Core Viewpoint - The company has fully repaid a loan on October 10, 2025, and will proceed with the release of pledged shares, eliminating any further share pledge restrictions [1] Group 1 - The company received a notification from its non-executive director, He Zhenfa, regarding the full repayment of the loan [1] - The lender and receiver will initiate the process to release the pledged shares and sign the relevant documents [1] - Once the lender submits the release documents for filing, all pledged shares will be released, and the company will have no other shares under pledge restrictions [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佈的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何 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。 Yestar Healthcare Holdings Company Limited 巨星醫療控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2393） 內幕消息 控股股東股份質押解除 本公告由巨星醫療控股有限公司（「本公司」）根據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)(a)條及香港法例第571章證券及期貨條例（「證券及期 貨條例」）第XIVA部的內幕消息條文發出。 – 1 – 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。 承董事會命 巨星醫療控股有限公司 行政總裁兼執行董事 謹此提述本公司日期為二零一七年十一月十三日的公告，內容有關（其中包括）本公 司非執行董事何震發先生（「何先生」）以一間財務機構（「貸款人」）為受益人質押本公 司股份，作為貸款人向何先生提供一筆貸款融資（「該貸款」）的抵押，並同時提述日 期為二零二五年一月二十一日及二零二五年三月 ...

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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 巨星醫療控股有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02393 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,000,000,000 | HKD | | 0.025 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 4,000,000,000 | HKD | | 0.025 | HKD | | 100,000,000 | 本月底法定 ...

Company Information [Board of Directors and Committees](index=3&type=section&id=Board%20of%20Directors%20and%20Committees) This section lists the board members of Yestar Healthcare Holdings Company Limited, including executive, non-executive, and independent non-executive directors, their committee appointments, and updates on appointments and resignations - Mr. Wang Chunlai was appointed as Executive Director and Chief Executive Officer on April 2, 2025[6](index=6&type=chunk) - Ms. Liao Changxiang was appointed as a member of the Nomination Committee on June 27, 2025, and resigned as a member of the Investment Committee on April 2, 2025[6](index=6&type=chunk) - Mr. Zhao Ziwei ceased to be a member of the Nomination Committee on June 27, 2025[6](index=6&type=chunk) [Company Contact and Legal Information](index=3&type=section&id=Company%20Contact%20and%20Legal%20Information) This section provides detailed contact information for the company's registered office, principal places of business in Hong Kong and Shanghai, independent auditor, legal counsel, principal bankers, and share registrars, with an update on the Shanghai address - The company's independent auditor is BDO Limited, Hong Kong[6](index=6&type=chunk) - The principal place of business in Shanghai was changed on April 15, 2025[7](index=7&type=chunk) - The Hong Kong share registrar was changed on July 14, 2025[8](index=8&type=chunk) [Share Information](index=4&type=section&id=Share%20Information) This section lists the company's stock code and official website address - The company's stock code is 2393[8](index=8&type=chunk) - The company's website is http://www.yestarcorp.com[8](index=8&type=chunk) Management Discussion and Analysis [Company and Market Overview](index=5&type=section&id=Company%20and%20Market%20Overview) Yestar Healthcare Holdings Company Limited is a leading in-vitro diagnostic product distributor and service provider in China, also manufacturing medical films and proprietary dental and medical dry films, with the IVD market expected to exceed RMB 140 billion by 2025 - Yestar Healthcare Holdings Company Limited is one of the largest in-vitro diagnostic product distributors and service providers in China[9](index=9&type=chunk) - The company manufactures, markets, and sells dental film and medical dry film products under its proprietary brand "Yes!Star"[9](index=9&type=chunk) China In-vitro Diagnostic Market Size and Growth | Indicator | 2024 | 2025 Forecast | | :--- | :--- | :--- | | Market Size | RMB 137 billion | Exceeds RMB 140 billion | | Number of domestic Class III diagnostic product registrations (YoY) | 533 (approx. 40% increase) | - | | Number of imported diagnostic product registrations (YoY) | 129 (approx. 12% increase) | - | - The company's proprietary brand "Yes!Star" S2 film camera is under development and expected to be released in the second half of this year[12](index=12&type=chunk) [Performance Review](index=6&type=section&id=Performance%20Review) For the six months ended June 30, 2025, the Group's total revenue decreased by 37.0% year-on-year to RMB 802.6 million, and gross profit declined by 38.6% to RMB 133.7 million, primarily due to China's centralized procurement policy Key Financial Indicators Comparison (Six Months Ended June 30) | Indicator | 2025 (RMB millions) | 2024 (RMB millions) | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenue | 802.6 | 1,273.8 | -37.0% | | Gross Profit | 133.7 | 217.6 | -38.6% | | Selling and Distribution Expenses | 38.8 | 76.5 | -49.3% | | Administrative Expenses | 77.7 | 101.8 | -23.7% | | Finance Costs | 6.5 | 21.2 | -69.3% | | Other Income | 8.9 | 1,094.4 | -99.2% | | Basic Earnings Per Share | 0.25 cents | 46.72 cents | Significant decrease | - The decrease in revenue and gross profit was mainly affected by China's centralized procurement policy on the medical segment[13](index=13&type=chunk) - The Board resolved not to declare any interim dividend for the six months ended June 30, 2025[14](index=14&type=chunk) Segment Revenue Comparison (Six Months Ended June 30) | Segment | 2025 (RMB millions) | 2024 (RMB millions) | YoY Change | | :--- | :--- | :--- | :--- | | Medical Business Revenue | 722.1 | 1,162.4 | -37.9% | | Medical Business Gross Margin | 16.9% | 17.1% | -0.2 percentage points | | Non-Medical Business Revenue | 80.6 | 111.4 | -27.7% | | Non-Medical Business Gross Margin | 14.2% | 17.1% | -2.9 percentage points | [Outlook](index=7&type=section&id=Outlook) China's in-vitro diagnostic industry is projected to grow at a CAGR of 5-8% over the next five years, reaching RMB 165 billion by 2029, driven by an aging population and chronic disease management, despite increasing competition and price pressure - China's in-vitro diagnostic market is expected to grow at a compound annual growth rate of approximately 5–8% from 2024 to 2029, with the market size reaching nearly **RMB 165 billion** by 2029[17](index=17&type=chunk) - Growth is primarily driven by an aging population, increasing demand for chronic disease management, enhanced awareness of early diagnosis and screening, and expanded medical insurance coverage[17](index=17&type=chunk) - The industry faces challenges of intensified market competition, product homogenization, and price competition, leading to downward pressure on profit margins[17](index=17&type=chunk) [Financial Review](index=7&type=section&id=Financial%20Review) The Group funds its operations through internal resources and borrowings, showing improved liquidity and gearing ratios as of June 30, 2025, with reduced expenses and significant recovery of financial asset impairment Liquidity and Financial Ratios Comparison | Indicator | June 30, 2025 (RMB millions) | December 31, 2024 (RMB millions) | Change | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 249.4 | 93.8 | Increase of 155.6 | | Total Current Bank and Other Borrowings | 246.0 | 272.5 | Decrease of 26.5 | | Current Ratio | 1.44 | 1.35 | Improvement | | Gearing Ratio | 2% | 29% | Significant improvement | Key Expenses Comparison (Six Months Ended June 30) | Indicator | 2025 (RMB millions) | 2024 (RMB millions) | YoY Change | | :--- | :--- | :--- | :--- | | Selling and Distribution Expenses | 38.8 | 76.5 | -49.3% | | Administrative Expenses | 77.7 | 101.8 | -23.7% | | Finance Costs | 6.5 | 21.2 | -69.3% | - The significant decrease in finance costs primarily resulted from the redemption of senior notes last year, eliminating interest payments in the current year[24](index=24&type=chunk) - As of June 30, 2025, the Group had **479 employees**, a decrease from 726 in the same period last year[27](index=27&type=chunk) - A net reversal of impairment loss on financial assets of **RMB 19.1 million** was recognized during the period, mainly due to a reduction in impairment provisions for trade receivables[31](index=31&type=chunk) - As of June 30, 2025, certain buildings with a net book value of approximately **RMB 61.388 million** were pledged by the Group to secure bank loans[37](index=37&type=chunk) [Other Information](index=10&type=section&id=Other%20Information_MD%26A) This section discloses the change in the company's principal place of business in Shanghai, the completion of arbitration related to the acquisition of Guangzhou Shengshiyuan Trading Co., Ltd., and the Board's decision not to declare an interim dividend - The principal place of business in Shanghai was changed on April 15, 2025[40](index=40&type=chunk) - The company has fulfilled and settled all payments related to the Shengshiyuan arbitration, considering the profit guarantee for the acquisition of 70% equity interest in Shengshiyuan to be fulfilled[43](index=43&type=chunk) - The Board resolved not to declare any interim dividend for the six months ended June 30, 2025[44](index=44&type=chunk) Other Information [Share Option Scheme and Share Arrangements](index=12&type=section&id=Share%20Option%20Scheme%20and%20Share%20Arrangements) The company's share option scheme expired on September 17, 2023, with no further options granted or exercised since its adoption, and no share option or share-linked arrangements entered into during the period - The company's share option scheme expired on September 17, 2023, and no further share options may be granted thereafter[45](index=45&type=chunk) - No share options have been granted, exercised, cancelled, or lapsed since the adoption of the share option scheme up to the date of this report[45](index=45&type=chunk) - The company did not enter into any share option arrangements or share-linked agreements during the period[46](index=46&type=chunk)[47](index=47&type=chunk) [Directors and Related Party Transactions](index=12&type=section&id=Directors%20and%20Related%20Party%20Transactions) During the period, there were no transactions, arrangements, or contracts in which directors or related entities had a significant direct or indirect interest, other than those disclosed in note 14 to the financial statements - During the period, no transactions, arrangements, or contracts existed in which a director or an entity connected with a director had a material direct or indirect interest that was significant to the Group's business[48](index=48&type=chunk) - The Group did not enter into any connected transactions and/or continuing connected transactions requiring disclosure under the Listing Rules during the period[50](index=50&type=chunk) - No directors, controlling shareholders, or substantial shareholders, or any of their respective associates, engaged in any business that competes or may compete with the Group's business, nor did they have any other conflicts of interest with the Group[51](index=51&type=chunk) [Directors' and Major Shareholders' Shareholdings](index=13&type=section&id=Directors%27%20and%20Major%20Shareholders%27%20Shareholdings) As of June 30, 2025, directors and chief executives held long positions in the company's ordinary shares, with Mr. He Zhenfa holding 19.50% of the shares, and several major shareholders holding over 5% Directors' Long Positions in the Company's Ordinary Shares (As of June 30, 2025) | Director Name | Personal Interest (shares) | Corporate Interest (shares) | Total Interest (shares) | Approximate Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | :--- | | He Zhenfa | 434,627,500 | 20,000,000 | 454,627,500 | 19.50% | - Mr. He Zhenfa has pledged part of his shares to financial institutions as collateral for loans, and joint and several receivers have been appointed[53](index=53&type=chunk) Major Shareholders' Long Positions in the Company's Ordinary Shares (As of June 30, 2025) | Shareholder Name/Entity | Capacity | Number of Shares Held | Approximate Percentage of the Company's Issued Share Capital | | :--- | :--- | :--- | :--- | | Hartono Jeane | Beneficial Owner | 391,870,000 | 16.80% | | Hartono Rico | Beneficial Owner | 265,810,000 | 11.40% | | UBS Group AG | Pledgee | 267,890,691 | 11.49% | | Huo Xiyu | Receiver | 267,890,000 | 11.49% | | Zhou Weicheng | Receiver | 267,890,000 | 11.49% | | FUJIFILM Corporation | Beneficial Owner | 230,000,000 | 9.56% | | Li Bin | Beneficial Owner | 164,600,600 | 7.06% | [Securities Transactions and Corporate Governance](index=15&type=section&id=Securities%20Transactions%20and%20Corporate%20Governance) During the period, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities, and the company confirmed compliance with the Model Code for Securities Transactions by Directors and all Corporate Governance Code provisions - Neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities during the period[57](index=57&type=chunk) - The company has adopted the Model Code for Securities Transactions by Directors as set out in Appendix C3 of the Listing Rules, and confirmed that directors and relevant employees have complied with the code[58](index=58&type=chunk)[59](index=59&type=chunk) - The Board believes that the company has complied with all Corporate Governance Code provisions as set out in Appendix C1 of the Listing Rules[60](index=60&type=chunk) [Audit Committee and Subsequent Events](index=15&type=section&id=Audit%20Committee%20and%20Subsequent%20Events) The Audit Committee, comprising three independent non-executive directors, reviews and oversees the company's financial reporting, risk management, and internal control systems, and has reviewed the unaudited interim results, finding no significant subsequent events - The Audit Committee comprises Mr. Zhao Ziwei (Chairman), Mr. Zeng Jinsong, and Mr. Kuang Xiangfan, all independent non-executive directors[63](index=63&type=chunk) - The Group's interim results for the period were unaudited but reviewed by the Audit Committee, which considered the preparation of the interim financial information to be in compliance with applicable accounting principles and standards[63](index=63&type=chunk) - No significant events occurred after the period and up to the date of this report[64](index=64&type=chunk) Interim Condensed Consolidated Statement of Profit or Loss [Profit or Loss from Continuing Operations](index=17&type=section&id=Profit%20or%20Loss%20from%20Continuing%20Operations) For the six months ended June 30, 2025, revenue from continuing operations significantly decreased to RMB 802,634 thousand from RMB 1,273,785 thousand in the prior period, with profit for the period at RMB 11,148 thousand, largely due to a substantial reduction in other income and gains Profit or Loss from Continuing Operations Comparison (Six Months Ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 802,634 | 1,273,785 | -37.0% | | Gross Profit | 133,737 | 217,640 | -38.6% | | Other Income and Gains | 8,880 | 1,094,425 | -99.2% | | Profit Before Income Tax | 21,152 | 1,112,323 | -98.1% | | Profit for the Period | 11,148 | 1,092,525 | -98.9% | | Basic Earnings Per Share Attributable to Owners of the Company | 0.25 cents | 46.69 cents | Significant decrease | - The significant decrease in other income and gains was primarily due to the profit recognized from the redemption of senior notes in the prior year[14](index=14&type=chunk)[65](index=65&type=chunk) Interim Condensed Consolidated Statement of Comprehensive Income [Total Comprehensive Income](index=19&type=section&id=Total%20Comprehensive%20Income) For the six months ended June 30, 2025, profit for the period was RMB 11,148 thousand, with other comprehensive income primarily comprising exchange differences on translation of foreign operations and the company, resulting in a total comprehensive income of RMB 15,251 thousand, significantly lower than the prior period Comprehensive Income Comparison (Six Months Ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Profit for the Period | 11,148 | 1,093,061 | -98.9% | | Exchange Differences on Translation of Foreign Operations | 20,121 | (9,172) | Significant change | | Exchange Differences on Translation of the Company | (16,018) | (3,840) | Significant change | | Other Comprehensive Income for the Period, Net of Tax | 4,103 | (13,012) | Significant change | | Total Comprehensive Income for the Period | 15,251 | 1,080,049 | -98.6% | Interim Condensed Consolidated Statement of Financial Position [Asset and Liability Structure](index=20&type=section&id=Asset%20and%20Liability%20Structure) As of June 30, 2025, the Group's total assets were RMB 1,361,843 thousand and total liabilities were RMB 839,912 thousand, with net current assets increasing to RMB 319,812 thousand due to a significant rise in cash and cash equivalents and a reduction in inventories and trade receivables Key Balance Sheet Indicators Comparison | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Total Non-Current Assets | 317,036 | 343,983 | Decrease of 26,947 | | Total Current Assets | 1,044,807 | 1,086,099 | Decrease of 41,292 | | Inventories | 175,296 | 281,284 | Decrease of 105,988 | | Trade and Bills Receivables | 497,981 | 582,513 | Decrease of 84,532 | | Cash and Cash Equivalents | 249,360 | 93,765 | Increase of 155,595 | | Total Current Liabilities | 724,995 | 805,270 | Decrease of 80,275 | | Net Current Assets | 319,812 | 280,829 | Increase of 38,983 | | Total Non-Current Liabilities | 114,917 | 116,571 | Decrease of 1,654 | | Net Assets | 521,931 | 508,241 | Increase of 13,690 | | Total Equity | 521,931 | 508,241 | Increase of 13,690 | - The increase in cash and cash equivalents resulted from the company's optimized cost management, reduced operating expenses, and recovery of trade receivables, as well as a decrease in inventory levels during the period[18](index=18&type=chunk) Interim Condensed Consolidated Statement of Changes in Equity [Analysis of Changes in Equity](index=22&type=section&id=Analysis%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, total equity attributable to owners of the company increased from RMB 461,599 thousand at the beginning of the period to RMB 469,651 thousand, primarily due to profit for the period and an increase in exchange fluctuation reserve Overview of Changes in Equity (Six Months Ended June 30) | Indicator | January 1, 2025 (RMB thousands) | June 30, 2025 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Total Attributable to Owners of the Company | 461,599 | 469,651 | Increase of 8,052 | | Non-Controlling Interests | 46,642 | 52,280 | Increase of 5,638 | | Total Equity | 508,241 | 521,931 | Increase of 13,690 | - Profit for the period was **RMB 5,761 thousand**, and other comprehensive income (exchange differences) was **RMB 4,103 thousand**[73](index=73&type=chunk) - Acquisition of non-controlling interests resulted in a decrease in put options of **RMB 20,433 thousand** and a transfer to other reserves[73](index=73&type=chunk) Interim Condensed Consolidated Statement of Cash Flows [Cash Flow Analysis](index=24&type=section&id=Cash%20Flow%20Analysis) For the six months ended June 30, 2025, net cash from operating activities was RMB 208,644 thousand, a significant improvement from a net outflow in the prior period, mainly due to reduced trade receivables and inventories Cash Flow Comparison (Six Months Ended June 30) | Cash Flow Type | 2025 (RMB thousands) | 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Net Cash From/(Used In) Operating Activities | 208,644 | (51,373) | Significant improvement | | Net Cash (Used In)/From Investing Activities | (816) | 411,248 | Significant decrease | | Net Cash Used In Financing Activities | (52,215) | (430,194) | Significant decrease | | Net Increase/(Decrease) in Cash and Cash Equivalents | 155,613 | (70,319) | Significant improvement | | Cash and Cash Equivalents at End of Period | 249,360 | 132,880 | Increase of 116,480 | - The improvement in operating cash flow was mainly due to a decrease in trade receivables and inventories[76](index=76&type=chunk) - The significant decrease in net cash used in financing activities was primarily due to higher repayment of senior notes and debt restructuring costs in the prior period[77](index=77&type=chunk) Notes to the Interim Condensed Consolidated Financial Statements [General Information](index=26&type=section&id=General%20Information) Yestar Healthcare Holdings Company Limited, incorporated in the Cayman Islands and listed on the Hong Kong Stock Exchange, is an investment holding company whose subsidiaries manufacture and sell imaging printing products and medical products and equipment - The company was incorporated on February 1, 2012, under the Companies Law of the Cayman Islands[79](index=79&type=chunk) - The company's shares have been listed on the Main Board of the Hong Kong Stock Exchange since October 11, 2013[80](index=80&type=chunk) - The company's ultimate controlling shareholders are Jeane Hartono, Rico Hartono, He Zhenfa, and Chen Chen Irene Hartono[79](index=79&type=chunk) - The company's subsidiaries are primarily engaged in the manufacturing, sales, and distribution of imaging printing products and medical products and equipment[81](index=81&type=chunk) [Basis of Preparation and Changes in Accounting Policies](index=26&type=section&id=Basis%20of%20Preparation%20and%20Changes%20in%20Accounting%20Policies) The interim condensed consolidated financial information is prepared in accordance with IAS 34 and consistent with prior annual financial statements, with new IFRS amendments adopted, and IFRS 18 expected to have extensive presentation and disclosure impacts from January 1, 2027 - The interim condensed consolidated financial information is prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting"[80](index=80&type=chunk) - The amendment to International Accounting Standard 21 "Lack of Exchangeability" was first adopted during the period but did not have a significant impact on the financial statements[83](index=83&type=chunk) - International Financial Reporting Standard 18 "Presentation and Disclosure in Financial Statements" is expected to have extensive impacts on presentation and disclosure, effective for annual periods beginning on or after January 1, 2027[84](index=84&type=chunk)[85](index=85&type=chunk)[86](index=86&type=chunk) [Operating Segment Information](index=28&type=section&id=Operating%20Segment%20Information) The Group has two reportable operating segments: imaging printing products and medical products and equipment, with medical products and equipment revenue significantly decreasing year-on-year, and the Group operating solely in mainland China without seasonal impact - The Group has two reportable operating segments: imaging printing products and medical products and equipment[91](index=91&type=chunk) Segment Revenue and Results Comparison (Six Months Ended June 30) | Segment | 2025 Revenue (RMB thousands) | 2025 Results (RMB thousands) | 2024 Revenue (RMB thousands) | 2024 Results (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Imaging Printing Products | 80,556 | (9,173) | 111,399 | 2,170 | | Medical Products and Equipment | 722,078 | 35,081 | 1,162,386 | 26,904 | | Total | 802,634 | 25,908 | 1,273,785 | 29,074 | - Revenue from sales of medical imaging products and imaging printing products to a major customer accounted for approximately **14.09%** of total revenue (2024: 21.20%)[95](index=95&type=chunk) - The Group operates solely in mainland China, and its operations are not affected by seasonal factors[96](index=96&type=chunk)[97](index=97&type=chunk) [Revenue](index=32&type=section&id=Revenue) For the six months ended June 30, 2025, the Group's total revenue from contracts with customers from continuing operations was RMB 802,634 thousand, a decrease from RMB 1,273,785 thousand in the prior period, comprising sales of goods and provision of services Revenue from Contracts with Customers Analysis (Six Months Ended June 30) | Category | 2025 (RMB thousands) | 2024 (RMB thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Sales of Goods | 781,693 | 1,253,154 | -37.6% | | Provision of Services | 20,941 | 20,631 | +1.5% | | Total Revenue from Contracts with Customers | 802,634 | 1,273,785 | -37.0% | [Profit Before Income Tax](index=35&type=section&id=Profit%20Before%20Income%20Tax) For the six months ended June 30, 2025, the Group's profit before income tax was RMB 21,152 thousand, a significant decrease from RMB 1,112,323 thousand in the prior period, mainly due to a gain from derecognition of senior notes in the prior period and impairment loss on non-financial assets in the current period Components of Profit Before Income Tax (Six Months Ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Cost of Inventories Sold and Services Provided | 668,897 | 1,056,145 | | Gain on Derecognition of Senior Notes | — | (1,083,407) | | Depreciation of Property, Plant and Equipment | 5,448 | 12,313 | | Depreciation of Right-of-Use Assets | 6,458 | 18,480 | | Amortisation of Other Intangible Assets | 7,334 | 11,308 | | Impairment of Non-Financial Assets | 9,744 | — | | Employee Benefit Expenses | 73,348 | 81,021 | - An impairment loss on non-financial assets of **RMB 9,744 thousand** was recognized in the current period, including impairment of property, plant and equipment of **RMB 1,385 thousand** and impairment of right-of-use assets of **RMB 8,359 thousand**[102](index=102&type=chunk) [Income Tax Expense](index=36&type=section&id=Income%20Tax%20Expense) The Group's income tax expense, primarily from mainland China at a statutory rate of 25%, decreased to RMB 10,004 thousand for the six months ended June 30, 2025, with certain high-tech subsidiaries enjoying a preferential rate of 15% - Provision for current income tax in mainland China is calculated at the statutory rate of **25%** on the Group's estimated assessable profits[104](index=104&type=chunk) - Guangxi Yestar Medical Equipment Co., Ltd. and Guangxi Caixing Technology Co., Ltd. are recognized as high-tech enterprises, enjoying a preferential tax rate of **15%**[104](index=104&type=chunk) Income Tax Expense Comparison (Six Months Ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current Tax — China Expense for the Period | 10,472 | 23,332 | | Deferred Tax | (468) | (3,534) | | Income Tax Expense | 10,004 | 19,798 | [Dividends](index=36&type=section&id=Dividends) The directors do not recommend the payment of an interim dividend for the six months ended June 30, 2025, and no dividend was declared for the year ended December 31, 2024, at the AGM - The directors do not recommend the payment of an interim dividend for the six months ended June 30, 2025[106](index=106&type=chunk) - No dividend was declared for the year ended December 31, 2024, by shareholders at the Annual General Meeting held on May 30, 2025[106](index=106&type=chunk) [Earnings Per Share Attributable to Owners of the Company](index=37&type=section&id=Earnings%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Company) For the six months ended June 30, 2025, basic earnings per share attributable to owners of the company significantly decreased to RMB 0.25 cents from RMB 46.72 cents in the prior period, with diluted earnings per share being the same as basic earnings per share due to no potential dilutive ordinary shares Earnings Per Share Comparison (Six Months Ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit for the Period Attributable to Owners of the Company | 5,761 | 1,089,239 | | Weighted Average Number of Ordinary Shares in Issue for Basic EPS Calculation (thousands) | 2,331,590 | 2,331,590 | | Basic Earnings Per Share (RMB cents) | 0.25 | 46.72 | - During the current and prior periods, diluted earnings per share were the same as basic earnings per share as there were no potential dilutive ordinary shares[108](index=108&type=chunk) [Property, Plant and Equipment](index=38&type=section&id=Property%2C%20Plant%20and%20Equipment) For the six months ended June 30, 2025, the Group purchased RMB 1,043 thousand in property, plant and equipment, sold RMB 129 thousand net book value, and recognized an impairment loss of RMB 9,744 thousand due to national and provincial procurement plans and medical imaging data sharing Property, Plant and Equipment Movements (Six Months Ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Cost of Purchases | 1,043 | 7,132 | | Net Book Value of Disposals | 129 | 543 | | Net Gain on Disposals | 98 | 102 | | Impairment Loss | 9,744 | — | - As of June 30, 2025, certain buildings with a carrying amount of approximately **RMB 61,388 thousand** were pledged by the Group to secure bank loans[109](index=109&type=chunk) - The impairment loss was mainly due to the impact of national and provincial pharmaceutical procurement plans and nationwide medical imaging data sharing on revenue, as well as reduced demand for industrial films[110](index=110&type=chunk) [Trade and Bills Receivables](index=39&type=section&id=Trade%20and%20Bills%20Receivables) As of June 30, 2025, the Group's total trade and bills receivables decreased to RMB 497,981 thousand from RMB 582,513 thousand at December 31, 2024, with impairment provisions also reduced, and the majority of receivables aged within 90 days Trade and Bills Receivables Comparison | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade Receivables | 530,661 | 632,758 | | Impairment Provision | (45,711) | (64,084) | | Total | 497,981 | 582,513 | Ageing Analysis of Trade Receivables (Net of Provision) | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 90 days | 192,901 | 239,997 | | 91 to 180 days | 95,843 | 121,821 | | 181 to 365 days | 117,518 | 118,972 | | 1 to 2 years | 41,700 | 49,148 | | Over 2 years | 36,988 | 38,736 | | Total | 484,950 | 568,674 | [Bank and Other Borrowings](index=40&type=section&id=Bank%20and%20Other%20Borrowings) As of June 30, 2025, the Group's total bank and other borrowings decreased to RMB 257,833 thousand from RMB 279,519 thousand at December 31, 2024, with most borrowings secured and/or guaranteed Bank and Other Borrowings Analysis | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total Bank and Other Loans | 257,833 | 279,519 | | Secured and/or Guaranteed | 228,033 | 236,619 | | Unsecured | 29,800 | 42,900 | | Current | 246,033 | 272,519 | | Non-Current | 11,800 | 7,000 | - The Group's bank loans of **RMB 87,000,000** are secured by pledged buildings and guaranteed by subsidiaries[114](index=114&type=chunk) - Some borrowings are guaranteed by non-controlling shareholders, subsidiaries, and independent third parties[114](index=114&type=chunk) [Trade Payables](index=41&type=section&id=Trade%20Payables) As of June 30, 2025, the Group's total trade payables decreased to RMB 193,217 thousand from RMB 230,570 thousand at December 31, 2024, with the majority of payables aged within 90 days Ageing Analysis of Trade Payables | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 90 days | 181,547 | 221,765 | | 91 to 180 days | 1,841 | 2,418 | | 181 to 365 days | 3,948 | 2,526 | | 1 to 2 years | 2,020 | 2,043 | | Over 2 years | 3,861 | 1,818 | | Total | 193,217 | 230,570 | [Other Payables and Accruals](index=41&type=section&id=Other%20Payables%20and%20Accruals) As of June 30, 2025, the Group's total other payables and accruals decreased to RMB 224,048 thousand from RMB 237,931 thousand at December 31, 2024, with amounts due to non-controlling interests being a major component, including contractual liabilities for remaining equity acquisitions Other Payables and Accruals Analysis | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total Current Portion | 176,660 | 191,383 | | Total Non-Current Portion | 47,388 | 46,548 | | Total | 224,048 | 237,931 | | Amounts Due to Non-Controlling Interests (Current) | 113,268 | 120,378 | | Amounts Due to Non-Controlling Interests (Non-Current) | 40,727 | 39,793 | - Amounts due to non-controlling interests primarily refer to the Group's contractual liabilities for the acquisition of the remaining equity interests in Guangzhou Shengshiyuan Trading Co., Ltd. and Beijing Kaihongda Technology Co., Ltd[117](index=117&type=chunk) - The Group has completed the acquisition of a **6.9%** equity interest in Shengshiyuan and recognized current/non-current liabilities for amounts payable and dividends related to the remaining equity interest in Shengshiyuan[118](index=118&type=chunk)[119](index=119&type=chunk) [Related Party Transactions](index=43&type=section&id=Related%20Party%20Transactions) During the period, the Group engaged in compensation transactions with key management personnel, with short-term employee benefits and retirement benefit scheme contributions totaling RMB 4,561 thousand for the six months ended June 30, 2025 Key Management Personnel Compensation (Six Months Ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Short-Term Employee Benefits | 4,404 | 4,607 | | Retirement Benefit Scheme Contributions | 157 | 98 | | Total | 4,561 | 4,705 | [Fair Value and Fair Value Hierarchy of Financial Instruments](index=43&type=section&id=Fair%20Value%20and%20Fair%20Value%20Hierarchy%20of%20Financial%20Instruments) The Group's corporate finance team is responsible for policies and procedures for fair value measurement of financial instruments, with fair value changes arising from the Group's own non-performance risk assessed as immaterial - The Group's corporate finance team is responsible for determining the policies and procedures for fair value measurement of financial instruments and reports directly to the Chief Financial Officer[121](index=121&type=chunk) - The fair value of the non-current portion of financial liabilities is calculated by discounting expected future cash flows using currently available interest rates for instruments with similar terms, credit risk, and remaining maturities[121](index=121&type=chunk) - Fair value changes arising from the Group's own non-performance risk were assessed as immaterial as of June 30, 2025, and December 31, 2024[121](index=121&type=chunk) [Discontinued Operations](index=44&type=section&id=Discontinued%20Operations) The Group completed the disposal of 94.2% equity interest in Anbaida Group Company on January 12, 2024, with its financial performance reclassified to discontinued operations, resulting in a profit of RMB 536 thousand for the six months ended June 30, 2024 - The Group completed the disposal of a **94.2%** equity interest in Anbaida Group Company on January 12, 2024[123](index=123&type=chunk) - The operations of the disposed group constituted a separate operating segment (sales and distribution of in-vitro diagnostic products, medical equipment, and other related consumables in Shanghai)[124](index=124&type=chunk) Financial Performance of Discontinued Operations (Six Months Ended June 30, 2024) | Item | 2024 (RMB thousands) | | :--- | :--- | | Other Income and Gains | 536 | | Profit Before Income Tax | 536 | | Income Tax Expense | — | | Profit for the Period | 536 |

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8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 巨星醫療控股有限公司 呈交日期: 2025年9月1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) | 02393 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,000,000,000 | HKD | | 0.025 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 4,000,000,000 | HKD | | 0.025 | HKD | | 100,000,000 | 本月底法定/ ...

Core Viewpoint - The company, Giant Star Medical Holdings, reported a significant decline in overall revenue and gross profit due to the impact of China's centralized procurement policy on its main revenue source, the medical segment [1] Financial Performance - Total revenue for the six months ending June 30, 2025, decreased by approximately 37.0% year-on-year to RMB 802.6 million [1] - Gross profit fell by about 38.6% year-on-year to RMB 133.7 million [1] - The profit for the period was RMB 11.15 million, a sharp decline from RMB 1.09 billion in the same period last year [1]

Core Insights - Giant Medical Holdings (02393) reported a mid-year performance for 2025, with revenue from continuing operations approximately 803 million, representing a year-on-year decrease of 36.99% [1] - The profit attributable to the company's owners was 5.761 million, a significant decline of 99.47% year-on-year, with earnings per share at 0.25 cents [1] - The decline in revenue and gross margin was primarily attributed to the impact of China's centralized procurement policy on the medical segment, which is the main source of the group's income [1]

Core Insights - The company, Giant Medical Holdings (02393), reported a mid-year performance for 2025, showing a significant decline in revenue and profit [1] Financial Performance - Revenue from continuing operations was approximately 803 million yuan, representing a year-on-year decrease of 36.99% [1] - The profit attributable to shareholders was 5.761 million yuan, down 99.47% year-on-year [1] - Earnings per share were reported at 0.25 cents [1] Impact Factors - The decline in revenue and gross margin was primarily attributed to the impact of China's centralized procurement policy on the medical segment, which is the main source of the company's income [1]

[Company Information and Report Overview](index=1&type=section&id=I.%20Company%20Information%20and%20Report%20Overview) This section provides an overview of Yestar Healthcare Holdings Company Limited's basic information and the basis for preparing its financial report [Company Basic Information](index=1&type=section&id=1.1%20Company%20Basic%20Information) Yestar Healthcare Holdings Company Limited, incorporated in the Cayman Islands and listed on the HKEX, operates as an investment holding company with subsidiaries engaged in imaging printing products and medical products and equipment manufacturing, sales, and distribution - Company Name: **Yestar Healthcare Holdings Company Limited**[2](index=2&type=chunk) - Registered in the Cayman Islands, with shares listed on the Main Board of The Stock Exchange of Hong Kong Limited[2](index=2&type=chunk)[9](index=9&type=chunk)[10](index=10&type=chunk) - Principal Business: Investment holding, with subsidiaries engaged in the manufacturing, sales, and distribution of imaging printing products and medical products and equipment[10](index=10&type=chunk)[13](index=13&type=chunk)[18](index=18&type=chunk) [Basis of Report Preparation](index=7&type=section&id=1.2%20Basis%20of%20Report%20Preparation) This condensed consolidated interim financial information is prepared in accordance with IAS 34 and reviewed in conjunction with the annual financial statements, with no significant impact from newly adopted IFRS amendments - Prepared in accordance with **International Accounting Standard 34 “Interim Financial Reporting”**[2](index=2&type=chunk)[10](index=10&type=chunk) - Accounting policies are consistent with the 2024 annual consolidated financial statements, except for the first-time adoption of the amendment to IAS 21 “Lack of Exchangeability”[11](index=11&type=chunk) - The adoption of the amendment has no material impact on the amounts reported or disclosures in the condensed consolidated interim financial statements[12](index=12&type=chunk) [Financial Performance Overview](index=2&type=section&id=II.%20Financial%20Performance%20Overview) The company experienced a significant decline in revenue and profit for the six months ended June 30, 2025, primarily due to a large gain from the derecognition of preference shares in the prior period and the impact of centralized procurement policies on the medical segment [Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=2.1%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, revenue from continuing operations decreased by 37.0% to RMB 802.6 million, gross profit fell by 38.6% to RMB 133.7 million, and profit before tax sharply declined from RMB 1,112.3 million to RMB 21.2 million For the six months ended June 30, 2025, Condensed Consolidated Statement of Profit or Loss Key Data | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 802,634 | 1,273,785 | -37.0% | | Cost of sales | (668,897) | (1,056,145) | -36.7% | | Gross profit | 133,737 | 217,640 | -38.6% | | Other income and gains | 8,880 | 1,094,425 | -99.2% | | Selling and distribution expenses | (38,802) | (76,459) | -49.3% | | Administrative expenses | (77,683) | (101,844) | -23.7% | | Finance costs | (6,515) | (21,240) | -69.3% | | Profit before income tax | 21,152 | 1,112,323 | -98.1% | | Profit for the period | 11,148 | 1,092,525 | -99.0% | [Condensed Consolidated Statement of Comprehensive Income](index=4&type=section&id=2.2%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, total comprehensive income for the period was RMB 15.3 million, a significant decrease from RMB 1,080.0 million in the prior year, primarily due to the sharp decline in profit for the period For the six months ended June 30, 2025, Condensed Consolidated Statement of Comprehensive Income Key Data | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Profit for the period | 11,148 | 1,093,061 | | Exchange differences on translation of foreign operations | 20,121 | (9,172) | | Exchange differences on translation of the Company | (16,018) | (3,840) | | Other comprehensive income for the period, net of tax | 4,103 | (13,012) | | Total comprehensive income for the period | 15,251 | 1,080,049 | [Condensed Consolidated Statement of Financial Position](index=5&type=section&id=2.3%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets decreased to RMB 1,361.8 million from RMB 1,430.1 million, while net current assets increased to RMB 319.8 million, driven by higher cash and cash equivalents and reduced inventories and trade receivables, leading to a significant improvement in the gearing ratio As of June 30, 2025, Condensed Consolidated Statement of Financial Position Key Data | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Total non-current assets | 317,036 | 343,983 | -7.8% | | Total current assets | 1,044,807 | 1,086,099 | -3.8% | | Total current liabilities | 724,995 | 805,270 | -10.0% | | Net current assets | 319,812 | 280,829 | +13.9% | | Total non-current liabilities | 114,917 | 116,571 | -1.4% | | Net assets | 521,931 | 508,241 | +2.7% | | Total equity | 521,931 | 508,241 | +2.7% | - Cash and cash equivalents increased from approximately **RMB 93.8 million** as of December 31, 2024, to approximately **RMB 249.4 million** as of June 30, 2025, primarily due to optimized cost management, recovery of trade receivables, and reduced inventory levels[7](index=7&type=chunk)[58](index=58&type=chunk) - The current ratio increased from approximately **1.35** as of December 31, 2024, to approximately **1.44** as of June 30, 2025[59](index=59&type=chunk) - The gearing ratio significantly decreased from approximately **29%** as of December 31, 2024, to approximately **2%** as of June 30, 2025[60](index=60&type=chunk) [Operating Segment Information](index=8&type=section&id=III.%20Operating%20Segment%20Information) The Group is managed through two reportable operating segments: imaging printing products and medical products and equipment, with performance assessed based on adjusted profit or loss before tax [Segment Classification and Management](index=8&type=section&id=3.1%20Segment%20Classification%20and%20Management) The Group's operations are divided into imaging printing products and medical products and equipment segments, with management allocating resources and assessing performance based on adjusted profit or loss before tax for each segment - Operating Segments: Imaging printing products (color photographic paper, industrial non-destructive testing X-ray film, printed circuit board film, trading of imaging equipment) and medical products and equipment (medical dry/wet/dental film manufacturing and sales, and distribution of medical equipment/diagnostic reagents)[14](index=14&type=chunk)[18](index=18&type=chunk) - Segment Reporting Adjustment: Effective this period, the production of certain medical films was transferred from the imaging printing products segment to the medical products and equipment segment, with related expenses, assets, and liabilities reallocated[17](index=17&type=chunk) [Segment Revenue and Performance](index=9&type=section&id=3.2%20Segment%20Revenue%20and%20Performance) For the six months ended June 30, 2025, the medical products and equipment segment remained the primary revenue source at RMB 722.1 million, despite a 37.9% year-on-year decrease, while the imaging printing products segment revenue also declined by 27.7% to RMB 80.6 million, with both segments experiencing a decrease in gross profit margin For the six months ended June 30, 2025, Segment Revenue and Performance | Segment | 2025 Revenue (RMB thousand) | 2024 Revenue (RMB thousand) | Revenue Change (%) | 2025 Segment Performance (RMB thousand) | 2024 Segment Performance (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | | Imaging printing products | 80,556 | 111,399 | -27.7% | (9,173) | 2,170 | | Medical products and equipment | 722,078 | 1,162,386 | -37.9% | 35,081 | 26,904 | | Total | 802,634 | 1,273,785 | -37.0% | 25,908 | 29,074 | - The gross profit margin for the medical segment decreased by **0.2 percentage points** to approximately **16.9%**, while the imaging printing products segment's gross profit margin decreased by **2.9 percentage points** to **14.2%**[54](index=54&type=chunk)[55](index=55&type=chunk) - The decline in medical segment revenue was primarily impacted by China's centralized procurement policies[51](index=51&type=chunk)[54](index=54&type=chunk) [Segment Assets and Liabilities](index=11&type=section&id=3.3%20Segment%20Assets%20and%20Liabilities) As of June 30, 2025, the Group's total segment assets were RMB 1,358.8 million and total segment liabilities were RMB 817.5 million, with the imaging printing products segment showing significant decreases in both assets and liabilities, while the medical products and equipment segment saw a slight increase in assets and a slight decrease in liabilities compared to December 31, 2024 As of June 30, 2025, Segment Assets and Liabilities | Segment | June 30, 2025 Assets (RMB thousand) | December 31, 2024 Assets (RMB thousand) | June 30, 2025 Liabilities (RMB thousand) | December 31, 2024 Liabilities (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | Imaging printing products | 60,410 | 139,374 | 94,905 | 170,110 | | Medical products and equipment | 1,298,401 | 1,285,767 | 722,634 | 727,925 | | Total | 1,358,811 | 1,425,141 | 817,539 | 898,035 | [Major Customers and Geographical Information](index=12&type=section&id=3.4%20Major%20Customers%20and%20Geographical%20Information) For the six months ended June 30, 2025, sales to a single major customer accounted for 14.09% of total revenue, a decrease from 21.20% in the prior year, with all operations and non-current assets located in mainland China and unaffected by seasonality - Major Customer: Revenue from sales of medical imaging products and imaging printing products to one customer accounted for **14.09%** of total revenue (2024: **21.20%**)[22](index=22&type=chunk) - Geographical Operations: The Group operates solely in mainland China, where all non-current assets are located[23](index=23&type=chunk) - Seasonality: Operations are not affected by seasonal factors[24](index=24&type=chunk) [Revenue and Profit Analysis](index=12&type=section&id=IV.%20Revenue%20and%20Profit%20Analysis) This section analyzes the composition of revenue, profit before tax, and income tax expense for the period, highlighting key drivers of changes in financial performance [Revenue Composition](index=12&type=section&id=4.1%20Revenue%20Composition) For the six months ended June 30, 2025, revenue from contracts with customers from continuing operations decreased by 37.0% to RMB 802.6 million, with sales of goods accounting for RMB 781.7 million and services for RMB 20.9 million For the six months ended June 30, 2025, Revenue Analysis | Category | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Total revenue from contracts with customers | 802,634 | 1,273,785 | -37.0% | | Of which: Sales of goods | 781,693 | 1,253,154 | -37.6% | | Of which: Rendering of services | 20,941 | 20,631 | +1.5% | [Profit Before Tax Composition](index=14&type=section&id=4.2%20Profit%20Before%20Tax%20Composition) For the six months ended June 30, 2025, profit before tax was RMB 21.2 million, a significant decrease from the prior year, primarily due to a substantial gain from the derecognition of preference shares in the comparative period and impairment losses on non-financial assets totaling RMB 9.7 million in the current period For the six months ended June 30, 2025, Major Components of Profit Before Tax | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Cost of inventories sold and services rendered | 668,897 | 1,056,145 | | Gain on derecognition of preference shares | — | (1,083,407) | | Depreciation of property, plant and equipment | 5,448 | 12,313 | | Depreciation of right-of-use assets | 6,458 | 18,480 | | Amortisation of other intangible assets | 7,334 | 11,308 | | Impairment of non-financial assets* | 9,744 | — | | Employee benefit expenses | 73,348 | 81,021 | | Net foreign exchange differences | 4,221 | 6,843 | - Impairment losses on non-financial assets totaled **RMB 9.7 million**, mainly due to the impact of China's national and provincial centralized drug procurement programs and national medical imaging data sharing on revenue, as well as reduced demand for industrial film[28](index=28&type=chunk) [Income Tax Expense](index=15&type=section&id=4.3%20Income%20Tax%20Expense) For the six months ended June 30, 2025, income tax expense decreased to RMB 10.0 million from RMB 19.8 million in the prior year, with mainland China's statutory tax rate at 25% and certain high-tech enterprises enjoying a preferential rate of 15% For the six months ended June 30, 2025, Income Tax Expense | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Current tax — China expense for the period | 10,472 | 23,332 | | Deferred tax | (468) | (3,534) | | Income tax expense | 10,004 | 19,798 | - The statutory income tax rate in mainland China is **25%**[29](index=29&type=chunk) - Yestar Medical and Caixing Chemical, as high-tech enterprises, enjoy a preferential tax rate of **15%**[29](index=29&type=chunk) [Earnings Per Share and Dividends](index=3&type=section&id=V.%20Earnings%20Per%20Share%20and%20Dividends) This section details the basic and diluted earnings per share for the period and the Board's dividend policy [Earnings Per Share](index=3&type=section&id=5.1%20Earnings%20Per%20Share) For the six months ended June 30, 2025, basic earnings per share from continuing operations attributable to owners of the Company significantly decreased to RMB 0.25 cents from RMB 46.69 cents in the prior year, with diluted earnings per share being the same due to the absence of potential dilutive ordinary shares For the six months ended June 30, 2025, Earnings Per Share | Indicator | 2025 (RMB cents) | 2024 (RMB cents) | | :--- | :--- | :--- | | Basic earnings per share from continuing operations attributable to owners of the Company | 0.25 | 46.69 | | Basic earnings per share attributable to owners of the Company | 0.25 | 46.72 | - Diluted earnings per share are the same as basic earnings per share because there are no potential dilutive ordinary shares[35](index=35&type=chunk) [Dividend Policy](index=15&type=section&id=5.2%20Dividend%20Policy) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025, consistent with the prior year - Dividend: The Board does not recommend the payment of an interim dividend (for the six months ended June 30, 2025: nil; for the six months ended June 30, 2024: nil)[32](index=32&type=chunk)[53](index=53&type=chunk)[86](index=86&type=chunk) - Annual Dividend: No dividend was declared by shareholders at the annual general meeting held on May 30, 2025, for the year ended December 31, 2024[32](index=32&type=chunk) [Assets and Liabilities Analysis](index=16&type=section&id=VI.%20Assets%20and%20Liabilities%20Analysis) This section provides a detailed analysis of the Group's trade receivables, borrowings, trade payables, other payables, and discontinued operations [Trade and Bills Receivables](index=16&type=section&id=6.1%20Trade%20and%20Bills%20Receivables) As of June 30, 2025, net trade and bills receivables decreased to RMB 498.0 million from RMB 582.5 million as of December 31, 2024, with impairment provisions also decreasing, and the majority of trade receivables aged within 90 days As of June 30, 2025, Trade and Bills Receivables | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Trade receivables | 530,661 | 632,758 | -16.1% | | Impairment allowance | (45,711) | (64,084) | -28.7% | | Net trade and bills receivables | 497,981 | 582,513 | -14.5% | As of June 30, 2025, Aging Analysis of Trade Receivables (Net of Allowance) | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 90 days | 192,901 | 239,997 | | 91 to 180 days | 95,843 | 121,821 | | 181 to 365 days | 117,518 | 118,972 | | 1 to 2 years | 41,700 | 49,148 | | Over 2 years | 36,988 | 38,736 | [Bank and Other Borrowings](index=17&type=section&id=6.2%20Bank%20and%20Other%20Borrowings) As of June 30, 2025, total bank and other borrowings decreased to RMB 257.8 million from RMB 279.5 million as of December 31, 2024, with current borrowings at RMB 246.0 million and non-current borrowings at RMB 11.8 million, and most borrowings being secured and/or guaranteed As of June 30, 2025, Bank and Other Borrowings | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Total bank and other loans | 257,833 | 279,519 | -7.7% | | Of which: Secured and/or guaranteed | 228,033 | 236,619 | -3.7% | | Of which: Unsecured | 29,800 | 42,900 | -30.5% | | Of which: Current | 246,033 | 272,519 | -9.7% | | Of which: Non-current | 11,800 | 7,000 | +68.6% | - Bank loans of **RMB 87.0 million** are secured by buildings and guaranteed by subsidiaries, while borrowings of **RMB 86.0 million** are guaranteed by non-controlling shareholders and subsidiaries, and borrowings of **RMB 55.0 million** are guaranteed by independent third parties and directors of subsidiaries[38](index=38&type=chunk)[83](index=83&type=chunk) [Trade Payables](index=18&type=section&id=6.3%20Trade%20Payables) As of June 30, 2025, total trade payables decreased to RMB 193.2 million from RMB 230.6 million as of December 31, 2024, with the majority of payables aged within 90 days As of June 30, 2025, Aging Analysis of Trade Payables | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Within 90 days | 181,547 | 221,765 | -18.2% | | 91 to 180 days | 1,841 | 2,418 | -23.8% | | 181 to 365 days | 3,948 | 2,526 | +56.3% | | 1 to 2 years | 2,020 | 2,043 | -1.1% | | Over 2 years | 3,861 | 1,818 | +112.4% | | Total | 193,217 | 230,570 | -16.2% | [Other Payables and Accrued Expenses](index=18&type=section&id=6.4%20Other%20Payables%20and%20Accrued%20Expenses) As of June 30, 2025, total other payables and accrued expenses slightly decreased to RMB 224.0 million from RMB 237.9 million as of December 31, 2024, with amounts due to non-controlling interests being a major component, primarily related to the acquisition of remaining equity in Shengshiyuan and Kaihongda As of June 30, 2025, Other Payables and Accrued Expenses | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Total current portion | 176,660 | 191,383 | -7.6% | | Total non-current portion | 47,388 | 46,548 | +1.8% | | Total | 224,048 | 237,931 | -5.9% | - Amounts due to non-controlling interests are primarily related to the acquisition of remaining equity in Guangzhou Shengshiyuan Trading Co., Ltd. (**23.1%**) and Beijing Kaihongda Technology Co., Ltd. (**30%**)[39](index=39&type=chunk) - The acquisition of a **6.9%** equity interest in Shengshiyuan was completed during the period, with a related put option reserve of **RMB 20.4 million** transferred to other reserves[40](index=40&type=chunk) - Amounts due to non-controlling interests for Shengshiyuan, totaling **RMB 60.8 million** plus dividends of **RMB 22.8 million**, are to be settled in three installments by September 30, 2027[41](index=41&type=chunk) - Amounts due to non-controlling interests for Kaihongda, totaling **RMB 65.3 million** plus dividends of **RMB 5.1 million**, are recognized as current liabilities, with a final agreement yet to be reached[41](index=41&type=chunk) [Discontinued Operations](index=20&type=section&id=6.5%20Discontinued%20Operations) The Group completed the disposal of a 94.2% equity interest in Anbaida Group on January 12, 2024, with this business reclassified as discontinued operations, generating a profit for the period of RMB 536 thousand for the six months ended June 30, 2024 - Disposal: The disposal of a **94.2%** equity interest in Anbaida Group was completed on January 12, 2024, for a consideration of **RMB 574.8 million**[42](index=42&type=chunk)[43](index=43&type=chunk) - Business Nature: The disposed group primarily engaged in the sales and distribution of in-vitro diagnostic products, medical equipment, and other related consumables in Shanghai[44](index=44&type=chunk) For the six months ended June 30, 2024, Financial Performance of Discontinued Operations | Item | 2024 (RMB thousand) | | :--- | :--- | | Other income and gains | 536 | | Profit before income tax | 536 | | Income tax expense | — | | Profit for the period | 536 | [Management Discussion and Analysis](index=21&type=section&id=VII.%20Management%20Discussion%20and%20Analysis) This section provides an overview of Yestar's market position, a review of its business performance, future outlook, financial review, capital structure, and significant asset and liability-related matters [About Yestar and Market Overview](index=21&type=section&id=7.1%20About%20Yestar%20and%20Market%20Overview) Yestar Medical is a leading distributor and service provider of in-vitro diagnostic products in China, also manufacturing and selling medical and dental films, operating in a rapidly growing market driven by national policies supporting domestic product localization - Company Positioning: One of China's leading distributors and service providers of in-vitro diagnostic products, also manufacturing Fujifilm medical films and its own brand "Yes!Star" dental films and medical dry films[47](index=47&type=chunk) - Market Size: China's in-vitro diagnostic market reached **RMB 137.0 billion** in 2024, projected to exceed **RMB 140.0 billion** in 2025[48](index=48&type=chunk) - Growth Drivers: Domestic economic development, aging population, increased per capita healthcare expenditure, and advancements in medical technology[48](index=48&type=chunk) - Localization Trend: In 2024, the registration volume of domestic Class III diagnostic products approved increased by approximately **40%** year-on-year, accounting for **80.5%** of the total, accelerating the import substitution process[49](index=49&type=chunk) [Business Overview and Performance Review](index=22&type=section&id=7.2%20Business%20Overview%20and%20Performance%20Review) The Group's total revenue decreased by 37.0% year-on-year to RMB 802.6 million, and gross profit declined by 38.6% to RMB 133.7 million, primarily due to the impact of centralized procurement policies on the medical segment, while selling and distribution expenses, administrative expenses, and finance costs all significantly decreased - Own-brand Film Camera: Research and development of the own-brand "Yes!Star" S2 film camera is underway, with an expected launch in the second half of this year[50](index=50&type=chunk) - Total Revenue: Decreased by **37.0%** year-on-year to **RMB 802.6 million**[51](index=51&type=chunk) - Gross Profit: Decreased by **38.6%** year-on-year to **RMB 133.7 million**[51](index=51&type=chunk) - Selling and Distribution Expenses: Decreased by **49.3%** year-on-year to **RMB 38.8 million**, mainly due to enhanced internal controls[51](index=51&type=chunk) - Administrative Expenses: Decreased by **23.7%** year-on-year to **RMB 77.7 million**, primarily due to optimized cost management and reduced headcount[52](index=52&type=chunk)[62](index=62&type=chunk) - Finance Costs: Sharply decreased by **69.3%** year-on-year to **RMB 6.5 million**, mainly because no further interest payments were required after the redemption of preference shares last year[52](index=52&type=chunk)[63](index=63&type=chunk) - Other Expenses: Increased by **39.4%** year-on-year to **RMB 17.6 million**, primarily due to impairment losses on non-financial assets and exchange rate fluctuations[52](index=52&type=chunk) - Other Income: Decreased by **99.2%** year-on-year to **RMB 8.9 million**, mainly due to the profit recognized from the redemption of preference shares last year[52](index=52&type=chunk)[53](index=53&type=chunk) [Medical Business](index=23&type=section&id=7.2.1%20Medical%20Business) The medical business accounted for 90.0% of total revenue, with revenue of RMB 722.1 million for the period, a 37.9% year-on-year decrease, primarily impacted by national healthcare reform and centralized procurement policies, while the gross profit margin remained relatively stable at approximately 16.9% - Revenue Contribution: Accounted for **90.0%** of total revenue[54](index=54&type=chunk) - Revenue: **RMB 722.1 million**, a year-on-year decrease of **37.9%**[54](index=54&type=chunk) - Gross Profit Margin: Decreased by **0.2 percentage points** to approximately **16.9%**[54](index=54&type=chunk) - Impact Factors: National healthcare reform and centralized procurement policies led to a decrease in demand for in-vitro diagnostic consumables[54](index=54&type=chunk) [Non-Medical Business](index=23&type=section&id=7.2.2%20Non-Medical%20Business) The non-medical business accounted for 10.0% of total revenue, with revenue of RMB 80.6 million for the period, a 27.7% year-on-year decrease, and a gross profit margin decline of 2.9 percentage points to 14.2%, mainly due to structural adjustments in the sales product portfolio - Revenue Contribution: Accounted for **10.0%** of total revenue[55](index=55&type=chunk) - Revenue: **RMB 80.6 million**, a year-on-year decrease of **27.7%**[55](index=55&type=chunk) - Gross Profit Margin: Decreased by **2.9 percentage points** to **14.2%**, primarily due to structural adjustments in the sales product portfolio[55](index=55&type=chunk) - Business Content: Manufacturing, marketing, distribution, and sales of Fujifilm professional and minilab color photographic paper, industrial imaging products (non-destructive testing X-ray film and printed circuit board film), and own-brand "Yes!Star" non-destructive testing X-ray film[55](index=55&type=chunk) [Outlook](index=23&type=section&id=7.3%20Outlook) China's in-vitro diagnostic industry is projected to grow at a CAGR of 5-8% over the next five years, reaching nearly RMB 165.0 billion by 2029, driven by an aging population, chronic disease management, early diagnosis awareness, and expanded medical insurance coverage, despite challenges from intensified market competition and product homogenization - Industry Growth: China's in-vitro diagnostic market is expected to grow at a CAGR of **5-8%** from 2024 to 2029, potentially reaching **RMB 165.0 billion** by 2029[56](index=56&type=chunk) - Growth Drivers: Aging population, demand for chronic disease management, increased awareness of early diagnosis and screening, expanded medical insurance coverage, and the promotion of molecular diagnostics and genetic testing in precision medicine and personalized treatment[56](index=56&type=chunk) - Challenges: Intensified market competition, product homogenization, and price competition leading to downward pressure on profit margins[57](index=57&type=chunk) [Financial Review](index=24&type=section&id=7.4%20Financial%20Review) The Group maintains a healthy liquidity position with significantly increased cash and cash equivalents, improved current and gearing ratios, and substantial reductions in selling and distribution expenses, administrative expenses, and finance costs due to cost control and preference share redemption, while foreign exchange risk remains negligible [Liquidity and Financial Resources](index=24&type=section&id=7.4.1%20Liquidity%20and%20Financial%20Resources) During the period, the Group's cash and cash equivalents increased from approximately RMB 93.8 million as of December 31, 2024, to approximately RMB 249.4 million, primarily due to optimized cost management, recovery of trade receivables, and reduced inventory levels, with current bank and other borrowings totaling approximately RMB 246.0 million - Cash and Cash Equivalents: Increased from **RMB 93.8 million** to **RMB 249.4 million**[58](index=58&type=chunk) - Reasons for Increase: Optimized cost management, reduced unnecessary operating expenses, employee and finance costs, as well as recovery of trade receivables and decreased inventory levels[58](index=58&type=chunk) - Current Borrowings: Approximately **RMB 246.0 million**[58](index=58&type=chunk) [Current Ratio and Gearing Ratio](index=24&type=section&id=7.4.2%20Current%20Ratio%20and%20Gearing%20Ratio) As of June 30, 2025, the current ratio was approximately 1.44 (December 31, 2024: 1.35), and the gearing ratio was approximately 2% (December 31, 2024: 29%), indicating a significant improvement in financial position - Current Ratio: **1.44** (December 31, 2024: **1.35**)[59](index=59&type=chunk) - Gearing Ratio: **2%** (December 31, 2024: **29%**)[60](index=60&type=chunk) [Selling and Distribution Expenses](index=25&type=section&id=7.4.3%20Selling%20and%20Distribution%20Expenses) Selling and distribution expenses decreased by 49.3% year-on-year to RMB 38.8 million, representing 4.8% of revenue, primarily due to enhanced internal control measures - Selling and Distribution Expenses: **RMB 38.8 million**, a year-on-year decrease of **49.3%**[61](index=61&type=chunk) - Percentage of Revenue: **4.8%** (2024: **6.0%**)[61](index=61&type=chunk) - Reason for Decrease: Enhanced internal controls to avoid unnecessary expenses[61](index=61&type=chunk) [Administrative Expenses](index=25&type=section&id=7.4.4%20Administrative%20Expenses) Administrative expenses decreased by 23.7% year-on-year to RMB 77.7 million, representing 9.7% of revenue, primarily benefiting from stringent cost management and a reduction in headcount - Administrative Expenses: **RMB 77.7 million**, a year-on-year decrease of **23.7%**[62](index=62&type=chunk) - Percentage of Revenue: **9.7%** (2024: **8.0%**)[62](index=62&type=chunk) - Reason for Decrease: Implementation of stringent measures to optimize cost management and reduce headcount[62](index=62&type=chunk) [Finance Costs](index=25&type=section&id=7.4.5%20Finance%20Costs) Finance costs sharply decreased by 69.3% year-on-year to RMB 6.5 million, primarily because no further interest payments were required after the redemption of preference shares last year, with interest-bearing loan rates ranging from 1.8% to 6.9% during the period - Finance Costs: **RMB 6.5 million**, a sharp year-on-year decrease of **69.3%**[63](index=63&type=chunk) - Reason for Decrease: Redemption of preference shares last year, eliminating the need for further interest payments[63](index=63&type=chunk) - Loan Interest Rates: Ranged from **1.8% to 6.9%** during the period (2024: **1.80% to 9.00%**)[63](index=63&type=chunk) [Foreign Exchange Risk](index=25&type=section&id=7.4.6%20Foreign%20Exchange%20Risk) The Group's foreign exchange risk is negligible as most of its revenue-generating activities are transacted in RMB, and it has not hedged its currency risk - Foreign Exchange Risk: Negligible, as most business is transacted in RMB[64](index=64&type=chunk) - Hedging: No agreements have been entered into to hedge currency risk[64](index=64&type=chunk) [Capital Structure and Employees](index=25&type=section&id=7.5%20Capital%20Structure%20and%20Employees) During the period, there were no changes to the Company's issued share capital and capital structure, while the number of employees decreased, leading to lower total staff costs, with remuneration policies designed to be competitive and provide benefits [Share Capital and Capital Structure](index=25&type=section&id=7.5.1%20Share%20Capital%20and%20Capital%20Structure) During the period, there were no changes to the Company's issued share capital and capital structure, with capital comprising ordinary shares and capital reserves - Share Capital Structure: No changes to issued share capital and capital structure[65](index=65&type=chunk) - Capital Composition: Ordinary shares and capital reserves[65](index=65&type=chunk) [Employees and Remuneration Policy](index=26&type=section&id=7.5.2%20Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 479 employees (including directors), a decrease from 726 in the prior year, with total staff costs of RMB 73.3 million, and a remuneration policy designed for fair competition and providing benefits such as pension schemes - Number of Employees: **479** (2024: **726**)[67](index=67&type=chunk) - Total Staff Costs: **RMB 73.3 million** (2024: **RMB 81.0 million**)[67](index=67&type=chunk) - Remuneration Policy: Fairly competitive, based on skills, knowledge, performance, contribution, and market conditions, offering benefits such as pension insurance, unemployment insurance, maternity insurance, work injury insurance, medical insurance, and a central provident fund scheme[67](index=67&type=chunk) [Material Investments and Asset-Liability Related Matters](index=26&type=section&id=7.6%20Material%20Investments%20and%20Asset-Liability%20Related%20Matters) The Group's fixed-income investment products have matured and been partially recovered, with an increase in reversal of impairment losses on financial assets, no material securities investments held, and no significant future investment plans, while certain assets are pledged for bank loans and borrowings are guaranteed, with no other material adverse changes or contingent liabilities disclosed [Material Investments Held](index=26&type=section&id=7.6.1%20Material%20Investments%20Held) The Group previously held two one-year fixed-income investment products with principal amounts of US$3.7 million and US$4.4 million, which matured in 2023 and were not renewed, with a total of US$5.0 million recovered as of June 30, 2025 - Fixed-Income Investment Products: Two one-year fixed-income investment products (annual interest rate of **6%**) with principal amounts of **US$3.7 million** and **US$4.4 million**, which matured in 2023 and were not renewed[69](index=69&type=chunk) - Funds Recovered: As of June 30, 2025, a total of **US$5.0 million** has been recovered[70](index=70&type=chunk) [Reversal of Impairment Loss on Financial Assets](index=27&type=section&id=7.6.2%20Reversal%20of%20Impairment%20Loss%20on%20Financial%20Assets) During the period, the reversal of impairment loss on financial assets calculated using the expected credit loss method increased to RMB 19.1 million, primarily due to a reduction in impairment provisions for trade receivables - Reversal of Impairment Loss: **RMB 19.1 million** (2024: **RMB 12.4 million**)[71](index=71&type=chunk) - Primary Reason: Reduction in impairment provisions for trade receivables[71](index=71&type=chunk) [Securities Investments and Future Plans](index=27&type=section&id=7.6.3%20Securities%20Investments%20and%20Future%20Plans) The Group does not hold any material securities investments requiring disclosure and has no significant future plans for investments and capital assets as of June 30, 2025 - Securities Investments: No securities investments held that are valued at **5%** or more of total assets[72](index=72&type=chunk) - Future Plans: No significant future plans for investments and capital assets[73](index=73&type=chunk) [Material Acquisitions and Disposals](index=27&type=section&id=7.6.4%20Material%20Acquisitions%20and%20Disposals) During the period, there were no material acquisitions or disposals of subsidiaries and associated companies, nor any acquisitions involving financial performance commitments or guarantees - Acquisitions and Disposals: No material acquisitions or disposals of subsidiaries and associated companies during the period[74](index=74&type=chunk) - Performance Guarantees: No discloseable acquisitions involving financial performance commitments or guarantees during the period[75](index=75&type=chunk) [Pledge of Assets and Contingent Liabilities](index=27&type=section&id=7.6.5%20Pledge%20of%20Assets%20and%20Contingent%20Liabilities) As of June 30, 2025, the Group had pledged buildings with a net book value of approximately RMB 61.4 million to secure bank loans, and certain borrowings are guaranteed by non-controlling shareholders, independent third parties, and directors of subsidiaries, with no other material contingent liabilities apart from arbitration matters - Pledge of Assets: Buildings with a net book value of approximately **RMB 61.4 million** have been pledged to secure bank loans[76](index=76&type=chunk)[83](index=83&type=chunk) - Borrowing Guarantees: Certain borrowings are guaranteed by non-controlling shareholders, independent third parties, and directors of subsidiaries[83](index=83&type=chunk) - Contingent Liabilities: No other material contingent liabilities apart from arbitration matters[78](index=78&type=chunk) [Material Adverse Changes](index=28&type=section&id=7.6.6%20Material%20Adverse%20Changes) The Directors are not aware of any material adverse changes in the Group's financial or trading position since June 30, 2025, other than those disclosed in this announcement - Material Adverse Changes: The Directors are not aware of any material adverse changes in the Group's financial or trading position since June 30, 2025[79](index=79&type=chunk) [Other Information](index=28&type=section&id=VIII.%20Other%20Information) This section covers changes in the Company's principal place of business, arbitration matters, reaffirmation of dividend policy, competition and conflicts of interest, securities transactions, corporate governance, and report publication details [Change of Principal Place of Business](index=28&type=section&id=8.1%20Change%20of%20Principal%20Place%20of%20Business) The Company's principal place of business in Shanghai has changed its address effective April 15, 2025 - Shanghai Principal Place of Business: The address of the principal place of business in Shanghai has changed effective **April 15, 2025**[80](index=80&type=chunk) [Arbitration Matters](index=28&type=section&id=8.2%20Arbitration%20Matters) The Company has received a judgment from the Shanghai No. 2 Intermediate People's Court dismissing its application to set aside an arbitration award, and has fulfilled all payments to one of Shengshiyuan's vendors, with the Board believing the profit guarantee for the acquisition of a 70% equity interest in Shengshiyuan has been met - Arbitration Outcome: The Shanghai No. 2 Intermediate People's Court dismissed the Company's application to set aside the arbitration award[84](index=84&type=chunk) - Payment Fulfillment: The Company has fulfilled and settled all payments to one of Shengshiyuan's vendors[84](index=84&type=chunk) - Profit Guarantee: The Board believes that the profit guarantee related to the acquisition of a **70%** equity interest in Shengshiyuan has been fulfilled[85](index=85&type=chunk) [Reaffirmation of Dividend Policy](index=29&type=section&id=8.3%20Reaffirmation%20of%20Dividend%20Policy) The Board reaffirms its recommendation not to declare any interim dividend for the current period - Interim Dividend: The Board does not recommend the declaration of any interim dividend for the current period[86](index=86&type=chunk) [Competition and Conflicts of Interest](index=29&type=section&id=8.4%20Competition%20and%20Conflicts%20of%20Interest) During the period, no Directors, controlling shareholders, or substantial shareholders and their associates engaged in any business competing with the Group's business, nor were there any other conflicts of interest, apart from the Group's disclosed interests - Competition and Conflicts of Interest: No Directors, controlling shareholders, or substantial shareholders and their associates engaged in any business competing with the Group's business, nor were there any other conflicts of interest[87](index=87&type=chunk) [Securities Transactions and Corporate Governance](index=29&type=section&id=8.5%20Securities%20Transactions%20and%20Corporate%20Governance) The Company and its subsidiaries did not purchase, sell, or redeem any listed securities during the period, and the Company has adopted and complied with the Model Code for Securities Transactions by Directors, with the Board confirming adherence to all Corporate Governance Code provisions and the Audit Committee's review of the unaudited interim results [Purchase, Sale or Redemption of Listed Securities](index=29&type=section&id=8.5.1%20Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) During the period, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities, and no treasury shares were held as of June 30, 2025 - Securities Transactions: No purchase, sale, or redemption of any of the Company's listed securities during the period[88](index=88&type=chunk) - Treasury Shares: No treasury shares held as of June 30, 2025[88](index=88&type=chunk) [Code of Conduct for Securities Transactions by Directors](index=29&type=section&id=8.5.2%20Code%20of%20Conduct%20for%20Securities%20Transactions%20by%20Directors) The Company has adopted the Model Code for Securities Transactions by Directors as set out in Appendix C3 of the Listing Rules, with all Directors providing written confirmation of compliance - Code of Conduct: The Model Code for Securities Transactions by Directors as set out in Appendix C3 of the Listing Rules has been adopted[89](index=89&type=chunk) - Compliance: All Directors have provided written confirmation of compliance with the Model Code[89](index=89&type=chunk) - Relevant Employees: The Board has adopted the Model Code to regulate securities dealings by relevant employees who may possess inside information, with no non-compliance noted during the period[90](index=90&type=chunk) [Corporate Governance Practices](index=30&type=section&id=8.5.3%20Corporate%20Governance%20Practices) The Board believes that the Company has complied with all the Corporate Governance Code provisions as set out in Appendix C1 of the Listing Rules during the period - Corporate Governance: The Company has complied with all the Corporate Governance Code provisions as set out in Appendix C1 of the Listing Rules during the period[91](index=91&type=chunk) [Audit Committee](index=30&type=section&id=8.5.4%20Audit%20Committee) The Audit Committee, comprising three independent non-executive Directors, is responsible for reviewing and overseeing financial reporting, risk management, and internal control systems, and has reviewed the Group's unaudited interim results for the period, deeming them to be in compliance with applicable accounting principles and standards - Composition: Composed of three independent non-executive Directors (Mr. Zhao Ziwei, Mr. Zeng Jinsong, Mr. Kuang Xiangfan)[92](index=92&type=chunk) - Responsibilities: Reviewing and overseeing the financial reporting system, risk management, and internal control systems[92](index=92&type=chunk) - Interim Results Review: The interim results for the period are unaudited but have been reviewed by the Audit Committee and are considered to be in compliance with applicable accounting principles and standards[92](index=92&type=chunk) [Publication of Report](index=31&type=section&id=8.6%20Publication%20of%20Report) This interim results announcement has been published on the HKEX website and the Company's website, with the interim report containing information required by Appendix D2 of the Listing Rules to be dispatched to shareholders and published on the website in due course - Announcement Publication: The interim results announcement has been published on the HKEX website and the Company's website[93](index=93&type=chunk) - Interim Report: The interim report, containing information required by Appendix D2 of the Listing Rules, will be dispatched to shareholders and published on the website in due course[93](index=93&type=chunk)

Core Viewpoint - The company, Giant Star Medical Holdings (02393.HK), has announced a board meeting scheduled for August 29, 2025, to consider and approve its unaudited consolidated interim results for the six months ending June 30, 2025, and to declare an interim dividend if applicable [1] Summary by Relevant Categories - **Company Announcement** - The board meeting will focus on the approval of the interim results and potential dividend declaration [1]