佰泽医疗(02609)再暴涨超50%，高见17.06港元创上市新高，近两个交易日股价累涨1.3倍。截至发稿， 涨58.01%，报16.19港元，成交额14.37亿港元，总市值突破200亿港元。 消息面上，上交所、深交所近日发布公告，佰泽医疗被调入港股通标的名单，自9月8日起生效。最新数 据显示，佰泽医疗港股通持股占比达0.21%。公开资料显示，佰泽医疗为"肿瘤全周期医疗服务"领域的 服务供应商，在肿瘤全周期医疗服务体系中提供筛查、诊断、治疗、康复等服务。在战略布局方面，佰 泽医疗已在北京、天津、安徽、山西、河南五省市成功运营八家医院。今年上半年，佰泽医疗实现收入 5.75亿元(人民币，下同)，同比增加0.66%；股东应占亏损2762万元，同比扩大139.18%。 ...

消息面上，上交所、深交所近日发布公告，佰泽医疗被调入港股通标的名单，自9月8日起生效。最新数 据显示，佰泽医疗港股通持股占比达0.21%。公开资料显示，佰泽医疗为"肿瘤全周期医疗服务"领域的 服务供应商，在肿瘤全周期医疗服务体系中提供筛查、诊断、治疗、康复等服务。在战略布局方面，佰 泽医疗已在北京、天津、安徽、山西、河南五省市成功运营八家医院。今年上半年，佰泽医疗实现收入 5.75亿元(人民币，下同)，同比增加0.66%；股东应占亏损2762万元，同比扩大139.18%。 智通财经APP获悉，佰泽医疗(02609)再暴涨超50%，高见17.06港元创上市新高，近两个交易日股价累 涨1.3倍。截至发稿，涨58.01%，报16.19港元，成交额14.37亿港元，总市值突破200亿港元。 ...

深港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 阿里巴巴-W(09988) | 50.47 亿元 | +23.95 亿元 | | 小米集团-W(01810) | 25.76 亿元 | +457.14 万元 | | 腾讯控股(00700) | 18.75 亿元 | +2627.60 万元 | | 泡泡玛特(09992) | 18.72 亿元 | -1.27 亿元 | | 美团-W(03690) | 15.29 亿元 | +3.88 亿元 | | 药捷安康-B(02617) | 13.58 亿元 | +2.81 亿元 | | 中芯国际(00981) | 13.27 亿元 | -7742.31 万元 | | 盈富基金(02800) | 12.77 亿元 | +12.69 亿元 | | 康方生物(09926) | 12.05 亿元 | -2.29 亿元 | | 华虹半导体(01347) | 9.06 亿元 | +3.30 亿元 | 沪港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- ...

致：香港交易及結算所有限公司 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8月31日 狀態: 新提交 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: 2025年9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 - The Hong Kong IPO market is active, with 57 new listings and a total fundraising amount of 131.9 billion HKD as of August 25. However, many companies face challenges in meeting both domestic and Hong Kong regulatory requirements for listing [1]. Group 1: Hong Kong IPO Overview - As of August 25, 2023, there have been 57 new IPOs on the Hong Kong Stock Exchange, raising a total of 131.9 billion HKD [1]. - There are currently 211 companies that have submitted applications for listing in Hong Kong [1]. Group 2: Listing Challenges - Companies looking to list in Hong Kong must comply with both domestic laws and Hong Kong's regulatory framework, making the IPO preparation process complex and demanding [1]. Group 3: Resources for Companies - A compilation of Hong Kong listing rules and disclosure documents for domestic companies planning to list in Hong Kong has been organized to assist businesses in understanding the latest regulatory dynamics [1].

近日，佰泽医疗集团(股票代码：02609.HK)(下称 "佰泽医疗")正式发布 2025 年中期业绩公告。数据显 示，截至 2025 年 6 月 30 日，公司上半年实现收入约人民币 5.75 亿元，较 2024 年同期稳健增长 0.7%；毛利约人民币 1.06 亿元，同比提升 8.3%；经调整净利润(扣除上市费用)约人民币 940 万元，同 比大幅增长 72.8% 。在医疗行业市场环境复杂多变的背景下，佰泽医疗凭借清晰的战略布局与高效的 运营能力，展现出强劲的内生增长韧性与持续发展潜力。 ...

佰泽医疗(02609)发布截至2025年6月30日止六个月的中期业绩，收入5.75亿元(人民币，下同)，同比增 加0.66%;股东应占亏损2762万元，同比扩大139.18%;每股基本亏损0.02元。 ...

智通财经APP讯，佰泽医疗(02609)发布截至2025年6月30日止六个月的中期业绩，收入5.75亿元(人民 币，下同)，同比增加0.66%;股东应占亏损2762万元，同比扩大139.18%;每股基本亏损0.02元。 ...

[Company Information](index=1&type=section&id=%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) [Company Overview](index=1&type=section&id=%E5%85%AC%E5%8F%B8%E6%A6%82%E5%86%B5) Bayzed Health Group Inc., a Cayman Islands-registered company (stock code 02609), reports unaudited interim results for the six months ended June 30, 2025 - Company Name: **Bayzed Health Group Inc.** (佰澤醫療集團)[2](index=2&type=chunk) - Registered in: **Cayman Islands**[2](index=2&type=chunk) - Stock Code: **02609**[2](index=2&type=chunk) - Reporting Period: **Unaudited consolidated interim results for the six months ended June 30, 2025**[2](index=2&type=chunk) [Financial Highlights](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) [Key Financial Indicators](index=1&type=section&id=%E5%85%B3%E9%94%AE%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) For the six months ended June 30, 2025, revenue slightly increased by 0.7% year-on-year, gross profit grew by 8.3%, but loss for the period significantly expanded by 176.0%, while adjusted profit increased by 72.8% 截至2025年6月30日止六個月关键财务数据 (RMB million) | 指标 | 2025年6月30日 (RMB million) | 2024年6月30日 (RMB million) | 同比变化 (%) | | :--- | :--- | :--- | :--- | | 收入 | 574.7 | 570.9 | +0.7% | | 毛利 | 106.3 | 98.2 | +8.3% | | 亏损 | (20.3) | (7.3) | +176.0% | | 经调整利润 | 9.4 | 5.4 | +72.8% | [Consolidated Financial Statements](index=2&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Unaudited Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E8%A8%88%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) During the reporting period, revenue slightly increased and gross profit improved, but increased selling expenses, general and administrative expenses, and income tax expenses led to a significant expansion of loss for the period, though adjusted profit still grew 截至6月30日止六個月綜合損益及其他全面收益表 (RMB thousand) | 指标 | 2025年 | 2024年 | | :--- | :--- | :--- | | 收入 | 574,731 | 570,945 | | 主营业务成本 | (468,385) | (472,705) | | 毛利 | 106,346 | 98,240 | | 其他收入净额 | 1,439 | 828 | | 销售费用 | (6,420) | (5,725) | | 一般及行政开支 | (100,324) | (81,649) | | 应收账款及应收票据的减值亏损 | (602) | 301 | | 经营利润 | 439 | 11,995 | | 财务成本 | (10,507) | (11,613) | | 除税前（亏损）/利润 | (10,068) | 382 | | 所得税开支 | (10,194) | (7,722) | | 期内亏损 | (20,262) | (7,340) | | 经调整期内利润 | 9,427 | 5,454 | | 本公司权益股东应占期内亏损 | (27,620) | (11,548) | | 非控股权益 | 7,358 | 4,208 | | 每股基本及摊薄亏损 (RMB) | (0.02) | (0.01) | [Unaudited Consolidated Statement of Financial Position](index=30&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E8%A8%88%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, total assets significantly increased, current assets substantially improved, the current ratio rose from 1.0x to 1.7x, and the debt-to-asset ratio decreased, indicating an improved financial position primarily due to net proceeds from the global offering 截至2025年6月30日綜合財務狀況表 (RMB thousand) | 指标 | 2025年6月30日 | 2024年12月31日 | | :--- | :--- | :--- | | **非流动资产** | | | | 物业、厂房及设备 | 345,388 | 364,021 | | 使用权资产 | 172,213 | 184,887 | | 无形资产 | 230,996 | 236,395 | | 商誉 | 643,049 | 643,049 | | 递延税项资产 | 7,055 | 6,765 | | 其他非流动资产 | 15,517 | 9,977 | | **非流动资产总计** | **1,414,218** | **1,445,094** | | **流动资产** | | | | 存货 | 57,953 | 62,758 | | 应收账款及应收票据 | 234,247 | 262,087 | | 预付款项及其他应收款项 | 108,265 | 120,637 | | 受限制现金 | 12,669 | 18,270 | | 现金及现金等价物 | 835,214 | 294,240 | | **流动资产总计** | **1,248,348** | **757,992** | | **流动负债** | | | | 应付账款及应付票据 | 256,374 | 313,880 | | 其他应付款项 | 120,099 | 115,177 | | 合约负债 | 24,066 | 30,739 | | 计息借款 | 316,598 | 292,090 | | 租赁负债 | 23,429 | 22,908 | | 即期税项 | 8,412 | 6,979 | | **流动负债总计** | **748,978** | **781,773** | | **流动资产/(负债)净额** | **499,370** | **(23,781)** | | **资产总值减流动负债** | **1,913,588** | **1,421,313** | | **非流动负债** | | | | 计息借款 | 108,000 | 65,100 | | 租赁负债 | 127,816 | 137,160 | | 递延税项负债 | 48,029 | 48,987 | | **非流动负债总计** | **283,845** | **251,247** | | **资产净值** | **1,629,743** | **1,170,066** | | **权益总额** | **1,629,743** | **1,170,066** | - Total assets increased from **RMB 2,203.1 million** as of December 31, 2024, to **RMB 2,662.6 million** as of June 30, 2025[71](index=71&type=chunk) - Total liabilities decreased from **RMB 1,033.0 million** as of December 31, 2024, to **RMB 1,032.8 million** as of June 30, 2025[71](index=71&type=chunk) - Debt-to-asset ratio decreased from approximately **46.9%** as of December 31, 2024, to approximately **38.8%** as of June 30, 2025[71](index=71&type=chunk) - Current ratio improved from **1.0x** as of December 31, 2024, to **1.7x** as of June 30, 2025[71](index=71&type=chunk) [Management Discussion and Analysis](index=4&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) [Business Overview](index=4&type=section&id=%E4%B8%9A%E5%8A%A1%E6%A6%82%E8%A7%88) Bayzed Health Group is a leading oncology full-cycle medical group in China, operating and managing eight hospitals across five provinces, offering comprehensive services from screening to palliative care - Company positioning: **China's leading oncology full-cycle medical group**[7](index=7&type=chunk) - Service scope: Covers oncology screening, diagnosis, treatment, rehabilitation, palliative care, early cancer screening, oncology vaccination, and health management services[7](index=7&type=chunk) - Operational scale: As of June 30, 2025, operates and manages **eight hospitals** through direct equity and management rights, located in Beijing, Tianjin, Shanxi, Anhui, and Henan provinces[8](index=8&type=chunk) 截至2025年6月30日止六個月主要财务表现 (RMB million) | 指标 | 金额 (RMB million) | 同比变化 (%) | | :--- | :--- | :--- | | 收入 | 574.7 | +0.7% | | 毛利 | 106.3 | +8.3% | | 净亏损 | (20.3) | - | | 经调整净利润 | 9.4 | - | | EBITDA | 43.6 | - | | 经调整EBITDA | 73.3 | - | [Key Operating Metrics](index=5&type=section&id=%E6%A0%B8%E5%BF%83%E8%BF%90%E8%90%A5%E6%8C%87%E6%A0%87) Self-owned hospital revenue remained stable with high oncology-related income; total outpatient and emergency visits were flat, but Grade III/IV surgeries significantly increased, with managed hospitals also showing revenue and Grade III/IV surgery growth 截至2025年6月30日止六個月核心运营指标 | 指标 | 2025年6月30日 | 同比变化 (%) | | :--- | :--- | :--- | | **自有医院** | | | | 医院业务收入 | 约人民币4.49亿元 | - | | 其中肿瘤相关收入 | 约人民币2.09亿元 | - | | 肿瘤相关收入占比 | 约46.4% | - | | 门急诊总量 | 36万人次 | 持平 | | 手术总量 | 6,795例 | - | | 其中三四级手术 | 2,895例 | +16.4% | | 三四级手术占比 | 约42.6% | +6.1% | | **托管医院** | | | | 营业收入 | 约人民币1.93亿元 | - | | 手术总量 | 2,845例 | - | | 其中三四级手术 | 1,946例 | +1.7% | | 三四级手术占比 | 约68.4% | +3.2% | [Industry Recognition and Academic Development](index=5&type=section&id=%E8%A1%8C%E4%B8%9A%E8%AE%A4%E5%8F%AF%E4%B8%8E%E5%AD%A6%E6%9C%AF%E5%BB%BA%E8%AE%BE) The group achieved significant progress in oncology rehabilitation, with Taiyuan Heping Hospital leading the drafting of an internationally certified expert consensus, demonstrating professional strength and industry recognition, while continuously advancing oncology-related discipline construction - Taiyuan Heping Hospital led the drafting of the "Oncology Rehabilitation Expert Consensus (2025)", which was certified by an international practice guideline registration platform and published in the Chinese Journal of Clinical Physicians, enhancing the group's industry recognition in oncology rehabilitation[12](index=12&type=chunk)[14](index=14&type=chunk) - The group continues to implement the "Five Prescriptions" oncology rehabilitation strategy covering exercise, nutrition, medication, psychology, and pain management, and has completed the branding of "Baihui Oncology Rehabilitation Centers" in its hospitals[14](index=14&type=chunk) - Jingxi Oncology Hospital completed DSA room construction and introduced an oncology nutrition team; Tianjin Shishi Hospital added clinical psychology specialty; Hefei Baihui Hospital put a **40-person hyperbaric oxygen chamber group** into use and commissioned an interventional catheterization lab[16](index=16&type=chunk) - Taiyuan Heping Hospital and Hefei Baihui Hospital established **AI rehabilitation centers**, and Taiyuan Heping Hospital registered **5 provincial restricted technologies** and performed functional neurosurgery radiofrequency ablation[16](index=16&type=chunk) - Wuzhi Jimin Hospital successfully registered national restricted technology (tumor ablation technology) and multiple provincial restricted technologies, and was approved for outpatient oncology radiotherapy designation[16](index=16&type=chunk) - Huangshan Shou Kang Hospital passed the **National Electronic Medical Record Level IV review**, empowering discipline development through digitalization[16](index=16&type=chunk) [Talent Team Development](index=7&type=section&id=%E4%BA%BA%E6%89%8D%E9%98%9F%E4%BC%8D%E5%BB%BA%E8%AE%BE) The group continuously strengthens its medical and nursing staff, implements standardized training and a talent development program, and actively recruits high-caliber professionals, with 2,767 medical professionals as of June 30, 2025, 40% of whom are associate chief physicians or chief physicians - As of June 30, 2025, the group and two managed hospitals had **2,767 medical professionals**, including **413 associate chief physicians and chief physicians**, accounting for **40%** of all physicians[17](index=17&type=chunk) - The medical staff team saw **1 promotion to senior title, 11 to associate senior titles, and 42 to intermediate titles**[17](index=17&type=chunk) - Several hospital management cadres and department heads were appointed to important positions in provincial, municipal, and county-level professional committees, enhancing industry recognition[18](index=18&type=chunk) [Service Optimization and Quality Improvement](index=7&type=section&id=%E6%9C%8D%E5%8A%A1%E4%BC%98%E5%8C%96%E5%92%8C%E8%B4%A8%E9%87%8F%E6%8F%90%E5%8D%87) Adhering to a patient-centric philosophy, the group significantly enhanced service capabilities and patient experience through full-process upgrades and a comprehensive quality control system, while strengthening medical safety - Jingxi Oncology Hospital launched "Jingtong-WeChat Pay" medical insurance mobile settlement, optimizing outpatient pharmacy processes and reducing average patient waiting time by **30%**[21](index=21&type=chunk) - Taiyuan Heping Hospital completed systemic renovation of outpatient areas, introduced "cloud film" service, and enabled medical insurance facial recognition payment[21](index=21&type=chunk) - Wuzhi Jimin Hospital launched home care and convenient home medical services, opened nursing clinics, and implemented a cloud imaging system to reduce report waiting times[22](index=22&type=chunk) - Huangshan Shou Kang Hospital fully implemented bedside settlement services, and Tianjin Shishi Hospital completed ward standardization and age-friendly renovations[23](index=23&type=chunk) - The group launched a medical dispute reporting platform, established a **24-hour group-level response mechanism** for major adverse events, and conducts monthly special audits of medical record quality[24](index=24&type=chunk) - Hospitals optimized quality management systems, such as Tianjin Shishi Hospital restructuring its medical quality management committee, Hefei Baihui Hospital strengthening medical record quality control, Huangshan Shou Kang Hospital passing **National Electronic Medical Record Level IV review**, Wuzhi Jimin Hospital reducing high-risk medical insurance behaviors by **50%** year-on-year, and Taiyuan Heping Hospital building a three-tier comprehensive quality control system and completing Level IV electronic medical record construction[25](index=25&type=chunk)[26](index=26&type=chunk) [Digital Management Capabilities](index=10&type=section&id=%E6%95%B0%E5%AD%97%E5%8C%96%E7%AE%A1%E7%90%86%E8%83%BD%E5%8A%9B) The group continuously builds a data middle platform, integrating core data assets across the medical service chain to establish an intelligent management system covering the entire oncology cycle, aiming to enhance operational efficiency and diagnostic quality - The group's data middle platform connects hospitals via China Telecom's SD-WAN dedicated network, breaking data silos and achieving full-domain integration of patient treatment data, operational management data, and supply chain data[27](index=27&type=chunk) - The data middle platform is used for operational monitoring and management, building dynamic operational cost monitoring models, establishing a quality control system, and achieving precise outreach through patient management systems and WeChat Work[28](index=28&type=chunk) [Social Responsibility and Brand Building](index=11&type=section&id=%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E5%92%8C%E5%93%81%E7%89%8C%E5%BB%BA%E8%AE%BE) The group continuously enhances brand influence and social recognition by deepening public welfare services, gaining authoritative recognition, and strengthening industry collaboration, fulfilling its supplementary role in private medical care - The group collectively promoted the "National Cancer Prevention and Control Publicity Week" activities, with various hospitals conducting diverse public welfare initiatives[30](index=30&type=chunk) - Wuzhi Jimin Hospital provided assistance to **50 disadvantaged cancer patients**, reducing medical expenses by over **RMB 50,000**, and launched the "Goodwill Towards Hernia" public welfare project, offering free hernia surgeries to **36 low-income families**[30](index=30&type=chunk) - Jingxi Oncology Hospital organized free clinics and conducted in-depth services in **9 major communities**[31](index=31&type=chunk) - Taiyuan Heping Hospital was selected among Ailibi's "**Top 10 Private Rehabilitation Hospitals**" and "**Top 500 Single Hospitals**", and added "Taiyuan Heping Oncology Rehabilitation Hospital" as a secondary name[32](index=32&type=chunk) - Jingxi Oncology Hospital ranked among Ailibi's "**Top 15 Private Oncology Hospitals**" and "**Top 300 Single Hospitals**"[32](index=32&type=chunk) - Huangshan Shou Kang Hospital received the "**2024 Huangshan High-tech Zone Service Industry Contribution Award**" for the seventh time and was again selected among Ailibi's "**Top 100 Private Single Hospitals**"[32](index=32&type=chunk) - Baihui Early Screening Center received the "**2024 Gene Technology Home Testing Pioneer Enterprise Award**"[33](index=33&type=chunk) - Wuzhi Jimin Hospital was awarded "**Advanced Collective for Private Medical Care in Henan Province**", and its director Du Hongwei received the "**Advanced Individual for Private Medical Care in Henan Province**" title[33](index=33&type=chunk) - Hospitals promoted optimized allocation of medical resources and unified industry standards by joining regional alliances and cross-industry collaborations, such as Tianjin Shishi Hospital joining the Tianjin Xiqing Traditional Chinese Medicine Cultural Tourism Convenience Map, and Wuzhi Jimin Hospital being elected as **Vice President Unit of Henan Province Private Medical Care Association**[34](index=34&type=chunk) [Expansion and Organic Growth](index=13&type=section&id=%E6%8B%93%E5%B1%95%E4%B8%8E%E5%A4%96%E5%BB%B6%E5%A2%9E%E9%95%BF) The group expands its service boundaries and strengthens core competitiveness through new facility construction, cross-industry collaborations, and technology introduction, increasing the number of partner institutions to 15 and continuously expanding its service radius - **15 partner institutions** by 2025, continuously expanding service radius[36](index=36&type=chunk) - Taiyuan Heping Hospital signed a strategic cooperation agreement with Shanxi Household Service Association to jointly build a medical caregiver certification system and home rehabilitation standards, exploring a new "medical + living services" integrated model[36](index=36&type=chunk) - Wuzhi Jimin Hospital collaborated with the County Social Work Department to expand grassroots coverage through grid-based services[36](index=36&type=chunk) [Industry Market Opportunities](index=14&type=section&id=%E8%A1%8C%E4%B8%9A%E5%B8%82%E5%9C%BA%E6%9C%BA%E9%81%87) China's oncology service market presents significant commercial opportunities, with continuous growth in new cancer cases and deaths, and the private oncology medical service market is projected for high-speed growth, addressing the imbalanced allocation of oncology medical resources through the group's full-cycle services - From 2018 to 2022, the compound annual growth rate of new cancer cases in China was approximately **2.9%**, and deaths approximately **3.0%**[37](index=37&type=chunk) - As of 2022, new cancer cases in China were approximately **4.8 million**, and deaths approximately **2.9 million**, accounting for **23.8%** and **27.4%** of the global total, respectively[37](index=37&type=chunk) - The market size of private oncology medical services in China (by revenue) increased from **RMB 29.1 billion** in 2018 to **RMB 53.0 billion** in 2022, with a compound annual growth rate of approximately **16.2%**[37](index=37&type=chunk) - This market is expected to grow from **RMB 53.0 billion** in 2022 to **RMB 109.2 billion** in 2026, with a compound annual growth rate of approximately **19.8%**[37](index=37&type=chunk) - China's oncology medical resource allocation is imbalanced, with public hospitals generally "emphasizing treatment, neglecting screening" and "emphasizing treatment, neglecting rehabilitation"; the group's full-cycle services aim to address this issue[38](index=38&type=chunk) [Future Outlook](index=14&type=section&id=%E6%9C%AA%E6%9D%A5%E5%B1%95%E6%9C%9B) Facing an aging population and rising cancer incidence, the group will continue to focus on full-cycle oncology medical services, deepen its service chain, expand early screening, treatment, and rehabilitation businesses, and consolidate its leading position through new hospital acquisitions, managed hospital operations, and informatization - The group will continue to focus on its strategic positioning in full-cycle oncology medical services, enhancing the scale of early cancer screening, treatment, and oncology rehabilitation businesses[39](index=39&type=chunk) - The group will continuously promote brand building for its hospitals, improve comprehensive diagnostic and treatment technical levels, and strengthen standardized and refined management systems[40](index=40&type=chunk) - The group will steadily advance new hospital acquisitions and hospital management businesses aligned with its strategic direction, continuously screening for high-quality hospital targets[40](index=40&type=chunk) - The group will increase investment in oncology full-cycle related disciplines and informatization construction, actively cultivating and developing high-quality self-funded diagnostic and treatment projects[41](index=41&type=chunk) - The group will deepen strategic cooperation with upstream and downstream enterprises in the oncology medical service industry, integrating high-quality medical resources[41](index=41&type=chunk) [Financial Review](index=15&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) [Revenue Analysis](index=15&type=section&id=%E6%94%B6%E5%85%A5%E5%88%86%E6%9E%90) During the reporting period, the group's total revenue slightly increased by 0.7%, primarily driven by a significant increase in revenue from supplying pharmaceuticals, medical equipment, and consumables, while hospital business revenue remained stable, and hospital management and other revenues decreased - For the six months ended June 30, 2025, the group's revenue was **RMB 574.7 million**, an increase of approximately **0.7%** from **RMB 570.9 million** in the same period of 2024, mainly due to stable business operations[42](index=42&type=chunk) 截至6月30日止六個月收入构成 (RMB thousand) | 收入来源 | 2025年 | 占比 (%) | 2024年 | 占比 (%) | | :--- | :--- | :--- | :--- | :--- | | 医院业务 | 449,439 | 78.2 | 455,310 | 79.7 | | - 住院服务 | 253,497 | 44.1 | 264,354 | 46.3 | | - 门诊服务 | 194,519 | 33.8 | 186,516 | 32.7 | | - 其他 | 1,423 | 0.2 | 4,440 | 0.8 | | 医院管理业务 | 18,254 | 3.2 | 19,144 | 3.4 | | 供应药品、医疗设备及耗材 | 106,717 | 18.6 | 91,605 | 16.0 | | 其他 | 321 | 0.1 | 4,886 | 0.9 | | **总计** | **574,731** | **100.0** | **570,945** | **100.0** | - Hospital management business revenue decreased by approximately **4.7%**, mainly due to discipline adjustments at Huangshan Shou Kang Hospital[44](index=44&type=chunk) - Revenue from supplying pharmaceuticals, medical equipment, and consumables increased by approximately **16.5%**, mainly due to an increase in new customers and transaction volume from existing customers as market share expanded[46](index=46&type=chunk) - Other revenue decreased by approximately **93.4%**, mainly because a large industry forum and academic conference were held in the same period of 2024 but not in 2025[46](index=46&type=chunk) [Cost and Profit Analysis](index=17&type=section&id=%E6%88%90%E6%9C%AC%E4%B8%8E%E5%88%A9%E6%B6%A6%E5%88%86%E6%9E%90) Cost of sales remained stable, while gross profit increased, primarily due to adjustments in hospital discipline construction and a higher proportion of disciplines with higher gross margins, with gross profit margins across business segments remaining stable or improving - Cost of sales decreased by approximately **0.9%** from **RMB 472.7 million** in the same period of 2024 to **RMB 468.4 million** in the same period of 2025[47](index=47&type=chunk) - Gross profit increased from **RMB 98.2 million** in the same period of 2024 to **RMB 106.3 million** in the same period of 2025, mainly due to adjustments in hospital discipline construction and a higher proportion of disciplines with higher gross margins[48](index=48&type=chunk) 截至6月30日止六個月毛利及毛利率 (RMB thousand) | 业务板块 | 2025年毛利 | 2025年毛利率 (%) | 2024年毛利 | 2024年毛利率 (%) | | :--- | :--- | :--- | :--- | :--- | | 医院业务 | 75,240 | 16.7 | 66,983 | 14.7 | | 医院管理业务 | 13,539 | 74.2 | 14,587 | 76.2 | | 供应药品、医疗设备及耗材 | 17,397 | 16.3 | 15,136 | 16.5 | | 其他 | 170 | 53.1 | 1,534 | 31.4 | | **总计** | **106,346** | **18.5** | **98,240** | **17.2** | - Hospital business gross profit margin increased from **14.7%** to **16.7%**, mainly due to adjustments in discipline construction and a higher proportion of disciplines with higher gross margins[51](index=51&type=chunk) [Expenses and Loss](index=18&type=section&id=%E8%B4%B9%E7%94%A8%E4%B8%8E%E4%BA%8F%E6%8D%9F) Net other income increased due to reduced medical dispute compensation, selling expenses rose due to increased marketing, and general and administrative expenses significantly grew due to increased listing-related service fees, while impairment loss on receivables increased, finance costs decreased, and income tax expenses increased, ultimately leading to an expanded loss for the period - Net other income increased by approximately **73.8%** from **RMB 0.8 million** in the same period of 2024 to **RMB 1.4 million** in the same period of 2025, mainly because medical dispute compensation was accrued in 2024 but not in 2025[53](index=53&type=chunk) - Selling expenses increased by approximately **12.1%** from **RMB 5.7 million** in the same period of 2024 to **RMB 6.4 million** in the same period of 2025, mainly due to increased marketing efforts by hospitals[54](index=54&type=chunk) - General and administrative expenses increased by approximately **22.9%** from **RMB 81.6 million** in the same period of 2024 to **RMB 100.3 million** in the same period of 2025, mainly due to increased service fees after the shares were listed on the Hong Kong Stock Exchange[55](index=55&type=chunk) - Impairment loss on trade and bills receivables turned from a reversal of **RMB 0.3 million** in the same period of 2024 to a loss of **RMB 0.6 million** in the same period of 2025, mainly due to an increase in trade receivables with longer credit periods[56](index=56&type=chunk) - Finance costs decreased from **RMB 11.6 million** in the same period of 2024 to **RMB 10.5 million** in the same period of 2025, mainly due to a decrease in interest expenses arising from leases[57](index=57&type=chunk) - Income tax expense increased from **RMB 7.7 million** in the same period of 2024 to **RMB 10.2 million** in the same period of 2025, mainly due to increased deferred expenses and improved business performance during the reporting period[58](index=58&type=chunk) - Loss for the period expanded from **RMB 7.3 million** in the same period of 2024 to **RMB 20.3 million** in the same period of 2025[59](index=59&type=chunk) [Balance Sheet Item Changes](index=19&type=section&id=%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E9%A1%B9%E7%9B%AE%E5%8F%98%E5%8A%A8) Property, plant and equipment, right-of-use assets, and intangible assets all decreased due to depreciation; inventories and receivables declined due to optimized management and medical insurance settlements; other payables and lease liabilities remained stable - Property, plant and equipment decreased by approximately **5.1%** from **RMB 364.0 million** as of December 31, 2024, to **RMB 345.4 million** as of June 30, 2025, mainly due to depreciation of assets[60](index=60&type=chunk) - Right-of-use assets decreased from **RMB 184.9 million** as of December 31, 2024, to **RMB 172.2 million** as of June 30, 2025, mainly due to depreciation of assets[61](index=61&type=chunk) - Intangible assets decreased from **RMB 236.4 million** as of December 31, 2024, to **RMB 231.0 million** as of June 30, 2025, mainly due to depreciation of assets[62](index=62&type=chunk) - Goodwill carrying amount remained stable at **RMB 643.0 million**[63](index=63&type=chunk) - Inventories decreased by approximately **7.7%** from **RMB 62.8 million** as of December 31, 2024, to **RMB 58.0 million** as of June 30, 2025, mainly due to optimized inventory management by certain hospitals[64](index=64&type=chunk) - Trade and bills receivables decreased by approximately **10.6%** from **RMB 262.1 million** as of December 31, 2024, to **RMB 234.2 million** as of June 30, 2025, mainly due to the completion of 2024 medical insurance settlements by certain hospitals[65](index=65&type=chunk) - Prepayments and other receivables decreased by approximately **10.3%** from **RMB 120.6 million** as of December 31, 2024, to **RMB 108.3 million** as of June 30, 2025, mainly due to a decrease in amounts due from related parties and expenses related to share issuance[66](index=66&type=chunk) - Trade and bills payables decreased by approximately **18.3%** from **RMB 313.9 million** as of December 31, 2024, to **RMB 256.4 million** as of June 30, 2025, mainly due to settlement of purchase payables according to relevant payment terms[67](index=67&type=chunk) - Other payables remained relatively stable at **RMB 120.1 million**, mainly due to an increase in payables related to listing expenses offset by a decrease in year-end bonuses[68](index=68&type=chunk) - Contract liabilities decreased from **RMB 30.7 million** as of December 31, 2024, to **RMB 24.1 million** as of June 30, 2025, mainly due to the delivery of pharmaceuticals and consumables recognized as revenue[69](index=69&type=chunk) - Lease liabilities remained stable at **RMB 151.2 million** due to scheduled repayment of lease liabilities[70](index=70&type=chunk) [Capital Structure and Liquidity](index=22&type=section&id=%E8%B5%84%E6%9C%AC%E7%BB%93%E6%9E%84%E4%B8%8E%E6%B5%81%E5%8A%A8%E8%B5%84%E9%87%91) The group's total assets and cash and cash equivalents significantly increased, primarily due to net proceeds from the global offering, with both the current ratio and debt-to-asset ratio improving, indicating a healthy liquidity position - Total assets increased from **RMB 2,203.1 million** as of December 31, 2024, to **RMB 2,662.6 million** as of June 30, 2025[71](index=71&type=chunk) - Total liabilities decreased from **RMB 1,033.0 million** as of December 31, 2024, to **RMB 1,032.8 million** as of June 30, 2025[71](index=71&type=chunk) - Debt-to-asset ratio decreased from approximately **46.9%** as of December 31, 2024, to approximately **38.8%** as of June 30, 2025[71](index=71&type=chunk) - Current ratio improved from **1.0x** as of December 31, 2024, to **1.7x** as of June 30, 2025[71](index=71&type=chunk) - Cash and cash equivalents increased by approximately **183.9%** from **RMB 294.2 million** as of December 31, 2024, to **RMB 835.2 million** as of June 30, 2025, mainly due to net proceeds from the global offering[72](index=72&type=chunk) [Debt and Contingent Liabilities](index=22&type=section&id=%E5%80%BA%E5%8A%A1%E4%B8%8E%E6%88%96%E7%84%B6%E8%B4%9F%E5%80%BA) The group's debt remained stable, primarily comprising interest-bearing borrowings and lease liabilities, with no other significant contingent liabilities or outstanding debt securities apart from a credit facility guarantee for Huangshan Shou Kang Hospital - As of June 30, 2025, and December 31, 2024, the group's debt remained relatively stable at **RMB 1,032.8 million** and **RMB 1,033.0 million**, respectively[74](index=74&type=chunk) - As of June 30, 2025, the group had no outstanding debt securities, mortgages, charges, debentures, or other issued or agreed-to-be-issued loan capital, bank overdrafts, loans, acceptance liabilities or acceptance credits, or similar indebtedness, lease and finance lease commitments, hire purchase commitments, guarantees, or other significant contingent liabilities, except for guarantees provided by the group to certain banks for credit facilities granted to Huangshan Shou Kang Hospital[75](index=75&type=chunk) - As of June 30, 2025, the group had no material contingent liabilities, guarantees, or material litigation or claims pending or threatening any member of the group[76](index=76&type=chunk) [Capital Expenditure and Foreign Exchange Risk](index=23&type=section&id=%E8%B5%84%E6%9C%AC%E5%BC%80%E6%94%AF%E4%B8%8E%E5%A4%96%E6%B1%87%E9%A3%8E%E9%99%A9) Capital expenditure decreased due to lower demand for new medical equipment purchases, and the group faces exchange rate fluctuation risks between RMB and HKD/USD, but currently does not engage in hedging operations - Capital expenditure decreased by approximately **49.2%** from **RMB 15.4 million** in the same period of 2024 to **RMB 7.8 million** in the same period of 2025, mainly due to lower demand for new medical equipment purchases[77](index=77&type=chunk) - The group faces exchange rate fluctuation risks between RMB and HKD/USD[78](index=78&type=chunk) - As of the date of this announcement, the group has not hedged its foreign currency exchange rate risk but regularly reviews its net foreign currency exposure and may enter into foreign exchange forward contracts when necessary[78](index=78&type=chunk) [Employees and Remuneration](index=24&type=section&id=%E9%9B%87%E5%91%98%E5%8F%8A%E8%96%AA%E9%85%AC) As of June 30, 2025, the group's employee count increased, leading to a rise in total staff costs, with remuneration determined by performance, skills, experience, and market trends, complemented by training and share option schemes to incentivize and retain talent - As of June 30, 2025, the group had **2,105 employees**, an increase from **1,991** as of June 30, 2024[79](index=79&type=chunk) - Total staff costs for the reporting period were **RMB 162.0 million**, an increase of approximately **6.2%** from **RMB 152.6 million** in the same period of 2024, mainly due to an increase in employee numbers[79](index=79&type=chunk) - The group conditionally approved and adopted a post-IPO share option scheme on **August 8, 2023**, to incentivize and retain eligible participants[80](index=80&type=chunk) - As of June 30, 2025, the post-IPO share option scheme limit was **98,130,435 ordinary shares**, but no options have been granted or agreed to be granted[81](index=81&type=chunk) [Material Investments and Use of Proceeds](index=24&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B5%84%E4%B8%8E%E6%89%80%E5%BE%97%E6%AC%BE%E9%A1%B9%E7%94%A8%E9%80%94) The group had no significant acquisitions, disposals, or investments; the company listed on HKEX on June 23, 2025, with net proceeds of approximately HKD 460.4 million from the global offering to be used for strengthening oncology services, hospital construction, M&A, IT upgrades, and working capital - For the six months ended June 30, 2025, the group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures, nor did it hold any material investments[82](index=82&type=chunk) - The company was listed on the main board of the Hong Kong Stock Exchange on **June 23, 2025**[83](index=83&type=chunk) - Net proceeds from the global offering (after deducting underwriting fees and commissions and estimated expenses) were approximately **HKD 460.4 million**[83](index=83&type=chunk) 截至2025年6月30日全球发售所得款项净额的拟定用途 | 拟定用途 | 拟定用途百分比 (%) | 所得款项净额 (HKD million) | 截至2025年6月30日已动用金额 (HKD million) | 截至2025年6月30日尚未动用金额 (HKD million) | 预期时间表 | | :--- | :--- | :--- | :--- | :--- | :--- | | 持续强化肿瘤全周期医疗服务 | 35.7 | 164.5 | – | 164.5 | 2027年底之前 | | 加强早癌筛查服务能力 | 10.5 | 48.4 | – | 48.4 | 2027年底之前 | | 加强肿瘤治疗服务能力 | 16.3 | 75.2 | – | 75.2 | 2027年底之前 | | 加强康复服务能力 | 2.8 | 12.7 | – | 12.7 | 2027年底之前 | | 建设武陟济民医院肿瘤中心大楼 | 6.1 | 28.1 | – | 28.1 | 2027年底之前 | | 在有适当机会出现时收购医院 | 30.6 | 141.0 | – | 141.0 | 2027年底之前 | | 扩大医院管理业务 | 15.3 | 70.5 | – | 70.5 | 2027年底之前 | | 升级信息技术基础设施及/或系统 | 10.2 | 47.0 | – | 47.0 | 2027年底之前 | | 营运资金及其他一般企业用途 | 8.1 | 37.4 | – | 37.4 | 2027年底之前 | | **总计** | **100.0** | **460.4** | **–** | **460.4** | | - There have been no material changes or delays in the use of net proceeds from the listing date up to June 30, 2025[84](index=84&type=chunk) [Post-Reporting Period Events and Material Changes](index=26&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%90%8E%E4%BA%8B%E4%BB%B6%E4%B8%8E%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8A%A8) No significant events materially impacting operations and financial performance occurred after the reporting period, and there have been no material changes in business since the prospectus publication - No significant events materially impacting operations and financial performance occurred after **June 30, 2025**[87](index=87&type=chunk) - No material changes in the group's business have occurred since the publication of the prospectus on **June 13, 2025**[88](index=88&type=chunk) [Corporate Governance and Compliance](index=26&type=section&id=%E4%BC%81%E4%B8%9A%E7%AE%A1%E6%B2%BB%E4%B8%8E%E5%90%88%E8%A7%84) [Compliance with Corporate Governance Code](index=26&type=section&id=%E4%BC%81%E4%B8%9A%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%88%99%E9%81%B5%E5%AE%88%E6%83%85%E5%86%B5) The company is committed to maintaining and implementing stringent corporate governance, having complied with all applicable provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules since its listing date - The company adopted the Corporate Governance Code in Appendix C1 of the Listing Rules and has complied with all applicable code provisions from the listing date up to **June 30, 2025**[89](index=89&type=chunk) [Compliance with Model Code for Securities Transactions](index=27&type=section&id=%E8%AF%81%E5%88%B8%E4%BA%A4%E6%98%93%E6%A0%87%E5%87%86%E5%AE%88%E5%88%99%E9%81%B5%E5%AE%88%E6%83%85%E5%86%B5) The company adopted the Model Code for Securities Transactions by Directors of Listed Issuers in Appendix C3 of the Listing Rules, and all directors confirmed compliance since the listing date - The company adopted the Model Code for Securities Transactions by Directors of Listed Issuers in Appendix C3 of the Listing Rules, and all directors confirmed compliance with the required standards from the listing date up to the date of this announcement[91](index=91&type=chunk) [Interim Dividend](index=27&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of any interim dividend for the six months ended **June 30, 2025** (2024: nil)[92](index=92&type=chunk) [Audit Committee Review](index=27&type=section&id=%E5%AE%A1%E8%AE%A1%E5%A7%94%E5%91%98%E4%BC%9A%E5%AE%A1%E9%98%85) The Audit Committee reviewed the group's interim results for the six months ended June 30, 2025, confirming compliance with accounting standards, rules, and regulations, with timely and appropriate disclosures - The Audit Committee comprises **three independent non-executive directors**, with Mr. Chen Xueliang as Chairman[93](index=93&type=chunk) - The Audit Committee reviewed the group's interim results for the six months ended **June 30, 2025**, and deemed them compliant with relevant accounting standards, rules, and regulations, with timely and appropriate disclosures[93](index=93&type=chunk) - The group's interim results for the six months ended **June 30, 2025**, are unaudited[94](index=94&type=chunk) [Notes to the Consolidated Financial Statements](index=32&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) [General Information](index=32&type=section&id=%E4%B8%80%E8%88%AC%E8%B5%84%E6%96%99) Bayzed Health Group Inc., incorporated on December 9, 2021, primarily engages in hospital and hospital management businesses, generating revenue from six for-profit and two non-profit private hospitals in China, as well as the supply of pharmaceuticals, medical equipment, and consumables - The company was incorporated as an exempted company under the Companies Law of the Cayman Islands on **December 9, 2021**[102](index=102&type=chunk) - The group primarily engages in hospital business and hospital management business, with revenue derived from **six for-profit private hospitals**, **two non-profit private hospitals' management fees**, and the supply of pharmaceuticals, medical equipment, and consumables in China[102](index=102&type=chunk) - This interim consolidated financial information is presented in RMB and was approved for publication by the Board on **August 26, 2025**, and is unaudited[103](index=103&type=chunk) [Summary of Significant Accounting Policies](index=32&type=section&id=%E9%87%8D%E5%A4%A7%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E6%A6%82%E8%A6%81) This interim financial report is prepared in accordance with applicable disclosure provisions of the HKEX Listing Rules and IAS 34, using consistent accounting policies with the 2024 annual financial statements, and has applied amendments to IFRS 21 without significant impact on performance or financial position - This interim financial report is prepared in accordance with the applicable disclosure provisions of the Hong Kong Stock Exchange Listing Rules and International Accounting Standard 34[104](index=104&type=chunk) - The accounting policies adopted are consistent with the 2024 annual financial statements, and amendments to International Accounting Standard 21 have been applied, but they did not have a significant impact on the preparation and presentation of the results and financial position for the current or prior periods[104](index=104&type=chunk)[105](index=105&type=chunk) [Revenue and Segment Reporting](index=33&type=section&id=%E6%94%B6%E5%85%A5%E5%8F%8A%E5%88%86%E9%83%A8%E6%8A%A5%E5%91%8A) Group revenue primarily stems from hospital business, hospital management services, supply of pharmaceuticals, medical equipment and consumables, and other businesses, all arising from customer contracts within China, thus no operating segment or geographical information analysis is presented - The group primarily engages in hospital business, hospital management services, supply of pharmaceuticals, medical equipment and consumables, and other businesses[107](index=107&type=chunk) 截至6月30日止六個月收入分类 (RMB thousand) | 收入分类 | 2025年 | 2024年 | | :--- | :--- | :--- | | 于某一时间段：住院服务 | 253,497 | 264,354 | | 于某一时间段：医院管理服务 | 18,254 | 19,144 | | 于某一时间点：门诊服务 | 194,519 | 186,516 | | 于某一时间点：供应药品、医疗设备及耗材 | 106,717 | 91,605 | | 于某一时间点：其他业务 | 1,744 | 9,326 | | **来自客户的合约收入** | **574,731** | **570,945** | - All group revenue arises from customer contracts within the scope of IFRS 15[108](index=108&type=chunk) - All group revenue is generated in China, and its non-current assets are primarily located in China, thus no operating segment information or geographical information analysis is presented[110](index=110&type=chunk) [Net Other Income](index=34&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E5%87%80%E9%A2%9D) Net other income, mainly comprising government grants, finance income, and other items, increased during the reporting period, primarily due to the absence of medical dispute compensation accrued in the same period of 2024 截至6月30日止六個月其他收入净额 (RMB thousand) | 项目 | 2025年 | 2024年 | | :--- | :--- | :--- | | 政府补助 | 347 | 754 | | 出售物业、厂房及设备以及无形资产的收益 | – | 7 | | 财务收入 | 1,314 | 1,535 | | 其他 | (222) | (1,468) | | **总计** | **1,439** | **828** | - Net other income increased by approximately **73.8%**, mainly because medical dispute compensation was accrued in the same period of 2024 but not in 2025[53](index=53&type=chunk) [Loss Before Tax](index=34&type=section&id=%E9%99%A4%E7%A8%8E%E5%89%8D%E4%BA%8F%E6%8D%9F) Loss before tax was primarily influenced by finance costs and staff costs, with finance costs decreasing due to reduced lease interest and staff costs increasing due to employee growth 截至6月30日止六個月财务成本 (RMB thousand) | 项目 | 2025年 | 2024年 | | :--- | :--- | :--- | | 计息借款利息 | 6,793 | 7,471 | | 租赁负债利息 | 3,714 | 4,118 | | 其他 | – | 24 | | **总计** | **10,507** | **11,613** | - Finance costs decreased mainly due to a decrease in interest on lease liabilities[57](index=57&type=chunk) 截至6月30日止六個月员工成本 (RMB thousand) | 项目 | 2025年 | 2024年 | | :--- | :--- | :--- | | 薪金、工资及其他福利 | 151,470 | 139,540 | | 定额供款退休计划供款 | 10,544 | 13,031 | | **总计** | **162,014** | **152,571** | - Total staff costs increased by approximately **6.2%**, mainly due to an increase in employee numbers during the reporting period[79](index=79&type=chunk) [Income Tax](index=35&type=section&id=%E6%89%80%E5%BE%97%E7%A8%8E) Income tax expense increased during the reporting period, primarily due to increased deferred expenses and improved business performance 截至6月30日止六個月所得税 (RMB thousand) | 项目 | 2025年 | 2024年 | | :--- | :--- | :--- | | 即期税项－中国企业所得税 | 11,442 | 10,406 | | 递延税项－暂时差额的产生及拨回 | (1,248) | (2,684) | | **总计** | **10,194** | **7,722** | - Income tax expense increased mainly due to increased deferred expenses and improved business performance during the reporting period[58](index=58&type=chunk) - The statutory income tax rate is **25%** under the China Corporate Income Tax Law[115](index=115&type=chunk) [Loss Per Share](index=35&type=section&id=%E6%AF%8F%E8%82%A1%E4%BA%8F%E6%8D%9F) For the six months ended June 30, 2025, basic and diluted loss per share was RMB 0.02, an increase from the prior year, with no potential dilutive ordinary shares - As of June 30, 2025, basic loss per share was **RMB 0.02** (2024: **RMB 0.01**)[117](index=117&type=chunk) - Basic loss per share is calculated based on the loss attributable to ordinary equity holders of the Company of **RMB 27.6 million** and the weighted average of **1,318,466,823** issued ordinary shares during the reporting period[117](index=117&type=chunk) - As of June 30, 2025, and 2024, the group had no outstanding potential dilutive ordinary shares, thus there was no difference between diluted and basic loss per share[117](index=117&type=chunk) [Trade and Bills Receivables](index=36&type=section&id=%E5%BA%94%E6%94%B6%E8%B4%A6%E6%AC%BE%E5%8F%8A%E5%BA%94%E6%94%B6%E7%A5%A8%E6%8D%AE) Total trade and bills receivables decreased, primarily due to the completion of 2024 medical insurance settlements by certain hospitals and corresponding allocation of medical insurance fund deposits 截至报告期末应收账款及应收票据账龄分析 (RMB thousand) | 账龄 | 2025年6月30日 | 2024年12月31日 | | :--- | :--- | :--- | | 3个月内 | 166,085 | 156,536 | | 3个月以上但6个月内 | 40,889 | 61,977 | | 6个月以上但9个月内 | 6,066 | 4,162 | | 9个月以上但1年内 | 741 | 3,159 | | 1年以上 | 1,190 | 1,796 | | 应收票据 | 19,276 | 34,457 | | **总计** | **234,247** | **262,087** | - Trade and bills receivables decreased by approximately **10.6%**, mainly due to the completion of 2024 medical insurance settlements by certain hospitals and corresponding allocation of medical insurance fund deposits[65](index=65&type=chunk) - The group generally provides a credit period of **30 to 90 days** to its customers[118](index=118&type=chunk) [Prepayments and Other Receivables](index=36&type=section&id=%E9%A2%84%E4%BB%98%E6%AC%BE%E9%A1%B9%E5%8F%8A%E5%85%B6%E4%BB%96%E5%BA%94%E6%94%B6%E6%AC%BE%E9%A1%B9) Total prepayments and other receivables decreased, primarily due to a reduction in amounts due from related parties and expenses related to the issuance of company shares 截至报告期末预付款项及其他应收款项 (RMB thousand) | 项目 | 2025年6月30日 | 2024年12月31日 | | :--- | :--- | :--- | | 存货及服务预付款 | 12,533 | 15,917 | | 预付与建议发行本公司股份有关的成本 | – | 5,324 | | 应收关联方款项 | 82,402 | 86,802 | | 按金 | 5,826 | 6,864 | | 与以股份为基础的付款有关的应收员工款 | 470 | 470 | | 其他 | 7,014 | 5,260 | | **总计** | **108,265** | **120,637** | - Prepayments and other receivables decreased by approximately **10.3%**, mainly due to a decrease in amounts due from related parties and expenses related to the issuance of company shares[66](index=66&type=chunk) [Trade and Bills Payables](index=37&type=section&id=%E5%BA%94%E4%BB%98%E8%B4%A6%E6%AC%BE%E5%8F%8A%E5%BA%94%E4%BB%98%E7%A5%A8%E6%8D%AE) Total trade and bills payables decreased, primarily due to the settlement of purchase payables according to relevant payment terms 截至报告期末应付账款账龄分析 (RMB thousand) | 账龄 | 2025年6月30日 | 2024年12月31日 | | :--- | :--- | :--- | | 3个月内 | 147,684 | 163,593 | | 3个月以上但6个月内 | 63,187 | 74,983 | | 6个月以上但1年内 | 30,222 | 33,401 | | 超过1年 | 8,597 | 20,206 | | 应付票据 | 6,684 | 21,697 | | **总计** | **256,374** | **313,880** | - Trade and bills payables decreased by approximately **18.3%**, mainly due to the settlement of purchase payables according to relevant payment terms[67](index=67&type=chunk) [Other Payables](index=37&type=section&id=%E5%85%B6%E4%BB%96%E5%BA%94%E4%BB%98%E6%AC%BE%E9%A1%B9) Other payables remained relatively stable, primarily due to an increase in payables related to listing expenses being offset by a decrease in year-end bonuses accrued in 2024 and paid in 2025 截至报告期末其他应付款项 (RMB thousand) | 项目 | 2025年6月30日 | 2024年12月31日 | | :--- | :--- | :--- | | 应付薪金及福利 | 58,934 | 63,116 | | 其他应付税项 | 3,244 | 4,567 | | 购买物业、厂房及设备应付款 | 11,037 | 18,331 | | 其他 | 46,884 | 29,163 | | **总计** | **120,099** | **115,177** | - Other payables remained relatively stable, mainly due to an increase in payables related to listing expenses, which was offset by a decrease in year-end bonuses accrued in 2024 and paid in 2025[68](index=68&type=chunk) [Capital, Reserves and Dividends](index=38&type=section&id=%E8%B5%84%E6%9C%AC%E3%80%81%E5%82%A8%E5%A4%87%E5%8F%8A%E8%82%A1%E6%81%AF) During the reporting period, the company's share capital increased due to the issuance of ordinary shares in the initial public offering, and the Board does not recommend the payment of an interim dividend - No interim dividend was paid for the six months ended **June 30, 2025** (2024: nil)[122](index=122&type=chunk) 截至报告期末股本变动 (RMB thousand) | 项目 | 2025年6月30日股份数目 | 2025年6月30日RMB thousand | 2024年12月31日股份数目 | 2024年12月31日RMB thousand | | :--- | :--- | :--- | :--- | :--- | | 于1月1日 | 1,185,361,023 | 78 | 1,185,361,023 | 78 | | 于首次公开招股时发行普通股 | 133,105,800 | 9 | – | – | | **于6月30日/12月31日** | **1,318,466,823** | **87** | **1,185,361,023** | **78** | - For the purpose of listing, **133,105,800 ordinary shares** were issued at **HKD 4.22 per share** in the company's initial public offering on **June 23, 2025**, raising gross proceeds of **HKD 561,706,476** (equivalent to **RMB 513,130,100**)[123](index=123&type=chunk) [Non-IFRS Measures](index=38&type=section&id=%E9%9D%9E%E5%9B%BD%E9%99%85%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A%E5%87%86%E5%88%99%E8%AE%A1%E9%87%8F) The group uses adjusted EBITDA and adjusted net loss/profit as non-IFRS measures to supplement financial information, aiding investors in understanding and evaluating operating performance, though these measures may not be directly comparable to other companies - The group uses adjusted EBITDA and adjusted net loss/profit as non-IFRS measures to supplement financial information presented in accordance with IFRS[124](index=124&type=chunk) - These measures help compare operating performance across different years and companies by eliminating the potential impact of certain items[124](index=124&type=chunk) 截至6月30日止期间非国际财务报告准则计量对账 (RMB thousand) | 项目 | 2025年 | 2024年 | | :--- | :--- | :--- | | 期内亏损 | (20,262) | (7,340) | | 加：上市开支 | 29,689 | 12,794 | | **经调整净利润** | **9,427** | **5,454** | | 期内亏损 | (20,262) | (7,340) | | 加：所得税开支 | 10,194 | 7,722 | | 加：物业、厂房及设备折旧 | 25,905 | 24,913 | | 加：无形资产摊销 | 5,905 | 5,355 | | 加：使用权资产折旧 | 12,674 | 13,241 | | 加：财务成本 | 9,193 | 10,078 | | **EBITDA** | **43,609** | **53,969** | | 加：上市开支 | 29,689 | 12,794 | | **经调整EBITDA** | **73,298** | **66,763** |

恒生指数公司8月22日晚宣布截至2025年6月30日的恒生指数系列季度检讨结果，其中，佰泽医疗 (2609.HK)获纳入恒生综合指数，变动将于9月5日(星期五)收市后实施，并于9月8日(星期一)起生效。 本文源自：金融界AI电报 ...