Core Viewpoint - The removal of certain stocks from the Hong Kong Stock Connect list has led to significant declines in their share prices, indicating a negative market reaction to the index composition changes [1] Group 1: Stock Performance - Yisou Technology (02550) experienced a drop of 31.53%, trading at HKD 3.17 [1] - Meizhong Jiahe (02453) fell by 25.32%, with a price of HKD 3.54 [1] - Guancheng Watch and Jewelry (00256) decreased by 22.71%, now at HKD 0.228 [1] - Sipai Health (00314) saw a decline of 13.6%, trading at HKD 4.7 [1] Group 2: Market Announcement - The Shanghai Stock Exchange and Shenzhen Stock Exchange announced adjustments to the Hong Kong Stock Connect eligible securities list, effective from September 8 [1] - A total of 20 stocks, including Yisou Technology, Meizhong Jiahe, Guancheng Watch and Jewelry, and Sipai Health, were removed from the list due to changes in the Hang Seng Composite Large, Mid, and Small Cap Indexes [1]

Core Viewpoint - The company has made significant advancements in the artificial intelligence sector by developing a self-evolving multimodal intelligent architecture, which has led to the creation of a revolutionary intelligent health examination report system that is currently being trialed by partner institutions [1] Group 1: Technological Advancements - The new system utilizes a top-tier expert thinking chain model that continuously learns and updates medical frontier knowledge [1] - It comprehensively analyzes user health examination images, tests, and medical history data to generate personalized health reports [1] - The system significantly reduces misdiagnosis and missed diagnosis rates by eliminating human biases and accurately identifying complex health risks [1] Group 2: Industry Impact - The transition from traditional health examinations to intelligent examinations represents not only a technological improvement but also an industrial transformation [1] - The system enables real-time collaboration with remote medical nodes, generating expert-level reports in seconds [1] - It ensures that primary healthcare institutions have access to the analytical capabilities of top-tier hospitals, allowing high-quality medical resources to be accessible without boundaries [1]

Core Insights - The company has made significant advancements in the artificial intelligence sector by developing an autonomous multi-modal intelligent agent architecture based on its proprietary optimized large model [1] - A revolutionary intelligent health examination report system has been created, which is currently in trial use at partner institutions [1] Company Developments - The new system employs a top-tier expert thinking chain model that continuously learns and updates medical frontier knowledge in real-time [1] - It comprehensively analyzes user health examination images, tests, and medical history data to generate personalized health reports [1] - The system significantly reduces misdiagnosis and missed diagnosis rates by eliminating human biases and accurately identifying complex health risks [1] Industry Impact - The transition from traditional health examinations to intelligent health examinations represents not only a technological improvement but also an industrial transformation [1] - Each health examination data point is transformed into an intelligent guide for precise health management, ensuring that high-quality medical resources are accessible without boundaries [1] - The system enables real-time collaboration with remote medical nodes, generating expert-level reports in seconds, thus providing grassroots institutions with the analytical capabilities of top-tier hospitals [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部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. 美中嘉和醫學技術發展集團股份有限公司 （股份代號：2453） 自願公告 自研多模態智能體系統進展 本公告乃由美中嘉和醫學技術發展集團股份有限公司（「本公司」）董事會（「董事 會」）自願刊發。 董事會欣然宣佈，本公司在人工智能領域再度取得重要進展，基於自主研發的優 化大模型，成功構建了自主進化的多模態智能體架構，打造了顛覆傳統的智能體 檢報告系統，並已在合作機構開始試用。 該系統採用頂級專家思維鏈模式，持續學習並實時更新醫學前沿知識，全面分析 用戶體檢影像、檢驗、病史等多模態數據，生成個性化健康報告。通過消除人為 偏差，精準定位復合型健康風險，該系統極大降低誤診率、漏診率，並支持遠程 醫療節點實時聯動，秒級完成專家級報告生成，確保基層機構享有三甲級醫院分 析能力，令優質醫療資源無界觸達。 由傳統體檢到智能體檢，不僅是技術改進，更是一場產 ...

Group 1 - The event "Big Consumption Investment Summit and 2025 Zhitong Xingyao Autumn Joint Strategy Meeting" was held in Hangzhou, focusing on the theme "New Consumption Species: The Evolution of Hong Kong Stocks" [1] - In 2025, China's consumption market is witnessing a blend of tradition and innovation, with electric vehicle penetration exceeding 47%, smart home sales growing in double digits, and rural consumption growth outpacing urban by 0.8 percentage points [1] - The Hong Kong stock market is becoming a witness to consumer power, with a 100-fold subscription for consumer IPOs in the first half of the year and 71% of new stocks closing higher on their first day [1] Group 2 - The main venue will feature keynote speeches and roundtable discussions on trends, while the sub-venue will showcase opportunities from 30 top companies [2] - Keynote speakers include executives from Tencent, GF Securities, and various leading companies, sharing insights and practical experiences [4] - The sub-venue will host presentations from 30 leading companies, including China Duty Free Group, Maogeping, and others, focusing on their business opportunities [5]

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: 美中嘉和醫學技術發展集團股份有限公司 本月底法定/註冊股本總額： RMB 783,662,016 備註： 第 1 頁 共 11 頁 v 1.1.1 FF301 FF301 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02453 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 313,874,624 | RMB | | 1 RMB | | 313,874,624 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 313,8 ...

Summary of the Conference Call for Meizhong Jiahe Company Overview - Meizhong Jiahe focuses on oncology medical services, operating through a dual-driven model of ToC (patient-facing) hospital business and ToB (business-facing) empowerment services, primarily in economically developed regions such as the Yangtze River Delta, Guangdong-Hong Kong-Macao Greater Bay Area, and Beijing-Tianjin-Hebei [2][3] Key Financial Performance - In the first half of 2025, overall business revenue slightly decreased, but hospital business revenue grew by over 10%, significantly driven by Guangzhou Taihe Hospital, which saw a year-on-year increase of 107% and a quarter-on-quarter increase of 50% [2][7] - Guangzhou Taihe Hospital achieved a total revenue of 95 million yuan (approximately 14.5 million USD) in the first half of 2025, with a proton therapy pricing of 295,000 yuan (approximately 45,000 USD) per case [2][6] - The company reported its first positive gross profit, with the medical institution business turning profitable and net losses narrowing year-on-year [2][7] Hospital Operations and Expansion - Guangzhou Taihe Hospital is the first proton center in South China, with a self-pay ratio exceeding 90%. Future growth is expected to benefit from commercial insurance coverage [2][6] - The hospital's cash flow is nearly balanced, with an expected annual revenue of 300 million yuan (approximately 45.5 million USD) to achieve breakeven [4][15] - The company is constructing a tertiary oncology specialty hospital in Hebei in partnership with Shijiazhuang Pharmaceutical Group, expected to open in 2026 [5][21] Research and AI Developments - Meizhong Jiahe made progress in research and AI technology, including the establishment of a Guangdong Medical Research Fund project and the development of an automatic review system for radiation therapy data [2][8] - The company is working on AI-assisted diagnostic systems for MRI and PETCT, with registration applications pending [2][8] Market Position and Competitive Landscape - The domestic proton therapy market is currently not highly competitive, with Guangzhou Taihe Hospital ranked third among ten operational proton or neutron centers in China [11][13] - The hospital's patient base includes 50% from Guangdong and 50% from outside the province, with 5% from overseas [6][11] Future Development Strategy - Meizhong Jiahe plans to deepen international cooperation, particularly with MD Anderson Cancer Center and Mayo Clinic, while expanding into Southeast Asian markets [2][9] - The company aims to build a multi-tiered payment network to enhance the accessibility of proton therapy and maximize profitability through cost control [2][9] Insurance and Payment Dynamics - The company has signed reimbursement agreements with nearly 20 active insurance companies for proton therapy [10] - The proportion of patients covered by insurance has decreased to around 20%, with self-pay patients making up 80%, which is beneficial for high-margin projects like radiation therapy [16][17] Conclusion - Meizhong Jiahe is positioned to leverage its unique offerings in the oncology sector, with a focus on high-quality services and strategic partnerships to enhance its market presence and financial performance in the coming years [2][28]

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].

Core Insights - Meizhong Jiahe (02453) reported a mid-year performance for 2025, with revenue approximately 200 million, representing a year-on-year decrease of 8.3% [1] - The loss attributable to the company's owners was about 177 million, narrowing by 2.9% year-on-year [1] - Basic and diluted loss per share was 0.24 yuan [1]

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].