Core Viewpoint - Guangxi Salt Industry Group is committed to the "people first, life first" development philosophy, focusing on the promotion of iodized salt to eliminate iodine deficiency diseases and improve public health in Guangxi [1][2]. Group 1: Iodine Deficiency Disease and Policy Implementation - Iodine deficiency diseases are regionally prevalent, particularly in areas far from the coast and in high-altitude regions, leading to health issues such as goiter and developmental disorders [2]. - Since 1966, Guangxi Salt Industry Group has been implementing iodized salt policies, supplying iodized salt to all 66 iodine deficiency disease endemic counties by 1993, benefiting over 27 million people [4]. Group 2: Supply Network and Distribution - Guangxi Salt Industry Group has established a comprehensive iodized salt supply network across Guangxi, covering 111 counties and 6.5 million retail terminals, maintaining a stable iodized salt coverage rate of over 99% [5]. - The company ensures timely delivery of iodized salt to remote areas and minority communities by adhering to national supply policies and maintaining a food reserve system [5]. Group 3: Public Awareness and Education - The company actively promotes scientific knowledge about iodine supplementation, reaching over 200,000 people through various community outreach programs during the 2025 National Iodine Deficiency Disease Prevention Day [6]. - Interactive educational initiatives, such as holographic projections and iodine salt comparison displays, have been implemented to enhance public understanding of the health benefits of iodized salt [6]. Group 4: Innovation and Product Development - Guangxi Salt Industry Group is advancing industry upgrades by introducing high-value salt products, including grassland lake salt and deep well calcium salt, while collaborating with research institutions to develop health-oriented products [8]. - The "Guizhou Salt" brand snowflake salt has been recognized as a typical achievement in the "Three Products" initiative by the Ministry of Industry and Information Technology [8]. Group 5: Future Plans - The company plans to continue enhancing public awareness of iodine supplementation, ensuring quality control of iodized salt, and optimizing the supply system to fulfill its social responsibilities and contribute to a healthier Guangxi [9].

User Growth and Engagement - The number of registered individual users on the platform increased by 10.5% in 2024[17] - The number of registered physicians increased by 58.8% in 2024[17] - The number of hospitals connected to the platform increased by 59.7% in 2024[17] - The number of registered individual users increased from 186.0 million as of December 31, 2023, to 205.5 million as of December 31, 2024, representing a growth of approximately 10.1%[29] - The number of registered physicians rose from 560 thousand as of December 31, 2023, to 889 thousand as of December 31, 2024, an increase of about 58.8%[29] - The number of hospitals connected to the platform grew from 7,365 as of December 31, 2023, to 11,762 as of December 31, 2024, marking a growth of approximately 59.9%[29] - Health membership schemes were provided to 11.1 million individual customers in 2024, up from 8.6 million in 2023, reflecting a growth of about 29.1%[38] - The number of corporate customers receiving health membership schemes rose to 281 in 2024 from 278 in 2023, a slight increase of about 1.1%[38] Financial Performance - Revenue decreased by 3.5% from RMB1,244.5 million in 2023 to RMB1,200.8 million in 2024, primarily due to a decline in health and medical services revenue from RMB297.5 million to RMB249.7 million[58] - Revenue from healthcare service packages dropped significantly from RMB65.5 million in 2023 to RMB13.2 million in 2024, attributed to proactive adjustments in service structure[58] - Corporate and digital marketing services revenue increased from RMB945.8 million in 2023 to RMB950.9 million in 2024, representing 79.2% of total revenue[58] - Gross profit decreased from RMB398.2 million in 2023 to RMB365.9 million in 2024, with a gross profit margin of 30.5% compared to 32.0% in 2023[60] - Selling expenses decreased by 4.1% from RMB211.8 million in 2023 to RMB203.2 million in 2024, primarily due to reduced marketing expenses for healthcare service packages[67] - Administrative expenses decreased by 32.3% from RMB79.8 million in 2023 to RMB54.0 million in 2024, mainly due to lower office expenses[68] - Research and development costs decreased by 6.2% from RMB103.4 million in 2023 to RMB97.0 million in 2024, following the completion of several products[69] - Net loss decreased by 14.2% from RMB313.9 million in 2023 to RMB269.2 million in 2024[80] - The company's loss before tax decreased by 17.8% from RMB 320.9 million in 2023 to RMB 263.8 million in 2024[83] - Adjusted net profit (non-IFRS measure) was RMB 22.8 million in 2024, down from RMB 39.4 million in 2023[91] Cash Flow and Assets - Cash and cash equivalents rose from RMB 168.7 million in 2023 to RMB 260.2 million in 2024, primarily due to net cash generated from financing and operating activities[116] - Net cash generated from operating activities surged from RMB3.6 million in 2023 to RMB56.7 million in 2024[123] - The company recorded a net cash outflow in investing activities of RMB81.7 million, mainly due to the purchase of intangible assets and wealth management products[123] - Total bank loans and borrowings decreased from RMB89.0 million in 2023 to RMB56.4 million in 2024, with a gearing ratio improving from 499% to 60%[125] - Net current liabilities reversed to net current assets of RMB 114.4 million as of December 31, 2024, from net current liabilities of RMB 1,721.9 million in 2023[92] - Inventories decreased from RMB 13.8 million in 2023 to RMB 7.1 million in 2024 due to significant sales during the flu season[93] - Trade and other receivables increased from RMB 132.6 million in 2023 to RMB 144.2 million in 2024, reflecting business growth[95] - Trade and other payables increased to RMB 208.6 million in 2024 from RMB 193.9 million in 2023, driven by business growth[102] - Intangible assets increased from RMB39.3 million as of December 31, 2023, to RMB81.3 million as of December 31, 2024, due to additional investments in software and datasets[118] Market and Business Strategy - The digital health and wellness market in China has a compound annual growth rate (CAGR) of 32.7% from 2018 to 2023[21] - The company aims to address pain points in China's healthcare system through its multi-dimensional services[21] - The company has developed multiple monetization strategies leveraging its large user base and relationships with key industry stakeholders[21] - The company expects to further monetize its pharmaceutical sales business, content services, and information technology services to improve financial performance and profitability[24] - The company expects to drive revenue growth through monetizing pharmaceutical sales, content services, and IT services, while enhancing synergies among business segments[138] - The market for RWS support services in China has been growing rapidly, providing opportunities for broader access to clinical data and insights for pharmaceutical companies[139] - The real-world evidence (RWS) support services market in China has been rapidly growing, allowing the company to gather broader real-world clinical data[141] - The company aims to provide valuable insights for pharmaceutical companies in drug research within real-world environments[141] - The overall business outlook remains optimistic, indicating a positive trajectory for future performance[141] Company Recognition and Achievements - The company was recognized as one of the Future Unicorn Innovative Enterprises of Digital Economy in Fujian Province in 2024[18] - The company was ranked as one of the Top 100 Medical Services Companies on China Future Healthcare Rankings in 2024[18] - The company was recognized as a Leading Enterprise in Software Industry of Fuzhou City in 2024[18] - The successful listing of shares on the Main Board of The Stock Exchange of Hong Kong Limited occurred on December 30, 2024[15] Leadership and Management - Mr. Chen Yong has over ten years of experience in the healthcare industry, serving as general manager of Fujian Health Management and currently as general manager of Fujian Meinian Corporation Management Company Limited[160] - Mr. Zhang Xiangming was appointed as a non-executive Director on May 30, 2023, and has been serving as the technical director of Yilai (Hainan) Network Technology Co., Ltd since October 2021[164] - Mr. Xu Jing was appointed as an independent non-executive Director on December 30, 2024, and has extensive experience in corporate finance and investment management[167] - Dr. Lu Tao was appointed as an independent non-executive Director on December 30, 2024, and has published over 40 articles in Science Citation Index magazines[176] - Dr. Lu has been serving as the director of the integrated medical center at Beijing University of Chinese Medicine since September 2016[177] - Mr. Xu holds a bachelor's degree in business administration and a master's degree in business administration, with a focus on financial services and accountancy[175] - Mr. Zhang has a background in technology, having worked at Taobao and Ping An Health Cloud before his current role[165] - Mr. Xu has served as the chief financial officer of Standard Development Group Limited since December 2022[173] - Dr. Lu has also been the vice president of the Traditional Chinese Medicine Equipment Branch of China Medicine Equipment Association since May 2021[182] - Mr. Chen Yong has held various managerial roles in health management and wellness check businesses since joining the Group in 2010[160] - Ms. Deng Xiaolan was appointed as an independent non-executive Director on December 30, 2024, responsible for supervising the Board and providing independent judgment[184] - Ms. Deng has been a professor at Fuzhou University since 2021 and was a visiting scholar at the University of North Carolina at Chapel Hill from September 2010 to September 2011[185] - Ms. Deng was selected into the 2011 Fujian Province University Outstanding Young Scientific Research Talent Training Program and the accounting talent pool of Fujian Province in 2020[186] - Ms. Lin Xiaoxia is the vice president responsible for government affairs, personnel, administration, and national market development[193] - Ms. Lin joined the Group in February 2002 and has held various managerial positions, including general manager of Fujian Province in Fujian Health Management from May 2010 to August 2015[194] - Ms. Lin has been the vice president and deputy general manager of the operation expansion center of Fujian Health Road since September 2021[198] - Ms. Lin obtained a bachelor's degree in management from Dalian University of Technology in September 2020[195]

自2001年成立以来，健康之路(02587)从在线预约起步，不断拓展服务边界，并构建起面向C端的健康医 疗服务和面向B端的企业服务及数字营销服务等多个核心业务板块，最终厚积薄发实现了稳健的规模营 收，在行业内率先实现持续盈利。 2024年，健康之路实现营收12.01亿元，经调整净利润实现2276.4万元，继续保持着持续盈利的稳健发展 态势。 先于行业实现规模营收和利润，主要得益于健康之路屡次踩准互联网医疗发展的关键节点。如今，AI 成为健康之路下一个发展阶段核心突破点。 近年来，全球医疗行业正经历一场由AI驱动的效率变革。在这场变革中，健康之路凭借其独特的战略 定位——不做大模型"军备竞赛"，而是聚焦细分场景的AI应用，以"AI数字员工"为核心载体，开辟了一 条医疗服务的效率变革路径。 健康之路创始人兼董事长张万能对此表示，"数字员工有望让精细化客户服务成本降低1个数量级，原来 需要十块钱的事，现在一块钱就能做到了。" 随着《"十四五"全民健康信息化规划》明确支持AI医疗应用，健康之路的技术路径正迎来战略机遇期。 "三高"数字员工背后的AI效率变革 健康之路凭借对AI医疗效率变革概念的充分理解和扎实落地，有望 ...

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 1,200,775 thousand, a decrease of 3.5% from RMB 1,244,458 thousand in 2023[2] - Gross profit for the same period was RMB 365,911 thousand, down 8.1% from RMB 398,236 thousand, resulting in a gross margin of 30.5% compared to 32.0% in 2023[3] - The net loss for the year was RMB 269,158 thousand, an improvement of 14.3% from a net loss of RMB 313,882 thousand in 2023[5] - Adjusted net profit (non-IFRS) was RMB 22,764 thousand, down 42.5% from RMB 39,411 thousand in the previous year[2] - The company reported a total comprehensive loss of RMB 268,137 thousand for the year, compared to RMB 312,655 thousand in 2023, indicating a reduction in overall losses[5] - The group reported a pre-tax loss of RMB 263,799 thousand for 2024, compared to a loss of RMB 320,945 thousand in 2023, showing an improvement of approximately 17.8%[21] - Basic loss per share for 2024 was RMB 0.375, based on a weighted average of 715,492,000 shares, compared to RMB 0.465 for 2023 with 667,095,000 shares[27] - Net loss decreased by 14.2% from RMB 313.9 million in 2023 to RMB 269.2 million in 2024[56] Revenue Breakdown - Revenue from enterprise services and digital marketing services amounted to RMB 950,866 thousand in 2024, compared to RMB 945,798 thousand in 2023, indicating a growth of about 0.2%[20] - The healthcare services segment generated revenue of RMB 249,669 thousand in 2024, down from RMB 297,452 thousand in 2023, reflecting a decrease of approximately 16.1%[20] - Revenue from healthcare services decreased from RMB 297.5 million in 2023 to RMB 249.7 million in 2024, a decline of 16.1%[45] - Revenue from enterprise services and digital marketing services increased from RMB 945.8 million in 2023 to RMB 950.9 million in 2024, a growth of 0.1%[45] - The revenue from health membership plans was RMB 120.979 million in 2024, consistent with 10.1% of total revenue, unchanged from 2023[44] Expenses and Costs - Research and development expenses increased to RMB 103,400 thousand from RMB 96,981 thousand, reflecting a focus on innovation[3] - The total sales cost decreased by 1.3% from RMB 846.2 million in 2023 to RMB 834.9 million in 2024[46] - Selling expenses decreased by 4.1% from RMB 211.8 million in 2023 to RMB 203.2 million in 2024, due to reduced marketing expenses for healthcare service packages[49] - Administrative expenses decreased by 32.3% from RMB 79.8 million in 2023 to RMB 54.0 million in 2024, primarily due to reduced office expenses[50] - R&D costs decreased by 6.2% from RMB 103.4 million in 2023 to RMB 97.0 million in 2024, as several products were completed in the second half of 2024[51] - Financing costs increased by 36.4% from RMB 3.3 million in 2023 to RMB 4.5 million in 2024, due to increased bank loans to support business expansion[52] Assets and Liabilities - Cash and cash equivalents rose to RMB 260,229 thousand from RMB 168,693 thousand, indicating improved liquidity[6] - Total assets increased to RMB 454,781 thousand in 2024 from RMB 338,950 thousand in 2023, showing growth in the company's asset base[6] - Total liabilities increased to RMB 208,562,000 in 2024 from RMB 193,885,000 in 2023, indicating a rise of approximately 7.6%[31] - The company's current loans and borrowings decreased to RMB 55.5 million as of December 31, 2024, down from RMB 88.5 million in 2023, due to partial repayment of outstanding loans[68] - The total amount of bank loans and borrowings as of December 31, 2024, was RMB 56.4 million, down from RMB 89.0 million in 2023, with interest rates ranging from 3.4% to 14.65%[76] - The company's total net liabilities reversed from RMB 1,652.1 million as of December 31, 2023, to a net asset value of RMB 231.8 million as of December 31, 2024[71] Market and Growth Strategy - The company plans to continue expanding its digital marketing and healthcare services, aiming for market growth in these sectors[8] - The group has three main segments: enterprise services and digital marketing services, healthcare services, and others, with the majority of revenue derived from mainland China[18] - The company expects to improve financial performance and profitability through continuous revenue growth and enhanced cost efficiency, particularly by transforming its pharmaceutical sales, content services, and IT services[77] - The company anticipates expanding collaborations with more physicians to enhance access to real-world clinical data, covering a broader range of diseases and medical conditions[78] Corporate Governance - The company is committed to high standards of corporate governance to protect shareholder interests[84] - The board consists of two executive directors, two non-executive directors, and three independent non-executive directors, ensuring a significant level of independence[83] - The audit committee has reviewed the audited consolidated financial statements for the year ending December 31, 2024, and found no significant changes in accounting policies[88] - The independent auditor has agreed on the consolidated performance data for the year ending December 31, 2024, but did not provide any audit conclusions[89] - The company will continue to review the separation of the roles of chairman and CEO as appropriate[84] Shareholder Information - The company did not declare any dividends for the year ended December 31, 2024[33] - The company issued 25,000,000 shares at a price of HKD 7.80 per share during its IPO, raising approximately RMB 180,471,000 in total[34] - The company's shares were listed on the Hong Kong Stock Exchange on December 30, 2024, marking a significant milestone for its capital market presence[8] - The board does not recommend the distribution of a final dividend for the year ending December 31, 2024[90] - The annual performance announcement will be published on the stock exchange and the company's website[92]