雍禾医疗集团有限公司是一家控股公司，专门从事提供毛发相关医疗服务。该公司提供一站式毛发医疗 服务，涵盖植发医疗、医疗养固、常规养护及其他配套服务。该公司构建了以"雍禾医疗"为核心，由专 业植发品牌"雍禾植发"、医疗养固品牌"史云逊"、女性美学植发品牌"雍禾发之初"，及医学假发品 牌"哈发达"等组成的全产业链品牌矩阵。该公司建立独立的史云逊医学健发中心，为被毛发问题困扰的 患者进行医学检测、诊断与个性化护理治疗，以提供更专业的医疗毛发健康管理服务。该公司主要在中 国国内市场开展业务。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 证券之星消息，12月9日南向资金减持5000.0股雍禾医疗（02279.HK）。近5个交易日中，获南向资金减 持的有5天，累计净减持4.7万股。近20个交易日中，获南向资金减持的有20天，累计净减持51.35万股。 截至目前，南向资金持有雍禾医疗（02279.HK）1641.2万股，占公司已发行普通股的3.12%。 ...

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11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 雍禾醫療集團有限公司 呈交日期: 2025年12月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02279 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | USD | | 0.0000025 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 20,000,000,000 | USD | | 0.0000025 | USD | | 50,000 | 本月底法 ...

Yonghe Medical Group Co., Ltd. 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。 雍禾醫療集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2279） 關於截至2024年12月31日止年度的年度報告的補充公告 茲提述雍禾醫療集團有限公司（「本公司」）於2025年4月29日所刊發的截至2024年 12月31日止年度的年度報告（「2024年年報」）。除文中另有界定外，本公告使用的 詞彙與2024年年報所界定者具有相同涵義。本公告為2024年年報提供補充資料， 並應與2024年年報一併閱讀。 合約安排 除2024年年報所提供的資料外，本公司謹根據香港聯合交易所有限公司證券上市 規則（「上市規則」）第14A.71(4)條提供有關合約安排的以下額外資料。 合約安排分別適用於雍禾投資及成都雍禾的30%及10%股權。因此，本公司已通 過北京海游友取得對可變利益實體的控制權，且本公司可全權酌情決定收取可變 利益實體所產生的絕大部 ...

Core Viewpoint - Southbound funds have reduced their holdings in Yonghe Medical (02279.HK) by 1,000 shares on November 18, 2025, marking a continued trend of net reductions over recent trading days [1] Group 1: Shareholding Changes - In the last 5 trading days, Southbound funds have reduced their holdings for 5 days, with a total net reduction of 41,500 shares [1] - Over the last 20 trading days, Southbound funds have reduced their holdings for all 20 days, with a cumulative net reduction of 842,000 shares [1] - As of now, Southbound funds hold 16.711 million shares of Yonghe Medical, representing 3.17% of the company's total issued ordinary shares [1] Group 2: Company Overview - Yonghe Medical Group Limited is a holding company specializing in hair-related medical services, offering a one-stop solution that includes hair transplant medical services, medical hair care, routine maintenance, and other supporting services [2] - The company has established a brand matrix centered around "Yonghe Medical," which includes professional hair transplant brand "Yonghe Hair Transplant," medical hair care brand "Shiyunxun," female aesthetic hair transplant brand "Yonghe Fazhichu," and medical wig brand "Hafada" [2] - Yonghe Medical operates primarily in the domestic market of China, providing specialized medical hair health management services through its independent Shiyunxun Medical Hair Care Center [2]

Core Viewpoint - Yonghe Medical (02279), known as the "first domestic hair transplant stock," is experiencing a stark divergence between its financial performance and stock price, with a significant drop in share price despite a return to profitability in the first half of 2025 [1][3]. Financial Performance - In the first half of 2025, Yonghe Medical reported a revenue of 862 million RMB, a year-on-year decrease of 4.22%, while achieving a profit of 27.86 million RMB, compared to a loss of 139 million RMB in the same period last year [3][4]. - The gross profit was 550 million RMB, reflecting a 3.9% increase year-on-year, with a gross profit margin of 63.9%, up by 5.1 percentage points from the previous year [3][4]. Business Segmentation - The core hair transplant business generated 662 million RMB in revenue, accounting for 76.8% of total revenue, while the medical hair care segment brought in 188 million RMB, representing 21.8% of total revenue [4][5]. - The number of consumers receiving hair transplant services increased from 29,272 to 33,504, but the average spending per consumer decreased from 22,987 RMB to 19,761 RMB, leading to a decline in overall revenue [5][6]. Cost Management - Despite a slight revenue decline, Yonghe Medical achieved profitability primarily through stringent cost control, with selling and marketing expenses reduced from 463 million RMB to 381 million RMB, and general and administrative expenses decreased from 141 million RMB to 112 million RMB [8][10]. - Employee costs also fell from 120 million RMB to 110 million RMB, attributed to the closure of underperforming stores and optimization of the medical team structure [11]. Market Challenges - The company has faced ongoing challenges, including a series of administrative penalties and consumer complaints, with 13 penalties totaling nearly 400,000 RMB since January 2024, primarily related to medical safety issues [13][14]. - Consumer complaints have also been frequent, involving product quality and contract disputes, indicating potential reputational risks for the company [14][15].

Core Insights - The collaboration between 欧加隆, 京东健康, and 雍禾医疗 aims to create a comprehensive hair health management ecosystem that includes online medication purchasing, health consultations, and offline specialized treatments for hair loss patients [1][3][4] - There is a significant demand for systematic and accessible hair health management in China, with approximately 250 million hair loss patients, particularly among younger demographics [3] - The partnership seeks to leverage each company's strengths in online platforms, digital technology, and professional services to enhance patient care and create a patient-centered service model [3][4] Company Contributions - 欧加隆 provides a comprehensive treatment plan for hair health, including both oral and topical solutions, and aims to connect quality resources and build a health ecosystem [3] - 京东健康 is enhancing its digital healthcare ecosystem by launching specialized hair clinics and offering standardized management services that cover the entire patient journey, from initial assessment to follow-up care [3] - 雍禾医疗 has established a standardized treatment service system in the hair health sector and focuses on innovative techniques for hair loss prevention and treatment [3][4] Industry Trends - The hair health management industry is shifting from traditional hair transplant services to a more diversified, personalized, and technology-driven approach [4] - The collaboration reflects a growing trend in the healthcare industry towards integrated services that combine online and offline resources to improve patient outcomes [3][4]

Core Insights - Southbound funds have reduced their holdings in Yonghe Medical (02279.HK) by 1,000 shares on November 6, 2025, marking a continuous reduction over the past five trading days with a total net reduction of 163,500 shares [1] - Over the last 20 trading days, there has been a total net reduction of 1,128,500 shares, indicating a consistent trend of selling by southbound funds [1] - As of now, southbound funds hold 16,842,500 shares of Yonghe Medical, which represents 3.19% of the company's total issued ordinary shares [1] Shareholding Changes - On November 6, 2025, the total number of shares held was 16,842,500, with a decrease of 1,000 shares, reflecting a change of -0.01% [2] - On November 5, 2025, the total number of shares held was 16,843,500, with a decrease of 82,000 shares, reflecting a change of -0.48% [2] - On November 3, 2025, the total number of shares held was 16,925,500, with a decrease of 10,500 shares, reflecting a change of -0.06% [2] - On October 31, 2025, the total number of shares held was 16,936,000, with a decrease of 28,500 shares, reflecting a change of -0.17% [2] - On October 23, 2025, the total number of shares held was 16,964,500, with a decrease of 41,500 shares, reflecting a change of -0.24% [2] Company Overview - Yonghe Medical Group Limited is a holding company specializing in providing hair-related medical services, offering a one-stop solution that includes hair transplant medical services, medical hair care, routine maintenance, and other supporting services [2] - The company has established a brand matrix centered around "Yonghe Medical," which includes specialized hair transplant brand "Yonghe Hair Transplant," medical hair care brand "Shiyunxun," female aesthetic hair transplant brand "Yonghe Hair Origin," and medical wig brand "Hafada" [2] - Yonghe Medical has set up independent Shiyunxun Medical Hair Care Centers to provide medical testing, diagnosis, and personalized care treatment for patients troubled by hair issues, aiming to deliver more professional medical hair health management services [2]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 雍禾醫療集團有限公司 呈交日期: 2025年11月4日 | 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) | 02279 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | USD | | 0.0000025 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 20,000,000,000 | USD | | 0.0000025 | USD | | 50,000 | 本月底法定/註冊股本總額： USD ...

Core Viewpoint - The leading company in the domestic hair health service industry, Yonghe Medical, is facing significant challenges, including declining revenue, talent loss, ineffective marketing, and stagnation in store expansion, despite the overall industry entering a billion-level blue ocean market [1]. Revenue Performance - In the first half of 2025, Yonghe Medical reported revenue of 862 million yuan, a year-on-year decline of 4.22%, indicating weak growth [1]. - Both core businesses, hair transplant and medical hair care, experienced declines; hair transplant customer numbers increased from 29,000 to 34,000, but average spending per customer fell from approximately 23,000 yuan to 19,800 yuan [1]. - The medical hair care business saw a drop in customer numbers from 49,700 to 44,900, with average spending decreasing from 4,311 yuan to 4,184 yuan, reflecting challenges in customer retention and value extraction [1]. Talent and Marketing Challenges - The company experienced a significant loss of doctors, with the number of doctors decreasing from 350 to 242 by the end of 2024, a drop of over 30%, which undermines service capability and may lead to customer attrition [2]. - Yonghe Medical has struggled with high marketing expenditures, with sales and marketing expenses reaching 381 million yuan in the first half of 2025, representing a high proportion of revenue [2]. - Marketing costs for 2023 and 2024 were 1.044 billion yuan and 902 million yuan, respectively, while revenues were 1.777 billion yuan and 1.804 billion yuan, indicating that nearly half of the revenue is spent on marketing [2]. Store Expansion and Strategic Adjustments - Since its listing in 2021, the number of Yonghe Medical's stores has nearly stagnated, increasing from 54 to 63, with city coverage expanding slowly from 53 to 61 cities [3]. - Starting in 2024, the company ceased expansion into lower-tier cities and focused on optimizing existing stores to improve profitability, but this strategy has limitations due to insufficient store density in high-tier cities [3]. - The company's "Tianwang" internet hospital strategy has struggled due to the high reliance on offline experiences for hair transplant services, making it difficult to establish user trust in lower-tier markets [3]. Conclusion - Yonghe Medical is at a crossroads, needing systemic breakthroughs in marketing efficiency, stabilization of doctor resources, and restructuring of store models to address its growth challenges [4].

Core Insights - The hair health service industry in China is experiencing rapid growth, yet the leading company, Yonghe Medical, is facing a decline in performance, highlighting a stark contrast to the booming market potential [1][4]. Industry Overview - The Chinese hair health market has expanded from 58.29 billion RMB in 2020 to 79.55 billion RMB in 2023, with projections to reach 116.54 billion RMB by 2028 [2]. - The hair transplant market is expected to grow at an annual rate of nearly 30%, with a forecasted market size of over 30.4 billion RMB by 2028 [2]. Market Demand - A significant driver of market growth is the large population suffering from hair loss, which reached 250 million in 2020, with a market penetration rate of only 0.21% for hair transplant surgeries [3]. - The number of hair loss patients is projected to exceed 343 million by 2026, indicating a substantial supply-demand gap [3]. Company Performance Challenges - Yonghe Medical's revenue has declined by 4.22% year-on-year, with a drop in average spending per customer from 22,987 RMB to 19,761 RMB for hair transplant services [5]. - The company has experienced a significant loss of talent, with the number of doctors decreasing from 350 to 242, a drop of over 30% [6]. Marketing and Operational Efficiency - Yonghe Medical has struggled with high marketing costs, spending 3.81 billion RMB in the first half of 2025, which has not translated into effective customer acquisition [9]. - The company has seen stagnation in store expansion, with only a slight increase in the number of medical institutions from 54 to 63 since its IPO [10]. Strategic Directions - The company aims to tap into the low-ticket hair care service market to create a high-frequency consumption model, potentially increasing the revenue share of medical-grade hair care services to over 50% in the next three years [12]. - There is a focus on the female market, with strategies to cater to aesthetic needs and enhance service quality to attract more female customers [14]. - Yonghe Medical plans to address the younger demographic by offering early intervention products for initial hair loss, which could help build long-term customer relationships [15]. - The company is considering price adjustments and subsidies to lower consumer barriers and enhance market penetration [16]. - Optimizing store layouts and marketing strategies is essential to improve operational efficiency and reduce reliance on high-cost traditional marketing [17][18].