Group 1 - The core viewpoint of the news is that Yonghe Medical, known as the "first stock in hair transplantation," reported a revenue of RMB 1.805 billion for 2024, reflecting a year-on-year growth of 1.5% compared to 2023 [1] - The net loss for Yonghe Medical narrowed by 58.6% from RMB 550 million in 2023 to RMB 227 million in 2024 [1] - The gross profit for the company reached RMB 1.084 billion, representing an 8.7% increase year-on-year, with a gross margin of 60.1% compared to 56.1% in 2023 [1] Group 2 - Yonghe Medical provides a comprehensive range of hair medical services, including hair transplantation, medical care, routine maintenance, and other supporting services [3] - The total number of patients served by the company exceeded 120,000, with 59,655 patients undergoing hair transplantation, generating RMB 1.33 billion in revenue from hair transplantation services, accounting for 73.7% of total revenue [3] - The hair medical service market in China is experiencing rapid growth, with the market size increasing from RMB 58.29 billion in 2020 to RMB 79.55 billion in 2023, and is projected to reach RMB 116.54 billion by 2028 [3] Group 3 - In 2024, Yonghe Medical optimized its number of hair transplant clinics from 75 to 66 and reduced the number of independent stores from 13 to 8 [3] - The company explained that the optimization of the store network involved strategically closing and consolidating inefficient stores, reallocating resources to core locations, which significantly improved operational efficiency [3] - This strategic move not only enhanced the overall robustness of the business but also ensured effective resource utilization, further solidifying the company's competitive advantage in the market [3]

在近日国务院办公厅发布的《提振消费专项行动方案》中明确，将通过城乡居民增收促进、消费能力保 障支持等措施释放居民医疗消费潜力。 其中，消费医疗作为可选消费的重要分支，受益于居民健康意识增强及支付能力提升，需求端有望持续 修复。政策支持下，民营医疗机构、高端医疗器械等细分领域或迎来扩容机遇。 因此，对于那些长期受到市场折价困扰的相关企业，当下正是一个估值重塑的关键节点，恰逢如今又是 新一轮的财报季，给了投资者一个良好的观察窗口。 3月27日，雍禾医疗(2279.HK)发布2024年全年财报，从这份财报中，我们或许能够探寻到关于其真实价 值的草蛇灰线。 一、盈利能力显著提升，实现全面高质量增长 2024年，尽管面临宏观经济波动与消费需求的调整，雍禾医疗于报告期内仍然实现收入18.05亿元（人 民币，下同），同比增长1.5%。 最主要的是，盈利数据持续向好。2024年，雍禾医疗净亏损为2.27亿元，对比2023年的5.47亿元，大幅 收窄；EBITDA为1.41亿元，去年同期为1.84亿元。同时，公司毛利润达到了10.84亿元，同比增长 8.7%，对应毛利率为60.1%，较去年同期提升4个百分点。 专业性是雍禾医疗 ...

Financial Performance - The company's revenue increased by 1.5% from RMB 1,777.3 million for the year ended December 31, 2023, to RMB 1,804.5 million for the year ended December 31, 2024[2]. - Gross profit rose by 8.7% from RMB 997.2 million in 2023 to RMB 1,084.2 million in 2024, with a gross margin improvement from 56.1% to 60.1%[2]. - Net loss narrowed by 58.6% from RMB 546.7 million in 2023 to RMB 226.6 million in 2024[2]. - The company recorded a loss before interest, tax, depreciation, and amortization of RMB 183.6 million in 2023, turning to a profit of RMB 141.0 million in 2024[2]. - Basic loss per share improved from RMB 1.08 in 2023 to RMB 0.45 in 2024[3]. - The group reported a total comprehensive loss of RMB 226.6 million for the year ended December 31, 2024, compared to RMB 546.7 million in 2023[6]. - The adjusted EBITDA for 2024 was RMB 141.0 million, a significant improvement from an adjusted EBITDA loss of RMB 183.6 million in 2023, reflecting a year-on-year increase of RMB 324.6 million[73]. - Net loss decreased from RMB 546.7 million in 2023 to RMB 226.6 million in 2024, with the net loss margin improving from 30.8% to 12.6%[77]. Assets and Liabilities - Total assets decreased from RMB 2,444.6 million in 2023 to RMB 1,726.2 million in 2024[7]. - Total liabilities decreased from RMB 1,502.3 million in 2023 to RMB 1,012.4 million in 2024[8]. - The company's total debt decreased to RMB 667.1 million as of December 31, 2024, from RMB 1,095.6 million in 2023[85]. - The capital debt ratio as of December 31, 2024, was 7.0%, down from 16.2% in 2023[93]. Revenue Breakdown - Revenue from hair transplant medical services was RMB 1,330,693,000 in 2024, a slight decrease of 1.7% from RMB 1,354,191,000 in 2023[21]. - Revenue from hair transplant medical services accounted for 73.7% of total revenue in 2024, amounting to RMB 1,330.7 million, down from 76.2% in 2023[63]. - Revenue from medical maintenance services increased to RMB 445.8 million in 2024, representing 24.7% of total revenue, up from 21.8% in 2023[63]. - Revenue from medical rehabilitation services increased by 14.8% to RMB 445.8 million in 2024, driven by a 17.0% increase in per capita spending, despite a 1.9% decrease in the number of patients[65]. Operational Efficiency - The company operated 66 hair transplant medical institutions across 63 cities in China as of December 31, 2024, down from 75 institutions in 2023[38]. - The company strategically closed and integrated inefficient stores, enhancing operational efficiency and resource allocation[39]. - Total costs for the year 2024 were RMB 720.3 million, down 7.7% from RMB 780.1 million in 2023, with employee costs decreasing due to store closures and optimization of the medical team structure[67]. - General and administrative expenses decreased to RMB 285.3 million in 2024 from RMB 374.3 million in 2023, attributed to improved management efficiency and organizational restructuring[71]. - Sales and marketing expenses for 2024 were RMB 902.4 million, down from RMB 1,044.4 million in 2023, primarily due to optimized resource allocation and refined marketing strategies[72]. Patient Services - The number of patients receiving hair transplant services was 59,655, with an average spending of RMB 22,306 per patient, reflecting a 16.3% increase in the number of patients using the "Yongxiang" service compared to the previous year[42][43]. - The number of hair transplant patients decreased from 61,071 in 2023 to 59,655 in 2024, while the average spending per patient increased from RMB 22,174 to RMB 22,306[64]. - The company’s medical maintenance service revenue was RMB 445.8 million, representing 24.7% of total revenue, with an average spending of RMB 5,773 per patient, a 17.0% increase from RMB 4,934 in 2023[44][46]. - The repurchase rate for medical maintenance services increased to 28.4% from 23.4% in the previous year[46]. Research and Development - Research and development expenses decreased from RMB 29.3 million in 2023 to RMB 21.3 million in 2024[5]. - The company plans to enhance its one-stop hair treatment capabilities and optimize female department construction to meet the growing demand in the female market[57]. - The company aims to improve operational efficiency and medical service capabilities through digitalization and intelligent applications, targeting a more personalized service experience[60]. - The introduction of new medical care products for early-stage hair loss patients is expected to reduce treatment cycles and enhance customer satisfaction[57]. Digital Transformation and Innovation - The company completed its digital transformation in 2024, focusing on data-driven and intelligent collaboration to enhance operational efficiency and customer experience[53]. - The proprietary chain medical system "He Fan" was fully implemented, achieving a closed-loop management of five key processes, which greatly improved operational efficiency[54]. - The introduction of an AI-driven hair health self-assessment tool significantly improved user conversion rates, showcasing the effectiveness of digital marketing strategies[51]. Corporate Governance - The company has established an audit committee to oversee financial reporting and internal controls[110]. - The audit committee reviewed the consolidated financial statements for the year ended December 31, 2024, ensuring compliance with applicable accounting standards[111]. - The company adheres to the corporate governance code as per the listing rules[114]. - The board of directors includes both executive and independent non-executive members[116]. Shareholder Information - The board has decided not to declare any dividends for the year ended December 31, 2024[4]. - The company did not declare any final dividend for the year ended December 31, 2024[96]. - The company issued 94,424,000 shares at HKD 15.80 each during the global offering, raising a net amount of approximately HKD 1,526.2 million after deducting underwriting fees and expenses[103]. - The board believes that the changes in the use of proceeds will enhance the company's profitability and align with the interests of shareholders[104].

YONGHE 雍禾医疗 YONGHE MEDICAL GROUP CO., LTD. 雍禾醫療集團有限公司 (於開曼群島註冊成立的有限公司) (incorporated in the Cayman Islands with limited liability) 股份代號 Stock Code : 2279 告 Interim Report 目 錄 CONTENTS | --- | --- | |-----------------------------------------------------------------------------------------------|-------| | | | | 公司簡介 Company Profile | 2 | | 公司資料 Corporate Information | 3 | | 財務概要 Financial Summary | 6 | | 管理層討論與分析 Management Discussion and Analysis | 7 | | 企業管治及其他資料 Corporate Governance and Other Information ...

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。 Yonghe Medical Group Co., Ltd. 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） 截至2024年6月30日止六個月中期業績公告 | --- | |-----------------------------------------------------------------------------------------------------------------------------------------| | | | 財務摘要 | | 本集團的收入從截至 2023 年 6 月 30 日止六個月的人民幣 827.8 百萬元增加 截至 2024 年 6 月 30 日止六個月的人民幣 900.2 百萬元。 | | 本集團的毛利從截至 2023 年 6 月 30 日止六個月的人民幣 467.6 百萬元增加 至截至 2024 年 6 月 3 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 YONGHE茶 雍禾医疗 Yonghe Medical Group Co., Ltd. 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) 2023年度報告補充公告及所得款項用途改變 茲提述雍禾醫療集團有限公司（「本公司」，連同其子公司統稱「本集團」）於2024年 4月29日所刊發的截至2023年12月31日止年度的年度報告（「該年報」）。 除文中另有界定外，本公告使用的詞彙與該年報所界定者具有相同涵義。 除該年報所載的資料外，本公司謹此依照上市規則附錄D2第11(8)段及第11A段的 規定，就該年報第53及54頁「全球發售所得款項用途」一段進一步提供以下補充資 料（附加資料以底線標示，以方便參考）。 所得款項用途 | --- | |------------------------------------------------------------------------ ...

| --- | --- | --- | |-----------------------------------------|--------------------------|----------------| | 雍禾医疗（ 增持（维持） | 2279.HK | ）：业绩承压延 | | 所属行业：医疗保健业 / 医疗保健设备和服 | | | | 务 当前价格 ( 港币 ) ： 1.15 元 | 续，关注龙头品牌长期价值 | | 投资要点 证券分析师 -86% -69% -51% -34% -17% 0% 17% 雍禾医疗 恒生指数 | --- | --- | --- | --- | --- | |-------------------------------------|-----------------|-------|-----------------|---------------| | -103% 2023-03 \n恒 生 指 数 对 比 | 2023-07 \n1M | | 2023-11 \n2M | 3M | | 绝对涨幅 (%) 相对涨幅 (%) | -46.70 -44.33 | | ...

Financial Performance - For the fiscal year ended December 31, 2023, the revenue from hair transplant services was RMB 1,354.2 million, an increase of 31.4% compared to the previous year[20]. - Total revenue for the year ended December 31, 2023, was RMB 1,777.3 million, with a gross profit of RMB 997.2 million, resulting in a gross margin of 56.1%[20]. - The group’s revenue for 2023 was RMB 1,777.3 million, a 25.8% increase from RMB 1,412.8 million in 2022[80]. - Gross profit for 2023 was RMB 997.2 million, representing a 14.3% increase from RMB 872.6 million in 2022, with a gross margin of 56.1%[86]. - The company reported a loss attributable to equity holders of RMB 546.394 million for the year ended December 31, 2023, compared to a loss of RMB 85.858 million in the previous year[60]. - The net loss for the group increased from RMB 85.9 million in 2022 to RMB 546.7 million in 2023, with the net loss margin rising from 6.1% to 30.8%[106]. - Operating loss for the year was RMB (531,750), compared to RMB (161,621) in the previous year, reflecting a significant increase in losses[192]. - The total comprehensive loss for the year attributable to equity holders was RMB (546,442), compared to RMB (86,002) in the previous year[191]. Patient Metrics - The number of patients receiving hair transplant surgeries increased by 55.6% year-on-year, reaching 61,071 patients in 2023[21]. - The number of patients receiving medical care services increased by 24.4% year-on-year, reaching 78,687[55]. - The number of patients receiving services exceeded 130,000 in 2023, marking a 27.2% increase year-on-year[93]. - The number of hair transplant patients increased from 39,254 in 2022 to 61,071 in 2023[150]. Pricing and Revenue Breakdown - The average spending per hair transplant patient decreased by 15.5% to RMB 22,174 due to the implementation of a new pricing model[21]. - Revenue from hair transplant medical services accounted for 76.2% of total revenue, amounting to RMB 1,354.2 million, compared to 72.9% and RMB 1,030.5 million in 2022[81]. - The revenue from medical maintenance services rose by 7.1% to RMB 388.2 million in 2023, with the number of patients increasing by 24.4% to 78,687, and average spending per patient decreasing from RMB 5,731 to RMB 4,934[100]. Operational Changes and Strategies - The company introduced a new "one-price" pricing model for hair transplant services in February 2023, aimed at enhancing transparency and standardization[24]. - The company optimized its patient reception process and upgraded its medical service system to improve efficiency and quality[25]. - The company has expanded its service offerings and pricing range to meet changing market demands, enhancing patient loyalty[26]. - The company has upgraded its development strategy in April 2023, emphasizing personalized medical solutions and enhancing service quality through continuous optimization of medical processes[45]. - The introduction of the "He Fan" core business system has optimized key business processes and improved operational efficiency[68]. - The company aims to improve operational efficiency and patient experience through digital transformation and marketing strategies[68]. Financial Position and Investments - As of December 31, 2023, the group had cash and cash equivalents of RMB 603.2 million, up from RMB 565.1 million in 2022, while total bank borrowings amounted to RMB 152.8 million[107]. - The group’s capital expenditure for 2023 was RMB 171.3 million, a decrease from RMB 243.5 million in 2022[109]. - The company recorded bank borrowings of RMB 152.8 million as of December 31, 2023, with interest rates ranging from 2.6% to 3.4%[133]. - The company plans to utilize HKD 642.6 million (42.1%) for the expansion and upgrading of existing hair transplant medical institutions in China[167]. Governance and Compliance - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2023, confirming compliance with applicable accounting standards and regulations[170]. - The company has adopted standard codes governing securities trading by directors and employees with access to unpublished inside information[165]. - The company is committed to regular reviews of its corporate governance practices to ensure compliance with established codes[164]. Research and Development - A new joint laboratory was established with Peking University People's Hospital in June 2023, focusing on product development and treatment innovation for hair loss diseases[47]. - The company aims to leverage AI technology to optimize surgical planning and enhance user experience, having submitted four patent applications in this area[92]. - The company’s R&D expenses for the year were RMB (374,319), compared to RMB (257,529) in the previous year, showing an increase of approximately 45.3%[192].

Clinic Expansion and Operations - As of June 30, 2023, the total number of hair transplant clinics increased to 72, up from 63 as of December 31, 2022, representing a growth of 14.3%[5] - The number of mature clinics rose to 41 from 37, while start-up clinics increased to 15 from 9, indicating a focus on expanding established operations[5] - The number of hair transplant medical institutions is expected to approach 85 by the end of 2023, indicating continued expansion efforts[41] - The Group operates 72 clinics under the Yonghe Hair Transplant brand in 68 cities nationwide, making it the largest hair-related healthcare clinic chain in China[55] - The Group has established 14 Svenson hair care centers in major cities including Beijing, Shanghai, Guangzhou, and Shenzhen[55] - The Group plans to open nearly 85 hair transplant clinics in China by the end of 2023, focusing on lower-tier cities for broader geographical coverage[103] Financial Performance - Revenue from Mainland China for the first half of 2023 was RMB 825,034,000, up from RMB 743,183,000 in the same period of 2022[30] - For the six months ended June 30, 2023, the company's revenue from contracts with customers was RMB 827.8 million, representing a 10.7% increase from RMB 748.1 million in the same period of 2022[69] - Revenue from hair transplant services for the six months ended June 30, 2023, was RMB 640.8 million, an increase of 15.9% year-on-year, accounting for 77.4% of total revenue[59] - The gross profit for the same period was RMB 467.6 million, with a gross profit margin of 56.5%, down from 64.2% in the previous year[69] - The Group reported a loss before income tax of RMB 256.4 million, compared to a profit of RMB 13.3 million in the prior year[69] - The Group recorded a net loss of RMB 7.4 million, compared to a loss of RMB 1.9 million in the same period of 2022, with losses from the sale of properties amounting to RMB 4.0 million[136] - For the six months ended June 30, 2023, the Group recorded a net loss of RMB226.2 million, a significant decrease from a net profit of RMB17.6 million in the same period of 2022, resulting in a net loss margin of 27.3% compared to a net profit margin of 2.4% in 2022[155] Patient Services and Experience - In February 2023, the company upgraded its pricing strategy to a fixed-price model, enhancing transparency and accommodating diverse patient needs, which is expected to improve conversion efficiency[6][8] - The introduction of the 6S service concept aims to enhance service quality across six areas, improving the overall customer experience[12][13] - The company aims to personalize medical services through the "one-on-one with good doctor" concept, emphasizing tailored care based on individual patient needs[16] - The introduction of 24-hour exclusive butler service and dynamic service process charts at some clinics aims to further enhance user experience[12][15] - The focus on personalized services and medical hair care is expected to drive growth in the customer base, particularly among younger demographics[26] - The Group aims to enhance customer service through a smart quality inspection system for online interactions, expected to significantly improve efficiency[130] Marketing and Brand Strategy - A refined marketing strategy focused on brand value enhancement was implemented, including partnerships with popular variety shows and outdoor advertising campaigns[25] - The "Hair Forest Community Program" was launched in collaboration with Xinhuanet to improve brand communication and user experience[26] - The Group is diversifying its business strategy by enhancing membership value and creating a contextual benefits platform to improve customer loyalty and acquisition channels[113] Research and Development - The establishment of the "Peking University People's Hospital & Yonghe Medical Joint Laboratory for Hair Health" aims to enhance product R&D and treatment solutions for hair loss diseases[24] - The Group collaborates with renowned academic institutions to enhance its diagnostic, therapeutic, and R&D capabilities[48] - The development of the Yonghe Smart Clinic project is ongoing, with plans for pilot validation of 3D model-aided hair transplant solutions[130] Operational Efficiency and Technology - The company has implemented a standardized process for doctor consultations, enhancing operational efficiency and service quality[39] - The company is actively promoting the use of new technologies such as data analytics and intelligent services to improve patient care and operational capabilities[47] - The Group has adopted new technologies, including data analysis and intelligent services, to improve operational efficiency and patient care[48] - The Group plans to launch phase 1 of the "Hefan" business system to enhance clinic reception services and improve operational efficiency[130] Expenses and Liabilities - Employee benefits expenses increased to RMB 399,747, up 33.4% from RMB 299,619 in the same period last year[32] - Promotion and marketing related expenses rose to RMB 345,161, reflecting a 43.1% increase compared to RMB 240,915 in the previous year[32] - The total expenses for the period amounted to RMB 1,046,497, a significant increase from RMB 777,551 in the same period last year[32] - Total liabilities increased to RMB 1,456.9 million from RMB 1,345.1 million in the previous year[69] - The Group's inventories as of June 30, 2023, were RMB 91.2 million, an increase from RMB 88.1 million at the end of 2022[102] Capital Expenditures and Financial Position - Capital expenditures for the six months ended June 30, 2023, were RMB107.6 million, an increase from RMB101.2 million in the same period of 2022, reflecting the Group's business expansion[182] - As of June 30, 2023, the Group had cash and cash equivalents and term deposits totaling RMB632.7 million, down from RMB978.0 million as of December 31, 2022, with no bank borrowings reported[165] - Lease liabilities amounted to RMB1,073.6 million as of June 30, 2023, slightly up from RMB1,035.6 million as of December 31, 2022[186]

Financial Performance - Revenue from customer contracts for the six months ended June 30, 2023, was RMB 827,807 thousand, an increase of 10.6% from RMB 748,137 thousand in the same period of 2022[2] - Gross profit for the six months ended June 30, 2023, was RMB 467,598 thousand, a decrease of 2.5% compared to RMB 480,496 thousand in the prior year[2] - Operating loss for the six months ended June 30, 2023, was RMB 225,132 thousand, significantly higher than the operating loss of RMB 23,421 thousand in the same period of 2022[2] - Net loss for the six months ended June 30, 2023, was RMB 226,191 thousand, compared to a profit of RMB 17,629 thousand in the same period of 2022[2] - Basic loss per share for the six months ended June 30, 2023, was RMB (0.44), a decline from RMB 0.03 in the same period of 2022[2] - Total expenses for the six months ended June 30, 2023, were RMB 1,046.5 million, compared to RMB 777.6 million in the same period of 2022[32] - The company reported a net loss of RMB 226.2 million for the six months ended June 30, 2023, compared to a net profit of RMB 17.6 million in the same period of 2022, resulting in a net loss margin of 27.3%[107] - The board has decided not to declare any interim dividend for the six months ended June 30, 2023[155] Revenue Breakdown - Revenue from hair transplant medical services was RMB 640,798 thousand, up 15.8% from RMB 553,144 thousand in the same period of 2022[9] - Revenue from medical maintenance services was RMB 171,684 thousand, down 8.5% from RMB 187,628 thousand in the same period of 2022[9] - The hair transplant business generated revenue of RMB 640.8 million, representing a 15.9% increase year-over-year, accounting for 77.4% of total revenue[53] - The medical maintenance service segment generated revenue of RMB 171,684 thousand, accounting for 20.7% of total revenue, with a gross profit margin of 45.1%[72] - Revenue from hair transplant medical services was RMB 640.8 million, up 15.9% from RMB 553.1 million in the same period of 2022, driven by a 34.6% increase in patient numbers[119] Operational Metrics - Employee benefits expenses amounted to RMB 399.7 million, while promotional and marketing expenses were RMB 345.2 million for the six months ended June 30, 2023[32] - As of June 30, 2023, the company employed 1,657 professionals, an increase of 38.3% from 1,198 in the same period of 2022, including 372 doctors and 1,167 nurses[62] - The number of patients receiving hair transplant surgeries increased by 34.6% year-on-year, reaching 28,304 patients in the first half of 2023[73] - The average spending per medical maintenance patient decreased to RMB 4,212 in the first half of 2023 from RMB 4,886 in the same period of 2022[75] Assets and Liabilities - Total equity as of June 30, 2023, was RMB 1,268,548 thousand, down from RMB 1,585,310 thousand as of December 31, 2022[3] - Cash and cash equivalents as of June 30, 2023, were RMB 632.7 million, down from RMB 978.0 million as of December 31, 2022, indicating a decrease in liquidity[108] - The group's total inventory as of June 30, 2023, was RMB 912 million, compared to RMB 881 million as of December 31, 2022[128] - The group reported trade and other payables of RMB 210.6 million as of June 30, 2023, compared to RMB 144.1 million as of December 31, 2022[144] Strategic Initiatives - The company introduced a new service model called "6S service concept" to enhance user experience and service quality[59] - The company has initiated a project called "Yonghe Appraisal Officer" to gather user feedback on service quality across various service stages[61] - The company aims to enhance the quality of hair medical services by personalizing and professionalizing medical solutions based on individual patient needs[61] - The company opened 9 new hair transplant clinics in second and third-tier cities, expanding its geographical coverage to regions like Ningxia and Qinghai[76] - The group aims to expand its network of hair transplant medical institutions to nearly 85 locations by the end of 2023, focusing on lower-tier cities and enhancing coverage in first and new first-tier cities[87] - The group plans to enhance its medical and health services by introducing a wider range of products and services under the Shiyunsun brand, aiming for a more customized hair health management service[87] Research and Development - The group has established a joint laboratory with Peking University People's Hospital to advance research and innovation in hair loss treatment[82] - The group is focusing on digital technology innovations to enhance operational efficiency and patient experience, including the development of AI-driven aesthetic assessment tools[85] - The company is advancing its intelligent clinic project, aiming to implement 3D model-assisted hair transplant design and AI-assisted hair loss detection algorithms[116] Market Outlook - The hair medical service market in China is projected to grow from RMB 18.4 billion in 2020 to RMB 138.1 billion by 2030, with a compound annual growth rate of 22.3%[66] - The group is implementing a refined marketing strategy targeting the growing female customer base and increasing awareness of hair health, resulting in enhanced brand influence and business growth[84] Corporate Governance - The company is committed to maintaining high standards of corporate governance to enhance shareholder value and transparency[156] - There were no significant events after the reporting period that could impact the group[159]