Financial Performance - Revenue for the year ended December 31, 2025, reached RMB 1,562,518 thousand, a 30.1% increase from RMB 1,200,775 thousand in 2024[3] - Gross profit for the same period was RMB 476,293 thousand, with a consistent gross margin of 30.5%[4] - The company reported a net profit of RMB 54,338 thousand for 2025, a significant recovery from a net loss of RMB 269,158 thousand in 2024[4] - Operating profit increased to RMB 62,051 thousand in 2025, compared to RMB 13,742 thousand in 2024[4] - Total comprehensive income for the year was RMB 52,855 thousand, recovering from a loss of RMB 268,137 thousand in 2024[6] - Basic and diluted earnings per share for 2025 were RMB 0.06, recovering from a loss per share of RMB 0.38 in 2024[4] - The net income before tax for 2025 is RMB 59,317 thousand, a significant recovery from a loss of RMB 263,799 thousand in 2024[26] - The company reported a profit before tax of RMB 59,317,000 for 2025, compared to a loss of RMB 263,799,000 in 2024[29] - The net profit for 2025 was RMB 54.3 million, compared to a net loss of RMB 269.2 million in 2024[63] Revenue Breakdown - Revenue from enterprise services and digital marketing services for 2025 is RMB 1,355,538 thousand, up from RMB 950,866 thousand in 2024, indicating a growth of about 42.5%[24] - Healthcare services revenue for 2025 is RMB 206,131 thousand, a decrease from RMB 249,669 thousand in 2024, reflecting a decline of approximately 17.4%[24] - The expected revenue from contracts with existing customers for 2025 is RMB 54,744 thousand, down from RMB 60,103 thousand in 2024, showing a decrease of about 8.5%[19] - The company's total revenue increased from RMB 1,200.8 million in 2024 to RMB 1,562.5 million in 2025, primarily driven by a strong growth in enterprise services and digital marketing services, which accounted for 86.8% of total revenue in 2025[49][50] - Revenue from health care services decreased from RMB 249.7 million in 2024 to RMB 206.1 million in 2025, representing 13.2% of total revenue[50] Expenses and Investments - Research and development expenses rose to RMB 169,026 thousand in 2025, up from RMB 96,981 thousand in 2024, indicating a focus on innovation[4] - The total operating expenses, including R&D costs, for 2025 amount to RMB 419,675 thousand, compared to RMB 354,221 thousand in 2024, indicating an increase of about 18.5%[26] - Sales expenses decreased by 10.0% from RMB 203.2 million in 2024 to RMB 182.9 million in 2025, attributed to reduced promotional efforts following increased market recognition[56] - Administrative expenses increased by 24.6% from RMB 54.0 million in 2024 to RMB 67.3 million in 2025, mainly due to higher office costs and personnel expenses[57] - The company has allocated HKD 15.86 million for research and development, with HKD 0.8 million already utilized by December 31, 2025[95] Assets and Liabilities - Current assets increased to RMB 589,003 thousand in 2025, compared to RMB 454,781 thousand in 2024, reflecting improved liquidity[7] - Trade and other payables rose to RMB 301,284 thousand in 2025, up from RMB 208,562 thousand in 2024, indicating increased operational activity[7] - The company's total equity increased to RMB 282,814 thousand in 2025, compared to RMB 231,788 thousand in 2024, showing a strengthened financial position[9] - Trade receivables increased significantly to RMB 290,988,000 in 2025 from RMB 144,208,000 in 2024[35] - The company's total liabilities increased to RMB 301,284,000 in 2025 from RMB 208,562,000 in 2024[36] - Total assets increased from RMB 231.8 million as of December 31, 2024, to RMB 282.8 million as of December 31, 2025[76] Cash Flow and Financing - Net cash from operating activities for the year ended December 31, 2025, was RMB 74.979 million, compared to RMB 56.698 million for 2024[80] - The net cash generated from operating activities increased significantly from RMB 56.7 million in 2024 to RMB 75.0 million in 2025[81] - The total bank loans and borrowings amounted to RMB 31.2 million as of December 31, 2025, down from RMB 56.4 million in 2024, all due within one year[81] - The financing costs decreased by 46.7% from RMB 4.5 million in 2024 to RMB 2.4 million in 2025, due to adjustments in the financing structure[59] Market and Customer Base - The number of registered personal users increased from 205.5 million as of December 31, 2024, to 223.1 million as of December 31, 2025[39] - The number of registered doctors rose from 889,000 as of December 31, 2024, to 934,000 as of December 31, 2025[39] - The number of hospitals connected to the platform increased from 11,762 as of December 31, 2024, to 12,870 as of December 31, 2025[39] - The total customer base includes major clients contributing over 10% of revenue, with Client A generating RMB 283,811 thousand in 2025[16] - The group has diversified its customer base, with significant revenue contributions from enterprise services and digital marketing services[17] Corporate Governance and Strategy - The company emphasizes the importance of good corporate governance standards to protect shareholder interests and enhance company value[98] - The company has adopted the corporate governance code as a basis for its governance practices and has complied with all applicable provisions during the reporting period[98] - The company is focusing on the growth of the Chinese healthcare market and digital transformation, leveraging real-world clinical data to enhance its competitive edge[90] - The strategic investment in AI technology aims to reshape service boundaries and operational efficiency, enhancing collaboration with healthcare professionals[92] - The company plans to accelerate the establishment of a nationwide enterprise service ecosystem to optimize resource integration and local business development[91] Shareholder Returns and Dividends - The company has no declared dividends for the year ending December 31, 2025[37] - The board has decided not to recommend the payment of a final dividend for the year ending December 31, 2025, due to current market volatility and the need to maintain adequate cash flow[108] - The company has no fixed dividend payout ratio and will consider other measures to enhance shareholder returns[108] Share Repurchase - The company repurchased 1,021,500 ordinary shares in December 2025 at a total cost of HKD 4,709,000 (approximately RMB 4,278,000)[38] - The company repurchased a total of 2,715,500 shares during the reporting period at a total cost of approximately HKD 13,112,360[110] - The company purchased 1,694,000 shares in January 2026 at an average price of HKD 5.06 per share[110] Audit and Compliance - The audit committee has reviewed the audited consolidated financial statements for the year ending December 31, 2025, and found no significant changes in accounting policies[104] - The independent auditor has agreed to the data regarding the company's consolidated performance for the year ending December 31, 2025[105] - The audit committee has recommended the approval of the consolidated financial statements by the board[104]

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 不對因本公告全部或任何部份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。 HealthyWay Inc. 健康之路股份有限公司 （於 開 曼 群 島 註 冊 成 立 之 有 限 公 司） （股 份 代 號：2587） 承董事會命 健康之路股份有限公司 董 事 會 主 席、執 行 董 事 兼 行 政 總 裁 張萬能 中 國 福 州，2026年3月13日 於 本 公 告 日 期，董 事 會 包 括 執 行 董 事 張 萬 能 先 生 及 陳 晶 先 生；非 執 行 董 事 章 向 明 先 生；及 獨 立 非 執 行 董 事 徐 景 先 生、Lu Tao博 士 及 鄧 曉 嵐 女 士。 董事會會議日期 健 康 之 路 股 份 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 為「本集團」）董 事 會 （「董事會」）謹 此 宣 佈，董 事 會 會 議 將 於2026年3月30日（星 期 一）舉 行，以 審 議及 ...

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: 健康之路股份有限公司 呈交日期: 2026年3月3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) | 02587 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,500,000,000 | USD | | 0.00002 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | | | 本月底結存 | | | 2,500,000,000 | USD | | 0.00002 | USD | | 50,000 | 本月底法定/註冊股本 ...

Group 1 - The core focus of the program is on balance and reaction ability as essential elements for fall prevention and enhancing athletic performance [1] - The program utilizes engaging tests and national fitness data to showcase the current state of balance and reaction abilities among the Chinese population [1] - Daily mini-games are introduced to help individuals improve their balance and reaction speed [1]

Group 1 - Flexibility is a key indicator of physical function that is often overlooked [1] - The program focuses on national flexibility monitoring data, addressing both sedentary individuals and fitness enthusiasts [1] - The initiative aims to help individuals regain their flexibility and vitality [1]

Core Viewpoint - The announcement from Health Road (02587) marks a significant transition from a strategic investment phase to a value harvesting phase, with projected revenue of at least RMB 1.5 billion for the fiscal year 2025, representing over 25% year-on-year growth, and a net profit of at least RMB 50 million, indicating a historic turnaround [1] Group 1: Revenue and Profit Growth - The company expects its information technology services revenue to rise from RMB 296 million in 2024 to at least RMB 350 million in 2025, driven by the launch of big data technology services and AI products [1] - Health Road's AI software products are projected to contribute approximately RMB 30 million in scaled revenue by 2025, marking the transition of its AI strategy from concept validation to commercialization [1] Group 2: AI and Operational Efficiency - Health Road has developed a "digital employee" model that effectively addresses efficiency pain points in the healthcare industry, allowing for significant operational cost reductions [2] - The AI assistant for doctors reduces administrative burdens, while the AI health manager provides low-cost chronic disease management and reminders for patients, enhancing operational efficiency [2] Group 3: Market Opportunities - The shift of pharmaceutical companies' marketing budgets towards digital channels opens up a market potential estimated between RMB 800 billion to 1 trillion, as traditional marketing models face systemic upgrades [2] - Health Road's extensive network, connecting over 12,000 hospitals and more than 900,000 registered doctors, positions it as a natural platform for capturing this budget transition [3] Group 4: Content Services and Growth Drivers - The company's content services revenue is expected to surge from RMB 577 million in 2024 to at least RMB 800 million in 2025, becoming a core driver of sustained revenue and profit growth [3] - The implementation of tiered diagnosis and treatment policies and the push for digital health services in county-level medical institutions create a solid foundation for long-term growth [3] Group 5: Strategic Positioning and Future Outlook - Health Road is positioned as a foundational infrastructure in the digital healthcare sector, with a unique dual-end model that enhances its market valuation potential [4] - The anticipated profit turnaround in 2025 is seen as the beginning of value release, with AI technology expected to penetrate more specialized disease management areas and county-level scenarios [4]

Core Viewpoint - The announcement from Health Road (02587) marks a significant transition from a strategic investment phase to a value harvesting phase, with projected revenue of at least RMB 1.5 billion for the fiscal year 2025, representing over 25% year-on-year growth, and a net profit of at least RMB 50 million, indicating a historic turnaround [1] Group 1: Revenue and Profit Projections - The company expects to achieve revenue of no less than RMB 1.5 billion in FY2025, with a year-on-year growth exceeding 25% [1] - Net profit is projected to be at least RMB 50 million, marking a significant turnaround in profitability [1] Group 2: AI Commercialization and Revenue Structure - Health Road's AI software products are expected to contribute approximately RMB 30 million in scaled revenue by 2025, indicating a successful transition from concept validation to commercialization [1] - The information technology services segment is anticipated to see revenue growth from RMB 296 million in 2024 to at least RMB 350 million in 2025, driven by the introduction of big data technology services and AI products [1] Group 3: AI Digital Employee Model - Health Road has developed a "digital employee" model that effectively addresses efficiency pain points in the healthcare industry, leading to rapid market acceptance of its AI business [1][2] - The AI assistant for doctors reduces administrative burdens, while the AI health manager provides low-cost chronic disease management and reminders for patients, enhancing operational efficiency [2] Group 4: Market Opportunities and Budget Shifts - The shift of pharmaceutical companies' marketing budgets towards digital channels opens up a market potential estimated between RMB 800 billion to 1 trillion, as traditional marketing models face systemic upgrades [2] - Health Road's extensive network, connecting over 12,000 hospitals and 900,000 registered doctors, positions it as a natural platform for this budget transition, leading to explosive growth opportunities in content services [3] Group 5: Policy Alignment and Growth Strategy - The implementation of hierarchical diagnosis and treatment policies and the push for digital health services in county-level medical institutions create a stable growth foundation for the company [3] - Health Road is actively exploring partnerships to develop a digital health service system tailored to local needs, exemplified by its collaboration with the government of Lianjiang County [3] Group 6: Valuation and Future Outlook - Health Road's ability to fill structural gaps between various healthcare institutions positions it as a fundamental infrastructure player in the digital healthcare sector [4] - The company is transitioning from a traditional service platform to a "hardcore technology engine," with AI technology set to enhance its valuation significantly [4]

Core Insights - A new "anchor point" in the global biopharmaceutical and digital health industry is emerging, with Open Evidence achieving a valuation of $12 billion in just 11 months, reflecting rapid market penetration [1][2] - Health Road (02587) in Hong Kong has transformed from a "registration tool" to an "AI-enabled medical ecosystem connector," mirroring Open Evidence's underlying logic and enhancing its commercial potential through a "Plus model" [1][2] Financial Performance - Health Road anticipates a revenue of at least RMB 1.5 billion for the full year of 2025, representing a year-on-year growth of at least 25%, with net profit expected to exceed RMB 50 million [1][5] - The company is projected to turn a profit in 2025, with a net profit recovery from a loss of RMB 269 million in 2024, driven by structural business changes and cost management [5][7] Business Model and Strategy - Both Open Evidence and Health Road focus on solving doctors' clinical efficiency pain points, establishing deep connections with healthcare professionals and leveraging vast amounts of medical interaction data [2][3] - Health Road's dual-end model, serving both doctors and patients, creates a comprehensive service ecosystem, enhancing its value ceiling and valuation potential compared to Open Evidence [3][4] Market Position and Competitive Advantage - Health Road's strong connection with the medical decision-making process allows it to capture a significant share of the pharmaceutical marketing budget transitioning to digital channels [3][4] - The company has developed a unique "doctor + assistant + AI" collaboration system, addressing the complexities of the Chinese healthcare system and enhancing its competitive moat [3][6] Growth Drivers - The digital marketing services, supported by a network of over 900,000 registered doctors, are becoming a key profit driver as pharmaceutical budgets shift towards high-quality academic content [5][6] - The real-world research (RWS) business is showing significant growth potential, with the company delivering hundreds of high-quality research reports to leading pharmaceutical companies [6][7] Future Outlook - 2025 is expected to be a pivotal year for Health Road, marking the commercialization of its AI business, with projected revenues of approximately RMB 30 million from AI software products [7] - As the company transitions from a traditional service provider to an AI-driven medical ecosystem platform, its valuation is anticipated to shift from "traditional service industry" to "AI platform enterprise" [7]

Core Viewpoint - Health Road (02587) has announced a positive earnings forecast for the fiscal year 2025, expecting revenue of at least RMB 1.5 billion, a year-on-year increase of at least 25%, and a net profit of at least RMB 50 million, marking a significant shift from a "scale-driven" to a "profit-driven" business model [1] Group 1: Financial Performance - The company anticipates a net profit exceeding RMB 40 million in the second half of 2025, indicating a substantial improvement in profitability compared to the first half [1] - Content service revenue is projected to grow from RMB 577 million in 2024 to at least RMB 800 million in 2025, driven by a decentralized offline model [2] - Information technology service revenue is expected to rise from RMB 296 million in 2024 to at least RMB 350 million in 2025, benefiting from efficient AI operations [2] Group 2: Business Model and Strategy - The shift to a profit-driven model is characterized by the integration of content services, information technology services, AI software products, and operational efficiency improvements [1] - The company has established a robust network connecting over 12,000 hospitals and more than 900,000 registered doctors, facilitating resource integration and innovative service models [2] - The successful commercialization of AI products, generating approximately RMB 30 million in revenue in its first year, marks a significant milestone in technology monetization [2] Group 3: Operational Efficiency - The proportion of operating expenses to revenue decreased from 29% in 2024, enhancing net profit margins [3] - The company is expected to experience a significant reduction in marginal customer acquisition costs as it reaches a critical mass of connected hospitals [3] - The dual-agent model of "medical assistant + health manager" is anticipated to lower labor costs for health management institutions, indicating strong internal growth capabilities [3] Group 4: Market Position and Growth Potential - Health Road is positioned for high growth following its transition to profitability, with increasing certainty in net profit realization [4] - The company's unique position in the digital healthcare sector is expected to enhance its investment value as AI technology becomes more deeply integrated [4]

Core Viewpoint - Health Road (02587) has announced a positive earnings forecast for the fiscal year 2025, expecting revenue of at least RMB 1.5 billion, a year-on-year increase of at least 25%, and a net profit of at least RMB 50 million, marking a significant shift from a "scale-driven" to a "profit-driven" business model [1] Group 1: Financial Performance - The company anticipates a net profit exceeding RMB 40 million in the second half of 2025, indicating a substantial improvement in profitability compared to the first half [1] - Content service revenue is projected to grow from RMB 577 million in 2024 to at least RMB 800 million in 2025, driven by a decentralized offline model [2] - Information technology service revenue is expected to rise from RMB 296 million in 2024 to at least RMB 350 million in 2025, benefiting from efficient AI operations [2] Group 2: Business Model and Strategy - The shift to a profit-driven model is characterized by the integration of content services, information technology services, AI software products, and operational efficiency improvements [1] - The company has established a robust network connecting over 12,000 hospitals and more than 900,000 registered doctors, facilitating resource integration and innovative service models [2] - The successful commercialization of AI products, generating approximately RMB 30 million in its first year, marks a significant milestone in technology monetization [2] Group 3: Operational Efficiency - The proportion of operating expenses relative to revenue decreased from 29% in 2024, enhancing net profit margins [3] - The company is expected to experience a significant reduction in marginal customer acquisition costs as it reaches a critical mass of connected hospitals [3] - The dual-agent model of "medical assistant + health manager" is anticipated to lower labor costs for health management institutions, indicating strong internal growth capabilities [3] Group 4: Market Position and Growth Potential - Health Road is positioned for high growth following its transition to profitability, with increasing certainty in net profit realization [4] - The company's unique position in the digital healthcare sector is expected to enhance its investment value as AI technology becomes more deeply integrated [4]