Group 1 - The company, 医脉通 (02192), reported revenue of 312 million RMB for the six months ending June 30, 2025, representing a year-on-year increase of 28.2% [1] - The profit attributable to the owners of the parent company was 155 million RMB, reflecting a year-on-year increase of 5.9% [1] - The basic earnings per share were 21.2 cents [1]

格隆汇8月25日丨医脉通(02192.HK)发布公告，截至2025年6月30日止六个月，实现收入人民币3.12亿 元，同比增加28.2%；毛利为人民币1.84亿元，同比增加24.9%；母公司拥有人应占溢利为人民币1.55亿 元，同比增加5.9%；非香港财务报告准则经调整净溢利为人民币1.67亿元，同比增加6.9%；基本每股盈 利人民币21.20分。董事会决议宣布派发中期股息每股普通股人民币11.66分。 公告表示，集团通过提供三大解决方案满足平台参与者的不同需求从而获得收入，即精准营销及企业解 决方案、医学知识解决方案及智能患者管理解决方案。期内收入较去年同期增长28.2%。集团在收入保 持高速增长的同时，盈利能力亦表现出色。报告期间内，集团的净利润率为51.4%，经调整净利润为人 民币1.67亿元，经调整净利润率为53.4%，继续在AI医疗行业保持领先地位。 ...

EF001 EF001 免責聲明 | 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，概不對因 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。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 醫脈通科技有限公司 | | 股份代號 | 02192 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年6月30日止六個月之中期股息 | | 公告日期 | 2025年8月25日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.1166 RMB | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.1277 HKD | | 匯率 | 1 RMB ...

Financial Performance - Medlive Technology Co., Ltd. reported a revenue of RMB 312,035,000 for the six months ended June 30, 2025, representing a year-on-year increase of 28.2% compared to RMB 243,443,000 in 2024[2]. - The gross profit for the same period was RMB 183,948,000, reflecting a 24.9% increase from RMB 147,329,000 in the previous year[2]. - The adjusted net profit under non-Hong Kong Financial Reporting Standards was RMB 166,738,000, a 6.9% increase from RMB 156,048,000 in the previous year[2]. - Net profit increased from RMB 152.7 million for the six months ending June 30, 2024, to RMB 160.4 million for the same period in 2025, with a net profit margin of 51.4%[9]. - Revenue for the six months ending June 30, 2025, was approximately RMB 312.0 million, representing a year-over-year growth of 28.2%[9]. - Revenue increased by approximately 28.2% from RMB 243.4 million for the six months ended June 30, 2024, to approximately RMB 312.0 million for the same period in 2025, primarily driven by growth in precision marketing and enterprise solutions[29]. - The group’s net profit increased by approximately 5.0% from RMB 152.7 million for the six months ended June 30, 2024, to approximately RMB 160.4 million for the same period in 2025, with a net profit margin of approximately 51.4%[42]. Client and User Growth - The number of medical clients for precision marketing and enterprise solutions increased to 191, up from 158 in the same period last year, indicating a growth of 20.9%[4]. - The average monthly active users rose to 2.78 million, compared to 2.50 million in the previous year, marking an increase of 11.2%[4]. - The number of clients covered by the precision marketing and enterprise solutions increased by 20.9% year-over-year, from 158 clients in the first half of 2024 to 191 clients in the first half of 2025[10]. - The number of products covered by the precision marketing solution rose by 32.4% year-over-year, from 336 products in the first half of 2024 to 445 products in the first half of 2025[10]. - Paid click-throughs increased from 5.98 million in the first half of 2024 to 7.69 million in the first half of 2025[10]. - The company has over 7 million registered users on its platform, with more than 4 million being practicing physicians, representing 88% of the total practicing physicians in China[6]. Product and Service Development - The company launched several AI-driven products, including MedSeeker, MedPaper, and MedAssister, aimed at enhancing clinical decision-making and research efficiency for physicians[7]. - The precision digital marketing demand is expected to continue growing sustainably, supported by favorable policies and technological advancements in the healthcare industry[5]. - The company has established a high-end GPU computing cluster to enhance model inference efficiency while ensuring data security[7]. - The clinical case database launched in April 2023 includes 5,000 high-quality clinical cases covering over 20 key departments[16]. - The number of clinical guidelines on the platform increased to 33,000, with an addition of over 1,800 new guidelines[16]. - The AI content review module reduced the content review cycle for pharmaceutical clients from three days to two hours[13]. - The company expanded its disease knowledge base with 1,700 disease entries and integrated the MedSeeker intelligent Q&A feature, enhancing clinical decision support for physicians[17]. - The company added over 3,200 Chinese drug instructions and dynamically updated more than 1,200 drug information entries, surpassing a total of 38,000 Chinese drug instructions[17]. Financial Management and Investments - The group held cash and cash equivalents of approximately RMB 2,942.5 million, a decrease from RMB 3,844.7 million as of December 31, 2024[47]. - The group’s debt investments amounted to RMB 1,474.7 million as of June 30, 2025, with expected annual returns ranging from 4.53% to 5.50%[48]. - The group plans to continuously purchase financial products upon maturity of existing investments to maximize returns on unutilized funds[49]. - The total liabilities related to debt investments increased significantly to RMB 966,261,000 as of June 30, 2025, compared to RMB 440,374,000 at the end of 2024[84]. - The net proceeds from the global offering, approximately HKD 4,677 million, are allocated for business expansion, technology investment, and strategic acquisitions[94]. - As of June 30, 2025, approximately RMB 900 million of the unutilized proceeds from the global offering has been used for purchasing financial products[96]. Corporate Governance - The company has complied with the corporate governance code, with the exception of the separation of the roles of Chairman and CEO[98]. - The board will continue to review and monitor the company's practices to maintain high standards of corporate governance[98]. - The company has adopted the "Standard Code of Conduct for Directors' Securities Transactions" as per the Listing Rules Appendix C3, confirming compliance by all directors during the reporting period[99]. - An Audit Committee has been established, consisting of three independent non-executive directors, with Ms. Wang Shan as the chairperson, confirming adherence to applicable accounting principles and regulations[100]. - The board of directors includes executive directors Tian Liping, Tian Lixin, Tian Lijun, and Zhou Xin, along with non-executive directors Chai Wu Ying Er and Jin Se Yi Xian, and independent non-executive directors Ye Lin, Ma Jun, and Wang Shan[103]. Research and Development - Research and development expenses increased to RMB 41,074,000, up 33.8% from RMB 30,675,000 in the prior period[76]. - The total employee cost for the six months ended June 30, 2025, was approximately RMB 98.8 million, an increase of 19.3% from RMB 82.8 million in 2024, primarily due to an increase in sales and platform development personnel[56]. - Capital expenditures for the six months ended June 30, 2025, were approximately RMB 25.1 million, compared to RMB 18.5 million in the same period of 2024, mainly for the acquisition of a 60% stake in Beijing Focus Innovation Technology Co., Ltd.[53]. - The company plans to enhance its medical knowledge solutions with an allocation of HKD 280.7 million, with expected utilization by December 2027[96]. - Investment in technology and R&D capabilities includes HKD 467.7 million for talent recruitment and expert collaboration, with a projected timeline for completion by December 2027[96].

Group 1 - The core viewpoint of the article highlights the positive impact of rising expectations for interest rate cuts in the US on the biotechnology sector, leading to a significant increase in the S&P Biotechnology Index by 2.89% [1] - The Hong Kong pharmaceutical sector continues to show strong performance, with the Hong Kong Pharmaceutical ETF (159718.SZ) rising by 0.38% [1] - Notable individual stock performances include a 6.22% increase for Simcere Pharmaceutical Group (02410), a 3.34% rise for BeiGene (06160), and a 2.29% increase for Kelun-Biotech (06990) [1] Group 2 - The liquidity in the market is robust, with the Hong Kong Pharmaceutical ETF seeing a turnover of 13.3% and a transaction volume of 36.42 million yuan within the first 20 minutes of trading [1] - Guotai Junan Securities has stated that China's innovative drugs are on the rise, entering the initial phase of realizing innovation results, with significant opportunities for independent development and large transactions through business development (BD) licensing [1] - The Hong Kong Pharmaceutical ETF focuses on 18 A-share biotechnology companies, including key innovative drug firms such as BeiGene, WuXi Biologics, and CSPC Pharmaceutical Group, benefiting from global innovation drug research dividends [1] Group 3 - The article emphasizes the favorable conditions for the innovative drug growth sector due to the anticipated US interest rate cuts, which are expected to benefit the domestic innovative drug companies as they expand internationally [1] - The recommendation is to pay attention to the Hong Kong Pharmaceutical ETF (159718.SZ) and its associated funds (Class A: 019598, Class C: 019599) as they are positioned to capitalize on these trends [1]

（股份代號：2192） 董事會會議日期 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，概不對因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。 Medlive Technology Co., Ltd. 醫脈通科技有限公司 （於開曼群島註冊成立的有限責任公司） 醫脈通科技有限公司 董事長兼首席執行官 田立平 香港，二零二五年八月八日 於本公告日期，董事會包括執行董事田立平女士、田立新先生、田立軍先生及周欣女士； 非執行董事槌屋英二先生及金色一賢先生；以及獨立非執行董事葉霖先生、馬軍醫師及王珊 女士。 醫脈通科技有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，本公司 將於二零二五年八月二十五日（星期一）舉行董事會會議，藉以（其中包括）考 慮及批准本公司及其附屬公司截至二零二五年六月三十日止六個月之中期業績， 並考慮派發中期股息（如有）。 承董事會命 ...

金融界8月5日消息，上证指数高开高走，中证港股通医疗商业与服务综合指数 (港股通医疗商业， 931966)报1701.32点。 数据统计显示，中证港股通医疗商业与服务综合指数近一个月上涨10.64%，近三个月上涨12.75%，年 至今上涨22.94%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。遇临时调整时，当中证港股通综合指数调整样本时，样本随之进行 相应调整。若中证港股通综合指数样本有特殊事件发生，导致其行业归属发生变化，指数样本进行相应 调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆、停牌等情形的处理， 参照计算与维护细则处理。 本文源自：金融界 作者：行情君 从指数持仓来看，中证港股通医疗商业与服务综合指数十大权重分别为：京东健康（16.57%）、阿里 健康（14.32%）、国药控股（13.85%）、平安好医生（11.27%）、上海医药（6.64%）、医脉通 （6.0%）、锦欣生殖（5.1%）、海吉亚医疗 ...

机构：中金公司 研究员：冯喜鹏/赵丽萍/张琎/肖楷 盈利预测与估值 我们预计公司25~26 年non-IFRS EBIT 分别为1.83 亿元、2.32 亿元，CAGR为34%。考虑到公司利润稳 定产出，且在手现金亦有望贡献业务角度价值，我们综合行业水平给予2025 年40x 的EV/EBIT 估值， 并单独考虑现金价值，得到目标价17.5 港币（14%上行空间），给予跑赢行业评级。 风险 投资亮点 药企对线上医疗营销投入意愿可能波动；竞争加剧致订单降价风险；医师用户流失风险；新业务发展不 及预期风险；流动性风险；行业政策波动风险；与 M3 合作不畅及利益冲突风险。 首次覆盖医脉通（02192）给予跑赢行业评级，目标价17.50 港元，基于相对估值法，对应估值倍数40x 的2025 年EV/EBIT，公司是第三方数字医师平台行业翘楚。理由如下： 医疗产业营销端迎来升级，第三方医师平台有望脱颖而出。传统医药营销活动多以线下方式为主，疫情 扰动、医疗行业集中整顿等因素令药企对线上医疗营销业态关注度提升。根据弗若斯特沙利文数据及我 们测算，2023 年泛数字医疗营销投入占药企营销投入比重约9%（vs 2018年不足 ...

Group 1 - The core viewpoint of the report is that the third-party digital physician platform industry is expected to thrive, with the company being a leader in this sector, supported by stable profit generation and cash reserves [1][2] - The report projects that the company's non-IFRS EBIT will reach 183 million yuan and 232 million yuan in 2025 and 2026 respectively, with a CAGR of 34% [1] - The digital marketing investment in the healthcare industry is expected to grow significantly, with the proportion of digital marketing in pharmaceutical marketing rising from less than 1% in 2018 to approximately 9% in 2023, and the market size potentially exceeding 10 billion yuan by 2030 [2] Group 2 - The company has developed a strong brand identity through its professional clinical and research software applications, achieving a registered physician user base of over 4 million by 2024, which represents an 88% penetration rate among practicing physicians in China [3] - The company is expanding its digital medical marketing services to pharmaceutical clients, with a projected CAGR of 33% in the number of cooperative products with pharmaceutical companies from 2022 to 2024 [3] - The company is well-positioned to balance the needs of its physician user base with commercial opportunities, creating a strong competitive barrier through user loyalty and value creation [3]

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7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8月1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 | 本月底法定 ...