Summary of Yonghe Medical Conference Call Company Overview - **Company**: Yonghe Medical - **Industry**: Hair Restoration and Medical Care Key Financial Performance - **2024 Revenue**: RMB 1.805 billion, a 1.5% increase from 2023 [3] - **Gross Profit**: RMB 1.08 billion, an 8.7% increase, with a gross margin of 60.1%, up 4 percentage points from last year [3] - **EBITDA**: Turned from loss to profit at RMB 140 million [3] - **Net Loss**: RMB 227 million, a reduction of 58.6% compared to the previous year [3] - **Hair Transplant Revenue**: RMB 1.33 billion, accounting for 73.7% of total revenue [3] - **Medical Care Revenue**: RMB 450 million, a 14.8% year-on-year increase [3][4] Strategic Shifts and Business Model Transformation - Transitioned from a rapid expansion model (1.0 era) to a focus on efficiency and single-store profitability (2.0 era) [5] - Emphasized customer lifetime value and digital transformation, leading to a 20% reduction in advertising costs while increasing revenue [5][6] - Adjusted branch layout by closing unprofitable locations and focusing resources on high-potential markets [3][10] - Implemented targeted marketing strategies to enhance customer engagement and increase average transaction values [3][10] Market Position and Competitive Strategy - Addressed increased competition in the hair transplant market by introducing tiered pricing and enhancing medical care services [11] - Focused on building a strong brand reputation through content marketing and KOL collaborations [25] - Adopted a transparent pricing strategy to lower service barriers and improve conversion rates [26] Future Growth Directions - Plans to expand into hair care services and develop internet hospitals, with a focus on smaller, more efficient store models [7][12] - Aiming for a balanced growth strategy in both hair transplant and medical care sectors, with a significant focus on the latter as a future growth area [11][21] - Anticipates a stable average transaction price despite market pressures, with a focus on maintaining high service quality [16] Operational Efficiency and Cost Management - Reduced personnel costs from RMB 835 million in 2023 to RMB 723 million in 2024, achieving a significant decrease [31] - Implemented organizational restructuring to enhance efficiency and reduce costs [10][31] - Focused on retaining core talent while streamlining operations to improve overall performance [10] Digital Transformation and AI Integration - Invested heavily in digital transformation and AI applications to enhance service delivery and operational efficiency [28][29] - Launched deep sig technology to improve local business operations and customer engagement [28] - Aimed to create a comprehensive ecosystem through partnerships with upstream manufacturers and technology providers [24] Market Trends and Consumer Behavior - Noted a trend of younger consumers seeking hair restoration solutions, indicating a shift in market demographics [17] - The conversion rate from hair transplant clients to long-term care clients remains above 40% [23] - Anticipated continued growth in both hair transplant and medical care services, driven by evolving consumer needs [16][21] Conclusion Yonghe Medical is strategically positioning itself for sustainable growth by focusing on operational efficiency, digital transformation, and adapting to market trends. The company aims to enhance its service offerings while maintaining a strong financial performance amidst competitive pressures.

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].

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 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） 承董事會命 雍禾醫療集團有限公司 （股份代號：2279） 董事會會議召開日期 雍禾醫療集團有限公司（「本公司」及其附屬公司「本集團」）董事會（「董事會」）茲 通告謹定於2025年3月27日（星期四）舉行董事會會議，以考慮及通過本集團截至 2024年12月31日止的年度全年業績，及派發建議之末期股息（如有），以及處理其 他事項。 張玉 香港，2025年3月17日 於本公告日期，本公司執行董事為張玉先生、張輝先生及韓志梅女士；本公司非 執行董事為耿嘉琦先生；以及本公司獨立非執行董事為梁繼紅女士、陳炳鈞先生 及李小培先生。 董事長 ...

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 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） 內幕消息 虧損減少 本公司股東及潛在投資者於買賣本公司股份時務請審慎行事。 ※附註： 銷售及營銷開支率=銷售及營銷開支除以來自客戶合約的收入 一般及行政開支率=一般及行政開支除以來自客戶合約的收入 承董事會命 雍禾醫療集團有限公司 董事長 本公告乃雍禾醫療集團有限公司（「本公司」，連同其子公司合稱「本集團」）遵照香 港聯合交易所有限公司證券上市規則（「上市規則」）第13.09(2)條及香港法例第571 章證券及期貨條例第XIVA部項下的內幕消息條文（定義見上市規則）而作出。 本公司董事會（「董事會」）謹此知會本公司股東及本公司潛在投資者，根據對本集 團截至2024年12月31日止年度（「該年度」）之未經審核合併管理賬目以及董事會 現時可得資料的初步審閱，本集團於該 ...

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 Medical Group Co., Ltd. 雍禾醫療集團有限公司（「本公司」）董事會（「董事會」）謹此宣佈，由二零二五年 一月十日起，本公司於香港的主要營業地點的地址將由香港九龍觀塘道348號宏 利廣場5樓遷往香港銅鑼灣希慎道33號利園一期19樓1912室。 本公司的電話號碼、傳真號碼及公司網址將維持不變。 承董事會命 雍禾醫療集團有限公司 董事長 張玉 香港，二零二五年一月九日 於本公告日期，本公司執行董事為張玉先生、張輝先生及韓志梅女士；本公司非 執行董事為耿嘉琦先生；及本公司獨立非執行董事為梁繼紅女士、陳炳鈞先生及 李小培先生。 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） 更改香港主要營業地點的地址 ...

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： 雍禾醫療集團有限公司 呈交日期： 2024年12月31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 | 不適用 | | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 02279 | 說明 | | | | | | | | | 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 | | | | | ...

[Company Profile](index=2&type=section&id=Company%20Profile) Yonghe Medical Group is a leading one-stop hair medical service provider in China, expanding its market presence and leveraging technology for industry leadership - The Group is a **leading hair medical service provider** in China, offering **one-stop services** including hair transplantation, medical hair care, routine maintenance, and other related services[2](index=2&type=chunk)[3](index=3&type=chunk) - Through the acquisition of Svenson's mainland China business and Hairmax's Hong Kong business, the Group expanded its operations beyond mainland China[2](index=2&type=chunk)[4](index=4&type=chunk) - Established a joint hair laboratory with Peking University People's Hospital to promote research and application of standardized diagnostic and treatment processes for hair loss diseases[2](index=2&type=chunk)[4](index=4&type=chunk) - Actively promotes the adoption of new technologies such as data application and analysis, artificial intelligence services, and online services to enhance core competitiveness[2](index=2&type=chunk)[5](index=5&type=chunk) [Corporate Information](index=3&type=section&id=Corporate%20Information) This section provides essential corporate details, including board composition, committee members, key contacts, and listing information for Yonghe Medical Group - The Board of Directors comprises **3 executive directors** (including Mr. Zhang Yu, Chairman and CEO), **1 non-executive director**, and **3 independent non-executive directors**[6](index=6&type=chunk) - The Audit Committee is chaired by Mr. Chan Ping Kwan, the Remuneration Committee by Mr. Chan Ping Kwan, and the Nomination Committee by Mr. Zhang Yu[6](index=6&type=chunk) - The Company's stock code is **02279**, listed on the Stock Exchange on **December 13, 2021**[9](index=9&type=chunk) [Financial Highlights](index=6&type=section&id=Financial%20Highlights) Revenue grew 8.7% to RMB 900.2 million, gross profit increased 13.2% to RMB 529.4 million, and net loss significantly narrowed to RMB 138.6 million for the six months ended June 30, 2024 Financial Highlights for the Six Months Ended June 30, 2024 | Metric | June 30, 2024 (RMB '000) | June 30, 2023 (RMB '000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue from contracts with customers | 900,203 | 827,807 | 8.7% | | Gross Profit | 529,437 | 467,598 | 13.2% | | Loss before income tax | (146,699) | (256,428) | -42.8% | | Loss for the period | (138,648) | (226,191) | -38.7% | | Gross Profit Margin | 58.8% | 56.5% | 2.3pp | | Net Loss Margin | -15.4% | -27.3% | 11.9pp | Financial Position (as at period-end) | Metric | June 30, 2024 (RMB '000) | December 31, 2023 (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 2,086,797 | 2,444,561 | -14.6% | | Total Equity | 801,818 | 942,251 | -14.9% | | Total Liabilities | 1,284,979 | 1,502,310 | -14.4% | | Cash and Cash Equivalents | 533,780 | 603,215 | -11.6% | [Management Discussion and Analysis](index=7&type=section&id=Management%20Discussion%20and%20Analysis) This section analyzes the Group's business performance, strategic adjustments, and financial position, detailing revenue growth, narrowed losses, and future plans for efficiency, service quality, and digital transformation [Business Review](index=7&type=section&id=Business%20Review) The Group, a leading hair medical service provider, expanded its brand matrix and network, serving 74,748 patients with an 8.7% revenue increase and improved gross profit margin - As of June 30, 2024, the Group operates **72 hair transplantation medical institutions** in **68 cities** nationwide, and **9 Svenson hair care institutions** in Beijing, Shanghai, Guangzhou, and Shenzhen[11](index=11&type=chunk)[12](index=12&type=chunk) - During the reporting period, the total number of patients served reached **74,748**[11](index=11&type=chunk)[12](index=12&type=chunk) Overview of Group Revenue, Gross Profit, and Gross Profit Margin | Metric | June 30, 2024 (RMB million) | June 30, 2023 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 900.2 | 827.8 | 8.7% | | Gross Profit | 529.4 | 467.6 | 13.2% | | Gross Profit Margin | 58.8% | 56.5% | 2.3pp | [Hair Transplantation Business](index=11&type=section&id=Hair%20Transplantation%20Business) Hair transplantation revenue grew 5.0% to RMB 672.9 million, driven by a 3.4% increase in patients and a 31.1% rise in 'Yongxiang' service patients Hair Transplantation Business Revenue and Proportion | Metric | June 30, 2024 (RMB '000) | June 30, 2023 (RMB '000) | YoY Change (%) | Proportion of Total Revenue (%) | | :--- | :--- | :--- | :--- | :--- | | Hair transplantation medical service revenue | 672,885 | 640,798 | 5.0% | 74.8% | - Deepened the implementation of a **'fixed-price' strategy**, clarifying service costs and committing to precise control throughout the process to ensure high-quality professional services[19](index=19&type=chunk)[21](index=21&type=chunk) - Launched the **'Good Doctors Nearby' national tour** to break geographical barriers and promote equitable distribution of quality medical resources[19](index=19&type=chunk)[21](index=21&type=chunk) Key Operating Data for Hair Transplantation Medical Services | Metric | June 30, 2024 | June 30, 2023 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Number of patients receiving hair transplantation medical services | 29,272 | 28,304 | 3.4% | | Average spending per hair transplantation patient (RMB) | 22,987 | 22,640 | 1.5% | | Number of patients receiving 'Yongxiang' services | 1,700 | 1,297 | 31.1% | [Medical Hair Care Business](index=13&type=section&id=Medical%20Hair%20Care%20Business) Medical hair care revenue surged 25.3% to RMB 215.2 million, driven by a 21.9% increase in patients and a 29.0% package repurchase rate Medical Hair Care Business Revenue and Proportion | Metric | June 30, 2024 (RMB '000) | June 30, 2023 (RMB '000) | YoY Change (%) | Proportion of Total Revenue (%) | | :--- | :--- | :--- | :--- | :--- | | Medical hair care service revenue | 215,176 | 171,684 | 25.3% | 23.9% | - Established **'Svenson Medical Hair Care Centers'** through 'shop-in-shop' and independent store models, offering professional diagnosis and customized treatment services[24](index=24&type=chunk)[25](index=25&type=chunk) Key Operating Data for Medical Hair Care Services | Metric | June 30, 2024 | June 30, 2023 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Number of patients receiving medical hair care services | 49,683 | 40,758 | 21.9% | | Average spending per medical hair care patient (RMB) | 4,331 | 4,212 | 2.8% | | Repurchase Rate | 29.0% | 26.4% | 2.6pp | [Business Progress](index=14&type=section&id=Business%20Progress) The Group strategically adjusted operations, enhancing cost control, optimizing efficiency, and upgrading medical service quality to lead the industry into Hair Transplantation 3.0, while collaborating for innovation Yonghe Hair Transplantation Medical Institutions by Development Stage (as of June 30, 2024) | Development Stage | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Mature Institutions | 52 | 47 | | Developing Institutions | 12 | 12 | | New Institutions | 8 | 16 | | Total | 72 | 75 | Svenson Independent Stores by City (as of June 30, 2024) | City | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Shenzhen | 4 | 6 | | Guangzhou | 2 | 4 | | Shanghai | 2 | 2 | | Beijing | 1 | 1 | | Subtotal | 9 | 13 | | Total (all institutions) | 81 | 88 | [Effective Cost Control Significantly Improves Operational Efficiency](index=14&type=section&id=Effective%20Cost%20Control%20Significantly%20Improves%20Operational%20Efficiency) The Group enhanced operational efficiency through strategic cost control, prudent clinic integration, and innovative service models, including opening 4 new institutions and closing 11 others - Implemented strategic adjustments to strengthen **cost control mechanisms**, optimize operational efficiency, and enhance profitability potential[28](index=28&type=chunk) - Prudently executed the strategy of integrating new and old clinics, and appropriately extended the market observation period for new establishments[28](index=28&type=chunk) - Launched the **'Beijing, Shanghai, Guangzhou Famous Doctors National Tour'** project and promoted value-added services like **'cross-clinic, cross-city surgical support'** to optimize medical resource allocation[28](index=28&type=chunk) - Opened **two new Yonghe Hair Transplantation medical institutions** and **two Svenson clinics**, while closing **five Yonghe Hair Transplantation medical institutions** and **six Svenson clinics** to control costs and enhance operational efficiency[28](index=28&type=chunk) [Deepening Medical Service Quality to Lead Industry Development](index=15&type=section&id=Deepening%20Medical%20Service%20Quality%20to%20Lead%20Industry%20Development) The Group upgraded its 'Good Doctor + Good System' strategy, leading Hair Transplantation 3.0 with a 1,503-strong medical team and collaborations to enhance service quality and R&D - Underwent a **'Good Doctor + Good System' brand strategy upgrade**, leading the industry into the **Hair Transplantation 3.0 era**[30](index=30&type=chunk)[32](index=32&type=chunk) - Provided more comprehensive and personalized medical services through systematic upgrades across five dimensions: diagnosis, transplantation, aesthetics, hair care, and comfort[30](index=30&type=chunk)[32](index=32&type=chunk) Professional Medical Team Composition (as of June 30, 2024) | Category | Number of People | | :--- | :--- | | Total Professional Team | 1,503 | | Doctors | 282 | | Nurses | 1,125 | | Other Medical Professionals | 96 | - Signed strategic cooperation agreements with multiple excellent pharmaceutical companies to deepen collaboration in hair loss prevention and hair transplantation, exploring an innovative **'R&D-Production-Sales-Application' model**[34](index=34&type=chunk)[35](index=35&type=chunk) [Advancing Refined Marketing Strategies to Enhance Brand Value](index=17&type=section&id=Advancing%20Refined%20Marketing%20Strategies%20to%20Enhance%20Brand%20Value) The Group enhanced brand value through refined marketing, clarifying its 'Hair Transplantation 3.0' positioning, utilizing data-driven multi-channel strategies, and improving private domain user operations for increased loyalty - Clarified the new positioning for the **'Hair Transplantation 3.0 era'**, emphasizing medical service quality, innovative hair transplantation systems, and patient experience to enhance consumer trust and loyalty[36](index=36&type=chunk)[37](index=37&type=chunk) - Adopted multi-channel, multi-touchpoint integrated marketing, utilizing data analysis and precise targeting to control marketing costs while improving conversion rates[37](index=37&type=chunk)[38](index=38&type=chunk) - Improved the standardized private domain user operation management system, forming closed-loop marketing through WeChat Work, mini-programs, and official accounts, and strengthening post-operative follow-up services to enhance customer loyalty[37](index=37&type=chunk)[38](index=38&type=chunk) [Adhering to Technological Innovation and Continuously Promoting Intelligent Development](index=18&type=section&id=Adhering%20to%20Technological%20Innovation%20and%20Continuously%20Promoting%20Intelligent%20Development) The Group drives intelligent development through digital innovation, piloting the 'Hefan' system for electronic archives, integrating AI robots for faster online consultations, and automating scalp health assessments - The independently developed operation management system **'Hefan'** has been piloted in various clinics, covering all process links and achieving **'full lifecycle electronic archives'** to enhance business efficiency and customer experience[39](index=39&type=chunk) - Integrated **AI robot tools** into online consultation services, increasing the initial interaction response speed by **85%**[39](index=39&type=chunk) - Leveraged image model algorithms to automate scalp health assessment, including follicle count and hair diameter analysis, generating instant reports, shortening diagnosis time, and supporting personalized treatment[39](index=39&type=chunk) [Future Outlook](index=19&type=section&id=Future%20Outlook) The Group anticipates continued market growth, focusing on cost efficiency, refined operations, enhanced service capabilities, and digital transformation to maintain industry leadership and achieve sustainable growth - Anticipates continuous growth in demand for hair loss treatment and care, and the Group will seize market opportunities to achieve sustainable, virtuous cycle growth[40](index=40&type=chunk) - The Group will adhere to technology-driven innovation, accelerate its digital transformation, and continuously optimize operational efficiency and enhance medical service capabilities[52](index=52&type=chunk)[53](index=53&type=chunk) [Cost Reduction and Efficiency Improvement, Refined Operation of Medical Institutions](index=19&type=section&id=Cost%20Reduction%20and%20Efficiency%20Improvement,%20Refined%20Operation%20of%20Medical%20Institutions) The Group will enhance operational efficiency and reduce costs through a refined, data-driven system, lean management, optimized network distribution, and digital transformation of human resources and supply chain - Continues to advance a refined operation system, guided by data-driven and process optimization, to ensure resource efficient utilization and effective cost control[40](index=40&type=chunk) - Implements a **lean management strategy**, introduces advanced data analysis tools, optimizes the distribution network of hair transplantation and care institutions, and strengthens cross-clinic collaboration[40](index=40&type=chunk) - Focuses on talent development and management, enhancing the digitalization and automation of human resource management, optimizing workflows, and reducing labor and management costs[40](index=40&type=chunk) - Continuously promotes innovative management in various clinics, building **'smart clinics'**, leveraging data analysis and artificial intelligence technology to enhance the precision and responsiveness of medical services, and optimizing the supply chain management system[41](index=41&type=chunk)[43](index=43&type=chunk) [Continuously Enhancing Operational and Medical Service Capabilities](index=20&type=section&id=Continuously%20Enhancing%20Operational%20and%20Medical%20Service%20Capabilities) The Group will enhance operational and medical service capabilities by improving service levels, deepening the 'Good Doctor + Good System' strategy, introducing advanced technologies, building a patient-centric multi-channel system, and strengthening compliance and risk control - Promotes **differentiated services** based on regional market characteristics and establishes rigorous assessment mechanisms to ensure continuous improvement in medical service quality[42](index=42&type=chunk)[44](index=44&type=chunk) - Deepens the **'Good Doctor + Good System' strategy**, introduces advanced technologies and equipment, and plans to promote **3D simulated hair transplantation design** and **intelligent hair transplantation surgery**[42](index=42&type=chunk)[45](index=45&type=chunk) - Advances the construction of a **patient-centric multi-channel medical service system**, integrating online and offline resources to enhance the customer's full lifecycle service experience[42](index=42&type=chunk)[46](index=46&type=chunk) - Strengthens compliance management and risk control, improves emergency plans, and ensures patient safety and Group operational stability[47](index=47&type=chunk)[49](index=49&type=chunk) [Adhering to Technology-Oriented Operations to Promote Digital and Intelligent Services](index=21&type=section&id=Adhering%20to%20Technology-Oriented%20Operations%20to%20Promote%20Digital%20and%20Intelligent%20Services) The Group will accelerate digital transformation by integrating AI models for business processes, piloting 3D simulated hair transplantation, launching an intelligent quality inspection system, and implementing paperless clinics to enhance service and competitiveness - Established a customer-centric full-process service path, introducing **intelligent AI models** in lead follow-up, deal closing, and post-operative service stages, and completed the pilot of **'3D simulated hair transplantation design solutions'**[48](index=48&type=chunk)[50](index=50&type=chunk) - Launched an **'intelligent quality inspection system'** to enhance quality inspection coverage and efficiency, ensure service quality and consistency, and provide data support for operational decisions[48](index=48&type=chunk)[51](index=51&type=chunk) - Fully launched the **'clinic paperless' project**, digitizing customer documents and reports, and improving information security systems to strengthen data privacy protection[48](index=48&type=chunk)[51](index=51&type=chunk) [Financial Review](index=22&type=section&id=Financial%20Review) The Group's financial performance for the six months ended June 30, 2024, showed an 8.7% revenue increase, 13.2% gross profit growth, and a 38.7% reduction in net loss, driven by cost optimization and reduced capital expenditure - The Group's loss for the period significantly narrowed, and net loss margin improved, primarily due to enhanced operational efficiency and optimized cost and expenses[73](index=73&type=chunk)[77](index=77&type=chunk) - Capital expenditure significantly decreased, reflecting the Group's more prudent approach to its expansion strategy[82](index=82&type=chunk)[83](index=83&type=chunk) - Cash and cash equivalents remained robust, sufficient to support daily operations and future development[74](index=74&type=chunk)[78](index=78&type=chunk) [Revenue](index=22&type=section&id=Revenue) Revenue increased 8.7% to RMB 900.2 million, with hair transplantation growing 5.0% to RMB 672.9 million and medical hair care growing 25.3% to RMB 215.2 million Revenue Breakdown by Business Line | Business Line | 2024 (RMB '000) | 2024 (%) | 2023 (RMB '000) | 2023 (%) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Hair transplantation medical services | 672,885 | 74.8 | 640,798 | 77.4 | 5.0% | | Medical hair care services | 215,176 | 23.9 | 171,684 | 20.7 | 25.3% | | Others | 12,142 | 1.3 | 15,325 | 1.9 | -20.8% | | **Total** | **900,203** | **100** | **827,807** | **100** | **8.7%** | - Hair transplantation business revenue growth was primarily due to a **3.4% increase** in patient numbers to **29,272**[55](index=55&type=chunk)[56](index=56&type=chunk) - Medical hair care business revenue growth was primarily due to a **21.9% increase** in patient numbers to **49,683**[57](index=57&type=chunk)[59](index=59&type=chunk) [Costs](index=23&type=section&id=Costs) Costs increased to RMB 370.8 million, driven by higher staff costs due to increased revenue and higher amortization and depreciation from more operating medical institutions Cost of Sales and Services Breakdown | Cost Category | 2024 (RMB '000) | 2024 (%) | 2023 (RMB '000) | 2023 (%) | | :--- | :--- | :--- | :--- | :--- | | Staff costs | 142,032 | 38.3 | 140,983 | 39.1 | | Cost of inventories and consumables | 152,677 | 41.2 | 135,846 | 37.7 | | Amortization and depreciation expenses | 50,549 | 13.6 | 58,081 | 16.1 | | Operating related expenses | 19,596 | 5.3 | 17,518 | 4.9 | | Other expenses | 5,912 | 1.6 | 7,781 | 2.2 | | **Total** | **370,766** | **100** | **360,209** | **100** | - The increase in staff costs was primarily due to the increase in revenue during the reporting period[62](index=62&type=chunk)[65](index=65&type=chunk) - The increase in amortization and depreciation expenses was primarily due to the increased number of medical institutions operating for the six months ended June 30, 2024[62](index=62&type=chunk)[65](index=65&type=chunk) [Gross Profit and Gross Profit Margin](index=24&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) Gross profit increased 13.2% to RMB 529.4 million, with gross profit margin improving to 58.8% for the six months ended June 30, 2024 Gross Profit and Gross Profit Margin | Metric | June 30, 2024 (RMB million) | June 30, 2023 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Gross Profit | 529.4 | 467.6 | 13.2% | | Gross Profit Margin | 58.8% | 56.5% | 2.3pp | [Other Income](index=24&type=section&id=Other%20Income) Other income decreased to RMB 0.8 million, primarily due to lower government grants and additional VAT deductions Other Income | Metric | June 30, 2024 (RMB million) | June 30, 2023 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Other Income | 0.8 | 1.2 | -33.3% | [General and Administrative Expenses](index=24&type=section&id=General%20and%20Administrative%20Expenses) General and administrative expenses decreased to RMB 141.0 million, primarily due to reduced staff costs from personnel optimization and organizational restructuring General and Administrative Expenses Breakdown | Expense Category | 2024 (RMB '000) | 2024 (%) | 2023 (RMB '000) | 2023 (%) | | :--- | :--- | :--- | :--- | :--- | | Staff costs | 97,483 | 69.1 | 119,976 | 68.6 | | Operating related expenses | 9,096 | 6.5 | 14,086 | 8.1 | | Professional and consulting service fees | 9,441 | 6.7 | 8,967 | 5.1 | | Travel and entertainment expenses | 6,757 | 4.8 | 7,734 | 4.4 | | Others | 13,241 | 9.4 | 17,748 | 10.2 | | **Total** | **140,970** | **100** | **174,861** | **100** | - The decrease in staff costs was primarily due to personnel optimization and organizational restructuring[68](index=68&type=chunk)[69](index=69&type=chunk) [Selling and Marketing Expenses](index=25&type=section&id=Selling%20and%20Marketing%20Expenses) Selling and marketing expenses decreased to RMB 462.6 million, primarily due to reduced marketing and promotion expenses from refined marketing strategies Selling and Marketing Expenses Breakdown | Expense Category | 2024 (RMB '000) | 2024 (%) | 2023 (RMB '000) | 2023 (%) | | :--- | :--- | :--- | :--- | :--- | | Marketing and promotion expenses | 322,749 | 69.7 | 345,161 | 69.2 | | Staff costs | 119,716 | 25.9 | 127,148 | 25.5 | | Travel expenses | 5,892 | 1.3 | 8,970 | 1.8 | | Operating related expenses | 3,101 | 0.7 | 5,748 | 1.2 | | Amortization and depreciation expenses | 6,457 | 1.4 | 7,307 | 1.5 | | Others | 4,658 | 1.0 | 4,068 | 0.8 | | **Total** | **462,573** | **100** | **498,402** | **100** | - The decrease in marketing and promotion expenses was primarily due to the Group's implementation of refined marketing strategies[71](index=71&type=chunk)[75](index=75&type=chunk) [Income Tax Credit](index=26&type=section&id=Income%20Tax%20Credit) Income tax credit decreased by 73.4% to RMB 8.1 million, primarily due to reduced deferred income tax recognized for temporary losses Income Tax Credit | Metric | June 30, 2024 (RMB million) | June 30, 2023 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Income Tax Credit | 8.1 | 30.2 | -73.4% | - The decrease in income tax credit was primarily due to a decrease in deferred income tax recognized for temporary losses in the current period[72](index=72&type=chunk)[76](index=76&type=chunk) [Net Loss and Net Loss Margin](index=26&type=section&id=Net%20Loss%20and%20Net%20Loss%20Margin) Net loss decreased to RMB 138.6 million, with net loss margin improving to 15.4%, driven by enhanced operational efficiency and optimized costs Net Loss and Net Loss Margin | Metric | June 30, 2024 (RMB million) | June 30, 2023 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Loss | (138.6) | (226.2) | -38.7% | | Net Loss Margin | -15.4% | -27.3% | 11.9pp | - The narrowing of losses was primarily attributable to revenue growth from improved operational efficiency and cost savings from optimized marketing and human resources[73](index=73&type=chunk)[77](index=77&type=chunk) [Cash and Cash Equivalents](index=26&type=section&id=Cash%20and%20Cash%20Equivalents) Cash and cash equivalents decreased to RMB 533.8 million, but the Group maintains robust cash flow to support operations and future expansion plans Cash and Cash Equivalents | Metric | June 30, 2024 (RMB million) | December 31, 2023 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 533.8 | 603.2 | -11.6% | - The Group maintains robust cash flow, fully capable of meeting daily working capital needs and future medical institution expansion plans[74](index=74&type=chunk)[78](index=78&type=chunk) [Liquidity and Capital Resources](index=27&type=section&id=Liquidity%20and%20Capital%20Resources) The Group maintains ample liquidity with RMB 533.8 million in cash and cash equivalents and RMB 132.6 million in bank borrowings to support operations and future expansion Liquidity Overview | Metric | June 30, 2024 (RMB million) | December 31, 2023 (RMB million) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 533.8 | 603.2 | | Bank Borrowings | 132.6 | 152.8 | [Capital Expenditure](index=27&type=section&id=Capital%20Expenditure) Capital expenditure significantly decreased to RMB 18.4 million, primarily allocated to property, plant and equipment, and intangible assets Capital Expenditure Breakdown | Category | June 30, 2024 (RMB '000) | June 30, 2023 (RMB '000) | | :--- | :--- | :--- | | Payments for property, plant and equipment | 13,966 | 107,083 | | Payments for intangible assets | 4,398 | 540 | | **Total** | **18,364** | **107,623** | [Debt](index=28&type=section&id=Debt) Total debt was RMB 904.1 million, mainly bank borrowings of RMB 132.6 million and lease liabilities of RMB 771.4 million, with lease liabilities decreasing from year-end 2023 Debt Breakdown | Category | June 30, 2024 (RMB '000) | December 31, 2023 (RMB '000) | | :--- | :--- | :--- | | Current bank borrowings | 132,628 | 152,816 | | Current lease liabilities | 147,608 | 170,044 | | Non-current lease liabilities | 623,825 | 772,693 | | **Total** | **904,061** | **1,095,553** | - Bank borrowings bear interest at fixed annual rates ranging from **2.9% to 3.4%**[85](index=85&type=chunk)[88](index=88&type=chunk) - Total lease liabilities were **RMB 771.4 million**, a decrease from **RMB 942.7 million** as of December 31, 2023[86](index=86&type=chunk)[89](index=89&type=chunk) [Significant Acquisitions and Disposals](index=28&type=section&id=Significant%20Acquisitions%20and%20Disposals) The Group had no significant acquisitions or disposals of subsidiaries, associates, or joint ventures, nor any significant investments during the six months ended June 30, 2024 - During the reporting period, the Group did not undertake any significant acquisitions or disposals of any subsidiaries, associates, or joint ventures[90](index=90&type=chunk) - As of June 30, 2024, the Group held no significant investments[90](index=90&type=chunk) [Plans for Future Material Investments or Capital Asset Purchases](index=29&type=section&id=Plans%20for%20Future%20Material%20Investments%20or%20Capital%20Asset%20Purchases) As of June 30, 2024, the Group had no plans for future material investments or capital asset purchases beyond those disclosed in the prospectus - As of June 30, 2024, the Group had no plans for future material investments or purchases of capital assets, other than those disclosed in the prospectus[91](index=91&type=chunk) [Pledge of Assets](index=29&type=section&id=Pledge%20of%20Assets) As of June 30, 2024, the Group had no pledge of assets - As of June 30, 2024, the Group had no pledge of assets[91](index=91&type=chunk) [Gearing Ratio](index=29&type=section&id=Gearing%20Ratio) The Group's gearing ratio slightly increased to 16.5% as of June 30, 2024, from 16.2% at December 31, 2023 Gearing Ratio | Metric | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Gearing Ratio | 16.5% | 16.2% | [Exchange Rates and Any Related Hedges](index=29&type=section&id=Exchange%20Rates%20and%20Any%20Related%20Hedges) The Group has no significant foreign currency risk, with most operations and assets denominated in RMB, and monitors foreign exchange risk for potential hedging - The Group has no significant foreign currency risk, with its operations, assets, and liabilities primarily denominated in **RMB**[91](index=91&type=chunk) Foreign Currency Denominated Cash and Cash Equivalents | Metric | June 30, 2024 (RMB million) | December 31, 2023 (RMB million) | | :--- | :--- | :--- | | Foreign currency denominated cash and cash equivalents | 7.5 | 13.2 | [Contingent Liabilities](index=29&type=section&id=Contingent%20Liabilities) As of June 30, 2024, the Group had no significant contingent liabilities - As of June 30, 2024, the Group had no significant contingent liabilities[91](index=91&type=chunk) [Employees and Remuneration Policy](index=29&type=section&id=Employees%20and%20Remuneration%20Policy) The Group had 3,826 employees, including 1,503 medical professionals, with staff costs decreasing to RMB 371.3 million, and offers competitive remuneration and social security benefits Number of Employees and Staff Costs | Metric | June 30, 2024 | June 30, 2023 | | :--- | :--- | :--- | | Total Employees | 3,826 | N/A | | Professional Medical Team Members | 1,503 | N/A | | Staff Costs (RMB million) | 371.3 | 399.7 | - The Group offers competitive remuneration packages, promotion opportunities, training programs, and a professional working environment, and participates in social security schemes for employees[91](index=91&type=chunk) [Corporate Governance and Other Information](index=29&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section details the Group's corporate governance, including code compliance, audit committee functions, changes in global offering proceeds, regulatory adherence, shareholder interests, contractual arrangements, share schemes, and share repurchases [Compliance with Corporate Governance Code](index=29&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Company adheres to high corporate governance standards, with the only deviation being the combined roles of Chairman and CEO, which the Board deems beneficial for management - The Company is committed to high standards of corporate governance and has applied all applicable principles and code provisions of the Corporate Governance Code[92](index=92&type=chunk) - Deviated from Code Provision C.2.1 of the Corporate Governance Code, where the roles of Chairman and Chief Executive Officer are combined in Mr. Zhang Yu, which the Board believes benefits Group management[92](index=92&type=chunk) [Compliance with Model Code for Securities Transactions](index=29&type=section&id=Compliance%20with%20Model%20Code%20for%20Securities%20Transactions) The Company adopted the Model Code for securities transactions, and all directors confirmed compliance for the six months ended June 30, 2024 - The Company has adopted the Model Code set out in Appendix C3 of the Listing Rules, and directors confirmed compliance[92](index=92&type=chunk) [Audit Committee](index=31&type=section&id=Audit%20Committee) The Audit Committee, comprising two independent non-executive directors and one non-executive director, reviews financial information, risk management, internal controls, and external auditor appointments - The Audit Committee comprises **two independent non-executive directors** and **one non-executive director**, with **Mr. Chan Ping Kwan** as Chairman[94](index=94&type=chunk)[96](index=96&type=chunk) - Its primary responsibilities include reviewing financial information, risk management and internal control systems, the effectiveness of the internal audit function, audit scope, and the appointment of external auditors[94](index=94&type=chunk)[96](index=96&type=chunk) [Review of Interim Results and Interim Report](index=31&type=section&id=Review%20of%20Interim%20Results%20and%20Interim%20Report) The Audit Committee, management, and independent auditor reviewed the unaudited condensed consolidated interim financial information for the six months ended June 30, 2024, in accordance with HK SRE 2410 - The Audit Committee, together with management and the independent auditor, reviewed the unaudited condensed consolidated interim financial information for the six months ended June 30, 2024[95](index=95&type=chunk)[97](index=97&type=chunk) - The unaudited condensed consolidated interim financial information was reviewed by the independent auditor in accordance with Hong Kong Standard on Review Engagements 2410[95](index=95&type=chunk)[97](index=97&type=chunk) [Use of Proceeds from Global Offering and Changes in Use of Proceeds](index=31&type=section&id=Use%20of%20Proceeds%20from%20Global%20Offering%20and%20Changes%20in%20Use%20of%20Proceeds) The Board twice resolved to change the use of global offering proceeds, reallocating HK$507.0 million (adjusted to HK$500.1 million) to working capital due to reduced R&D costs, completed smart hospital construction, and slower expansion - The net proceeds from the global offering were approximately **HK$1,526.2 million**[98](index=98&type=chunk) - The Board resolved twice, on **March 30, 2023**, and **August 22, 2024**, to change the use of the unutilized net proceeds[98](index=98&type=chunk)[99](index=99&type=chunk) Overview of Changes in Use of Proceeds (as of June 30, 2024) | Use of Proceeds | Planned Application Amount (HK$ million) | Unutilized as of December 31, 2023 (HK$ million) | Actual Use as of June 30, 2024 (HK$ million) | Unutilized as of June 30, 2024 (HK$ million) | Revised Unutilized as of August 22, 2024 (HK$ million) | Expected Timeline for Full Utilization | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Expansion and upgrade of existing hair transplantation medical institutions in mainland China | 64.7 | 0 | 0 | 0 | 0 | N/A | | Innovation in products and service items | 222.3 | 149.4 | 18.2 | 131.2 | 88.6 | Before December 2025 | | Investment in R&D, and enhancing service system with cutting-edge technology | 136.1 | 105.0 | 11.5 | 93.5 | 38.2 | Before December 2025 | | Integration of industry resources in China to enhance brand awareness | 378.3 | 282.3 | 0 | 282.3 | 122.3 | Before December 2025 | | Settlement of outstanding balance of acquisition consideration for Hairmax | 0 | 0 | 0 | 0 | 0 | N/A | | Working capital and general corporate purposes | 24.2 | 0 | 0 | 0 | 251.0 | Before December 2025 | | **Total** | **825.6** | **536.7** | **29.7** | **507.0** | **500.1** | | - Reasons for changes in the use of proceeds include: reduced R&D costs due to collaboration with pharmaceutical companies, decreased data analysis team building costs and substantial completion of smart hospital construction, and slower institutional expansion and temporary suspension of acquisitions of local non-chain hair transplantation institutions due to economic conditions[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk) [Compliance with Relevant Laws and Regulations](index=34&type=section&id=Compliance%20with%20Relevant%20Laws%20and%20Regulations) The Group confirms material compliance with relevant laws and regulations, actively rectifying historical non-compliance, ensuring all medical institutions hold licenses, advertisements are certified, properties are defect-free, and surgeries are performed by qualified doctors - The Group has complied in all material respects with relevant laws and regulations significantly affecting its business and operations, with no material non-compliance during the reporting period[105](index=105&type=chunk) - All operating medical institutions hold practice licenses[105](index=105&type=chunk) - Fire safety control procedures and drainage permit applications for Quanzhou and Lanzhou medical institutions are actively being processed[105](index=105&type=chunk) - All medical institutions have obtained medical advertising review certificates from local health authorities when publishing relevant advertisements[105](index=105&type=chunk) - All surgeries performed in medical institutions are conducted by or under the supervision of doctors holding medical aesthetic principal qualifications[106](index=106&type=chunk)[108](index=108&type=chunk) [Interests and Short Positions of Directors and Chief Executive in Shares, Underlying Shares and Debentures of the Company or its Associated Corporations](index=35&type=section&id=Interests%20and%20Short%20Positions%20of%20Directors%20and%20Chief%20Executive%20in%20Shares,%20Underlying%20Shares%20and%20Debentures%20of%20the%20Company%20or%20its%20Associated%20Corporations) As of June 30, 2024, directors and the chief executive held long positions in the Company's shares, with Mr. Zhang Yu holding 30.74% and 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 ...