Financial Performance - Revenue for the six months ended September 30, 2025, was HK$1,930,578, a decrease of 6.4% compared to HK$2,062,897 in 2024[13] - EBITDA for the same period was HK$171,678, reflecting a decline of 30.7% from HK$247,906 in 2024[13] - Profit before tax dropped by 74.7% to HK$14,333 from HK$56,642 in the previous year[13] - Profit for the period decreased by 89.5% to HK$4,218 compared to HK$40,301 in 2024[13] - The loss attributable to owners of the Company was HK$10,312, a significant decline from a profit of HK$14,097 in 2024, marking a 173.1% change[13] - EBITDA margin decreased to 8.9% from 12.0% in the previous year, reflecting reduced operational efficiency[13] - Net profit margin fell to 0.2% from 2.0%, indicating a significant drop in profitability relative to revenue[13] - No dividend was declared for the period, compared to 1.0 HK cents per share in the previous year[13] Assets and Liabilities - Total assets increased to HK$5,319,342 as of September 30, 2025, up from HK$5,026,888 as of March 31, 2025[13] - Total liabilities rose to HK$3,104,274 from HK$2,821,892, indicating a growing debt level[13] Revenue Breakdown - Revenue from medical services decreased by 14.2% year-on-year to HK$1,084.2 million, attributed to softer market sentiment and the impact of previous disposals[50] - Revenue from aesthetic medical and beauty and wellness services increased by 7.3% to HK$676.5 million, accounting for 35.0% of total revenue, attributed to the acquisition of aesthetic medical business[104][108] - Revenue from veterinary and other services increased by 1.2% to HK$170.9 million, representing 8.9% of total revenue, primarily due to the expansion of veterinary services[105][109] Operational Initiatives - The Group's operational excellence initiatives included workforce restructuring and procurement governance enhancements to mitigate revenue pressure[35][36] - The Group expanded its insured service offerings through wellness, preventive health, and chronic-disease programs co-developed with insurance partners[27] - Enhanced package design and workplace health initiatives improved value propositions for employers, strengthening the Group's penetration across diversified industries[28] - Ecosystem integration strengthened cross-referral pathways among various service lines, enhancing service continuity and multi-service retention[32] Market Environment - The Group expects the operating environment in Hong Kong's private healthcare sector to remain challenging in the near term, but long-term fundamentals remain attractive due to rising healthcare expenditure and an aging population[71][74] - Cross-border healthcare integration within the Greater Bay Area is accelerating, supported by initiatives to enhance talent mobility and develop interoperable health-record frameworks[77] Share Options and Capital Management - The Company operates multiple share schemes, including the 2016 Share Option Scheme, which was terminated on May 29, 2023, with no options available for grant as of April 1, 2025, and September 30, 2025[166][169] - The Company has a total of 10,000,000 share options with various exercise periods, with the first set expiring in 2031[160] - The Group's capital management strategy includes selective divestment of non-core assets to enhance capital efficiency and improve asset quality[90] Future Outlook - The company remains confident in its long-term strategy and competitive position despite short-term market pressures, focusing on technology and operational transformation to capture long-term opportunities in the evolving healthcare landscape[101] - The Group is positioned to lead the next phase of market transformation in Hong Kong's healthcare sector, supported by ageing demographics and rising wellness awareness[98]

Group 1 - The core point of the news is that southbound funds have been reducing their holdings in Meisi Health (02138.HK), with a total net reduction of 109.2 thousand shares over the past 20 trading days [1][2] - On December 5, southbound funds reduced their holdings by 13 thousand shares, marking the fifth consecutive day of reductions [1][2] - As of now, southbound funds hold 20.664 million shares of Meisi Health, which represents 1.73% of the company's total issued ordinary shares [1][2] Group 2 - The trading data shows a consistent decrease in shareholding, with a total of 26.8 thousand shares reduced over the last five trading days [2] - The shareholding changes over the past month indicate a gradual decline, with the largest single-day reduction being 249 thousand shares on November 5 [2] - Meisi Health operates primarily in the healthcare and wellness services sector, with three main business segments: medical services, aesthetic medical and beauty services, and other related services [2]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年11月30日 | | | | 狀態: 新提交 | | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | 公司名稱: | 醫思健康 | | | | | | 呈交日期: | 2025年12月3日 | | | | | | I. 法定/註冊股本變動 | | | | | | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | 是 | | 證券代號 (如上市) | 02138 | 說明 | | | | FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02138 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份 ...

Core Viewpoint - The company reported a total revenue of approximately HKD 1.931 billion for the six months ending September 30, 2025, representing a year-on-year decrease of 6.4% [1] - The company experienced a loss attributable to equity shareholders of HKD 10.312 million, marking a shift from profit to loss compared to the previous year [1] - The decline in profitability is primarily attributed to reduced revenue and sales, leading to decreased operational leverage across major business segments [1] Revenue and Profitability - Total revenue for the period was approximately HKD 1.931 billion, down 6.4% year-on-year [1] - The company reported a loss of HKD 10.312 million, with a loss per share of HKD 0.009 [1] - The decrease in profitability is linked to a shift in the service portfolio towards lower-margin categories and the absence of income from previously sold medical assets that did not contribute to profits in the same period last year [1]

Group 1 - The core viewpoint of the article is that 医思健康 (Medlive Health) reported a decline in revenue and a shift to a loss for the first half of the fiscal year ending September 30, 2025, indicating challenges in its business operations [1] Group 2 - Total revenue for the company was approximately HKD 1.931 billion, representing a year-on-year decrease of 6.4% [1] - The company reported a loss attributable to equity shareholders of HKD 10.312 million, a shift from profit to loss compared to the previous year [1] - Earnings per share were reported at a loss of HKD 0.009 [1] - The decline in profitability is primarily attributed to reduced revenue and sales, leading to decreased operational leverage across major business segments [1] - The service portfolio has shifted towards lower-margin categories, and the absence of income from previously sold medical assets, which did not contribute to profits in the same period last year, further impacted the group's profitability [1]

Core Viewpoint - The company reported a significant decline in both revenue and profit for the six months ending September 30, 2025, indicating challenges in its operational performance and market conditions [1] Financial Performance - The company recorded revenue of HKD 1.9306 billion, a year-on-year decrease of 6.4% [1] - Net profit after tax fell to HKD 4.2 million, down 89.5% compared to the previous year [1] - The loss attributable to shareholders was HKD 10.3 million, contrasting with a profit of HKD 14.1 million in the same period last year [1] Operational Challenges - The decline in profitability is primarily attributed to reduced revenue and sales, leading to lower operational leverage across major business segments [1] - The shift in service offerings towards lower-margin categories and the absence of income from previously sold medical assets further impacted profitability [1] Market Conditions - Sales amounted to HKD 1.9382 billion, representing a 7.0% decrease year-on-year [1] - Local consumer sentiment remains weak, with trends showing Hong Kong residents continuing to consume medical and wellness services in mainland China and an increase in outbound travel [1] - The strategic sale of several medical assets in the second half of the previous fiscal year negatively affected revenue performance [1]

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公告的內容概不 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 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 EC Healthcare 醫思健康 （股份代號：2138） （於開曼群島註冊成立之有限公司） 截至二零二五年九月三十日止六個月 （以 港 元 列 示） | | | | | | | | | | | | | 二零二五年 | | 二零二四年 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | 附 註 | | 千港元 | | 千港元 | | | | | | | | | | | | | | | （未 | 經 審 | 核） | （未 經 | 審 | 核） | | 收 入 | | | | | ...

Core Viewpoint - The company, Meisi Health (02138), anticipates a decline in financial performance for the six months ending September 30, 2025, compared to the same period in 2024, with significant reductions in revenue, EBITDA, and net profit. Financial Performance Summary - Revenue is expected to decrease by no more than 10% compared to approximately HKD 2.063 billion for the six months ending September 30, 2024 [1] - EBITDA is projected to decline by no more than 30% compared to approximately HKD 248 million for the same period [1] - Net profit is anticipated to drop by no more than 90% compared to approximately HKD 40.3 million for the six months ending September 30, 2024 [1] Reasons for Performance Decline - Weak local consumer sentiment, including a trend of Hong Kong residents consuming medical and healthcare services in mainland China and increased outbound travel, has weakened local demand for discretionary medical and aesthetic services [1] - Several medical assets sold in the latter half of the previous fiscal year are no longer included in the financial statements, resulting in a lack of revenue contribution during the reporting period [1] - An unfavorable service mix with a decrease in the proportion of high-margin discretionary services [1] - Revenue decline has led to weakened operational leverage [1] Financial Position Summary - The company's overall asset and liability situation remains robust, with expected cash, time deposits, and liquid financial assets totaling approximately HKD 1.1 billion at the end of the reporting period [2]

Core Viewpoint - The company, 医思健康 (02138), anticipates a decline in financial performance for the six months ending September 30, 2025, compared to the same period in 2024, with significant reductions in revenue, EBITDA, and net profit [1] Financial Performance Summary - Revenue is expected to decrease by no more than 10% from approximately HKD 2.063 billion for the corresponding period ending September 30, 2024 [1] - EBITDA is projected to decline by no more than 30% from approximately HKD 248 million for the same period [1] - Net profit is anticipated to drop by no more than 90% from approximately HKD 40.3 million for the corresponding period [1] Reasons for Decline - The board attributes the decline in net profit and EBITDA to several factors: - Weak local consumer sentiment, including a trend of Hong Kong residents consuming medical and healthcare services in mainland China, along with increased outbound travel, which has weakened local demand for discretionary medical and aesthetic services [1] - The sale of several medical assets in the latter half of the previous fiscal year, which are no longer included in the financial statements, resulting in no revenue contribution during the reporting period [1] - An unfavorable service mix, with a decrease in the proportion of high-margin discretionary services [1] - A reduction in operational leverage due to declining revenue [1] Financial Position - The board believes that the overall asset and liability situation of the company remains robust, with expected cash, time deposits, and liquid financial assets totaling approximately HKD 1.1 billion at the end of the reporting period [1]

Core Viewpoint - The company, Meisi Health (02138.HK), anticipates a decline in financial performance for the six months ending September 30, 2025, based on preliminary unaudited consolidated management accounts Group 1: Financial Performance Expectations - Revenue for the reporting period is expected to decrease by no more than 10% compared to approximately HKD 2.063 billion for the corresponding period ending September 30, 2024 [1] - EBITDA is projected to decline by no more than 30% compared to approximately HKD 247.9 million for the same period [1] - Net profit is anticipated to decrease by no more than 90% compared to approximately HKD 40.3 million for the corresponding period [1] Group 2: Reasons for Decline - Weak local consumer sentiment, including a trend of Hong Kong residents consuming medical and healthcare services in mainland China and increased outbound travel, has weakened local demand for discretionary medical and aesthetic services [1] - Certain medical assets sold in the latter half of the previous fiscal year are no longer included in the financial statements, resulting in no revenue contribution for the reporting period [1] - A less favorable service mix with a decrease in the proportion of high-margin discretionary services [1] - Declining revenue has led to weakened operating leverage [1] Group 3: Financial Position - The overall asset-liability situation of the company remains robust, with expected cash, time deposits, and liquid financial assets totaling approximately HKD 1.1 billion at the end of the reporting period [2]