Core Viewpoint - Estun's stock performance has been weak since its debut, reflecting both fundamental challenges and a tough market environment, with a significant price gap between its Hong Kong and A-share listings [3][4][7]. Group 1: Company Performance - Estun's stock price fell 16% on its first trading day, closing at 12.90 HKD, and showed only a slight recovery of 0.31% to 12.94 HKD the next day [4][3]. - The company is projected to report a net loss of 818 million CNY in 2024, a significant decline from previous years, with gross margin decreasing from 32.9% in 2022 to 28.2% in the first three quarters of 2025 [9][6]. - Revenue figures for Estun from 2022 to 2024 are 3.881 billion CNY, 4.652 billion CNY, and 4 billion CNY respectively, with a notable drop in net profit from 183 million CNY in 2022 to a projected loss in 2024 [9][6]. Group 2: Market Environment - The Hong Kong stock market has been under pressure, with the Hang Seng Index dropping 9.5% since late January 2026, impacting new stock sentiment [10][3]. - There is a growing concern about liquidity in the Hong Kong market, with 488 companies currently waiting to list and an expected unlock of over 450 billion HKD in shares in the first half of 2026 [14][15]. - The IPO market in Hong Kong has shown a stark contrast, with 27 new listings in 2026, but 10 of these stocks have fallen below their issue price within five trading days [12][3].

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 2,718,346,000, representing a 2.2% increase from RMB 2,658,973,000 in 2024[3] - Gross profit decreased by 12.0% to RMB 424,066,000 from RMB 482,042,000 in the previous year[3] - Net profit attributable to equity shareholders for the year was RMB 94,936,000, down 12.8% from RMB 108,922,000 in 2024[3] - Basic and diluted earnings per share decreased by 13.6% to RMB 0.38 from RMB 0.44 in 2024[3] - Operating profit for the year was RMB 164,021,000, a decrease from RMB 194,537,000 in the previous year[4] - The net profit before tax decreased to RMB 140,343,000 in 2025 from RMB 168,034,000 in 2024, a decline of 16.5%[27] - Profit for the period decreased from RMB 108.9 million to RMB 94.9 million, with the net profit margin dropping from 4.1% to 3.5%[51] Assets and Liabilities - Non-current assets increased to RMB 2,751,955,000 from RMB 2,596,703,000 in the previous year[6] - Total liabilities increased to RMB 1,394,046,000 from RMB 1,299,848,000 in 2024[7] - Trade receivables increased to RMB 336,205,000 in 2025 from RMB 297,851,000 in 2024, an increase of 12.8%[31] - Trade payables rose to RMB 477,356,000 in 2025 from RMB 397,151,000 in 2024, an increase of 20.2%[33] - As of December 31, 2025, the current ratio was approximately 0.79, up from 0.39 on December 31, 2024, indicating improved liquidity[52] - The debt-to-asset ratio as of December 31, 2025, was 17.43%, down from 21.89% on December 31, 2024, reflecting a stronger capital structure[52] Cash Flow and Financing - The company reported a significant increase in cash and cash equivalents, rising to RMB 649,800,000 from RMB 116,884,000 in 2024[6] - The net financing cost decreased to RMB 14,021,000 in 2025 from RMB 8,927,000 in 2024, reflecting a reduction in interest income[22] - Net financing costs increased from RMB 3.1 million in the previous period to RMB 10.7 million, a rise of approximately 246.8%[47] - The net proceeds from the company's listing on December 22, 2025, amounted to approximately HKD 554.5 million, which will be used as disclosed in the prospectus[64] Employee and Operational Costs - Total salaries, wages, and other benefits rose to RMB 862,947,000 in 2025, up from RMB 817,185,000 in 2024, an increase of 5.6%[23] - Employee costs (excluding directors' remuneration) were approximately RMB 959.2 million, representing an increase of about RMB 52.6 million or 5.8% compared to the previous period[67] - Operating costs for the period were approximately RMB 2,294.3 million, an increase of about 5.4% year-on-year, primarily due to increased employee benefits expenses and depreciation from the second phase of Nanjing Mingji Hospital[44] - Depreciation and amortization expenses increased to RMB 192,111,000 in 2025 from RMB 168,690,000 in 2024, a rise of 13.9%[25] Revenue Sources and Growth - The company continues to focus on expanding its hospital services, with outpatient services generating RMB 1,254,183,000 and inpatient services generating RMB 1,433,987,000 in 2025[13] - In the reporting period, the revenue from inpatient medical services was RMB 1,434.0 million, an increase of 4.0% year-on-year; outpatient medical services revenue was RMB 1,254.2 million, an increase of 0.4% year-on-year[43] - Outpatient visits increased to approximately 2,171,253, while inpatient visits reached 87,276, both showing a year-on-year growth of 1.2%[38] - The average expenditure per inpatient visit rose to RMB 16,430 in 2025 from RMB 15,998 in 2024, indicating a 2.7% increase[39] - The bed occupancy rate improved to 98.9% in 2025, up from 97.1% in 2024, demonstrating enhanced operational efficiency[39] - The total number of registered beds increased from 1,850 in 2024 to 1,950 in 2025, supporting the growth in service capacity[39] Government and Regulatory Compliance - Government subsidies increased to RMB 2,832,000 in 2025 from RMB 1,554,000 in 2024, representing an increase of 82.5%[21] - The company has complied with all statutory social insurance and housing fund obligations applicable under Chinese law as of December 31, 2025[68] - The company has maintained a sufficient public float of at least 25% of its issued shares since the listing date, in accordance with listing rules[80] Corporate Governance and Future Plans - The company plans to expand its medical service capacity and strengthen specialty services in response to increasing healthcare demands in the Yangtze River Delta region[40] - The company aims to enhance multidisciplinary collaboration and specialty development to improve patient care and operational management[40] - The company plans to utilize the unspent net proceeds by December 31, 2026, for the purposes disclosed in the prospectus[66] - 74.3% of the net proceeds will be allocated for the expansion and upgrading of existing hospitals, totaling HKD 411.9 million[65] - 16.0% of the net proceeds, amounting to HKD 88.6 million, is earmarked for potential investment and acquisition opportunities by December 31, 2026[65] - The company plans to hold at least four board meetings annually, approximately quarterly, in compliance with corporate governance code C.5.1, starting from the fiscal year following its listing on December 22, 2025[75] - The audit committee, consisting of three members, will meet at least twice a year as per corporate governance code D.3.3, with the first meetings expected to occur in the fiscal year following the company's listing[77] - The annual general meeting is scheduled for June 5, 2026, with a share transfer registration suspension from May 29 to June 5, 2026, to determine shareholder voting eligibility[81] - The annual performance announcement will be published on the Hong Kong Stock Exchange and the company's website, with the annual report to follow in accordance with listing rules[82] Dividend and Shareholder Returns - The company did not declare any dividends for the fiscal year ending December 31, 2025, consistent with the previous year[35] - The company does not plan to declare a final dividend for the year ended December 31, 2025[70] - The company has not conducted any buybacks, sales, or redemptions of its listed securities from the listing date to the announcement date[72]

蕭澤榮先生 （執行長） 非執行董事 陳其宏先生 （董事長） 洪秋金女士 王黎明博士 獨立非執行董事 BenQ BM Holding Cayman Corp. 明基醫院集團股份有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2581） 董事名單與其角色及職能 明基醫院集團股份有限公司董事（「董事」）會（「董事會」）成員載列如下。 執行董事 周行一博士 王文聰先生 陳瑞杰先生 本公司設有三個董事會委員會。董事會委員會的組成載於下表。 | | 委員會 | 審計 | 薪酬 | 提名 | | --- | --- | --- | --- | --- | | 董事 | | 委員會 | 委員會 | 委員會 | | 蕭澤榮先生 | | | M | | | 陳其宏先生 | | | | C | | 洪秋金女士 | | M | | | | 王黎明博士 | | | | M | | 周行一博士 | | M | | M | | 王文聰先生 | | C | M | M | | 陳瑞杰先生 | | | C | M | 附註： M 相關董事會委員會成員 香港 2026年3月9日 C 相關董事會委員會主席 ...

明基醫院集團股份有限公司 （於開曼群島註冊成立的有限公司） 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所產生或因依 賴該等內容而引致的任何損失承擔任何責任。 BenQ BM Holding Cayman Corp. 承董事會命 明基醫院集團股份有限公司 執行董事 蕭澤榮 香港，2026年3月9日 於本公告日期，董事會包括執行董事蕭澤榮先生；非執行董事陳其宏先生、洪秋 金女士及王黎明博士；及獨立非執行董事周行一博士、王文聰先生及陳瑞傑先生。 （股份代號：2581) 委任提名委員會成員 明基醫院集團股份有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈， 鑒於香港聯合交易所有限公司證券上市規則附錄C1所載企業管治守則第二部分守 則條文第B.3.5條，並考慮本公司的實際情況後，於2026年3月9日，非執行董事 王黎明博士及獨立非執行董事王文聰先生已獲委任為本公司提名委員會成員，自 2026年3月9日起生效。 ...

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: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 明基醫院集團股份有限公司 呈交日期: 2026年3月4日 I. 法定/註冊股本變動 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 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 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 311,945,001 0 311,945,001 增加 / 減少 (-) 0 0 本月底結存 311,945,001 0 311,945,001 足夠公眾持股量的確認(註4) | 根據《主板上市規則》第13.32D(1)條或第19A.28D(1)條 / 《GEM上市規則》第17.37D(1)條或第25.21D(1)條，我們在此確認，就上述所列股份類別而言，截至本月底: | | --- | | ✔ 已符合適用的公眾持股量要求（見下方） | | 未符合適用的公眾持股量要求（見下方） | | 根據《主板上 ...

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: 2026年1月31日 狀態: 重新提交 致：香港交易及結算所有限公司 公司名稱: 明基醫院集團股份有限公司 呈交日期: 2026年3月4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 ...

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12月31日 狀態: 重新提交 致：香港交易及結算所有限公司 公司名稱: 明基醫院集團股份有限公司 呈交日期: 2026年3月4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 ...

Group 1 - The company, Ming Chi Hospital (02581.HK), will hold a board meeting on March 9, 2026, to consider and approve the annual performance for the year ending December 31, 2025, along with its release [1] - The board will also consider the proposal for the payment of a final dividend, if any [1]

承董事會命 明基醫院集團股份有限公司 執行董事 蕭澤榮 香港，2026年2月25日 於本公告日期，董事會包括執行董事蕭澤榮先生；非執行董事陳其宏先生、洪秋 金女士及王黎明博士；及獨立非執行董事周行一博士、王文聰先生及陳瑞杰先生。 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所產生或因依 賴該等內容而引致的任何損失承擔任何責任。 BenQ BM Holding Cayman Corp. 明基醫院集團股份有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2581) 董事會會議日期 明基醫院集團股份有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈， 本公司將於2026年3月9日（星期一）舉行董事會會議，藉以（其中包括）考慮及批 准本公司及其附屬公司截至2025年12月31日止年度之全年業績及其發佈，並考慮 建議派付末期股息（如有）。 ...

Group 1 - BenQ Hospital (02581.HK) experienced a decline of 1.07%, with its stock price reaching a historical low of 3.6900 HKD [1] - The total market capitalization of BenQ Hospital is 1.151 billion HKD [1]