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].

Group 1 - The company announced changes to its nomination committee effective from October 28, 2025 [1] - Independent non-executive director Mr. Li Xiaopei will no longer serve as a member of the nomination committee [1] - Independent non-executive director Ms. Liang Jihong has been appointed as a member of the nomination committee [1]

Group 1 - The company Yonghe Medical (02279.HK) announced changes in its nomination committee, with independent non-executive director Mr. Li Xiaopei stepping down and Ms. Liang Jihong being appointed as a member [1] - As of October 28, 2025, Yonghe Medical's stock closed at HKD 2.03, up 0.49%, with a trading volume of 138,500 shares and a turnover of HKD 278,000 [1] - The stock has low attention from investment banks, with no ratings given in the past 90 days [1] Group 2 - Yonghe Medical has a market capitalization of HKD 1.061 billion, ranking 24th in the medical services II industry [1] - Key financial metrics for Yonghe Medical compared to the industry average are as follows: - ROE: -7.3% vs. 0.02% (rank 40) - Market capitalization: HKD 1.061 billion vs. HKD 8.115 billion (rank 24) - Revenue: HKD 1.766 billion vs. HKD 3.832 billion (rank 18) - Net profit margin: 3.23% vs. -843.36% (rank 34) - Gross profit margin: 63.88% vs. 39.76% (rank 12) - Debt ratio: 54.06% vs. 74.15% (rank 36) [1]

Core Viewpoint - Yonghe Medical (02279.HK) announced changes to its nomination committee effective October 28, 2025, with specific changes in membership [1] Group 1 - Independent non-executive director Li Xiaopei will no longer serve as a member of the nomination committee [1] - Independent non-executive director Liang Jihong has been appointed as a member of the nomination committee [1] - Following these changes, the nomination committee will consist of three members: Zhang Yu (Chairman), Chen Bingjun, and Liang Jihong [1]

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） 提名委員會職權範圍 1.1 提名委員會旨在物色、考慮及向董事會推薦合適人選出任本公司董事、 制定提名指引及向董事會提供建議，惟須符合任何適用法律、法規及上 市標準。 2. 組成 3. 會議 1 2.1 提名委員會由董事會不時委任，並須由不少於三名成員組成，當中包括 至少一名不同性別的董事，其中大多數成員須為本公司獨立非執行董事。 2.2 董事會須委任提名委員會的一名成員（須為董事會主席或本公司獨立非 執行董事）擔任主席（「主席」）。 3.1 除本職權範圍另有指明外，本公司組織章程細則（「細則」）（經不時修訂） 所載有關規範董事會議及議事程序的規定，適用於提名委員會會議及議 事程序。 3.2 提名委員會成員可親身出席提名委員會會議，亦可透過其他電子通訊方 式或成員協定的其他方式參與會議。 3.3 提名委員會須每年最少舉行一次會議，倘有需要時亦可加開會議。 2 3.4 提名委員會成員委任的替任人可於提名委員會會議上代表該成員。 3.5 主席負責領導提名委員會，包括安排會議時 ...

Group 1 - The company Yonghe Medical (02279) announced changes to its nomination committee effective from October 28, 2025 [1] - Independent non-executive director Mr. Li Xiaopei will no longer serve as a member of the nomination committee [1] - Independent non-executive director Ms. Liang Jihong has been appointed as a member of the nomination committee [1]