股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30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: 2025年10月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 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/ ...

Company Overview - The company primarily engages in medical services, operating two segments: hospital services and other business segments, focusing on comprehensive cancer diagnosis and treatment services [10] Financial Performance - The company's revenue and net profit growth rates have shown fluctuations over the years, with a notable increase in revenue in 2021 and a decline in 2022 [12] - For the first half of 2025, the company reported a revenue of 23.81 billion, with a year-on-year growth rate of 9.06% [12] - The average return on equity for the first half of 2025 was 3.68%, a decrease of 2.28 percentage points compared to the same period last year [20] Revenue Composition - In the first half of 2025, the revenue composition included significant contributions from inpatient services and outpatient services [13] Asset and Liability Changes - As of the first half of 2025, the company's cash and cash equivalents increased by 70.63%, while trading financial assets decreased by 76.8% [26] - Long-term borrowings decreased by 10.26%, while short-term borrowings increased by 16.63% [29] Financial Ratios - The company's current ratio was 0.96, and the quick ratio was 0.86 as of the first half of 2025 [33] - The asset-liability ratio has shown a decreasing trend, with the latest figure at 33.04% [31]

Financial Performance - Revenue for the six months ended June 30, 2025, was RMB 1,989,654, a decrease of 16.5% compared to RMB 2,381,880 in 2024[7] - Gross profit decreased by 30.1% to RMB 528,670 from RMB 756,439 year-on-year[7] - Operating profit fell by 32.9% to RMB 344,477 compared to RMB 513,662 in the previous year[7] - Net profit for the period was RMB 245,820, down 36.2% from RMB 385,174 in 2024[7] - EBITDA for the same period was RMB 461.3 million, down 28.7% year-on-year, but up 0.5% compared to the second half of 2024[13] - The group's hospital business revenue, including inpatient and outpatient services, was RMB 1,942.2 million, a decrease of 15.8% year-on-year[14] - The group's other income increased by 63.5% to RMB 35.8 million compared to the same period in 2024[50] - The group reported a profit of RMB 247,066,000 for the six months ended June 30, 2025, compared to a profit of RMB 384,571,000 for the same period in 2024, reflecting a decrease of 35.7%[123] - The total comprehensive income for the six months ended June 30, 2025, was RMB 245,820,000, down from RMB 385,174,000 in the same period of 2024, indicating a decline of 36.3%[123] Assets and Liabilities - Total current assets as of June 30, 2025, were RMB 1,747,314, a decrease of 4.3% from RMB 1,825,749 at the end of 2024[8] - Total non-current assets increased by 1.0% to RMB 9,197,338 from RMB 9,103,506[8] - Total assets as of June 30, 2025, were RMB 10,944.7 million, an increase of 0.1% from December 31, 2024[64] - Total liabilities as of June 30, 2025, were RMB 4,043.8 million, a decrease of RMB 211.0 million or 5.0% from December 31, 2024[64] - The interest-bearing debt ratio as of June 30, 2025, was 24.1%, a decrease of 1.3 percentage points from December 31, 2024[75] - The asset-liability ratio as of June 30, 2025, was 29.2%, a decrease of 7.1 percentage points from December 31, 2024[76] Cash Flow and Investments - The net cash inflow from operating activities for the six months ended June 30, 2025, was RMB 455.7 million, an increase of 29.9% compared to the same period in 2024[59] - The group's free cash flow for the same period was RMB 213.9 million, an increase of 1,611.2% compared to the same period in 2024[59] - The net cash used in investment activities for the six months ended June 30, 2025, was RMB 46 million, a decrease of 99.3% compared to the same period in 2024[60] - The net cash used in financing activities for the six months ended June 30, 2025, was RMB 212.9 million, an increase of 406.9% compared to the same period in 2024[61] Employee and Management - The group currently has 8,017 full-time employees, a decrease from 8,169 in the previous year[83] - Employee welfare expenses for the six months ended June 30, 2025, were approximately RMB 680.9 million, down from RMB 765.9 million for the same period in 2024[84] - The total remuneration for key management personnel was RMB 2,377,000 for the six months ended June 30, 2025, down 16.9% from RMB 2,862,000 in the same period of 2024[172] Corporate Governance - The audit committee consists of three independent non-executive directors, ensuring compliance with accounting policies and financial reporting procedures[88] - The group has appointed Deloitte as the new auditor effective June 27, 2025, following the resignation of PwC due to a disagreement over audit fees[89] - The company is committed to timely disclosures regarding its financial performance and governance changes[90] Market and Growth Strategy - The company achieved a market size of RMB 768.7 billion in the oncology medical service sector by 2026, projected to grow to RMB 1,121.4 billion by 2030, with a compound annual growth rate of 17.4% for private oncology services[41] - The elderly population in China is expected to reach 310 million by the end of 2024, accounting for 22.0% of the total population, leading to increased demand for oncology-related medical services[41] - The company aims to strengthen its brand building and talent cultivation systems to enhance the core competitiveness of its hospitals[42] Research and Development - The group has published a total of 859 academic papers in renowned domestic and international journals since its listing[25] - The group has actively engaged in national and provincial key research projects, obtaining several national utility model and invention patents[25] - The group is involved in the development of new technologies in cancer treatment, specifically through advanced radiotherapy methods[186] Social Responsibility and ESG - The group has been recognized for its ESG performance, receiving an "A" rating from Wind and being included in various social responsibility indices[18] - The company has received an "A" rating in ESG performance from authoritative institutions, positioning it as a leader among Hong Kong-listed medical service companies[37] - The group has set environmental goals for 2030, focusing on improving resource usage and compliance with environmental regulations[36]

Investment Rating - The report maintains an "Outperform" rating for the biopharmaceutical industry [1] Core Viewpoints - The growth of healthcare expenses, which reached 9.06 trillion yuan in 2023, is outpacing GDP growth, indicating that commercial health insurance may provide a solution to the pressures faced by the medical insurance system [3][15] - The commercial health insurance sector is expected to grow significantly, with premiums projected to reach 97.74 billion yuan by 2024, driven by low penetration rates and the need for additional funding sources [20][24] - Policies are increasingly supportive of commercial health insurance, particularly in relation to innovative drugs, which are now being included in the commercial health insurance directory [71][76] Summary by Sections Part 1: Healthcare Financing System - The healthcare financing system in China consists of government, social, and personal contributions, with social contributions being the main driver for future growth [10][15] Part 2: Growth of Health Insurance - The commercial health insurance market is expected to fill a significant funding gap, with an estimated shortfall of over 1.7 trillion yuan by 2030 [21][22] - Medical insurance is the primary source of compensation within commercial health insurance, with a compensation rate of approximately 68.79% in 2022 [27][31] Part 3: Core Products of Medical Insurance - The report highlights the importance of medical insurance as a key focus area, noting that it directly compensates for medical expenses, unlike critical illness insurance [31][35] Part 4: Policy Support for Health Insurance Development - A series of policies since 2009 have aimed to promote the development of commercial health insurance, with specific targets for market size and coverage [71][72] Part 5: Investment Recommendations - The report suggests focusing on innovative drug companies with rich pipelines, DTP pharmacies, and companies in the TPA industry, as well as innovative medical devices and high-end medical service providers [77]

Core Viewpoint - Haijia Medical (6078.HK) experienced a significant increase in stock price, rising by 11.92% to HKD 15.4, recovering losses from earlier in the month, with a market capitalization of HKD 9.5 billion [1] Company Summary - The founder, controlling shareholder, and CEO, Zhu Yiwen, purchased 1.6648 million shares at an average price of HKD 13.8284 on September 18, investing approximately HKD 23.0215 million. His ownership stake increased from 46.01% to 46.28% [1] - Zhu Yiwen has never sold any shares since the company's listing and has made 22 purchases in the secondary market, indicating strong confidence in the company's long-term development [1] Industry Summary - According to Zhongtai International, leading companies in the innovative drug sector are expected to show strong performance in the first half of 2025, with increasing orders for leading CXO companies. The demand for innovative drugs in oncology, metabolism, and autoimmune fields is anticipated to grow steadily [1] - The introduction of commercial insurance innovative drug catalogs is expected to benefit the sales of high-priced innovative drugs, and the rising demand for innovative drug research and development will improve the operating environment for leading CXO companies [1]

Core Viewpoint - Haijia Medical (06078) experienced a significant stock increase of over 8%, attributed to the founder's recent share purchase and positive signals in the company's financials [1] Group 1: Stock Performance - Haijia Medical's stock rose by 8.14%, reaching HKD 14.88, with a trading volume of HKD 339 million [1] - The founder, Zhu Yiwen, purchased 1.6648 million shares at HKD 13.8284 each, totaling approximately HKD 23.0215 million [1] Group 2: Shareholding and Management Confidence - After the recent purchase, Zhu Yiwen's total shareholding increased to approximately 286 million shares, representing a 46.28% stake in the company [1] - Zhu Yiwen has never sold any shares since the company's listing and has made 22 purchases in the secondary market [1] Group 3: Financial Health and Future Outlook - A recent report from Zhongtai International indicated a decline in the company's performance for the first half of 2025, but highlighted positive signs in the balance sheet [1] - Accounts receivable decreased by 9.1% compared to the end of the previous year, indicating improved cash collection from hospitals [1] - Net cash from operating activities increased by 29.9%, with capital expenditures reduced by 28.5% year-on-year, and cash increased by HKD 240 million compared to the end of the previous year [1] - The net debt ratio decreased by 6.7 percentage points, suggesting an improvement in the company's financial position [1] - Government policies have been supportive of the pharmaceutical and medical services industry, leading to expectations that the company may gradually recover starting in 2026 [1]

Group 1 - The core point of the article highlights that Haijia Medical (06078) experienced a stock price increase of over 8%, reaching HKD 14.88, with a trading volume of HKD 339 million [1] - On September 18, the founder and controlling shareholder, Zhu Yiwen, increased his stake by purchasing 1.6648 million shares at HKD 13.8284 per share, totaling approximately HKD 23.0215 million, raising his ownership to about 286 million shares, or 46.28% [1] - Since its listing, Zhu Yiwen has never sold any shares and has made 22 purchases in the secondary market [1] Group 2 - According to recent research from Zhongtai International, despite a projected decline in performance for the first half of 2025, there are positive signals in the company's balance sheet [1] - As of June 30, accounts receivable decreased by 9.1% compared to the end of the previous year, indicating improved cash collection from hospitals [1] - The net cash from operating activities increased by 29.9% year-on-year, with capital expenditures reduced by 28.5% in the first half of the year, resulting in an increase of HKD 240 million in cash compared to the end of the previous year, and a decrease of 6.7 percentage points in the net debt ratio [1] - The company’s balance sheet is improving, and government policies have been supportive of the pharmaceutical and medical services industry, suggesting a gradual recovery starting in 2026 [1]

Group 1 - The latest shareholder equity disclosure for Yunfeng Financial (00376), Haijia Medical (06078), and Ubo Holdings (08N22069) was conducted on September 19, 2025 [1] Group 2 - For Yunfeng Financial (00376), Key Imagination Limited reduced its holdings from 1.828 billion shares to 1.636 billion shares, resulting in a holding percentage change from 47.25% to 42.30% [2] - Haijia Medical (06078) saw a slight increase in holdings by Zhu Yiwen from 285 million shares to 286 million shares, with a holding percentage change from 46.01% to 46.28% [2] - Ubo Holdings (08N22069) maintained its holdings at 360 million shares, with a marginal increase in holding percentage from 70.20% to 70.22% [2]

Group 1 - The core point of the article is that the chairman and executive director of Hai Jiaya Medical, Zhu Yiwen, increased his shareholding by purchasing 1,664,800 shares at an average price of HKD 13.8284 per share, totaling approximately HKD 23.0215 million [1] - After the purchase, Zhu Yiwen's total shareholding increased to 286,231,415 shares, raising his ownership percentage from 46.01% to 46.28% [1][3] - The transaction took place on September 18, 2025, as per the latest disclosure from the Hong Kong Stock Exchange [1][2]

Core Viewpoint - On September 18, Zhu Yiwen increased his stake in Haijia Medical (06078) by acquiring 1.6648 million shares at a price of HKD 13.8284 per share, totaling approximately HKD 23.0215 million, raising his total holdings to about 286 million shares, which represents a 46.28% ownership stake [1] Summary by Category Shareholding Activity - Zhu Yiwen purchased 1.6648 million shares of Haijia Medical at HKD 13.8284 each [1] - The total investment amounted to approximately HKD 23.0215 million [1] - Following this transaction, Zhu's total shareholding increased to approximately 286 million shares, equating to a 46.28% ownership in the company [1]