Financial Performance - For the fiscal year ending December 31, 2025, the revenue was approximately RMB 1,119.8 million, a decrease of about 5.8% compared to the fiscal year ending December 31, 2024[2]. - The gross profit for the fiscal year ending December 31, 2025, was approximately RMB 190.8 million, down approximately 8.4% from the previous year[2]. - The net loss for the fiscal year ending December 31, 2025, was approximately RMB 8.7 million, an increase of about 141.7% compared to the previous year[2]. - The adjusted net profit for the fiscal year ending December 31, 2025, was approximately RMB 17.9 million, an increase of about 43.2% from the previous year[2]. - Revenue from hospital operations decreased by approximately 3.9% to RMB 914.6 million for the year ended December 31, 2025, down from RMB 952.0 million for the year ended December 31, 2024[48]. - Revenue from the supply of pharmaceuticals, medical equipment, and consumables decreased by approximately 11.3% to RMB 169.1 million for the year ended December 31, 2025, down from RMB 190.7 million for the year ended December 31, 2024[48]. - The group recorded a loss of RMB 8.7 million for the year ending December 31, 2025, compared to a loss of RMB 3.6 million for the year ending December 31, 2024[62]. - The company reported a total comprehensive loss of RMB 21,384,000 for the year, compared to a loss of RMB 2,287,000 in the previous year[114]. - The company did not recommend any final dividend for the year ended December 31, 2025[111]. Cash Flow and Assets - The operating cash flow for the fiscal year ending December 31, 2025, was approximately RMB 222.3 million, an increase of about 31.9% year-over-year[3]. - Cash and cash equivalents as of December 31, 2025, were approximately RMB 616.0 million, an increase of about 109.4% compared to the previous year[3]. - The company has a cash and cash equivalents balance of approximately RMB 616 million as of the end of 2025, providing solid support for digital infrastructure and service standardization initiatives[44]. - Cash and cash equivalents increased significantly to RMB 615,972,000 in 2025, up from RMB 294,240,000 in 2024, representing a growth of 109.5%[144]. - Total assets increased from RMB 2,203.1 million as of December 31, 2024, to RMB 2,556.1 million as of December 31, 2025, while total liabilities decreased from RMB 1,033.0 million to RMB 935.6 million, resulting in a decrease in the debt-to-asset ratio from approximately 46.9% to 36.6%[74]. - The company’s total liabilities decreased from RMB 1,033,020 thousand in 2024 to RMB 935,615 thousand in 2025, a reduction of about 9.4%[116]. - The company’s equity attributable to shareholders increased from RMB 1,069,240 thousand in 2024 to RMB 1,520,367 thousand in 2025, an increase of approximately 42.2%[116]. Operational Efficiency - The group launched an optimized version of the "Customer Standardized Service Manual," covering over 400 service touchpoints to enhance service management from experience-driven to standardized process management[19]. - The average waiting time for patients was reduced by approximately 30% due to the implementation of online appointment systems and additional blood collection windows at various hospitals[20]. - Patient satisfaction remained high, with over 13,000 patients participating in evaluations, and hospitals like Beijing Jingxi and Tianjin Shishi received ratings above 4.8 out of 5[21]. - The group established a comprehensive quality control system, integrating pre-, during-, and post-event quality control mechanisms, and launched a platform for reporting medical disputes[22]. - The group improved its digital quality management capabilities, with hospitals enhancing their electronic medical record systems and reducing regulatory violations by about 50%[24]. - The group implemented a dynamic monitoring model for operational costs, tracking key indicators such as labor costs and equipment depreciation in real-time[27]. Strategic Initiatives - The group initiated a strategic partnership with Ping An Insurance to explore the integration of medical services and commercial insurance payment systems, aiming to optimize patient structure and expand profit margins[15]. - The group aims to deepen its tumor management strategy and transition to a health management model covering the entire patient life cycle, responding to the aging population and rising cancer incidence[36]. - The group has developed an eight-link closed-loop service model for tumor management, addressing key pain points in current cancer treatment processes[37]. - The "155 strategy" framework has been established, focusing on customer satisfaction as the core measurement indicator for the next five years[39]. - The group is actively advancing revenue structure diversification to reduce reliance on traditional one-time medical service income[42]. - The group is implementing a "155 strategy" and a "dual-engine" approach focusing on standardization and intelligence to enhance operational efficiency[41]. Human Resources - The group has 2,561 medical professionals as of December 31, 2025, with 363 senior and associate senior physicians, representing 38% of the total physician count[16]. - The total employee costs for 2025 were RMB 318,335,000, slightly up from RMB 318,026,000 in 2024[133]. - The company has a total of 1,998 employees as of December 31, 2025, with a projected increase to 2,080 employees by December 31, 2024[93]. Governance and Compliance - The company has adhered to corporate governance codes and will continue to monitor its governance status[102]. - The audit committee, consisting of three independent non-executive directors, has reviewed the annual performance and recommended approval to the board[104]. - The company has established a comprehensive risk management system covering strategic, financial, market, operational, and compliance risks, ensuring zero records of corruption or bribery during the reporting period[30]. Market and Industry Trends - The group anticipates a continued trend in comprehensive oncology medical services as a core part of its business operations[46]. - The introduction of high-quality medical resources through partnerships with military hospitals has significantly improved technical penetration and customer acquisition capabilities in county markets[15]. - The group has achieved national recognition in preventive medicine with Hefei Baihui Hospital being designated as a member unit of the National Cardiovascular Disease Center Lifestyle Medical Alliance[13].

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 不就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的 任 何 損 失 承 擔 任 何 責 任。 Bayzed Health Group Inc 佰澤醫療集團 （根據開曼群島法律註冊成立的有限公司） （股份代號：2609） 有關向黃山首康醫院提供貸款及公司擔保的 須予披露交易 授出貸款及提供公司擔保 誠如本公司日期為2025年6月13日 的 招 股 章 程 所 披 露，根 據 黃 山 首 康 醫 院 與 安 徽 首 康 投 資（本 公 司 的 非 全 資 附 屬 公 司）之 間 的 醫 院 管 理 協 議， 本 公 司 將 不 時 向 黃 山 首 康 醫 院 提 供 財 務 資 助，包 括 授 出 貸 款 及 就 其 信 貸 融 資 擔 任 公 司 擔 保。如 黃 山 首 康 醫 院 此 類 三 級 醫 院 的 貸 款 結 餘 總 額 於任何時間均不得超過人民幣200.0百 萬 元。 於 本 公 告 日 期，本 集 團 向 黃 山 ...

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 不就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的 任 何 損 失 承 擔 任 何 責 任。 Bayzed Health Group Inc 佰澤醫療集團 佰澤醫療集團 陳昊陽博士 董事長兼執行董事 香 港，2026年3月19日 於 本 公 告 日 期，董 事 會 包 括 執 行 董 事 陳 昊 陽 博 士、趙 永 凱 先 生、徐 旭 女 士、盧 繼 忠 先 生 及 馮 宇 先 生；以 及 獨 立 非 執 行 董 事 陳 學 良 先 生、劉 爽 女 士 及 郭 衛 博 士。 （根據開曼群島法律註冊成立的有限公司） （股份代號：2609） 董事會 會 議 召開日期 佰 澤 醫 療 集 團（「本公司」及 其 附 屬 公 司「本集團」）董 事 會（「董事會」）謹 此 宣 佈，本 公 司 將 於2026年3月31日（星 期 二）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 ...

Group 1 - The core viewpoint of the article highlights the recent financial performance and stock activity of Baize Medical (02609) [1] Group 2 - On March 11, Baize Medical's shareholders deposited stocks worth HKD 289 million into CITIC Securities Brokerage Hong Kong, representing 6.66% of the total [1] - For the six months ending June 30, 2025, Baize Medical reported revenue of RMB 575 million, reflecting a year-on-year increase of 0.66% [1] - The company experienced a shareholder loss of RMB 27.62 million, which represents a year-on-year increase of 139.18%, with a basic loss per share of RMB 0.02 [1]

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology industry [3] Core Insights - The strategic position of the biopharmaceutical industry has been elevated, with innovative drugs, medical devices, and elderly care services expected to face structural opportunities in the medium to long term [2][36] - The 2026 government work report has classified the biopharmaceutical industry as a pillar industry alongside integrated circuits and aerospace, emphasizing its importance in the national economy [33][36] - There is a shift towards "full-chain support" for innovative drug development, with policies moving from macro-level support to practical payment systems, indicating a new era of diversified payment methods for innovative drugs [37][38] Summary by Sections Market Review - The biopharmaceutical index fell by 2.78% this week, underperforming the CSI 300 index by 1.71 percentage points, ranking 17th in industry performance [14] - Year-to-date, the biopharmaceutical index has increased by 0.1%, also underperforming the CSI 300 index by 0.56 percentage points, ranking 24th [14] Individual Stock Performance - In the A-share market, among 480 biopharmaceutical stocks, 75 stocks rose, accounting for 15.63%. The top five gainers were: - Yahui Pharmaceutical (+38.11%) - Zhejiang Medicine (+12.83%) - Zhongyuan Xiehe (+12.69%) - Duorui Pharmaceutical (+12.55%) - Jiuan Medical (+10.48%) [27][28] - In the Hong Kong market, 116 biopharmaceutical stocks saw 23 rise, making up 19.83%. The top ten gainers included: - Yaojie Ankang-B (+33.53%) - Deqi Pharmaceutical-B (+19.57%) - Baize Medical (+12.87%) [30][31] Industry News and Policies - The biopharmaceutical industry has been explicitly included in the national "emerging pillar industries" category, with policies aimed at enhancing multi-level medical insurance systems and promoting the development of innovative drugs and medical devices [33] - The government is encouraging commercial health insurance to cover more reasonable medical expenses outside the basic medical insurance directory, which is expected to boost investment in innovative drug development [38] Weekly Insights - The report suggests focusing on the long-term development of the biopharmaceutical industry, particularly on innovative drug and device companies that are pioneering in their fields, as well as the related industries in the silver economy [39]

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: 佰澤醫療集團 （根據開曼群島法律註冊成立的有限公司） 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) | 02609 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | 0.00001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | 0.00001 | USD | | 50,000 | 本月底法定/註冊股本 ...

Core Viewpoint - Southbound funds have increased their holdings in Baize Medical (02609.HK) by 216,600 shares on February 27, indicating growing investor interest in the company [1] Group 1: Southbound Fund Activity - In the last 5 trading days, southbound funds have increased their holdings for 5 days, with a total net increase of 4.476 million shares [1] - Over the past 20 trading days, there have been 11 days of net increases, totaling 7.401 million shares [1] - Currently, southbound funds hold 75.921 million shares of Baize Medical, representing 5.75% of the company's issued ordinary shares [1] Group 2: Company Overview - Baize Medical Group primarily engages in investment and provision of medical-related services, focusing on oncology [1] - The company offers comprehensive oncology services, including screening, diagnosis, treatment, and rehabilitation [1] - Its business operations include hospital services, hospital management, supply of pharmaceuticals, medical devices, consumables, and other related services [1] - The company also conducts early cancer screening, tumor vaccination, and health management services for potential healthy populations [1] - Baize Medical primarily operates in the Chinese market [1]

Core Viewpoint - Southbound funds have increased their holdings in Baize Medical (02609.HK) by 357,000 shares on February 26, indicating a growing interest in the company within the investment community [1] Group 1: Southbound Fund Activity - In the last 5 trading days, southbound funds have increased their holdings on 4 days, with a total net increase of 2.7846 million shares [1] - Over the past 20 trading days, there have been 11 days of net increases, totaling 7.2084 million shares [1] - Currently, southbound funds hold 75.7044 million shares of Baize Medical, representing 5.73% of the company's total issued ordinary shares [1] Group 2: Company Overview - Baize Medical Group primarily engages in investment and provision of medical-related services, focusing on oncology [1] - The company offers comprehensive oncology services, including screening, diagnosis, treatment, and rehabilitation [1] - Its business operations include hospital services, hospital management, supply of pharmaceuticals, medical devices, consumables, and other related services [1] - The company also conducts early cancer screening, tumor vaccination, and health management services for potential healthy populations [1] - Baize Medical primarily operates in the Chinese market [1]

Core Viewpoint - Southbound funds have increased their holdings in Baize Medical (02609.HK) by 1.9632 million shares on February 23, indicating growing investor interest in the company [1] Group 1: Southbound Fund Activity - In the last 5 trading days, southbound funds have increased their holdings on 3 days, with a total net increase of 870,000 shares [1] - Over the past 20 trading days, there have been 11 days of net increases, totaling 7.2756 million shares [1] - Currently, southbound funds hold 75.3474 million shares of Baize Medical, representing 5.71% of the company's total issued ordinary shares [1] Group 2: Company Overview - Baize Medical Group primarily engages in investment and provision of medical-related services, focusing on oncology [1] - The company offers comprehensive oncology services, including screening, diagnosis, treatment, and rehabilitation [1] - Its business operations include hospital services, hospital management, supply of pharmaceuticals, medical devices, consumables, and other related services [1] - The company conducts cancer diagnosis, treatment, rehabilitation, and end-of-life care for patients, as well as early cancer screening, tumor vaccination, and health management services for other potential healthy populations [1] - Baize Medical primarily operates in the Chinese market [1]

Core Viewpoint - The Hong Kong stock market is facing a significant wave of lock-up share releases in February and March 2026, with many companies experiencing high percentages of shares being unlocked, potentially impacting stock prices and market sentiment [2][4]. Group 1: Companies Facing High Unlock Ratios - Several companies, including Mirxes-B, Nanshan Aluminium International, and Jiangsu Hongxin, have over 50% of their total share capital subject to unlock, indicating substantial potential selling pressure [2][3]. - The first tier of companies with high unlock ratios includes Different Group (84.67%), Nanshan Aluminium International (80.59%), and Jiangsu Hongxin (68.19%) [3]. Group 2: Market Impact and Investor Behavior - The upcoming unlocks may lead to market panic selling, particularly for small-cap stocks and loss-making companies, as investors may preemptively sell to mitigate risk [9]. - Companies with lock-up commitments, such as Mirxes-B, may experience reduced selling pressure due to commitments from founders and cornerstone investors to hold their shares for an extended period [5][9]. Group 3: Long-term Implications of Unlocks - The unlocking of shares may lead to a more diversified shareholder structure, reducing the risk of concentrated ownership and enhancing corporate governance transparency [10]. - Ultimately, the long-term impact on stock prices will depend on the companies' fundamentals, growth prospects, and industry conditions, rather than solely on the unlock events [10][11].