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].

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 北京鷹瞳科技發展股份有限公司(「本公司」) (於中華人民共和國註冊成立的股份有限责任公司) 呈交日期： 2024年12月9日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 H | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02251 | 說明 H股 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | 事件 | | 已發行股份 ...

表格類別： 股票 狀態： 新提交 公司名稱： 北京鷹瞳科技發展股份有限公司(「本公司」) (於中華人民共和國註冊成立的股份有限责任公司) 呈交日期： 2024年12月6日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 H | | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02251 | 說明 H股 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 第 1 頁 共 7 頁 v 1.3.0 公司名稱： 北京鷹瞳科技發展股份有限公司(「本公司」) (於中華人民共和國註冊成立的股份有限责任公司) 呈交日期： 2024年12月6日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02251 | 說明 | H股 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份） ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 北京鷹瞳科技發展股份有限公司(「本公司」) (於中華人民共和國註冊成立的股份有限公司) 呈交日期： 2024年12月2日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 若股份曾以超過一個每股價格發行/出售/購回/贖回，則須提供每股成交量加權平均價格。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02251 | 說明 | H股 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | ...

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].

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 93,710,000, an increase of 13.4% compared to RMB 82,502,000 for the same period in 2023[7]. - Gross profit for the same period was RMB 53,756,000, up from RMB 51,364,000, reflecting a gross margin improvement[7]. - Loss before tax increased to RMB 82,730,000, compared to RMB 40,529,000 in the prior year, indicating a significant rise in operational challenges[7]. - Loss for the period was RMB 81,488,000, compared to RMB 41,017,000 in 2023, highlighting ongoing financial difficulties[7]. - Basic and diluted loss per share was RMB (0.79), worsening from RMB (0.36) in the previous year[7]. - Total comprehensive loss for the period was RMB 82,055,000, compared to RMB 42,217,000 in the same period last year, indicating worsening financial performance[185]. - The company reported a loss for the period of RMB 80,502,000 for the six months ended June 30, 2024, compared to a loss of RMB 40,529,000 for the same period in 2023, reflecting an increase in losses of approximately 98.5%[190]. Assets and Liabilities - Non-current assets increased to RMB 529,749,000 from RMB 402,985,000, indicating growth in long-term investments[7]. - Current assets decreased to RMB 1,017,620,000 from RMB 1,281,927,000, suggesting a reduction in short-term liquidity[7]. - Current liabilities decreased to RMB 61,791,000 from RMB 110,237,000, reflecting improved short-term financial management[7]. - Total equity attributable to equity shareholders was RMB 1,455,242,000, down from RMB 1,540,383,000, indicating a decline in shareholder value[7]. - The net assets of the company as of June 30, 2024, were RMB 1,471,627,000, down from RMB 1,557,784,000 at the end of 2023, indicating a decline of about 5.5%[63]. - The company recorded an impairment of trade receivables amounting to approximately RMB 24.7 million for the six months ended June 30, 2024, mainly related to a loss allowance for a contract of sales of laser myopia treatment devices[31]. Revenue Streams - Revenue from Airdoc Medical rose from RMB 29.8 million to RMB 36.5 million, with a growth rate of 22.1%[15]. - Revenue from Airdoc Eye Health increased from RMB 31.0 million to RMB 38.0 million, achieving a growth rate of 22.7%[15]. - Revenue from the sale of Airdoc-AIFUNDUS (1.0) retinal cameras amounted to RMB 36.5 million, an increase of 22.1% compared to the same period last year[54]. - Revenue from Airdoc Eye Health during the Reporting Period was RMB 38.0 million[62]. Research and Development - The company has developed an integrated solution combining AI-based software and hardware for retinal detection and health risk assessment[16]. - AI-empowered treatment products for myopia, strabismus, and amblyopia have been launched, providing a one-stop solution from detection to treatment[11]. - The company plans to expand its health risk assessment solutions to cover additional health risks beyond the current offerings[30]. - Continued investment in R&D for GenAI-related technologies is planned, with strategies to incorporate GenAI into auxiliary diagnosis and personalized medical advice[68]. - R&D expenses decreased by 13.3% from RMB 56.5 million for the six months ended June 30, 2023, to RMB 49.0 million for the six months ended June 30, 2024[80]. Market Expansion and Strategy - The company aims to expand its market coverage beyond hospitals to primary healthcare institutions and consumer health environments[11]. - The company is preparing for comprehensive entry into overseas markets, including Malaysia, Singapore, Thailand, the United Arab Emirates, and South Africa, expecting gradual sales increases in these new markets[68]. - Airdoc aims to establish an AI visual training digital therapy using its in-house developed AI eye movement technology, creating a competitive advantage in ophthalmic visual health[43]. Corporate Governance - The Company has adopted the Corporate Governance Code and believes it has complied with all applicable provisions for the Reporting Period, except for the separation of roles between chairman and chief executive officer[127]. - The Company is in the process of identifying a suitable candidate to fill the vacancy of independent non-executive Director following the resignation of Mr. Albert Ng[129]. - The Board comprises four executive Directors and three independent non-executive Directors, ensuring a strong independent element in its composition as of June 30, 2024[128]. Shareholder Information - As of June 30, 2024, Mr. Zhang holds 9,109,466 H Shares, representing 17.05% of the relevant class of Shares[111]. - The total number of H Shares held by Mr. Zhang, including interests in controlled corporations, is 1,371,845, which is 2.57% of the relevant class of Shares[111]. - The Company did not purchase, sell, or redeem any listed securities during the six months ended June 30, 2024[151]. Compliance and Risk Management - The Group has complied with relevant laws and regulations that significantly impact its business operations during the Reporting Period[132]. - The company is focused on ensuring accurate financial reporting in accordance with the latest amendments[199]. - The company is actively monitoring the impact of these amendments on its financial position[200].

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].

证 券 研 究 报 告 请务必阅读免责条款 一般声明 特别声明 分析员声明 国元国际控股有限公司 香港中环康乐广场 8 号交易广场三期 17 楼 电话：(852)37696888 传真：(852)37696999 服务热线：400-888-1313 公司网址：http://www.gyzq.com.hk | --- | --- | |---------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...