Summary of ZH Medical Conference Call Company Overview - ZH Medical focuses on "health service consumption," specializing in non-life-threatening multi-specialty services such as allergies, dentistry, and aesthetic medicine. The company aims for a revenue of 1.06 billion RMB (+11%) by 2025, with organic service revenue projected at 910 million RMB (+16%) [2][14]. Key Points and Arguments Business Model and Strategy - The company plans to upgrade 18 existing locations to 5,000 square meter "one-stop centers," with the Shenzhen Bay store achieving an annual revenue of 150 million RMB (+30%) and a net profit margin of 30%-35% [2][10]. - A membership system is driving growth, targeting 117,000 effective members by the end of 2025, with a nearly 80% new customer conversion rate. Active members' average spending is expected to rise from 3,000 RMB in the first year to 5,800 RMB after retention [2][13]. - The company is investing 100 million RMB over three years in AI strategies to enhance efficiency, aiming to reduce labor costs from 53% to 43% of revenue [2][3]. Challenges and Market Positioning - ZH Medical faces three main challenges: declining birth rates affecting pediatric services, competition from AI and delivery services from platforms like Meituan and JD, and weakened consumer confidence [3]. - The company positions itself in "health service consumption," focusing on services that enhance quality of life rather than life-threatening conditions, including allergy management, dental care, and mental health [3]. Health Management Services - The company plans to develop health management services, focusing on pediatric specialties like allergies and growth, and adult services in areas such as chronic disease management and mental health [5][6]. - Two new subscription services are planned: an innovative drug subscription service targeting hard-to-reach demographics and a nutritional supplement service aimed at younger consumers [6]. AI Health Assistant - ZH Medical is developing a personalized AI health assistant based on comprehensive health data, aiming to provide proactive health management rather than reactive responses [7][8]. - The AI assistant will differentiate itself by focusing on ZH Medical's member base, utilizing structured health data for personalized advice, and offering a closed-loop service that integrates online and offline capabilities [8][9]. Financial Performance - In 2025, ZH Medical's total revenue reached 1.06 billion RMB, with organic service revenue at 910 million RMB (+16%). The adjusted operating profit was 40 million RMB, with EBITA at 170 million RMB [14]. - The company achieved a gross margin increase from 22% to 24%, driven by scale effects and cost reduction measures [14]. Future Outlook - ZH Medical aims for over 20% organic growth annually over the next three to five years, with a long-term profit margin target of around 15% [23]. - The company plans to expand its store network, focusing on upgrading existing locations and entering new cities like Xi'an and potentially Nanjing and Ningbo [20][21]. Membership and Customer Acquisition - By the end of 2025, the company expects to have 117,000 effective member households, with a new customer conversion rate of nearly 80% and a retention rate of 67.9% [13]. - The company relies heavily on word-of-mouth for customer acquisition, with a net promoter score increasing from 86.2 to 87.3 [13]. Unique Selling Proposition - ZH Medical's core service philosophy emphasizes "complete evidence-based medicine" and "whole person care," addressing not just medical needs but also psychological and social factors affecting health [24][25]. Additional Important Insights - The company is cautious about AI investments, planning to allocate 100 million RMB over three years while ensuring that applications are practical and cost-effective [18]. - ZH Medical's approach to health insurance is evolving, with a focus on integrating health management services into commercial health insurance offerings [17][18]. This summary encapsulates the key insights from ZH Medical's conference call, highlighting its strategic direction, financial performance, and market positioning.

Financial Performance - For the fiscal year ending December 31, 2025, the company reported a revenue of RMB 1,064.5 million, representing an 11.1% year-over-year increase[3]. - Gross profit reached RMB 267.0 million, up 18.2% from the previous year, with a gross margin improvement from 23.6% to 25.1%[3]. - Net profit surged to RMB 131.4 million, reflecting a significant increase of 63.8% compared to the prior year[3]. - Adjusted net profit (non-IFRS) was RMB 25.6 million, a remarkable increase of 139.7% year-over-year[3]. - The company achieved an adjusted operating profit of RMB 40.2 million, marking a 224.1% increase from the previous year[3]. - The adjusted EBITDA was RMB 173.1 million, which is a 16.8% increase compared to the previous year[3]. - The company's revenue increased by 11.1% from RMB 958.6 million in 2024 to RMB 1,064.5 million in 2025, driven by growth in physical medical services[41]. - Revenue from physical medical services rose to RMB 980.4 million, accounting for 92.1% of total revenue in 2025, compared to RMB 872.4 million and 91.1% in 2024[42]. - The net profit for 2025 is RMB 131,449,000, compared to RMB 80,227,000 in 2024, representing an increase of 64%[87]. - Total comprehensive income for 2025 is RMB 158,372,000, a significant recovery from a loss of RMB 14,943,000 in 2024[87]. Member Growth and Engagement - The number of member accounts and new member acquisitions showed steady growth, with a net promoter score (NPS) increasing from 86.2 to 87.3, indicating strong customer loyalty[6]. - As of December 31, 2025, the number of effective members reached 117,551 households, contributing 73.6% of total revenue[22]. - The new member count for 2025 was 36,286 households, with a new member conversion rate of 79.7%[22]. - The member renewal rate increased to 67.9% in 2025, up from 65.2% in 2024, reflecting growing member trust in services[21]. - The average annual spending per active member household increased from RMB 3,016 in 2023 to RMB 5,866 in 2025, indicating enhanced member engagement[23]. - The average annual spending of new member households in 2025 was RMB 3,813, showing a steady increase in member value[24]. Service Expansion and Operations - The company operated 18 multi-specialty service points in China as of December 31, 2025, focusing on upgrading to one-stop health service centers[8]. - The company plans to accelerate the expansion of one-stop health service centers, with a focus on upgrading locations in Suzhou, Changsha, Shenzhen, Wuhan, and Beijing by 2026[34]. - A new health subscription service combining innovative drugs and medical services is set to launch, targeting weight loss, sleep, and allergies, with plans to expand into other areas by 2026[35]. - The company is developing a personalized AI health assistant to create comprehensive health profiles for families, integrating health data and providing proactive intervention suggestions[36]. - The company plans to expand its integrated medical services by increasing the total building area from 5,754 square meters to 6,855 square meters by August 2026[41]. Technology and Innovation - AI-assisted appointment processing achieved a coverage rate of 77% and reduced processing time from 5 minutes to 1.5 minutes, improving user experience[26]. - AI-driven customer relationship management (CRM) tasks saw an 84% automation rate, with follow-up consultation rates increasing from 46% to 52%[27]. - The company implemented AI in post-consultation follow-ups, providing services to nearly 10,000 users monthly, enhancing user loyalty[26]. - The company will implement a new generation of self-developed EMR systems by 2026, integrating AI capabilities to enhance healthcare service quality and operational efficiency[37]. - A collaboration with a university has led to the design and development of a multi-agent architecture, currently in testing, aimed at improving AI response accuracy and handling complex queries[37]. Financial Management - Administrative expenses decreased by 17.5% from RMB 264.5 million in 2024 to RMB 218.0 million in 2025, primarily due to reduced share-based compensation expenses[47]. - The net financial cost rose by 25.1% from RMB 8.0 million in 2024 to RMB 10.0 million in 2025, influenced by decreased bank deposit interest income[53]. - The company incurred research and development expenses of RMB 3,996 thousand, indicating a commitment to innovation[85]. - Financial costs decreased to RMB 10,034 thousand from RMB 8,023 thousand, reflecting better financial management[85]. Risks and Challenges - Key risks include changes in healthcare regulations, patient safety incidents, talent retention, and market acceptance of new health subscription services[38]. - The company is strategically exiting medical insurance services at the Wuhan Beidouxing Children's Hospital, which is expected to impact revenue in the short term[41]. Governance and Corporate Structure - The board of directors includes both executive and non-executive members, ensuring diverse governance[135]. - The company has a membership program launched in December 2020, providing various benefits to members, which may contribute to future revenue growth[131]. - The company completed its listing on the Hong Kong Stock Exchange on February 6, 2026, which may enhance its market presence and capital access[128].

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依賴 該等內容而引致的任何損失承擔任何責任。 王志遠 Distinct Healthcare Holdings Limited 香港，2026年3月13日 卓正醫療控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2677) 於本公告日期，董事會包括執行董事王志遠先生及施翼先生，非執行董事曹少山 先生、張向東先生、魏國興先生、陳小紅女士及郝瑞先生，及獨立非執行董事陳 銳女士、王詠剛先生、王高飛先生及高平陽博士。 董事會會議日期 卓正醫療控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此公佈，董事 會會議將於2026年3月25日（星期三）舉行，藉以（其中包括）考慮及批准（其中包 括）本公司及其附屬公司截至2025年12月31日止年度的年度業績及其發佈，並考 慮派發末期股息（如有）。 承董事會命 卓正醫療控股有限公司 董事會主席兼執行董事 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 卓正醫療控股有限公司 呈交日期： 2026年3月10日 第 1 頁 共 5 頁 v 1.3.0 FF305 確認 根據《主板上市規則》第13.25C條 / 《GEM上市規則》第17.27C條，我們在此確認，據我們所知所信，第一章節所述的每項股份發行或庫存股份出售或轉讓已獲發行人董事會正式授權批准，並遵 照所有適用上市規則、法律及其他監管規定進行，並在適用的情況下： (註7) (i) 上市發行人已收取其在是次股份發行或庫存股份出售或轉讓應得的全部款項； (viii) 有關債券、借貸股份、票據或公司債券的信託契約/平邊契據經已製備及簽署，有關詳情已送呈公司註冊處處長存檔（如法律如此規定）。 第一章節註釋： 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第 ...

本公告不得直接或間接於或向美國（包括美國的領土及屬地、美國任何州以及哥倫比亞特區） 發佈、刊發或派發。本公告不構成且無意亦不屬於在美國境內或於任何其他司法管轄區出售或 購買或認購證券的任何要約或遊說的一部分。本公告所述證券尚未且將不會根據經不時修訂的 1933年美國證券法（「美國證券法」）或美國任何州或其他司法管轄區的證券法進行註冊。該等證 券不得在美國境內要約、出售、質押或以其他方式轉讓，除非根據美國證券法的可用豁免或在 不受美國證券法註冊要求的交易中進行，並且符合任何適用的州證券法。該等證券不會於美國 公開發售。該等證券將僅根據美國證券法S規例及該等發售及出售發生地各司法權區的適用法 律在美國境外透過離岸交易發行及出售。 香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司對 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依賴該等內容而引致的任何損失承擔任何責任。 本公告僅作說明用途，並不構成收購、購買或認購證券的邀請或要約。有關發售股份的投資決 定應以招股章程所載資料為唯一依據。本公司並無亦不會根據1940 ...

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: 卓正醫療控股有限公司 呈交日期: 2026年3月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02677 | 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 | | | 100,318,700 | USD | | 0.001 | USD | | 100,318.7 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 100,318,700 | USD | | 0.001 | USD | | 100,318.7 | FF301 ...

Key Points - As of February 10, 141 stocks reached a 52-week high, with K W NELSON GP (08411), ZHONGGUO INTERNATIONAL (06063), and XINGYA HOLDINGS (08293) leading the high rate at 33.33%, 30.67%, and 27.08% respectively [1] - The top three stocks by closing price that reached a 52-week high are K W NELSON GP at 0.097, ZHONGGUO INTERNATIONAL at 0.465, and XINGYA HOLDINGS at 0.500 [1] - Other notable stocks that reached a 52-week high include GLOBAL PRINTING (08448) at 0.860, DEHE GROUP (00368) at 0.580, and MAOJI KUIQIONG (01716) at 0.890, with high rates of 22.54%, 22.45%, and 19.74% respectively [1] 52-Week High Rankings - K W NELSON GP (08411) achieved a closing price of 0.097 and a peak price of 0.140, marking a high rate of 33.33% [1] - ZHONGGUO INTERNATIONAL (06063) closed at 0.465 with a peak of 0.490, resulting in a high rate of 30.67% [1] - XINGYA HOLDINGS (08293) reached a closing price of 0.500 and a peak of 0.610, with a high rate of 27.08% [1] Additional Stocks - GLOBAL PRINTING (08448) closed at 0.860 with a peak of 0.870, achieving a high rate of 22.54% [1] - DEHE GROUP (00368) had a closing price of 0.580 and a peak of 0.600, resulting in a high rate of 22.45% [1] - MAOJI KUIQIONG (01716) reached a closing price of 0.890 and a peak of 0.910, with a high rate of 19.74% [1]

Core Viewpoint - Zhuozheng Medical Holdings Limited, China's third-largest private high-end comprehensive medical service provider, faced a tumultuous IPO, with its stock price experiencing a significant drop after an initial surge, reflecting investor skepticism about its financial health and business model [1][4][9]. Company Overview - Established over a decade ago, Zhuozheng Medical focuses on high-end private medical services targeting affluent consumers seeking personalized healthcare experiences. The company operates in 11 major cities and has expanded into various medical sectors, including outpatient services, specialty clinics, and hospital management [3][4]. - The company reported revenues of nearly 1 billion RMB in 2024, marking its first profitable year, with a significant increase in revenue from 473 million RMB in 2022 to 959 million RMB in 2024, reflecting year-on-year growth rates of 45.91% and 38.84% for 2023 and 2024, respectively [3][4]. Market Position - Zhuozheng Medical holds approximately 2.0% market share based on 2024 revenue, ranking first in the number of cities covered and second in patient visits among its peers. The private high-end medical service market in China is projected to grow at a compound annual growth rate of 21.9%, reaching over 830 billion RMB by 2029 [4][3]. Financial Health - Despite achieving a net profit of approximately 80 million RMB in 2024, the adjusted net profit was only 10.7 million RMB, primarily due to significant fair value gains from convertible redeemable preferred shares, indicating a reliance on accounting adjustments rather than genuine operational cash flow improvements [5][6]. - The company's total liabilities increased from 25.05 billion RMB in 2022 to 30.85 billion RMB in 2024, while total assets grew at a slower pace, highlighting a concerning trend of rising debt outpacing asset growth [5][6]. Operational Challenges - Zhuozheng Medical's high-end positioning comes with challenges, including high employee compensation costs exceeding 50% of revenue and intense competition in the market. The company's gross margin was only 23.6% in 2024, limiting its ability to reduce costs significantly [7][8]. - The company's growth strategy relies on internal expansion and strategic acquisitions, which typically require 1-3 years to achieve break-even and 2-5 years for investment recovery, leading to cash flow consumption and potential volatility in financial performance [8][9]. Investor Sentiment - The market's reaction to Zhuozheng Medical's IPO indicates a cautious approach from investors, who are wary of the company's ability to translate its competitive advantages and future strategies into sustainable financial returns. The stock's performance suggests that while there is a willingness to pay a premium for high-end medical services, investors are not inclined to accept inflated profits without tangible operational improvements [9].

Core Insights - 卓正医疗 officially listed on the Hong Kong Stock Exchange on February 6, 2025, with a significant stock price increase of 50.67% on the first day, closing at HKD 68.5 after reaching a high of HKD 90.25 [1] - The IPO received overwhelming market response, with a subscription rate of 2730.73 times during the public offering phase, and strong performance in dark trading, with shares rising by 105% on Futu Securities [1] - Notable cornerstone investors include prominent figures and companies such as Tencent, which holds nearly 20% of the company's shares, providing strong market validation [1] Company Performance - In 2024, 卓正医疗 recorded 900,000 total patient visits, with an average of nearly 4 visits per customer per year, and 108,000 family memberships with an average of over 6 visits per household annually [1] - The company achieved a member renewal rate of 67% and a patient return rate of 82.7% by August 2025, indicating strong customer loyalty [1] - Revenue grew from RMB 470 million in 2022 to RMB 960 million in 2024, with a compound annual growth rate of 42.2%, and the company turned profitable in 2024 [4] Business Model - 卓正医疗 adopts a unique business model focused on a one-stop, multi-specialty service system centered around family doctors, eschewing high marketing expenditures [3][4] - The company maintains a low marketing expense ratio of only 1.2%-2.7% from 2022 to 2024, significantly lower than industry averages, contributing to its competitive advantage [4] - The majority of revenue comes from self-pay and commercial insurance, with only 1.2% from national health insurance, reducing dependency on public healthcare funding and associated risks [4] Future Outlook - The company is integrating AI technologies into its services, enhancing operational efficiency and user experience, with applications in smart triage and medical record assessment [5] - 卓正医疗 aims to leverage strategic partnerships in AI, cloud computing, and robotics to accelerate the implementation of personalized and smart healthcare solutions [5] - The successful IPO reflects market recognition of the company's business model, market value, and growth potential, marking a new beginning in its long-term growth journey [6]

Summary of Key Points Core Viewpoint - The A-share IPO market is active with three companies approved for listing, while the Hong Kong IPO market continues to thrive, particularly in the innovative drug and high-end manufacturing sectors, with several key players making significant moves [2][6]. Group 1: A-share IPO Approvals - Three companies received approval for IPOs this week: Guangdong Huahui Intelligent Equipment Co., Ltd., Anhui Xinfeng New Energy Technology Co., Ltd., and Shandong Chunguang Technology Group Co., Ltd. [2][3][4]. - Huahui Intelligent focuses on high-end intelligent equipment and has seen rapid revenue growth, projecting over 4.2 billion yuan in revenue for 2024 and over 620 million yuan in net profit [3]. - Xinfeng Technology specializes in thermal management components for electric vehicles, with projected revenues of 6 billion yuan in 2024 and 13.81 billion yuan in 2025 [4][5]. - Chunguang Group leads in the production of soft magnetic ferrite powder, with revenues of 10.15 billion yuan in 2022 and a planned fundraising of 7.51 billion yuan for its IPO [5]. Group 2: Hong Kong IPO Market Activity - The Hong Kong IPO market welcomed five new listings, including four companies and one on the Sci-Tech Innovation Board, covering diverse sectors such as chemical new materials and cardiovascular medical devices [6][7]. - Guoen Technology debuted on the Hong Kong Stock Exchange, raising approximately 1 billion HKD, with plans for expansion in Thailand and domestic production [6]. - Beixin Life, the first medical device company listed on the Sci-Tech Innovation Board, saw its stock price surge by 183.33% on its first day, focusing on cardiovascular intervention devices [7]. - Leading companies in the PCB equipment sector, such as Dazhu CNC, raised significant funds for expansion into Southeast Asia, while Zhuozheng Medical and Muyuan Foods had mixed performances post-listing [8]. Group 3: Upcoming IPOs and Market Trends - The Hong Kong IPO market continues to be driven by hard technology, with companies like Danuo Pharmaceutical and Xian Dao Intelligent preparing for their listings, focusing on innovative drugs and lithium battery equipment [9][10]. - Danuo Pharmaceutical is set to raise funds for global clinical advancements, with its core product showing promising clinical data [9]. - Xian Dao Intelligent aims to raise 41.66 billion HKD, with a significant projected profit increase of 424% by 2025, expanding its services beyond lithium battery equipment [10]. - Wolong Nuclear Materials is also preparing for an IPO, focusing on new materials and global capacity expansion, with a fundraising target of up to 27.34 billion HKD [11].