港股生物技术股多数走低，康方生物(09926.HK)跌超12%，云康集团(02325.HHK)跌超6%，思路迪医药 股份(01244.HK)、再鼎医药(09688.HK)跌超4%。 ...

股份代號 : 2325 （於開曼群島註冊成立的有限公司） 年度報告 2024 目錄 獨立核數師報告 綜合全面收益表 綜合財務狀況表 綜合權益變動表 綜合現金流量表 綜合財務報表附註 84 92 94 96 98 99 五年財務概要 176 釋義及技術詞彙表 2 公司資料 7 財務摘要 9 董事長致辭 11 管理層討論及分析 14 董事及高級管理層 33 企業管治報告 38 董事會報告 54 釋義及技術詞彙表 | 「2021年負面清單」 | 指 | 國家發展和改革委員會及商務部聯合發佈的外商投資准入特別管理措施（負面清 | | --- | --- | --- | | | | 單）（2021年版） | | 「2022年受限制 | 指 | 本公司於2022年11月23日採納的2022年受限制股份單位計劃 | 「股東週年大會」 指 本公司將於2025年6月27日（星期五）在中國廣州市黃埔區科學城崖鷹石路9號舉 行的股東週年大會或其任何續會 「AI」 指 人工智能 「組織章程細則」 指 本公司於2022年4月20日採納及於2022年5月18日生效的經修訂及重列組織章程 細則 「本公司」或「雲康」 指 云康集团有限公司， ...

这个策略以及这一波AI如何能够顾能到整个ICDL这边的服务以及整个医疗体系也是基于我们的一些浅浅的理解和大家分享一下 这里先给大家简单的介绍一下云康整个AI的服务框架我们把云康的业务定义为诊疗一级化的服务框架在PPT的左边我们把整个数据到最后形成顺流化的作为一个分层 主要是分开四层,从最底层的一个数据的底座,到如何把数据通过一系列的清洗或者说加工形成一定的知识。 那再通过最后经过人工智能这样的一个辅助往前去延伸如何来做这个一键联合创新的服务模式到了最后实现我们能够和客户端形成这个端对端的这个业务的提供以及信息的互通整个的框架给大家做一个详细的介绍下一 那首先我们先来看一下整个框架里面的最底层 我们的数据底座 云铿的数据底座是基于整个一联体和一共体的共建服务体系来做成的云铿的ISL和整个的业务的发展的模式我们是基于一联体和一共体来发展的我们通过和区域的融投意愿形成一个完整的一联体和一共体的 服务网络然后再通过区域的龙头医院延伸到下层的县区级医院以及基层社区卫生服务中心在专业领域我们现在选择的是感染类的疾病肿瘤的疾病和生殖遗传这个领域整个的运营体系里面我们除了 这个基础的ICLC这样的一个服务以外呢其实看右手边目 ...

截至2024年12月31日止年度的年度業績公告 云康集团有限公司（「本公司」，連同其附屬公司及綜合聯屬實體，統稱為「本集 團」）董事（「董事」）會（「董事會」）欣然宣佈本集團截至2024年12月31日止年度 （「報告期」）的經審核綜合業績，連同截至2023年12月31日止年度的比較數字。 Yunkang Group Limited 云康集团有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2325） 於本公告中，「我們」及「我們的」指本公司及本集團（如文義另有所指）。本公告所 載若干金額及百分比數字已約整，或約整至一位或兩位小數。任何表格、圖表或 其他地方的總額與其中所列金額總和之間的任何差異乃因約整所致。 1 財務摘要 | | | 截至12月31日止年度 | | | --- | --- | --- | --- | | | 2024年 | 2023年 | 變動 | | | 人民幣千元 | 人民幣千元 | | | 收益 | 711,884 | 891,500 | (20.1)% | | 於某一時點確認： | | | | | －為醫聯體提供的診斷檢測服務 | 377,315 | 430,874 | (12. ...

云康 YUNKANG Yunkang Group Limited 云康集团有限公司 (於開曼群島註冊成立的有限公司) 股份代號 : 2325 202 中 期 報 告 l o o 1 0 1 0 1 1 0 0 0 o 0 目錄 | --- | --- | --- | --- | |-------|--------------------|-------|--------------------------| | | | | | | 2 | 釋義及技術詞彙表 | 34 | 中期簡明綜合全面收益表 | | 5 | 公司資料 | 35 | 中期簡明綜合財務狀況表 | | 6 | 財務摘要 | 37 | 中期簡明綜合權益變動表 | | 8 | 管理層討論及分析 | 38 | 中期簡明綜合現金流量表 | | 25 | 企業管治及其他資料 | 39 | 中期簡明綜合財務報表附註 | ! (2) 0 1 0 1 0 0 釋義及技術詞彙表 | --- | --- | --- | |---------------------------------|-------|------------------------------- ...

Investment Rating - The report assigns a "Buy" rating to Yunkang Group (2325 HK) with a target price of HKD 10 5, implying a potential upside of 26% from the current price of HKD 8 4 [3] Core Views - Yunkang Group's 1H24 performance was weak, with a net loss of RMB 130 million, primarily due to declining revenues across its three core business segments and increased industry competition [1] - The company's revenue fell by 20% YoY to RMB 380 million in 1H24, driven by slower-than-expected growth in routine testing demand and price declines in the ICL industry [1] - Gross margin decreased by 4 4 percentage points to 33 7% due to high fixed costs and reduced economies of scale [1] - Accounts receivable impairment continued to impact profitability, with RMB 100 million in impairment losses recorded in 1H24 [1] - The ICL industry is expected to face intensified price competition in the short term, as post-pandemic testing demand has declined, leading to excess capacity [1] - Accounts receivable aging is increasing, with 50% of receivables aged 1-2 years, and impairment is expected to continue affecting profitability [1] Financial Performance and Forecasts - Revenue for 2024E is projected at RMB 720 million, with a YoY decline of 19 2%, followed by a gradual recovery to RMB 807 million by 2026E [2] - Gross margin is expected to stabilize at around 32 0% in 2024E, improving to 36 0% by 2026E [5] - The company is forecasted to remain in a loss-making position in 2024E and 2025E, with a slight profit of RMB 5 2 million expected in 2026E [5] - The DCF valuation model, with a WACC of 10 0% and a perpetual growth rate of 2 0%, supports the target price of HKD 10 5 [1] Industry Context - Major ICL companies, including KingMed, Dian Diagnostics, and Adicon, also reported significant revenue and profit declines in 1H24, reflecting broader industry challenges [1] - The National Healthcare Security Administration's policy to accelerate medical insurance fund payments could potentially improve accounts receivable collection in the future [1] Market Expectations - The market consensus for Yunkang Group's target price ranges from HKD 7 0 to HKD 13 0, with SPDBI's base case target at HKD 10 5 [8] - The optimistic scenario assumes a steady gross margin above 50% and a core non-COVID revenue CAGR of over 20% from 2023-26E, while the pessimistic scenario projects a gross margin below 30% and a CAGR below 5% [8]

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，並明確表示概不就因本公告全部或任何部分內容所產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Yunkang Group Limited 云康集团有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2325） 澄清公告 截至2024年6月30日止六個月的中期業績公告 茲提述云康集团有限公司（「本公司」）日期為2024年8月28日之有關截至2024年6 月30日止六個月的中期業績公告（「該公告」）。除文義另有所指外，本公告所用詞 彙與該公告內所界定者具有相同涵義。 董事會謹此澄清該公告第2頁本公司擁有人應佔每股（虧損）╱ 盈利的表格內載列 的所有數字的貨幣單位應為「人民幣元」而非「人民幣千元」，經修訂的表格如下： | --- | --- | --- | --- | |----------------------------------------|------------------------------------------------|-------------------------- ...

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，並明確表示概不就因本公告全部或任何部分內容所產生或因依賴 該等內容而引致的任何損失承擔任何責任。 截至6月30日止六個月 2024年 2023年 變動 人民幣千元 人民幣千元 （未經審核）（未經審核） 收益 379,943 476,865 (20.3)% －為醫聯體提供的診斷檢測服務 182,272 197,876 (7.9)% －診斷外包服務 179,614 254,438 (29.4)% －為非醫療機構提供的診斷檢測服務 18,057 24,551 (26.5)% 收益成本 (251,745) (295,200) (14.7)% 毛利 128,198 181,665 (29.4)% 除所得稅前（虧損）╱溢利 (131,775) 50,809 不適用 期內（虧損）╱溢利 (126,055) 48,027 不適用 本公司擁有人應佔（虧損）╱溢利： (126,129) 48,715 不適用 1 Yunkang Group Limited 云康集团有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2 ...

Financial Performance - The company reported a revenue increase of 15% year-over-year, reaching $500 million in Q3 2023[2]. - Total revenue for 2023 was RMB 891.5 million, a decrease of 76.3% compared to RMB 3,756.2 million in 2022[11]. - The company reported a loss before tax of RMB 86.8 million, compared to a profit of RMB 443.4 million in 2022, marking a 119.6% decline[11]. - Net loss for the year was RMB 101.9 million, a significant drop from a profit of RMB 373.9 million in the previous year, reflecting a 127.2% decrease[11]. - Basic and diluted loss per share for 2023 was RMB (0.17), compared to earnings of RMB 0.66 per share in 2022, indicating a 125.8% decline[12]. - The gross margin improved to 45%, up from 40% in the previous year, reflecting better cost management[5]. - The overall gross margin remained stable at 36.5%, with significant improvement in net cash generated from operating activities compared to the previous year[24]. Revenue Breakdown - Revenue from diagnostic outsourcing services was RMB 413.6 million, down 78.7% from RMB 1,944.2 million in the previous year[11]. - Revenue from diagnostic testing services provided to medical alliances was RMB 430.9 million, a decline of 74.4% from RMB 1,680.6 million in 2022[11]. - Revenue from diagnostic testing services provided to non-medical institutions was RMB 47.0 million, a decrease of 64.2% from RMB 131.5 million in the previous year[11]. - The group recorded revenue of RMB 891.5 million, a decrease of 76.3% compared to the same period in 2022, primarily due to reduced demand for nationwide phased testing services[13]. Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, targeting a 20% market share by 2025[2]. - The company is focusing on expanding its market presence and enhancing its product offerings in response to the significant revenue decline[11]. - The company aims to leverage its strong R&D capabilities to drive new productivity in the healthcare sector, focusing on high-quality, efficient, and competitive diagnostic products and services[17]. - The company is committed to optimizing medical resource allocation and accelerating industry development under its operational philosophy of "deep service and lean operation"[42]. Research and Development - Research and development expenses increased by 12%, totaling $50 million, focusing on AI technology advancements[3]. - R&D investment reached RMB 55.3 million in 2023, increasing the proportion of revenue from 2.5% in 2022 to 6.2% in 2023[32]. - The company is committed to clinical medical technology innovation, developing targeted solutions through various innovation platforms to meet clinical needs[16]. Corporate Governance - The board consists of one executive director, three non-executive directors, and three independent non-executive directors, ensuring a balanced governance structure[91]. - The company has established a formal and transparent remuneration policy for directors and senior management, as reviewed by the remuneration committee[102]. - The company has adopted a shareholder communication policy to enhance effective communication with shareholders and facilitate informed exercise of their rights[122]. - The company has a commitment to corporate governance, with joint company secretaries ensuring compliance and regulatory adherence[88]. Human Resources - The total employee count decreased to 1,510 as of December 31, 2023, from 2,605 as of December 31, 2022[130]. - The total compensation cost for the year ended December 31, 2023, was RMB 299.7 million, compared to RMB 518.6 million for the year ended December 31, 2022[130]. - The company aims to achieve a gender diversity ratio of 14.3% female representation on the board, with one female director out of seven[105]. Compliance and Risk Management - The company has established a risk management and internal control system that dynamically identifies and assesses significant new risks[116]. - The company has implemented a whistleblowing policy to allow employees to report concerns regarding financial reporting or internal controls confidentially[117]. - The company ensures that dividends are only declared from realized or unrealized profits, maintaining sufficient cash reserves for operational needs[110]. Future Outlook - The company provided a forward guidance of 10% revenue growth for the next quarter, projecting $550 million in revenue[4]. - The company is positioned to benefit from the ongoing reforms in the healthcare sector, including the medical insurance payment system and clinical laboratory self-built projects[21]. - The company plans to implement a digital platform for end-to-end operations within two to three years, ensuring data integrity and accuracy across various processes[45].

M N 9 Apr 2024 CMB International Global Markets | Equity Research | Company Update Yunkang Group (2325 HK) Back to normal growth Target Price HK$13.78 Yunkang Group reported 2023 revenue of RMB891.5mn, down by 76.3% YoY, (Previous TP HK$16.01) primarily due to the sharp decline of diagnostic testing demand for COVID-19 Up/Downside 24.3% in China. The blended gross margin improved to 36.5% in 2023 (+1.7 ppts), Current Price HK$11.08 mainly due to enhanced operation efficiency and effective cost control. The ...