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10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 醫脈通科技有限公司 呈交日期: 2025年11月4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) | 02192 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | USD | | 0.00001 | USD | | 500,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 50,000,000,000 | USD | | 0.00001 | USD | | 500,000 | 本月底 ...

Core Insights - The article highlights the net inflow and outflow of funds for various companies in the Hong Kong stock market, indicating significant movements in investor sentiment and market dynamics [1][2][3] Net Inflow Summary - The top three companies with the highest net inflow of funds are Huahong Semiconductor (华虹半导体) with 388 million, Pop Mart (泡泡玛特) with 320 million, and Qingdao Beer (青岛啤酒股份) with 305 million [1][2] - The net inflow percentages for these companies are 8.15%, 7.92%, and 58.54% respectively, indicating strong investor interest, particularly in Qingdao Beer [2][3] Net Outflow Summary - The companies with the highest net outflow of funds include Alibaba-W (阿里巴巴-W) with -523 million, Southern Hang Seng Technology (南方恒生科技) with -429 million, and Tencent Holdings (腾讯控股) with -355 million [1][2] - The net outflow percentages for these companies are -3.89%, -4.86%, and -3.36% respectively, reflecting a negative sentiment among investors towards these stocks [2][3] Net Inflow Ratio Summary - The companies with the highest net inflow ratios are Shenzhen Expressway (深圳高速公路股份) at 68.48%, Anhui Wanshan Expressway (安徽皖通高速公路) at 64.22%, and Legend Holdings (联想控股) at 59.98% [1][3] - These ratios suggest a strong demand for shares in these companies relative to their trading volume [3] Net Outflow Ratio Summary - The companies with the highest net outflow ratios are Huadian International Power (华电国际电力股份) at -62.31%, CIMC Enric (中集安瑞科) at -54.98%, and Connoisseur-B (康诺亚-B) at -52.78% [1][3] - These figures indicate significant selling pressure and a lack of confidence among investors in these stocks [3]

Core Points - The company, 医脉通 (02192), announced the issuance of 534,500 ordinary shares to a director exercising stock options under the pre-IPO stock option plan adopted on March 29, 2021 [1] Summary by Category Company Actions - The issuance of shares is scheduled for October 15, 2025, as part of the stock option plan [1]

Core Viewpoint - The company, 医脉通 (02192.HK), announced the issuance of 534,500 ordinary shares to a director exercising stock options under the pre-IPO share option plan adopted on March 29, 2021, with the issuance date set for October 15, 2025 [1] Summary by Relevant Sections - **Company Announcement** - 医脉通 will issue 534,500 ordinary shares to a director [1] - The issuance is part of the pre-IPO share option plan adopted on March 29, 2021 [1] - The shares will be issued on October 15, 2025 [1]

Group 1 - The company, 医脉通 (02192), announced the issuance of 534,500 ordinary shares to a director exercising stock options under the pre-IPO stock option plan adopted on March 29, 2021 [1]

表格類別： 股票 狀態： 新提交 公司名稱： 醫脈通科技有限公司 呈交日期： 2025年10月16日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | | 是 | | | | 證券代號 (如上市) | 02192 | 說明 | 普通股 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存 ...

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 | 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) | 02192 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | USD | | 0.00001 | USD | | 500,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 50,000,000,000 | USD | | 0.00001 | USD | | 500,000 | 本月底法定/註冊股本總額： USD 500,000 第 1 頁 共 10 頁 v 1.1.1 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名 ...

Core Viewpoint - The company, established in 1996, has built a comprehensive information product portfolio targeting practicing physicians, becoming a leading professional physician platform that covers 88% of practicing doctors in China. It provides services such as medication guidelines and reference literature, balancing professionalism with commercialization, and relies on precise marketing as its core monetization strategy. The main business benefits from the trends of medical anti-corruption and innovative drugs, indicating a broad growth outlook [1]. Group 1 - The company is optimistic about AI empowering platform operations and commercialization. It has a deep understanding of cutting-edge professional medical knowledge and the profiles of most practicing physicians in China, accumulating high-quality vertical data assets. The AI applications developed are expected to enhance internal medical information content production, improve service for professional physicians, and provide more value-added services for physicians and pharmaceutical companies, leading to diversified monetization [1]. - The digital medical precision marketing market is vast. In 2024, the total sales expenses of 496 listed pharmaceutical companies in A-shares are expected to reach 226.93 billion yuan, accounting for 28.47% of the same period's operating income. The penetration rate of digital medical marketing has been steadily increasing since 2018 but remains low, with only about 2.3% in 2020 compared to Japan's 9.5% [2]. - The deepening of medical anti-corruption in 2023 has catalyzed the demand for online precision marketing among pharmaceutical companies. Compared to traditional offline promotion by medical representatives, digital precision marketing shows significant advantages in compliance, cost-effectiveness, and time efficiency. The company's performance in the first half of 2023-2025 has already reflected this trend, and it is expected to continue benefiting from the normalization of medical anti-corruption [2]. - The company's core service products are those that are marketed after approval and before centralized procurement. The trend of innovative drugs is expected to increase the number of such products, and the increase in BD funding for innovative drug companies is likely to boost investment in digital marketing, enhancing market potential [2]. Group 2 - The company forecasts net profit attributable to shareholders for 2025-2027 to be 322 million, 364 million, and 426 million yuan, representing year-on-year growth of 2.3%, 13.0%, and 17.0% respectively. After excluding interest income and other revenues, the year-on-year growth rates are projected to be 55.8%, 39.9%, and 31.1%. The corresponding PE ratios are 28.9, 25.6, and 21.9 [2]. - The company is assigned a 35x PE for 2025, corresponding to a market value of 11.28 billion yuan and a target price of 15.4 yuan (16.8 HKD), with an initial coverage rating of "Buy" [3].

User Base and Growth - Medlive Technology Co., Ltd. has over 7 million registered users, with more than 4 million licensed physicians, representing 88% of the total licensed physicians in China[13]. - The average number of monthly active users (MAUs) on the platform increased to 2.78 million from 2.50 million in the same period last year, reflecting a growth of 11.2%[13]. - The number of customers for precision marketing solutions increased by 20.9% from 158 in the first half of 2024 to 191 in the first half of 2025[26]. - The number of products covered by precision marketing solutions rose by 32.4%, from 336 in the first half of 2024 to 445 in the first half of 2025[26]. - Paid clicks increased from 5.98 million in the first half of 2024 to 7.69 million in the first half of 2025[26]. Financial Performance - For the six months ended June 30, 2025, the company's revenue was approximately RMB 312.0 million, representing an increase of 28.2% compared to the same period last year[25]. - The net profit for the same period increased from RMB 152.7 million to RMB 160.4 million, maintaining a net profit margin of 51.4%[25]. - Revenue from precision marketing and corporate solutions increased by 29.6% to RMB 292.4 million from RMB 225.6 million in the same period of 2024[28]. - Revenue from medical knowledge solutions increased by 9.2% to RMB 9.2 million from RMB 8.4 million in the same period of 2024[36]. - Revenue from intelligent patient management solutions increased by 11.5% to RMB 10.4 million for the six months ended June 30, 2025, compared to RMB 9.4 million in the same period of 2024[48]. AI and Technological Advancements - The company has launched AI-driven products such as MedSeeker, MedPaper, and MedAssister to assist physicians in clinical decision-making and enhance research efficiency[17]. - The self-developed AI-driven physician portrait engine and clinical decision support tools are designed to enhance academic education solutions for enterprise customers[16]. - The healthcare industry is experiencing a technological transformation, with AI technology reshaping its ecology and driving innovation[17]. - The company has established a high-end GPU computing power cluster to improve model inferencing efficiency while ensuring data security[17]. - The company has established a single-cell data zero-code analysis platform based on AI algorithms to support clinical physicians in research studies[23]. Market Position and Strategy - The company is a leader in digital pharmaceutical marketing services in China, utilizing AI technology to improve marketing efficiency for pharmaceutical and medical device enterprises[16]. - Medlive Technology Co., Ltd. is positioned to lead the integration of AI and healthcare, leveraging its extensive resources and technological capabilities[17]. - The company aims to enhance its specialized medical information and product tools on the Medlive platform, focusing on disease classification and expanding its business offerings[54]. - The Group plans to explore strategic partnerships and acquisitions to integrate industry resources and enhance its market position[67]. - The Group intends to continue pursuing strategic investments and acquisitions to enhance technological capabilities and expand its customer base, utilizing proceeds from the Global Offering for such acquisitions[127][132]. User Experience and Content Development - The Medlive platform now features 33,000 clinical guidelines, an increase of over 1,800 guidelines during the reporting period[39]. - The disease knowledge database expanded to 1,700 entries, integrating intelligent Q&A functionality for real-time clinical decision support[40]. - The cumulative number of recorded entries on drug instructions in Chinese exceeded 38,000, with over 3,200 new entries added[40]. - The company completed text translation for over 80,000 medical videos, achieving a text accuracy rate exceeding 98%[40]. - The company continues to enhance user experience on the platform through AI technology upgrades[39]. Operational Efficiency - The company added an automated content generation module, helping pharmaceutical representatives save 50% in labor costs[34]. - The AI content audit module reduced the medical content audit cycle from three days to two hours, enhancing efficiency[34]. - The average dosage and frequency of medication have significantly increased following the implementation of the physician-patient management solutions[49]. - The company has engaged in over 10 overseas conferences, enhancing its academic influence and providing timely access to authoritative medical information for clinical physicians[45]. - The Group's cost of sales increased by approximately 33.3% from approximately RMB 96.1 million to approximately RMB 128.1 million for the same period[78]. Cash Flow and Investments - The Group's cash and cash equivalents as of June 30, 2025, were approximately RMB 2,942.5 million, a decrease from approximately RMB 3,844.7 million as of December 31, 2024[111]. - The Group intends to finance its expansion and business operations using a combination of cash generated from operating activities and net proceeds from the Global Offering[105]. - The Group's total revenue from overseas markets was RMB 7,755,000 in 2025, up from RMB 5,642,000 in 2024, indicating an increase of about 37.4%[160]. - The net increase in cash and cash equivalents for the first half of 2025 was RMB 355,837,000, compared to RMB 157,153,000 in 2024, representing a growth of approximately 126.5%[150]. - The Group's unlisted investments increased significantly to RMB 1,474,731,000 as of June 30, 2025, compared to RMB 639,461,000 as of December 31, 2024, representing a growth of approximately 130%[187].

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8月31日 | | --- | | 狀態: | | 新提交 | 致：香港交易及結算所有限公司 公司名稱: 醫脈通科技有限公司 呈交日期: 2025年9月2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) | 02192 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | USD | | 0.00001 | USD | | 500,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 50,000,000,000 | USD | | 0.00001 | USD ...