Summary of the Conference Call for Haijia Medical Company Overview - **Company**: Haijia Medical - **Industry**: Healthcare Services Key Points Financial Performance - In 2025, operating cash flow is expected to grow by 34.4% year-on-year to RMB 9.5 billion, driven by increased revenue from self-paid services and improved collection efficiency with accounts receivable down by 16.6% [2][3] - Inventory turnover efficiency improved by over 10% [2] - Depreciation and amortization is approximately RMB 310 million, indicating a strong cash return phase [2] - The company has a maximum capacity of 14,000 beds, sufficient to support five years of development with no new hospital construction plans in the short term [2][3] Capital Allocation and Shareholder Returns - The company plans to execute a RMB 300 million share buyback and intends to cancel the repurchased shares [2][9] - There is a focus on reducing interest-bearing debt and exploring quality domestic and international acquisitions [2][3] - Expected normalized free cash flow post the opening of Changshu Hospital in late 2026 is projected to reach RMB 800-900 million [2] Growth Areas - International medical and innovative business segments are emerging growth drivers, with Chongqing Hospital's international department generating over RMB 8 million in revenue in December 2025 [2][4] - The brain-computer interface business is expected to generate annual revenue of approximately RMB 250-260 million, with a dedicated division established in 2026 [2][11] M&A and Goodwill Impairment - The goodwill impairment related to Suzhou Yongding Hospital was due to high initial market valuations and changes in the macro environment, but the hospital's operations are currently stable [7] - Other acquired hospitals show no impairment pressure, indicating strong operational management capabilities [7] Response to Industry Changes - The company emphasizes a "patient-first" culture and has seen patient visits reach 4.6 million in 2025, with a five-year compound growth rate of 35% [5][6] - Continuous investment in talent and technology, with 108 national-level professionals and 907 senior professionals by 2025 [6] - The company is focusing on refined management practices to enhance operational efficiency [6] Market Outlook and Strategy - The company is optimistic about the long-term healthcare demand driven by aging demographics, despite short-term policy uncertainties [5][14] - Plans to leverage the long-term care insurance policy to tap into the growing demand for integrated medical and nursing services [8][16] AI Integration - AI is being integrated into management and service efficiency, with applications in supply chain and administrative management [13] - The company has developed an AI customer service system to enhance patient interaction and satisfaction [13] Future Projections - The company expects to achieve breakeven cash flow for the Texas Hospital by the end of 2026, with Wuxi Hospital anticipated to connect to medical insurance by March-April 2026 [9] - Long-term growth is expected for Chang'an Hospital, with multiple growth points identified in critical care and oncology [17] Valuation Perspective - The company's value is considered significantly undervalued, with approximately RMB 800 million in free cash flow and a focus on long-term cash flow stability [18] Additional Insights - The company maintains a cautious approach to overseas acquisitions, focusing on smaller projects initially while prioritizing domestic growth opportunities [16] - The operational efficiency and strategic management are seen as key competitive advantages in a changing healthcare landscape [16]

Core Viewpoint - Hai Jiaya Medical (06078.HK) reported a significant decline in revenue and net profit for the year ending December 31, 2025, primarily due to macroeconomic factors and local healthcare policy adjustments [4][5]. Financial Performance - The company achieved revenue of RMB 4.009 billion, a year-on-year decrease of 9.8% - Net profit fell sharply by 73.0% to RMB 162 million, largely due to a RMB 283 million impairment and provision related to Etern Group Ltd. - Despite profit pressures, operating cash flow reached a record high of RMB 950 million, up 34.4% year-on-year - The company's interest-bearing debt decreased by RMB 343 million, a decline of 12.3% [4][5]. Business Development - The core oncology business showed stability, with over 102,000 surgeries performed, and the proportion of high-level surgeries increased by 6.4 percentage points year-on-year - The international medical business made significant progress, with Chongqing Hai Jiaya Hospital providing services to patients from Southeast Asia and opening a two-story ward - The company plans to replicate its international medical business model in more suitable hospitals, expanding into areas such as early cancer screening and comprehensive treatment [6]. Network Expansion and Technology Integration - As of March 2026, the company managed or operated 17 comprehensive hospitals focused on oncology, with one additional tertiary hospital under construction - The company is actively exploring AI applications in medical scenarios, including AI-assisted personalized precision radiotherapy and imaging diagnosis - AI technology is also being utilized in supply chain and financial management to optimize inventory and enhance efficiency, along with the launch of an AI customer service system for patient engagement [7][8].

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 (註7) 公司名稱： 海吉亞醫療控股有限公司 呈交日期： 2026年3月31日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 06078 | 說明 | 普通股 | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | 事件 | | | 已發行股份（不包括庫存股份）變動 | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | | | | 已發行股份（不包括 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong outlook for investment returns over the next 6-12 months [6]. Core Insights - The company reported a revenue of RMB 4.009 billion for the year ending December 31, 2025, representing a year-on-year decline of 9.8%. Net profit fell significantly by 73.0% to RMB 162 million, primarily due to a RMB 283 million impairment on goodwill related to Etern Group Ltd. Despite the profit pressure, operating cash flow reached a record high of RMB 950 million, up 34.4% year-on-year [1][2]. - The core business is stabilizing, with a focus on oncology services. The company completed over 102,000 surgeries, with a higher proportion of advanced surgeries. Additionally, the international medical business has made significant progress, providing services to patients from Southeast Asia and expanding into various healthcare fields [3]. - The company is expanding its hospital network, managing 17 hospitals focused on oncology, and is exploring AI applications in healthcare to enhance operational efficiency and patient satisfaction [4]. Financial Summary - Revenue and profit forecasts have been adjusted downward for 2026 and 2027 due to external factors and policy impacts. The revised net profit estimates are RMB 508 million for 2026 and RMB 578 million for 2027, with a new estimate of RMB 650 million for 2028. The corresponding price-to-earnings ratios are projected at 12, 11, and 10 times for the respective years [4][5].

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分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 Hygeia Healthcare Holdings Co., Limited （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） 海 吉 亞 醫 療 控 股 有 限 公 司 （股 份 代 號：6078） 自願性公告 二零二五年全年業績簡報 本公告乃由海吉亞醫療控股有限公司（「本公司」）自願作出。 為使本公司股東及潛在投資者能夠更深入、更全面地了解其二零二五年全年 業績及業務營運，本公司將於二零二六年三月三十一日上午八時三十分（香港 時間）召開電話會議，屆時將就本公司財務業績及業務營運進行簡報（「簡報」）。 本公司股東及潛在投資者可於預定時間通過以下撥入信息參加電話會議： 撥入URL： https://s. comein.cn/wrkp84pu 請使用上文所提供的鏈接以於電話會議舉行前完成網上登 記程序。 電話撥入號碼： +86-01053827136（中國） +86-4001668383（ ...

Financial Performance - The group's revenue for the year ended December 31, 2025, was RMB 4,008.8 million, a decrease of 9.8% compared to RMB 4,446.1 million for the year ended December 31, 2024[2]. - Net profit for the year ended December 31, 2025, was RMB 161.5 million, down 73.0% from RMB 598.3 million in the previous year, primarily due to an impairment of goodwill related to Etern Group Ltd. amounting to RMB 283.3 million[2][7]. - Adjusted net profit under non-IFRS was RMB 455.5 million, a decrease of 24.4% from RMB 602.3 million for the year ended December 31, 2024[2][7]. - Gross profit for the fiscal year was RMB 1,023.5 million, with a gross margin of 25.5%[42]. - Operating profit decreased significantly to RMB 393,425, a decline of 52.0% from RMB 821,144 in the previous year[109]. - Basic and diluted earnings per share for 2025 were RMB 0.27, down from RMB 0.95 in 2024[109]. Cash Flow and Debt Management - The group's operating cash flow for the year ended December 31, 2025, was RMB 950.0 million, an increase of 34.4% compared to the previous year[2]. - Free cash flow for the year ended December 31, 2025, was RMB 466.4 million, a significant increase of 407.0% from the previous year[3]. - The group's interest-bearing debt as of December 31, 2025, was RMB 2,436.2 million, a decrease of RMB 343.0 million or 12.3% from the previous year[3]. - Interest-bearing debt decreased by RMB 343 million year-on-year, down 12.3%, with a debt-to-asset ratio of 28.9%, a decline of 7.4 percentage points compared to the previous year[11]. - Cash and cash equivalents as of December 31, 2025, amount to RMB 429.2 million, with total financial assets at fair value through profit or loss at RMB 259.0 million, resulting in a total cash and cash equivalents increase of 13.4% from RMB 652.9 million in 2024[57]. - Total liabilities as of December 31, 2025, are RMB 3,880.4 million, a decrease of 8.8% from RMB 4,254.9 million in 2024[64]. Operational Highlights - Patient satisfaction increased to 98.54%, up 1.51 percentage points from the previous year, with a goal of achieving 100% satisfaction[8]. - The number of key specialties increased from 8 to 38 over the past three years, enhancing the group's competitive edge in critical care services[9]. - The group operates 17 hospitals focused on oncology and has one under construction, with a total of approximately 1,200 acres of medical land and about 940,000 square meters of medical facilities[9]. - The proportion of revenue from oncology-related services was 44.3% in 2025, showing a stable increase compared to the previous year, with over 102,000 surgeries performed, including a 6.4 percentage point increase in the proportion of high-level surgeries[16]. - The company has established partnerships with over 70 insurance companies to enhance the efficiency and convenience of medical services for commercial insurance patients[18]. Strategic Initiatives - The company is focusing on expanding non-medical insurance services and health management offerings to meet diverse patient needs, driven by increasing disposable income and aging population[18]. - The company has initiated a share repurchase plan of RMB 200 million, having repurchased 13.0252 million shares, which is 2.06% of the total shares before cancellation[13]. - The company plans to enhance its comprehensive medical capabilities focusing on oncology and critical care, and to develop international medical projects to meet diverse patient needs[37]. - The company is actively exploring mergers and acquisitions to capitalize on industry consolidation opportunities[38]. Innovation and Technology - The company has implemented AI applications to enhance operational efficiency and service experience, focusing on AI-assisted personalized precision radiotherapy and imaging diagnosis in oncology[19]. - The company has developed an AI customer service system to improve patient satisfaction through virtual guidance, consultation, health education, and brand promotion[19]. - The company has actively pursued innovative applications of AI in medical scenarios, including the integration of brain-machine interfaces in neurosurgery and rehabilitation[19]. Corporate Governance and ESG - The company is committed to maintaining high corporate governance standards to protect shareholder interests and enhance corporate value[99]. - The audit committee, consisting of three independent non-executive directors, oversees compliance, accounting policies, and financial reporting procedures[102]. - The group has received multiple honors for its ESG efforts, including recognition from the Central Committee of the Communist Party of China and various local governments[31]. - The group’s ESG performance has been rated "A" by Wind, placing it in a leading position among Hong Kong-listed healthcare service companies[34]. Employee and Shareholder Information - The total number of employees as of December 31, 2025, was 7,906, a decrease from 8,169 employees as of December 31, 2024[87]. - Total employee compensation, including directors' remuneration, amounted to RMB 1,331.1 million for the year ending December 31, 2025, down from RMB 1,456.1 million for the year ending December 31, 2024[89]. - The group did not declare any final dividend for the year ended December 31, 2025[83]. - The company has not exercised any stock options during the reporting period[90].

（ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） 海 吉 亞 醫 療 控 股 有 限 公 司 （股 份 代 號：6078） Hygeia Healthcare Holdings Co., Limited 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分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 董事會會議日期 海吉亞醫療控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此公佈， 董事會會議將於二零二六年三月三十日（星期一）舉行，藉以（其中包括）考慮 及批准本公司及其附屬公司截至二零二五年十二月三十一日止年度之全年業 績及其發佈，並考慮建議派發末期股息（如有）。 承董事會命 海吉亞醫療控股有限公司 主席 朱義文先生 香港，二零二六年三月十八日 截至本公告日期，董事會包括主席兼執行董事朱義文先生；執行董事任愛先生、程歡歡女士、 張文山先生及姜蕙女士；以及獨立非執行董事葉長青先生、趙淳先生及張國忠先生。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 海吉亞醫療控股有限公司 呈交日期: 2026年3月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06078 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | 本月底法定/註 ...

Core Viewpoint - Southbound funds have reduced their holdings in Haijia Medical (06078.HK) by 445,800 shares on February 27, with a total net reduction of 645,400 shares over the past five trading days and 3,858,800 shares over the last twenty trading days [1] Group 1: Southbound Fund Activity - Southbound funds have reduced their holdings in Haijia Medical for three out of the last five trading days, totaling a net reduction of 645,400 shares [1] - Over the past twenty trading days, there have been eleven days of reductions, amounting to a total net reduction of 3,858,800 shares [1] - As of now, southbound funds hold 200 million shares of Haijia Medical, representing 32.3% of the company's total issued ordinary shares [1] Group 2: Company Overview - Haijia Medical Holdings Limited is primarily an investment holding company that provides medical services [1] - The company operates through two business segments, with the hospital business segment focusing on comprehensive diagnosis and treatment services for cancer, including multidisciplinary medical services [1] - The other business segment is engaged in various other operations, with the company primarily conducting its business in the domestic market [1]

Core Viewpoint - Southbound funds have reduced their holdings in Hai Ji Ya Medical (06078.HK) by 645,200 shares on February 26, with a total net reduction of 2.787 million shares over the last five trading days and 3.679 million shares over the last twenty trading days [1] Group 1: Southbound Fund Activity - Southbound funds have reduced their holdings in Hai Ji Ya Medical for three out of the last five trading days, totaling a net reduction of 2.787 million shares [1] - Over the last twenty trading days, there have been eleven days of reductions, with a cumulative net decrease of 3.679 million shares [1] - As of now, southbound funds hold 200 million shares of Hai Ji Ya Medical, representing 32.38% of the company's total issued ordinary shares [1] Group 2: Company Overview - Hai Ji Ya Medical Holdings Limited is primarily an investment holding company that provides medical services [1] - The company operates through two business segments, with the hospital business segment focusing on comprehensive cancer diagnosis and treatment services [1] - The other business segment is involved in various other operations, primarily within the domestic market [1]