动国际控股有限公司" to "智慧健康科技有限公司"[96](index=96&type=chunk)[97](index=97&type=chunk) - The company's stock short name has been changed to "AI HEALTH TECH" and "智慧健康科技," and its website has been changed to "www.aihealth-technology.com," effective from **August 13, 2025**[97](index=97&type=chunk) [Disclosure of Directors' Information](index=25&type=section&id=Disclosure%20of%20Directors'%20Information) After the reporting period, there were changes in the chairman and members of the Board's Nomination Committee, with Dr. Zheng Jingwen and Mr. Wang Shifang resigning, Ms. Zhang Yuanjie appointed as a non-executive director, and other changes in director appointments to the Remuneration Committee and Nomination Committee - Mr. Zhao Jie ceased to be the chairman and a member of the Nomination Committee, Ms. Ji Canyue was appointed as a member of the Nomination Committee, and Mr. Shen Shujing was appointed as the chairman of the Nomination Committee, effective from **June 30, 2025**[99](index=99&type=chunk) - Dr. Zheng Jingwen resigned as a non-executive director, Mr. Wang Shifang resigned as an independent non-executive director and a member of several committees, and Ms. Zhang Yuanjie was appointed as a non-executive director, effective from **July 2, 2025**[99](index=99&type=chunk)[102](index=102&type=chunk) - Mr. Zhao Jie was appointed as a member of the Remuneration Committee, and Mr. Lin Dongming was appointed as a member of the Nomination Committee, effective from **July 2, 2025**[102](index=102&type=chunk) [Publication of Interim Results and Interim Report](index=26&type=section&id=Publication%20of%20Interim%20Results%20and%20Interim%20Report) This interim results announcement has been published on the Stock Exchange's website and the company's website; the interim report will be dispatched to shareholders and published on the aforementioned websites in due course - This interim results announcement has been published on the Stock Exchange's website (www.hkex.com.hk) and the Company's website (www.aihealth-technology.com)[101](index=101&type=chunk) - The Company's interim report for the six months ended June 30, 2025, will be dispatched to the Company's shareholders and published on the aforementioned websites in due course[101](index=101&type=chunk)

AI Health Technology Limited 智慧健康科技有限公司 AI Health Technology Limited (the "Company") – Notice of publication of (i) Circular dated 15 August 2025; and (ii) Notice of Extraordinary General Meeting (the "Current Corporate Communications") on the Company's website The Current Corporate Communications in both English and Chinese versions, are available on the website of the Company at www.aihealth-technology.com and the website of The Stock Exchange of Hong Kong Limited at www.hkexnews.hk. As a non-registered h ...

AI Health Technology Limited 智慧健康科技有限公司 (Incorporated in the Cayman Islands with limited liability) (於開曼群島註册成立的有限公司) (Stock Code 股份代號: 1715) NOTIFICATION LETTER 通知信函 Dear Registered Shareholder, 15 August 2025 AI Health Technology Limited (the "Company") – Notice of publication of (i) Circular dated 15 August 2025; (ii) Notice of Extraordinary General Meeting; and (iii) Proxy Form (the "Current Corporate Communications") on the Company's website The English and Chinese versions of the Company's Current Corp ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本通告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 通 告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 AI Health Technology Limited 智慧健康科技有限公司 （於開曼群島註冊成立的有限公司） (前稱 Volcano Spring International Holdings Limited 火山邑動國際控股有限公司) （股份代號：1715） 股東特別大會通告 茲通告 智 慧 健 康 科 技 有 限 公 司（「本公司」）謹 訂 於 二 零 二 五 年 九 月 三 日（星 期 三） 下午二時正假座中國深圳市福田區濱河大道5022號聯合廣場A2911–12室舉行股 東 特 別 大 會（「股東特別大會」），以 考 慮 及 酌 情 通 過（不 論 有 否 修 訂）下 列 將 予 提 呈 為 本 公 司 特 別 決 議 案 之 決 議 案。除 另 有 指 明 外，本 通 告 所 用 詞 彙 與 本 公 司 日 期 為 二 零 二 五 年 ...

(2) AI Health Technology Limited 智慧健康科技有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1715） (前稱 Volcano Spring International Holdings Limited 火山邑動國際控股有限公司) 將於二零二五年九月三日（星期三）舉行之股東特別大會（或其任何續會）之代表委任表格 本人╱吾等 (1) 地址為 為智慧健康科技有限公司（「本公司」）股本中每股面值0.25港元普通股 股的登記持有人 茲委任大會主席，或 (3及4) (7) ： 附註： 收集個人資料聲明 1. 請以正楷填寫全名及地址（如本公司股東名冊所示）。 2. 請填上以 閣下名義登記的本公司每股面值0.25港元股份數目；如未填上股份數目，則本代表委任表格將被視為與本公司股本中所有以 閣下名 義登記的股份。 3. 如擬委派大會主席以外其他人士為代表，請將「大會主席或」字樣刪去，並在所示空欄內填上所擬委派的代表姓名及地址。 4. 凡持有兩股或以上股份及有權出席大會並於會上投票的任何股東，均有權委派多於一名代表，代其出席大會並於會上投票。受委任代表毋須為本 公司的股東，惟必須親身代 ...

此乃要件 請即處理 (1)建議股本重組；及 (2)股東特別大會通告 除文義另有所指外，本封面所用詞彙與本通函所界定者具有相同涵義。 本公司謹訂於二零二五年九月三日（星期三）下午二時正假座中國深圳市福田區濱河大道5022號 聯合廣場A2911–12室舉行股東特別大會，大會通告載於本通函第EGM-1至EGM-3頁。無論 閣 下是否有意出席股東特別大會，務請將隨附之代表委任表格按其上印備之指示填妥，並盡快交回 本公司之香港股份過戶登記分處卓佳證券登記有限公司，地址為香港夏慤道16號遠東金融中心17 樓，惟無論如何須於股東特別大會或其任何續會預定時間前不少於48小時交回。填妥及交回代表 委任表格後， 閣下仍可依願親身出席股東特別大會或其任何續會或於會上投票，在此情況下， 代表委任表格將被視為已撤銷。 香港，二零二五年八月十五日 閣下如對本通函任何內容或應採取的行動存有任何疑問，應諮詢 閣下的股票經紀或其他註冊證 券交易商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓名下全部智慧健康科技有限公司之股份，應立即將本通函及隨附之代表委任 表格送交買主或承讓人，或經手買賣之銀行、股票經紀或其他代理商，以便轉 ...

Core Viewpoint - Wisdom Health Technology (01715.HK) expects to report a net loss of approximately RMB 11.5 million for the six months ending June 30, 2025, a decrease from a net loss of approximately RMB 23.1 million in the same period of 2024 [1] Financial Performance - The reduction in net loss is primarily attributed to a combination of factors: - Administrative and sales and distribution expenses decreased by approximately RMB 19.9 million, or about 40%, compared to the same period last year, reflecting a reduction in revenue for the 2025 period [1] - Recovery of financial assets led to a decrease in impairment losses on financial assets by approximately RMB 3.6 million [1]

Core Viewpoint - The company, Wisdom Health Technology (01715), anticipates a reduced net loss of approximately RMB 11.5 million for the six months ending June 30, 2025, compared to a net loss of approximately RMB 23.1 million for the same period in 2024 [1] Financial Performance - The expected net loss reduction is primarily due to a decrease in administrative and sales and distribution expenses, which are projected to be approximately RMB 19.9 million lower, reflecting a 40% reduction compared to the six months ending June 30, 2024 [1] - Additionally, the company expects a reduction in financial asset impairment losses by approximately RMB 3.6 million due to the recovery of financial assets for the six months ending June 30, 2025 [1]

Core Viewpoint - Wisdom Health Technology (01715) expects a reduced net loss of approximately RMB 11.5 million for the six months ending June 30, 2025, compared to a net loss of approximately RMB 23.1 million for the same period in 2024 [1] Financial Performance - The anticipated reduction in net loss is primarily due to a decrease in administrative and sales and distribution expenses, which are expected to be approximately RMB 19.9 million lower, reflecting a 40% reduction compared to the six months ending June 30, 2024 [1] - Additionally, the recovery of financial assets is expected to lead to a decrease in financial asset impairment losses by approximately RMB 3.6 million for the same period [1]