[Company Information](index=2&type=section&id=Company%20Information) Provides details on the company's governance structure, including its board of directors and key contact information [Board of Directors and Committees](index=3&type=section&id=Board%20of%20Directors%20and%20Committees) The Board comprises executive, non-executive, and independent non-executive directors, supported by audit, remuneration, and nomination committees for robust corporate governance - Board members include Executive Director **Mr. Choi Ka Tsan** (Chairman and Chief Executive Officer), Dr. Fok Siu Wing, Ms. Cheung Siu Suet, Mr. Lau Sze Yam (resigned), and Mr. Wong Yu (newly appointed)[4](index=4&type=chunk) - The Board has an Audit Committee (Chairman: Mr. Chan Wai Kun), a Remuneration Committee (Chairman: Mr. Cheung Ka Ming), and a Nomination Committee (Chairman: Mr. Choi Ka Tsan)[4](index=4&type=chunk) [Company Contact Information](index=3&type=section&id=Company%20Contact%20Information) Details the company secretary, auditor, registered and principal offices, and primary banking relationships - The Company Secretary is Mr. Lo Wai Keung, and the Auditor is UHY CPA Limited[4](index=4&type=chunk) - The registered office is in Bermuda, and the principal place of business in Hong Kong is located at 6/F, Quality HealthCare Medical Centre, 10-12 Yuen Shun Circuit, Siu Lek Yuen, Sha Tin, New Territories, Hong Kong[4](index=4&type=chunk)[5](index=5&type=chunk) - Major bankers include Bank of China (Hong Kong), Bank of Communications, Dah Sing Bank, Hang Seng Bank, Nanyang Commercial Bank, Standard Chartered Bank (Hong Kong), and UBS AG Hong Kong Branch[5](index=5&type=chunk) [Financial Summary](index=4&type=section&id=Financial%20Summary) Presents key financial performance and position highlights for the six months ended June 30, 2025, showing a return to profitability and improved financial health [Financial Summary](index=5&type=section&id=Financial%20Summary) For the six months ended June 30, 2025, the Group achieved a net profit of approximately HK$35.6 million, with profit attributable to owners of HK$12.7 million, alongside growth in net assets and a stable liquidity ratio Key Financial Data for the Six Months Ended June 30, 2025 | Indicator | 2025 (HK$) | 2024 (HK$) | | :--- | :--- | :--- | | Revenue | 900,923,000 | 914,280,000 | | Net Profit | 35,593,000 | (28,542,000) | | Profit Attributable to Owners of the Company | 12,727,000 | (47,676,000) | | **As of June 30, 2025** | | | | Net Assets | 3,436,900,000 | 3,380,347,000 (December 31, 2024) | | Net Current Assets | 1,306,142,000 | 1,300,647,000 (December 31, 2024) | | Current Ratio | 3.19 | 3.19 (December 31, 2024) | | Gearing Ratio | 0.38% | 2.71% (December 31, 2024) | - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (2024: nil)[6](index=6&type=chunk) [Management Discussion and Analysis](index=5&type=section&id=Management%20Discussion%20and%20Analysis) Discusses the Group's financial performance, business operations, future outlook, and financial resources, highlighting key drivers and strategic initiatives [Financial Review](index=5&type=section&id=Financial%20Review) The Group returned to profitability with a HK$35.6 million profit for the first half, driven by reduced fair value losses on investment properties and lower impairment losses from associates, despite a decrease in gross profit - The Group recorded an unaudited profit of approximately **HK$35.59 million** (2024: loss of approximately HK$28.54 million), including profit attributable to owners of approximately **HK$12.73 million** (2024: loss of approximately HK$47.68 million)[8](index=8&type=chunk) - Fair value loss on investment properties decreased to approximately **HK$2.55 million** (2024: HK$26.87 million), primarily due to a continued but less severe contraction in the Hong Kong property market[8](index=8&type=chunk) - No impairment loss on interests in associates was recognized in the current period, compared to an impairment loss of approximately **HK$36.7 million** for the six months ended June 30, 2024[9](index=9&type=chunk) - Share of profit from associates was approximately **HK$7.26 million** (2024: share of loss of approximately HK$1.99 million), mainly attributable to cost control measures implemented by associates[10](index=10&type=chunk) - Gross profit decreased to approximately **HK$230.18 million** (2024: HK$249.55 million), primarily due to the overall unfavorable economic environment[11](index=11&type=chunk) [Business Review](index=6&type=section&id=Business%20Review) As a leading listed healthcare group in Hong Kong, the Group's operations span Hong Kong medical services, network management, Mainland China hospital and health management, and medical aesthetics, demonstrating resilience and achieving profitability amidst a challenging macroeconomic environment - The Group's business covers five core areas: Hong Kong medical services, medical network management; Mainland China hospital management, health management; and medical aesthetics and beauty wellness in Hong Kong and Mainland China[12](index=12&type=chunk) - Cost control measures were implemented, including reducing unnecessary procedures, streamlining structures, and optimizing staffing, to enhance operational effectiveness and efficiency[12](index=12&type=chunk) - As of June 30, 2025, the Group operated **422 medical service points** covering various specialties, with a total of **810 doctors, dentists, and allied health professionals**[16](index=16&type=chunk) [Group Overview and Strategy](index=6&type=section&id=Group%20Overview%20and%20Strategy) The Group, a long-established and large-scale listed healthcare provider in Hong Kong and Mainland China, achieved profitability through cost control, operational optimization, and strategic partnerships, while actively expanding cross-border medical services in the Greater Bay Area - The Group is one of the longest-established and largest listed healthcare groups in Hong Kong, providing comprehensive healthcare services in both Hong Kong and Mainland China[12](index=12&type=chunk) - The Group optimized its Hong Kong chain clinic network, closing underperforming centers, aiming to open multi-clinic integrated medical centers in densely populated communities, and launched "General Practitioner Teleconsultation Services"[13](index=13&type=chunk) - The Group supports Hong Kong residents in accessing health check-ups and medical services in the Guangdong-Hong Kong-Macao Greater Bay Area and provides comprehensive concierge services for Mainland Chinese seeking medical treatment in Hong Kong, having signed a cooperation agreement with China Life Overseas Company Hong Kong Branch[14](index=14&type=chunk) - Plans are underway to build a full-cycle, integrated, one-stop healthcare service ecosystem connecting its chain clinics, medical imaging and diagnostic centers, health management centers, hospitals, and internet hospitals[14](index=14&type=chunk) [Hong Kong Operations](index=9&type=section&id=Hong%20Kong%20Operations) Hong Kong operations encompass medical services and network management, with the Group optimizing clinic layouts, launching teleconsultation, participating in government primary healthcare initiatives, and enhancing its Vio network through system upgrades and customized client services Hong Kong Business Revenue Contribution | Business Type | H1 2025 Revenue (HK$) | H1 2024 Revenue (HK$) | H1 2025 Revenue Share | H1 2024 Revenue Share | | :--- | :--- | :--- | :--- | :--- | | Medical Services | 377,546,000 | 394,462,000 | 41.91% | 43.14% | | Medical Network Management | 233,162,000 | 250,043,000 | 25.88% | 27.35% | [Medical Services](index=9&type=section&id=Medical%20Services) The Group provides general, specialist, dental, and allied health services in Hong Kong under "Quality HealthCare" and "CMH Medical" brands, actively participating in government primary healthcare schemes, optimizing clinic locations, and introducing teleconsultation services - Operates one of the largest and most comprehensive chain clinic networks in Hong Kong, offering general, specialist, dental, and allied health services under the "Quality HealthCare" and "CMH Medical" brands[17](index=17&type=chunk) - Actively responds to the government's primary healthcare development strategy, strengthening public-private collaboration to enhance accessibility of private medical services[17](index=17&type=chunk) - Optimized the layout of Hong Kong chain clinics, reopening three general practitioner clinics and one pediatric clinic in Lucky Plaza, Sha Tin, and adding a "Quality HealthCare Medical Centre" in Choi Hung[18](index=18&type=chunk) - Launched "General Practitioner Teleconsultation Services" to provide convenient consultations for customers in Hong Kong, with same-day free express delivery of medication[18](index=18&type=chunk) - Dental clinics participate in Phase II of the Pilot Scheme for Dental Services (Scaling) for Civil Servants and Eligible Persons, and joined the Pilot Scheme on Co-care for Adolescents' Oral Health[22](index=22&type=chunk) [Medical Network Management—Vio](index=12&type=section&id=Medical%20Network%20Management%E2%80%94Vio) Vio, the Group's managed care network in Hong Kong, boasts 77 years of experience, over 600 affiliated providers, and dual ISO certifications, continuously upgrading its information systems and operational processes to maintain market leadership amidst economic uncertainties - Vio has **77 years of extensive experience** and **over 600 affiliated service providers**, developing into a large and diversified primary and specialist medical network[23](index=23&type=chunk) - Vio is the first and only medical network in Hong Kong to simultaneously receive **dual ISO 9001:2015 Quality Management System and ISO 27001:2022 Information Security Management System certifications**[23](index=23&type=chunk) - Continuously invests resources to upgrade its information systems (e.g., web-CMS clinic management system) and optimize operational processes, providing efficient and environmentally friendly medical plan management services for blue-chip corporations, insurance companies, government departments, and public organizations[23](index=23&type=chunk) - Enhances employee belonging through a mentorship program and family-friendly culture, and provides regular training to strengthen customer service and data security awareness[24](index=24&type=chunk) [Mainland China Operations](index=13&type=section&id=Mainland%20China%20Operations) Mainland China operations primarily involve hospital and health management, with Nanshi Hospital enhancing services through a "headquarters + branches" model and AI-powered pre-assessment, while health management centers in Guangzhou, Shenzhen, and Jinan expand specialized services like assisted reproduction and cross-border medical care - Nanyang Xiangrui primarily operates Mainland China hospital management business, continuously providing professional management services to Nanshi Hospital, a national Grade III Class A hospital[25](index=25&type=chunk) - Nanshi Hospital's Internet Hospital has served over **1.5 million patient visits** since its launch in March 2022 until June 2025, and is piloting an "AI+ pre-assessment system"[25](index=25&type=chunk) - Nanshi Hospital's Oncology Department was selected as a **Henan Provincial Clinical Key Specialty** for 2024, and its Burn and Plastic Surgery Department was approved as a **National Clinical Key Specialty**[26](index=26&type=chunk) - Nanshi Hospital was listed in the "First Tier (Class A) Benchmark Hospitals for Socially Run Medical Institutions" and "Top 30 Socially Run Medical Institutions for Medical and Elderly Care Integration" in the **"2025 China Hospital Competitiveness Ranking"**[29](index=29&type=chunk) - The Group's health management centers in Guangzhou, Shenzhen, and Jinan operate stably, offering specialized services such as assisted reproduction, cross-border medical linkages, weight management, gastrointestinal management, and high-end health check-ups[30](index=30&type=chunk)[31](index=31&type=chunk) [Hospital Management Business](index=13&type=section&id=Hospital%20Management%20Business) Nanyang Xiangrui continues to provide professional management services to Nanshi Hospital, a national Grade III Class A hospital, enhancing operational efficiency and patient experience through a "headquarters + branches" model and an "AI+ pre-assessment system," achieving significant progress in specialized departments and advanced technology adoption - Nanshi Hospital's Internet Hospital has served over **1.5 million patient visits** since its launch in March 2022 until June 2025[25](index=25&type=chunk) - Nanshi Hospital's integrated management platform began piloting an "AI+ pre-assessment system" in February 2025, forming a new model of "experiential clinical + intelligent analysis"[25](index=25&type=chunk) - Nanshi Hospital's Pediatrics, Emergency Medicine, Urology, Cardiology, General Surgery, and Ophthalmology departments were selected as **Nanyang City "Clinical Key Specialties,"** and its Oncology Department was selected as a **Henan Provincial Clinical Key Specialty**[26](index=26&type:chunk) - Nanshi Hospital's Gamma Knife successfully passed the on-site acceptance inspection by the Henan Provincial Health Commission expert group, filling a gap in high-end radiotherapy in the southwestern Henan region[26](index=26&type:chunk) - Nanshi Hospital established a joint weight management clinic, breaking down disciplinary barriers to achieve multidisciplinary collaborative diagnosis and treatment, and upgraded its day surgery operating rooms to improve medical hardware facilities[27](index=27&type:chunk) [Health Management Business](index=15&type=section&id=Health%20Management%20Business) The Group's health management centers in Guangzhou, Shenzhen, and Jinan operate stably, expanding into assisted reproduction, cross-border medical linkages, and high-end physical examinations, while collaborating with quality medical institutions to offer diversified health management services - Guangzhou Integrated Outpatient Department strategically collaborates with nearby hospitals and reproductive medicine centers to provide peripheral services for assisted reproduction and women's life cycle healthcare, and introduced traditional Chinese medicine, rehabilitation, and chronic disease management programs[30](index=30&type:chunk) - Shenzhen Ganghe Clinic leverages its geographical advantages in the Guangdong-Hong Kong-Macao Greater Bay Area to promote cross-border medical collaboration and project implementation, offering specialized services such as weight management and gastrointestinal management[30](index=30&type:chunk) - Quality HealthCare International Health Management Center in Jinan serves China Life Insurance Company Limited Shandong Branch and regional corporate clients, providing comprehensive health management services primarily focused on high-end health check-ups[31](index=31&type:chunk) - In addition to health check-up services, Quality HealthCare International Health Management Center collaborates with quality medical institutions in the province to offer diversified health management services, including color Doppler ultrasound examinations, remote consultations, oral healthcare, traditional Chinese medicine healthcare, and chronic disease management[31](index=31&type:chunk) [Other Businesses](index=16&type=section&id=Other%20Businesses) TBMG, operating medical aesthetics and beauty wellness businesses, effectively reduced costs and improved operational efficiency by optimizing resource allocation, strategically adjusting its store network, expanding services, and upgrading its CRM system amidst increasing market competition - TBMG maintained a stable team size, employing **14 full-time and part-time doctors** (2024: 12 doctors)[32](index=32&type:chunk) - TBMG operates **11, 8, 8, and 3 stores** in Hong Kong, Shenzhen, Shanghai, and Guangzhou, respectively (2024: 13, 9, 9, and 3 stores)[32](index=32&type:chunk) - Through optimized resource allocation, costs were effectively reduced, and operational efficiency was improved, implementing strategic store network adjustments by consolidating overlapping or synergistic stores[32](index=32&type:chunk) - Continuously upgrades its customer relationship management system, leveraging a comprehensive database to understand customer consumption behavior characteristics, create personalized service solutions, and enhance customer satisfaction and repurchase rates[32](index=32&type:chunk) [Outlook](index=17&type=section&id=Outlook) Facing a complex macroeconomic environment, the Group will align with market trends, leverage synergies between Hong Kong and Mainland China operations, strengthen primary healthcare and specialist brand complementarity in Hong Kong, and enhance hospital efficiency and specialized health management in Mainland China - Slowing global economic growth and persistent geopolitical uncertainties continue to impact the Hong Kong and Mainland China markets to varying degrees[33](index=33&type:chunk) - Hong Kong's aging population exacerbates demand for primary healthcare, with the government's "Primary Healthcare Blueprint" increasing public-private collaboration, opening new avenues for private medical institutions to participate in public medical services[33](index=33&type:chunk) - Under the guidance of the "Healthy China 2030" policy, Mainland China continues to deepen medical reform, expand medical resource supply, and accelerate digital transformation, creating structural growth opportunities for the healthcare industry[33](index=33&type:chunk) - The Group will closely follow market trends, leverage the synergistic advantages of its Hong Kong and Mainland China operations, strengthen its primary healthcare layout and specialist brand complementarity, and empower medical network management through technology[33](index=33&type:chunk) [Macroeconomic Environment and Industry Opportunities](index=17&type=section&id=Macroeconomic%20Environment%20and%20Industry%20Opportunities) The first half of 2025 saw a complex macroeconomic environment in Hong Kong and Mainland China, with global slowdowns and geopolitical uncertainties, yet the healthcare sector found new growth opportunities through Hong Kong's Primary Healthcare Blueprint and Mainland China's "Healthy China 2030" policy - Slowing global economic growth and persistent geopolitical uncertainties continue to impact the Hong Kong and Mainland China markets to varying degrees[33](index=33&type:chunk) - Hong Kong's aging population exacerbates demand for primary healthcare, with the government's "Primary Healthcare Blueprint" increasing public-private collaboration, opening new avenues for private medical institutions to participate in public medical services[33](index=33&type:chunk) - Under the guidance of the "Healthy China 2030" policy, Mainland China continues to deepen medical reform, expand medical resource supply, and accelerate digital transformation, creating structural growth opportunities for the healthcare industry[33](index=33&type:chunk) [Hong Kong Business Outlook](index=18&type=section&id=Hong%20Kong%20Business%20Outlook) Hong Kong medical services will continue to support the government's Primary Healthcare Blueprint through public-private collaborations and multi-clinic integrated medical centers, while Vio will leverage its dual ISO certifications to deepen partnerships and optimize service processes - In medical services, the Group will leverage its rich medical resources to continue supporting the Hong Kong government's "Primary Healthcare Blueprint" by participating in more government-funded and public-private collaboration schemes[34](index=34&type:chunk) - Plans to open more multi-clinic integrated medical centers in densely populated communities to provide cost-effective medical services, and seeks to strengthen mutually beneficial synergies with its high-end integrated specialist brand "CMH Medical"[34](index=34&type:chunk) - In medical network management, Vio will fully leverage its competitive advantage as Hong Kong's only ISO-certified quality management and information security management medical network to further develop long-term partnerships with blue-chip corporations, insurance companies, government departments, and public organizations[35](index=35&type:chunk) - Vio will further optimize service processes, enhance environmental performance and customer satisfaction, and actively prepare to comply with the licensing requirements of the integrated clinic licensing system under the "Private Healthcare Facilities Ordinance"[35](index=35&type:chunk) [Mainland China Business Outlook](index=19&type=section&id=Mainland%20China%20Business%20Outlook) Mainland China hospital management will focus on differentiated competition and refined management, supporting Nanshi Hospital's integrated development through technological innovation and cost control, while health management will build a comprehensive service system, offering differentiated products and promoting an "insurance + health" ecosystem - Nanyang Xiangrui will deeply analyze the opportunities and challenges faced by socially run medical institutions and propose practical cost reduction and efficiency improvement strategies for Nanshi Hospital from multiple dimensions, including technological innovation, management optimization, cost control, and service upgrades[36](index=36&type:chunk) - The Group will continue to deepen the construction of its health management service system, precisely meeting diverse market health needs by creating differentiated health check-up product portfolios and innovative service models[36](index=36&type:chunk) - Will further strengthen resource integration and business synergy between its health management institutions and strategic partners in various regions, focusing on promoting the development of an "insurance + health" service ecosystem[36](index=36&type:chunk) [Other Business Outlook](index=19&type=section&id=Other%20Business%20Outlook) TBMG will implement a multi-dimensional development strategy, strategically reorganizing its store network, planning a new concept store in Hong Kong with international medical aesthetic equipment, upgrading its CRM system for enhanced customer satisfaction, and evaluating M&A targets for cross-border synergies - TBMG will enhance single-store efficiency through strategic reorganization of its store network and plans to establish a conceptual new store in the New Territories, Hong Kong, in the second half of 2025, introducing internationally leading medical aesthetic equipment and technology[37](index=37&type:chunk) - Will continue to invest resources in upgrading its customer relationship management system, utilizing big data to enhance customer satisfaction and retention rates, and promote customer conversion between beauty wellness and medical aesthetics[37](index=37&type:chunk) - TBMG will also evaluate high-quality M&A targets in Hong Kong and Mainland China, expand its ecosystem of strategic partners, and explore cross-border business synergy opportunities[37](index=37&type:chunk) [Liquidity and Financial Resources](index=19&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group maintained strong liquidity with total bank balances and deposits of approximately HK$1,410.3 million, net current assets of HK$1,306.1 million, a current ratio of 3.19, and a significantly reduced gearing ratio of 0.38%, adhering to prudent financial management Overview of Liquidity and Financial Resources | Indicator | June 30, 2025 (HK$) | December 31, 2024 (HK$) | | :--- | :--- | :--- | | Total Bank Balances and Deposits | 1,410,255,000 | 1,420,245,000 | | Bank Borrowings | 11,436,000 | 80,683,000 | | Unutilized Banking Facilities | 20,000,000 | 20,000,000 | | Net Current Assets | 1,306,142,000 | 1,300,647,000 | | Current Ratio | 3.19 | 3.19 | | Gearing Ratio | 0.38% | 2.71% | - The Group adopts a prudent cash and financial management policy, aiming to minimize borrowing levels and maintain sufficient internal resources to support business operations[39](index=39&type:chunk) - The Group's primary currencies for transactions are Hong Kong Dollars and Renminbis, and it considers the foreign exchange risk faced to be manageable, with regular reviews of exchange rate risks[40](index=40&type:chunk) - During the review period, the Group did not use any financial instruments for hedging activities[41](index=41&type:chunk) [Capital Structure](index=21&type=section&id=Capital%20Structure) As of June 30, 2025, equity attributable to owners of the Company increased to approximately HK$3,009.3 million from December 31, 2024 - As of June 30, 2025, the Group's equity attributable to owners of the Company was approximately **HK$3,009.31 million** (December 31, 2024: HK$2,976.91 million)[42](index=42&type:chunk) [Share Capital](index=21&type=section&id=Share%20Capital) Details of changes in the Company's share capital during the review period are provided in Note 22 to the condensed consolidated financial statements - Details of changes in the Company's share capital during the review period are provided in Note 22 to the condensed consolidated financial statements for the six months ended June 30, 2025[43](index=43&type:chunk) [Significant Investments, Acquisitions and Disposals](index=21&type=section&id=Significant%20Investments%2C%20Acquisitions%20and%20Disposals) The Group did not undertake any significant investment, acquisition, or disposal activities during the review period - During the review period, the Group did not have any significant investments, significant acquisitions, or disposals[44](index=44&type:chunk) [Pledge of Assets](index=21&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group pledged assets totaling approximately HK$29.9 million, including leasehold land and buildings and bank deposits, as collateral for mortgage loans and general banking facilities - As of June 30, 2025, certain assets pledged by the Group totaled approximately **HK$29.89 million** (December 31, 2024: HK$120.55 million)[45](index=45&type:chunk) - Collateral includes leasehold land and buildings of approximately **HK$28.88 million** (December 31, 2024: HK$30.44 million, and investment properties of approximately HK$89 million) as security for mortgage loans[45](index=45&type:chunk) - Bank deposits of approximately **HK$1.02 million** (December 31, 2024: HK$1.11 million) were pledged as security for general banking facilities[45](index=45&type:chunk) [Contingent Liabilities](index=21&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities (December 31, 2024: nil)[46](index=46&type:chunk) [Litigation](index=22&type=section&id=Litigation) The Group initiated litigation against the vendors of Central Medical due to unmet profit guarantees, with revised claims of HK$172.96 million for FY2023 and HK$234.07 million for FY2024, with proceedings ongoing and outcomes uncertain - Central Medical Group's adjusted net profit for the year ended March 31, 2023, was **HK$23.47 million**, falling below the performance target of HK$30 million[48](index=48&type:chunk) - The buyer revised the original claim amount from HK$97.96 million to **HK$172.96 million**, with related litigation proceedings ongoing[48](index=48&type:chunk)[50](index=50&type:chunk) - Central Medical Group's actual adjusted net profit for the financial year ended March 31, 2024, was **HK$14.40 million**, falling below the performance target of HK$30 million[51](index=51&type:chunk) - The buyer has claimed **HK$234.07 million** from the defendants and has commenced litigation[52](index=52&type:chunk) - Due to the confidentiality of legal proceedings, the Company is currently unable to disclose further information and will issue further announcements in due course in accordance with the Listing Rules[50](index=50&type:chunk)[52](index=52&type:chunk) [Events After Reporting Period](index=24&type=section&id=Events%20After%20Reporting%20Period) No events with significant impact on the Group's business have occurred since June 30, 2025, other than those already disclosed in this report - Save as disclosed in this report, no events with significant impact on the Group have occurred since June 30, 2025[53](index=53&type:chunk) [Human Resources and Training Programs](index=24&type=section&id=Human%20Resources%20and%20Training%20Programs) As of June 30, 2025, the Group employed 1,388 staff with total employee costs of approximately HK$363.78 million, offering competitive remuneration, performance-based bonuses, specialized training, and a code of conduct to enhance service quality and professional development - As of June 30, 2025, the Group employed **1,388 staff** (December 31, 2024: 1,441 staff)[54](index=54&type:chunk) - Total employee costs for the six months ended June 30, 2025, were approximately **HK$363.78 million** (2024: HK$380.54 million)[54](index=54&type:chunk) - The Group's employees receive competitive salaries and benefits, with individual performance rewarded through the Group's salary and bonus scheme[54](index=54&type:chunk) - In addition to a strict code of conduct applicable to all employees, staff are provided with specialized training and manuals[54](index=54&type:chunk) [Use of Net Proceeds from Share Issuance](index=25&type=section&id=Use%20of%20Net%20Proceeds%20from%20Share%20Issuance) The Group adjusted the use and timeline of net proceeds from two share issuances to better respond to the business environment and capitalize on global healthcare opportunities, terminating the "one-stop IT online platform" development and reallocating funds to hospital and medical institution acquisitions, investments, and development - The Board resolved to extend the timeline for utilizing the unutilized balance of the first tranche of net proceeds from end-2023 to **end-2026**[57](index=57&type:chunk) - One of the originally intended uses, "development of a 'one-stop IT online platform'," has been terminated, and its remaining unutilized balance of approximately **HK$62 million** has been reallocated for "acquisition, investment, and development of hospitals and medical institutions, and medical or health-related businesses"[57](index=57&type:chunk) - The original intended use of the unutilized balance of the second tranche of net proceeds will be changed to allow the entire unutilized balance of **HK$996 million** to be used for "acquisition, investment, and development of medical and health-related businesses for providing medical, dental, rehabilitation, nursing, elderly care, health check-up, laboratory testing, medical diagnosis, managed care, and medical tourism services"[62](index=62&type:chunk) [Issuance of Subscription Shares and Convertible Preference Shares](index=25&type=section&id=Issuance%20of%20Subscription%20Shares%20and%20Convertible%20Preference%20Shares) Net proceeds of approximately HK$880 million from 2014 share and convertible preference share issuances, originally for Mainland China medical market expansion, Hong Kong specialist centers, dental clinics, and an IT platform, have been reallocated for hospital and medical institution acquisitions, investments, and development, with the IT platform project terminated and geographical restrictions removed, extending the utilization timeline to end-2026 - The net proceeds from the ordinary share subscription and convertible preference share subscription totaled approximately **HK$880 million**[55](index=55&type:chunk) Original Use and Utilized Status of First Tranche of Net Proceeds (as of December 31, 2023) | Use | Amount (HK$ million) | Total Utilized (HK$ million) | Unutilized Balance (HK$ million) | | :--- | :--- | :--- | :--- | | Acquisition, investment, and development of hospitals and medical institutions in Mainland China, and medical or health-related businesses in Hong Kong | 650 | 602 | 48 | | Investment and development of multiple specialist medical centers in Hong Kong and a chain dental clinic in Mainland China | 150 | 13 | 137 | | Development of a "one-stop IT online platform" to integrate the Group's continuously developing diverse medical and healthy living businesses | 80 | 18 | 62 | | **Total** | **880** | **633** | **247** | - The remaining unutilized balance of approximately **HK$62 million**, originally allocated for platform development, has been reallocated for "acquisition, investment, and development of hospitals and medical institutions, and medical or health-related businesses," with geographical restrictions removed[57](index=57&type:chunk) - As of June 30, 2025, the unutilized first tranche of net proceeds was approximately **HK$127 million**[59](index=59&type:chunk) [Issuance of Shares to China Life Insurance](index=28&type=section&id=Issuance%20of%20Shares%20to%20China%20Life%20Insurance) Net proceeds of approximately HK$1,746 million from 2015 share issuance to China Life Insurance, initially for Mainland China dental, hospital, rehabilitation, and health check businesses, have been entirely reallocated to acquire, invest in, and develop medical and health-related businesses across various services, with geographical restrictions removed and the utilization timeline extended to end-2026 - The net proceeds from the issuance of shares to China Life Insurance were approximately **HK$1,746 million**[60](index=60&type:chunk) Original Use and Utilized Status of Second Tranche of Net Proceeds (as of December 31, 2023) | Use | Amount (HK$ million) | Total Utilized (HK$ million) | Unutilized Balance (HK$ million) | | :--- | :--- | :--- | :--- | | Development of dental chain businesses and investment or acquisition of dental clinics and/or hospitals in Mainland China; development or acquisition of medical clinics; development of hospitals, investment or acquisition of public or private hospitals; development or acquisition of rehabilitation specialist hospitals and (if applicable) nursing homes and/or elderly care homes | 1,500 | 646 | 854 | | Development or acquisition of businesses providing health check-up, laboratory testing, and medical diagnostic services in Mainland China | 150 | 104 | 46 | | Development of managed care businesses and cross-border medical tourism platforms in Mainland China | 96 | 0 | 96 | | **Total** | **1,746** | **750** | **996** | - It was resolved to extend the timeline for utilizing the unutilized balance of the second tranche of net proceeds from end-2023 to **end-2026**[62](index=62&type:chunk) - The entire unutilized balance of **HK$996 million** of these net proceeds will be used for "acquisition, investment, and development of medical and health-related businesses for providing medical, dental, rehabilitation, nursing, elderly care, health check-up, laboratory testing, medical diagnosis, managed care, and medical tourism services," with geographical restrictions removed[62](index=62&type:chunk) - As of June 30, 2025, the unutilized second tranche of net proceeds was approximately **HK$912 million**[62](index=62&type:chunk) [Issuance of Convertible Bonds](index=30&type=section&id=Issuance%20of%20Convertible%20Bonds) The Group issued HK$356 million in convertible bonds in 2022 for the Central Medical acquisition, with Series A and B fully redeemed, and Series C, with an outstanding principal of HK$116 million, maturing on August 26, 2025, which, if fully converted, would result in a minor dilution of approximately 2.25% of the issued share capital - The Company paid **HK$120 million** in cash to the vendors and issued convertible bonds totaling **HK$356 million** in three tranches to the vendors' nominees on August 26, 2022[63](index=63&type:chunk)[66](index=66&type:chunk) - The convertible bonds carry conversion rights, allowing the outstanding principal amount to be converted into conversion shares at a conversion price of **HK$0.76 per share**[63](index=63&type:chunk) - As of June 30, 2025, Series A and B convertible bonds have been fully redeemed, and the outstanding principal amount of convertible bonds is **HK$116 million** (Series C)[64](index=64&type:chunk)[66](index=66&type:chunk) - Assuming the outstanding convertible bonds of **HK$116 million** are fully converted at a conversion price of HK$0.76 per share, a maximum of **152,631,579 conversion shares** will be issued, representing approximately **2.25%** of the Company's issued share capital as of June 30, 2025[65](index=65&type:chunk) Major Shareholder Equity Dilution Impact (Assuming Full Conversion of Convertible Bonds) | Shareholder Name | Equity Immediately Before Exercise of Conversion Rights (Approx. %) | Equity Immediately After Exercise of Conversion Rights (Approx. %) | | :--- | :--- | :--- | | China Life Insurance | 26.35% | 25.77% | | Broad Idea | 20.94% | 20.48% | | Choi Ka Tsan | 28.21% | 27.59% | | Dr. Choi | 20.95% | 20.49% | | Classictime | 12.26% | 11.99% | | Win Group | 12.26% | 11.99% | | Kwok Wai King | 5.28% | 5.17% | - The Company expects to be able to meet its redemption obligations under the outstanding convertible bonds[67](index=67&type:chunk) [Disclosure of Interests](index=31&type=section&id=Disclosure%20of%20Interests) Details the interests and short positions of directors, chief executives, and major shareholders in the Company's shares, underlying shares, and debentures as of June 30, 2025 [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures](index=32&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%20and%20Debentures) As of June 30, 2025, Mr. Choi Ka Tsan held 1,911,136,764 shares, representing approximately 28.21% of the Company's equity, including shares held by his controlled corporation, Broad Idea Mr. Choi Ka Tsan's Long Position in Shares | Shareholder Name | Capacity | Number of Shares Held | Total Number of Shares Held | Approximate Percentage of Company's Equity | | :--- | :--- | :--- | :--- | :--- | | Choi Ka Tsan | Interest of controlled corporation | 1,418,576,764 | 1,911,136,764 | 28.21% | | | Beneficial owner | 492,560,000 | | | - Mr. Choi Ka Tsan and Dr. Choi are deemed to be interested in the **1,418,576,764 shares** held by Broad Idea[71](index=71&type:chunk) - Save as disclosed above, as of June 30, 2025, no director or chief executive of the Company had any interests or short positions in the shares, underlying shares, or debentures of the Company or any of its associated corporations that were required to be recorded in the register kept by the Company under Section 352 of the Securities and Futures Ordinance, or otherwise notified to the Company and the Stock Exchange under the Standard Code[70](index=70&type:chunk) [Directors' Rights to Acquire Shares or Debentures](index=33&type=section&id=Directors'%20Rights%20to%20Acquire%20Shares%20or%20Debentures) During the six months ended June 30, 2025, no arrangements were made by the Company or its affiliates for directors, chief executives, or their associates to benefit from acquiring shares or debentures of the Company or any other body corporate - At no time during the six months ended June 30, 2025, had the Company, its subsidiaries, fellow subsidiaries, or holding company entered into any arrangements that would enable the directors or chief executive of the Company or their respective spouses or children under 18 years of age to acquire benefits by means of the acquisition of shares or debentures of the Company or any other body corporate[72](index=72&type:chunk) [Major Shareholders' Interests and Short Positions in Shares and Underlying Shares](index=33&type=section&id=Major%20Shareholders'%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares) As of June 30, 2025, major shareholders, excluding directors and chief executives, included China Life Insurance, Broad Idea, Mr. Choi Ka Tsan, Dr. Choi, Classictime, Win Group, and Ms. Kwok Wai King, holding interests in the Company's shares or underlying shares Major Shareholders' Long Positions in Shares (as of June 30, 2025) | Shareholder Name/Name | Capacity | Number of Shares Held | Total Number of Shares Held | Approximate Percentage of Company's Equity | | :--- | :--- | :--- | :--- | :--- | | China Life Insurance | Beneficial owner | 1,785,098,644 | 1,785,098,644 | 26.35% | | Broad Idea | Beneficial owner | 1,418,576,764 | 1,418,576,764 | 20.94% | | Choi Ka Tsan | Interest of controlled corporation | 1,418,576,764 | 1,911,136,764 | 28.21% | | | Beneficial owner | 492,560,000 | | | | Dr. Choi | Interest of controlled corporation | 1,418,576,764 | 1,419,198,764 | 20.95% | | | Beneficial owner | 622,000 | | | | Classictime | Beneficial owner | 830,742,000 | 830,742,000 | 12.26% | | Win Group | Interest of controlled corporation | 830,742,000 | 830,742,000 | 12.26% | | Kwok Wai King | Beneficial owner | 356,164,000 | 357,874,000 | 5.28% | | | Jointly interested with another person | 1,710,000 | | | - Mr. Choi Ka Tsan and Dr. Choi are deemed to be interested in the **1,418,576,764 shares** held by Broad Idea[77](index=77&type:chunk) - Win Group is deemed to be interested in the **830,742,000 shares** held by Classictime[77](index=77&type:chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=34&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any listed securities during the review period - During the review period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any listed shares[76](index=76&type:chunk) [Corporate Governance](index=34&type=section&id=Corporate%20Governance) Outlines the Company's commitment to maintaining high corporate governance standards, compliance with codes, and the roles of its audit committee and auditor [Corporate Governance Standards](index=35&type=section&id=Corporate%20Governance%20Standards) The Board is committed to upholding strong corporate governance standards to foster long-term sustainable growth and deliver value to all stakeholders, believing it safeguards shareholder interests, enhances corporate value, manages risks, and increases transparency - The Board is committed to maintaining good corporate governance standards, aiming to create long-term sustainable growth for shareholders and provide long-term value to all stakeholders[78](index=78&type:chunk) - Good corporate governance standards provide the Group with a framework for safeguarding shareholder interests, enhancing corporate value, formulating its business strategies and policies, managing relevant risks through effective internal control systems, and increasing the Group's transparency and accountability to shareholders and creditors[78](index=78&type:chunk) [Auditor](index=35&type=section&id=Auditor) UHY CPA Limited has served as the Group's auditor since February 15, 2018, and has been re-appointed at successive annual general meetings - UHY CPA Limited has been the Group's auditor since **February 15, 2018**[79](index=79&type:chunk) - The Company has re-appointed UHY CPA Limited as its auditor at successive annual general meetings[79](index=79&type:chunk) [Compliance with Corporate Governance Code](index=35&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) During the review period, the Company complied with the Corporate Governance Code, except for the combined roles of Chairman and Chief Executive held by Mr. Choi Ka Tsan, an arrangement the Board believes ensures consistent leadership and operational efficiency without compromising power balance due to a majority of non-executive and independent non-executive directors - During the review period, the Company complied with the code provisions set out in Appendix C1 of the Listing Rules' Corporate Governance Code, except for the combined roles of Chairman and Chief Executive Officer held by Mr. Choi Ka Tsan[80](index=80&type:chunk) - The Board believes that combining the roles of Chairman and Chief Executive Officer ensures consistent leadership for formulating and advancing long-term strategies and helps optimize the Group's operational efficiency[80](index=80&type:chunk) - With four non-executive directors and six independent non-executive directors forming a majority on the 14-member Board, the Board believes this arrangement does not compromise the balance of power between the Board and the Group's management[80](index=80&type:chunk) [Compliance with Standard of Dealings in Securities](index=36&type=section&id=Compliance%20with%20Standard%20of%20Dealings%20in%20Securities) The Company adopted the Standard of Dealings in Securities as a code of conduct for directors' securities transactions, and all directors confirmed compliance during the six months ended June 30, 2025 - The Company has adopted the Standard of Dealings in Securities set out in Appendix C3 of the Listing Rules as a code of conduct for directors' securities transactions[82](index=82&type:chunk) - Following specific inquiries with all directors, all directors confirmed compliance with the required standards set out in the Standard of Dealings in Securities during the six months ended June 30, 2025[82](index=82&type:chunk) [Sufficient Public Float](index=36&type=section&id=Sufficient%20Public%20Float) As of the date of this interim report, the Company maintains a sufficient public float as required by the Listing Rules - As of the date of this interim report, based on publicly available information and to the best of the directors' knowledge, the Company maintains a sufficient public float as required by the Listing Rules[83](index=83&type:chunk) [Changes in Directors' Information](index=36&type=section&id=Changes%20in%20Directors'%20Information) No changes in directors' and chief executive's information requiring disclosure under Listing Rule 13.51B(1) occurred, except for Mr. Choi Ka Tsan, Chairman and Chief Executive, being awarded the Gold Bauhinia Star on July 1, 2025 - Mr. Choi Ka Tsan, Chairman and Chief Executive Officer and Executive Director of the Company, was awarded the **Gold Bauhinia Star** by the Government of the Hong Kong Special Administrative Region of the People's Republic of China on July 1, 2025[84](index=84&type:chunk) - No other changes in the information of the Company's directors and chief executive officer are required to be disclosed under Listing Rule 13.51B(1)[84](index=84&type:chunk) [Audit Committee](index=36&type=section&id=Audit%20Committee) As of June 30, 2025, the Audit Committee, comprising three independent non-executive directors and one non-executive director, reviewed the Group's accounting principles, internal controls, and financial reporting matters, including this interim report, in conjunction with management - As of June 30, 2025, the Audit Committee comprised three independent non-executive directors (Mr. Chan Wai Kun, Dr. Xu Weiguo, and Mr. Cheung Ka Ming) and one non-executive director (Mr. Liu Yang)[85](index=85&type:chunk) - The Audit Committee, in conjunction with management, reviewed the accounting principles and practices adopted by the Group and discussed matters related to internal controls and financial reporting, including the review of the Group's unaudited condensed consolidated financial statements and this interim report for the six months ended June 30, 2025[85](index=85&type:chunk) [Review of Interim Results](index=36&type=section&id=Review%20of%20Interim%20Results) The Group's condensed consolidated financial information for the six months ended June 30, 2025, though unaudited, was reviewed by the Audit Committee and by UHY CPA Limited in accordance with Hong Kong Standard on Review Engagements 2410 - The Group's condensed consolidated financial information for the six months ended June 30, 2025, is unaudited but has been reviewed by the Audit Committee[86](index=86&type:chunk) - UHY CPA Limited has reviewed the Group's condensed consolidated interim financial statements for the six months ended June 30, 2025, in accordance with Hong Kong Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Hong Kong Institute of Certified Public Accountants[86](index=86&type:chunk) [Independent Auditor's Review Report](index=36&type=section&id=Independent%20Auditor's%20Review%20Report) Presents the independent auditor's conclusion on the condensed consolidated financial statements for the six months ended June 30, 2025 [Independent Auditor's Review Report](index=37&type=section&id=Independent%20Auditor's%20Review%20Report) UHY CPA Limited reviewed the Group's condensed consolidated financial statements for the six months ended June 30, 2025, in accordance with HKSRS 2410, concluding that nothing came to their attention suggesting the statements were not prepared in all material respects according to HKAS 34 - The auditor has reviewed the condensed consolidated financial statements of Quality HealthCare Medical Services Group Limited and its subsidiaries on pages 38 to 77[88](index=88&type:chunk) - The review was conducted in accordance with Hong Kong Standard on Review Engagements 2410 issued by the Hong Kong Institute of Certified Public Accountants, which is substantially less in scope than an audit, and therefore no audit opinion is expressed[89](index=89&type:chunk) - Based on the review, nothing came to the auditor's attention that causes them to believe that the condensed consolidated financial statements as of June 30, 2025, are not prepared in all material respects in accordance with Hong Kong Accounting Standard 34[90](index=90&type:chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=38&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) Provides a summary of the Group's financial performance, including revenue, profit or loss, and other comprehensive income for the reporting period [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=39&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group achieved a profit of HK$35.59 million, a significant improvement from the prior year's loss of HK$28.54 million, with profit attributable to owners at HK$12.73 million and total comprehensive income of HK$74.90 million Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Summary | Indicator | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | Revenue | 900,923 | 914,280 | | Gross Profit | 230,179 | 249,553 | | Profit (Loss) for the Period | 35,593 | (28,542) | | Profit (Loss) for the Period Attributable to Owners of the Company | 12,727 | (47,676) | | Total Comprehensive Income (Expense) for the Period | 74,903 | (84,006) | | Earnings (Loss) Per Share (HK cents) | 0.19 | (0.70) | - Total other comprehensive income (expense) was **HK$39.31 million**, primarily comprising exchange differences arising from translation of foreign operations of **HK$34.70 million** and fair value changes on revaluation of investment properties of **HK$5.72 million**[93](index=93&type:chunk) [Condensed Consolidated Statement of Financial Position](index=40&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) Presents a snapshot of the Group's assets, liabilities, and equity as of the reporting date, reflecting its financial health [Condensed Consolidated Statement of Financial Position](index=41&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group reported total assets of HK$4,103.55 million, total liabilities of HK$666.65 million, and total equity of HK$3,436.90 million, maintaining a robust financial position with net current assets of HK$1,306.14 million and a current ratio of 3.19 Condensed Consolidated Statement of Financial Position Summary | Indicator | June 30, 2025 (HK$ '000) | December 31, 2024 (HK$ '000) | | :--- | :--- | :--- | | Non-current Assets | 2,200,713 | 2,232,058 | | Current Assets | 1,902,840 | 1,894,845 | | **Total Assets** | **4,103,553** | **4,126,903** | | Current Liabilities | 596,698 | 594,198 | | Non-current Liabilities | 69,955 | 152,358 | | **Total Liabilities** | **666,653** | **746,556** | | Equity Attributable to Owners of the Company | 3,009,308 | 2,976,914 | | Non-controlling Interests | 427,592 | 403,433 | | **Total Equity** | **3,436,900** | **3,380,347** | | Net Current Assets | 1,306,142 | 1,300,647 | - Non-current assets primarily include investment properties, property, plant and equipment, goodwill, intangible assets, and interests in associates[94](index=94&type:chunk) - Current assets primarily include trade and other receivables, and bank balances and cash[94](index=94&type:chunk) - Current liabilities primarily include trade and other payables, and convertible bonds[95](index=95&type:chunk) [Condensed Consolidated Statement of Changes in Equity](index=42&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) Details the changes in the Group's equity attributable to owners and non-controlling interests over the reporting period [Condensed Consolidated Statement of Changes in Equity](index=43&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, equity attributable to owners increased from HK$2,976.91 million to HK$3,009.31 million, primarily due to a period profit of HK$12.73 million and exchange differences from foreign currency translation Condensed Consolidated Statement of Changes in Equity Summary | Item | June 30, 2025 (HK$ '000) | June 30, 2024 (HK$ '000) | | :--- | :--- | :--- | | Equity Attributable to Owners of the Company (Beginning of Period) | 2,976,914 | 3,242,129 | | Profit (Loss) for the Period | 12,727 | (47,676) | | Exchange Differences Arising from Translation of Foreign Operations | 23,181 | (28,673) | | Fair Value Changes on Revaluation of Property | 5,720 | – | | Fair Value Changes on Revaluation of Investments | (1,106) | (22,422) | | Dividends Declared | (8,128) | (8,128) | | Dividends Paid to Non-controlling Interests | (10,222) | (1,887) | | **Equity Attributable to Owners of the Company (End of Period)** | **3,009,308** | **3,137,907** | | Non-controlling Interests (End of Period) | 427,592 | 386,818 | | **Total Equity (End of Period)** | **3,436,900** | **3,524,725** | - Profit for the period was **HK$12.73 million**, and profit attributable to non-controlling interests was **HK$22.87 million**[96](index=96&type:chunk) - Exchange differences arising from translation of foreign operations were **HK$23.18 million**, and fair value changes on revaluation of properties transferred from "property, plant and equipment" to "investment properties" were **HK$5.72 million**[96](index=96&type:chunk) [Condensed Consolidated Statement of Cash Flows](index=44&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) Summarizes the cash inflows and outflows from operating, investing, and financing activities for the reporting period [Condensed Consolidated Statement of Cash Flows](index=45&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, the Group generated HK$78.48 million net cash from operations and HK$94.47 million net cash from investing activities, while utilizing HK$123.24 million in financing activities, resulting in a net increase of HK$49.71 million in cash and cash equivalents Condensed Consolidated Statement of Cash Flows Summary | Item | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 78,478 | 141,587 | | Net Cash from (Used in) Investing Activities | 94,472 | (236,943) | | Net Cash Used in Financing Activities | (123,236) | (174,600) | | Net Increase (Decrease) in Cash and Cash Equivalents | 49,714 | (269,956) | | Cash and Cash Equivalents at January 1 | 1,191,397 | 1,032,079 | | Effect of Exchange Rate Changes | 12,524 | (13,347) | | Cash and Cash Equivalents at June 30 | 1,253,635 | 748,776 | - Net cash from investing activities shifted from a net outflow in 2024 to a net inflow in 2

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，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Town Health International Medical Group Limited 康健國際醫療集團有限公司 （於開曼群島註冊成立及於百慕達存續之有限公 司） （股份代 號：3886） 有關收購目標集團的溢利保證的最新消息 茲提述康健國際醫療集團有限公司（「本公司」，連同其附屬公司「本集團」）日期為 二零二二年七月十一日、二零二二年八月十五日、二零二二年八月二十六日、二零 二四年四月十九日、二零二四年七月二十三日、二零二五年八月十八日及二零二五 年八月二十九日之公告（統稱「該等公告」），內容有關本集團收購Central Medical Holdings Limited（「目標公司」）及其附屬公司（「目標集團」）之全部權益及相關溢利保 證。除非另有規定，本公告所用詞彙具有於該等公告中所賦予的相同涵義。 本公司謹此告知股東有關訴訟程序及溢利保證的最新情況： 1 截至二零二三年三月三十一日止財政年 ...

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 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) | 03886 | 說明 | 康健國際醫療 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 30,000,000,000 | HKD | | 0.01 HKD | | 300,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 30,000,000,000 | HKD | | 0.01 HKD | | 300,000,000 | | 2. 股份分類 | 優先股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | -- ...

集团致力于持续提升营运效率，尤其专注于满足日益增长的高性价比医疗服务需求。集团充分彰显出经 营韧性及适应能力。 格隆汇8月29日丨康健国际医疗(03886.HK)公布中期业绩，2025年上半年，集团录得收入约9.01亿港 元，公司拥有人应占溢利约1272.7万港元，上年同期亏损约4767.6,万港元。 ...

Group 1 - The core viewpoint of the article is that 康健国际医疗 (Kang Jian International Medical) reported a slight decline in revenue but achieved a significant turnaround in profitability for the first half of 2025 [1] Group 2 - The company's revenue for the first half of 2025 was HKD 901 million, representing a year-on-year decrease of 1.46% [1] - The net profit attributable to shareholders was HKD 12.727 million, a recovery from a loss of HKD 47.676 million in the same period last year, indicating a successful turnaround [1] - The basic earnings per share were reported at HKD 0.19 [1]

Core Viewpoint - 康健国际医疗 reported a revenue of HKD 901 million for the first half of 2025, representing a year-on-year decrease of 1.46% [1] - The company achieved a profit attributable to shareholders of HKD 12.727 million, a significant turnaround from a loss of HKD 47.676 million in the same period last year, indicating a successful recovery [1] - Basic earnings per share were reported at HKD 0.19 [1] Financial Performance - Revenue for the first half of 2025 was HKD 901 million, down 1.46% compared to the previous year [1] - The company turned a profit with an attributable profit of HKD 12.727 million, contrasting with a loss of HKD 47.676 million in the prior year [1] - Basic earnings per share increased to HKD 0.19 [1]

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) The Group achieved a net profit of HK$35,593 thousand for the six months ended June 30, 2025, turning around from a net loss in the prior period, with improved net assets and a significantly reduced debt-to-equity ratio Financial Highlights for the Six Months Ended June 30, 2025 | Metric | June 30, 2025 (HK$ thousand) | June 30, 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Revenue | 900,923 | 914,280 | -1.46% | | Net Profit | 35,593 | (28,542) | Swung to profit | | Profit attributable to owners of the Company | 12,727 | (47,676) | Swung to profit | | Metric | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Net Assets | 3,436,900 | 3,380,347 | +1.67% | | Net Current Assets | 1,306,142 | 1,300,647 | +0.42% | | Metric | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Current Ratio | 3.19 | 3.19 | 0.00 | | Debt-to-Equity Ratio | 0.38% | 2.71% | -2.33% | - The Board does not recommend an interim dividend for the six months ended June 30, 2025 (2024: nil)[2](index=2&type=chunk) [Results](index=2&type=section&id=Results) This section provides a detailed overview of the Group's financial performance and position for the reporting period [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The Group recorded revenue of HK$900,923 thousand for the six months ended June 30, 2025, with a net profit of HK$35,593 thousand, turning around from a loss in the prior period due to reduced net other losses and a swing to profit from associates Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the Six Months Ended June 30) | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Revenue | 900,923 | 914,280 | -1.46% | | Gross Profit | 230,179 | 249,553 | -7.76% | | Other Income | 19,377 | 18,660 | +3.84% | | Administrative Expenses | (192,421) | (194,598) | -1.12% | | Net Other Gains and Losses | (3,326) | (69,572) | -95.22% | | Finance Costs | (7,957) | (11,969) | -33.52% | | Share of Results of Associates | 7,264 | (1,991) | Swung to profit | | Profit (Loss) Before Tax | 53,116 | (9,917) | Swung to profit | | Income Tax Expense | (17,523) | (18,625) | -5.92% | | Profit (Loss) for the Period | 35,593 | (28,542) | Swung to profit | | Profit (Loss) attributable to owners of the Company | 12,727 | (47,676) | Swung to profit | | Basic and Diluted Earnings (Loss) Per Share (HK cents) | 0.19 | (0.70) | Swung to profit | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets less current liabilities were HK$3,506,855 thousand, with total equity increasing to HK$3,436,900 thousand, reflecting an optimized financial structure with significantly reduced bank borrowings Condensed Consolidated Statement of Financial Position (As at June 30) | Metric | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | **Non-current Assets** | | | | | Investment Properties | 487,594 | 535,621 | -9.06% | | Property, Plant and Equipment | 339,442 | 305,417 | +11.14% | | Goodwill | 600,662 | 593,253 | +1.25% | | Interests in Associates | 174,334 | 168,794 | +3.28% | | **Current Assets** | | | | | Trade and Other Receivables | 488,003 | 462,852 | +5.43% | | Bank Balances and Cash | 1,253,635 | 1,191,397 | +5.22% | | **Current Liabilities** | | | | | Bank Borrowings | 11,436 | 17,594 | -35.00% | | Convertible Bonds | 115,119 | 112,365 | +2.45% | | Net Current Assets | 1,306,142 | 1,300,647 | +0.42% | | Total Assets Less Current Liabilities | 3,506,855 | 3,532,705 | -0.73% | | **Total Equity** | 3,436,900 | 3,380,347 | +1.67% | [Notes to the Condensed Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures regarding the Group's accounting policies and financial statement items [1. General Information](index=6&type=section&id=1.%20General%20Information) The Company is a limited liability company incorporated in the Cayman Islands and continued in Bermuda, with shares listed on the Hong Kong Stock Exchange, and its functional currency is HKD - The Company is incorporated in Bermuda as an exempted company with its shares listed on the Hong Kong Stock Exchange[10](index=10&type=chunk)[11](index=11&type=chunk) - The condensed consolidated financial statements are presented in HKD, which is also the Company's functional currency[12](index=12&type=chunk) [2. Basis of Preparation](index=6&type=section&id=2.%20Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with HKAS 34 "Interim Financial Reporting" and applicable disclosure requirements of Appendix 16 to the Listing Rules - The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" and the applicable disclosure requirements of Appendix 16 to the Listing Rules[13](index=13&type=chunk) [3. Significant Accounting Policies](index=6&type=section&id=3.%20Significant%20Accounting%20Policies) The condensed consolidated financial statements are prepared on a historical cost basis, with fair value measurement for investment properties and certain financial instruments, and new accounting standards had no material impact - The condensed consolidated financial statements are prepared on a historical cost basis, except for investment properties and certain financial instruments measured at fair value[14](index=14&type=chunk) - The revised Hong Kong Financial Reporting Standards accounting standards were first applied in this interim period but had no material impact on the Group's financial position and performance[15](index=15&type=chunk) - The Group has not early adopted new and revised Hong Kong Financial Reporting Standards accounting standards that have been issued but are not yet effective, and is assessing their full impact[16](index=16&type=chunk)[17](index=17&type=chunk) [4. Revenue](index=8&type=section&id=4.%20Revenue) The Group's total revenue for the six months ended June 30, 2025, was HK$900,923 thousand, primarily from Hong Kong medical services, network management, and Mainland China hospital management, with most revenue recognized at a point in time Revenue Classification (For the Six Months Ended June 30) | Revenue Source | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Hong Kong Medical Services | 377,546 | 394,462 | -4.30% | | Hong Kong Medical Network Management Business | 233,162 | 250,043 | -6.75% | | Mainland China Hospital Management and Medical Services | 285,985 | 264,377 | +8.17% | | Others (Rental Income) | 4,230 | 5,398 | -21.64% | | **Total** | **900,923** | **914,280** | **-1.46%** | - Most revenue (HK$859,712 thousand) is recognized at a point in time, while HK$36,981 thousand is recognized over a period of time[19](index=19&type=chunk)[20](index=20&type=chunk) [5. Segment Information](index=9&type=section&id=5.%20Segment%20Information) The Group operates in four segments: Hong Kong medical services, medical network management, Mainland China hospital management, and others, with Mainland China showing significant growth while Hong Kong segments experienced revenue declines - The Group's four operating and reportable segments are: Hong Kong Medical Services, Hong Kong Medical Network Management Business, Mainland China Hospital Management and Medical Services, and Others (property leasing and other healthcare-related services)[21](index=21&type=chunk)[23](index=23&type=chunk) Segment Revenue and Results (For the Six Months Ended June 30) | Segment | 2025 Revenue (HK$ thousand) | 2024 Revenue (HK$ thousand) | Revenue Change | 2025 Segment Results (HK$ thousand) | 2024 Segment Results (HK$ thousand) | Results Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hong Kong Medical Services | 377,546 | 394,462 | -4.30% | 15,578 | 38,397 | -59.46% | | Hong Kong Medical Network Management Business | 233,162 | 250,043 | -6.75% | 19,733 | 18,851 | +4.68% | | Mainland China Hospital Management and Medical Services | 285,985 | 264,377 | +8.17% | 34,508 | 25,559 | +35.01% | | Others | 4,230 | 5,398 | -21.64% | 14,019 | (54,496) | Swung to profit | | **Total** | **900,923** | **914,280** | **-1.46%** | **83,838** | **28,311** | **+196.13%** | Revenue from External Customers by Geographical Location (For the Six Months Ended June 30) | Geographical Location | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Hong Kong | 614,938 | 649,903 | -5.40% | | Other Mainland China | 285,985 | 264,377 | +8.17% | | **Total** | **900,923** | **914,280** | **-1.46%** | [6. Other Income](index=11&type=section&id=6.%20Other%20Income) The Group's total other income for the six months ended June 30, 2025, was HK$19,377 thousand, a slight increase primarily driven by higher interest and dividend income, despite a decrease in miscellaneous income Other Income (For the Six Months Ended June 30) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Dividend Income | 1,135 | 595 | +90.76% | | Interest Income | 14,900 | 13,937 | +6.91% | | Rental Income | 1,505 | 1,416 | +6.29% | | Miscellaneous Income | 1,837 | 2,712 | -32.26% | | **Total** | **19,377** | **18,660** | **+3.84%** | [7. Net Other Gains and Losses](index=12&type=section&id=7.%20Net%20Other%20Gains%20and%20Losses) The Group's net other gains and losses for the six months ended June 30, 2025, was a loss of HK$3,326 thousand, a significant reduction from the prior period's loss, mainly due to decreased fair value losses on investment properties and impairment losses on interests in associates Net Other Gains and Losses (For the Six Months Ended June 30) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Fair Value Change of Investment Properties | (2,546) | (26,870) | -90.53% | | Fair Value Change of Financial Assets at Fair Value Through Profit or Loss | (552) | (4,348) | -87.33% | | Impairment Loss Recognized on Interests in Associates | – | (36,700) | -100.00% | | Impairment Loss Recognized on Right-of-Use Assets | (399) | (1,329) | -70.00% | | Gain (Loss) on Disposal/Write-off of Property, Plant and Equipment | 63 | (23) | Swung to profit | | Other | 108 | (302) | Swung to profit | | **Total** | **(3,326)** | **(69,572)** | **-95.22%** | [8. Finance Costs](index=12&type=section&id=8.%20Finance%20Costs) The Group's finance costs for the six months ended June 30, 2025, decreased significantly by 33.52% to HK$7,957 thousand, primarily due to reduced interest on convertible bonds and bank borrowings Finance Costs (For the Six Months Ended June 30) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Interest on Bank Borrowings | 2,060 | 2,704 | -23.82% | | Interest on Lease Liabilities | 3,143 | 3,388 | -7.23% | | Interest on Convertible Bonds | 2,754 | 5,877 | -53.14% | | **Total** | **7,957** | **11,969** | **-33.52%** | [9. Income Tax Expense](index=13&type=section&id=9.%20Income%20Tax%20Expense) The Group's income tax expense for the six months ended June 30, 2025, was HK$17,523 thousand, a slight decrease, with Hong Kong Profits Tax at 16.5% (or 8.25% for the first HK$2,000,000) and Mainland China Enterprise Income Tax at 25% Income Tax Expense (For the Six Months Ended June 30) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Hong Kong Profits Tax | 8,556 | 11,990 | -28.64% | | Mainland China Enterprise Income Tax | 9,602 | 8,243 | +16.49% | | Deferred Tax | (635) | (1,598) | -60.39% | | **Total** | **17,523** | **18,625** | **-5.92%** | - Hong Kong Profits Tax rate is 16.5%, with the first HK$2,000,000 for qualifying entities taxed at 8.25%; Mainland China Enterprise Income Tax rate is 25%[33](index=33&type=chunk) [10. Profit (Loss) for the Period Deductions](index=14&type=section&id=10.%20Profit%20%28Loss%29%20for%20the%20Period%20Deductions) The Group's total staff costs for the six months ended June 30, 2025, decreased to HK$363,782 thousand, with a significant reduction in intangible asset amortization and a slight increase in property, plant and equipment depreciation Profit (Loss) for the Period Deductions (For the Six Months Ended June 30) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Total Staff Costs | 363,782 | 380,535 | -4.39% | | Amortization of Intangible Assets | 1,966 | 5,601 | -64.90% | | Depreciation of Property, Plant and Equipment | 28,434 | 27,509 | +3.36% | | Depreciation of Right-of-Use Assets | 35,878 | 36,283 | -1.12% | [11. Dividends](index=14&type=section&id=11.%20Dividends) The Company declared a final dividend of HK$0.12 cents per share for the year ended December 31, 2024, totaling approximately HK$8,128 thousand, while no interim dividend is recommended for the current period - The Company declared a final dividend of **HK$0.12 cents per share** for the year ended December 31, 2024, totaling approximately **HK$8,128 thousand**[36](index=36&type=chunk) - The Board does not recommend an interim dividend for the six months ended June 30, 2025[37](index=37&type=chunk) [12. Earnings (Loss) Per Share](index=15&type=section&id=12.%20Earnings%20%28Loss%29%20Per%20Share) Basic and diluted earnings per share attributable to owners of the Company swung from a loss of HK$0.70 cents per share in the prior period to a profit of HK$0.19 cents per share, reflecting significant improvement in profitability Earnings (Loss) Per Share (For the Six Months Ended June 30) | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Profit (Loss) for the Period attributable to owners of the Company | 12,727 | (47,676) | Swung to profit | | Basic and Diluted Earnings (Loss) Per Share (HK cents) | 0.19 | (0.70) | Swung to profit | - The calculation of diluted earnings (loss) per share did not assume the conversion of convertible bonds due to their anti-dilutive effect[38](index=38&type=chunk) [13. Trade and Other Receivables](index=16&type=section&id=13.%20Trade%20and%20Other%20Receivables) As of June 30, 2025, the Group's total trade and other receivables increased to HK$488,003 thousand, with an increase in receivables aged 61-120 days and over 240 days, while credit terms range from 60 to 270 days Trade and Other Receivables (As at June 30) | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Trade Receivables | 422,773 | 381,461 | +10.83% | | Bills Receivable | 2,164 | 15,770 | -86.26% | | Deposits | 36,839 | 41,929 | -12.14% | | Other Receivables | 13,233 | 14,590 | -9.30% | | Prepayments | 12,994 | 9,102 | +42.76% | | **Total** | **488,003** | **462,852** | **+5.43%** | Aging Analysis of Trade and Bills Receivables (As at June 30) | Aging | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | 0-60 days | 212,379 | 206,289 | +2.95% | | 61-120 days | 138,364 | 90,723 | +52.51% | | 121-180 days | 43,561 | 71,456 | -39.04% | | 181-240 days | 23,115 | 25,249 | -8.45% | | Over 240 days | 7,518 | 3,514 | +114.09% | - The Group provides credit terms ranging from **60 to 270 days** for different customer groups, such as 180-240 days for medical card payments and 60-180 days for corporate clients[39](index=39&type=chunk) [14. Trade and Other Payables](index=17&type=section&id=14.%20Trade%20and%20Other%20Payables) As of June 30, 2025, the Group's total trade and other payables slightly increased to HK$332,077 thousand, with an increase in payables aged 0-120 days and a significant decrease in those over 120 days, while average credit terms for purchases are 60 to 120 days Trade and Other Payables (As at June 30) | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Trade Payables | 178,132 | 172,409 | +3.32% | | Other Payables | 44,914 | 35,279 | +27.32% | | Deposits Received | 4,785 | 5,183 | -7.68% | | Accruals | 104,246 | 113,535 | -8.18% | | **Total** | **332,077** | **326,406** | **+1.74%** | Aging Analysis of Trade Payables (As at June 30) | Aging | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | 0-60 days | 99,175 | 89,539 | +10.76% | | 61-120 days | 47,644 | 28,608 | +66.54% | | Over 120 days | 31,313 | 54,262 | -42.30% | - The average credit period for purchases of goods is **60 to 120 days**[40](index=40&type=chunk) [15. Bank Borrowings](index=18&type=section&id=15.%20Bank%20Borrowings) As of June 30, 2025, the Group's total bank borrowings significantly decreased by 85.8% to HK$11,436 thousand, consisting entirely of secured mortgage loans collateralized by leasehold land and buildings, with interest at HIBOR plus 2.25% Bank Borrowings (As at June 30) | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Unsecured Term Loans | – | 3,405 | -100.00% | | Secured Mortgage Loans | 11,436 | 77,278 | -85.24% | | **Total** | **11,436** | **80,683** | **-85.82%** | - Bank borrowings bear interest at a floating annual rate of **HIBOR plus 2.25%**[41](index=41&type=chunk) - Mortgage loans are secured by the Group's leasehold land and buildings with a carrying amount of approximately **HK$28,877 thousand**, and partly by personal guarantees from non-controlling interests of a non-wholly owned subsidiary[42](index=42&type=chunk) [16. Share Capital](index=19&type=section&id=16.%20Share%20Capital) As of June 30, 2025, the Company's authorized and issued share capital remained unchanged at HK$300,000 thousand and HK$67,735 thousand respectively, with a par value of HK$0.01 per share Share Capital (As at June 30) | Item | Number of Shares | Amount (HK$ thousand) | | :--- | :--- | :--- | | Authorized Share Capital | 30,000,000,000 | 300,000 | | Issued and Fully Paid Share Capital | 6,773,522,452 | 67,735 | - The Company's share capital remained unchanged during the review period[43](index=43&type=chunk) [Management Discussion and Analysis](index=20&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the Group's financial performance and business operations for the six months ended June 30, 2025, highlighting the swing to profit, strategic business developments, and future outlook [Financial Review](index=20&type=section&id=Financial%20Review) The Group recorded an unaudited profit of approximately HK$35,593 thousand, turning around from a loss, primarily due to significantly reduced fair value losses on investment properties, decreased impairment losses on interests in associates, and a swing to profit from associates - The Group recorded an unaudited profit of approximately **HK$35,593 thousand** (2024: loss of approximately HK$28,542 thousand), with profit attributable to owners of the Company of approximately **HK$12,727 thousand** (2024: loss of approximately HK$47,676 thousand)[44](index=44&type=chunk) - The swing to profit was mainly due to: a **90.53% reduction** in fair value loss on investment properties to **HK$2,546 thousand**; a **100% reduction** in impairment loss on interests in associates (2024: HK$36,700 thousand); and a swing from a loss of **HK$1,991 thousand** to a profit of **HK$7,264 thousand** in share of results of associates[44](index=44&type=chunk)[45](index=45&type=chunk)[46](index=46&type=chunk) - Gross profit decreased by **7.76%** to **HK$230,179 thousand**, primarily due to the overall unfavorable economic environment[47](index=47&type=chunk) [Business Review](index=21&type=section&id=Business%20Review) As one of Hong Kong's largest listed medical groups, the Group optimized its service network, implemented cost controls, and expanded smart healthcare and cross-border services in response to macroeconomic challenges across its Hong Kong, Mainland China, and other businesses [Hong Kong Business](index=24&type=section&id=Hong%20Kong%20Business) In Hong Kong, the Group optimized its medical center network, closed underperforming clinics, opened multi-consultation integrated medical centers, and launched teleconsultation services, while Vio enhanced its information systems and expanded its network with ISO dual certification - The Group is committed to optimizing its Hong Kong chain medical center layout, closing underperforming centers, and opening multi-consultation integrated medical centers in densely populated communities to provide cost-effective, one-stop medical services[50](index=50&type=chunk) - "General Practice Teleconsultation Service" was launched to provide convenience for citizens and express drug delivery services[50](index=50&type=chunk)[55](index=55&type=chunk) - Revenue from Hong Kong medical services business was approximately **HK$377,546 thousand** (accounting for **41.91%** of Group revenue), a **4.30% decrease** from the prior period[54](index=54&type=chunk) - Vio, as Hong Kong's first and only medical network simultaneously awarded ISO 9001:2015 Quality Management System and ISO 27001:2022 Information Security Management System dual certifications, continues to invest in upgrading information systems (e.g., web-CMS clinic management system) and optimizing operational processes[59](index=59&type=chunk) - Revenue from Hong Kong medical network management business was approximately **HK$233,162 thousand** (accounting for **25.88%** of Group revenue), a **6.75% decrease** from the prior period[59](index=59&type=chunk) [Mainland China Business](index=28&type=section&id=Mainland%20China%20Business) In Mainland China, Nanyang Xiangrui continued to provide professional management services to Nanshi Hospital, which saw its internet hospital serve over 1.5 million people and piloted an "AI+ pre-assessment system," while health management businesses expanded services and client base in Guangzhou, Shenzhen, and Jinan - Nanshi Hospital's Internet Hospital has served over **1.5 million people** since its launch in March 2022 until June 2025[62](index=62&type=chunk) - Nanshi Hospital's integrated management platform piloted an "AI+ pre-assessment system," forming a new model of "experiential clinical + intelligent analysis"[62](index=62&type=chunk) - Nanshi Hospital's various specialties were selected as provincial and municipal key clinical specialties, and Gamma Knife technology was introduced, filling a gap in high-end radiotherapy in the southwestern Henan region[63](index=63&type=chunk) - Nanshi Hospital established a joint weight management clinic and expanded its day surgery operating rooms to enhance patient experience[64](index=64&type=chunk) - Kangjian International Health Management Center saw growth in medical examination revenue and corporate client numbers, and collaborated with high-quality medical institutions in the province to provide diversified health management services[67](index=67&type=chunk) [Other Businesses](index=31&type=section&id=Other%20Businesses) TBMG, operating medical aesthetics and beauty healthcare, optimized resource allocation, adjusted its store network, and expanded services to reduce costs and improve operational efficiency amidst intensifying market competition, while upgrading its CRM system for personalized services - TBMG effectively reduced costs and improved operational efficiency by optimizing resource allocation, implementing strategic store network adjustments, and integrating overlapping or synergistic stores[68](index=68&type=chunk) - TBMG continuously upgrades its customer relationship management system, leveraging a comprehensive database to understand customer consumption behavior and create personalized service solutions, thereby enhancing customer satisfaction and repurchase rates[69](index=69&type=chunk) [Outlook](index=32&type=section&id=Outlook) The Group will leverage synergistic advantages between Hong Kong and Mainland China businesses, strengthening primary healthcare and public-private collaboration in Hong Kong, while enhancing hospital operational efficiency, refining health management, and exploring M&A opportunities in Mainland China and other businesses [Medical Services](index=33&type=section&id=Medical%20Services) The Group will support Hong Kong's Primary Healthcare Blueprint, participate in public-private collaboration schemes, open more multi-consultation integrated medical centers, strengthen synergy with "CMH," and expand smart healthcare - The Group will continue to support the Hong Kong Government's "Primary Healthcare Blueprint" and participate in more government-subsidized and public-private collaborative primary healthcare programs[71](index=71&type=chunk) - Plans to open more multi-consultation integrated medical centers in densely populated communities to provide cost-effective medical services[71](index=71&type=chunk) - Seeks to strengthen mutually beneficial synergy with its high-end integrated specialist brand "CMH," further improving the two-way referral mechanism between general practice and specialists, and expanding market coverage through the development of smart healthcare[71](index=71&type=chunk) [Medical Network Management](index=34&type=section&id=Medical%20Network%20Management) Vio will leverage its ISO dual certification to deepen long-term partnerships with blue-chip companies, insurers, and government bodies, optimize service processes for new ISO standards, prepare for integrated clinic licensing, and enhance collaboration with the Group's self-operated medical centers - Vio will fully leverage its competitive advantage as Hong Kong's only ISO dual-certified medical network for quality and information security management to further develop long-term partnerships with blue-chip companies, insurance companies, government departments, and public organizations[72](index=72&type=chunk) - Vio will further optimize service processes, enhance environmental performance and customer satisfaction, and actively prepare to comply with the licensing requirements of the integrated clinic licensing system under the "Private Healthcare Facilities Ordinance"[72](index=72&type=chunk) [Mainland China Hospital Management](index=34&type=section&id=Mainland%20China%20Hospital%20Management) Nanyang Xiangrui will implement cost-reduction and efficiency-improvement strategies for Nanshi Hospital, driving development through technological innovation, management optimization, cost control, and service upgrades, with all segments fully supporting Nanshi Hospital's integrated "medical, education, and research" development - Nanyang Xiangrui will propose practical cost-reduction and efficiency-improvement strategies for Nanshi Hospital, driving development from multiple dimensions including technological innovation, management optimization, cost control, and service upgrades[73](index=73&type=chunk) - Its various segments will continue to fully support Nanshi Hospital in promoting integrated "medical, education, and research" collaborative development, steadily advancing the Mainland China hospital management business[73](index=73&type=chunk) [Health Management](index=35&type=section&id=Health%20Management) The Group will continue to enhance its health management service system, creating differentiated medical examination product portfolios and innovative service models to meet diverse market demands, focusing on "insurance + health" ecosystem development and expanding its high-quality customer base - The Group will continue to deepen the construction of its health management service system, precisely meeting diverse market health needs by creating differentiated medical examination product portfolios and innovative service models[74](index=74&type=chunk) - Will focus on promoting the "insurance + health" service ecosystem, continuously improving operational efficiency and market competitiveness[74](index=74&type=chunk) [Other Businesses](index=35&type=section&id=Other%20Businesses) TBMG will implement a multi-dimensional development strategy, strategically reorganizing its store network to enhance single-store efficiency, introduce international leading equipment, upgrade CRM systems, and explore M&A opportunities in Hong Kong and Mainland China - TBMG will enhance single-store efficiency through strategic reorganization of its store network and plans to create a conceptual new store in the New Territories, Hong Kong, introducing internationally leading beauty medical equipment and technology[75](index=75&type=chunk) - Will continue to invest resources in upgrading its customer relationship management system, leveraging big data to enhance customer satisfaction and retention, and promote customer conversion between beauty and medical aesthetics[75](index=75&type=chunk) - TBMG will also evaluate high-quality M&A targets in Hong Kong and Mainland China, expand its ecosystem of strategic partners, and explore cross-border business synergy opportunities[75](index=75&type=chunk) [Liquidity and Financial Resources](index=36&type=section&id=Liquidity%20and%20Financial%20Resources) The Group maintains prudent cash and financial management, with total bank balances and deposits of approximately HK$1,410,255 thousand and significantly reduced bank borrowings of HK$11,436 thousand as of June 30, 2025, demonstrating a robust financial position and good liquidity management Liquidity and Financial Resources (As at June 30) | Metric | 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Total Bank Balances and Deposits | 1,410,255 | 1,420,245 | -0.70% | | Bank Borrowings | 11,436 | 80,683 | -85.82% | | Net Current Assets | 1,306,142 | 1,300,647 | +0.42% | | Current Ratio | 3.19 | 3.19 | 0.00 | | Debt-to-Equity Ratio | 0.38% | 2.71% | -2.33% | - The Group has unutilized bank facilities of **HK$20,000 thousand**[76](index=76&type=chunk) - The Group regularly reviews foreign exchange risk and closely monitors currency fluctuations, but did not use any financial instruments for hedging activities during the review period[78](index=78&type=chunk)[79](index=79&type=chunk) [Capital Structure](index=37&type=section&id=Capital%20Structure) As of June 30, 2025, equity attributable to owners of the Company increased to approximately HK$3,009,308 thousand compared to December 31, 2024 Equity Attributable to Owners of the Company (As at June 30) | Metric | 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Equity Attributable to Owners of the Company | 3,009,308 | 2,976,914 | +1.09% | [Share Capital](index=37&type=section&id=Share%20Capital) The Company's share capital remained unchanged during the review period, with details provided in Note 16 to the condensed consolidated financial statements - The Company's share capital remained unchanged during the review period[81](index=81&type=chunk) [Material Investments, Acquisitions and Disposals](index=37&type=section&id=Material%20Investments%2C%20Acquisitions%20and%20Disposals) The Group had no material investments, acquisitions, or disposals during the review period - The Group had no material investments, acquisitions, or disposals during the review period[82](index=82&type=chunk) [Pledge of Assets](index=37&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group's total pledged assets significantly decreased to approximately HK$29,893 thousand, primarily comprising leasehold land and buildings for mortgage loans and bank deposits for general banking facilities Total Pledged Assets (As at June 30) | Item | 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Leasehold Land and Buildings | 28,877 | 30,438 | -5.13% | | Investment Properties | – | 89,000 | -100.00% | | Bank Deposits | 1,016 | 1,107 | -8.22% | | **Total** | **29,893** | **120,545** | **-75.29%** | [Contingent Liabilities](index=38&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no material contingent liabilities - As of June 30, 2025, the Group had no material contingent liabilities[84](index=84&type=chunk) [Litigation](index=38&type=section&id=Litigation) The Company faces profit guarantee litigation related to the acquisition of Central Medical, with claims of HK$97,956,690 for FY2023 and intended claims of HK$234,070,695 for FY2024 due to unmet performance targets - For FY2023, the buyer initiated legal proceedings on June 4, 2024, against the vendor parties for a claim amount of **HK$97,956,690** due to Central Medical Group's adjusted net profit falling short of the performance target of HK$30,000,000[85](index=85&type=chunk)[86](index=86&type=chunk) - Central Medical Group's adjusted net profit for FY2024 was **HK$14,395,287** (excluding HK$13,860,000 after transactions), which was below the performance target of HK$30,000,000[88](index=88&type=chunk) - The buyer intends to claim **HK$234,070,695** from the vendor parties for FY2024 and will commence litigation if payment is not made[89](index=89&type=chunk) [Events After Reporting Period](index=39&type=section&id=Events%20After%20Reporting%20Period) No events with significant impact on the Group have occurred since June 30, 2025, other than those disclosed in this announcement - No events with significant impact on the Group have occurred since June 30, 2025[91](index=91&type=chunk) [Employees and Remuneration](index=40&type=section&id=Employees%20and%20Remuneration) As of June 30, 2025, the Group employed 1,388 employees, with total staff costs of approximately HK$363,782 thousand, a decrease from the prior period, offering competitive salaries, benefits, and professional development Employees and Remuneration (For the Six Months Ended June 30) | Metric | 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Number of Employees | 1,388 | 1,441 | -3.68% | | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Total Staff Costs | 363,782 | 380,535 | -4.39% | | Directors' Emoluments | 6,834 | 5,484 | +24.62% | - The Group's employees receive competitive salaries and benefits, with individual performance rewarded through salary and bonus schemes, alongside specialized training and manuals[92](index=92&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=40&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any listed securities during the review period - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any listed securities during the review period[93](index=93&type=chunk) [Compliance with Corporate Governance Code](index=40&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Company complied with the Corporate Governance Code during the review period, except for the combined roles of Chairman and Chief Executive Officer held by Mr. Choi Ka Tsan, which the Board believes ensures consistent leadership and operational efficiency without compromising power balance - The Company has complied with the Corporate Governance Code, except that Mr. Choi Ka Tsan serves as both Chairman and Chief Executive Officer, deviating from Code Provision C.2.1[94](index=94&type=chunk) - The Board believes this arrangement ensures consistent leadership, facilitates the formulation and advancement of long-term strategies, and optimizes the Group's operational efficiency[94](index=94&type=chunk) - The Board's power balance is not compromised, as four non-executive directors and six independent non-executive directors constitute a majority[94](index=94&type=chunk) [Review of Interim Financial Information](index=41&type=section&id=Review%20of%20Interim%20Financial%20Information) The Group's unaudited condensed consolidated financial information for the six months ended June 30, 2025, has been reviewed by the Board's Audit Committee and the Company's auditor, UHY Certified Public Accountants Limited, in accordance with HKSRS 2410 - The Group's unaudited condensed consolidated financial information for the six months ended June 30, 2025, has been reviewed by the Board's Audit Committee[95](index=95&type=chunk) - The auditor, UHY Certified Public Accountants Limited, has reviewed the interim financial statements in accordance with Hong Kong Standard on Review Engagements 2410[95](index=95&type=chunk) [Board of Directors Information](index=41&type=section&id=Board%20of%20Directors%20Information) As of the announcement date, the Company's Board of Directors comprises executive, non-executive, and independent non-executive directors, including Mr. Choi Ka Tsan as Chairman and Chief Executive Officer - Executive Directors include Mr. Choi Ka Tsan (Chairman and Chief Executive Officer), Dr. Fok Siu Wing, Ms. Zhang Xiaoxue, and Mr. Wong Yu[97](index=97&type=chunk) - Non-executive Directors include Ms. Li Wai Ling, Ms. Lau Suk Ching, Mr. Liu Yang, and Ms. Zhang Leidi[97](index=97&type=chunk) - Independent Non-executive Directors include Mr. Yu Xuezhong, Dr. Xu Weiguo, Mr. Han Wenxin, Mr. Chan Wai Kwan, Mr. Cheung Ka Ming, and Mr. Cui Yongchang[97](index=97&type=chunk) [Glossary](index=42&type=section&id=Glossary) This glossary provides definitions for key terms and entities used throughout the report to ensure clear understanding for readers

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，概不對因本公告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 Town Health International Medical Group Limited 康健國際醫療集團有限公司 （於開曼群島註冊成立及於百慕達存續之有限公 司） （股份代 號：3886） 有關收購目標集團 截至二零二四年三月三十一日止財政年度的 溢利保證的最新消息 1 根據購股協議，每名賣方人士已向買方保證，截至二零二四年三月三十一日 止財政年度的經調整純利（即於目標公司核數師審核的目標集團綜合賬目所 載除股東應佔稅項後目標集團的經審核綜合利潤或虧損淨額（不包括所有上 市開支及以股份為基礎的付款））（「二零二四年經調整純利」）將不低於績效目 標30,000,000港元。 倘二零二四年經調整純利低於績效目標金額，則賣方人士將共同及個別以現 金向買方支付按照先前公告所披露的相同公式計算的金額，為方便參考，該 公式再次列示如下： 茲提述康健國際醫療集團有限公司（「本公司」，連同其附屬公司「本集團」 ...

Group 1 - The company, Kangjian International Medical (03886.HK), will hold a board meeting on August 29, 2025, to review and approve its interim results for the six months ending June 30, 2025, and to declare an interim dividend if applicable [1]

康健國際醫療集團有限公司 （於開曼群島註冊成立及於百慕達存續之有限公 司） （股份代 號：3886） 董事會會議召開日期 康健國際醫療集團有限公司（「本公司」）之董事會（「董事會」）宣佈，董事會會議將於 二零二五年八月二十九日（星期五）舉行，藉以（其中包括）批准本公司及其附屬公司 截至二零二五年六月三十日止六個月之未經審核中期業績，以及考慮派發中期股息 （如有）。 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，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Town Health International Medical Group Limited 蔡加讚 香港，二零二五年八月十九日 於本公告日期，本公司執行董事為蔡加讚先生（主席兼行政總裁）、霍兆榮醫生、 張霄雪女士及黃宇先生；本公司非執行董事為李蕙苓女士、劉淑卿女士、劉陽先生 及張蕾娣女士；而本公司獨立非執行董事為于學忠先生、徐衛國博士、韓文欣先生、 陳偉根先生、張加銘先生及崔永昌先生。 承董事會命 康健國際醫療集團有限公司 主席兼行政總裁 ...