BenQ BM Holding Cayman Corp. 明基醫院集團股份有限公司 (A company incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock code 股份代號 : 2581) 29 January 2026 Dear non-registered shareholder(s), Arrangement of Electronic Dissemination of Corporate Communications Pursuant to Rule 2.07 of the Rules Governing The Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") under the expansion of paperless listing regime and electronic dissemination of corporate communicatio ...

Solicitation of electronic contact details BenQ BM Holding Cayman Corp. 明基醫院集團股份有限公司 Arrangement of Electronic Dissemination of Corporate Communications (A company incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock code 股份代號 : 2581) Pursuant to Rule 2.07 of the Rules Governing The Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") under the expansion of paperless listing regime and electronic dissemination of corporate communications that c ...

【文/王力 编辑/周远方】 1月25日，距明基医院（02581.HK）登陆港交所仅满月之际，一则6亿元的长期采购合约意外刷屏医疗 圈。同日，作为明基医院上市基石投资者之一的合富中国（603122.SH），同步披露2025年业绩预亏公 告与这份长达8年的合作协议——前者预计全年归母净利润亏损2500万至3600万元，同比由盈转亏；后 者约定明基医院旗下两家医院在96个月内，向合富中国采购不低于6亿元的体外诊断试剂及耗材。 这场看似关联紧密的战略绑定，实则暗藏双方各自的经营焦虑。明基医院上市募资后亟需落地扩张计 划，却在供应链布局上选择单一绑定；合富中国深陷集采冲击与业绩下滑泥潭，寄望长期合约提振市场 信心，但其每年贡献收入占比不足10%，难改颓势。 在医疗政策收紧、行业竞争加剧的背景下，这场满月后的"联姻"，更像是双方在困境中的被动妥协，条 款中的价格追溯调整、长周期付款等约定，进一步放大了履约风险，其实际价值与稳定性仍有待市场检 验。 截图来自 合富中国公告 业绩冷暖不均：双方绑定的现实动因 这场合作的核心逻辑，源于双方截然不同却同样迫切的经营诉求。 合富中国作为聚焦体外诊断试剂及耗材供应链服务的企业，正遭遇 ...

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 呈交日期: 2026年1月6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) | 02581 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000 | USD | | 1 USD | | 500,000,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 500,000,000 | USD | | 1 USD | | 500,000,000 | 本月底法定/註冊股本總額： USD 500,000,000 備註： 截至月份: 2025年12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: 明基醫院集團股份 ...

Core Viewpoint - Ming Kee Hospital's stock price has dropped over 8%, reaching a new low of 4.12 HKD, which is more than a 55% decline from its IPO price of 9.34 HKD, marking the worst debut performance for a new stock on the Hong Kong Stock Exchange this year [1] Financial Performance - The company reported revenues of 2.34 billion CNY, 2.69 billion CNY, 2.66 billion CNY, and 1.31 billion CNY for the years 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [1] - Corresponding net profits for the same periods were 89.55 million CNY, 170 million CNY, 110 million CNY, and 48.7 million CNY [1] Market Reaction - The public offering of Ming Kee Hospital received a lukewarm response, with the Hong Kong public offering portion being subscribed only 6.28 times and the international placement subscribed 1.28 times, both significantly lower than recent popular new stocks [1] - Analysts noted that the company's price-to-earnings (PE) ratio during the IPO phase was 29.8 times, which is substantially higher than the average PE ratio of 16.7 times for the private hospital sector in Hong Kong, indicating that the pricing was too high and contributed to the significant drop in share price [1]

Core Viewpoint - BenQ Hospital's stock has dropped over 8%, reaching a new low of 4.12 HKD, which is more than a 55% decline from its IPO price of 9.34 HKD, marking the worst debut performance for a new Hong Kong stock in 2023 [1] Financial Performance - The company reported revenues of 2.34 billion RMB, 2.69 billion RMB, 2.66 billion RMB, and 1.31 billion RMB for the years 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [1] - Corresponding net profits for the same periods were 89.55 million RMB, 170 million RMB, 110 million RMB, and 48.7 million RMB [1] Market Reaction - The public offering of BenQ Hospital received a lukewarm response, with the Hong Kong public offering being subscribed only 6.28 times and the international placement subscribed 1.28 times, both significantly lower than recent popular IPOs [1] - Analysts noted that the company's price-to-earnings (PE) ratio during the IPO phase was 29.8 times, which is substantially higher than the average PE ratio of 16.7 times for the private hospital sector in Hong Kong, indicating that overpricing was a direct cause of the significant drop in share price [1]

Group 1 - The establishment of the Lung Nodule Diagnosis and Treatment Center at Nanjing Mingji Hospital aims to provide a one-stop diagnostic service for patients with lung nodules through multidisciplinary collaboration [1][2] - The center is led by Professor Liu Huiping, who emphasizes that many lung nodules are benign and do not require excessive treatment, with guidelines suggesting that nodules smaller than 8mm generally do not need intensive intervention [1][2] - Early detection of lung nodules is crucial for lung cancer prevention, as it allows for timely treatment and significantly improves cure rates and five-year survival rates [2] Group 2 - The center's approach balances the risks of overtreatment and delayed diagnosis, providing scientifically sound and customized solutions for patients [2] - High-risk individuals, such as those over 40, long-term smokers, or with a family history of lung cancer, are encouraged to include low-dose CT scans in their regular health check-ups [2] - The center represents a significant initiative by the hospital to enhance specialized care and improve public health services [2]

Core Viewpoint - The Hong Kong IPO market, which has been thriving throughout the year, is now experiencing a downturn with increasing first-day loss rates for newly listed stocks as the year comes to a close [1][3]. Group 1: IPO Performance - In November and December, there were 11 and 20 new listings respectively, marking a high monthly volume for the year [1]. - The first-day loss rate for new stocks has risen significantly, with 5 companies in November and 10 in December experiencing price drops below their issue prices, leading to a 50% first-day loss rate in December, which is notably higher than the year-to-date average of 29% [1][3]. - On December 22, four newly listed stocks collectively faced first-day losses, with Mindray Hospital (02581.HK) plummeting nearly 50%, marking the worst debut performance of the year [3]. Group 2: Subscription Trends - The subscription multiples for new IPOs have been declining sharply, indicating a weakening profit potential for investors, despite an increase in the chances of winning allocations [3]. - The phenomenon of "one signature hard to obtain" has diminished, with higher winning rates but lower profitability for investors [3]. Group 3: Market Dynamics - There is a notable structural differentiation in new stock performances, with some stocks like Mindray Hospital and Hanshi Aitai-B (03378.HK) experiencing significant declines, while others like Guoxia Technology (02655.HK) and Nobi Can (02635.HK) have seen substantial gains [3][4]. - The Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange have expressed concerns over the declining quality of new listings and compliance issues [5]. - The IPO issuance has accelerated as the year-end approaches, with a significant increase in companies passing the listing hearing and applying for IPOs in December compared to November [5][6]. Group 4: Market Pressure - As of December 17, there were 298 companies in the IPO hearing stage, with 28 new additions in December, indicating a growing backlog of IPO applications [6]. - The current IPO market shows signs of overheating, with potential pressure on the secondary market due to the high volume of new listings, which could exacerbate liquidity issues [6].

Core Viewpoint - The establishment of the Lung Nodule Diagnosis and Treatment Center at Nanjing Mingji Hospital aims to provide comprehensive management for lung nodule patients, addressing the increasing detection rates and associated public anxiety while promoting early screening, diagnosis, and treatment of lung cancer [1][3]. Group 1: Center Objectives and Structure - The center integrates multidisciplinary resources to offer a full-cycle management approach, from precise screening to personalized follow-up and necessary interventions [1][3]. - It brings together experts from various fields, including thoracic surgery, respiratory and critical care medicine, imaging, pathology, and oncology, to collaboratively analyze and interpret lung nodules [3][4]. Group 2: Clinical Approach and Recommendations - The center emphasizes the importance of monitoring changes in lung nodules, particularly those under 8mm, suggesting that immediate intervention is not recommended unless significant changes occur [3]. - Early screening and detection are highlighted as the most effective means to combat lung cancer, with recommendations for high-risk individuals (aged 40+, long-term smokers, those with occupational exposure or family history) to include low-dose CT scans in their regular health check-ups [3][4]. Group 3: Patient Communication and Decision-Making - The center aims to create a "one-stop" management platform that not only focuses on technical assessments but also emphasizes effective communication and shared decision-making with patients [4]. - The goal is to ensure patients understand their nodule status, follow-up plans, and the rationale behind them, fostering a collaborative approach to healthcare [4].

Core Viewpoint - Mingji Hospital, the largest private profit-oriented comprehensive hospital group in East China, faced a disappointing debut on the Hong Kong Stock Exchange, with its stock price plummeting 49.46% on the first day of trading, marking the worst opening for a new stock in Hong Kong in 2025 [1][14]. Group 1: Listing Journey - Mingji Hospital's IPO journey was marked by multiple challenges, including incomplete application materials and compliance risks, leading to delays in the listing process [5][16]. - The company finally succeeded in its fourth attempt to list on the Hong Kong Stock Exchange, becoming the fifth listed company from Nanjing in 2025 [5][16]. - The IPO raised approximately HKD 555 million, with cornerstone investors subscribing for a total of USD 39.9 million (about HKD 311 million) [5][16]. Group 2: Market Position - As of June 30, 2025, Mingji Hospital operates two hospitals with a total area of approximately 400,000 square meters and 1,850 registered beds [6][17]. - The hospital group ranked first among private profit-oriented comprehensive hospital groups in East China by bed revenue in 2024, with a market share of 1.0% regionally and 0.4% nationally [6][17]. Group 3: Financial Performance - Financial data indicates stagnation in growth, with revenues of CNY 2.336 billion, CNY 2.688 billion, and CNY 2.659 billion from 2022 to 2024, while net profit peaked at CNY 168 million in 2023 before declining to CNY 109 million in 2024 [8][19]. - In the first half of 2025, revenue dropped to CNY 1.312 billion, and net profit fell to CNY 49 million, a year-on-year decline of over 23% [9][20]. Group 4: Pricing and Market Perception - The IPO pricing strategy, which aimed to stabilize stock prices through a low public offering ratio, did not yield the desired results, with the stock price falling significantly post-IPO [10][21]. - The company's price-to-earnings (PE) ratio of 29.8 is considerably higher than that of comparable private hospital stocks, raising concerns about overvaluation [10][21]. Group 5: Use of Proceeds - The net proceeds from the IPO, approximately HKD 555 million, are allocated for hospital expansion and upgrades, with 74.3% designated for these purposes and 16% for potential investments and acquisitions [11][22]. - Plans include the construction of specialized centers in Nanjing and Suzhou hospitals, although the current bed occupancy rate is already high at 97.1% [11][22].