致：香港交易及結算所有限公司 公司名稱: 朝聚眼科醫療控股有限公司 呈交日期: 2025年10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) | 02219 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,520,000,000 | HKD | | 0.00025 | HKD | | 380,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 1,520,000,000 | HKD | | 0.00025 | HKD | | 380,000 | 本月底法定/註冊股本總額： HKD 380,000 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 FF ...

Core Viewpoint - The company, Chaoyu Eye Care (02219), announced that its indirect wholly-owned subsidiary, Chaoyu Medical Technology, will further subscribe to a financial product from the Bank of China with a total principal amount of RMB 240 million, scheduled for September 26, 2025 [1] Group 1 - The total principal amount of the financial product subscription is RMB 240 million [1]

Group 1 - The company, Chaoyou Eye Care (02219), announced that its indirect wholly-owned subsidiary, Chaoyou Medical Technology, will further subscribe to a financial product from the Bank of China with a total principal amount of RMB 240 million by September 26, 2025 [1]

Group 1 - The company, Chaoyu Eye Care (02219.HK), announced a further subscription of RMB 240 million in wealth management products from the Bank of China, scheduled for September 26, 2025 [1] - The subscription will be funded by the group's surplus cash rather than proceeds from a global offering [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 就 因 本 公 告 全 部 或 任 何 部 分 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。 Chaoju Eye Care Holdings Limited 朝聚眼科醫療控股有限公司 （於開曼群島註冊成立的有限公司） 須予披露交易 認購理財產品 認購理財產品 茲提述 (i) 本 公 司 日 期 為 二 零 二 五 年 六 月 二 十 四 日 的 公 告，內 容 有 關 認 購 本 金總額為人民幣 100 百 萬 元 的 中 國 銀 行 結 構 性 存 款 產 品（「六月存款產品」）； 及 (ii) 本 公 司 日 期 為 二 零 二 五 年 八 月 二 十 二 日 的 公 告，內 容 有 關 認 購 本 金 總 額為人民幣 30 百 萬 元 的 中 國 銀 行 理 財 產 品（「八月理財產品」）。 董 事 會 宣 佈，於 二 零 二 五 年 九 月 二 十 六 日，朝 聚 醫 ...

Core Insights - The company reported a total revenue of 698 million yuan in H1 2025, a year-on-year decrease of 4.91% [1] - The net profit attributable to the parent company was 114 million yuan, down 16.72% year-on-year [1] - The gross profit margin decreased by 3.12 percentage points to 42.63% [1] Revenue Breakdown - Revenue from consumer ophthalmic services was 359 million yuan, a decline of 4.51% year-on-year, accounting for 51.48% of total revenue [1] - Revenue from basic ophthalmic services was 337 million yuan, down 5.53% year-on-year, making up 48.33% of total revenue [1] - The gross margin for consumer ophthalmic services fell by 6.8 percentage points to 41.80%, while the gross margin for basic ophthalmic services increased by 0.9 percentage points to 43.70% [1] Market and Competitive Landscape - The decline in revenue and gross margin is attributed to a slight decrease in outpatient and inpatient visits, pricing adjustments due to centralized procurement, and intense market competition [1] Future Developments - The company plans to build a comprehensive medical facility in Hohhot, covering 66,600 square meters, expected to be completed by the end of October 2026 [2] - The facility aims to enhance the capacity of the company's ophthalmic hospitals, upgrade hardware, and improve patient flow [2] - The company currently operates 31 ophthalmic hospitals and 29 optical centers, with plans to expand its network in North China and the Yangtze River Delta region [2] Financial Projections - Revenue projections for 2025-2027 are 1.365 billion, 1.474 billion, and 1.614 billion yuan, with year-on-year growth rates of -2.91%, 8.00%, and 9.50% respectively [2] - Net profit projections for the same period are 173 million, 178 million, and 193 million yuan, with year-on-year growth rates of -11.54%, 3.33%, and 7.95% respectively [2] - The company maintains a "buy" rating [2]

[Company Information](index=2&type=section&id=Company%20Information) This section provides an overview of the company's board of directors, joint company secretaries, authorized representatives, registered office, and key operational locations [Board of Directors](index=3&type=section&id=Board%20of%20Directors) The company's board comprises executive, non-executive, and independent non-executive directors, with Mr. Zhang Bozho as Chairman and CEO, overseeing various committees - Board members include Executive Directors Zhang Bozho (Chairman and CEO), Zhang Xiaoli, Zhang Junfeng, Zhang Guangdi; Non-Executive Directors Richard Chen Mao, Li Zhen, Zhang Li; and Independent Non-Executive Directors He Mingguang, Guo Hongyan, Li Jianbin, Baoshan[5](index=5&type=chunk) - Mr. Li Jianbin chairs the Audit Committee, Mr. Baoshan chairs the Remuneration Committee, and Mr. Zhang Bozho chairs both the Nomination Committee and the Environmental, Social and Governance Committee[5](index=5&type=chunk) [Joint Company Secretaries](index=3&type=section&id=Joint%20Company%20Secretaries) Mr. Zhang Guangdi and Mr. Zheng Chengjie serve as joint company secretaries, with Ms. Xie Chun resigning on March 17, 2025 - Mr. Zhang Guangdi was appointed Joint Company Secretary on **March 17, 2025**, with Mr. Zheng Chengjie as the other Joint Company Secretary, and Ms. Xie Chun resigned on the same day[5](index=5&type=chunk) [Authorized Representatives](index=3&type=section&id=Authorized%20Representatives) Mr. Zhang Bozho and Mr. Zheng Chengjie are the company's authorized representatives - The authorized representatives are Mr. Zhang Bozho and Mr. Zheng Chengjie[5](index=5&type=chunk) [Registered Office](index=3&type=section&id=Registered%20Office) The company's registered office is located at Harneys Fiduciary (Cayman) Limited in the Cayman Islands - The registered office is located at Harneys Fiduciary (Cayman) Limited, 4th Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands[5](index=5&type=chunk) [China Headquarters and Principal Place of Business](index=4&type=section&id=China%20Headquarters%20and%20Principal%20Place%20of%20Business) The company's China headquarters and principal place of business are located in Shoukeda Building A, Fengtai District, Beijing - The China headquarters and principal place of business are located at 24th Floor, East Zone, Block A, Shoukeda Building, No. 14 Xisanhuan South Road, Fengtai District, Beijing, China[7](index=7&type=chunk) [Hong Kong Principal Place of Business](index=4&type=section&id=Hong%20Kong%20Principal%20Place%20of%20Business) The company's principal place of business in Hong Kong is situated at One International Finance Centre, Central - The Hong Kong principal place of business is located at 20th Floor, One International Finance Centre, 1 Harbour View Street, Central, Hong Kong[7](index=7&type=chunk) [Cayman Islands Principal Share Registrar and Transfer Office](index=4&type=section&id=Cayman%20Islands%20Principal%20Share%20Registrar%20and%20Transfer%20Office) The company's principal share registrar and transfer office in the Cayman Islands is Harneys Fiduciary (Cayman) Limited - The Cayman Islands principal share registrar and transfer office is Harneys Fiduciary (Cayman) Limited[7](index=7&type=chunk) [Hong Kong Share Registrar](index=4&type=section&id=Hong%20Kong%20Share%20Registrar) The company's Hong Kong share registrar is Computershare Hong Kong Investor Services Limited - The Hong Kong share registrar is Computershare Hong Kong Investor Services Limited[7](index=7&type=chunk) [Hong Kong Legal Adviser](index=4&type=section&id=Hong%20Kong%20Legal%20Adviser) The company's Hong Kong legal adviser is Jingtian & Gongcheng Attorneys at Law - The Hong Kong legal adviser is Jingtian & Gongcheng Attorneys at Law[7](index=7&type=chunk) [Auditor](index=4&type=section&id=Auditor) The company's auditor is Ernst & Young - The auditor is Ernst & Young[7](index=7&type=chunk) [Stock Code](index=4&type=section&id=Stock%20Code) The company's stock code is 2219 - The stock code is **2219**[7](index=7&type=chunk) [Company Website](index=4&type=section&id=Company%20Website) The company's official website is www.chaojueye.com - The company website is www.chaojueye.com[7](index=7&type=chunk) [Financial Highlights](index=5&type=section&id=Financial%20Highlights) This section presents a concise overview of the company's key financial performance and position for the six months ended June 30, 2025, including revenue, profit, and asset changes Financial Performance (RMB thousands) | Indicator | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 698,258 | 734,287 | (4.9%) | | Gross Profit | 297,667 | 335,974 | (11.4%) | | Profit Before Tax | 153,090 | 179,640 | (14.8%) | | Net Profit | 110,739 | 133,620 | (17.1%) | | Non-IFRS Adjusted Net Profit | 118,401 | 144,753 | (18.2%) | | Gross Profit Margin | 42.6% | 45.8% | - | | Net Profit Margin | 15.9% | 18.2% | - | | Non-IFRS Adjusted Net Profit Margin | 17.0% | 19.7% | - | Financial Position (RMB thousands) | Indicator | June 30, 2025 (RMB thousands) | Dec 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 3,000,432 | 2,880,916 | 4.1% | | Total Equity | 2,361,897 | 2,326,151 | 1.5% | | Total Liabilities | 638,535 | 554,765 | 15.1% | | Cash and Cash Equivalents | 283,790 | 780,785 | (63.7%) | [Company Profile](index=6&type=section&id=Company%20Profile) This section describes Chaojueye Eye Hospital Group as a leading ophthalmic medical service provider in North China, outlining its business model, service offerings, and competitive advantages - The Group is a leading and nationally renowned ophthalmic medical service group in North China, founded in Baotou, Inner Mongolia in **1988**[11](index=11&type=chunk) - Revenue primarily derives from consumer ophthalmic services (e.g., refractive correction, myopia prevention, dry eye treatment, oculoplastic surgery, optometry products) and basic ophthalmic services (e.g., cataracts, glaucoma, strabismus, fundus diseases)[11](index=11&type=chunk) - The strategic focus will increasingly shift towards consumer ophthalmic services to sustain rapid growth[11](index=11&type=chunk) - Competitive advantages include a leading industry position in China, a cluster-based operating model, centralized and standardized management systems, a high-caliber medical professional team and training system, excellent customer satisfaction, and experienced management and shareholder support[13](index=13&type=chunk) [Management Discussion and Analysis](index=7&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a detailed review of the company's operational performance, financial results, strategic initiatives, and risk management for the reporting period [Business Review](index=7&type=section&id=Business%20Review) As of June 30, 2025, Chaojueye operated 31 eye hospitals and 29 optometry centers across seven provinces, with total revenue decreasing by 4.9% due to reduced basic ophthalmic service visits and pricing adjustments - As of June 30, 2025, the Group operated a network of **31 eye hospitals** and **29 optometry centers** across a total of seven provinces, municipalities, and autonomous regions in China[15](index=15&type=chunk) - Revenue decreased by **4.9%** from RMB 734.3 million in H1 2024 to **RMB 698.3 million** in H1 2025[18](index=18&type=chunk) - The decline in revenue was primarily due to a slight decrease in outpatient and inpatient visits, mainly for basic ophthalmic services, and pricing adjustments in response to market competition and national centralized procurement policies[18](index=18&type=chunk) H1 2025 Operating Data Breakdown | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Hospital Outpatient Visits | 522,051 | 571,087 | | Average Outpatient Spending (RMB) | 797 | 764 | | Hospital Inpatient Visits | 34,844 | 35,814 | | Average Inpatient Spending (RMB) | 6,688 | 7,052 | | Optometry Center Customer Visits | 48,804 | 51,774 | | Optometry Center Average Selling Price (RMB) | 978 | 868 | H1 2025 Revenue Breakdown by Business Segment (RMB thousands) | Business Segment | H1 2025 Revenue (RMB thousands) | Percentage of Revenue | H1 2024 Revenue (RMB thousands) | Percentage of Revenue | | :--- | :--- | :--- | :--- | :--- | | Consumer Ophthalmic Services | 359,492 | 51.5% | 376,483 | 51.3% | | Basic Ophthalmic Services | 337,467 | 48.3% | 357,214 | 48.6% | | Sales of Equipment and Medical Consumables | 1,299 | 0.2% | 590 | 0.1% | | Total | 698,258 | 100.0% | 734,287 | 100.0% | [Consumer Ophthalmic Services](index=8&type=section&id=Consumer%20Ophthalmic%20Services) Consumer ophthalmic services, including refractive correction and myopia prevention, are the primary revenue source, accounting for 51.5% of total revenue, with fees not covered by public medical insurance - Consumer ophthalmic services include refractive correction (including presbyopia correction), myopia prevention, dry eye treatment, oculoplastic surgery, and optometry products and services, with fees not covered by public medical insurance plans[20](index=20&type=chunk) - The company enhances service quality and reputation by optimizing marketing (focusing on online channels), hosting public welfare screening activities, improving customer membership management, streamlining reception processes, strengthening technical training, and implementing strict medical quality control measures[20](index=20&type=chunk) - For the six months ended June 30, 2025, consumer ophthalmic services accounted for **51.5%** of the Group's total revenue, remaining the primary revenue source[21](index=21&type=chunk) [Basic Ophthalmic Services](index=9&type=section&id=Basic%20Ophthalmic%20Services) Basic ophthalmic services, covering treatments for cataracts and glaucoma, are a major revenue source, accounting for 48.3% of total revenue, with some fees covered by public medical insurance - Basic ophthalmic services include treatments for various common ophthalmic diseases such as cataracts, glaucoma, strabismus, fundus diseases, ocular surface diseases, orbital diseases, and pediatric eye diseases, with some fees eligible for public medical insurance coverage[23](index=23&type=chunk) - The Group continuously invests in advanced ophthalmic equipment, such as femtosecond laser-assisted cataract surgery (FLACS) devices, and high-end diagnostic imaging systems and consumables, to improve surgical quality and patient safety[23](index=23&type=chunk) - For the six months ended June 30, 2025, basic ophthalmic services accounted for **48.3%** of the Group's total revenue, serving as another major revenue source[23](index=23&type=chunk) [Gross Profit and Gross Profit Margin](index=9&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) For the six months ended June 30, 2025, gross profit decreased by 11.4% to RMB 297.7 million, with the gross profit margin declining to 42.6% due to increased market competition and pricing adjustments H1 2025 Gross Profit and Gross Profit Margin by Business Segment (RMB thousands) | Business Segment | H1 2025 Gross Profit (RMB thousands) | Gross Profit Margin | H1 2024 Gross Profit (RMB thousands) | Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | | Consumer Ophthalmic Services | 150,125 | 41.8% | 183,025 | 48.6% | | Basic Ophthalmic Services | 147,413 | 43.7% | 152,892 | 42.8% | | Sales of Equipment and Medical Consumables | 129 | 9.9% | 57 | 9.7% | | Total | 297,667 | 42.6% | 335,974 | 45.8% | - The Group's gross profit decreased by **11.4%** from RMB 336.0 million in H1 2024 to **RMB 297.7 million** in H1 2025[24](index=24&type=chunk) - The gross profit margin decreased from **45.8%** to **42.6%**, primarily due to pricing adjustments in response to intensified market competition and the implementation of centralized procurement policies[24](index=24&type=chunk) [Medical Professional Team](index=10&type=section&id=Medical%20Professional%20Team) As of June 30, 2025, the company employed 1,500 full-time medical professionals, including 320 physicians and 631 nurses, supplemented by 74 multi-site practicing physicians - As of June 30, 2025, the Group had a total of **1,500 full-time medical professionals** (H1 2024: 1,458)[26](index=26&type=chunk) - This includes **320 physicians** (271 registered as professional ophthalmologists), **631 nurses**, and **549 other professionals**[26](index=26&type=chunk) - Additionally, the Group has **74 multi-site practicing physicians**[26](index=26&type=chunk) [Awards, Recognition, and Social Responsibility](index=10&type=section&id=Awards%2C%20Recognition%2C%20and%20Social%20Responsibility) In the first half of 2025, the company received multiple awards and actively engaged in charitable medical assistance and public welfare projects for underserved communities - In 2025, Chifeng Chaojueye Eye Hospital was rated as a Grade III Class B hospital; Chaojueye (Ulanqab) Eye Hospital Co. Ltd. received the "National Civilized Unit" honorary title; Chaojueye (Inner Mongolia) Eye Hospital Co. Ltd. and Baotou Chaojueye Eye Hospital Co. Ltd. were rated as Grade III Class A specialized hospitals[27](index=27&type=chunk)[28](index=28&type=chunk) - Hangzhou Chaojueye Eye Hospital Co. Ltd. was selected as a unit of the China Ophthalmic Innovative Technology Popularization Alliance[27](index=27&type=chunk) - The Group actively participates in charitable activities, such as "Great Love in Northern Xinjiang, Helping to Realize Dreams of Health" which provides eye examinations and treatments for vulnerable groups, and "Belt and Road: Journey of Light" which offers optician training and cataract surgeries in Mongolia[30](index=30&type=chunk)[31](index=31&type=chunk) [Business Outlook and Strategic Focus](index=11&type=section&id=Business%20Outlook%20and%20Strategic%20Focus) The company plans to expand its network in North China and the Yangtze River Delta region through acquisitions and new establishments, focusing on consumer ophthalmic services and smart technology applications - Demand for ophthalmic medical services in China is steadily growing, but resources are scarce, and surgical penetration rates are relatively low[30](index=30&type=chunk) - The Group intends to continue advancing its network layout in the core regions of North China and expand its presence in the core regions of the Yangtze River Delta through acquisitions and establishment of more hospitals and optometry centers[30](index=30&type=chunk) - Looking ahead, the company will consolidate its leading position in North China, enhance its market position in the Yangtze River Delta, develop specialized ophthalmic hospitals, seize opportunities in the consumer ophthalmic market, improve regional resource utilization efficiency, deepen the application of smart technologies, and continuously promote the establishment of a sound ESG system[34](index=34&type=chunk) [Financial Review](index=13&type=section&id=Financial%20Review) The company's revenue decreased by 4.9% to RMB 698.3 million, with net profit declining by 17.1% to RMB 110.7 million, primarily due to market competition, pricing adjustments, and goodwill impairment - Revenue decreased by **4.9%** from RMB 734.3 million in H1 2024 to **RMB 698.3 million** in H1 2025[36](index=36&type=chunk) - Cost of sales increased by **0.6%** to **RMB 400.6 million**, primarily due to an increase in refractive surgeries and cataract restoration procedures[39](index=39&type=chunk) - Gross profit decreased by **11.4%** to **RMB 297.7 million**, with the gross profit margin declining from **45.8%** to **42.6%**, mainly due to market competition and pricing adjustments from centralized procurement[40](index=40&type=chunk) - Other income and gains increased by **47.1%** to **RMB 37.8 million**, primarily due to increased government subsidies and fair value gains on financial assets at fair value through profit or loss[42](index=42&type=chunk) - Selling and distribution expenses decreased by **22.5%** to **RMB 48.8 million**, mainly through precise targeting and efficient use of advertising resources[43](index=43&type=chunk) - Administrative expenses decreased by **3.9%** to **RMB 102.2 million**, primarily due to the end of the amortization period for share incentive bonuses for some management personnel and strict control over business entertainment and travel expenses[44](index=44&type=chunk) - Other expenses significantly increased by **290.6%** to **RMB 25.0 million**, mainly due to impairment losses on goodwill and intangible assets for certain underperforming hospitals[45](index=45&type=chunk) - Net profit decreased by **17.1%** to **RMB 110.7 million**, with the net profit margin declining from **18.2%** to **15.9%**[50](index=50&type=chunk) [Revenue](index=13&type=section&id=Revenue) The company's total revenue for the reporting period decreased by 4.9% to RMB 698.3 million, primarily from consumer and basic ophthalmic services - The Group's revenue decreased by **4.9%** from RMB 734.3 million for the six months ended June 30, 2024, to **RMB 698.3 million** for the six months ended June 30, 2025[36](index=36&type=chunk) [Consumer Ophthalmic Services](index=13&type=section&id=Consumer%20Ophthalmic%20Services_1) Revenue from consumer ophthalmic services decreased by 4.5% to RMB 359.5 million, mainly due to pricing adjustments in refractive surgery driven by market competition - Revenue from consumer ophthalmic services decreased by **4.5%** from RMB 376.5 million in H1 2024 to **RMB 359.5 million** in H1 2025[37](index=37&type=chunk) - This was primarily due to pricing adjustments, especially for refractive surgery, in response to intensified market competition[37](index=37&type=chunk) [Basic Ophthalmic Services](index=13&type=section&id=Basic%20Ophthalmic%20Services_1) Revenue from basic ophthalmic services decreased by 5.5% to RMB 337.5 million, influenced by fewer patient visits, pricing adjustments from centralized procurement, and increased equipment allocation - Revenue from basic ophthalmic services decreased by **5.5%** from RMB 357.2 million in H1 2024 to **RMB 337.5 million** in H1 2025[38](index=38&type=chunk) - This was primarily due to the combined impact of a slight decrease in outpatient and inpatient visits, pricing adjustments implemented since H2 2024 due to China's centralized procurement policies, and enhanced allocation of FLACS and other equipment and technologies to supplement basic ophthalmic services[38](index=38&type=chunk) [Cost of Sales](index=13&type=section&id=Cost%20of%20Sales) Cost of sales increased by 0.6% to RMB 400.6 million, mainly due to屈光手術及白內障復明手術程序及例數增加，導致醫療耗材及藥物成本小幅增長 - Cost of sales increased by **0.6%** from RMB 398.3 million in H1 2024 to **RMB 400.6 million** in H1 2025[39](index=39&type=chunk) - This was primarily due to a slight increase in related costs for medical consumables and drugs, driven by an increase in refractive surgeries and cataract restoration procedures[39](index=39&type=chunk) [Gross Profit and Gross Profit Margin](index=13&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin_1) Gross profit decreased by 11.4% to RMB 297.7 million, with the gross profit margin falling to 42.6%, primarily due to intensified market competition and pricing adjustments from centralized procurement - Gross profit decreased by **11.4%** from RMB 336.0 million in H1 2024 to **RMB 297.7 million** in H1 2025[40](index=40&type=chunk) - The gross profit margin decreased from **45.8%** to **42.6%**, primarily due to pricing adjustments implemented since H2 2024 in response to intense market competition and the implementation of centralized procurement policies[40](index=40&type=chunk) [Other Income and Gains](index=14&type=section&id=Other%20Income%20and%20Gains) Other income and gains increased by 47.1% to RMB 37.8 million, driven by higher government subsidies and fair value gains on financial assets - Other income and gains increased by **47.1%** from RMB 25.7 million in H1 2024 to **RMB 37.8 million** in H1 2025[42](index=42&type=chunk) - This was primarily due to certain government subsidies received and an increase in fair value gains on financial assets at fair value through profit or loss[42](index=42&type=chunk) [Selling and Distribution Expenses](index=14&type=section&id=Selling%20and%20Distribution%20Expenses) Selling and distribution expenses decreased by 22.5% to RMB 48.8 million, primarily due to optimized advertising resource allocation and reduced inefficient advertising spending - Selling and distribution expenses decreased by **22.5%** from RMB 63.0 million in H1 2024 to **RMB 48.8 million** in H1 2025[43](index=43&type=chunk) - This was primarily due to reduced inefficient advertising expenditures through precise targeting and efficient utilization of advertising resources, while maintaining stable advertising effectiveness[43](index=43&type=chunk) [Administrative Expenses](index=14&type=section&id=Administrative%20Expenses) Administrative expenses decreased by 3.9% to RMB 102.2 million, mainly due to the end of amortization for some management share incentives and strict control over business entertainment and travel expenses - Administrative expenses decreased by **3.9%** from RMB 106.4 million in H1 2024 to **RMB 102.2 million** in H1 2025[44](index=44&type=chunk) - This was primarily due to the end of the amortization period for share incentive bonuses for some management personnel and strict control over business entertainment, travel, and other expenses[44](index=44&type=chunk) [Other Expenses](index=14&type=section&id=Other%20Expenses) Other expenses significantly increased by 290.6% to RMB 25.0 million, primarily due to impairment losses on goodwill and intangible assets for underperforming hospitals - Other expenses significantly increased by **290.6%** from RMB 6.4 million in H1 2024 to **RMB 25.0 million** in H1 2025[45](index=45&type=chunk) - This increase was primarily due to impairment losses on goodwill and intangible assets for certain underperforming hospitals[45](index=45&type=chunk) [Net Impairment Losses on Financial Assets at Amortized Cost](index=14&type=section&id=Net%20Impairment%20Losses%20on%20Financial%20Assets%20at%20Amortized%20Cost) Net impairment losses on financial assets at amortized cost remained relatively stable, slightly decreasing from RMB 0.5 million to RMB 0.4 million - Impairment losses on financial assets at amortized cost were **RMB 0.5 million** in H1 2024 and **RMB 0.4 million** in H1 2025, remaining relatively stable[46](index=46&type=chunk) [Finance Costs](index=15&type=section&id=Finance%20Costs) Finance costs remained relatively stable, slightly increasing from RMB 5.6 million to RMB 6.1 million, primarily due to interest expenses on lease liabilities - Finance costs remained relatively stable, at **RMB 5.6 million** in H1 2024 and **RMB 6.1 million** in H1 2025[48](index=48&type=chunk) [Income Tax Expense](index=15&type=section&id=Income%20Tax%20Expense) Income tax expense decreased by 7.8% to RMB 42.4 million, primarily due to a reduction in profit before tax - Income tax expense decreased by **7.8%** from RMB 46.0 million in H1 2024 to **RMB 42.4 million** in H1 2025, primarily due to a decrease in profit before tax[49](index=49&type=chunk) [Profit for the Period and Net Profit Margin](index=15&type=section&id=Profit%20for%20the%20Period%20and%20Net%20Profit%20Margin) Net profit decreased by 17.1% to RMB 110.7 million, with the net profit margin falling from 18.2% to 15.9%, and non-IFRS adjusted net profit also decreased by 18.2% - Net profit decreased by **17.1%** from RMB 133.6 million in H1 2024 to **RMB 110.7 million** in H1 2025[50](index=50&type=chunk) - The net profit margin decreased from **18.2%** in the same period of 2024 to **15.9%** in H1 2025[50](index=50&type=chunk) - Non-IFRS adjusted net profit decreased by **18.2%** from RMB 144.8 million in the same period of 2024 to **RMB 118.4 million** in H1 2025[50](index=50&type=chunk) [Non-IFRS Measures](index=15&type=section&id=Non-IFRS%20Measures) The company provides non-IFRS measures like adjusted net profit and EBITDA to supplement IFRS financial statements, aiding in understanding operational performance by excluding non-recurring items - The company provides non-IFRS adjusted net profit, net profit margin, EBITDA, and adjusted EBITDA to supplement the financial statements presented in accordance with IFRS[51](index=51&type=chunk) - These measures are intended to help investors and management understand and evaluate the Group's condensed consolidated statements of profit or loss and eliminate the impact of items that do not reflect the Group's operating performance[51](index=51&type=chunk) Reconciliation of Non-IFRS Financial Measures (RMB thousands) | Indicator | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Net Profit | 110,739 | 133,620 | | Adjustment: Share-based Payment Expenses | 7,662 | 11,133 | | Non-IFRS Adjusted Net Profit | 118,401 | 144,753 | | Non-IFRS Adjusted Net Profit Margin | 17.0% | 19.7% | [Financial Position](index=16&type=section&id=Financial%20Position) As of June 30, 2025, trade receivables decreased by 5.5%, cash and cash equivalents significantly declined by 63.7%, while trade payables and other payables increased - Trade receivables decreased by **5.5%** from RMB 74.4 million as of December 31, 2024, to **RMB 70.3 million** as of June 30, 2025, primarily due to a reduction in medical insurance receivables from earlier insurance receipts compared to the same period in 2024[54](index=54&type=chunk) - For the six months ended June 30, 2025, the Group's cash and cash equivalents decreased by a net of **RMB 497.0 million**, primarily due to net cash inflow from operating activities of RMB 181.6 million, net cash outflow from investing activities of RMB 579.2 million (mainly attributable to the purchase of financial products), and net cash outflow from financing activities of RMB 92.9 million (due to the payment of annual dividends for the year ended December 31, 2024)[58](index=58&type=chunk) - Trade payables increased by **19.6%** from RMB 53.6 million as of December 31, 2024, to **RMB 64.1 million** as of June 30, 2025, primarily due to an increase in payables for medical consumables and drugs[59](index=59&type=chunk) - Other payables and accrued expenses increased by **15.9%** from RMB 231.0 million as of December 31, 2024, to **RMB 267.8 million** as of June 30, 2025, primarily due to an increase in construction payables[60](index=60&type=chunk) - As of June 30, 2025, the Group had no significant contingent liabilities or guarantees[61](index=61&type=chunk) - As of June 30, 2025, pledged bank deposits amounted to **RMB 5.6 million**, specifically for issuing letters of guarantee to ensure payment of migrant workers' wages in construction projects[62](index=62&type=chunk) - As of June 30, 2025, the Group's total capital commitments were approximately **RMB 69.3 million** (December 31, 2024: RMB 56.4 million), primarily related to subscriptions for equity in investment funds, construction and renovation of internal hospitals, procurement of medical equipment, and acquisitions of equity in Ningbo Boshu Eye Hospital Co. Ltd. and Wuzhong Yunshikang Eye Hospital Co. Ltd[64](index=64&type=chunk) [Trade Receivables](index=16&type=section&id=Trade%20Receivables) Trade receivables decreased by 5.5% to RMB 70.3 million, primarily due to a reduction in medical insurance receivables - Trade receivables decreased by **5.5%** from RMB 74.4 million as of December 31, 2024, to **RMB 70.3 million** as of June 30, 2025, primarily due to a reduction in medical insurance receivables from earlier insurance receipts compared to the same period in 2024[54](index=54&type=chunk) [Liquidity and Financial Resources](index=16&type=section&id=Liquidity%20and%20Financial%20Resources) The company's liquidity relies on operating cash flows and external financing, with cash and cash equivalents decreasing by RMB 497.0 million due to financial product purchases and dividend payments - The Group's primary sources of liquidity are cash generated from operations, as well as debt and equity financing[55](index=55&type=chunk) - For the six months ended June 30, 2025, the Group's cash and cash equivalents decreased by a net of **RMB 497.0 million**, primarily due to net cash inflow from operating activities of RMB 181.6 million, net cash outflow from investing activities of RMB 579.2 million (mainly attributable to the purchase of financial products), and net cash outflow from financing activities of RMB 92.9 million (due to the payment of annual dividends for the year ended December 31, 2024)[58](index=58&type=chunk) Net Cash Flows (RMB thousands) | Cash Flow Type | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Net Cash Flows from Operating Activities | 181,554 | 174,461 | | Net Cash Flows Used in Investing Activities | (579,217) | (18,791) | | Net Cash Flows Used in Financing Activities | (92,900) | (224,348) | | Net Effect of Exchange Rate Changes | (6,432) | 975 | | Net Decrease in Cash and Cash Equivalents | (496,995) | (67,703) | [Trade Payables](index=17&type=section&id=Trade%20Payables) Trade payables increased by 19.6% to RMB 64.1 million, mainly due to an increase in payables for medical consumables and drugs - Trade payables increased by **19.6%** from RMB 53.6 million as of December 31, 2024, to **RMB 64.1 million** as of June 30, 2025, primarily due to an increase in payables for medical consumables and drugs[59](index=59&type=chunk) [Other Payables and Accrued Expenses](index=17&type=section&id=Other%20Payables%20and%20Accrued%20Expenses) Other payables and accrued expenses increased by 15.9% to RMB 267.8 million, primarily driven by an increase in construction payables - Other payables and accrued expenses increased by **15.9%** from RMB 231.0 million as of December 31, 2024, to **RMB 267.8 million** as of June 30, 2025, primarily due to an increase in construction payables[60](index=60&type=chunk) [Contingent Liabilities](index=17&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the company had no significant contingent liabilities or guarantees - As of June 30, 2025, the Group had no significant contingent liabilities or guarantees[61](index=61&type=chunk) [Pledge of Assets](index=17&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the company had pledged bank deposits of RMB 5.6 million to secure payment guarantees for migrant workers' wages in construction projects - As of June 30, 2025, pledged bank deposits amounted to **RMB 5.6 million**, specifically for issuing letters of guarantee to ensure payment of migrant workers' wages in construction projects[62](index=62&type=chunk) [Capital Commitments](index=17&type=section&id=Capital%20Commitments) As of June 30, 2025, total capital commitments were approximately RMB 69.3 million, primarily for investment fund contributions, hospital construction, equipment procurement, and acquisitions - As of June 30, 2025, the Group's total capital commitments were approximately **RMB 69.3 million** (December 31, 2024: RMB 56.4 million)[64](index=64&type=chunk) - These commitments are primarily related to subscriptions for limited partnership equity in Xiamen Ronghui Hongshang Phase II Equity Investment Partnership (Limited Partnership), construction and renovation of internal hospitals, procurement of medical equipment, acquisition of minority interests in Ningbo Boshu Eye Hospital Co. Ltd., and acquisition of equity in Wuzhong Yunshikang Eye Hospital Co. Ltd[64](index=64&type=chunk) [Material Acquisitions and Disposals](index=17&type=section&id=Material%20Acquisitions%20and%20Disposals) For the six months ended June 30, 2025, and up to the report date, the company had no material acquisitions or disposals of subsidiaries, associates, or joint ventures - Except as disclosed in this report, for the six months ended June 30, 2025, and up to the date of this report, the Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures[65](index=65&type=chunk) [Material Investments](index=18&type=section&id=Material%20Investments) The company invests in low-risk short-term structured deposit products to enhance capital efficiency, holding RMB 410 million in unredeemed products as of June 30, 2025 - The Group subscribes to low-risk short-term structured deposit products issued by reputable commercial banks using part of its temporarily idle funds to enhance capital efficiency, utilization, and returns[67](index=67&type=chunk) - As of June 30, 2025, the Group held an aggregate unredeemed principal amount of **RMB 410 million** in structured deposit products, representing approximately **13.7%** of the Group's total assets[67](index=67&type=chunk) - For the six months ended June 30, 2025, the Group subscribed to structured deposit products with a total principal amount of **RMB 100 million** and recognized interest income of approximately **RMB 5 million** as fair value gains on financial assets at fair value through profit or loss[67](index=67&type=chunk) Details of Major Structured Deposit Products Outstanding as of June 30, 2025 | Issuer Name | Structured Deposit Product Name | Deposit Start Date | Maturity Date | Principal Amount Subscribed (RMB thousands) | Expected Annualized Investment Return Rate | Realized/Fair Value as of June 30, 2025 (RMB thousands) | Percentage of Group's Total Assets as of June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Industrial Bank | Industrial Bank Corporate Finance RMB Structured Deposit (CC59240806000) | August 9, 2024 | August 8, 2025 | 20,000 | 1.7000% to 2.3600% | 20,234 | 0.67% | | Bank of China | Bank of China Linked Structured Deposit (Institutional Clients) (CSDVY202412451) | August 13, 2024 | August 13, 2025 | 11,000 | 1.4000% to 3.1010% | 11,123 | 0.37% | | Bank of China | Bank of China Linked Structured Deposit (Institutional Clients) (CSDVY202412452) | August 13, 2024 | August 15, 2025 | 9,000 | 1.3960% to 3.0950% | 9,100 | 0.30% | | Bank of China | Bank of China Linked Structured Deposit (Institutional Clients) (CSDVY202414800) | September 30, 2024 | September 24, 2025 | 125,000 | 1.3000% to 3.1500% | 126,382 | 4.21% | | Bank of China | Bank of China Linked Structured Deposit (Institutional Clients) (CSDVY202414801) | September 30, 2024 | September 26, 2025 | 115,000 | 1.2950% to 3.1470% | 116,272 | 3.88% | | Industrial Bank | Industrial Bank Corporate Finance RMB Structured Deposit (CC59241008015) | October 10, 2024 | October 9, 2025 | 30,000 | 1.7000% to 2.3500% | 30,350 | 1.01% | | Bank of China | Bank of China Linked Structured Deposit (Institutional Clients) (CSDVY202508788) | June 25, 2025 | January 7, 2026 | 26,000 | 0.8000% to 2.8100% | 26,008 | 0.87% | | Bank of China | Bank of China Linked Structured Deposit (Institutional Clients) (CSDVY202508789) | June 25, 2025 | January 9, 2026 | 24,000 | 0.7940% to 2.8180% | 24,007 | 0.80% | | Bank of China | Bank of China Linked Structured Deposit (Institutional Clients) (CSDVY202508790) | June 25, 2025 | January 14, 2026 | 26,000 | 0.8000% to 2.8200% | 26,008 | 0.87% | | Bank of China | Bank of China Linked Structured Deposit (Institutional Clients) (CSDVY202508791) | June 25, 2025 | January 16, 2026 | 24,000 | 0.7940% to 2.8280% | 24,007 | 0.80% | [Future Plans for Material Investments and Capital Assets](index=19&type=section&id=Future%20Plans%20for%20Material%20Investments%20and%20Capital%20Assets) The company entered into a construction contract for the first phase of the Chaojueye Eye Hospital Integrated Medical Complex project for RMB 222.84 million, funded by global offering proceeds and internal resources - The Group has entered into a construction contract with Inner Mongolia Guangsha Jianan Engineering Co. Ltd. for the first phase of the Chaojueye Eye Hospital Integrated Medical Complex project, with a contract price of **RMB 222.84 million** (including tax)[73](index=73&type=chunk) - This transaction constitutes a discloseable transaction for the Company and will be funded by proceeds from the global offering and the Group's internal funds[73](index=73&type=chunk) [Borrowings and Gearing Ratio](index=19&type=section&id=Borrowings%20and%20Gearing%20Ratio) As of June 30, 2025, the company was in a net cash position, rendering the gearing ratio inapplicable - As of June 30, 2025, the Group was in a net cash position, therefore, the gearing ratio is not applicable[75](index=75&type=chunk) [Foreign Exchange Risk](index=20&type=section&id=Foreign%20Exchange%20Risk) Operating primarily in China, the company faces foreign exchange risk related to HKD, which it mitigates by monitoring and minimizing net foreign currency positions without hedging - The Group primarily operates its business in China and is exposed to foreign exchange risk arising from various currency risks, mainly related to HKD[77](index=77&type=chunk) - The Group aims to mitigate its exposure to foreign currency risk by closely monitoring and minimizing its net foreign currency positions[77](index=77&type=chunk) - During the reporting period, the Group did not enter into any currency hedging transactions[77](index=77&type=chunk) [Interest Rate Risk](index=20&type=section&id=Interest%20Rate%20Risk) The company's interest rate risk arises from interest-bearing borrowings, with fixed-rate borrowings exposing it to fair value interest rate risk, and no hedging instruments are currently used - The Group's interest rate risk arises from interest-bearing borrowings, with borrowings issued at fixed rates exposing the Group to fair value interest rate risk[78](index=78&type=chunk) - The Group currently does not use any interest rate swap contracts or other financial instruments to hedge interest rate risk[78](index=78&type=chunk) [Credit Risk](index=20&type=section&id=Credit%20Risk) The company's management has established credit policies and continuously monitors credit risk to address potential losses from counterparty non-performance - The Group's management has established credit policies and continuously monitors the credit risk it faces[79](index=79&type=chunk) [Liquidity Risk](index=20&type=section&id=Liquidity%20Risk) The company's liquidity depends on operating cash inflows and external financing to meet debt obligations and future capital expenditures, maintaining adequate cash levels to support operations - The Group's liquidity primarily depends on its ability to generate sufficient cash inflows from operations to meet its debt obligations as they fall due and to obtain external financing to meet future capital expenditure commitments[80](index=80&type=chunk) - The Group monitors and maintains levels of cash and cash equivalents that management considers adequate to fund its operations and mitigate the impact of cash flow fluctuations[81](index=81&type=chunk) [Interim Dividend](index=20&type=section&id=Interim%20Dividend) The Board resolved not to declare any interim dividend for the six months ended June 30, 2025 - The Board has resolved not to declare any interim dividend for the six months ended June 30, 2025 (six months ended June 30, 2024: HKD 0.1307 per share)[82](index=82&type=chunk) [Compliance with Corporate Governance Code](index=20&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) Since January 1, 2025, the company has complied with all applicable code provisions of the Corporate Governance Code, except for the combined roles of Chairman and CEO - From January 1, 2025, and up to the date of this report, the Company has complied with all applicable code provisions of the Corporate Governance Code as set out in Appendix C1 to the Listing Rules, except for the combined roles of Chairman and Chief Executive Officer held by Mr. Zhang Bozho[83](index=83&type=chunk)[84](index=84&type=chunk) - The Board believes that Mr. Zhang Bozho concurrently serving as Chairman and Chief Executive Officer is beneficial to the Group's management and enhances the efficiency of the Group's decision-making and execution processes[84](index=84&type=chunk) - The Group has implemented appropriate checks and balances through the Board and independent non-executive directors[84](index=84&type=chunk) [Compliance with Model Code for Securities Transactions](index=21&type=section&id=Compliance%20with%20Model%20Code%20for%20Securities%20Transactions) The company adopted the Model Code for Securities Transactions by Directors, and all directors confirmed compliance from January 1, 2025 - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules[85](index=85&type=chunk) - All Directors confirmed that they have complied with the requirements set out in the Model Code from January 1, 2025, and up to the date of this report[85](index=85&type=chunk) [Audit Committee](index=21&type=section&id=Audit%20Committee) The Audit Committee, composed of three independent non-executive directors, provides independent opinions on financial reporting, internal controls, and risk management, and oversees audit procedures - The Audit Committee comprises three independent non-executive directors: Mr. Li Jianbin (Chairman), Ms. Guo Hongyan, and Mr. Baoshan[86](index=86&type=chunk) - Its primary responsibilities are to assist the Board in providing independent opinions on the effectiveness of the Group's financial reporting process, internal controls, and risk management systems, and to oversee the audit process[86](index=86&type=chunk) [Use of Proceeds from Global Offering](index=21&type=section&id=Use%20of%20Proceeds%20from%20Global%20Offering) The net proceeds from the global offering were approximately HKD 1.599 billion, with an unutilized balance of HKD 681.5 million as of June 30, 2025, and the Board extended the utilization timeline and reallocated funds - The net proceeds from the global offering were approximately **HKD 1.599 billion**[87](index=87&type=chunk) - As of June 30, 2025, the unutilized balance of the net proceeds was approximately **HKD 681.5 million**[88](index=88&type=chunk) - The Board resolved on August 29, 2025, to further extend the expected timeline for the use of net proceeds by **two years**[88](index=88&type=chunk) - **HKD 167.99 million** originally allocated for "acquiring hospitals in new markets with large populations and relatively high demand for ophthalmic medical services when suitable opportunities arise" and **HKD 60 million** for "upgrading information technology systems" were reallocated to "establishing new hospitals and relocating, upgrading, and renovating existing hospitals"[88](index=88&type=chunk) Updated Use of Net Proceeds from Global Offering and Timeline (HKD millions) | Intended Use of Net Proceeds | Planned Amount (HKD millions) | Revised Allocation (HKD millions) | Amount of Net Proceeds Utilized During Reporting Period (HKD millions) | Actual Amount Utilized up to June 30, 2025 (HKD millions) | Unutilized Net Proceeds as of June 30, 2025 (Revised) (HKD millions) | Updated Expected Timeline for Utilization of Unutilized Net Proceeds | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Establishing new hospitals and relocating, upgrading, and renovating existing hospitals | 572.44 | 800.42 | 59.01 | 345.06 | 455.36 | Expected to be fully utilized on or before December 31, 2027 | | Acquiring hospitals in new markets with large populations and relatively high demand for ophthalmic medical services when suitable opportunities arise | 716.35 | 548.37 | – | 360.25 | 188.12 | Expected to be fully utilized on or before December 31, 2027 | | Upgrading information technology systems | 150.31 | 90.31 | 3.64 | 52.29 | 38.02 | Expected to be fully utilized on or before December 31, 2027 | | Working capital and other general corporate purposes | 159.90 | 159.90 | – | 159.90 | – | - | | Total | 1,599.00 | 1,599.00 | 62.65 | 917.5 | 681.50 | - | [Purchases, Sales or Redemptions of the Company's Listed Securities](index=23&type=section&id=Purchases%2C%20Sales%20or%20Redemptions%20of%20the%20Company%27s%20Listed%20Securities) From January 1 to June 30, 2025, the company repurchased 16,000 shares for HKD 42,925, which were subsequently cancelled, with no other listed securities transactions - From January 1 to June 30, 2025, the Company repurchased **16,000 shares** from the Stock Exchange, all of which were held as treasury shares by the Company[95](index=95&type=chunk) - The total consideration for the repurchased shares was **HKD 42,925**, with a maximum price of HKD 2.69 per share and a minimum price of HKD 2.67 per share[95](index=95&type=chunk) - All of the aforementioned repurchased shares were cancelled on **April 29, 2025**[95](index=95&type=chunk) - As of June 30, 2025, and the date of this report, the Group did not hold any treasury shares[96](index=96&type=chunk) [Employees and Remuneration Policy](index=24&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the company had 2,627 full-time employees, offering competitive remuneration packages and a share award scheme to attract and retain talent, alongside systematic training programs - As of June 30, 2025, the Group had **2,627 full-time employees**[98](index=98&type=chunk) Employee Breakdown by Function as of June 30, 2025 | Function | Number of Employees | Percentage of Total Employees | | :--- | :--- | :--- | | Hospital Professionals - Physicians | 320 | 12.18% | | Hospital Professionals - Nurses | 631 | 24.02% | | Hospital Professionals - Other Professionals | 549 | 20.9% | | Optometry Center Professionals | 99 | 3.77% | | Administrative, Financial, and Other Employees - Headquarters | 149 | 5.67% | | Administrative, Financial, and Other Employees - Hospitals | 839 | 31.94% | | Administrative, Financial, and Other Employees - Optometry Centers | 40 | 1.52% | | Total | 2,627 | 100.00% | - The Group's remuneration packages for its employees primarily include basic salaries, performance-linked bonuses, and discretionary year-end bonuses[99](index=99&type=chunk) - The Group adopted a share award scheme on **May 10, 2022**, to recognize and incentivize employee contributions, retain existing employees, and attract new talent[99](index=99&type=chunk) - The Group provides systematic training and education programs, including mandatory internal and external online and on-site training, and sponsors high-potential employees for further studies at renowned medical institutions[101](index=101&type=chunk) [Other Information](index=26&type=section&id=Other%20Information) This section covers various corporate governance matters, changes in director information, capital structure, post-reporting period events, and shareholder interests [Review of Interim Report](index=26&type=section&id=Review%20of%20Interim%20Report) Ernst & Young reviewed the interim financial information in accordance with HKSRS 2410, concluding that no matters indicated non-compliance with IAS 34 - The Company's independent auditor, Ernst & Young, has reviewed the unaudited interim financial information in accordance with Hong Kong Standard on Review Engagements 2410, issued by the Hong Kong Institute of Certified Public Accountants[103](index=103&type=chunk) - The Audit Committee, together with the Company's management and independent auditor, has reviewed the accounting principles and policies adopted by the Company and discussed the Group's internal controls and financial reporting matters[103](index=103&type=chunk) - The Audit Committee and the independent auditor believe that the preparation of these interim results complies with applicable accounting standards, laws, and regulations, and that the Company has made appropriate and sufficient disclosures[103](index=103&type=chunk) [Changes in Directors' Information](index=26&type=section&id=Changes%20in%20Directors%27%20Information) Executive Director Mr. Zhang Guangdi was appointed Joint Company Secretary, and Independent Non-Executive Director Ms. Guo Hongyan joined the Nomination Committee, with no other material changes - Executive Director Mr. Zhang Guangdi was appointed Joint Company Secretary on **March 17, 2025**[104](index=104&type=chunk) - Independent Non-Executive Director Ms. Guo Hongyan was appointed as a member of the Board's Nomination Committee on **June 30, 2025**[105](index=105&type=chunk) - Save as disclosed above, there were no other changes in Directors' information required to be disclosed under Rule 13.51B(1) of the Listing Rules during the reporting period[106](index=106&type=chunk) [Capital Structure](index=26&type=section&id=Capital%20Structure) As of June 30, 2025, the company's total issued share capital was HKD 176.877 million, comprising 707.51 million shares, with a capital structure of 21.3% debt and 78.7% equity - As of the date of this report, the Company's total issued share capital was **HKD 176.877 million**, divided into **707,510,500 shares**[107](index=107&type=chunk) - The Company's total authorized share capital was **HKD 380,000**, divided into **1,520,000,000 shares**[107](index=107&type=chunk) - During the reporting period, the company repurchased and cancelled a total of **16,000 shares**[107](index=107&type=chunk) - As of June 30, 2025, the Group's capital structure was **21.3% debt** and **78.7% equity** (December 31, 2024: 19.3% debt and 80.7% equity)[109](index=109&type=chunk) - As of June 30, 2025, the Group recorded interest-bearing borrowings of **RMB 6.704 million**, with interest rates ranging from **4.15% to 5.70%**, and all such borrowings are due on or before December 31, 2025[109](index=109&type=chunk) [Events After the Reporting Period](index=27&type=section&id=Events%20After%20the%20Reporting%20Period) After the reporting period, the company entered into a RMB 222.84 million construction contract for the Chaojueye Eye Hospital Integrated Medical Complex and subscribed to a RMB 30 million wealth management product - On **July 28, 2025**, Inner Mongolia Chaojueye Medical Technology Co. Ltd., an indirect wholly-owned subsidiary of the Company, entered into a construction contract with Inner Mongolia Guangsha Jianan Engineering Co. Ltd. for the first phase of the Chaojueye Eye Hospital Integrated Medical Complex project, with a contract price of **RMB 222.84 million** (including tax)[110](index=110&type=chunk) - On **August 22, 2025**, Chaojueye Medical Technology Co. Ltd., an indirect wholly-owned subsidiary of the Company, subscribed to a wealth management product issued by Bank of China with a total principal amount of **RMB 30 million**[110](index=110&type=chunk) [Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company or its Associated Corporations](index=27&type=section&id=Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%20and%20Debentures%20of%20the%20Company%20or%20its%20Associated%20Corporations) As of June 30, 2025, the concert party group, including Mr. Zhang Bozho, held 40.63% of the company's shares, with other major shareholders also disclosed [Directors' and Chief Executive's Interests and Short Positions in the Shares, Underlying Shares and Debentures of the Company and its Associated Corporations](index=27&type=section&id=Directors%27%20and%20Chief%20Executive%27s%20Interests%20and%20Short%20Positions%20in%20the%20Shares%2C%20Underlying%20Shares%20and%20Debentures%20of%20the%20Company%20and%20its%20Associated%20Corporations) As of June 30, 2025, Mr. Zhang Bozho, Ms. Zhang Xiaoli, Mr. Zhang Junfeng, and other concert party members collectively held 40.63% of the company's shares - As of June 30, 2025, Mr. Zhang Bozho, Ms. Zhang Xiaoli, Mr. Zhang Junfeng, Mr. Zhang Fengsheng, and Ms. Zhang Yumei had entered into a concert party agreement and were deemed to be interested in **287,452,328 shares** of the Company, representing **40.63%**[112](index=112&type=chunk)[118](index=118&type=chunk) - Mr. Zhang Guangdi beneficially owned **48,699 shares**, representing **0.01%**[112](index=112&type=chunk) Directors' and Chief Executive's Interests in Shares of the Company | Director Name | Nature of Interest | Number of Shares or Underlying Shares | Approximate Percentage | | :--- | :--- | :--- | :--- | | Mr. Zhang Bozho | Beneficial owner; joint interest with another person; controlled corporation interest | 287,452,328 (L) | 40.63% | | Ms. Zhang Xiaoli | Beneficial owner; joint interest with another person; controlled corporation interest; spouse's interest | 287,452,328 (L) | 40.63% | | Mr. Zhang Junfeng | Beneficial owner; joint interest with another person; controlled corporation interest | 287,452,328 (L) | 40.63% | | Mr. Zhang Guangdi | Beneficial owner | 48,699 (L) | 0.01% | [Interests in Associated Corporations of the Company](index=28&type=section&id=Interests%20in%20Associated%20Corporations%20of%20the%20Company) As of June 30, 2025, Mr. Zhang Bozho, Ms. Zhang Xiaoli, and Mr. Zhang Junfeng held significant equity interests in Xiamen Xinkangnuo - As of June 30, 2025, Mr. Zhang Bozho, Ms. Zhang Xiaoli, and Mr. Zhang Junfeng held **26.64%**, **29.03%**, and **20.67%** equity interests in Xiamen Xinkangnuo, respectively[115](index=115&type=chunk) Directors' Interests in Associated Corporations of the Company | Director Name | Name of Group Member Company | Subscribed Capital Amount (RMB) | Approximate Percentage of Equity | | :--- | :--- | :--- | :--- | | Mr. Zhang Bozho | Xiamen Xinkangnuo | 22,646,550 | 26.64% | | Ms. Zhang Xiaoli | Xiamen Xinkangnuo | 24,677,455 | 29.03% | | Mr. Zhang Junfeng | Xiamen Xinkangnuo | 17,568,480 | 20.67% | [Directors' Right to Acquire Shares or Debentures](index=28&type=section&id=Directors%27%20Right%20to%20Acquire%20Shares%20or%20Debentures) During the reporting period, neither the company nor its subsidiaries entered into arrangements enabling directors to acquire shares or debentures, nor were any such rights granted or exercised by directors or their families - At no time during the reporting period did the Company or any of its subsidiaries enter into any arrangements that would enable the Directors to acquire benefits by purchasing shares or debentures of the Company or any other body corporate[117](index=117&type=chunk) - No rights to subscribe for equity or debt securities of the Company or any other body corporate were granted to, or exercised by, the Directors or any of their spouses or children under the age of 18[117](index=117&type=chunk) [Substantial Shareholders' Interests and Short Positions in the Shares and Underlying Shares of the Company](index=29&type=section&id=Substantial%20Shareholders%27%20Interests%20and%20Short%20Positions%20in%20the%20Shares%20and%20Underlying%20Shares%20of%20the%20Company) As of June 30, 2025, the concert party group held 40.63% of the company's shares, with Jutong Medical Management, Sihai Medical Management, and Orchid Asia VII Global Investment also holding significant stakes Substantial Shareholders' Interests and Short Positions in the Shares and Underlying Shares of the Company | Shareholder Name/Entity | Nature of Interest | Number of Shares/Underlying Shares | Approximate Percentage of Equity in the Company | Long/Short Position/Lendable Shares | | :--- | :--- | :--- | :--- | :--- | | Mr. Zhang Bozho | Beneficial owner; joint interest with another person; controlled corporation interest | 287,452,328 | 40.63% | Long Position | | Ms. Zhang Xiaoli | Beneficial owner; joint interest with another person; controlled corporation interest; spouse's interest | 287,452,328 | 40.63% | Long Position | | Mr. Zhang Junfeng | Beneficial owner; joint interest with another person; controlled corporation interest | 287,452,328 | 40.63% | Long Position | | Mr. Zhang Fengsheng | Beneficial owner; joint interest with another person; controlled corporation interest | 287,452,328 | 40.63% | Long Position | | Ms. Zhang Yumei | Joint interest with another person; controlled corporation interest | 287,452,328 | 40.63% | Long Position | | Ms. Zhang Hongbo | Spouse's interest | 287,452,328 | 40.63% | Long Position | | Mr. He Yong | Beneficial owner; spouse's interest | 287,452,328 | 40.63% | Long Position | | Ms. Su Yuqin | Spouse's interest | 287,452,328 | 40.63% | Long Position | | Ms. Li Furong | Spouse's interest | 287,452,328 | 40.63% | Long Position | | Mr. Jin Longqi | Spouse's interest | 287,452,328 | 40.63% | Long Position | | Jutong Medical Management Co. Ltd. | Beneficial owner | 77,684,000 | 10.98% | Long Position | | Sihai Medical Management Co. Ltd. | Beneficial owner | 84,266,000 | 11.91% | Long Position | | Guangming Medical Management Co. Ltd. | Beneficial owner | 59,966,000 | 8.48% | Long Position | | Orchid Asia VII Global Investment Limited | Beneficial owner | 84,948,500 | 12.01% | Long Position | | ORCHID ASIA VII, L.P. | Controlled corporation interest | 79,002,105 | 11.17% | Long Position | | ORCHID ASIA VII GP, LIMITED | Controlled corporation interest | 79,002,105 | 11.17% | Long Position | | ORCHID ASIA V GROUP, LIMITED | Controlled corporation interest | 79,002,105 | 11.17% | Long Position | | ORCHID ASIA V GROUP MANAGEMENT, LIMITED | Controlled corporation interest | 79,002,105 | 11.17% | Long Position | | OAVII HOLDINGS, L.P. | Controlled corporation interest | 79,002,105 | 11.17% | Long Position | | AREO HOLDINGS LIMITED | Controlled corporation interest | 84,948,500 | 12.01% | Long Position | | Ms. Lin Liming | Controlled corporation interest | 84,948,500 | 12.01% | Long Position | | Mr. Li Jipei | Controlled corporation interest | 84,948,500 | 12.01% | Long Position | | Ms. Zhang Wenwen | Controlled corporation interest | 35,699,000 | 5.05% | Long Position | | Mr. Xiao Feng | Spouse's interest | 35,699,000 | 5.05% | Long Position | - Mr. Zhang Bozho, Ms. Zhang Xiaoli, Mr. Zhang Junfeng, Mr. Zhang Fengsheng, and Ms. Zhang Yumei have entered into a concert party agreement and are deemed to be interested in the Company's shares (i.e., **287,452,328 shares**)[122](index=122&type=chunk) [Share Schemes](index=31&type=section&id=Share%20Schemes) This section details the company's share award scheme, including its purpose, share limits, vesting conditions, and changes in awarded shares during the period [Share Award Scheme](index=31&type=section&id=Share%20Award%20Scheme) The company's Share Award Scheme, adopted on May 10, 2022, aims to incentivize and retain employees, with 55.85 million shares available for grant, representing 7.89% of issued shares - The scheme was approved and adopted by the Board on **May 10, 2022**, aiming to recognize and incentivize contributions from certain Group employees, retain existing employees, and attract and recruit suitable new employees[123](index=123&type=chunk) - The Board may not make further awards if the total number of awarded shares exceeds **10%** of the Company's issued share capital on the adoption date (i.e., **70,762,500 shares**)[124](index=124&type=chunk)[126](index=126&type=chunk) - The maximum number of shares that may be awarded to any selected person under the scheme shall not exceed **1%** of the Company's issued share capital on the adoption date (i.e., **7,076,250 shares**)[125](index=125&type=chunk) - As of the date of this report, the total number of shares available for grant under the scheme was **55,853,287 shares**, representing approximately **7.89%** of the issued shares (excluding treasury shares) as of that date[124](index=124&type=chunk) - During the reporting period, no new awarded shares were granted, and a total of **991,858 awarded shares lapsed**[131](index=131&type=chunk) Details of Changes in Awarded Shares Under Share Award Scheme During Reporting Period | Name/Category | Position/Description | Date of Grant | Purchase Price Per Share (HKD) | Unvested Shares as of January 1, 2025 | Number of New Grants During Reporting Period | Number of Shares Vested During Reporting Period | Weighted Average Closing Price Immediately Before Vesting Date (HKD) | Unvested Shares as of June 30, 2025 | Closing Price Immediately Before Grant Date (HKD) | Awards Cancelled During Reporting Period | Awards Lapsed During Reporting Period | Vesting Period | Fair Value at Grant Date (HKD) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhang Bozho | Executive Director and CEO | June 14, 2023 | 1.00 | 233,737 | – | 100,173 | 2.74 | 133,564 | 4.31 | – | – | April 1, 2024 to May 31, 2026 | 1,402,422 | | Zhang Junfeng | Executive Director | June 14, 2023 | 1.00 | 56,448 | – | 24,192 | 2.74 | 32,256 | 4.31 | – | – | April 1, 2024 to May 31, 2026 | 338,688 | | Zhang Xiaoli | Executive Director | June 14, 2023 | 1.00 | 70,000 | – | 30,000 | 2.74 | 40,000 | 4.31 | – | – | April 1, 2024 to May 31, 2026 | 420,000 | | Zhang Guangdi | Executive Director | June 14, 2023 | 1.00 | 34,426 | – | 14,754 | 2.74 | 19,672 | 4.31 | – | – | April 1, 2024 to May 31, 2026 | 206,556 | | Zhang Fengsheng | Substantial Shareholder | June 14, 2023 | 1.00 | 58,429 | – | 25,041 | 2.74 | 33,388 | 4.31 | – | – | April 1, 2024 to May 31, 2026 | 350,574 | | Zhang Jiao | Associate of Zhang Junfeng | June 14, 2023 | 1.00 | 52,472 | – | 22,488 | 2.74 | 29,984 | 4.31 | – | – | April 1, 2024 to May 31, 2026 | 314,832 | | He Yong | Associate of Zhang Xiaoli | June 14, 2023 | 1.00 | 58,429 | – | 25,041 | 2.74 | 33,388 | 4.31 | – | – | April 1, 2024 to May 31, 2026 | 350,574 | | 212 Employee Participants | – | June 14, 2023 | Zero to 1.00 | 8,106,585 | – | 3,258,177 | 2.74 | 4,211,020 | 4.31 | – | 637,388 | April 1, 2024 to May 31, 2026 | 50,698,594.80 | | 5 Service Providers | – | June 14, 2023 | Zero | 364,000 | – | 156,000 | 2.74 | 208,000 | 4.31 | – | – | April 1, 2024 to May 31, 2026 | 2,184,000 | | 4 Service Providers | – | December 17, 2024 | Zero | 300,000 | – | 150,000 | 2.74 | 150,000 | 2.79 | – | – | April 1, 2025 to May 31, 2026 | 837,000 | | 83 Employee Participants | – | December 17, 2024 | Zero to 1.00 | 2,634,270 | – | 1,148,200 | 2.74 | 1,131,600 | 2.79 | – | 354,470 | April 1, 2025 to May 31, 2026 | 7,349,613.3 | | Total | | | | 11,968,796 | – | 4,954,066 | | 6,022,872 | | – | 991,858 | | | [Share Option Scheme](index=34&type=section&id=Share%20Option%20Scheme) The company has not adopted any share option scheme - The Company has not adopted any share option scheme[138](index=138&type=chunk) [Independent Review Report](index=35&type=section&id=Independent%20Review%20Report) Ernst & Young reviewed the interim financial information in accordance with HKSRS 2410, concluding that no matters indicated non-compliance with IAS 34 - Ernst & Young has reviewed the interim financial information in accordance with Hong Kong Standard on Review Engagements 2410, issued by the Hong Kong Institute of Certified Public Accountants[142](index=142&type=chunk) - The scope of a review is substantially less than that of an audit conducted in accordance with Hong Kong Standards on Auditing, and consequently, it does not enable the auditor to obtain assurance that all significant matters would be identified, thus no audit opinion is expressed[142](index=142&type=chunk) - The review concluded that nothing has come to their attention that causes them to believe that the interim financial information is not prepared, in all material respects, in accordance with International Accounting Standard 34[143](index=143&type=chunk) [Interim Condensed Consolidated Statement of Profit or Loss](index=36&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the company's revenue was RMB 698.3 million, cost of sales was RMB 400.6 million, and gross profit was RMB 297.7 million, with profit for the period at RMB 110.7 million Interim Condensed Consolidated Statement of Profit or Loss Summary (RMB thousands) | Indicator | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 698,258 | 734,287 | | Cost of Sales | (400,591) | (398,313) | | Gross Profit | 297,667 | 335,974 | | Other Income and Gains | 37,833 | 25,674 | | Selling and Distribution Expenses | (48,755) | (62,976) | | Administrative Expenses | (102,167) | (106,437) | | Net Impairment Losses on Financial Assets at Amortized Cost | (353)

Investment Rating - The report maintains a "Buy" rating for the company [5][3]. Core Views - The company experienced a total revenue of 698 million yuan in H1 2025, a year-on-year decrease of 4.91%, and a net profit attributable to shareholders of 114 million yuan, down 16.72% [1][5]. - The decline in revenue and gross margin is attributed to a slight decrease in outpatient and inpatient visits, pricing adjustments due to centralized procurement, and intense market competition [1][2]. - The company is expanding its professional team and has signed a construction project for a comprehensive medical facility in Hohhot, expected to be completed by October 2026 [2]. Financial Performance Summary - For H1 2025, the revenue from consumer ophthalmology services was 359 million yuan, a decrease of 4.51%, while the revenue from basic ophthalmology services was 337 million yuan, down 5.53% [1]. - The gross margin for consumer ophthalmology services decreased by 6.8 percentage points to 41.80%, while the gross margin for basic ophthalmology services increased by 0.9 percentage points to 43.70% [1]. - The company expects revenues of 1.365 billion, 1.474 billion, and 1.614 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of -2.91%, 8.00%, and 9.50% [3][10]. Future Outlook - The company plans to continue expanding its network in the core regions of North China and aims to acquire and establish more hospitals and optical centers in the Yangtze River Delta region [2]. - The company has a total of 31 ophthalmology hospitals and 29 optical centers as of H1 2025 [2].

Investment Rating - The report maintains an "Outperform" rating for the biopharmaceutical industry [1] Core Viewpoints - The growth of healthcare expenses, which reached 9.06 trillion yuan in 2023, is outpacing GDP growth, indicating that commercial health insurance may provide a solution to the pressures faced by the medical insurance system [3][15] - The commercial health insurance sector is expected to grow significantly, with premiums projected to reach 97.74 billion yuan by 2024, driven by low penetration rates and the need for additional funding sources [20][24] - Policies are increasingly supportive of commercial health insurance, particularly in relation to innovative drugs, which are now being included in the commercial health insurance directory [71][76] Summary by Sections Part 1: Healthcare Financing System - The healthcare financing system in China consists of government, social, and personal contributions, with social contributions being the main driver for future growth [10][15] Part 2: Growth of Health Insurance - The commercial health insurance market is expected to fill a significant funding gap, with an estimated shortfall of over 1.7 trillion yuan by 2030 [21][22] - Medical insurance is the primary source of compensation within commercial health insurance, with a compensation rate of approximately 68.79% in 2022 [27][31] Part 3: Core Products of Medical Insurance - The report highlights the importance of medical insurance as a key focus area, noting that it directly compensates for medical expenses, unlike critical illness insurance [31][35] Part 4: Policy Support for Health Insurance Development - A series of policies since 2009 have aimed to promote the development of commercial health insurance, with specific targets for market size and coverage [71][72] Part 5: Investment Recommendations - The report suggests focusing on innovative drug companies with rich pipelines, DTP pharmacies, and companies in the TPA industry, as well as innovative medical devices and high-end medical service providers [77]

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: 朝聚眼科醫療控股有限公司 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) | 02219 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 707,510,500 | | 0 | | 707,510,500 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 707,510,500 | | 0 | | 707,510,500 | 第 2 頁 共 10 頁 v 1.1.1 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 | ...