Core Viewpoint - Beijing Health (02389) reported a revenue of HKD 76.587 million for the six months ending June 30, 2025, representing a year-on-year increase of 4.47%. The loss attributable to equity holders of the parent company was HKD 29.236 million, a decrease of 48.17% compared to the previous year, with a basic loss per share of HKD 0.048 [1] Revenue Breakdown - The increase in revenue was primarily driven by the sales of healthcare products and the growth in elderly care business [1] - The healthcare products segment saw revenue growth due to the successful introduction of a new line of educational furniture, which has led to sustained sales increases that offset declines in hospital and elderly care furniture sales [1] - The elderly care business revenue increased mainly due to a rise in admission rates [1]

Core Insights - Beijing Health (02389) reported a revenue of HKD 76.587 million for the six months ending June 30, 2025, representing a year-on-year increase of 4.47% [1] - The company recorded a loss attributable to equity holders of HKD 29.236 million, which is a 48.17% reduction compared to the previous year [1] - Basic loss per share was HKD 0.48 [1] Revenue Breakdown - The increase in revenue was primarily driven by moderate growth in sales of healthcare products and elderly care services [1] - Revenue from the healthcare products segment increased due to the successful introduction of a new line of educational furniture, which has seen sustained sales growth [1] - The educational furniture clients are mainly domestic colleges and universities, characterized by strong cash flow and low bad debt risk [1] - Revenue from elderly care services increased mainly due to a rise in admission rates [1]

Part I [Company Information and Declarations](index=1&type=section&id=I.%20Company%20Information%20and%20Declarations) This section provides disclaimers and an overview of Beijing Health (Holdings) Limited, including its registration and the review of its unaudited interim financial information [Disclaimer](index=1&type=section&id=1.1%20Disclaimer) The Hong Kong Stock Exchange and the Stock Exchange disclaim responsibility for the announcement's content, make no representation as to its accuracy or completeness, and accept no liability for any loss arising from reliance on its contents - The Hong Kong Stock Exchange and the Stock Exchange take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement[1](index=1&type=chunk) [Company Overview](index=1&type=section&id=1.2%20Company%20Overview) Beijing Health (Holdings) Limited, incorporated in the Cayman Islands, released its unaudited condensed consolidated interim financial information for the six months ended June 30, 2025, reviewed by the company's audit committee - The company name is Beijing Health (Holdings) Limited, incorporated in the Cayman Islands, stock code 2389[2](index=2&type=chunk) - This release presents the unaudited condensed consolidated interim financial information for the six months ended June 30, 2025, which has been reviewed by the company's audit committee[3](index=3&type=chunk) Part II [Condensed Consolidated Financial Statements](index=1&type=section&id=II.%20Condensed%20Consolidated%20Financial%20Statements) This section presents the company's condensed consolidated statement of profit or loss and other comprehensive income, and the condensed consolidated statement of financial position for the period [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=2.1%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's revenue increased to HK$76,587 thousand, and gross profit rose to HK$20,395 thousand, while loss for the period significantly narrowed to HK$29,312 thousand due to a substantial increase in net other income and gains (primarily from exchange gains) and higher other expenses | Indicator | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 76,587 | 73,307 | +4.5% | | Cost of sales | (56,192) | (56,925) | -1.3% | | Gross profit | 20,395 | 16,382 | +24.5% | | Net other income and gains | 26,133 | (10,922) | N/A (from loss to gain) | | Selling and distribution expenses | (8,450) | (7,226) | +16.9% | | Administrative expenses | (40,745) | (40,709) | +0.1% | | Net impairment loss on financial assets | (1,250) | (2,801) | -55.4% | | Other expenses and losses | (18,265) | (4,737) | +285.6% | | Finance costs | (139) | (96) | +44.8% | | Share of loss of joint ventures | (4,055) | (5,187) | -21.8% | | Share of loss of associates | (3,936) | (5,046) | -22.0% | | Loss before tax | (30,312) | (60,342) | -49.8% | | Income tax credit | 1,000 | 2,763 | -63.8% | | Loss for the period | (29,312) | (57,579) | -49.1% | | Total comprehensive loss for the period | (23,016) | (69,439) | -66.8% | | Loss attributable to owners of the parent | (29,236) | (56,411) | -48.2% | | Loss attributable to non-controlling interests | (76) | (1,168) | -93.5% | | Total comprehensive loss attributable to owners of the parent | (23,740) | (68,085) | -65.1% | | Total comprehensive loss attributable to non-controlling interests | 724 | (1,354) | N/A (from loss to gain) | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=2.2%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets slightly decreased, with total non-current assets falling from HK$1,398,050 thousand to HK$1,342,849 thousand, while total current assets increased from HK$552,116 thousand to HK$576,273 thousand; net assets decreased from HK$1,740,426 thousand to HK$1,719,688 thousand, primarily due to the loss for the period | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | **Non-current assets** | | | | | Property, plant and equipment | 62,548 | 58,759 | +6.4% | | Investment properties | 117,155 | 120,397 | -2.6% | | Right-of-use assets | 368,650 | 369,834 | -0.3% | | Properties under development | 418,915 | 412,578 | +1.5% | | Goodwill | 79,979 | 79,979 | 0.0% | | Investments in joint ventures | 50,186 | 51,666 | -2.9% | | Investments in associates | 65,927 | 105,944 | -37.8% | | Equity investments (FVOCI) | 165,886 | 171,013 | -3.0% | | Debt investments (FVOCI) | – | 14,199 | -100.0% | | Prepayments and other receivables | 11,479 | 11,900 | -3.6% | | Deferred tax assets | 2,124 | 1,781 | +19.3% | | **Total non-current assets** | **1,342,849** | **1,398,050** | **-3.9%** | | **Current assets** | | | | | Inventories | 22,604 | 40,053 | -43.6% | | Trade and bills receivables | 36,403 | 23,398 | +55.6% | | Prepayments, other receivables and other assets | 258,457 | 277,581 | -6.9% | | Financial assets (FVTPL) | 141,641 | 133,219 | +6.3% | | Cash and cash equivalents | 117,168 | 77,865 | +50.5% | | **Total current assets** | **576,273** | **552,116** | **+4.4%** | | **Current liabilities** | | | | | Trade payables | 30,194 | 32,152 | -6.1% | | Other payables and accrued expenses | 93,971 | 102,742 | -8.5% | | Lease liabilities | 2,916 | 2,278 | +28.0% | | Tax payable | 546 | 839 | -34.9% | | **Total current liabilities** | **127,627** | **138,011** | **-7.5%** | | **Net current assets** | **448,646** | **414,105** | **+8.3%** | | **Total assets less current liabilities** | **1,791,495** | **1,812,155** | **-1.1%** | | **Non-current liabilities** | | | | | Other payables | 10,478 | 10,320 | +1.5% | | Lease liabilities | 3,318 | 3,375 | -1.7% | | Deferred tax liabilities | 58,011 | 58,034 | 0.0% | | **Total non-current liabilities** | **71,807** | **71,729** | **+0.1%** | | **Net assets** | **1,719,688** | **1,740,426** | **-1.2%** | | **Total equity** | **1,719,688** | **1,740,426** | **-1.2%** | Part III [Notes to the Condensed Consolidated Financial Statements](index=6&type=section&id=III.%20Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section details the basis of preparation, accounting policies, operating segments, revenue analysis, and specific notes for profit or loss and balance sheet items, along with other disclosures [Basis of Preparation and Accounting Policies](index=6&type=section&id=3.1%20Basis%20of%20Preparation%20and%20Accounting%20Policies) The condensed consolidated interim financial information is prepared in accordance with HKAS 34 'Interim Financial Reporting' and Appendix D2 of the Listing Rules, to be read in conjunction with the annual consolidated financial statements; accounting policies are consistent with the prior year, with the initial adoption of amended HKAS 21 'Lack of Exchangeability' having no significant impact on performance or financial position [Basis of Preparation](index=6&type=section&id=3.1.1%20Basis%20of%20Preparation) The condensed consolidated interim financial information is prepared in accordance with HKAS 34 and Appendix D2 of the Listing Rules, not containing all information required for annual financial statements, and should be read in conjunction with the annual statements - The condensed consolidated interim financial information is prepared in accordance with Hong Kong Accounting Standard 34 'Interim Financial Reporting' and the disclosure requirements of Appendix D2 to the Listing Rules, does not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group’s annual consolidated financial statements for the year ended December 31, 2024[9](index=9&type=chunk) [Changes in Accounting Policies and Disclosures](index=6&type=section&id=3.1.2%20Changes%20in%20Accounting%20Policies%20and%20Disclosures) The accounting policies adopted for the preparation of the condensed consolidated interim financial information are consistent with those used in the prior year, with the initial adoption of amended HKAS 21 'Lack of Exchangeability' having no significant impact on performance or financial position - The accounting policies adopted in the preparation of the condensed consolidated interim financial information are consistent with those applied in the preparation of the Group’s annual consolidated financial statements for the year ended December 31, 2024, except for the initial adoption of the revised Hong Kong Financial Reporting Standards accounting standards during the current period[10](index=10&type=chunk) - The adoption of the above revised Hong Kong Financial Reporting Standards accounting standards has no significant impact on the results and financial position prepared and presented for the current or prior accounting periods[11](index=11&type=chunk) - The Group has not early adopted any standards or amendments that have been issued but are not yet effective[12](index=12&type=chunk) [Operating Segments and Revenue Analysis](index=6&type=section&id=3.2%20Operating%20Segments%20and%20Revenue%20Analysis) The Group focuses on providing medical, health, and elderly care related services and products, with all operating results derived from this single segment; for the six months ended June 30, 2025, revenue from customer contracts was HK$76,587 thousand, a 4.5% increase year-on-year, with all revenue originating from mainland China [Operating Segment Information](index=6&type=section&id=3.2.1%20Operating%20Segment%20Information) The Group operates a single operating and reportable segment, providing medical, health, and elderly care related services and products; for the six months ended June 30, 2025, 100% of the Group's revenue was from customers in mainland China, and over 92% of non-current assets are located in mainland China - The Group has a single operating and reportable segment, which is the provision of medical, health, and elderly care related services and products[13](index=13&type=chunk) - During the period, **100% of the Group's revenue** was derived from customers in mainland China, and **over 92% of the Group's non-current assets** are located in mainland China[13](index=13&type=chunk) - Revenue of approximately **HK$19,606,000** (six months ended June 30, 2024: HK$10,629,000) was generated from sales of goods to a single customer[13](index=13&type=chunk) [Revenue](index=7&type=section&id=3.2.2%20Revenue) For the six months ended June 30, 2025, the Group's revenue from contracts with customers was HK$76,587 thousand, a 4.5% increase from HK$73,307 thousand in the prior period, with sales of goods at HK$69,608 thousand and services rendered at HK$6,979 thousand, all from mainland China | Revenue Source | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Sales of goods | 69,608 | 68,078 | +2.2% | | Services rendered | 6,979 | 5,229 | +33.5% | | **Total Revenue** | **76,587** | **73,307** | **+4.5%** | - All of the Group's revenue is derived from the mainland China market[16](index=16&type=chunk) [Notes to Statement of Profit or Loss Items](index=8&type=section&id=3.3%20Notes%20to%20Statement%20of%20Profit%20or%20Loss%20Items) This section details key financial data impacting the statement of profit or loss, including net other income and gains, finance costs, components of loss before tax, income tax credit, dividend policy, and earnings per share calculation [Net Other Income and Gains](index=8&type=section&id=3.3.1%20Net%20Other%20Income%20and%20Gains) For the six months ended June 30, 2025, net other income and gains turned from a loss of HK$10,922 thousand in the prior period to a gain of HK$26,133 thousand, primarily due to a shift from net exchange loss to gain and significant growth in investment income | Item | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Bank interest income | 720 | 396 | +81.8% | | Other interest income | 2,863 | 346 | +727.5% | | Investment income from debt investments (FVOCI) | 104 | 248 | -58.1% | | Investment income from equity investments (FVOCI) | 1,475 | 1,561 | -5.5% | | Investment income from financial assets (FVTPL) | 5,102 | 2,207 | +131.2% | | Rental income from investment properties | 4,912 | 5,081 | -3.3% | | Dividend income | 2,573 | 11 | +23290.9% | | Miscellaneous income | 724 | 2,752 | -73.7% | | **Subtotal other income** | **18,473** | **12,602** | **+46.6%** | | Net loss on disposal of property, plant and equipment | (4) | (4) | 0.0% | | Net fair value loss on investment properties | (4,863) | (7,128) | -31.7% | | Net fair value loss on financial assets at fair value through profit or loss | (6,613) | (3,794) | +74.3% | | Net exchange differences | 19,140 | (12,598) | N/A (from loss to gain) | | **Subtotal net gains/(losses)** | **7,660** | **(23,524)** | N/A (from loss to gain) | | **Total net other income and gains** | **26,133** | **(10,922)** | N/A (from loss to gain) | [Finance Costs](index=8&type=section&id=3.3.2%20Finance%20Costs) For the six months ended June 30, 2025, finance costs, primarily interest on lease liabilities, increased from HK$96 thousand to HK$139 thousand, a 44.8% year-on-year increase | Item | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Interest on lease liabilities | 139 | 96 | +44.8% | [Components of Loss Before Tax](index=9&type=section&id=3.3.3%20Components%20of%20Loss%20Before%20Tax) Loss before tax includes cost of inventories sold, cost of services, depreciation, net exchange differences, impairment of financial assets, and loss on disposal of subsidiaries; this period saw a loss of HK$21,369 thousand from disposal of subsidiaries and a reversal of impairment of HK$3,104 thousand on investments in associates | Item | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Cost of inventories sold | 52,455 | 52,313 | +0.3% | | Cost of services rendered | 3,737 | 4,612 | -19.0% | | Depreciation of property, plant and equipment | 1,872 | 1,982 | -5.6% | | Depreciation of right-of-use assets | 8,682 | 8,989 | -3.4% | | Net exchange differences | (19,140) | 12,598 | N/A (from loss to gain) | | Impairment of financial assets: net impairment of trade receivables | 1,250 | 2,801 | -55.4% | | (Reversal of impairment)/impairment of an investment in an associate | (3,104) | 4,660 | N/A (from impairment to reversal) | | Loss on disposal of a subsidiary | 21,369 | – | N/A | [Income Tax Credit](index=9&type=section&id=3.3.4%20Income%20Tax%20Credit) For the six months ended June 30, 2025, the Group received an income tax credit of HK$1,000 thousand, a decrease from HK$2,763 thousand in the prior period, primarily due to reduced deferred tax credit; no Hong Kong profits tax was provided, and China corporate income tax was calculated based on estimated taxable profits | Item | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Current - China corporate income tax (expense) | 218 | 426 | -48.8% | | Deferred tax (credit) | (1,218) | (3,189) | -61.8% | | **Total tax credit for the period** | **(1,000)** | **(2,763)** | **-63.8%** | - No provision for Hong Kong profits tax has been made as the Group had no assessable profits generated in Hong Kong during the period[20](index=20&type=chunk) - Provision for China corporate income tax for the operations in mainland China is calculated at the applicable tax rate on the estimated assessable profits for the period based on the relevant existing legislation, interpretations, and practices[21](index=21&type=chunk) [Dividends](index=10&type=section&id=3.3.5%20Dividends) The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The directors of the Company do not recommend the payment of an interim dividend to shareholders for the six months ended June 30, 2025[22](index=22&type=chunk) [Loss Per Share](index=10&type=section&id=3.3.6%20Loss%20Per%20Share) For the six months ended June 30, 2025, basic loss per share attributable to ordinary equity holders of the parent company was HK$29,236 thousand, a significant narrowing from HK$56,411 thousand in the prior period, with a weighted average of 6,058,772,027 ordinary shares outstanding and no dilutive effect from unexercised share options | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Loss attributable to owners of the parent (HK$ thousand) | 29,236 | 56,411 | | Weighted average number of ordinary shares outstanding (shares) | 6,058,772,027 | 6,058,772,027 | - No adjustment has been made to the basic loss per share amounts presented for the six months ended June 30, 2025 and 2024, as the unexercised share options had no dilutive effect on the basic loss per share amounts presented[23](index=23&type=chunk) [Notes to Statement of Financial Position Items](index=10&type=section&id=3.4%20Notes%20to%20Statement%20of%20Financial%20Position%20Items) This section details key items in the statement of financial position, including trade and bills receivables, trade payables, and the composition and changes in share capital [Trade and Bills Receivables](index=10&type=section&id=3.4.1%20Trade%20and%20Bills%20Receivables) As of June 30, 2025, total trade and bills receivables increased significantly by 55.6% to HK$36,403 thousand from HK$23,398 thousand on December 31, 2024, primarily driven by growth in trade and bills receivables within one year | Ageing | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | **Trade receivables:** | | | | | Within 3 months | 15,126 | 14,497 | +4.3% | | 4 to 6 months | 5,473 | 3,684 | +48.6% | | 7 to 12 months | 8,280 | 2,452 | +237.7% | | Over 1 year | 1,863 | 2,225 | -16.3% | | **Subtotal trade receivables** | **30,742** | **22,858** | **+34.5%** | | Bills receivables | 5,661 | 540 | +948.3% | | **Total** | **36,403** | **23,398** | **+55.6%** | [Trade Payables](index=11&type=section&id=3.4.2%20Trade%20Payables) As of June 30, 2025, total trade payables decreased by 6.1% to HK$30,194 thousand from HK$32,152 thousand on December 31, 2024; trade payables are non-interest bearing and typically settled within three to six months | Ageing | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Within 3 months | 16,470 | 16,803 | -2.0% | | Over 3 months | 13,724 | 15,349 | -10.6% | | **Total** | **30,194** | **32,152** | **-6.1%** | - Trade payables are non-interest bearing and are normally settled on terms of three to six months[25](index=25&type=chunk) [Share Capital](index=11&type=section&id=3.4.3%20Share%20Capital) As of June 30, 2025, the company's authorized share capital was HK$2,000,000 thousand and issued and fully paid share capital was HK$1,211,754 thousand, both consistent with December 31, 2024, with a par value of HK$0.2 per share | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Authorized share capital (10,000,000,000 shares of HK$0.2 each) | 2,000,000 | 2,000,000 | | Issued and fully paid share capital (6,058,772,027 shares of HK$0.2 each) | 1,211,754 | 1,211,754 | [Other Notes](index=12&type=section&id=3.5%20Other%20Notes) This section covers important additional information including share-based compensation plans, capital commitments, related party transactions, disposal of subsidiaries, contingent liabilities, and post-reporting period events [Share-based Compensation Plans](index=12&type=section&id=3.5.1%20Share-based%20Compensation%20Plans) The company's 2013 share option scheme expired in May 2023, with 146,500,000 share options lapsed during the period and HK$51,934,000 transferred from the share option reserve to accumulated losses; as of June 30, 2025, 89,500,000 share options remain unexercised - The 2013 scheme expired in May 2023, and no new share option scheme has been adopted; during the period, **146,500,000 share options** under the 2013 scheme lapsed, and **HK$51,934,000** was transferred from the share option reserve to accumulated losses[27](index=27&type=chunk) - As at the end of the reporting period, the Company had **89,500,000 unexercised share options**, representing approximately **1.5%** of the Company's issued shares on that date[28](index=28&type=chunk) - The exercise price of the unexercised share options is **HK$0.53 per share**, and they are exercisable until January 27, 2026[27](index=27&type=chunk)[29](index=29&type=chunk) [Commitments](index=13&type=section&id=3.5.2%20Commitments) As of June 30, 2025, the Group's total capital commitments were HK$15,156 thousand, primarily for land and buildings and properties under development, a significant decrease from HK$75,822 thousand on December 31, 2024 | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Land and buildings | 5,865 | 53,175 | -89.0% | | Properties under development | 9,291 | 22,647 | -59.0% | | **Total** | **15,156** | **75,822** | **-80.0%** | [Related Party Disclosures](index=13&type=section&id=3.5.3%20Related%20Party%20Disclosures) For the six months ended June 30, 2025, total remuneration for the Group's key management personnel was HK$4,513 thousand, a 99.1% increase from HK$2,267 thousand in the prior period, mainly due to increased performance-related bonuses | Item | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Salaries, allowances and benefits in kind | 2,330 | 2,183 | +6.7% | | Performance-related bonuses | 2,100 | – | N/A | | Contributions to retirement benefit schemes | 83 | 84 | -1.2% | | **Total** | **4,513** | **2,267** | **+99.1%** | [Disposal of Subsidiaries](index=14&type=section&id=3.5.4%20Disposal%20of%20Subsidiaries) For the six months ended June 30, 2025, the Group received net proceeds of HK$40,032 thousand from the disposal of an investment in an associate, but incurred a loss of HK$21,369 thousand from the disposal of a subsidiary, resulting in a net cash inflow of HK$16,924 thousand | Item | H1 2025 (HK$ thousand) | | :--- | :--- | | Disposal of an investment in an associate | 40,032 | | Cash and cash equivalents | 12 | | Exchange fluctuation reserve | (1,751) | | Loss on disposal of a subsidiary | (21,369) | | **Net cash inflow** | **16,924** | [Contingent Liabilities](index=14&type=section&id=3.5.5%20Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities; as of December 31, 2024, the Group provided a bank financing guarantee for an associate, with a maximum contingent liability of RMB28,000,000 (approximately HK$30,238,000), of which approximately RMB24,235,000 (approximately HK$26,172,000) had been utilized - As of June 30, 2025, the Group had no significant contingent liabilities[33](index=33&type=chunk) - As of December 31, 2024, the Group had a contingent liability as guarantor for bank financing granted to an associate of the Company, with a maximum of **RMB28,000,000** (equivalent to approximately **HK$30,238,000**); the associate had utilized approximately **RMB24,235,000** (equivalent to approximately **HK$26,172,000**) of the bank loan guaranteed by the Group[33](index=33&type=chunk) [Events After Reporting Period](index=14&type=section&id=3.5.6%20Events%20After%20Reporting%20Period) No significant events occurred after the reporting period - No significant events occurred after the reporting period[34](index=34&type=chunk) Part IV [Management Discussion and Analysis](index=15&type=section&id=IV.%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive review of the Group's business operations, future strategies, and financial performance, including detailed analysis of revenue, expenses, and financial position [Business Review](index=15&type=section&id=4.1%20Business%20Review) The Group actively responds to national silver economy policies, deepens its presence in the Yangtze River Delta region, expands elderly care apartment businesses through a 'chain operation, medical-elderly integration' model, and continues to develop health industrial parks and medical-elderly product sales, with elderly care apartment revenue growing by 22% year-on-year [Elderly Care Apartment Business](index=15&type=section&id=4.1.1%20Elderly%20Care%20Apartment%20Business) China's aging population continues to grow, with strong government support for the silver economy; the Group actively expands inclusive institutional elderly care apartments using a 'chain operation, medical-elderly integration' model in the Yangtze River Delta, operating and managing six apartments with 1,243 beds and an average occupancy rate over 70%, achieving a 22% year-on-year revenue increase - China's aging population growth continues to accelerate, projected to exceed **300 million by 2025** and reach **420 million by 2035**; in 2024, the State Council General Office issued the 'Opinions on Developing the Silver Economy to Enhance the Well-being of the Elderly', the first national document supporting the silver economy[35](index=35&type=chunk) - The Group actively expands inclusive institutional elderly care apartments, investing in and operating nursing homes through a **'chain operation, medical-elderly integration' model**, deeply deploying in the economically strong and high-demand Yangtze River Delta region, gradually radiating across China, and establishing the highly competitive **'Beijing Health'** elderly care service brand domestically[36](index=36&type=chunk) - As of June 30, 2025, the Group operates and manages **six elderly care apartments** providing a total of **1,243 beds** (primarily in the Yangtze River Delta region), including **four medical institutions** offering **955 medical beds** (106 new beds in H1); the average occupancy rate exceeds **70%**, with stable operating cash flow, and elderly care apartment bed revenue reached **RMB26.42 million** (H1 2024: RMB21.64 million), a **22% year-on-year increase**[37](index=37&type=chunk) [Overview of Elderly Care Apartment Projects](index=16&type=section&id=4.1.2%20Overview%20of%20Elderly%20Care%20Apartment%20Projects) All six of the Group's elderly care apartment projects achieved revenue and occupancy rate growth in H1 2025, with Changzhou Luoxi District Nursing Home and Care Hospital (newly opened) seeing a 638% revenue increase and 54% occupancy, as projects continuously enhance operational efficiency and market competitiveness through medical-elderly integration, renovations, internal modifications, and value-added services | Project Name | Number of beds | H1 2025 Revenue (RMB thousand) | H1 2024 Revenue (RMB thousand) | Revenue Change (%) | H1 2025 Occupancy Rate (%) | H1 2024 Occupancy Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wuxi Liangxi District Guangyi Elderly Care Center and Nursing Home | 288 | 11,430 | 10,240 | 12% | 93% | 87% | | Wuxi Liangxi District Wuhe Elderly Care Center and Nursing Home | 160 | 3,470 | 2,730 | 27% | 65% | 48% | | Changzhou Xinbei District Xuejia Aixin Elderly Care Center and Nursing Home | 415 | 6,640 | 5,710 | 16% | 67% | 43% | | Wuxi Liangxi District Huifeng Elderly Care Center | 100 | 1,010 | 660 | 53% | 60% | 40% | | Wuhu Jinghu District Jintaiyang Elderly Care Center | 120 | 2,910 | 2,170 | 34% | 93% | 91% | | Changzhou Luoxi District Nursing Home and Care Hospital (Newly Opened) | 160 | 960 | 130 | 638% | 54% | 27% | | **Total** | **1,243** | **26,420** | **21,640** | **22%** | **73%** | **56%** | - Guangyi Elderly Care Center and Nursing Home achieved operating revenue of **RMB11.43 million** in H1, a **12% year-on-year increase**, with an occupancy rate of **93%**; value-added services such as medical-elderly integration drove operating performance growth[39](index=39&type=chunk) - Wuhe Elderly Care Center and Nursing Home achieved operating revenue of **RMB3.47 million** in H1, a **27% year-on-year increase**, with an occupancy rate of **65%**; renovation projects initiated last year have been completed, and the occupancy rate continues to recover[40](index=40&type=chunk) - Xuejia Aixin Elderly Care Center and Nursing Home achieved operating revenue of **RMB6.64 million** in H1, a **16% year-on-year increase**, with an occupancy rate of **67%**; **106 new medical beds** were approved in H1, bringing the total medical beds to **205**[41](index=41&type=chunk) - Huifeng Elderly Care Center achieved operating revenue of **RMB1.01 million** in H1, a **53% year-on-year increase**, with an occupancy rate of **60%**; improvements in medical-elderly integration at Huifeng Elderly Care Center have been completed, leading to significant growth in both occupancy and revenue[42](index=42&type=chunk) - Wuhu Jintaiyang Elderly Care Center achieved operating revenue of **RMB2.91 million** in H1, a **34% year-on-year increase**, with an occupancy rate of **93%**; Wuhu Jintaiyang Elderly Care Center undertook internal renovations based on market demand and opened an external meal assistance center, increasing value-added service revenue[43](index=43&type=chunk) - Changzhou Luoxi District Nursing Home and Care Hospital officially commenced operations in May 2024, achieving operating revenue of **RMB0.96 million** in H1 and an occupancy rate of **54%**; it has maintained rapid growth in both occupancy and revenue since opening[44](index=44&type=chunk) [Newly Signed Elderly Care Apartment Projects](index=19&type=section&id=4.1.3%20Newly%20Signed%20Elderly%20Care%20Apartment%20Projects) The Group has signed new elderly care projects, including the Wuxi Grand Canal Cultural Creative Building Health and Wellness Project (expected to open in H2 2025, adding 450 beds), Rizhao City Health and Wellness Project (expected to open in Q3 this year, adding 155 beds), and Anhui Guangde City Elderly Care Service Center Project (total construction time approximately 16 months, adding 290 beds), continuously expanding its elderly care service footprint - The Group signed a cooperation agreement with Jiangsu Grand Canal Hotel Management Co., Ltd., successfully acquiring the operating rights for the Grand Canal Cultural Creative Building Health and Wellness Project; the project plans to offer approximately **450 medical-elderly integrated beds** and is expected to open in **H2 2025**[45](index=45&type=chunk) - The Group signed a health and wellness project cooperation agreement with Rizhao City Urban Construction Investment Group Co., Ltd., planning to establish approximately **155 beds** and actively build a functionally complete, service-excellent, and well-managed medical-elderly integrated elderly care service institution[46](index=46&type=chunk) - Wuxi Beikang Hongtai Elderly Care Service Co., Ltd., a subsidiary of the Group, successfully won the bid for the Anhui Guangde City Elderly Care Service Center Project through public tender; the project is designed for approximately **290 beds**, with an estimated total construction period of about **16 months**, and will cater to the elderly health and wellness needs from surrounding major cities like Shanghai and Nanjing in the future[47](index=47&type=chunk) [Health Industrial Park Business](index=19&type=section&id=4.1.4%20Health%20Industrial%20Park%20Business) The Group is involved in five health industrial park projects across Beijing, Shanghai, Dali, and Canada, totaling over 400,000 square meters; projects vary from upgrading and increasing revenue (Beijing Chaoyang Logistics) to being sold (Shanghai Sanlu Road), leased (Shanghai Hongmei Road), paused (Dali Haidong New District), or in planning/repayment phases (Canada Ovation and Royal Tower) - As of June 30, 2025, the Group is involved in **five projects** across Beijing, Shanghai, Dali, and Canada, with a total area exceeding **400,000 square meters**[49](index=49&type=chunk) - The Beijing Chaoyang Logistics project has completed its extension application as a key project with the Chaoyang District Development and Reform Commission, and is steadily increasing revenue through a new operational management system and the introduction of quality partners[50](index=50&type=chunk) - The Shanghai Sanlu Road project was **sold in March 2025**[50](index=50&type=chunk) - Due to the sluggish domestic real estate market, the original plan for a commercial and office complex for the Shanghai Hongmei Road project has been temporarily shelved; the project is currently leased out, with an annual rental yield of approximately **4%**[51](index=51&type=chunk) - The Dali Haidong New District sub-project is temporarily on hold due to the Yunnan Provincial Government's suspension of development and construction approvals for the Haidong New District; the Group is discussing subsequent arrangements with the local government[52](index=52&type=chunk) - The Canada Ovation project began pre-sales in April 2019 and delivered units to buyers in early 2024; it is expected that the project company will continue to make repayment arrangements to the Group as remaining units are further sold[52](index=52&type=chunk) - The Canada Royal Tower project is preparing for the re-zoning of its land development nature and seeking suitable partners[52](index=52&type=chunk) [Medical and Elderly Care Product Sales](index=21&type=section&id=4.1.5%20Medical%20and%20Elderly%20Care%20Product%20Sales) The Group's Weisen Shengye company specializes in professional furniture for education, elderly care, and medical sectors, with H1 market expansion focused on education, securing several key projects; facing competitive pressure, the company enhances brand competitiveness through exhibitions, online promotion, and product certifications, earning multiple industry accolades - Beijing Weisen Shengye Furniture Company, the Group's medical and elderly care product subsidiary, focused its H1 market expansion primarily on the education sector, successfully signing key projects such as the **'China University of Petroleum (Huadong) Guzhenkou Campus Teaching Building Project'**[53](index=53&type=chunk) - As government investment in education infrastructure increases, market competition intensifies, with regional suppliers and international brands vying for market share through cost-effectiveness and smart classroom solutions[54](index=54&type=chunk) - In H1, Weisen Shengye participated in **5 exhibitions**, hosted approximately **500 clients**, secured **63 potential projects**, and signed **1 project**; concurrently, it promoted its brand through online exhibitions and social media, publishing a total of **148 pieces of content** with an exposure rate of **1.5 million**[54](index=54&type=chunk) - Weisen Shengye completed certifications such as China Environmental Labeling Product Certification and Human Ergonomics Product Certification, and was awarded significant industry honors including **'2025 Top Ten Leading Brands in School Furniture'**, **'2025 Top Ten Brands in Office Furniture'**, **'2025 Top Ten Brands in Age-Friendly Furniture'**, and **'2025 Top Ten Brands in Hospital Furniture'**[55](index=55&type=chunk) [Future Outlook](index=22&type=section&id=4.2%20Future%20Outlook) The Group will continue to increase investment in the elderly care industry, add new beds, build the 'Beijing Health' brand, consolidate its core competitiveness in 'chain operation, standardization, specialization' and 'medical-elderly integration,' and expand into age-friendly products and digital home-based elderly care services, aiming for 5,000 beds in the short term, over 10,000 in the medium term, and 100,000 in the long term, while prudently managing costs, optimizing financial health, and exploring investment opportunities in the sports industry - In the elderly care industry, the Group will continue to increase investment and expansion, constantly adding new beds; the newly signed Wuxi Grand Canal Nursing Home project is expected to operate in **H2 2025**, adding approximately **450 operational beds**, and Rizhao Beikang Yiyue Health Industry Development Co., Ltd.'s renovation is nearing completion, expected to officially open in **Q3 this year**, adding **155 operational beds**[56](index=56&type=chunk) - The Group has launched an online value-added service platform, building comprehensive online value-added services such as elderly nutritious meals, care products, home-visit services, and escort care, achieving an integrated online-offline industry chain and continuously increasing service revenue[56](index=56&type=chunk) - In the future, the Group will focus on building the **'Beijing Health' brand**, continue to leverage the advantages of the **'chain operation, medical-elderly integration'** operating model, continuously consolidate and strengthen its core competitiveness in **'chain operation, standardization, specialization'** and **'medical-elderly integration'**, continue to deeply cultivate the economically strong and high-demand Yangtze River Delta region, and accelerate the expansion of elderly care beds; concurrently, it will extend into age-friendly products and digital home-based elderly care service business areas, forming a **'point-and-surface'** urban comprehensive elderly care service business layout with elderly care beds as the core and business backbone, radiating to product and family ends[57](index=57&type=chunk)[58](index=58&type=chunk) - The Group's short-term goal is to reach **5,000 total elderly care beds**, exceeding **10,000 in the medium term**, and achieving a long-term target of **100,000 beds**, while also making significant breakthroughs in age-friendly products and digital home-based elderly care services, becoming a leading group in the domestic comprehensive elderly care service industry[58](index=58&type=chunk) - Regarding health industrial parks, facing an uncertain macroeconomic environment, the Group will temporarily not increase investment in health industrial parks in China; instead, it will actively seek suitable partners to dispose of some projects when appropriate; for the Group's investment projects in Canada, it will accelerate government approval procedures for the Royal Tower project and prepare for pre-sales, while actively exploring other development opportunities in Canada[59](index=59&type=chunk) - In the medical and elderly care product business, Weisen Shengye will continue to invest in product R&D, policy response, and market segmentation to seize market opportunities, maintain a proactive stance, and leverage the support of Beijing Health Group and the market advantages of its agency brand (KI furniture) to actively cultivate niche segments and penetrate regional markets, achieving breakthroughs in brand value and market share[60](index=60&type=chunk) - In terms of overall Group strategy, we will rigorously control costs, ensure resources are effectively utilized, and optimize cost-effectiveness; we will prudently manage our own funds, enhance free cash income through appropriate bank wealth management, stock, and bond investments, and strengthen the Group's financial position; concurrently, we will periodically seek investment opportunities in the sports industry to add new growth drivers to our **'Great Health Industry'** investment objectives[60](index=60&type=chunk) [Financial Review](index=24&type=section&id=4.3%20Financial%20Review) The Group's operating revenue increased by 4.5% in H1 2025, with gross profit margin rising to 26.6%; loss for the period significantly narrowed due to exchange gains and reduced impairment losses on financial assets, despite a one-time loss from disposal of a subsidiary; the Group maintains ample liquidity, a robust capital structure, and continues to optimize cost management and seek investment opportunities [Operating Revenue](index=24&type=section&id=4.3.1%20Operating%20Revenue) Operating revenue for H1 2025 was HK$76,587 thousand, a 4.5% year-on-year increase, primarily driven by moderate growth in medical and elderly care product sales and elderly care apartment business revenue, with the education furniture product line's effectiveness offsetting declines in hospital and elderly care furniture sales | Indicator | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Operating revenue | 76,587 | 73,307 | +4.5% | - The increase in operating revenue was primarily due to the moderate growth in both medical and elderly care product sales revenue and elderly care apartment business revenue[61](index=61&type=chunk) - The increase in revenue from the medical and elderly care product segment was mainly due to the effectiveness of the new education furniture product line developed by the Group in earlier years, with related sales increasing annually and sufficiently offsetting the decline in hospital and elderly care furniture sales; customers for education furniture are major domestic colleges and universities, characterized by strong cash flow and low bad debt risk[61](index=61&type=chunk) - The increase in elderly care apartment business revenue was primarily due to an increase in occupancy rates[61](index=61&type=chunk) [Cost of Sales](index=24&type=section&id=4.3.2%20Cost%20of%20Sales) Cost of sales slightly decreased by 1.3% to HK$56,192 thousand, primarily comprising procurement costs, freight, installation fees, and labor expenses | Indicator | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Cost of sales | 56,192 | 56,925 | -1.3% | - Cost of sales primarily includes procurement costs, freight, installation fees, and labor expenses[62](index=62&type=chunk) [Gross Profit Margin](index=24&type=section&id=4.3.3%20Gross%20Profit%20Margin) The gross profit margin for the period was 26.6%, an increase of 4.3 percentage points from 22.3% in the prior period, mainly due to a higher revenue contribution from the asset-light elderly care apartment business | Indicator | H1 2025 | H1 2024 | Change (percentage points) | | :--- | :--- | :--- | :--- | | Gross profit margin | 26.6% | 22.3% | +4.3 | - The increase in gross profit margin was mainly due to a higher revenue contribution from the asset-light elderly care apartment business[63](index=63&type=chunk) [Net Other Income and Gains](index=24&type=section&id=4.3.4%20Net%20Other%20Income%20and%20Gains) Net other income and gains for H1 2025 turned from a loss of HK$10,922 thousand in the prior period to a gain of HK$26,133 thousand, primarily influenced by a HK$19,140 thousand exchange gain resulting from the appreciation of the Canadian dollar against the Hong Kong dollar | Indicator | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Net other income and gains | 26,133 | (10,922) | N/A (from loss to gain) | - The increase in net other income and gains was primarily due to the appreciation of the Canadian dollar against the Hong Kong dollar by approximately **5.3%** in H1 2025, resulting in an exchange gain of **HK$19,140,000** in H1 2025, compared to an exchange loss of HK$12,598,000 in H1 2024[64](index=64&type=chunk) - Excluding exchange gains, net other income and gains primarily comprised a fair value loss on investment properties of **HK$4,863,000** (H1 2024: HK$7,128,000), rental income of **HK$4,912,000** (H1 2024: HK$5,081,000), and investment income of **HK$2,641,000** (H1 2024: HK$233,000)[64](index=64&type=chunk) [Selling and Distribution Expenses](index=25&type=section&id=4.3.5%20Selling%20and%20Distribution%20Expenses) Selling and distribution expenses increased to HK$8,450 thousand in H1 2025, a 16.9% year-on-year increase, representing 11.0% of total sales, primarily due to increased patent fees for selling 'KI' brand education furniture products | Indicator | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Selling and distribution expenses | 8,450 | 7,226 | +16.9% | | Percentage of total sales | 11.0% | 9.9% | +1.1 percentage points | - The increase in selling and distribution expenses during the period was primarily due to increased patent fees incurred by the Group in H1 2025 for selling **'KI' brand education furniture products**[65](index=65&type=chunk) [Administrative Expenses](index=25&type=section&id=4.3.6%20Administrative%20Expenses) Administrative expenses for H1 2025 were HK$40,745 thousand, largely consistent with HK$40,709 thousand in the prior period, with an increase in staff costs (including directors' remuneration) offset by a decrease in office expenses | Item | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Administrative expenses | 40,745 | 40,709 | +0.1% | | Staff costs (including directors' remuneration) | 18,357 | 15,839 | +15.9% | | Office expenses | 2,157 | 5,243 | -58.9% | [Impairment Loss on Financial Assets](index=25&type=section&id=4.3.7%20Impairment%20Loss%20on%20Financial%20Assets) Impairment loss on financial assets primarily relates to impairment provisions for the Group's receivables, made due to certain trade receivables not being repaid on schedule, considering the debtors' repayment capabilities - Impairment loss on financial assets primarily represents impairment provisions made for the Group's receivables; during the period, due to certain trade receivables not being repaid on schedule, the Group made impairment provisions for the affected balances after considering the debtors' repayment capabilities[67](index=67&type=chunk) [Other Expenses and Losses](index=25&type=section&id=4.3.8%20Other%20Expenses%20and%20Losses) For the six months ended June 30, 2025, other expenses and losses significantly increased to HK$18,265 thousand (H1 2024: HK$4,737 thousand), primarily due to a one-time loss of HK$21,369 thousand from the disposal of a subsidiary, partially offset by a HK$3,104 thousand reversal of impairment on an investment in an associate | Indicator | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Other expenses and losses | 18,265 | 4,737 | +285.6% | - During the period, other expenses and losses primarily comprised a loss on disposal of a subsidiary of approximately **HK$21,369,000** (H1 2024: nil) and a reversal of impairment of an investment in an associate of approximately **HK$3,104,000** (H1 2024: impairment of approximately HK$4,660,000)[68](index=68&type=chunk) [Finance Costs](index=26&type=section&id=4.3.9%20Finance%20Costs) Total finance costs for H1 2025 were HK$139 thousand, a 44.8% year-on-year increase, primarily due to an increase in the Group's weighted average lease liabilities during the period | Indicator | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Total finance costs | 139 | 96 | +44.8% | - The increase in finance costs was primarily due to an increase in the Group's weighted average lease liabilities during the period[69](index=69&type=chunk) [Share of Profits and Losses of Joint Ventures](index=26&type=section&id=4.3.10%20Share%20of%20Profits%20and%20Losses%20of%20Joint%20Ventures) Share of loss of joint ventures was HK$4,055 thousand, a 21.8% decrease from HK$5,187 thousand in the prior period, primarily representing the share of loss from 1121695 B.C. Ltd | Indicator | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Share of loss of joint ventures | 4,055 | 5,187 | -21.8% | - Share of profits and losses of joint ventures primarily represented **47.47%** of the loss attributable to shareholders of **1121695 B.C. Ltd.**, amounting to approximately **HK$4,055,000**[70](index=70&type=chunk) [Share of Profits and Losses of Associates](index=26&type=section&id=4.3.11%20Share%20of%20Profits%20and%20Losses%20of%20Associates) Share of loss of associates was HK$3,936 thousand, a 22.0% decrease from HK$5,046 thousand in the prior period, including an increased share of loss from Beijing Sports Culture Industry Group Co., Ltd. and a reduced share of loss from Shanghai Junbo Textile Co., Ltd. (which was disposed of in March 2025) | Indicator | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Share of loss of associates | 3,936 | 5,046 | -22.0% | - Share of profits and losses of associates primarily included **25.07%** of the loss attributable to shareholders of **Beijing Sports Culture Industry Group Co., Ltd.**, amounting to approximately **HK$3,297,000**, and **20%** of the loss attributable to shareholders of **Shanghai Junbo Textile Co., Ltd.**, amounting to approximately **HK$174,000**[71](index=71&type=chunk) - Shanghai Junbo Textile Co., Ltd. was **disposed of in March 2025**[71](index=71&type=chunk) [Net Assets](index=26&type=section&id=4.3.12%20Net%20Assets) As of June 30, 2025, the Group's net assets were approximately HK$1,719,688 thousand, a decrease of approximately HK$20,738 thousand from December 31, 2024, primarily due to a loss of approximately HK$29,312 thousand incurred during the period | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Net assets | 1,719,688 | 1,740,426 | -1.2% | - The decrease in net assets was primarily due to a loss of approximately **HK$29,312,000** incurred during the period[72](index=72&type=chunk) [Liquidity and Financial Resources](index=26&type=section&id=4.3.13%20Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group's cash and cash equivalents increased to HK$117,168 thousand, and bank wealth management product balances rose to HK$128,988 thousand; net current assets reached HK$448,646 thousand, with a current ratio of 4.5 times, indicating ample liquidity | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and cash equivalents | 117,168 | 77,865 | +50.5% | | Bank wealth management product balances | 128,988 | 118,441 | +8.9% | | Net current assets | 448,646 | 414,105 | +8.3% | | Current ratio | 4.5 times | N/A | N/A | - The Group maintains sufficient bank credit facilities to meet working capital needs and holds ample cash resources to fund capital expenditures in the foreseeable future[73](index=73&type=chunk) - The Group believes that prudent cash flow management is key to success; to ensure sufficient funds for the Group's rapid growth, the Group maintains good business relationships with various banks to facilitate future loan applications[73](index=73&type=chunk) [Capital Structure](index=27&type=section&id=4.3.14%20Capital%20Structure) As of June 30, 2025, the company had 6,058,772,027 shares issued, with equity attributable to shareholders of approximately HK$1,692,371 thousand and total equity of approximately HK$1,719,688 thousand; the Group primarily funds its operations through internal resources and strives to optimize its capital and financing structure | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Number of shares issued (shares) | 6,058,772,027 | 6,058,772,027 | 0.0% | | Equity attributable to shareholders | 1,692,371 | 1,716,111 | -1.4% | | Total equity | 1,719,688 | 1,740,426 | -1.2% | - The Group's business operations are primarily funded through internal resources; leveraging its advantages as a listed company's financing platform, the Group strives to continuously optimize its capital and financing structure to secure sufficient funds for future health and elderly care industry projects[74](index=74&type=chunk) [Capital Expenditure](index=27&type=section&id=4.3.15%20Capital%20Expenditure) For the six months ended June 30, 2025, the Group's capital expenditure was approximately HK$4,736 thousand, an 83.7% increase from HK$2,578 thousand in the prior period, primarily for the acquisition of property, plant, and equipment | Indicator | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Capital expenditure | 4,736 | 2,578 | +83.7% | - Capital expenditure primarily relates to the acquisition of property, plant, and equipment[75](index=75&type=chunk) [Pledge of Assets](index=27&type=section&id=4.3.16%20Pledge%20of%20Assets) As of June 30, 2025, and December 31, 2024, the Group had no pledged assets - As of June 30, 2025, and December 31, 2024, the Group had no pledged assets[76](index=76&type=chunk) [Material Investments](index=27&type=section&id=4.3.17%20Material%20Investments) For the period ended June 30, 2025, the Group made no new material investments; while actively seeking potential synergistic investments, no agreements for material investments have been entered into as of the announcement date - For the period ended June 30, 2025, the Group made no new material investments[77](index=77&type=chunk) - The Group is actively seeking and exploring potential and synergistic suitable investments to integrate into its existing businesses; as of the date of this announcement, no agreements for material investments have been entered into[77](index=77&type=chunk) [Contingent Liabilities](index=27&type=section&id=4.3.18%20Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities; as of December 31, 2024, the Group provided a bank financing guarantee for an associate, with a maximum contingent liability of RMB28,000,000 (approximately HK$30,238,000), of which approximately RMB24,235,000 (approximately HK$26,172,000) had been utilized - As of June 30, 2025, the Group had no significant contingent liabilities[78](index=78&type=chunk) - As of December 31, 2024, the Group had a contingent liability as guarantor for bank financing granted to an associate of the Company, with a maximum of **RMB28,000,000** (equivalent to approximately **HK$30,238,000**); the associate had utilized approximately **RMB24,235,000** (equivalent to approximately **HK$26,172,000**) of the bank loan guaranteed by the Group[78](index=78&type=chunk) [Foreign Exchange Risk](index=28&type=section&id=4.3.19%20Foreign%20Exchange%20Risk) The Group faces exchange rate fluctuation risks for RMB and CAD against HKD, but took no hedging measures for the six months ended June 30, 2025; management will continue to monitor foreign exchange risk and implement hedging measures when necessary - Most of the Group's subsidiaries operate in China, with most transactions denominated and settled in RMB; fluctuations in the RMB exchange rate affect the Group's net assets when preparing its consolidated accounts[79](index=79&type=chunk) - The Group is also exposed to foreign exchange risk from other receivables and an investment in a joint venture denominated in Canadian dollars[79](index=79&type=chunk) - For the six months ended June 30, 2025, the Group faced potential foreign exchange risk arising from currency exchange rate fluctuations but did not make any arrangements or use any financial instruments to hedge this risk; however, management will continue to monitor foreign exchange risk and implement hedging measures when necessary[79](index=79&type=chunk) [Employees and Remuneration Policy](index=28&type=section&id=4.3.20%20Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group's total workforce increased to approximately 180 employees, with total staff costs (including directors' remuneration) of approximately HK$22,427 thousand, a 13.9% year-on-year increase; remuneration policy is market-based, offering benefits, discretionary performance bonuses, and share option schemes to incentivize employees | Indicator | June 30, 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Total number of employees | 180 employees | 164 employees | +9.8% | | Male employees | 77 employees | 71 employees | +8.5% | | Female employees | 103 employees | 93 employees | +10.8% | | Total staff costs (including directors' remuneration) (HK$ thousand) | 22,427 | 19,692 | +13.9% | - The Group's remuneration policy is to determine all employee compensation at market levels; in addition to salaries, the Group also provides employee benefits, including medical insurance, mandatory provident fund contributions, and China social insurance[80](index=80&type=chunk) - To encourage and reward employees, the Group has established discretionary performance bonus schemes and year-end bonus schemes to drive employee performance and growth; the Company also has a share option scheme and employee option scheme to recognize employee performance[80](index=80&type=chunk) Part V [Corporate Governance and Other Information](index=28&type=section&id=V.%20Corporate%20Governance%20and%20Other%20Information) This section outlines the company's adherence to corporate governance codes, policies on securities transactions, and details regarding the audit committee and publication of financial reports [Corporate Governance Code](index=28&type=section&id=5.1%20Corporate%20Governance%20Code) The company has complied with the Corporate Governance Code provisions set out in Appendix C1 of the Listing Rules for the six months ended June 30, 2025 - The Company has complied with the code provisions of the Corporate Governance Code set out in Appendix C1 to the Listing Rules for the six months ended June 30, 2025[81](index=81&type=chunk) [Compliance with the Model Code for Securities Transactions](index=28&type=section&id=5.2%20Compliance%20with%20the%20Model%20Code%20for%20Securities%20Transactions) The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules and confirms full compliance by all directors during the reporting period - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules as its code of conduct for directors' securities transactions[82](index=82&type=chunk) - Following specific enquiries, the Company confirms that all directors have fully complied with the Model Code for the six months ended June 30, 2025[82](index=82&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=29&type=section&id=5.3%20Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities, and the company held no treasury shares - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities; as of June 30, 2025, the Company held no treasury shares[83](index=83&type=chunk) [Audit Committee](index=29&type=section&id=5.4%20Audit%20Committee) The Audit Committee, established on April 11, 2002, comprises four independent non-executive directors, including one with professional qualifications, and has reviewed the company's interim results for the six months ended June 30, 2025 - The Audit Committee was established on April 11, 2002, with written terms of reference; it comprises four members: Mr. Xie Wenjie (Chairman), Mr. Zhang Yunzhou, Mr. Wu Yongxin, and Ms. Yang Xiaoyan, all independent non-executive directors (including one with appropriate professional qualifications or expertise in accounting or relevant financial management)[84](index=84&type=chunk) - The Company's Audit Committee has reviewed the Company's interim results for the six months ended June 30, 2025[84](index=84&type=chunk) [Publication of Interim Results and Interim Report](index=29&type=section&id=5.5%20Publication%20of%20Interim%20Results%20and%20Interim%20Report) The electronic version of this interim results announcement is published on the company's and the Stock Exchange's websites, and the interim report will be dispatched to shareholders and published on these websites in due course - The electronic version of this interim results announcement is published on the Company's website (http://www.bjhl.com.hk) and the Stock Exchange's website (www.hkexnews.hk)[85](index=85&type=chunk) - The Company's interim report for the six months ended June 30, 2025, will also be dispatched to the Company's shareholders and published on the aforementioned websites in due course[85](index=85&type=chunk)

Group 1 - Beijing Health (02389.HK) announced the successful bid for the Anhui Guangde Elderly Care Center project, which is expected to be completed by July 30, 2025 [1] - The project covers a total construction area of approximately 10,000 square meters and is designed to accommodate around 290 beds [1] - The project is part of the Anhui provincial government's initiative to establish Guangde City as a leading ecological and green elderly care base in the Yangtze River Delta region [1] Group 2 - With the successful bid for the Guangde Elderly Care project, the number of the company's elderly care institutions will increase to 9, raising the total bed capacity to 2,138 [1] - The project is strategically located in the core area of the Yangtze River Delta, catering to the elderly care needs from major cities like Shanghai and Nanjing [1] - The total construction period for the project is estimated to be around 16 months [1]

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。 二 零 二 四 年，安 徽 省 將 廣 德 市 定 位 為 長 三 角（安 徽）生 態 綠 色 康 養 基 地 先 行 區 及 首 批 國 家 森 林 康 養 基 地，全 力 打 造「全 齡 康 養」的 康 養 名 城，而 廣 德 養 老 項 目 正 位 於 長 三 角 核 心 區 域，未 來 將 承 載 來 自 上 海 市、南 京 市 等 周 邊 大 城 市 的 老 齡 康 養 需 求。 隨 著 廣 德 養 老 項 目 的 成 功 中 標，本 集 團 康 養 機 構 數 量 增 加 至9個，總 床 位 增 至 2,138張。 – 1 – 有關本集團之養老業務 （股份代號： ） （於開曼群島註冊成立的有限公司） 2389 自願公告 有關中標安徽省廣德市養老服務中心 新 增290張養老床位 本 公 告 由 北 京 健 康（控 股）有 限 公 司（「本 ...

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。 董事會召開日期 北京健康(控股)有限公司 (「本公司」) 董事會 (「董事會」) 謹此宣佈，本公司將於二零二 五年八月二十八日(星期四) 舉行董事會會議，以考慮及通過本集團截至二零二五年六月三 十日止六個月之中期業績，及派發中期股息 (如有)，以及處理其他事項。 (於開曼群島註冊成立之有限公司) (股份代號： 2389) 承董事會命 北控健康(控股)有限公司 祝仕興 主席 香港，二零二五年八月四日 於本公告日期，董事會包括五名執行董事祝仕興先生、劉學恒先生、顧善超先生、蕭健 偉先生及王正春先生；及四名獨立非執行董事謝文傑先生、吳永新先生、張運周先生及 楊曉燕女士。 ...

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7月31日 狀態: 新提交 致：香港交易及結算所有限公司 本月底法定/註冊股本總額： HKD 2,000,000,000 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 公司名稱: 北京健康(控股)有限公司 呈交日期: 2025年7月31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) | 02389 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.2 | HKD | | 2,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底 ...

Core Insights - The report highlights the increasing health issues among the population in Beijing, emphasizing the importance of regular health check-ups [1][2][8] - The data collected from 1.483 million health check-ups reveals alarming trends in various health indicators, particularly among different age groups and genders [1][5] Group 1: Health Issues Identified - Bone density reduction/osteoporosis has become the leading health concern in Beijing, with a detection rate of 53.64% [2] - The detection rate for increased Body Mass Index (BMI) and thyroid nodules also exceeds 50%, marking them as significant health threats [2] - Fatty liver, carotid artery abnormalities, and elevated total cholesterol levels have detection rates above 30% [2] Group 2: Gender-Specific Health Trends - Male participants show a higher prevalence of increased BMI, with detection rates nearing 70%, and a fatty liver detection rate of 55.11% among men aged 40-49 [5] - In contrast, females have a higher detection rate of thyroid nodules at over 57%, with a significant increase in breast nodules from 25.33% in 2021 to 40.53% [5] Group 3: Cancer Detection Rates - Thyroid cancer has the highest detection rate among the cancer cases identified, exceeding 48%, with a total of 1,535 cancer diagnoses among the health check-up participants [8] - The cancer detection rate among individuals under 40 years old is concerning, with nearly one-third of the diagnosed cases falling into this age group [8] - The report suggests that the high detection rate of thyroid cancer is due to the widespread use of ultrasound in health check-ups, with a participation rate of 78.85% for thyroid ultrasounds [8]

Group 1 - The Beijing Health Education Association's Health Communication Committee was established to innovate health science popularization and promote precise dissemination of health knowledge through AI technology and multidisciplinary integration [3][4] - The committee aims to enhance public health literacy, with a target of reaching 44.6% by 2024, positioning Beijing at the forefront nationally [3] - The committee will create a comprehensive system integrating an expert database, resource database, and monitoring system, utilizing AI for intelligent management of the entire communication chain [3][4] Group 2 - There is a focus on improving health literacy among rural areas and the elderly, addressing specific health needs of different demographics [4] - The committee emphasizes the importance of innovative communication methods, leveraging new media platforms for their interactivity and convenience [4] - The overarching goal is to promote high-quality health communication and continuously enhance the health literacy level of citizens through collaboration and innovation [4]

Share Option Plans - The total number of shares available for issuance under the 2013 share option plan is 599,889,841 shares, accounting for approximately 9.9% of the company's issued share capital as of December 31, 2024[4]. - The 2013 share option plan has expired on May 23, 2023, and no further options can be granted under this plan[4]. - The company disclosed that there were no new options granted during the year[8]. - The company has a total of 30,000,000 options granted in 2016 at an exercise price of HKD 0.53 per share, expiring on January 28, 2017[8]. - The company has a total of 10,000,000 options that were not exercised in 2016, which have now expired[8]. - The company has provided additional information regarding the 2013 share option plan in accordance with listing rules[3]. - The total stock options granted in 2024 amounted to 258,000,000 shares, with 22,000,000 shares expiring, resulting in a net total of 236,000,000 shares available[10]. - The total stock options granted in 2015 were 52,500,000, with 43,500,000 granted in 2016, reflecting a consistent approach to employee incentives[10]. Exercise and Expiration of Options - The exercise price for the options granted in 2015 is HKD 0.61 per share, with a total of 20,000,000 options available for exercise until April 1, 2025[8]. - The company has not exercised any options during the year, with a total of 15,000,000 options remaining unexercised as of December 31, 2024[8]. - The exercise price for the stock options granted in 2016 is set at HKD 0.61 per share, while the options granted in 2017 have an exercise price of HKD 0.53[10]. - The stock options are valid for exercise until April 1, 2025, for the first batch and until January 27, 2026, for the second batch[14]. - The total number of stock options exercised in the year was zero, indicating no dilution of shares from exercised options[10]. Governance Structure - The company’s board of directors includes five executive directors and four independent non-executive directors, ensuring a diverse governance structure[13]. Employee Incentives - The company’s stock option plan is designed to align employee interests with shareholder value, promoting long-term growth[14]. - The first 30% of stock options granted in 2016 will vest starting from April 2, 2016, with subsequent tranches vesting in 2017 and 2018[14]. Financial Reporting - The company has not reported any changes to other financial data in the 2024 annual report aside from the disclosed stock options[11]. - The company’s board can decide to terminate the 2013 plan early based on its provisions[7]. - The 2013 plan was effective for ten years from its adoption date, which means it was valid until May 24, 2023[7].