Beijing Airdoc Technology Co., Ltd. (A joint stock company incorporated in the People's Republic of China with limited liability) （於中華人民共和國註冊成立的股份有限公司） 2024 ANNUAL REPORT 年報 2024 CONTENTS 目錄 | Corporate Information | 2 | 公司資料 | | --- | --- | --- | | Financial Summary | 5 | 財務概要 | | Chairman's Statement | 6 | 主席報告 | | Management Discussion and Analysis | 11 | 管理層討論與分析 | | Profiles of Directors, Supervisors and | 49 | 董事、監事及高級管理層履歷 | | Senior Management | | | | Corporate Governance Report | 58 | 企業管治報告 | | En ...

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。 年度業績公告 截至2024年12月31日止年度 Beijing Airdoc Technology Co., Ltd. 本公司董事會欣然宣佈本集團截至2024年12月31日止年度的綜合年度業績，連同2023年 同期的比較數字如下。本集團根據國際財務報告會計準則編製的於報告期的綜合財務報 表已經審核委員會審閱。 北京鷹瞳科技發展股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 於本公告內，「我們」指本公司，或如文義另有所指，指本集團。本公告所載若干金額及 百分比數字已約整，或已四捨五入至小數點後一位或兩位。任何表格、圖表或其他部分 所示總額與所列數額總和的任何差異乃因約整所致。 （股份代號：2251） – 1 – 財務概要 | | 截至12月31日止年度 | | | --- | --- | --- | | | 2024年 | 2023年 | | | 人民幣千元 | 人民幣千元 | | 收入 | 1 ...

Structured Deposits - The company has subscribed to structured deposits with China Merchants Bank and Xiamen International Bank a total of 40 times from January 14, 2022, to July 4, 2024[5]. - The annual interest rate for the structured deposits linked to the RMB gold benchmark price ranges from 1.65% to 3.0%[5]. - The company redeemed all structured deposits as of the announcement date[3]. - The subscription amounts for structured deposits include RMB 50 million, RMB 100 million, and RMB 400 million in various transactions[6]. - The structured deposits have a product duration ranging from 15 days to 3 months[5]. - The company has a cash and treasury management strategy involving these structured deposits[3]. - The structured deposits are characterized by low risk, high liquidity, and low volatility[5]. - The company has no penalties for early termination or redemption of the structured deposits[5]. - The structured deposits are flexible for redemption without incurring penalties, subject to interest calculation[5]. - The company aims to enhance its financial management through these structured deposits[3]. - The company has subscribed to structured deposits from Xiamen International Bank a total of 9 times from August 3, 2023, to July 4, 2024[15]. - The total amount of structured deposits subscribed by the company from Xiamen International Bank is 1,000,000,000 RMB[1]. - The company has redeemed all remaining structured deposits from Xiamen International Bank as of the announcement date[14]. - The structured deposits are characterized by capital protection, high liquidity, and low volatility, providing better returns compared to traditional deposits[10]. - The company aims to optimize the return on idle cash while maintaining sufficient liquidity through these structured deposits[10]. - The company has implemented appropriate internal control procedures to ensure that the subscriptions do not affect the adequacy of operating funds[10]. - The terms of the structured deposits are considered fair and reasonable, aligning with the overall interests of the company and its shareholders[10]. Internal Control and Compliance - The internal control review identified potential risks and areas for improvement in the group's investment and cash management processes[37]. - The company has implemented remedial measures to prevent future non-compliance with listing rules, including a gap analysis of internal control procedures[34]. - The internal control consultant's review included examining relevant internal control policies and procedures[38]. - The company has fully adopted and implemented the recommendations from the internal control review[41]. - The company has acknowledged the failure to comply with disclosure requirements for structured deposit subscriptions[42]. - The maximum applicable percentage for subscriptions to structured deposits from Xiamen International Bank was above 5% but below 25%, thus constituting a disclosable transaction[23]. - The company has fully implemented the recommendations for improving investment management internal reporting and approval processes[47]. - The company will conduct quarterly reviews of the use of funds raised from the initial public offering (IPO), including explanations for any discrepancies between planned and actual usage[45]. - The company has appointed a compliance advisor to assist in adhering to listing rules until the financial results for the fiscal year ending December 31, 2025, are compliant with the relevant regulations[50]. - The company aims to enhance the management guidelines for the funds raised from the IPO[53]. - The company plans to provide more training regarding the classification of its investment nature and related disclosure requirements under listing rules[48]. - The company will monitor ongoing investments through regular reviews every two months or quarterly and report on the status of projects[48]. - The company has adopted measures to clarify and define the scope of investment and financial products in its policies[47]. - The company is committed to improving the filing and record-keeping related to investment activities[48]. - The company has received shareholder approval for the use of IPO funds as disclosed in the interim results announcement[62]. - The company will ensure that the management of idle IPO funds is distinct from general cash and treasury management activities[45]. - The company has established a management framework for investment, cash, and financial management related to the IPO proceeds[64]. - Key control points and major risks have been identified through interviews with relevant management personnel[65]. - Detailed guidelines for the use and management of IPO proceeds have been developed, with a regular review process established[67]. - Approval procedures have been set for financial personnel to consult legal departments when evaluating financial products[67]. - A program has been implemented requiring employees to consult external auditors and legal advisors to ensure compliance with disclosure regulations[67]. - The company recommends providing regular training to financial personnel to enhance their understanding of internal control procedures and disclosure regulations[68]. - The company has fully adopted and implemented the aforementioned recommendations[68]. Technology and Subsidiaries - The company focuses on using AI technology for early detection and diagnosis of chronic eye diseases and health risk assessment[18]. - Beijing Intelligent Technology, a subsidiary of the company, is involved in the sale of hardware and provision of AI-based software solutions[18]. Financial Assets - As of June 30, 2024, the fair value of financial assets measured at fair value through profit or loss was RMB 445.8 million, primarily due to the purchase of several wealth management products[31]. - The company purchased a note from Ideal Venture LP with a principal amount of USD 9 million, which is capital-protected and allows early redemption without penalties[31]. - 39 out of 40 subscription items for structured deposits from China Merchants Bank exceeded 5% but were below 25%, thus requiring disclosure under listing rules[28].

Investment Portfolio - As of December 31, 2023, the group held several investment and financial products valued at 5% or more of the total assets, including New China Innovation Fund with an investment cost of $15 million and unrealized gains of RMB 108,437 thousand, representing 6.44% of total assets [2]. - The group also invested $14.5 million in IndexCap Med&Tech I L.P., with unrealized gains of RMB 103,058 thousand, accounting for 24.81% of total assets [3]. - There were no other significant investments disclosed during the reporting period, maintaining consistency with the 2023 annual report [4]. Investment Strategy - No realized gains or dividends were recorded from the investment and financial products during the reporting period, indicating a cautious investment strategy [3]. - The group plans to hold these investments as needed to generate stable income, closely monitoring market changes [3].

Q Airdoc鹰瞳 Beijing Airdoc Technology Co , Ltd 北京鷹瞳科技發展股份有限公司 (A joint stock company incorporated in the People's Republic of China with limited liability) (於中華人民共和國註冊成立的股份有限公司) Stock Code 股份代號：2251 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|-------|-------|-------|----------------|----------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2024 | | | | | | | | | | Interim Report | | | | | | | | | | | | | | | | ...

Financial Performance - Revenue for the six months ended June 30, 2024, increased to RMB 93.71 million, representing a growth of 13.6% compared to RMB 82.50 million for the same period in 2023[2]. - The loss before tax for the six months ended June 30, 2024, was RMB 82.73 million, compared to RMB 40.53 million for the same period in 2023[2]. - The basic and diluted loss per share for the six months ended June 30, 2024, was RMB (0.79), compared to RMB (0.36) for the same period in 2023[2]. - The company reported a net loss of RMB 81,488 thousand for the six months ended June 30, 2024, compared to a net loss of RMB 41,017 thousand in 2023, reflecting a deterioration in financial performance[67]. - Gross profit for the same period was RMB 53,756 thousand, compared to RMB 51,364 thousand in 2023, indicating a slight increase in profitability[66]. - The group reported a pre-tax loss of RMB 39,954,000 for the six months ended June 30, 2024, compared to RMB 31,138,000 for the same period in 2023, representing a 28.4% increase in losses[76]. Revenue Growth - Total revenue increased by 13.6% from RMB 82.5 million for the six months ended June 30, 2023, to RMB 93.7 million for the six months ended June 30, 2024, driven by a 22.1% growth in Eagle Eye Medical and a 22.7% increase in Eagle Eye Health[30]. - Revenue from customer contracts for the six months ended June 30, 2024, was RMB 93,710,000, an increase of 13.4% from RMB 82,502,000 for the same period in 2023[74]. - Revenue from medical institutions (Eagle Eye Medical) was RMB 36,450,000, up from RMB 29,845,000, representing a growth of 22.3%[74]. - Revenue from Eagle Eye Health reached RMB 38.0 million during the reporting period, contributing to the overall growth of the company's eye health business[26]. Asset Management - Non-current assets increased to RMB 529.75 million as of June 30, 2024, compared to RMB 402.99 million as of December 31, 2023[2]. - Current assets decreased to RMB 1,017.62 million as of June 30, 2024, from RMB 1,281.93 million as of December 31, 2023[2]. - Property, plant, and equipment increased from RMB 180 million to RMB 202 million, driven by the expansion of hardware for market growth[41]. - Inventory decreased from RMB 401 million to RMB 282 million, reflecting effective inventory management[42]. - Cash and cash equivalents decreased from RMB 8,915 million to RMB 5,478 million, mainly due to purchases of financial assets[47]. Research and Development - The company continues to enhance its R&D capabilities in myopia prevention, positioning itself with a competitive advantage in the market[6]. - Research and development expenses decreased by 13.3% from RMB 565 million to RMB 490 million, attributed to streamlined R&D processes[35]. - The company has published over 20 papers in prestigious scientific journals and conferences, demonstrating the high performance of its products[17]. - The company has obtained 20 new patents during the reporting period, bringing the total to 258 patents, including 122 inventions[18]. Market Expansion - The company aims to expand its presence in overseas markets, including Malaysia, Singapore, Thailand, UAE, and South Africa, with expected gradual increases in sales from these new markets[28]. - Overseas revenue amounted to RMB 4.6 million, accounting for 4.9% of total revenue during the reporting period, reflecting progress in international market expansion[24]. - The company has deployed its AI solutions in over 296 health check centers, with some centers achieving a repurchase rate of over 50%[21]. Product Development - The company has developed a comprehensive AI product matrix for retinal diagnosis and treatment, including AI for retinal imaging, myopia prevention, and visual training[6]. - The AI retinal imaging recognition product has received approval as the first Class III AI diagnostic product from the National Medical Products Administration in China[16]. - The company’s core product, Airdoc-AIFUNDUS, is a leading AI software as a medical device (SaMD) for assisting in diabetic retinopathy diagnosis, with multiple versions in development[10]. - The AI-FUNDUSCAMERA series aims to address existing pain points in retinal imaging while reducing costs through AI-driven technology[12]. Employee and Operational Management - Total employee compensation for the six months ended June 30, 2024, amounted to RMB 102.9 million[61]. - The company has 254 full-time employees as of June 30, 2024[61]. - The company has adopted a share incentive plan to motivate employees as of January 13, 2023[61]. - The group recognized a total employee benefit expense of RMB 102,861,000 for the six months ended June 30, 2024, compared to RMB 98,053,000 in 2023, representing a 4.5% increase[76]. Compliance and Risk Management - The company has maintained compliance with relevant laws and regulations in its operations in China and Hong Kong[57]. - The company has implemented foreign exchange risk monitoring policies to address potential currency risks[60]. - The group emphasizes strict management measures to ensure the safety and effectiveness of its medical devices[92].

Financial Performance - During the Reporting Period, the company recorded revenue of RMB75.0 million from Airdoc Eye Health, representing a year-over-year increase of 113.5% in the number of service sites covered, reaching 1,986[15]. - Revenue increased by 79.5% from RMB113.7 million in 2022 to RMB204.0 million in 2023, driven by a 200.0% increase in Airdoc Medical and a 71.9% growth in Airdoc Eye Health[48]. - The company recorded a loss of RMB145.7 million for the year ended December 31, 2023, a 20.3% reduction compared to a loss of RMB182.7 million in 2022[29]. - The gross profit for 2023 was RMB 125,133,000, compared to RMB 55,852,000 in 2022, indicating a growth of approximately 124.4%[196]. - The company reported a loss before tax of RMB 145,859,000 in 2023, an improvement from a loss of RMB 182,740,000 in 2022, narrowing the loss by approximately 20.2%[196]. Research and Development - The company was granted 87 new patents during the Reporting Period, bringing the total to 230 patents, including 108 inventions[7]. - R&D expenses decreased by 11.1% from RMB125.6 million in 2022 to RMB111.6 million in 2023, primarily due to a reduction in share-based payments[24]. - The company plans to continue investing in R&D and accelerate product innovation to lead high-quality development with technology[179]. Sales and Marketing - The company has developed a flexible and multi-channel sales and marketing strategy to cover various commercialization pathways in healthcare settings[8]. - The company’s AI-based software solutions generated significant revenue from medical institutions, including hospitals and community clinics, alongside hardware sales[20]. - The company is focused on expanding its market coverage beyond clinical departments to primary healthcare institutions and consumer health environments[183]. Corporate Governance - The Company has adopted the Corporate Governance Code to enhance management and protect shareholder interests[79]. - The Board consists of four executive Directors, including Mr. Zhang, and three independent non-executive Directors, ensuring a strong independent element in its composition[80]. - The Company emphasizes the importance of good corporate governance to enhance management and protect overall shareholder interests[79]. Product Development and Innovation - Airdoc achieved significant progress in product development, with Airdoc-AIFUNDUS (1.0) receiving certification under the European Union Medical Device Regulation (CE MDR)[148]. - The AI-FUNDUSCAMERA-P and myopia treatment products received international gold awards, recognizing the company's technological innovation capabilities[148]. - The proprietary AI-empowered retina-based deep algorithm platform positions the company as a leader in early detection and diagnosis solutions in China[183]. Market Expansion and Customer Engagement - The company provided services to 6.83 million patients, identifying 31,459 significant positive cases through AI retinal monitoring, contributing to early detection of severe conditions[178]. - The company aims to address the needs for eye health evaluation and myopia control, particularly for the younger generation, through its Airdoc Eye Health solutions[15]. - The company’s brand is highly regarded by medical experts, contributing to its growth in customer numbers and unit prices in 2023[199]. Financial Position - As of December 31, 2023, the company's current assets were RMB1,281.9 million, including cash and cash equivalents of RMB891.5 million[61]. - Current liabilities as of December 31, 2023, amounted to RMB110.2 million, with trade payables of RMB17.5 million and contract liabilities of RMB23.7 million[61]. - Non-current assets increased significantly to RMB 402,985,000 in 2023 from RMB 64,137,000 in 2022, reflecting a growth of approximately 528.5%[196].

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Financial Performance - Revenue increased from RMB 113.7 million in 2022 to RMB 204.0 million in 2023, marking a growth rate of 79.5%[11]. - The company reported a pre-tax loss of RMB 145.859 million in 2023, an improvement from a loss of RMB 182.740 million in 2022[20]. - The annual loss attributable to equity holders of the parent was RMB 132,533,000, compared to RMB 180,003,000 in the previous year, indicating a decrease in losses[171]. - Gross profit for the same period was RMB 125,133,000, up from RMB 55,852,000, reflecting a significant improvement in profitability[171]. - The total comprehensive loss for the year ended December 31, 2023, was RMB 146,824,000, compared to RMB 182,730,000 in 2022, indicating an improvement[198]. Customer and Market Growth - The number of customers grew to 673, representing a year-on-year increase of 69.5%[4]. - The company’s active service points increased from 2,371 to 5,671, reflecting a strategic expansion in service delivery[11]. - The number of active coverage points for Airdoc-AIFUNDUS (1.0) in hospitals reached 276, a year-on-year increase of 527.3%, with testing frequency reaching 242,000, up 197.5%[53]. - The number of active grassroots medical institution points for Airdoc-AIFUNDUS (1.0) reached 1,221, a year-on-year increase of 1,271.9%, with testing frequency reaching 635,000, up 640.2%[21]. Product Development and Innovation - The company expanded its product portfolio to include myopia prevention AI products and visual training AI products, with usage reaching 890,300 times for myopia prevention and 918,400 training sessions for visual training[5]. - The company participated in the development of an expert consensus on assessing cardiovascular disease risk using AI technology based on fundus images, highlighting its innovative approach in the field[7]. - Airdoc-AIFUNDUS (1.0) received CE MDR certification in 2023, allowing entry into 27 EU member states, including Belgium, Germany, Italy, and France[28]. - The company has developed three self-owned retinal cameras that integrate AI technology, providing a comprehensive healthcare solution combining hardware and software[38]. Research and Development - Eight papers were accepted at the MICCAI 2023 conference, including one oral presentation, highlighting the company's research contributions in medical image analysis[25]. - The company developed a deep learning model for screening hyperthyroidism, marking a global first in non-invasive diagnosis using retinal imaging[74]. - The AI algorithm model developed by the company demonstrated excellent performance, with an AUC of 0.976 in internal validation and 0.86 in external validation among the elderly population[71]. - Research and development expenses decreased to RMB 111,642,000 from RMB 125,594,000, showing a reduction of 11.1%[171]. Financial Position and Assets - The company’s non-current assets increased significantly to RMB 402.985 million in 2023 from RMB 64.137 million in 2022[20]. - The company’s net asset value decreased to RMB 1,557.784 million in 2023 from RMB 1,671.362 million in 2022[20]. - Current assets totaled RMB 1,281.9 million as of December 31, 2023, with cash and cash equivalents at RMB 891.5 million[115]. - Accounts receivable increased from RMB 639 million as of December 31, 2022, to RMB 796 million as of December 31, 2023, due to faster collection from customers[91]. Strategic Initiatives - The company aims to include Airdoc-AIFUNDUS (1.0) in pricing guidelines across most provinces in China, allowing hospitals to charge patients for these services[52]. - The company plans to expand its health risk assessment solutions to include additional risks such as hyperthyroidism and Parkinson's disease[61]. - The company aims to leverage its advanced R&D capabilities to gain a competitive advantage in a market with reduced competition due to stricter regulations[54]. - The company plans to enhance its product offerings by integrating artificial general intelligence (AGI) into its services for improved patient-doctor connectivity[120]. Awards and Recognition - The company’s AI-FUNDUSCAMERA-P and myopia treatment products received special recognition at the Geneva International Invention Exhibition in April 2023, indicating strong global acknowledgment[6]. - The AI-FUNDUSCAMERA-P and myopia treatment products won a "Special Recognition Gold Award" at the Geneva International Exhibition of Inventions in April 2023[28]. Employee and Operational Metrics - As of December 31, 2023, the marketing team consists of 138 members, providing customized support throughout the product lifecycle[51]. - The group has 339 full-time employees as of December 31, 2023, an increase from 275 employees in 2022[160]. - The total salary cost for the group for the year ending December 31, 2023, was RMB 214.1 million, a slight decrease from RMB 216.0 million in 2022[141].

Financial Performance - Revenue increased by 120.6% from RMB37.4 million for the six months ended June 30, 2022, to RMB82.5 million for the six months ended June 30, 2023, driven by a 137% year-over-year increase in Airdoc Medical's business[2] - Gross profit increased from RMB22.1 million for the six months ended June 30, 2022, to RMB51.4 million for the six months ended June 30, 2023, with a gross profit margin rising from 59.0% to 62.3%[9] - Loss decreased significantly from RMB99.7 million for the six months ended June 30, 2022, to RMB41.0 million for the six months ended June 30, 2023[43] - Revenue from Airdoc Medical increased by 137.3% from RMB12.6 million to RMB29.8 million; Airdoc Health revenue increased by 26.0% from RMB17.2 million to RMB21.7 million; Airdoc Eye Health revenue increased by 307% from RMB7.6 million to RMB31.0 million[42] - The company recorded a significant reduction in losses, narrowing from RMB99.7 million to RMB41.0 million, a 58.9% improvement[124] - In the first half of 2023, the company recorded a revenue of RMB 82.5 million, a significant increase from RMB 37.4 million in the same period of 2022, representing a growth of 120.5%[72] Research and Development - R&D expenses decreased by 18.8% from RMB69.6 million for the six months ended June 30, 2022, to RMB56.5 million for the six months ended June 30, 2023[1] - The company continues to invest in R&D of Artificial General Intelligence (AGI) technologies, aiming to incorporate it into their products and services for enhanced disease detection and personalized medical advice[30][32] - R&D expenses include employee benefits, product development, and technical services, reflecting the company's commitment to innovation[98] - Total research and development expenses for the first half of 2023 amounted to RMB56.5 million, down from RMB69.6 million in the same period of 2022[137] Market Expansion and Strategy - The company is preparing for a comprehensive entry into the European market and expects gradual sales increases from new markets including Malaysia, Singapore, Thailand, UAE, and South Africa in 2023[29][32] - Airdoc aims to expand sales channels significantly in 2023, integrating large language model (LLM) technologies into their main service processes to boost sales growth[29][32] - The company plans to launch AI-generated solutions for adolescents to predict myopia conditions and recommend treatment plans, aligning with their strategy from detection to treatment[27][29] - The company plans to introduce new business initiatives by combining diagnosis and treatment services for myopia, strabismus, and amblyopia as part of their future strategy[29][32] Product Development and Innovation - The company initiated the commercialization of two new products in 2023, focusing on AI-empowered optical technologies for myopia prevention[90] - The AI-FUNDUSCAMERA-P is a portable, automatic device that does not require professional operation, having received a Class II medical device certificate in March 2021[189] - The AI-FUNDUSCAMERA-D, launched in July 2022, offers comparable image quality to high-end desktop fundus cameras at significantly lower costs[191] - Airdoc-AIFUNDUS (2.0) aims to assist in the diagnosis of hypertensive retinopathy, retinal vein occlusion, and AMD, with registration approval applied for in Q4 2022[52] Operational Efficiency - The commencement of production at the Changsha factory is expected to provide competitive advantages in cost for the AIFUNDUSCAMERA-P, enabling mass rollout across different sales channels[31][33] - The newly-established production factory in Changsha commenced operations, achieving in-house hardware production and effective cost control[166] - The company is committed to enhancing production capacity and launching next-generation products that are accessible and affordable to everyone[31][33] Customer Engagement and Support - The marketing team has expanded to 103 members, providing customized support throughout the product lifecycle and covering various geographical regions and commercialization channels[66] - A marketing team of 103 members was established by June 30, 2023, to support customized customer service throughout the product lifecycle[197] - The company is working to increase penetration in hospitals while expanding coverage of primary healthcare institutions, which represent a significant portion of medical institutions in China[200] Financial Position and Assets - The total equity attributable to equity shareholders of the company as of June 30, 2023, was RMB 1.64 billion, a slight decrease from RMB 1.67 billion as of December 31, 2022[72] - Cash and cash equivalents decreased to RMB876.4 million as of June 30, 2023, from RMB1,268.3 million as of December 31, 2022, primarily due to the purchase of financial assets and cash usage in ordinary business operations[148] - Financial assets at fair value through profit or loss increased from RMB126.2 million to RMB343.3 million, indicating enhanced cash utilization strategies[127] - Trade receivables increased to RMB80.8 million as of June 30, 2023, from RMB63.9 million as of December 31, 2022, in line with significant revenue growth[144] Health Impact and Solutions - Airdoc's health risk assessment solutions focus on retinal conditions and eye diseases, addressing the needs for eye health evaluation and myopia control for the younger generation[27][28] - The company aims to address the healthcare needs of chronic disease early detection and diagnosis through its AI-empowered retina-based solutions, which have broad applications across multiple healthcare scenarios[65] - The health risk assessment solutions currently cover 55 types of lesions and disease risks, with plans to expand to include conditions such as hyperthyroidism and dementia[187] - The company has partnered with Peking University to explore early detection of dementia using its AI-empowered fundus camera, which is expected to lower medical costs and alleviate social burdens[63]