香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該等內容 而引致的任何損失承擔任何責任。 本公告載有涉及風險及不確定因素的前瞻性陳述。除歷史事實陳述以外的所有陳述均為前瞻性陳 述。該等陳述涉及已知及未知的風險、不確定因素及其他因素，當中部分並非本公司所能控制，且 可導致實際業績、表現或成果與前瞻性陳述所明示或暗示者存在重大差異。 閣下不應依賴前瞻性 陳述作為未來事件的預測。本公司概不負責更新或修訂任何前瞻性陳述，無論是否由於新資料、未 來事件或其他因素所致。 ADICON Holdings Limited 截 至 2025 年 12 月 31 日止年度之 年度業績公告 董事會欣然宣佈本集團截至2025年12月31日止年度之經審核綜合業績以及2024年 同期之比較數字。 於本公告內，「我們」及「艾迪康」指本公司，如文義另有所指，則指本集團。本公告 內所載的若干金額及百分比數字已作出約整。於本公告內，任何表格、圖表或其他 地方所列總數與金額總和之間的任何差異乃因約整所致。 主要財務摘要 | | | ...

Company Ratings - Haitan International (1882) - Buy rating with a target price of HKD 30.00 [2] - Kangzhi Pharmaceutical (867) - Buy rating with a target price of HKD 19.30 [2] Core Insights - Haitan International is expected to maintain steady growth despite industry fluctuations, with a projected revenue of HKD 177.33 billion in 2025, a 10.0% year-on-year increase, and a net profit of HKD 33.01 billion, up 7.2% [7] - Kangzhi Pharmaceutical is returning to a rapid growth trajectory with a revenue increase of 9.9% to HKD 82.1 billion in 2025, driven by exclusive products and innovative drugs [12] Summary by Relevant Sections Haitan International - The company achieved record high performance in 2025, with revenue reaching HKD 177.33 billion and net profit at HKD 33.01 billion, reflecting a 10.0% and 7.2% year-on-year growth respectively [7] - All product lines showed positive growth, with Mars, Jupiter, and Changfei series revenues of HKD 113.17 billion, HKD 24.21 billion, and HKD 21.53 billion, representing year-on-year growth of 8.1%, 16.4%, and 8.9% respectively [8] - The overseas market is expected to be a major growth driver, with international sales increasing by 26.4% to HKD 76.02 billion, accounting for 42.9% of total revenue [9] - The target price is set at HKD 30, maintaining a buy rating, with projected revenues of HKD 195 billion, HKD 208 billion, and HKD 227 billion for 2026-2028 [10] Kangzhi Pharmaceutical - The company reported a revenue increase of 9.9% to HKD 82.1 billion in 2025, with exclusive and innovative drug revenues rising by 23.3% to HKD 56.1 billion [12] - Key product lines showed varied performance, with cardiovascular products up 2.4%, digestive and autoimmune products up 3.3%, and skin health products soaring by 73.2% [13] - The target price is set at HKD 19.3, with a buy rating, reflecting a 40.2% upside potential [14]

Group 1 - Investment Rating: Buy for Haitan International (1882) with a target price of HKD 30.00, and Buy for Kangzhe Pharmaceutical (867) with a target price of HKD 19.30 [2] - Haitan International is expected to achieve a revenue of HKD 177.33 billion in 2025, representing a year-on-year growth of 10.0%, and a net profit of HKD 33.01 billion, up 7.2% year-on-year [7][10] - Kangzhe Pharmaceutical's revenue is projected to increase by 9.9% to HKD 82.1 billion in 2025, with a notable growth in exclusive and innovative drug sales [12][14] Group 2 - Haitan International's overseas sales are expected to grow significantly, with a 26.4% increase year-on-year, contributing to 42.9% of total revenue [9] - Kangzhe Pharmaceutical's innovative products are anticipated to drive growth, with new drug approvals expected to significantly boost revenue in the coming years [13][14] - The report highlights the strategic importance of the "ICL+CRO" model for Aidi Kang Holdings, which aims to enhance its value proposition through integrated laboratory services [17][27] Group 3 - Haitan International's gross margin improved to 32.7%, benefiting from supply chain management and increased overseas sales [7] - Kangzhe Pharmaceutical's gross margin decreased to 71.5%, influenced by various factors including increased R&D expenses [12] - Aidi Kang Holdings reported a gross profit margin of 35.8% in 2025, with a focus on optimizing costs and enhancing operational efficiency [17][21] Group 4 - Haitan International's target price reflects a 12/11/10 times forecasted P/E ratio for 2026-28 [10] - Kangzhe Pharmaceutical's target price indicates a potential upside of 40.2% from its current price [14] - Aidi Kang Holdings is positioned to leverage its dual-platform strategy to capture growth in both diagnostic and drug development sectors [36][37]

Investment Rating - The report assigns a positive investment rating to the company, highlighting its potential for value re-evaluation driven by its dual-platform strategy of "ICL + CRO" [3][22]. Core Insights - The company is transitioning from a leading medical diagnostics platform in China to a global integrated laboratory service provider, covering both diagnostic services and clinical development through its acquisition of Crown Bioscience [4][12]. - The independent medical laboratory services (ICL) segment is a cornerstone of the business, with a focus on standardized operations and a wide range of diagnostic services, which are crucial for stable revenue generation [5][18]. - The special testing (特检) business is identified as a key growth driver, with significant revenue growth projected, particularly in oncology testing, which has shown a remarkable 47% growth [6][12]. - The co-construction business model has emerged as a rapidly growing strategic segment, achieving a 30% year-on-year revenue increase, indicating strong market penetration and resilience [8][9]. - The CRO segment is positioned as a growth engine, with an 18% increase in revenue and a strategic acquisition aimed at enhancing the company's capabilities in drug development [12][15]. Summary by Relevant Sections Financial Performance - In the first half of 2025, the company reported total revenue of 1.27 billion RMB, a year-on-year decline of 13.3%. However, the co-construction business saw a 30% increase, and the CRO business grew by 18% [3][21]. - The gross profit was 454 million RMB, with a gross margin of 35.8%. Cost optimization efforts led to a 13% reduction in reagent procurement costs and an 11% increase in laboratory efficiency [3][21]. Business Segments - The ICL segment operates a network of 34 self-owned laboratories, providing over 4,000 medical testing services, with a focus on core disease areas such as infections and oncology [5][18]. - The special testing segment is projected to grow significantly, with a five-year compound annual growth rate (CAGR) of 33%, driven by strategic investments in technology and partnerships [6][7]. - The co-construction business model has created a strategic partnership with major hospitals, resulting in a robust revenue stream and enhanced service capabilities [8][9]. Market Outlook - The ICL market in China has a penetration rate of only 6%, indicating substantial growth potential, with an expected market size of 51.3 billion RMB by 2026 [16]. - The global and Chinese CRO markets are also projected to grow, with significant increases in clinical research outsourcing expected [17]. Competitive Advantages - The company boasts a leading laboratory network, advanced operational efficiency, and a strong cold chain logistics system, which collectively create a competitive moat in the independent medical laboratory industry [18]. - Strategic acquisitions, such as Crown Bioscience, are expected to enhance the company's service offerings and operational capabilities, creating a unique "diagnostics + contract research" synergy [18][19]. Future Strategy - The company's strategic plan focuses on transitioning to a comprehensive medical service platform, enhancing both the ICL and CRO segments, and increasing the revenue share of the CRO business to match that of the ICL segment [20][22].

Investment Rating - The report recommends a positive investment outlook for the company, highlighting its strategic transition towards a dual-platform model combining ICL and CRO services [22]. Core Insights - The company has demonstrated resilience in its revenue streams, with a notable 30% year-on-year growth in its co-construction business and an 18% increase in CRO revenue, despite an overall revenue decline of 13.3% due to industry adjustments [21]. - The strategic acquisition of Crown Bioscience for approximately $204 million is expected to enhance the company's capabilities in drug development and clinical research, marking a significant shift from a traditional medical diagnostics provider to a comprehensive laboratory service provider [3][11]. - The company is focusing on expanding its high-end testing services and enhancing operational efficiency through AI and lean management practices, which have already resulted in a 13% reduction in reagent procurement costs and an 11% increase in laboratory efficiency [21][18]. Summary by Sections Financial Performance - In the first half of 2025, the company reported total revenue of 1.27 billion RMB, a decrease of 13.3% year-on-year. However, the co-construction business saw a 30% increase in revenue, with a four-year compound annual growth rate (CAGR) of 48% [2][7]. - The CRO business also experienced an 18% revenue growth, with new contract values exceeding 24 million RMB [11]. Business Segments - The ICL segment remains a cornerstone of the company's operations, providing over 4,000 medical testing services across various disease areas, with a focus on infection, oncology, and hematology [4]. - The special testing segment is identified as a key growth driver, with a projected revenue growth of over 18% for 2024, particularly in oncology testing, which is expected to grow by 47% [5][6]. Strategic Initiatives - The company is enhancing its special testing capabilities through strategic partnerships and acquisitions, including the acquisition of Yuan De You Qin, a leading blood disease diagnostics company [6]. - The co-construction business model is evolving into a strategic partnership with hospitals, creating a robust service barrier and strong customer loyalty [7][8]. Market Outlook - The ICL market in China is projected to reach 51.3 billion RMB by 2026, with a CAGR of 18.2% from 2021 to 2026, driven by increasing outsourcing demands from hospitals [15]. - The CRO market is also expected to grow significantly, with forecasts indicating a market size of 528.6 billion RMB in China by 2026 [17]. Competitive Advantages - The company boasts a leading laboratory network and R&D capabilities, supported by advanced operational management and logistics systems, which create a strong competitive moat in the independent medical laboratory industry [18]. - The integration of AI in drug discovery and clinical research processes is enhancing operational efficiency and creating new commercial opportunities [13][19]. Future Plans - The company aims to transition from traditional ICL services to a comprehensive healthcare service platform, focusing on quality improvements and expanding its market share in high-end testing and CRO services [20].

Investment Rating - The report assigns a positive investment rating to the company, highlighting its potential for value re-evaluation driven by its dual-platform strategy of "ICL + CRO" [3][22]. Core Insights - The company is transitioning from a leading medical diagnostics platform in China to a global integrated laboratory service provider, covering both diagnostic services and clinical development [4][22]. - The independent medical laboratory services (ICL) and contract research organization (CRO) segments are identified as key growth drivers, with significant revenue growth in both areas [12][22]. - The report emphasizes the company's strategic acquisitions and partnerships, particularly the acquisition of Crown Bioscience, which enhances its capabilities in drug development and clinical research [12][15][22]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved total revenue of 1.27 billion RMB, a year-on-year decline of 13.3%. However, the ICL business revenue grew by 30%, with a four-year compound annual growth rate (CAGR) of 48%, while CRO revenue increased by 18% [3][21]. - The gross profit was 454 million RMB, with a gross margin of 35.8%. Shareholder profit amounted to 27.27 million RMB, and cash and cash equivalents were approximately 750 million RMB [3]. Business Segments - The ICL segment is a cornerstone of the business, providing over 4,000 medical testing services across various disease areas, with a focus on infection, oncology, and hematology [5]. - The special testing (特检) business is a strategic growth engine, with a projected revenue growth of over 18% in 2024 and a five-year CAGR of 33%. The oncology testing line alone saw a growth of over 9% in the first half of 2025 [6][7]. - The CRO segment reported an 18% revenue increase in the first half of 2025, with new contracts rising from 93 to 111, and new contract values exceeding 24 million RMB [12]. Strategic Initiatives - The company is enhancing its special testing capabilities through strategic acquisitions and partnerships, including a significant collaboration with Guardant Health to support clinical drug development in oncology [7][8]. - The co-construction business model has shown remarkable growth, with a 30% year-on-year increase in revenue, driven by partnerships with major hospitals [8][9]. - The acquisition of Crown Bioscience is expected to extend the company's CRO business upstream in the drug development value chain, creating a comprehensive service loop from early drug discovery to clinical trials [15][22]. Market Outlook - The ICL market in China has a penetration rate of only 6%, indicating substantial growth potential, with an expected market size of 51.3 billion RMB by 2026 [16]. - The global and Chinese CRO markets are projected to grow significantly, with estimates of 33.25 billion USD and 52.86 billion RMB respectively by 2026 [17]. Competitive Advantages - The company boasts a leading laboratory network, operational efficiency, and advanced IT infrastructure, which collectively create a strong competitive moat in the independent medical laboratory industry [18]. - The integration of AI in drug discovery and clinical research enhances the company's operational capabilities and positions it favorably in the market [14][18]. - The strategic acquisition of Crown Bioscience is expected to create a unique "diagnostics + contract research" synergy, differentiating the company from traditional ICL or CRO firms [18][19]. Future Plans - The company's strategic focus is on transitioning to a comprehensive medical service platform, enhancing the quality of its co-construction business, and expanding its CRO services [20][22]. - The long-term goal is to increase the revenue share of the CRO business to match that of the ICL business, fostering deeper integration and sustainable growth [20].

（於開曼群島註冊成立之有限公司） （股份代號：9860） 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。 ADICON Holdings Limited 艾迪康控股有限公司 艾迪康控股有限公司 主席 楊凌女士 香港，2026年3月13日 於本公告日期，董事會包括執行董事王樂剛先生；非執行董事楊凌女士、林繼迅先生、李波先生及 周敏濤先生；以及獨立非執行董事宓子厚先生、葉霖先生及張煒先生。 董事會會議召開日期 艾迪康控股有限公司（「本公司」）之董事會（「董事會」）謹此宣佈，本公司將於2026年 3月25日（星期三）舉行董事會會議，其中議程包括考慮及批准刊發本公司及其附屬 公司截至2025年12月31日止年度的綜合全年業績公告。 承董事會命 ...

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: 艾迪康控股有限公司 呈交日期: 2026年3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) | 09860 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,500,000,000 | USD | | 0.00002 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | | | 本月底結存 | | | 2,500,000,000 | USD | | 0.00002 | USD | | 50,000 | 本月底法定/註冊股本總 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該等內容 而引致的任何損失承擔任何責任。 執行董事 王樂剛先生， 首席運營官 非執行董事 楊凌女士， 董事會主席 林繼迅先生 李波先生 周敏濤先生 ADICON Holdings Limited 艾迪康控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：9860） 董事名單及其角色與職能 艾迪康控股有限公司（「本公司」）董事會（「董事會」）成員載列如下： 獨立非執行董事 宓子厚先生 葉霖先生 張煒先生 董事會四個委員會各自的組成如下表所示： | 成員 | 主席 | 成員 | — | — | — | — | — | | 委員會 | 審核 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 成員 | — | 主席 | — | — | — | — | 成員 | | 委員會 | 薪酬 | | 成員 | 成員 | — | — | — | — | — | 主席 ...

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。 ADICON Holdings Limited 艾迪康控股有限公司 執行董事及首席執行官辭任 高嵩先生（「高先生」）由於家庭原因，已辭任執行董事及董事會戰略委員會成員職 務，自2026年3月2日起生效。高先生因相同原因亦已辭任本公司首席執行官職 務，自2026年3月20日起生效。 董事會認可高先生對本公司的貢獻，並尊重其現階段專注家庭的決定，董事會謹此 對高先生於任內對本公司所作的寶貴貢獻致以誠摯謝意。 董事會已正式接納高先生辭任上述職務，自各自生效日期起生效，並對高先生優先 處理其個人事務的決定表示尊重。儘管高先生作為本公司首席執行官之職責將於 2026年3月20日結束，彼已承諾於離職前繼續支援本公司，協助專業知識的有序移 交，並確保其所負責的所有進行中的項目均妥善移交予下文所述之代理領導層。 高先生已確認，彼與董事會並無任何分歧，且就其辭任並無其他事宜需提請本公司 股東或香港聯合交易所有限公司垂注。 ...