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12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 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 | 本月底法定/註冊股本總額： USD 50, ...

Core Insights - The article discusses the competitive landscape of the hair medical industry in China, highlighting key players and market dynamics [1][5]. Group 1: Competitive Landscape - The Chinese hair medical industry features various competitive factions, with companies like Yonghe Medical, Damaik, and Qingyi focusing on hair transplant medical services, while SanSheng Pharmaceutical, Zhendong Pharmaceutical, and Xianju Pharmaceutical are involved in medical nurturing services [1]. - In the hair transplant sector, the first tier consists of leading national chain brands such as Yonghe Medical, Bilian Sheng, and Damaik, which collectively hold a significant market share and possess nationwide direct chain layouts, mature technology systems, and strong brand recognition [1]. Group 2: Hair Growth Pharmaceuticals - In the hair growth pharmaceuticals market, the first tier includes SanSheng Pharmaceutical, Zhendong Pharmaceutical, and Merck, with the former two holding major shares in the minoxidil market, while Merck is recognized as the original manufacturer of finasteride [5]. - The second tier comprises Xianju Pharmaceutical, Kang En Bei, and Xiamen Meishang Pharmaceutical, which have accelerated the launch of minoxidil and finasteride products in recent years, gaining notable market recognition [5]. Group 3: Sales Performance - In the online pharmacy sector, Zhejiang SanSheng's minoxidil tincture product achieved sales exceeding 1 billion yuan, while Zhendong Anxin's minoxidil lotion surpassed 300 million yuan in sales, and SanSheng's minoxidil foam also exceeded 100 million yuan [9]. - In the offline market during the first quarter of 2025, Zhejiang SanSheng's minoxidil tincture and Zhendong Anxin's minoxidil lotion both recorded sales above 20 million yuan, with market shares of 50.61% and 38.82%, respectively [10]. - The sales ranking for minoxidil products shows Zhejiang SanSheng's minoxidil tincture leading with over 34 million yuan in sales (50.61% market share), followed by Zhendong Anxin's minoxidil lotion with over 26 million yuan (38.82% market share) [11].

Group 1 - The core viewpoint of the article highlights the recognition of Yonghe Medical (2279.HK) as the recipient of the "Annual Information Disclosure Award" at the "Technology Empowerment · Capital Breakthrough" sharing session held by Gelonghui on December 22 [1] - The "Annual Information Disclosure Award" aims to honor companies in the capital market that demonstrate the best information disclosure capabilities, emphasizing the importance of effective communication between enterprises and investors [1] - The award evaluates companies based on the frequency, accuracy, and timeliness of their information disclosure, recognizing those that have achieved significant results in communication, information sharing, and maintaining corporate image [1]

Core Insights - The "Golden Award" annual excellence company selection by Gelonghui will announce its results on December 22, highlighting companies recognized for their outstanding information disclosure capabilities [1][2] - Six companies, including Fuhong Hanlin, Gekewei, CanSino Biologics, TCL Technology, Weishi Jiajie, and Yonghe Medical, received the "Annual Information Disclosure Award" [1] Group 1 - The "Annual Information Disclosure Award" aims to recognize companies with the best information disclosure practices in the capital market [1] - Effective information disclosure serves as a bridge between companies and investors, enhancing mutual understanding and promoting better development paths for enterprises [1] - The evaluation criteria for the award include frequency, accuracy, and timeliness of information disclosure, with results derived from quantitative data analysis and expert review [1] Group 2 - Gelonghui's selection process aims to create a valuable reference list of listed companies and unicorns, covering all companies listed on major exchanges including HKEX, SSE, SZSE, NYSE, and NASDAQ [2]

Group 1 - The core viewpoint of the news is that southbound funds have reduced their holdings in Yonghe Medical (02279.HK) by 5,000 shares on December 9, with a total net reduction of 47,000 shares over the past five trading days and 513,500 shares over the past 20 trading days [1] - As of now, southbound funds hold 16.412 million shares of Yonghe Medical, accounting for 3.12% of the company's total issued ordinary shares [1] Group 2 - 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 professional 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 offer 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 ...

Financial Performance - Yonghe Medical Group reported revenue of RMB 1,688.9 million for the year ended December 31, 2023, with a net loss of RMB 463.1 million[4]. - For the year ending December 31, 2024, Yonghe Medical Group expects revenue to increase to RMB 1,725.9 million, with a projected net loss of RMB 167.3 million[4]. - Chengdu Yonghe reported revenue of RMB 76.8 million for the year ended December 31, 2023, with a net loss of RMB 4.1 million[4]. - For the year ending December 31, 2024, Chengdu Yonghe's revenue is expected to decrease slightly to RMB 75.4 million, with a projected net loss of RMB 2.6 million[4]. Variable Interest Entities - The company has established control over variable interest entities through Beijing Haiyouyou, allowing it to decide on the economic benefits generated[3]. - The service fees from the variable interest entities will be equivalent to the distributable net profits for the specific audited financial year, after deducting any past losses and statutory reserves[3]. Treasury Shares and Capital Management - Yonghe Medical Group plans to utilize treasury shares for various purposes, including employee share schemes and sales, depending on market conditions[5]. - The company emphasizes the importance of capital management in its decision-making regarding treasury shares[5]. Corporate Governance - The board of directors includes key executives such as Chairman Zhang Yu and Executive Directors Zhang Hui and Han Zhi Mei[7]. - The announcement is part of the supplementary information to the annual report for the year ending December 31, 2024, and should be read in conjunction with the annual report[2].

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]