业内人士分析指出，基金公司对诺辉健康等风险标的"严厉"估值调整，不仅与其停牌期间暴露的财务疑虑、经营不确定性有关，也折射出公募基金行业在改 革深化背景下，风控标准日益趋严，对上市公司质地要求更高。华南某基金经理透露："现在基金公司对入池标的把关更严，更强调公司基本面。对于ST类 股票，很多公司内部已经不允许基金经理买入。未来资金将更倾向于流向绩优公司。"(文馨) 除了诺辉健康，近期A股市场的ST紫天也遭遇基金公司估值下调。6月16日，华夏基金公告将其持有的ST紫天股票估值从停牌前8.74元下调至2.5元，降幅亦 超过七成。*ST紫天此前因被调出中证2000指数成分股，基金公司需调整估值以反映公允价值。 【环球网财经综合报道】近期，港股上市公司诺辉健康的股价估值遭遇基金公司"集体看空"。多家基金公司对其停牌股票进行大幅估值调整，其中长城基金 给出的估值较停牌前股价14.14港元砍去了超过90%，仅剩1.2港元，引发市场高度关注。 6月26日，博时基金公告称，自6月25日起，对旗下博时恒生医疗保健ETF（QDII）持有的诺辉健康股票按3.33港元/股进行估值。同周，长城基金也宣布自6 月24日起，对其旗下基金持有 ...

Core Viewpoint - Changcheng Fund has lowered the valuation of Nohow Health to HKD 1.20 per share, representing a 91.51% decrease from the price before suspension [1] Group 1: Valuation Adjustments - This is the second time Changcheng Fund has adjusted its valuation for Nohow Health, following a previous adjustment to HKD 7.48 per share in July of last year [1] - Multiple fund companies have adjusted their valuations for Nohow Health since mid-last year, indicating a pessimistic outlook on its resumption prospects [1] Group 2: Industry Context - Nohow Health, once known as the "first stock for cancer early screening," has seen its valuation approach zero recently, highlighting potential compliance risks hidden beneath the high growth narrative of biotech companies [1]

Group 1 - The cancer prevention and treatment situation in China remains severe, with 4.82 million new cancer cases and 2.57 million deaths reported in 2022, indicating a diagnosis every minute and a death every 15 seconds [1] - The top five cancers in terms of new cases are lung cancer, colorectal cancer, thyroid cancer, liver cancer, and stomach cancer, which together account for 57.42% of new cases, highlighting key areas for cancer prevention [1] - Early detection significantly improves cure rates for cancers, particularly colorectal cancer, where the five-year survival rate is 91.8% if detected early, but drops to 10.8% if treatment is delayed [1] Group 2 - Nohui Health's Changweiqing is a non-invasive colorectal cancer screening product that requires only a stool sample, utilizing triple detection technology with a negative predictive value of 99.6% [3] - All commercialized products from Nohui Health are supported by extensive clinical data, ensuring their professionalism, compliance, reliability, and high recognition [3] - Changweiqing is the only product included in all national colorectal cancer screening and treatment guidelines in China, underscoring its significance in the market [3]

Financial Performance - New Horizon Health reported a revenue of HKD 150 million for the first half of 2023, representing a 25% increase compared to the same period in 2022[1]. - The company has set a performance guidance of HKD 350 million in revenue for the full year 2023, representing a 20% year-over-year growth[1]. - For the six months ended June 30, 2023, revenue was RMB 822.7 million, an increase of 264.6% compared to RMB 225.7 million for the same period in 2022[19]. - The company reported a net loss of HKD 10 million for the first half of 2023, an improvement from a loss of HKD 15 million in the same period last year[1]. - Adjusted net profit for the six months was RMB 61.3 million, a significant improvement from an adjusted net loss of RMB 106.2 million in the same period last year[19]. - The company reported a net profit of RMB 125,343 thousand for the six months ended June 30, 2023, compared to a net loss of RMB 65,282 thousand in the prior year[197]. - The total comprehensive income for the first half of 2023 was RMB 127,519 thousand, compared to a loss in the previous period, marking a turnaround in performance[200]. Gross Profit and Margins - The company achieved a gross profit margin of 65%, up from 60% in the previous year, indicating improved operational efficiency[1]. - Gross profit for the same period was RMB 747.5 million with a gross margin of 90.9%, up from RMB 185.1 million and 82.0% in the prior year[19]. - The gross margin improved to 90.9%, up approximately 890 basis points from 82.0% in the same period last year[56]. User Growth and Market Expansion - User data showed a 30% increase in the number of active users, reaching 200,000 by June 30, 2023[1]. - The company plans to expand its market presence in Southeast Asia, targeting a 15% market share by the end of 2024[1]. - The company aims to increase market penetration of its products, including Changweiqing and Pupu Tube, leveraging its unique position as the only approved molecular cancer screening test in China[89]. Research and Development - Research and development expenses increased by 20% to HKD 30 million, reflecting the company's commitment to innovation[1]. - R&D expenses for the six months ended June 30, 2023, were RMB 63.6 million, a 61.4% increase from RMB 39.4 million in the same period of 2022[21]. - The company established a R&D center in Hong Kong in January 2023, focusing on cancer screening pipeline development[24]. - The company has established a strong R&D team, with over 73.0% of members holding master's or doctoral degrees, led by the Chief Scientific Officer and Chief Technology Officer[41]. Product Development and Launches - New product launches include the "宫证清 IVD" and "常卫清 IVD," which are expected to contribute an additional HKD 50 million in revenue in the next fiscal year[1]. - The flagship product, 常卫清, generated revenue of approximately RMB 490.5 million, a 566.2% increase from RMB 73.6 million year-over-year[21]. - The company has four self-developed cancer screening tests, with the latest, 宮证清, commercialized in Hong Kong in May 2023[45]. Strategic Partnerships and Acquisitions - The management emphasized a focus on strategic partnerships to drive growth and enhance customer engagement moving forward[1]. - New Horizon Health is exploring potential acquisitions to enhance its product portfolio and market reach, with a budget of HKD 100 million allocated for this purpose[1]. - The company has formed strategic partnerships with major players like AstraZeneca and Prenetics to enhance market penetration and awareness of colorectal cancer screening[45]. Financial Position and Cash Flow - Cash and cash equivalents as of June 30, 2023, were RMB 2,047.0 million, a 24.1% increase from RMB 1,648.9 million at the end of 2022[21]. - The company’s total liabilities increased to RMB 265,484 thousand from RMB 227,433 thousand, indicating a rise of 16.7%[198]. - The company’s total equity reached RMB 2,985,885 thousand as of June 30, 2023, compared to RMB 2,121,650 thousand at the end of 2022, reflecting a growth of about 41%[199]. Market Trends and Future Outlook - The colorectal cancer screening market in China is expected to grow significantly due to aging population and increased public awareness, with the company’s 常卫清 being the only test capable of detecting precancerous lesions[46]. - The company aims to advance technological innovation and accelerate the adoption of cancer screening technologies in China and globally[26]. - The company plans to enhance cancer screening awareness in China, targeting a 5-year survival rate of at least 46.6% by 2030[86]. Shareholder Information and Equity Incentives - The board has not declared an interim dividend for the six months ending June 30, 2023, consistent with the previous year[97]. - The maximum number of shares that can be delivered under the pre-IPO equity incentive plan is capped at 31,686,768 shares[117]. - The company has established a restricted share unit plan for 2022, which prohibits the board from granting any awards during specific blackout periods related to insider information and financial performance announcements[138].

Financial Performance - For the six months ended June 30, 2023, revenue reached RMB 822.7 million, a significant increase of 264.6% compared to RMB 225.7 million in the same period of 2022[2] - Gross profit for the same period was RMB 747.5 million, with a gross margin of 90.9%, up from RMB 185.1 million and 82.0% in 2022[2] - Adjusted net profit for the six months was RMB 61.3 million, a turnaround from an adjusted net loss of RMB 106.2 million in the same period of 2022, marking the first 12-month adjusted net profit[2] - The company achieved a net profit of RMB 125.3 million under International Financial Reporting Standards, compared to a net loss of RMB 65.3 million in the same period of 2022[3] - For the six months ended June 30, 2023, the company reported a profit attributable to owners of RMB 125,654 thousand, compared to a loss of RMB 65,282 thousand in the same period of 2022, marking a significant turnaround[6] - The company achieved a basic and diluted earnings per share of RMB 0.26, compared to a loss per share of RMB 0.15 in the same period last year[6] Revenue Breakdown - Revenue from Changweiqing in mainland China was RMB 490.5 million, a remarkable increase of 566.2% from RMB 73.6 million in 2022, with a gross margin of 91.5%[2] - Revenue from Pupu Tube was RMB 124.0 million, an increase of 80.9% from RMB 68.5 million in 2022, with a gross margin of 87.2%[2] - Revenue from Youyou Tube was RMB 206.5 million, up 147.4% from RMB 83.5 million in 2022, with a gross margin of 94.2%[2] - The revenue from the main product lines for the six months ended June 30, 2023, was RMB 1,821,236 thousand, a significant increase from RMB 1,157,000 thousand for the same period in 2022, representing a growth of approximately 57.3%[17] - The flagship product, 常卫清, recorded a revenue recognition of approximately 428,700 units, up 354.1% from 94,400 units in the same period of 2022[34] Expenses and Costs - Sales and marketing expenses were RMB 571.2 million, representing 69.4% of revenue, compared to 86% in the previous year[3] - Research and development expenses increased by 61.4% to RMB 63.6 million, accounting for 7.7% of revenue, down from 17% in 2022[3] - Total administrative expenses for the six months ended June 30, 2023, were RMB 10,630 thousand, compared to RMB 6,918 thousand for the same period in 2022, indicating an increase of approximately 53.5%[21] - The total sales cost for the group was RMB 75.2 million for the six months ended June 30, 2023, an increase of 85.3% from RMB 40.6 million in the same period of 2022[56] - Employee costs accounted for 48.1% of total R&D expenses in 2023, rising from 35.3% in 2022, with RMB 359.7 million spent[66] Assets and Financial Position - Cash and cash equivalents, along with specific financial assets, totaled RMB 2,047.0 million, a 24.1% increase from RMB 1,648.9 million in the previous year[3] - Total assets reached RMB 2,858,172 thousand as of June 30, 2023, compared to RMB 2,000,576 thousand at the end of 2022, indicating strong growth in the asset base[8] - The company’s net asset value increased to RMB 2,985,885 thousand as of June 30, 2023, from RMB 2,121,650 thousand at the end of 2022, showcasing improved financial health[10] - The company's debt-to-asset ratio increased to 19% as of June 30, 2023, up from 18% on December 31, 2022[77] Research and Development - The company established a research and development center in Hong Kong in January 2023, focusing on cancer screening technologies to expand into international markets outside mainland China[5] - The company has established a comprehensive cancer screening molecular platform with capabilities in R&D, clinical development, testing operations, and commercialization[35] - The company plans to expand its R&D capabilities and product pipeline, focusing on developing screening tests for various cancer types, including cervical cancer, with a strategic partnership established for commercialization in Hong Kong[82] - The company has a strong internal R&D team, with over 73.0% of members holding master's or doctoral degrees, focusing on advancing clinical products and expanding application ranges[47] Market Strategy and Partnerships - The company aims to advance technological innovation and accelerate the adoption of cancer screening technologies in China and globally[34] - The company has formed strategic partnerships with various organizations, including AstraZeneca, to promote its products in public hospitals and pharmacies in mainland China[50] - The company aims to enhance cancer screening awareness and increase market penetration for its products, including Changweiqing and Pupu Tube, to solidify its leadership in the colorectal cancer screening market in China[80] - The company plans to leverage its unique position as the first and only approved molecular cancer screening test to boost brand recognition and strengthen relationships with key opinion leaders and clinical doctors[81] Compliance and Governance - The company is committed to maintaining high corporate governance standards to protect shareholder interests and enhance business value[85] - The company confirmed that external auditors completed the necessary audit/review procedures in accordance with international auditing standards[100] - The company responded to a report alleging financial data fraud, emphasizing transparency and communication with stakeholders[106] Production and Capacity - The newly established production facility in Hangzhou has an annual capacity to produce 20 million sets of Pupu tubes, 20 million sets of Yuyou tubes, and 5 million sets of Changweiqing, all certified under GMP standards[83] - The company has established laboratory testing facilities in Beijing, Hangzhou, and Guangzhou, with a combined annual testing capacity of 2,000,000 tests[83] Employee Growth - The number of employees in the company's laboratories increased from 75 in 1H 2022 to 140 in 1H 2023, indicating significant growth in operational capacity[104] - Total employee costs for the six months ended June 30, 2023, were approximately RMB 212.8 million, compared to RMB 124.4 million for the same period in 2022[79]

Product Portfolio - The company's core product, "Chang Wei Qing IVD," is a proprietary reagent approved by the National Medical Products Administration for the Chang Wei Qing test procedure[4] - The company's non-invasive fecal FIT-DNA test device, "Chang Wei Qing," is a key product in its portfolio[3] - The company's non-invasive urine-based cervical cancer home screening test, "Gong Zheng Qing," is part of its product offerings[3] - The company's non-invasive fecal FIT screening product, "Pu Pu Guan," is used to test for hemoglobin biomarkers related to colorectal cancer[5] - The company's fecal Helicobacter pylori self-test screening product, "You You Guan," is another significant product in its lineup[5] - Changweiqing IVD was approved as a Class III medical device by the National Medical Products Administration (NMPA) in November 2020[17] - Changweiqing's risk assessment algorithm was registered as a Class II medical device by the NMPA in November 2020[17] - Changweiqing sampling kit was registered as a Class I medical device by the NMPA in December 2016[17] - Pupuguan, a non-invasive colorectal cancer screening product, targets a population of 633 million in China[18] - Pupuguan received CE certification in June 2018[18] - Youyouguan, a gastric cancer screening product, completed its registration trial in November 2020 and submitted a Class III medical device registration application to the NMPA[19] - Gongzhengqing, a non-invasive urine-based cervical cancer screening test, began its registration clinical trial in June 2022[20] - Ganzhengqing, a multi-omics liquid biopsy liver cancer screening test, is expected to start registration clinical trials in 2024[21] - Yibiqing (tentative name), a non-invasive nasopharyngeal cancer screening test, is planned to undergo registration trials starting in June 2024[22] - The company's proprietary non-invasive multi-target FIT-DNA test, Changweiqing, is the first and only molecular cancer screening test approved by the National Medical Products Administration in China, targeting 120 million high-risk individuals for colorectal cancer[77] - The company has three self-developed cancer screening tests: Pupu Tube (approved in 2018), Changweiqing (approved in 2020), and Youyou Tube (approved in 2022)[27] - Changweiqing is the only screening test in China capable of detecting precancerous lesions such as advanced adenomas[28] - The company's Pupu Tube is the first and only self-administered FIT screening product approved by the NMPA for colorectal cancer screening in China[28] Financial Performance - Revenue in 2022 reached RMB 765.0 million, a significant increase from RMB 212.8 million in 2021[8] - Gross margin in 2022 improved to 84.5%, up from 72.7% in 2021[8] - Sales and marketing expenses in 2022 were RMB 539.4 million, accounting for 70.5% of revenue[8] - R&D expenses in 2022 were RMB 87.9 million, representing 11.5% of revenue[8] - Adjusted net loss in 2022 was RMB 104.6 million, a reduction from RMB 259.2 million in 2021[8] - Cash and specific financial assets as of December 31, 2022, amounted to RMB 1,572.7 million[8] - The gross margin for the product "Chang Wei Qing" in 2022 was 83.4%, while "Pu Pu Guan" and "You You Guan" had gross margins of 82.1% and 90.7%, respectively[8] - Annual revenue in 2022 was nearly 11 times that before the IPO in 2020, with a continuous two-year revenue growth exceeding 220%, and the overall gross margin increased by 32 percentage points[10] - Revenue from the colorectal cancer screening molecular test Changweiqing reached RMB 764.4 million, a 259.3% year-on-year increase, with a gross margin of 83.4%, up 7.4 percentage points year-on-year[10] - Revenue from the self-test FIT screening product Pupuguan reached RMB 200.6 million, a 73.7% year-on-year increase, with a gross margin of 82.1%, up 10.6 percentage points year-on-year[11] - Revenue from the Helicobacter pylori self-test product Youyouguan reached RMB 207.8 million with a gross margin of 90.7%[11] - Revenue for the year ended December 31, 2022, reached RMB 765.0 million, a 259.5% increase compared to RMB 212.8 million in 2021, driven by growth in product sales (Chang Wei Qing, Pu Pu Guan) and the launch of You You Guan in January 2022[32] - Chang Wei Qing revenue recognition units surged to 361,400 in 2022, a 150.1% year-over-year increase, driven by higher customer acceptance and product awareness among doctors[29] - Pu Pu Guan revenue recognition units reached 7,962,600 in 2022, a 37% year-over-year increase, supported by strong market demand and increased sales through key customer partnerships[29] - You You Guan, launched in January 2022, achieved revenue recognition units of 3,550,900 in 2022, driven by consumer interest in non-invasive Helicobacter pylori testing[29] - Gross profit for 2022 was RMB 646.2 million, a 317.8% increase from RMB 154.6 million in 2021, with gross margin rising to 84.5% from 72.7% in 2021[39] - Chang Wei Qing contributed RMB 356.6 million in revenue in 2022, up from RMB 97.2 million in 2021, with hospital channels becoming the largest and fastest-growing revenue source[33] - Pu Pu Guan revenue reached RMB 200.6 million in 2022, up from RMB 115.5 million in 2021, driven by increased sales and higher unit revenue from direct-to-consumer and physical examination center channels[34] - You You Guan generated RMB 207.8 million in revenue in 2022, its first year of launch, supported by strong sales and unit revenue growth in direct-to-consumer and physical examination center channels[34] - Sales costs increased to RMB 118.8 million in 2022, up 104.4% from RMB 58.1 million in 2021, primarily due to higher sales volumes[35] - Inventory write-downs rose to RMB 3.7 million in 2022, a 153.0% increase from RMB 1.5 million in 2021, driven by higher revenue and channel shipments[38] - Gross profit of Chang Wei Qing in 2022 reached RMB 296.987 million with a gross margin of 83.4%, up from RMB 73.914 million and 76.0% in 2021, driven by economies of scale, higher revenue per test in hospital and direct-to-consumer channels, and optimized channel mix[40][41] - Pu Pu Guan's gross profit in 2022 was RMB 164.642 million with a gross margin of 82.1%, compared to RMB 82.600 million and 71.5% in 2021, due to increased revenue per test and reduced unit production costs[40][42] - You You Guan, launched in January 2022, achieved a gross margin of 90.7% for the year[40][42] - Other income decreased by 29.5% to RMB 16.0 million in 2022 from RMB 22.7 million in 2021, primarily due to reduced monetary funds[44] - Sales and marketing expenses increased by 104.5% to RMB 555.1 million in 2022 from RMB 271.4 million in 2021, mainly due to higher employee costs and promotional expenses[45] - R&D expenses rose by 60.6% to RMB 94.6 million in 2022 from RMB 58.9 million in 2021, driven by increased employee costs and R&D material costs[46] - Administrative expenses increased by 46.0% to RMB 159.6 million in 2022 from RMB 109.3 million in 2021, primarily due to higher employee costs[48] - Trade and other receivables impairment losses surged by 223.1% to RMB 21.4 million in 2022 from RMB 6.6 million in 2021, mainly due to deteriorating cash flows of customers affected by COVID-19[49] - Financial costs decreased by 5.1% to RMB 7.4 million in 2022 from RMB 7.8 million in 2021, primarily due to lower bank loan interest rates[50] - Income tax expense for the year ended December 31, 2022, was RMB 0.7 million, compared to zero in the same period of 2021[51] - Adjusted net loss for 2022 was RMB 104.575 million, compared to RMB 259.221 million in 2021[52][53] - Cash and cash equivalents, including time deposits and pledged bank deposits, decreased by 16.4% to RMB 1,572.7 million as of December 31, 2022, from RMB 1,882.1 million in 2021[55] - Secured bank borrowings increased to RMB 180 million as of December 31, 2022, from RMB 79.5 million in 2021[55] - Asset-liability ratio increased to 18% as of December 31, 2022, up from 10% in 2021[56] - The company received net proceeds of RMB 670 million from a subscription in January 2023[9] - The company did not recommend the payment of a final dividend for the year ended December 31, 2022[79] - The company has not issued any equity securities or debt for cash during the reporting period[86] - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period[85] - The company's shares were listed on the Hong Kong Stock Exchange on February 18, 2021, with net proceeds from the global offering amounting to approximately 2,190.5 million HKD[87] - As of December 31, 2022, the company had utilized 54.7% (1,197,896 HKD) of the net proceeds from its global offering, with the remaining funds to be used according to the plans outlined in the prospectus[87] - 40% of the funds (HK$876.2 million) will be used for the commercialization and further development of Changweiqing (as a medical service or standalone product), expected to be fully utilized by the second half of 2025[89] - 5% of the funds (HK$109.525 million) will be allocated to enhance colorectal cancer screening awareness and market penetration for Pupuguan, expected to be fully utilized by the second half of 2025[89] - 30% of the funds (HK$657.15 million) will be used for ongoing and planned R&D to further develop Youyouguan, Gongzhengqing, and other early-stage pipeline products, expected to be fully utilized by the second half of 2025[89] - 15% of the funds (HK$328.575 million) will be used for potential acquisitions or external introductions of cancer screening candidate products to diversify the product portfolio, expected to be fully utilized by the second half of 2025[89] - 10% of the funds (HK$219.05 million) will be used for working capital and other general corporate purposes, expected to be fully utilized by the second half of 2025[89] - The total funds allocated amount to HK$2,190.5 million, with HK$1,565.801 million already utilized and HK$573.197 million remaining[89] Corporate Governance and Leadership - The company's annual general meeting of shareholders is scheduled for June 9, 2023[3] - The company's restricted share unit plan and share option plan were approved and adopted on June 24, 2022[3] - The company's co-founder and CEO, Mr. Zhu, has extensive experience in the biotech and healthcare sectors, including roles at Samsung and General Electric[68] - Dr. Chen, the company's co-founder and Chief Scientific Officer, has over 20 years of experience in oncology R&D and holds multiple patents[70] - Mr. Yao, a non-executive director, has a background in technology and investment management, with experience in various industries including biotech[71] - Yu Danke was appointed as an Independent Non-Executive Director on February 5, 2021, and currently serves as the Chairman of the Audit Committee and a member of the Remuneration and Nomination Committees[72] - Yu Danke led a restructuring business with revenue of $50 million during his tenure as CFO and General Manager at Lightway Australia Pty Ltd[72] - Wu Hong was appointed as an Independent Non-Executive Director on February 5, 2021, and serves as the Chairman of the Remuneration Committee and a member of the Nomination Committee[73] - Dr. Li Kwok-tung was appointed as an Independent Non-Executive Director on February 5, 2021, and is a member of the Audit Committee[74] - Dr. Chen Yiyou, a co-founder of the group, was appointed as Chief Scientific Officer on June 7, 2018, and as an Executive Director on October 9, 2020[75] - Zhu Yeqing, a co-founder of the group, was appointed as CEO on June 7, 2018, and as an Executive Director on October 9, 2020[75] - Gao Yu joined the group as CFO on June 1, 2020, and has over 15 years of experience in the healthcare industry[75] - Dr. Lü Ning has been serving as the Chief Technology Officer since November 19, 2015, and has played a significant role in product development and regulatory approvals[75] - The Board consists of 6 members, including 2 executive directors, 1 non-executive director, and 3 independent non-executive directors[189] - Mr. Zhu Yeqing serves as both Chairman and CEO, a dual role deemed beneficial for the company's operational focus and strategic planning[190] - The company complies with the requirement of having at least three independent non-executive directors, with one possessing appropriate professional qualifications in accounting or financial management[191] - Non-executive directors, including independent non-executive directors, have a designated term of three years and are eligible for re-election[192] - The Board is responsible for leading and monitoring the company, overseeing operations, and ensuring robust internal control and risk management systems[193] - Mechanisms are in place to ensure the Board's independence, including evaluating candidates' ability to provide independent opinions[194] - The company ensures that independent non-executive directors can provide independent opinions and has channels for obtaining external independent professional advice[195] - Directors are required to participate in continuous professional development to stay updated on regulatory changes and enhance their knowledge and skills[196] - All directors have participated in training related to their duties and responsibilities during the reporting period[197] - The Board has adopted a diversity policy aimed at achieving a balanced mix of knowledge and skills, including expertise in business management, finance, and life sciences[198] - The company has achieved a gender diversity target of at least 10% or 1 female director on the board, with current female representation at 16.7% (1 out of 6)[200] - Senior management gender diversity stands at 41.7% female (10 out of 24), exceeding the 30% target[200] - Overall employee gender distribution is nearly balanced, with 50.8% female (446 out of 878) and 49.2% male (432 out of 878)[200] - The company has met its target of at least 40% female representation among other employees, currently at 51.1% (436 out of 854)[200] - Male representation in the board remains high at 83.3% (5 out of 6), indicating room for improvement in top-level gender diversity[200] - The company has implemented measures to support gender diversity in recruitment and prohibits gender discrimination[199] - The company reports no known factors or circumstances that would make achieving gender diversity more challenging or less relevant[200] Research and Development - The company established a research center in Hong Kong in January 2023, focusing on cancer screening pipeline development and international market expansion[11] - The urine-based cervical cancer screening test Gongzhengqing began registration trials in June 2022 and recruited its first participant in November 2022[11] - The PANDA project, a pan-cancer early detection clinical project targeting over 22 types of cancer, was launched in China in November 2022[11] - Gongzhengqing obtained CE certification in February 2023[11] - The company's proprietary DNA extraction technology has a success rate of approximately 99.4% in purifying evaluable DNA from highly complex stool samples[24] - The company has developed a clinically validated risk assessment algorithm, the first of its kind approved by the National Medical Products Administration (NMPA) for cancer screening[24] - The company's R&D team consists of over 74.6% members holding master's or doctoral degrees, led by Chief Scientific Officer Dr. Chen Yiyou and Chief Technology Officer Dr. Lü Ning[24] - The company operates three laboratories in Beijing, Hangzhou, and Guangzhou, with a total area of approximately 7,000 square meters, all certified for clinical use[25] - The company's main production facility in Hangzhou spans approximately 11,300 square meters and utilizes advanced automation to enhance efficiency and reduce costs[26] - The company plans to enhance its R&D capabilities by recruiting more experts and collaborating with academic and medical institutions, focusing on developing screening tests for other cancer types[64] - The company aims to launch Gong Zheng Qing, a cervical cancer screening product, and has submitted a registration application for You You Tube to the National Medical Products Administration[64] - The company plans to selectively expand geographically, pursue strategic partnerships, and explore acquisition opportunities to maximize the global value of its products[66] - The company intends to acquire or collaborate with candidates that have significant market potential or cutting-edge technologies to complement its existing product portfolio[66] Market and Strategic Partnerships - The company has strategic partnerships with AstraZeneca, JD Health, Ping An Good Doctor, and others to promote colorectal cancer screening awareness and product penetration[27] - The colorectal cancer screening market in China is expected to grow rapidly due to aging population, increased public awareness, and government support[28] - The company plans to expand market penetration for its colorectal cancer screening products, Chang Wei Qing and Poop Tube, leveraging its leading position in the Chinese market[62] - The company aims to increase awareness of cancer screening

Financial Performance - The company reported a revenue of $50 million for the first half of 2022, representing a 25% increase compared to the same period last year[12]. - For the six months ended June 30, 2022, revenue was RMB 225.7 million, an increase of 413.7% compared to RMB 43.9 million for the same period in 2021[23]. - The adjusted net income for the six months ended June 30, 2022, was a loss of RMB 106.2 million, compared to a loss of RMB 97.1 million in the same period in 2021[25]. - The company reported a basic and diluted loss per share of RMB 0.15, a significant improvement compared to RMB 8.58 in the same period of the previous year[182]. - The total comprehensive loss for the period was RMB 62,733,000, a marked decrease from RMB 2,891,805,000 in the prior year, indicating improved financial performance[182]. Revenue Breakdown - Revenue from Changweiqing for the six months ended June 30, 2022, was RMB 73.6 million, a natural growth of 419.4% from RMB 14.2 million in 2021[23]. - Revenue from Pupu Pipe for the same period was RMB 68.5 million, a growth of 131.8% from RMB 29.6 million in 2021[23]. - Revenue from Youyou Pipe since its launch in January 2022 until June 30, 2022, was RMB 83.5 million, with a gross margin of 90.0%[24]. - The revenue breakdown for the first half of 2022 shows that 幽幽管 contributed RMB 83.5 million, accounting for 37.0% of total revenue, while 常衛清 and 噗噗管 contributed RMB 73.6 million (32.6%) and RMB 68.5 million (30.4%) respectively[51]. Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of 2023[12]. - A strategic acquisition of a local competitor is anticipated to enhance the company's product offerings and market reach[12]. - The company plans to implement a new marketing strategy aimed at increasing brand awareness and customer engagement by 25%[12]. - The company intends to increase market penetration of its products, including Changweiqing and Pupu Tube, to solidify its leadership in the colorectal cancer screening market in China[83]. Research and Development - Research and development expenses increased by 30% to $5 million, focusing on innovative diagnostic technologies[12]. - Research and development expenses for the six months ended June 30, 2022, amounted to RMB 40.9 million, a 92.7% increase from RMB 21.2 million in the same period in 2021, driven by higher employee costs and R&D material costs[62]. - The company is developing 宮證清, a non-invasive urine-based cervical cancer screening test, with registration trials initiated in June 2022[28]. - The company plans to expand its R&D capabilities and product pipeline, focusing on developing screening tests for other cancer types beyond colorectal cancer[84]. Product Development and Launches - New product launch, the "常衛清 IVD," received regulatory approval and is expected to contribute significantly to future revenues[10]. - The flagship product 常衛清 is the first and only colorectal cancer screening test approved for the high-risk population of 120 million in China[29]. - The company launched the幽幽管 product in February 2022, targeting gastric cancer screening through self-testing[28]. - The proprietary risk assessment algorithm for 常衛清 has been clinically validated and is the first algorithm-driven cancer screening test approved by the National Medical Products Administration[39]. Financial Position and Cash Flow - Cash and cash equivalents stood at RMB 1,648.9 million as of June 30, 2022, down from RMB 2,241.9 million at the end of 2021[25]. - The company reported a total equity of RMB 2,075,462 thousand, down from RMB 2,126,660 thousand as of December 31, 2021, reflecting a decrease of 2.4%[184]. - The net cash used in operating activities was RMB (238,088) thousand, compared to RMB (137,377) thousand in the same period last year[186]. - The company’s total liabilities increased to RMB 40,602 thousand, up from RMB 33,850 thousand year-over-year[184]. Corporate Governance and Shareholder Information - The company has adopted the corporate governance code to ensure high levels of corporate governance, safeguarding shareholder interests and enhancing corporate value[90]. - Major shareholders include Junlian Capital Management Co., Ltd. with 37,466,746 shares (8.72%) and SBCVC Fund V, L.P. with 22,559,012 shares (5.25%) as of June 30, 2022[109]. - The board of directors has undergone changes, including the resignation of a non-executive director and the appointment of new committee chairs[94]. - The company has a significant trust structure with multiple entities holding shares on behalf of family members of the directors[106]. Share Options and Incentives - The company granted a total of 15,087,600 share options under the 2022 share option scheme, with 10,233,000 being performance-based options[176]. - The exercise price for the share options was set at HKD 24.70 per share, with an exercise period from June 27, 2022, to June 27, 2032[177]. - The vesting schedule for time-based options includes 25% vesting on the first anniversary of the grant date, with the remaining options vesting in 36 equal monthly installments[171]. - The 2022 Restricted Share Unit Plan allows the board to grant restricted share units to selected participants based on their expected contribution to the group's profits[148].

Financial Performance - The company reported a revenue of $100 million for the fiscal year ending December 31, 2021, representing a 20% increase year-over-year[7]. - The company provided guidance for the next fiscal year, projecting a revenue increase of 25% to $125 million[11]. - The company's revenue for the year ended December 31, 2021, was RMB 212.8 million, an increase of approximately 201.5% compared to RMB 70.6 million for the year ended December 31, 2020[48]. - Gross profit for the year ended December 31, 2021, was RMB 154.6 million, with a gross margin of 72.7%, compared to RMB 37.2 million and a gross margin of 52.8% for the year ended December 31, 2020[54]. - Other income increased by approximately 142.2% to RMB 227 million in 2021, compared to RMB 94 million in 2020, primarily due to increased bank interest income from global offerings[58]. - The company experienced a significant increase in consumer health awareness, contributing to the growth in sales and revenue for both Changweiqing and Pupu Tube[45]. - The company reported total assets of RMB 2,353.9 million and total liabilities of RMB 227.2 million for the year 2021[20]. - The net loss for the year 2021 was RMB 3,085.3 million, with adjusted net loss of RMB 285.2 million[20]. Product Development and Innovation - New product launches included a non-invasive cervical cancer screening test, which is expected to capture a significant market share[13]. - The company is investing in proprietary multi-omics platforms to optimize pipeline candidates for future commercialization[23]. - The self-testing diagnostic test, 幽幽管, received approval as a Class III medical device in January 2022 and is set for commercial launch[22]. - The company aims to expand its research and development platform and product pipeline through various business development activities, including the establishment of NHH Venture Fund[23]. - The proprietary non-invasive multi-target FIT-DNA test, Chang Wei Qing, is the first and only cancer screening molecular test approved by the National Medical Products Administration (NMPA) for 120 million high-risk individuals in China, achieving a sensitivity of 95.5% and specificity of 87.1%[27][29]. - The company is developing a multi-omics liquid biopsy liver cancer screening test, with expected sensitivity and specificity significantly higher than traditional AFP blood tests, aiming to initiate a prospective multi-center clinical trial between Q4 2022 and Q1 2023[34]. - The company has established a comprehensive cancer screening molecular platform with integrated R&D, clinical development, testing operations, and commercialization capabilities[26]. Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, targeting a 30% increase in market penetration by 2023[9]. - A strategic partnership was established with a leading healthcare provider to improve distribution channels[13]. - The company aims to increase market penetration of its products, including Changweiqing, Pupu Tube, and Youyou Tube, to solidify its leadership in the colorectal cancer screening market in China[78]. - The company plans to enhance cancer screening awareness through partnerships with hospitals and clinical doctors, aiming to improve participation rates in cancer check-ups[75]. - The company plans to strategically expand its market presence through partnerships and acquisitions, focusing on products with significant market potential and cutting-edge technologies[83]. Research and Development - Research and development expenses increased by 10%, totaling $10 million, focusing on innovative diagnostic technologies[11]. - The company plans to expand its R&D capabilities and product pipeline, focusing on developing screening tests for various cancer types, including cervical cancer, with a clinical trial for the cervical cancer screening product scheduled to start in 2022[79]. - The company has a strong commitment to research and development, with a focus on innovative cancer screening solutions[109]. Financial Management and Costs - Sales and marketing expenses surged by approximately 316.7% to RMB 271.4 million in 2021, up from RMB 65.1 million in 2020, driven by higher employee and promotional costs[59]. - Research and development expenses rose by approximately 132.5% to RMB 58.9 million in 2021, compared to RMB 25.3 million in 2020, mainly due to increased employee costs and clinical trial expenses[60]. - Administrative expenses increased by approximately 42.1% to RMB 109.3 million in 2021, up from RMB 77.0 million in 2020, attributed to wage growth and an increase in employee numbers[63]. - The company has zero unsecured bank loans as of December 31, 2021, down from RMB 20 million as of December 31, 2020, which were fully repaid in March 2021[71]. Corporate Governance and Management - The management team includes experienced founders, with Dr. Chen Yiyou serving as Chairman and Chief Scientific Officer since June 2018, and Mr. Zhu Yeqing as CEO since June 2018[106]. - The Chief Financial Officer, Mr. Gao Yu, has over 15 years of experience in the healthcare industry, focusing on private equity investments and mergers and acquisitions[106]. - The company has expanded its board with experienced professionals from various sectors, enhancing its strategic capabilities[99]. - The company has a commitment to ensuring compliance with corporate governance through its independent non-executive directors[101]. Shareholder and Equity Information - The company does not recommend the distribution of a final dividend for the year ended December 31, 2021[111]. - The company adopted a pre-IPO equity incentive plan on October 10, 2018, which was further revised and approved on August 17, 2020[161]. - The maximum number of shares that may be delivered under the pre-IPO equity incentive plan is capped at 31,686,768 shares, representing approximately 7.37% of the total issued share capital as of December 31, 2021[167]. - As of December 31, 2021, a total of 28,113,326 share options were granted, with 20,322,932 options exercised[169]. Risk Management and Compliance - Risks associated with the contractual arrangements include potential penalties from the Chinese government if deemed non-compliant with laws, and uncertainties regarding the interpretation of the Foreign Investment Law[149]. - The group has implemented measures to ensure compliance with contractual arrangements, including reporting significant issues to the board and annual reviews by independent non-executive directors[151]. - The independent auditor, Deloitte, issued an unqualified opinion on the ongoing connected transactions, confirming compliance with the relevant agreements[156].

Financial Performance - The company reported a revenue of $XX million for the first half of 2021, representing a YY% increase compared to the same period last year[7]. - For the six months ended June 30, 2021, revenue was RMB 439 million, an increase of 317% compared to RMB 105 million for the same period in 2020[14]. - The company's revenue for the six months ended June 30, 2021, was RMB 439.31 million, a 317% increase compared to RMB 105.26 million for the same period in 2020[37]. - The revenue from the "Pupu Tube" product line reached RMB 29,569 thousand, up from RMB 4,086 thousand in the previous year, reflecting a growth of 624.5%[133]. - The company reported a net loss attributable to shareholders of RMB 2,891,805 thousand for the six months ended June 30, 2021, compared to a loss of RMB 552,949 thousand for the same period in 2020, representing an increase in loss of approximately 423%[141]. - The company reported a loss before tax of RMB (2,891,805,000), compared to a loss of RMB (552,763,000) in the previous year, indicating a substantial increase in losses[124]. - Basic and diluted loss per share for the period was RMB (8.58), compared to RMB (4.74) in the prior year[124]. - The company incurred a fair value loss on preferred shares amounting to RMB 2,757,028 thousand for the six months ended June 30, 2021, compared to a loss of RMB 484,824 thousand in the same period of 2020, reflecting a substantial increase in losses[138]. Product Development and Innovation - New product development includes the launch of the non-invasive FIT-DNA testing device, which is expected to contribute significantly to revenue in the upcoming quarters[5]. - The company is developing You You Guan, a self-testing gastric cancer screening test, and Gong Zheng Qing, a non-invasive urine-based cervical cancer screening test, both in advanced stages of development[18]. - The company has focused on R&D for screening products related to colorectal cancer and cervical cancer, indicating ongoing investment in new product development[129]. - The company aims to innovate and accelerate cancer screening technologies in China and globally, addressing significant unmet medical needs[18]. Market Expansion and Strategy - The company is expanding its market presence in China, with plans to open additional laboratories in key cities, aiming to increase testing capacity by CC%[11]. - A strategic acquisition was announced, which is expected to enhance the company's product portfolio and market reach, with an estimated value of $DD million[9]. - The company plans to further develop the cancer screening market in China, aiming for a 5-year cancer survival rate of at least 43.3% by 2022 and 46.6% by 2030[69]. - The company intends to selectively pursue geographic expansion, strategic partnerships, and acquisition opportunities to enhance its product portfolio and market coverage[74]. Research and Development - Research and development expenses increased by FF%, indicating a commitment to innovation and product improvement[11]. - The company has been focused on R&D since 2015, building a comprehensive proprietary database on colorectal cancer methylation patterns specific to Asia[27]. - The internal R&D team is primarily based in Beijing and Hangzhou, with over 72% of members holding master's or doctoral degrees[28]. - The company plans to expand its R&D capabilities by recruiting more experts and collaborating with renowned academic and medical institutions[72]. Partnerships and Collaborations - The management emphasized the importance of partnerships with key opinion leaders to drive product adoption and market penetration[11]. - The company established strategic partnerships with major players like AstraZeneca and JD Health to increase awareness and penetration of its products in the clinical and consumer markets[15]. - The company has entered into strategic partnerships with various organizations, including AstraZeneca, to promote 常衛清 in public hospitals and pharmacies[32]. Financial Position and Capital Structure - As of June 30, 2021, the company's cash and cash equivalents, including bank deposits, amounted to RMB 2,241.9 million, an increase of 285.0% from RMB 582.3 million as of December 31, 2020[61]. - The debt-to-asset ratio as of June 30, 2021, was 7.7%, a significant decrease of 225.5% from 233.2% as of December 31, 2020[63]. - The total capital expenditure for the six months ended June 30, 2021, was approximately RMB 13.6 million, primarily for the purchase of property and equipment[65]. - The company reported a total of RMB 26,909,000 in trade and other payables, a decrease of 33.1% from RMB 40,236,000 as of December 31, 2020[149]. Shareholder Information - As of June 30, 2021, the total number of issued shares was 429,440,686[87]. - The company’s CEO holds a beneficial interest in 13,053,070 shares, representing approximately 3.04% of the total shares[87]. - The largest shareholder, 恒泰信託（香港）有限公司, holds 78,814,606 shares, representing 18.35% of total shares[95]. - The company did not declare an interim dividend for the six months ended June 30, 2021[78]. Corporate Governance - The company is committed to maintaining high corporate governance standards to protect shareholder interests and enhance corporate value[76]. - The company has confirmed compliance with the standard code of conduct for securities trading among its directors and senior management[77].

Financial Performance - New Horizon Health reported a revenue of approximately HKD 200 million for the fiscal year ending December 31, 2020, representing a year-on-year growth of 25%[10]. - The company reported a total revenue of RMB 70,567 thousand for the year 2020, representing a significant increase from RMB 58,275 thousand in 2019, which is a growth of approximately 21%[16]. - The company's revenue for the year ended December 31, 2020, was RMB 706 million, an increase of approximately 21.1% compared to RMB 583 million for the year ended December 31, 2019[41]. - The revenue from Chang Wei Qing for the year ended December 31, 2020, was RMB 376 million, a decrease from RMB 391 million in 2019, primarily due to the impact of COVID-19[42]. - The revenue from Pu Pu Guan for the year ended December 31, 2020, was RMB 318 million, an increase from RMB 151 million in 2019[42]. - The gross profit for the year ended December 31, 2020, was RMB 372 million, with a gross margin of 52.8%, down from a gross profit of RMB 343 million and a margin of 58.9% in 2019[47]. - The adjusted net loss for the year ended December 31, 2020, was RMB 168 million, compared to an adjusted net loss of RMB 124 million for the year ended December 31, 2019[64]. - The company reported a net loss of RMB 788 million for the year ended December 31, 2020, compared to a net loss of RMB 106 million for the year ended December 31, 2019[64]. Product Development and Innovation - The company has developed a non-invasive urine cervical cancer home screening test, which is expected to enhance its product portfolio and market reach[12]. - New Horizon Health aims to invest HKD 50 million in research and development for new technologies and products in the upcoming year[10]. - The company is focused on expanding its product offerings in non-invasive cancer screening technologies, addressing significant market needs in China[29]. - The company is developing a urine-based self-testing cervical cancer screening test, Gong Zheng Qing, with registration trials expected to start by the end of Q4 2021[22]. - The company has established a comprehensive proprietary database on colorectal cancer methylation patterns specific to Asia over more than five years of R&D[30]. - The company is focused on innovation in product development to meet the evolving needs of the healthcare market[99]. Market Expansion and Strategy - New Horizon Health plans to expand its market presence in China, targeting a 30% increase in user adoption for its core products over the next fiscal year[10]. - The company is exploring potential mergers and acquisitions to enhance its capabilities and market share in the healthcare sector[12]. - The company plans to accelerate commercialization efforts in the clinical and health check markets in 2021, focusing on the development of its cancer screening pipeline[19]. - The company plans to enhance market penetration of its colorectal cancer screening products, Changweiqing and Pupu Tube, leveraging its unique position as the first and only approved molecular cancer screening test in China[71]. - The company intends to increase awareness of cancer screening through collaborations with key opinion leaders and clinical doctors, as well as through public health initiatives[69]. - The company plans to selectively expand its geographical reach, pursue strategic partnerships, and explore acquisition opportunities to maximize the global value of its products[75]. Regulatory Approvals and Compliance - The company has received regulatory approval for its proprietary IVD reagent kits, which are crucial for its core product testing procedures[12]. - The flagship colorectal cancer screening test, Chang Wei Qing, received approval from the National Medical Products Administration in November 2020, targeting a high-risk population of 120 million in China[17]. - Changweiqing IVD received NMPA approval as a Class III medical device in November 2020, marking it as the first and only molecular cancer screening test approved in China[25]. - The risk assessment algorithm for Changweiqing was registered as a Class II medical device in November 2020, enhancing the product's diagnostic capabilities[25]. Financial Position and Investments - Total assets increased to RMB 818,044 thousand in 2020, up from RMB 546,366 thousand in 2019, marking a growth of approximately 49.6%[16]. - As of December 31, 2020, the company's cash and cash equivalents amounted to RMB 451.8 million, an increase of approximately 30.4% from RMB 346.4 million as of December 31, 2019[66]. - The company's debt-to-asset ratio as of December 31, 2020, was 233%, an increase of 66% from 167% as of December 31, 2019[68]. - The net proceeds from the global offering amount to approximately HKD 2,190.5 million, which will be allocated as follows: 40% for commercialization and further development of Changweiqing, 5% for ongoing sales and marketing of the Pupu tube, 30% for R&D of early-stage pipeline products, 15% for potential acquisitions in cancer screening, and 10% for working capital and general corporate purposes[112]. Corporate Governance and Management - The company has a strong leadership team with founders Dr. Chen Yiyou and Mr. Zhu Yeqing serving as Chairman and CEO respectively since June 2018[99]. - The company has established a robust financial leadership structure with experienced executives from various sectors[99]. - The company has a diverse board of independent directors with extensive experience in finance and healthcare[96][97]. - The company is committed to high standards of corporate governance and has adhered to all applicable code provisions during the relevant period[194]. Challenges and Risks - The company faces significant risks including the ability to develop and commercialize cancer screening solutions, particularly for high-risk populations in China[196]. - The regulatory approval process for the company's candidate cancer screening solutions is lengthy, time-consuming, and unpredictable[198]. - Risks associated with the contractual arrangements include potential penalties from the Chinese government if deemed non-compliant with applicable laws[137].