Core Viewpoint - Meizhong Jiahe Medical Technology Development Group Co., Ltd. has demonstrated significant revenue growth and improved profitability in the first half of 2025, despite a general decline in the industry [1][2]. Group 1: Financial Performance - As of June 30, 2025, the company achieved revenue of 201 million yuan, with hospital business revenue of 153 million yuan, reflecting a year-on-year growth of 11.2% [1]. - The company reported a gross profit of 400,000 yuan, marking a significant turnaround from a loss in the same period last year [1]. - The proportion of basic medical insurance fund payments decreased to 25% in 2025 from 41% in 2024 [1]. Group 2: Business Operations - The hospital business accounted for approximately 76.3% of total revenue, indicating its critical role in the company's financial structure [1]. - The opening of the first proton therapy center in South China at Guangzhou Taihe Hospital has led to a noticeable improvement in hospital business profitability, with gross margin rising from -22.1% to 0.4% [1]. - The proton therapy center has seen continuous growth in patient consultations and treatments since its launch, positioning it as a leading facility in the region [2]. Group 3: Technological Advancements - The company launched a self-developed large language model focused on proton therapy in May 2025, enhancing its technological capabilities in this field [2]. - This model integrates a vast array of high-quality treatment data and literature, which is expected to improve operational efficiency and extend its influence in the industry [2]. - Meizhong Jiahe has established strategic partnerships with renowned institutions like Mayo Clinic and MD Anderson Cancer Center, further solidifying its competitive edge in high-end medical services [3]. Group 4: Future Growth Potential - The ongoing development of proton therapy services, rapid advancements in AI models, and the upcoming openings of additional hospitals are anticipated to unlock significant growth potential for the company [3]. - The company is well-positioned to leverage its comprehensive advantages in medical equipment, treatment drugs, and patient care to enhance its market position [3].

美中嘉和(02453)公布2025年中期业绩，收入约2亿元，同比减少8.3%;公司拥有人应占亏损约1.77亿元， 同比收窄2.9%;每股基本及摊薄亏损0.24元。 ...

Core Viewpoint - The company, Meizhong Jiahe, reported a significant improvement in its financial performance for the first half of 2025, achieving a revenue of 201 million yuan and turning a profit after a previous loss, showcasing its competitive edge in the high-end medical service sector amidst a challenging industry environment [1][2]. Group 1: Financial Performance - For the first half of 2025, the company achieved a revenue of 201 million yuan, with its hospital business generating 153 million yuan, reflecting a year-on-year growth of 11.2% [1][2]. - The company's gross profit reached 4 million yuan, a substantial improvement from a loss of 35 million yuan in the same period last year, marking a key milestone in its profitability [1]. Group 2: Hospital Business and Treatment Advancements - The hospital business accounted for approximately 76.3% of the company's total revenue, indicating its central role in the overall financial performance [2]. - The launch of the first proton therapy center in South China at Guangzhou Taihe Hospital has contributed to the hospital business's profitability, with the gross margin improving from -22.1% to 0.4% [2]. - Proton therapy, recognized as one of the most advanced radiation treatment technologies, offers precise targeting of tumor tissues while minimizing damage to surrounding healthy tissues [2]. Group 3: AI and Technological Innovations - The company has proactively invested in artificial intelligence since 2015, establishing a subsidiary focused on AI in healthcare [3]. - In May 2025, the company launched a proprietary large language model specifically for proton therapy, enhancing its technological capabilities and operational efficiency [3]. Group 4: Drug Accessibility and Strategic Partnerships - The company has developed a robust drug supply system, providing access to nearly 200 original research drugs and over 50 patented brand drugs, addressing the challenges posed by strict drug usage regulations in public hospitals [4]. - Strategic partnerships with renowned medical institutions, including a long-term collaboration with Mayo Clinic and being the sole strategic partner of MD Anderson Cancer Center, further strengthen the company's market position [4]. - The ongoing expansion of proton therapy services, advancements in AI models, and the opening of new hospitals are expected to unlock significant growth potential for the company in the future [4].

[Announcement Overview](index=1&type=section&id=Announcement%20Overview) The Company released its unaudited consolidated financial results for the six months ended June 30, 2025, including comparative figures for the prior year [Interim Results Announcement](index=1&type=section&id=Interim%20Results%20Announcement) The Company announced its unaudited consolidated financial results for the six months ended June 30, 2025, with comparative figures for the same period in 2024 - This announcement presents the unaudited consolidated financial results of Meizhong Jiahe Medical Technology Development Group Co., Ltd. for the six months ended June 30, 2025[2](index=2&type=chunk)[3](index=3&type=chunk) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) The Company's financial performance for the period is summarized, detailing key metrics and their year-over-year changes [Key Financial Indicators](index=1&type=section&id=Key%20Financial%20Indicators) Total revenue for H1 2025 decreased by 8.3% to RMB 200.9 million, while hospital business revenue grew by 11.2%, with gross profit turning positive and adjusted net loss expanding | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 200.9 | 219.0 | -8.3% | | Hospital Business Revenue | 153.2 | 137.8 | +11.2% | | Gross Profit / (Loss) | 0.4 | (34.5) | Turnaround to Profit | | Net Loss | (200.0) | (202.0) | -1.0% | | Adjusted Net Loss (Non-HKFRS Measure) | (200.0) | (161.1) | +24.2% | - Adjusted net loss (non-HKFRS measure) refers to the loss for the reporting period adjusted for listing expenses, aiming to provide a clearer understanding of business operating performance[5](index=5&type=chunk) [Management Discussion and Analysis](index=3&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth review of the Group's operational performance, strategic advancements, and market outlook for the first half of 2025 [Business Review](index=3&type=section&id=Business%20Review) The business review details the Company's H1 2025 performance, strategic progress, and market outlook, focusing on hospital business, proton therapy, asset-light models, and AI medical innovations [Hospital Business](index=3&type=section&id=Hospital%20Business) The Group focuses on high-end oncology, operating four medical institutions and one under construction in the Greater Bay Area and Yangtze River Delta, providing comprehensive, specialized cancer care, particularly proton therapy - The Group focuses on high-end oncology, operating **4 self-owned medical institutions** and **1 under construction**, primarily located in Guangzhou and Shanghai[8](index=8&type=chunk) [Guangdong-Hong Kong-Macao Greater Bay Area](index=3&type=section&id=Guangdong-Hong%20Kong-Macao%20Greater%20Bay%20Area) Guangzhou Taihe Cancer Hospital, the first proton therapy center in South China, fully launched clinical operations in December 2024, expected to significantly boost the Group's competitiveness and revenue in high-end radiotherapy - Guangzhou Taihe Cancer Hospital's Proton Center fully launched clinical diagnosis and treatment on **December 16, 2024**, as the **first officially operational proton therapy system in South China**[9](index=9&type=chunk) - This milestone signifies a major step for the Group in precision oncology, particularly in the high-end radiotherapy services market, with **revenue and profit expected to undergo a qualitative change**[9](index=9&type=chunk) [Yangtze River Delta Region](index=3&type=section&id=Yangtze%20River%20Delta%20Region) The Group operates Shanghai Imaging Center, Shanghai Jiahe Yunying Comprehensive Outpatient Department, and Shanghai Meizhong Jiahe Oncology Outpatient Department in the Yangtze River Delta, with Shanghai Taihecheng Cancer Hospital under construction in strategic partnership with MD Anderson Cancer Center for precise radiotherapy - Shanghai Imaging Center utilizes cutting-edge imaging equipment for various disease screenings and diagnoses, while Shanghai Jiahe Yunying Comprehensive Outpatient Department provides comprehensive services[10](index=10&type=chunk) - Shanghai Meizhong Jiahe Oncology Outpatient Department functions as a day-care radio-chemotherapy center, offering comprehensive cancer diagnosis, radiotherapy, and chemotherapy services[10](index=10&type=chunk) - The under-construction Shanghai Taihecheng Cancer Hospital will be a standardized tertiary oncology specialty hospital featuring precision radiotherapy, built in strategic partnership with **MD Anderson Cancer Center**[10](index=10&type=chunk) [Asset-Light Business Model](index=4&type=section&id=Asset-Light%20Business%20Model) Leveraging its oncology and hospital operation expertise, the Group launched an asset-light model for medical equipment, software, and services, targeting enterprise clients and lower-tier medical institutions to enhance partner hospital capabilities through advanced equipment, technology, and operational support - The Group launched an **asset-light business model** for medical equipment, software, and related services, specifically targeting enterprise clients and lower-tier city medical institutions[11](index=11&type=chunk) - By supplying advanced medical equipment, providing professional technological empowerment, and operational management support, the Group assists partner hospitals in enhancing their radiotherapy and imaging diagnostic capabilities[11](index=11&type=chunk) - Since **2019**, CSS services have been offered, covering cloud platforms, software, and related services, enhancing disease diagnosis and treatment efficiency and accuracy through platforms like Jiahe Yunying and Jiahe Feiyun[11](index=11&type=chunk) [Deepening Proton Therapy](index=4&type=section&id=Deepening%20Proton%20Therapy) Guangzhou Taihe Cancer Hospital's Proton Center deepened clinical practice in H1 2025, validating proton therapy's advantages in complex cases, completing the nation's first choroidal malignant melanoma proton therapy, and ranking among the top 3 national proton-heavy ion centers - Guangzhou Hospital's Proton Center continues to deepen clinical practice, offering superior treatment options for complex cases such as head and neck tumors, nervous system tumors, lung tumors, prostate cancer, and pediatric tumors[12](index=12&type=chunk) - On **July 14, 2025**, Guangzhou Hospital's Proton Center successfully completed the **nation's first proton therapy for choroidal malignant melanoma**, saving the patient from enucleation[13](index=13&type=chunk) - Guangzhou Hospital's Proton Therapy Center was ranked **third nationwide** in the 'China Proton and Heavy Ion Center TOP 10 Ranking (2024-2025)' published by 'Proton China'[14](index=14&type=chunk) [Building Differentiated Value and Full-Cycle Treatment](index=5&type=section&id=Building%20Differentiated%20Value%20and%20Full-Cycle%20Treatment) The Group's hospitals establish a differentiated drug supply system by offering original and innovative international drugs and enabling 'sporadic procurement,' while also developing full-cycle treatment services, including surgery, advanced radiotherapy, and comprehensive rehabilitation, to enhance patient quality of life - Guangzhou Hospital's Pharmacy Department offers **191 original research drugs** and **over 50 patented brand drugs**, covering all disease types of anti-tumor medications, and has established efficient introduction mechanisms and green channels[15](index=15&type=chunk) - Guangzhou Taihe Cancer Hospital is among the **first medical institutions nationwide** approved to resume import, sale, and use of Paclitaxel (albumin-bound) for injection (Abraxane)[15](index=15&type=chunk) - The Group is developing **full-cycle treatment services** to improve patient quality of life, covering key areas such as surgery (e.g., breast-conserving surgery), advanced radiotherapy, and comprehensive rehabilitation[16](index=16&type=chunk) [Multi-Layered Payment Network and Proton Therapy Accessibility](index=6&type=section&id=Multi-Layered%20Payment%20Network%20and%20Proton%20Therapy%20Accessibility) In H1 2025, the Group advanced its medical payment ecosystem, partnering with MSH China and Zhongjiandai (Beijing) Technology Service Co., Ltd. to enable direct payment for special needs treatments, while Shenzhen Huiminbao's new proton-heavy ion coverage integrated high-end services into inclusive commercial health insurance, significantly reducing basic medical insurance fund payments - MSH China launched its 'Enjoy Life' 2025 medical insurance, including Guangzhou Taihe Cancer Hospital in its designated private hospital network, enabling **direct payment for special needs treatments**[17](index=17&type=chunk) - **Shenzhen Huiminbao** added coverage for innovative diagnostic and treatment items like proton-heavy ion therapy, allowing insured patients to receive **reimbursement for proton therapy** at Guangzhou Taihe Cancer Hospital[18](index=18&type=chunk) Hospital Business Basic Medical Insurance Fund Payment Ratio Change | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Basic Medical Insurance Fund Payment Ratio | 25% | 41% | [Innovation Breakthroughs and Translational Applications](index=6&type=section&id=Innovation%20Breakthroughs%20and%20Translational%20Applications) The Group successfully developed and deployed an 'Automatic Review System for Radiotherapy Data Records,' published multiple SCI papers, filed invention patents, led the formulation of proton therapy industry standards, and secured several national and provincial continuing education projects, demonstrating strong R&D capabilities - The Group successfully developed and officially deployed the **'Automatic Review System for Radiotherapy Data Records'** at Shanghai Meizhong Jiahe Oncology Outpatient Department and Guangzhou Taihe Cancer Hospital[19](index=19&type=chunk) - Guangzhou Hospital published **eight SCI academic papers** in H1 and has **two invention patent applications** under review[20](index=20&type=chunk) - The hospital led the drafting of two standards organized by the China International Economic and Technical Cooperation Promotion Association Standardization Working Committee: **'Clinical Application Specifications for Proton Therapy'** and **'Dose Verification Technical Specifications for Proton Therapy'**[20](index=20&type=chunk) [International Professional Exchange and Cooperation](index=7&type=section&id=International%20Professional%20Exchange%20and%20Cooperation) In H1 2025, the Group's medical institutions hosted high-level delegations and academic exchanges from Singapore National Cancer Centre and the Thai government, held a Sino-US radiotherapy frontier academic exchange, and received a Mayo Clinic visit to Shijiazhuang Edison Oncology Hospital, deepening international cooperation and enhancing brand influence - Professor Toh Han Chong, Deputy Director of the **National Cancer Centre Singapore**, led a delegation to Guangzhou Taihe Cancer Hospital, and the Governor of Phuket, Thailand, led a government delegation for visits, fostering international medical and referral cooperation[21](index=21&type=chunk) - The **'Sino-US Radiotherapy Frontier Academic Exchange Conference on Stereotactic Radiotherapy New Technologies and Clinical Applications'** was held, featuring renowned American senior medical physicist Professor Benedict as a keynote speaker[22](index=22&type=chunk) - **Mayo Clinic** conducted an on-site inspection of Shijiazhuang Edison Oncology Hospital, exploring new pathways for international medical cooperation and contributing to the Group's international strategic layout[22](index=22&type=chunk) [Medical Equipment, Software, and Related Services Business](index=8&type=section&id=Medical%20Equipment%2C%20Software%2C%20and%20Related%20Services%20Business) The Group's medical equipment, software, and related services business focuses on project optimization, efficient delivery, and strategic product line expansion, building a 'core equipment + expert advantage + value-added services' matrix, enhancing grassroots hospital capabilities through AI and digital imaging cloud platforms, and fostering client ecosystems for diversified growth - The business focuses on optimizing and upgrading core projects and efficient delivery, while accelerating strategic expansion of product lines[24](index=24&type=chunk) - Successfully built a **'core equipment + expert advantage + value-added services' three-dimensional product matrix**, offering end-to-end high-end solutions from project initiation to upgrade delivery[24](index=24&type=chunk) - Enhanced technological empowerment for grassroots hospitals through new **AI and digital imaging cloud platform services**; Beijing Yundu Company signed a cooperation agreement with Inner Mongolia Minzu University Affiliated Hospital for the Jiahe Cloud Nuclear Medicine Cloud Platform[24](index=24&type=chunk) [Major Breakthroughs and Strategic Layout in AI Medical Field](index=9&type=section&id=Major%20Breakthroughs%20and%20Strategic%20Layout%20in%20AI%20Medical%20Field) The Group achieved a major breakthrough in AI medical, successfully developing and deploying the world's first proton therapy vertical large language model at Guangzhou Taihe Cancer Hospital, significantly enhancing clinical efficacy, with future plans to build an oncology radiotherapy/diagnosis large model AI matrix and expand market applications via an asset-light model to capture a trillion-level market share - Successfully developed and deployed the **world's first large language model for the proton therapy vertical domain**, deeply integrating nearly **10,000 high-quality radiotherapy case data** accumulated by its oncology institutions[26](index=26&type=chunk) - The model has been deployed at Guangzhou Taihe Cancer Hospital, significantly improving the accuracy of identifying treatment difficulties, the ability to recommend personalized solutions, and the adaptability to international standard treatment pathways[26](index=26&type=chunk) - The Group established a phased development path: vertically extending to build an **AI matrix of oncology radiotherapy large models and oncology diagnosis large models**; horizontally expanding market applications through management output and network empowerment[27](index=27&type=chunk) [Market Outlook and H2 Strategy](index=10&type=section&id=Market%20Outlook%20and%20H2%20Strategy) Addressing the challenges and opportunities of an aging population and rising cancer incidence, the Group will deepen proton therapy adoption, strengthen international cooperation and medical service exports, and actively engage in academic and research collaborations to solidify its technological leadership and meet diverse, stratified oncology needs - China's rising cancer incidence drives new demands for early screening and intervention, precision diagnosis and treatment, cancer rehabilitation and quality of life, and full-cycle management[28](index=28&type=chunk) - The Group will deepen the popularization of proton therapy technology, enhance public awareness of precision radiotherapy, strengthen patient trust, and establish specialized teams to optimize clinical pathway management[29](index=29&type=chunk) - In the second half, the Group will strengthen international cooperation and medical service exports, actively participate in domestic and international academic exchange activities and scientific research collaborations, and consolidate its technological leadership[29](index=29&type=chunk) [Financial Review](index=11&type=section&id=Financial%20Review) This section provides a detailed analysis of the Group's financial performance, including revenue, cost of sales, gross profit, operating expenses, and net loss [Revenue Analysis](index=11&type=section&id=Revenue%20Analysis) Total revenue decreased by 8.3% to RMB 200.9 million, with hospital business revenue growing 11.2% to RMB 153.2 million due to Guangzhou Hospital's proton therapy, while medical equipment, software, and related services revenue declined 41.3% due to macroeconomic factors Revenue Breakdown (by Service Item) | Service Item | 2025 (RMB thousand) | 2025 (%) | 2024 (RMB thousand) | 2024 (%) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Hospital Business | 153,244 | 76.3 | 137,840 | 62.9 | +11.2% | | Medical Equipment, Software, and Related Services | 47,659 | 23.7 | 81,148 | 37.1 | -41.3% | | - Sale and Installation of Medical Equipment and Software | 37,436 | 18.6 | 73,208 | 33.4 | -48.9% | | - Management and Technical Support | 8,206 | 4.1 | 2,099 | 1.0 | +290.9% | | - Operating Lease | 2,017 | 1.0 | 5,841 | 2.7 | -65.5% | | **Total** | **200,903** | **100.0** | **218,988** | **100.0** | **-8.3%** | - The increase in hospital business revenue is primarily due to the operation of Guangzhou Hospital's proton therapy business, which commenced in **December 2024**[32](index=32&type=chunk) - The decrease in revenue from medical equipment, software, and related services is mainly due to delayed overall business demand in the current macroeconomic environment and operating leases no longer being a primary business of the Company[34](index=34&type=chunk) [Cost of Revenue Analysis](index=12&type=section&id=Cost%20of%20Revenue%20Analysis) Cost of revenue decreased by 20.9% to RMB 200.5 million, primarily due to significant reductions in medical equipment and software costs, drug and consumable costs, and employee benefits expenses, reflecting the Group's cost-reduction and efficiency-improvement initiatives Cost of Revenue Breakdown (by Nature) | Cost Item | 2025 (RMB thousand) | 2025 (%) | 2024 (RMB thousand) | 2024 (%) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Medical Equipment and Software Costs | 32,320 | 16.1 | 70,174 | 27.7 | -53.9% | | Costs of Drugs, Consumables, and Other Inventories | 32,611 | 16.2 | 44,868 | 17.7 | -27.3% | | Employee Benefits Expenses | 49,081 | 24.5 | 58,993 | 23.3 | -16.8% | | Depreciation and Amortization | 65,645 | 32.7 | 56,281 | 22.2 | +16.6% | | Lease, Repair, and Maintenance | 12,144 | 6.1 | 13,790 | 5.4 | -11.9% | | **Total** | **200,520** | **100.0** | **253,500** | **100.0** | **-20.9%** | - The decrease in medical equipment and software costs is primarily due to reduced revenue from the sale and installation of medical equipment and software[35](index=35&type=chunk) - The decrease in employee benefits expenses is mainly due to improved human resource efficiency and the Group's implementation of cost reduction and efficiency improvement initiatives[35](index=35&type=chunk) - The decrease in costs of drugs, consumables, and other inventories is primarily due to a reduction in drug sales revenue resulting from the Company's revenue structure adjustment[39](index=39&type=chunk) [Gross Profit and Gross Margin](index=14&type=section&id=Gross%20Profit%20and%20Gross%20Margin) The Group's gross profit turned from a RMB 34.5 million loss in H1 2024 to a RMB 0.4 million profit in H1 2025, with gross margin increasing from -15.8% to 0.2%, driven by improved hospital business, narrowed losses in medical equipment and software services, revenue structure adjustments, enhanced proton therapy benefits, and cost-efficiency strategies Gross Profit and Gross Margin (by Service Item) | Service Item | 2025 Amount (RMB thousand) | 2025 Gross Margin (%) | 2024 Amount (RMB thousand) | 2024 Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | | Hospital Business | 555 | 0.4 | (30,415) | (22.1) | | Medical Equipment, Software, and Related Services | (172) | (0.4) | (4,097) | (5.0) | | - Sale and Installation of Medical Equipment and Software | 4,810 | 12.8 | 556 | 0.8 | | - Management and Technical Support | (1,277) | (15.6) | (5,322) | (253.5) | | - Operating Lease | (3,705) | (183.7) | 669 | 11.5 | | **Total** | **383** | **0.2** | **(34,512)** | **(15.8)** | - Hospital business gross profit and gross margin significantly improved, mainly due to the Company's revenue structure adjustment, enhanced benefits from proton therapy business, and the implementation of cost reduction and efficiency improvement initiatives[38](index=38&type=chunk) - The increase in gross profit and gross margin from the sale and installation of medical equipment and software is primarily due to the implementation of cost reduction and efficiency improvement initiatives and optimized pricing strategies[43](index=43&type=chunk) [Operating Expenses](index=15&type=section&id=Operating%20Expenses) Selling and distribution, administrative, and R&D expenses all decreased, primarily due to reduced staff costs, lower promotional expenses, the absence of listing expenses, and the Group's cost-reduction and efficiency-improvement initiatives Major Operating Expense Changes | Expense Item | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Selling and Distribution Expenses | 21,126 | 24,974 | -15.4% | Reduced staff costs, promotional expenses, and cost-efficiency initiatives | | Administrative Expenses | 55,345 | 79,090 | -30.0% | Reduced staff costs, absence of listing expenses, and cost-efficiency initiatives | | R&D Expenses | 13,618 | 14,128 | -3.6% | Reduced staff costs and cost-efficiency initiatives | [Other Income and Impairment Losses](index=16&type=section&id=Other%20Income%20and%20Impairment%20Losses) Other income and net gains significantly decreased by 95.8% due to a gain on disposal of a subsidiary in 2024, while impairment provisions for trade receivables, other receivables, and amounts due from related parties substantially increased due to higher balances and aging Other Income and Impairment Loss Changes | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Other Income and Other Net Gains | 1,850 | 43,644 | -95.8% | Gain on disposal of a subsidiary in 2024 | | Net Impairment Loss Provision for Trade Receivables | (30,654) | (2,353) | +1202.8% | Increase in trade receivables balance and aging | | Net Impairment Loss Provision for Other Receivables | (7,681) | (1,473) | +421.5% | Increase in other receivables balance | | Net Impairment Loss (Provision) / Reversal for Amounts Due from Related Parties | (7,812) | 3,816 | N/A (Reversal to Provision) | Long-term aging balance of amounts due from related parties | | Share of Results of Associates | (888) | (631) | +40.7% | Associates incurred losses | | Income Tax Credit | 1,971 | 2,503 | -21.3% | Decrease in deferred tax | [Net Loss and Non-HKFRS Measures](index=17&type=section&id=Net%20Loss%20and%20Non-HKFRS%20Measures) The Group's net loss slightly decreased by 1.0% to RMB 200.0 million in H1 2025 from RMB 202.0 million in H1 2024, while adjusted net loss (non-HKFRS, excluding listing expenses) increased by 24.2% to RMB 200.0 million, indicating an expanded core business loss Net Loss and Adjusted Net Loss | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Loss and Total Comprehensive Income for the Period | (200,021) | (202,019) | -1.0% | | Adjusted Net Loss (Non-HKFRS Measure) | (200,021) | (161,060) | +24.2% | - Adjusted net loss (non-HKFRS measure) is presented by adding back listing expenses to the loss for the reporting period, aiming to provide investors and management with a clearer understanding of the relevant performance of business operations[51](index=51&type=chunk) [Liquidity, Financial Resources, and Capital Structure](index=17&type=section&id=Liquidity%2C%20Financial%20Resources%2C%20and%20Capital%20Structure) This section reviews the Group's liquidity, financial resources, and capital structure, including cash flow, debt, and key financial ratios [Liquidity and Cash Position](index=17&type=section&id=Liquidity%20and%20Cash%20Position) The Group primarily funds operations and capital expenditures through operating cash flow, bank loans, and other borrowings; as of June 30, 2025, cash and cash equivalents increased by 52.4% to RMB 170.0 million, with a decrease in current liabilities but an expanded net current liabilities position - The Group's liquidity requirements will be met through a combination of cash flows from operating activities, bank loans and other borrowings, and other funds raised from capital markets from time to time[53](index=53&type=chunk) - Current liabilities decreased from approximately **RMB 1,135.9 million** as of December 31, 2024, to approximately **RMB 1,111.8 million** as of June 30, 2025, primarily due to a reduction in accrued expenses and other payables[54](index=54&type=chunk) Cash and Cash Equivalents | Indicator | June 30, 2025 (RMB million) | June 30, 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 170.0 | 111.5 | +52.4% | [Cash Flow Analysis](index=19&type=section&id=Cash%20Flow%20Analysis) Net cash used in operating activities significantly decreased to RMB 60.4 million due to cost-efficiency measures, net cash used in investing activities decreased to RMB 25.3 million primarily from financial asset disposals and no joint venture investments in H1 2024, and net cash from financing activities substantially decreased to RMB 51.2 million due to reduced bank and other borrowings and new share issuance Cash Flow Data | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (60,406) | (178,796) | +118,390 | | Net Cash Used in Investing Activities | (25,289) | (464,349) | +439,060 | | Net Cash From Financing Activities | 51,179 | 714,105 | -662,926 | | Net (Decrease) / Increase in Cash and Cash Equivalents | (34,516) | 70,960 | -105,476 | - The decrease in net cash used in operating activities is primarily due to the Group's implementation of cost reduction and efficiency improvement initiatives, which reduced operating losses before working capital changes in H1 2025[57](index=57&type=chunk) - The decrease in net cash from financing activities is mainly due to reduced proceeds from bank and other borrowings and the issuance of new shares in H1 2025[58](index=58&type=chunk) [Foreign Exchange Risk Management](index=19&type=section&id=Foreign%20Exchange%20Risk%20Management) The Group's functional currency is RMB, with operations primarily in RMB and assets denominated in RMB, USD, and HKD; risk is managed by closely monitoring exchange rate fluctuations without hedging arrangements or other significant foreign exchange risks - The Group's functional currency is **RMB**, with operations primarily conducted in RMB, and all assets denominated in **RMB, USD, and HKD**[59](index=59&type=chunk) - The Group has not implemented any hedging arrangements and manages foreign exchange risk by closely monitoring fluctuations in exchange rates[59](index=59&type=chunk) [Capital Expenditures and Commitments](index=20&type=section&id=Capital%20Expenditures%20and%20Commitments) Total capital expenditures in H1 2025 were approximately RMB 24.1 million, mainly for property, plant, and equipment, right-of-use assets, and intangible assets; the Group has capital commitments of RMB 13.7 million for property, plant, and equipment and RMB 260.1 million for associate capital injections, with no significant contingent liabilities or major future investment plans Total Capital Expenditures | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Total Capital Expenditures | 24.1 | 31.1 | -22.5% | Capital Commitments | Item | June 30, 2025 (RMB thousand) | June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Acquisition of Property, Plant and Equipment | 13,682 | 16,692 | | Capital Injection into Associates | 260,099 | 260,099 | - As of June 30, 2025, the Group had no significant contingent liabilities, guarantees, or any material litigation or claims that are not yet understood or pose a threat to any member of the Group[62](index=62&type=chunk) [Asset Pledges and Debt Guarantees](index=20&type=section&id=Asset%20Pledges%20and%20Debt%20Guarantees) As of June 30, 2025, total bank borrowings of RMB 2,624.3 million are primarily secured by subsidiary equity, guaranteed by the Company, guarantee funds, and medical imaging equipment; an additional RMB 994.2 million is secured by subsidiary revenue, and RMB 1,523.8 million is guaranteed by controlling shareholder and Chairman Dr. Yang Jianyu - Total bank borrowings of **RMB 2,624.3 million** are primarily secured by the issued share capital of the Group's subsidiaries, including **80% of Guangzhou Hospital** and **100% of Shanghai Taihecheng Cancer Hospital and Shanghai Meizhong Jiahe Medical Imaging Diagnosis Co., Ltd.**[65](index=65&type=chunk) - Total borrowings of **RMB 994.2 million** are secured by the revenue of the Group's subsidiaries Shanghai Taihecheng Cancer Hospital, Shanghai Meizhong Jiahe Medical Imaging Diagnosis Co., Ltd., and Shanghai Outpatient Department[66](index=66&type=chunk) - Bank and other borrowings totaling **RMB 1,523.8 million** are guaranteed by the controlling shareholder and Chairman of the Board, **Dr. Yang Jianyu**[66](index=66&type=chunk) [Net Current Liabilities and Debt Structure](index=21&type=section&id=Net%20Current%20Liabilities%20and%20Debt%20Structure) As of June 30, 2025, net current liabilities expanded to RMB 529.8 million due to decreased current assets; total debt was RMB 3,220.2 million, with 16.1% at fixed interest rates, and the maturity structure shows 13.2% due within one year and 25.0% due in over five years Net Current Liabilities | Indicator | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Net Current Liabilities | 529.8 | 422.2 | Debt Details | Debt Type | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total Current Debt | 441,628 | 406,731 | | Total Non-Current Debt | 2,778,555 | 2,807,302 | | **Total** | **3,220,183** | **3,214,033** | Bank and Other Borrowings Maturity Profile | Maturity Period | June 30, 2025 Balance (RMB thousand) | June 30, 2025 (%) | | :--- | :--- | :--- | | Within One Year | 408,455 | 13.2 | | After One Year but Within Two Years | 358,354 | 11.6 | | After Two Years but Within Five Years | 1,550,638 | 50.2 | | Over Five Years | 771,573 | 25.0 | | **Total** | **3,089,020** | **100.0** | [Key Financial Ratios](index=23&type=section&id=Key%20Financial%20Ratios) The Group's profitability ratios show gross margin turning positive to 0.2% while net profit margin remains negative at 99.6%; liquidity ratios, including current and quick ratios, both decreased, and the debt-to-asset ratio rose to 68.4%, indicating increased liquidity pressure Key Financial Ratios | Ratio | June 30, 2025 | June 30, 2024 / December 31, 2024 | | :--- | :--- | :--- | | Gross Margin | 0.2% | (15.8)% | | Net Profit Margin | (99.6%) | (92.3)% | | Current Ratio | 0.52 | 0.63 (December 31, 2024) | | Quick Ratio | 0.51 | 0.60 (December 31, 2024) | | Debt-to-Asset Ratio | 68.4% | 67.8% (December 31, 2024) | [Other Information](index=23&type=section&id=Other%20Information) This section covers employee information, legal and compliance matters, post-reporting events, use of proceeds, public float, and corporate governance [Employees, Training, and Remuneration Policy](index=23&type=section&id=Employees%2C%20Training%2C%20and%20Remuneration%20Policy) As of June 30, 2025, the Group's employee count was 573, a 17.1% year-over-year decrease, with total staff costs of approximately RMB 100.2 million; the Group provides internal and external training, offers basic salaries and performance-related bonuses, and adheres to China's labor law social insurance schemes Employee Count and Costs | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Employee Count | 573 | 691 | | Total Staff Costs (RMB million) | 100.2 | N/A | - The Group provides internal and external training to enhance employee skills and knowledge, with remuneration primarily comprising basic salaries and performance-related bonuses[75](index=75&type=chunk) - The Group participates in various employee social insurance schemes organized by local municipal and provincial governments, including maternity, pension, medical, work injury, and unemployment benefits, as well as housing provident funds[77](index=77&type=chunk) [Litigation, Compliance, and Securities Transactions](index=24&type=section&id=Litigation%2C%20Compliance%2C%20and%20Securities%20Transactions) During the reporting period, the Group had no material breaches of laws or regulations, no significant adverse compliance events, and neither the Company nor its subsidiaries purchased, sold, or redeemed any listed securities, nor held any treasury shares - During the reporting period, the Group had no material breaches of laws and regulations, nor any non-compliance events that the Directors believe could have a significant adverse impact on the business, financial position, or operating results as a whole[78](index=78&type=chunk) - 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 on the Stock Exchange[79](index=79&type=chunk) [Events After Reporting Period](index=24&type=section&id=Events%20After%20Reporting%20Period) On July 29, 2025, the Company completed a placement of 48,723,600 new H shares, raising approximately RMB 238 million net proceeds; on August 26, 2025, controlling shareholder Beijing Taihecheng pledged 35.6 million H shares to SPD Bank as security for the Company's liabilities - On **July 29, 2025**, the Company completed the placement of **48,723,600 new H shares** under general mandate, at a placement price of **HKD 5.54 per share**[80](index=80&type=chunk) - On **August 26, 2025**, Beijing Taihecheng agreed to pledge **35.6 million H shares** of the Company to SPD Bank to further secure the Company's liabilities[80](index=80&type=chunk) [Use of Proceeds from Listing and Placement](index=25&type=section&id=Use%20of%20Proceeds%20from%20Listing%20and%20Placement) As of June 30, 2025, net proceeds of approximately HKD 466.36 million from the global offering were fully utilized for interest-bearing bank loan repayment, Shanghai hospital construction, and working capital; net proceeds of approximately HKD 93.94 million from the June 2025 placement are planned for medical equipment procurement, loan repayment, and working capital, expected to be fully used by December 31, 2025 Actual Use of Net Proceeds from Global Offering (as of June 30, 2025) | Use | Net Proceeds After Reallocation (HKD million) | Amount Utilized as of June 30, 2025 (HKD million) | | :--- | :--- | :--- | | Repayment of part of interest-bearing bank borrowings | 230.42 | 230.42 | | Funding for the construction of Shanghai Hospital | 142.71 | 142.71 | | Working capital and other general corporate purposes | 93.23 | 93.23 | | **Total** | **466.36** | **466.36** | Planned Use of Net Proceeds from Placement (as of June 30, 2025) | Use | Net Proceeds from Placement (HKD million) | Amount Utilized as of June 30, 2025 (HKD million) | Unutilized Amount (HKD million) | Expected Full Utilization Time | | :--- | :--- | :--- | :--- | :--- | | Funding for procurement of medical equipment, consumables, and drugs for the Company's medical institutions | 37.576 | 0 | 37.576 | Before December 31, 2025 | | Repayment of loans provided by financial institutions to the Company and its subsidiaries | 28.182 | 0 | 28.182 | Before December 31, 2025 | | Supplementing working capital for the Company and its subsidiaries for general corporate purposes | 28.182 | 0 | 28.182 | Before December 31, 2025 | | **Total** | **93.94** | **0** | **93.94** | | [Sufficient Public Float](index=26&type=section&id=Sufficient%20Public%20Float) The Company received an HKEX waiver for the 25% public float requirement, allowing a lower percentage between 15% and 25%; as of the announcement date, the public holds at least 31.90% of total issued shares, meeting the requirement - The Company was granted a waiver by the Stock Exchange from strict compliance with Listing Rule 8.08(1)(a), allowing the public float percentage to be the lower of **15% to 25%**[85](index=85&type=chunk) - As of the announcement date, the public holds at least **31.90%** of the Company's total issued shares[85](index=85&type=chunk) [Corporate Governance and Audit](index=27&type=section&id=Corporate%20Governance%20and%20Audit) The Company is committed to good corporate governance, adhering to the Corporate Governance Code and Model Code for Securities Transactions by Directors; the Audit Committee reviewed interim results, independent auditors conducted a review, no interim dividend is declared, and the interim report will be published timely - The Company adopted the Corporate Governance Code provisions as its own corporate governance practices, effective from the listing date, and complied with the code provisions during the reporting period[86](index=86&type=chunk) - The Company adopted the Model Code as its own code of conduct for securities transactions by its directors, supervisors, and relevant employees, with all relevant personnel confirming compliance[88](index=88&type=chunk) - The Audit Committee reviewed the accounting policies and practices adopted by the Group, discussed internal controls and financial reporting matters, and the independent auditor reviewed the interim financial information[89](index=89&type=chunk) - The Company will not declare an interim dividend for the six months ended June 30, 2025[90](index=90&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=28&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes to the condensed consolidated financial statements, covering accounting policies, income statement, balance sheet, and other disclosures [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=28&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group reported revenue of RMB 200.9 million, gross profit of RMB 0.4 million, a total loss and comprehensive income of RMB 200.0 million, and basic and diluted loss per share of RMB 0.24 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Summary | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 200,903 | 218,988 | | Cost of Revenue | (200,520) | (253,500) | | Gross Profit / (Loss) | 383 | (34,512) | | Other Income and Other Net Gains | 1,850 | 43,644 | | Selling and Distribution Expenses | (21,126) | (24,974) | | Administrative Expenses | (55,345) | (79,090) | | R&D Expenses | (13,618) | (14,128) | | Listing Expenses | – | (40,959) | | Finance Costs | (66,329) | (53,696) | | Loss and Total Comprehensive Income for the Period | (200,021) | (202,019) | | Basic and Diluted Loss Per Share (RMB) | (0.24) | (0.25) | [Condensed Consolidated Statement of Financial Position](index=29&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets were RMB 5,772.2 million, with a high proportion of non-current assets; net current liabilities were RMB 529.8 million, net assets RMB 1,821.5 million, and total equity RMB 1,821.5 million Condensed Consolidated Statement of Financial Position Summary | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Non-Current Assets | 5,190,160 | 5,192,942 | | Current Assets | 582,046 | 713,620 | | Current Liabilities | (1,111,796) | (1,135,864) | | Net Current Liabilities | (529,750) | (422,244) | | Non-Current Liabilities | (2,838,896) | (2,869,888) | | Net Assets | 1,821,514 | 1,900,810 | | Total Equity | 1,821,514 | 1,900,810 | [Details of Notes](index=31&type=section&id=Details%20of%20Notes) This section provides detailed notes to the condensed consolidated financial statements, including general information, accounting policies, basis of preparation and estimates, revenue disaggregation, finance costs, income tax credit, dividends, loss per share calculation, aging analysis of trade receivables and payables, and share capital movements [General Information](index=31&type=section&id=General%20Information) Meizhong Jiahe Medical Technology Development Group Co., Ltd. was incorporated in China on July 23, 2008, listed on HKEX on January 9, 2024, primarily engaged in radiotherapy and imaging equipment leasing, trading, management, technical services, and high-end cancer treatment, with Morgancreek Investment Holdings Limited as its ultimate controlling company - The Company was incorporated as a limited liability company in China on **July 23, 2008**, under the Company Law of the People's Republic of China, and listed on The Stock Exchange of Hong Kong Limited on **January 9, 2024**[95](index=95&type=chunk) - The Group is primarily engaged in **leasing of radiotherapy and imaging diagnostic equipment**, **trading of radiotherapy and imaging diagnostic equipment**, providing **management and technical services to hospitals**, and offering **high-end cancer treatment services**[95](index=95&type=chunk) - The ultimate controlling company is **Morgancreek Investment Holdings Limited**, a limited liability company incorporated under the laws of the British Virgin Islands[95](index=95&type=chunk) [Accounting Policies and Basis of Preparation](index=31&type=section&id=Accounting%20Policies%20and%20Basis%20of%20Preparation) The interim condensed consolidated financial statements are prepared under HKAS 34, on a historical cost basis and going concern assumption, despite losses and net current liabilities, as directors believe sufficient working capital exists considering unused credit, placement proceeds, and cost controls - The interim condensed consolidated financial statements are prepared in accordance with **Hong Kong Accounting Standard 34 Interim Financial Reporting** issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[98](index=98&type=chunk) - The financial statements have been prepared on a **historical cost basis**, except for the derivative component of convertible bonds and financial assets at fair value through profit or loss, which are measured at fair value[99](index=99&type=chunk) - Despite the Group recording losses and net current liabilities, the Directors believe that the Group has **sufficient working capital** to prepare the financial statements on a **going concern basis**, considering unused credit facilities, proceeds from placement, and cost control measures[100](index=100&type=chunk)[103](index=103&type=chunk) [Revenue Disaggregation](index=33&type=section&id=Revenue%20Disaggregation) Revenue primarily derived from oncology hospitals and clinics (RMB 153.2 million) and medical equipment, software, and related services (RMB 47.7 million), with most revenue (RMB 139.1 million) recognized at a point in time and the remainder (RMB 59.8 million) over time Revenue by Major Services and Products | Services and Products | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Oncology Hospitals and Clinics | 153,244 | 137,840 | | Sale and Installation of Medical Equipment and Software | 37,436 | 73,208 | | Management and Technical Support | 8,206 | 2,099 | | Operating Lease Income | 2,017 | 5,841 | | **Total Revenue** | **200,903** | **218,988** | Revenue Recognition Timing | Recognition Timing | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Over Time | 59,783 | 40,204 | | At a Point in Time | 139,103 | 172,943 | [Finance Costs](index=34&type=section&id=Finance%20Costs) For the six months ended June 30, 2025, total finance costs were RMB 66.3 million, primarily comprising interest expenses on bank and other borrowings of RMB 84.3 million, partially offset by amounts capitalized into qualifying assets Finance Costs Details | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest Expenses on Bank and Other Borrowings | 84,342 | 72,339 | | Interest Expenses on Lease Liabilities | 4,139 | 6,998 | | Interest Expenses on Convertible Bonds | 478 | 480 | | Less: Amounts Capitalized into Qualifying Assets | (22,630) | (26,121) | | **Total** | **66,329** | **53,696** | [Income Tax Credit](index=34&type=section&id=Income%20Tax%20Credit) Income tax credit decreased by 21.3% from RMB 2.5 million in H1 2024 to RMB 2.0 million in H1 2025, mainly due to reduced deferred tax; the Group's PRC entities are subject to a 25% corporate income tax rate, with some high-tech enterprises enjoying a preferential 15% rate Income Tax Credit Details | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Deferred Tax (Credited to Profit or Loss for the Period) | (1,971) | (2,498) | | **Total** | **(1,971)** | **(2,503)** | - The Group's PRC entities are subject to income tax at a rate of **25%**, with certain companies recognized as high-tech enterprises since **2019** enjoying a preferential income tax rate of **15%**[107](index=107&type=chunk)[109](index=109&type=chunk) [Dividends](index=35&type=section&id=Dividends) No dividends were paid or proposed for the six months ended June 30, 2025, or 2024 - No dividends were paid or proposed for the six months ended June 30, 2025, and 2024, nor have any dividends been proposed since the end of the reporting period[110](index=110&type=chunk) [Loss Per Share](index=35&type=section&id=Loss%20Per%20Share) For the six months ended June 30, 2025, basic and diluted loss per share attributable to owners of the Company was RMB 0.24, a slight improvement from RMB 0.25 in H1 2024; diluted loss per share is identical to basic loss per share as there are no potentially dilutive ordinary shares Loss Per Share | Indicator | 2025 (RMB) | 2024 (RMB) | | :--- | :--- | :--- | | Basic Loss Per Share Attributable to Owners of the Company | (0.24) | (0.25) | - As the Group had no potentially dilutive ordinary shares for the six months ended June 30, 2025, and 2024, the diluted loss per share is **identical to the basic loss per share**[112](index=112&type=chunk) [Trade Receivables and Payables](index=35&type=section&id=Trade%20Receivables%20and%20Payables) As of June 30, 2025, net trade receivables decreased to RMB 39.2 million from RMB 51.5 million on December 31, 2024, with a significant increase in impairment provisions; trade payables decreased to RMB 101.3 million from RMB 112.1 million, with changes in aging structure Net Trade Receivables | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Receivables | 116,313 | 97,985 | | Less: Impairment Provision | (77,159) | (46,505) | | **Net Amount** | **39,154** | **51,480** | Trade Payables | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Payables | 101,272 | 112,146 | - Impairment provision for trade receivables increased from **RMB 46.5 million** as of December 31, 2024, to **RMB 77.2 million** as of June 30, 2025[111](index=111&type=chunk) [Movements in Share Capital](index=37&type=section&id=Movements%20in%20Share%20Capital) As of June 30, 2025, the Company's issued and fully paid share capital was 734,938 thousand shares, an increase of 18,600 thousand shares from December 31, 2024, primarily due to the successful placement of 18,600,000 shares on June 4, 2025, raising approximately RMB 91.8 million Movements in Share Capital | Item | June 30, 2025 (thousand shares) | June 30, 2025 (RMB thousand) | December 31, 2024 (thousand shares) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | As at January 1 | 716,338 | 716,338 | 676,918 | 676,918 | | Placement Shares | 18,600 | 18,600 | – | – | | **As at June 30 / December 31** | **734,938** | **734,938** | **716,338** | **716,338** | - On **June 4, 2025**, a total of **18,600,000 placement shares** were successfully placed at a price of **HKD 5.38 per placement share**, raising total proceeds of approximately **RMB 91,824,000**[114](index=114&type=chunk) [Definitions and Board Information](index=38&type=section&id=Definitions%20and%20Board%20Information) This section provides definitions of key terms used in the announcement and lists the composition of the Board of Directors [Definitions](index=38&type=section&id=Definitions) This section provides definitions of key terms used in the announcement to ensure a clear understanding of specialized terminology and company-specific names - Definitions of key terms used in the announcement, such as **'Beijing Taihecheng,' 'Guangzhou Hospital,' and 'H Shares,'** are provided to aid reader comprehension of the report content[115](index=115&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk) [Board Information](index=40&type=section&id=Board%20Information) This section lists the composition of the Board of Directors as of the announcement date, including executive, non-executive, and independent non-executive directors - As of the announcement date, the Board of Directors comprises Executive Directors **Dr. Yang Jianyu, Ms. Fu Xiao, and Mr. Chang Liang**; Non-executive Directors **Mr. Wang Lei, Mr. Song Qingbao, and Mr. Shi Botao**; and Independent Non-executive Directors **Ms. Li Xuemei, Mr. Sun Yansheng, and Mr. Wu Guoxian**[119](index=119&type=chunk)

就董事所深知，浦发银行为公司及其关连人士的独立第三方。 美中嘉和(02453)发布公告，于2025年8月26日，公司控股股东(定义见上市规则)北京泰和诚医疗技术有 限公司(北京泰和诚)同意以浦发银行为受益人质押公司3560万股H股，相当于北京泰和诚直接持有公司 股份总数约99.99%。于本公告日期，北京泰和诚质押的公司H股合共约占公司已发行股份总数约 4.54%。 ...

智通财经APP讯，美中嘉和(02453)发布公告，于2025年8月26日，公司控股股东(定义见上市规则)北京 泰和诚医疗技术有限公司(北京泰和诚)同意以浦发银行为受益人质押公司3560万股H股，相当于北京泰 和诚直接持有公司股份总数约99.99%。于本公告日期，北京泰和诚质押的公司H股合共约占公司已发行 股份总数约4.54%。 就董事所深知，浦发银行为公司及其关连人士的独立第三方。 ...

美中嘉和醫學技術發展集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2453） 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之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 CONCORD HEALTHCARE GROUP CO., LTD. 誠如該公告所披露，浦發銀行同意向廣州醫院授出高達人民幣13億元的非循環信 貸。根據授信額度協議的條款及條件，並為進一步擔保本公司於授信額度協議項 下的責任及提供額外擔保，於2025年8月26日，本公司控股股東（定義見上市規 則）北京泰和誠醫療技術有限公司（「北京泰和誠」）同意以浦發銀行為受益人質押 本公司35.6百萬股H股，相當於北京泰和誠直接持有本公司股份總數約99.99%。 於本公告日期，北京泰和誠質押的本公司H股合共約佔本公司已發行股份總數約 4.54%。 就董事所深知，浦發銀行為本公司及其關連人士的獨立第三方。 承董事會命 美中嘉和醫學技術發展集團股份有限公司 董事長兼執行董事 楊建宇 中華人民共和國北京，2025年8月2 ...

本报讯 （记者矫月）8月20日，据美中嘉和医学技术发展集团股份有限公司（以下简称"美中嘉和"）官 方公众号显示，阿尔茨海默病（AD）作为一种严重威胁老年人健康的神经退行性疾病，其早期精准诊 断一直是全球医疗领域的研究重点与难点。中国阿尔茨海默病（AD）早期精准诊断迎来重大突破：国 内首个Aβ-PET显像剂——氟[ F]贝他苯注射液获批。它可将AD的早期诊断时间大幅提前15-20年。 上海美中嘉和医学影像诊断中心，是美中嘉和旗下的独立第三方影像诊断中心，入选国家5G+医疗健康 应用试点单位。该影像中心是上海新虹桥国际医学（000516）中心共享影像中心，为园区内医疗资源的 整合及共享发挥关键作用，凭借GE Signa PET/MR、PET/CT、静音3.0T MRI、能谱CT、DR、超声、钼 靶等尖端影像诊断设备，可为园区内多家医疗机构提供医学影像诊断服务。不仅如此，该中心还可利用 先进的远程信息共享平台，将远程影像诊断的会诊服务延伸覆盖至长三角地区，使国际化、标准化的影 像诊断服务在更大范围内发挥作用。 该影像中心"独立第三方+共享影像+远程辐射"的创新商业模式，通过资源共享和标准化输出构建了可 快速复制的盈 ...

Core Insights - The approval of the first Aβ-PET imaging agent, Fluorine-18 labeled beta-phenyl injection, marks a significant breakthrough in early diagnosis of Alzheimer's disease (AD) in China, potentially advancing the diagnosis timeline by 15-20 years [1] - China has approximately 9.83 million AD patients, the highest globally, with projections indicating this number will exceed 19 million by 2030 [1] - Early and precise diagnosis of AD is crucial due to the disease's insidious onset and progressive nature, highlighting the importance of this new diagnostic tool [1] Company Overview - Shanghai Meizhong Jiahe Medical Imaging Diagnostic Center, a subsidiary of Meizhong Jiahe, plays a pivotal role in the high-end medical market in Shanghai, solidifying its leadership position with the implementation of the "gold standard" for early AD diagnosis [2] - The center integrates advanced medical resources and promotes innovative medical technology applications, showcasing the company's strong resource integration capabilities and industry insight [2] - The center is equipped with cutting-edge imaging diagnostic equipment, providing services to multiple medical institutions in the region, thus enhancing the overall healthcare service network [3] Business Model and Growth Potential - The center's innovative business model, characterized by independent third-party services and remote radiation sharing, has created a replicable profit model, significantly improving operational efficiency and demonstrating substantial growth potential in the medical imaging service market [4] - This asset-light, high-value operation model is expected to serve as a strategic hub for Meizhong Jiahe's nationwide medical resource integration, enhancing the company's valuation through economies of scale and technological barriers [4] - The AI-assisted diagnostic evaluation system developed in collaboration with Hexin Health enables comprehensive screening of critical health indicators, significantly reducing the risk of missed diagnoses and optimizing resource allocation [4] Future Outlook - With the ongoing demand for precision medicine, the Shanghai Meizhong Jiahe Medical Imaging Diagnostic Center is poised to further strengthen its leading position in the high-end imaging service market [5] - Meizhong Jiahe, as a rare "full-chain high-end medical service provider" in the Hong Kong stock market, has established a complete medical service ecosystem across various fields, enhancing its overall competitiveness in precision medicine [5] - The strategic layout aims to benefit patients while enabling the group to achieve economies of scale and continuous marginal benefit, ultimately creating long-term stable value returns for investors [5]

格隆汇8月18日丨美中嘉和(02453.HK)公布，公司将于2025年8月28日召开董事会会议，以（其中包括） 审议及通过集团截至2025年6月30日止六个月的中期业绩及其发布，以及审议派发中期股息的建议（如 有）。 ...