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 | | | 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: 2025年10月8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/註冊股本總額： USD 50,000 FF30 ...

[Definitions](index=2&type=section&id=%E9%87%8B%E7%BE%A9) This section provides definitions of key terms used throughout the report [Company Information](index=4&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) This section presents essential corporate details and contact information [Key Financial Highlights](index=7&type=section&id=%E4%B8%BB%E8%A6%81%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) For the six months ended June 30, 2025, revenue decreased by 13.3% to RMB 1,270.6 million, profit for the period significantly declined by 72.4% to RMB 28.6 million, and basic and diluted earnings per share both fell to RMB 0.04 Key Financial Highlights for the Six Months Ended June 30, 2025 | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 1,270,559 | 1,465,701 | -13.3% | | Gross Profit | 454,472 | 559,733 | -18.8% | | Profit for the Period | 28,569 | 103,478 | -72.4% | | Profit Attributable to Owners of the Parent | 27,273 | 101,582 | -73.2% | | Basic Earnings Per Share (RMB) | 0.04 | 0.14 | -71.4% | | Diluted Earnings Per Share (RMB) | 0.04 | 0.14 | -71.4% | [Management Discussion and Analysis](index=8&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) The company faced industry headwinds in H1 2025, leading to revenue and profit decline, yet co-construction and CRO businesses grew, while digital transformation, AI applications, and strategic acquisitions continue to expand its market presence and enhance competitiveness [Business Review](index=8&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) As a leading ICL service provider in China, the company reported a 13.3% revenue decline in H1, but co-construction and CRO businesses grew by 30% and 18% respectively, driven by digital transformation, AI applications, and strategic acquisitions - The company is a leading ICL service provider in China, operating **34 self-owned laboratories** and offering over **4,000 medical diagnostic tests**, with **24 laboratories accredited with ISO15189**[14](index=14&type=chunk) - In May 2025, the Group acquired Yuande Youqin and its IVD subsidiary, Yuande Weikang, a Chinese hematology diagnostics company, to enhance its competitive edge in online hematology[15](index=15&type=chunk) H1 2025 Business Performance | Business Segment | YoY Revenue Change | | :--- | :--- | | Total Revenue | Declined by 13.3% | | Co-construction Business | Grew by 30% (four-year CAGR of 48%) | | CRO Business | Grew by 18% | | Specialty Testing Business | Declined by 6% (Oncology product line grew over 9%) | - Regarding IT, the new generation LIMS system has been implemented in **32 companies**, with full deployment planned for H2, and master data construction will be completed to solidify the foundation for digital transformation[18](index=18&type=chunk) - In AI applications, AI-assisted pathology reading technology is maturely applied in cervical cancer and reproductive genetics, **improving reading speed by 6-7 times**; the generative AI medical examination intelligent assistant 'Aixiaoyi' has officially launched, offering test item recommendations and intelligent consultations; new AI pathology report quality control system and flow cytometry AI analysis platform were introduced[18](index=18&type=chunk) - The company's strategic outlook focuses on deepening general testing, high-speed growth in specialty testing, expanding CRO business, upgrading co-construction business, and leveraging M&A for quality resource integration[20](index=20&type=chunk) - In operational excellence, H1 2025 reagent procurement costs **decreased by approximately 13%** YoY, logistics unit costs **reduced by about 4%**, and laboratory efficiency **improved by 11%**[21](index=21&type=chunk) [Industry Overview](index=11&type=section&id=%E8%A1%8C%E6%A5%AD%E6%A6%82%E8%A7%88) Government policies, an aging population, precision medicine, and AI technology are driving growth and transformation in China's ICL market, while healthcare price reforms and anti-monopoly actions are expected to foster a more compliant and sustainable competitive environment - Government policies encourage private medical institutions, support public-private sharing of medical imaging and clinical testing services, and relax planning restrictions for private healthcare, fostering ICL development[23](index=23&type=chunk) - The 14th Five-Year Plan and revisions to the Medical Device Supervision and Administration Regulations support bio-economic development and in-house clinical laboratory projects, benefiting the ICL market[24](index=24&type=chunk) - Unmet demands in China's healthcare market, including hierarchical diagnosis and treatment, growth in lower-tier city hospitals, optimized hospital revenue structures, and medical insurance reforms, all contribute to ICL business growth[25](index=25&type=chunk)[26](index=26&type=chunk) - Aging population, increased health awareness, precision medicine development, and new technology applications (e.g., PCR, NGS, mass spectrometry, flow cytometry) continuously drive testing volume growth[27](index=27&type=chunk)[35](index=35&type=chunk) - ICLs offer broader network coverage, economies of scale, extensive testing scope, rapid technology adoption, and talent advantages compared to hospital laboratories[28](index=28&type=chunk) - Multi-level market synergistic development sees ICLs collaborating with top-tier hospitals and serving grassroots medical institutions, promoting balanced distribution of medical resources[31](index=31&type=chunk) - Stricter policy regulation, such as anti-corruption in pharmaceutical procurement and specialized measures for outsourced diagnostic testing, will create a fair competitive environment for compliant ICL leaders[32](index=32&type=chunk) - DRG/DIP 2.0 reforms emphasize cost control, benefiting low-cost diagnostic testing service providers like ICLs, and improving ICL cash flow through measures such as advance medical insurance payments[33](index=33&type=chunk) - Big data and AI technologies are reshaping the clinical testing industry, enhancing diagnostic accuracy, laboratory quality control, and operational efficiency, with ICLs serving as key hubs for AI implementation[37](index=37&type=chunk) - Healthcare service price reforms impact hospital operating profits, potentially leading hospitals to increase outsourced testing services and creating new opportunities for ICL companies[38](index=38&type=chunk)[39](index=39&type=chunk) - China's anti-excessive competition initiatives are expected to reduce vicious price competition, fostering a healthier and more sustainable competitive environment for the ICL industry[40](index=40&type=chunk) [Financial Review](index=16&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) For the six months ended June 30, 2025, revenue decreased by 13.3% due to industry headwinds, gross margin fell to 35.8%, and profit for the period significantly declined by 72.4%, while trade receivables days increased and cash equivalents decreased, with capital expenditure slightly up and financial ratios stable [Selected Items from Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=16&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8%E7%9A%84%E9%81%B8%E5%AE%9A%E9%A0%85%E7%9B%AE) For the six months ended June 30, 2025, revenue decreased by 13.3% to RMB 1,270.6 million due to price-demand imbalance, gross margin fell to 35.8%, administrative expenses increased by 4.7% due to IT investment, and profit for the period significantly declined by 72.4% to RMB 28.6 million Key Income Statement Metrics Comparison (Six Months Ended June 30) | Metric | 2025 (RMB million) | 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 1,270.6 | 1,465.7 | -13.3% | | Cost of Sales | 816.1 | 906.0 | -9.9% | | Gross Profit | 454.5 | 559.7 | -18.8% | | Gross Margin | 35.8% | 38.2% | -2.4 percentage points | | Selling and Marketing Expenses | 196.4 | 202.0 | -2.8% | | Administrative Expenses | 112.6 | 107.5 | +4.7% | | Research and Development Expenses | 54.9 | 58.7 | -6.5% | | Other Expenses | 35.7 | 50.0 | -28.6% | | Other Income and Gains | 12.7 | 19.7 | -35.6% | | Finance Costs | 22.0 | 27.4 | -19.8% | | Income Tax Expense | 16.9 | 30.3 | -44.1% | | Profit for the Period | 28.6 | 103.5 | -72.4% | - Revenue decrease was primarily due to industry headwinds from price-demand imbalance, though co-construction and CRO businesses maintained strong growth[41](index=41&type=chunk) - Cost of sales decreased mainly due to proactive reduction in reagent procurement costs and improved operational efficiency[42](index=42&type=chunk) - Gross margin decline was primarily due to reduced operating leverage from lower revenue, partially mitigated by cost reduction measures[43](index=43&type=chunk) - Administrative expenses increased mainly due to investments in information technology, including AI and cloud infrastructure[47](index=47&type=chunk) - Other expenses decreased primarily due to reduced provision for expected credit losses related to receivables and lower inventory impairment losses[49](index=49&type=chunk) [Selected Items from Unaudited Condensed Consolidated Statement of Financial Position](index=18&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8%E7%9A%84%E9%81%B8%E5%AE%9A%E9%A0%85%E7%9B%AE) As of June 30, 2025, total current assets decreased to RMB 2,931.0 million, and total current liabilities decreased to RMB 1,870.2 million, with inventory down 8.7% and turnover days shortened to 27, while trade and bills receivables increased by 12.2% to RMB 1,545.0 million, with turnover days extending to 262 due to client budget pressures, and trade payables decreased by 5.6% with turnover days increasing to 156 Key Balance Sheet Metrics Comparison (As of June 30) | Metric | 2025 (RMB million) | 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Total Current Assets | 2,931.0 | 3,050.7 | -3.9% | | Total Current Liabilities | 1,870.2 | 1,925.1 | -2.8% | | Inventories | 115.9 | 126.9 | -8.7% | | Trade and Bills Receivables | 1,545.0 | 1,377.4 | +12.2% | | Trade and Bills Payables | 681.4 | 721.8 | -5.6% | | Other Payables and Accrued Charges | 515.7 | 613.4 | -15.9% | | Contract Liabilities | 21.9 | 29.9 | -26.7% | | Pledged Deposits | 956.0 | 956.0 | 0% | - Inventory turnover days decreased from **31 days in 2024** to **27 days in H1 2025**, primarily due to continuous optimization of inventory management[55](index=55&type=chunk) - Total trade and bills receivables turnover days increased from **220 days in 2024** to **262 days in H1 2025**, mainly due to a general increase in client budget pressures within the industry[56](index=56&type=chunk) - Trade and bills payables turnover days increased from **148 days in 2024** to **156 days in H1 2025**, primarily attributable to negotiating more favorable payment terms with suppliers[58](index=58&type=chunk) - Other payables and accrued charges decreased mainly due to a change in the year-end bonus payment cycle, resulting in a **RMB 71.9 million** reduction in salaries payable[60](index=60&type=chunk) [Liquidity and Capital Resources](index=19&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B3%87%E6%9C%AC%E8%B3%87%E6%BA%90) As of June 30, 2025, cash and cash equivalents decreased by 28.0% to RMB 751.1 million, primarily due to seasonal client repayment cycles, and net cash position decreased by 45.3% to RMB 379.9 million, with no significant fundraising plans but continuous market monitoring for future growth Key Liquidity and Capital Resources Metrics Comparison (As of June 30) | Metric | 2025 (RMB million) | 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 751.1 | 1,043.8 | -28.0% | | Net Cash Position | 379.9 | 693.9 | -45.3% | - Cash and cash equivalents decreased primarily due to negative net operating cash flow resulting from seasonal client repayment cycles[63](index=63&type=chunk) - For the six months ended June 30, 2025, the effective annual interest rate for interest-bearing bank borrowings ranged from **1.9% to 3.5%**[64](index=64&type=chunk) - As of June 30, 2025, the company was not involved in any significant legal, arbitration, or administrative proceedings expected to have a material adverse effect on its financial position or operating results[65](index=65&type=chunk) [Capital Expenditure](index=20&type=section&id=%E8%B3%87%E6%9C%AC%E9%96%8B%E6%94%AF) For the six months ended June 30, 2025, capital expenditure increased by 6.6% YoY to RMB 57.2 million, primarily driven by increased purchases of property, equipment, and other intangible assets due to the continuous expansion of co-construction business, with capital commitments slightly rising to RMB 9.6 million Capital Expenditure and Commitments Comparison (As of June 30) | Metric | 2025 (RMB million) | 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Capital Expenditure | 57.2 | 53.7 | +6.6% | | Capital Commitments | 9.6 | 9.3 | +3.0% | - Capital expenditure increased primarily due to the 2025 H1 continuous expansion of co-construction business, leading to increased purchases of property and equipment, and other intangible assets[66](index=66&type=chunk) [Financial Ratios](index=20&type=section&id=%E8%B2%A1%E5%8B%99%E6%AF%94%E7%8E%87) As of June 30, 2025, the company's current ratio was 1.57, quick ratio was 1.51, and debt-to-asset ratio was 0.75, remaining stable compared to the end of 2024 Financial Ratios Comparison (As of June 30) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current Ratio | 1.57 | 1.58 | | Quick Ratio | 1.51 | 1.52 | | Debt-to-Asset Ratio | 0.75 | 0.74 | - As of June 30, 2025, the Group had no pledged assets[68](index=68&type=chunk) [Other Financial and Operating Information](index=21&type=section&id=%E5%85%B6%E4%BB%96%E8%B2%A1%E5%8B%99%E5%8F%8A%E7%87%9F%E9%81%8B%E4%BF%A1%E6%81%AF) As of the interim report date, the company has no significant investment plans, conducts most transactions in RMB without foreign currency hedging, and reported no major acquisitions, investments, or disposals in H1, with 5,151 employees and total staff costs of RMB 404.2 million as of June 30, 2025 - As of the date of this interim report, the Group had no specific committed plans for significant investments and capital assets in 2025[71](index=71&type=chunk) - The company primarily operates in China, with most transactions denominated and settled in RMB, and currently has no foreign currency hedging policy[72](index=72&type=chunk) - For the six months ended June 30, 2025, the company did not undertake any significant acquisitions, investments, or disposals of subsidiaries, associates, or joint ventures[73](index=73&type=chunk) Employee and Remuneration Information (Six Months Ended June 30) | Metric | 2025 | | :--- | :--- | | Total Number of Employees | 5,151 | | Total Staff Costs | RMB 404.2 million | [Corporate Governance and Other Information](index=22&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%8F%8A%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) This section details directors' and substantial shareholders' equity interests, employee incentive schemes, compliance with corporate governance codes, share repurchases, audit committee review of interim financial statements, full utilization of global offering proceeds, absence of post-reporting period events, and the board's recommendation against an interim dividend [Interests of Directors and Chief Executive](index=22&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E6%9C%80%E9%AB%98%E8%A1%8C%E6%94%BF%E4%BA%BA%E5%93%A1%E6%AC%8A%E7%9B%8A) As of June 30, 2025, Executive Director Mr. Gao Song held approximately 1.59% of the company's share interests, including controlled corporation interests and restricted share units and share options under incentive schemes, while Non-executive Director Mr. Lin Jixun held approximately 12.38% of the share interests Directors' and Chief Executive's Share Interests (As of June 30, 2025) | Name | Nature of Interest | Number of Shares (L) | Approximate Percentage of Interest in the Company | | :--- | :--- | :--- | :--- | | Mr. Gao Song | Interest in controlled corporation | 303,750 | 0.04% | | | Beneficial owner (incentive scheme) | 11,249,646 | 1.55% | | Mr. Lin Jixun | Interest in controlled corporation | 90,061,994 | 12.38% | [Interests of Substantial Shareholders](index=23&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E6%AC%8A%E7%9B%8A) As of June 30, 2025, Pearl Group Limited was the largest shareholder with 38.71% of shares, Mr. Lin Jixun and his wholly-owned Corelink held 12.38%, and Mr. Lin Feng and his wholly-owned Mega Stream Limited held 9.90% Substantial Shareholders' Share Interests (As of June 30, 2025) | Name | Nature of Interest | Number of Shares (L) | Approximate Percentage of Interest in the Company | | :--- | :--- | :--- | :--- | | Pearl Group Limited | Beneficial owner | 281,541,805 | 38.71% | | Mr. Lin Jixun | Interest in controlled corporation | 90,061,994 | 12.38% | | Corelink | Beneficial owner | 90,061,994 | 12.38% | | Mr. Lin Feng | Interest in controlled corporation | 72,005,994 | 9.90% | | Mega Stream Limited | Beneficial owner | 72,005,994 | 9.90% | - Pearl Group Limited is owned by Carlyle Asia Partners V, L.P. and CAP V Co-Investment, L.P., ultimately controlled indirectly by The Carlyle Group[81](index=81&type=chunk) [Employee Incentive Schemes](index=24&type=section&id=%E5%83%B1%E5%93%A1%E6%BF%80%E5%8B%B5%E8%A8%88%E5%8A%83) The company has adopted 2019, 2024, and 2025 incentive schemes to retain and motivate senior executives, management, and employees, with the 2025 scheme limiting awarded shares to 3% of total issued shares, and no options or awards granted under it during the reporting period - The company has adopted the **2019, 2024, and 2025 incentive schemes** to retain and motivate senior executives, senior management, and employees of the Group[82](index=82&type=chunk) - Under the 2025 incentive scheme, the maximum number of shares that may be issued upon exercise of all share options and restricted share units, together with options and awards issuable under other share schemes, shall not exceed **3%** of the total issued shares (excluding treasury shares) on the approval date, equivalent to **21,769,298 shares**[83](index=83&type=chunk) - During the reporting period and up to the date of this interim report, the company did not grant any share options or awards under the 2025 incentive scheme[83](index=83&type=chunk) [Changes in Directors' Information](index=24&type=section&id=%E8%91%A3%E4%BA%8B%E8%B3%87%E6%96%99%E8%AE%8A%E5%8B%95) Mr. ZHU Jonathan has been appointed as a Non-executive Director and a member of the Board's Strategy Committee, effective August 22, 2025 - Mr. ZHU Jonathan has been appointed as a Non-executive Director and a member of the Board's Strategy Committee, effective **August 22, 2025**[84](index=84&type=chunk) [Compliance with Corporate Governance Code and Model Code](index=24&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%88%99%E5%8F%8A%E6%A8%99%E6%BA%96%E5%AE%88%E5%88%99%E9%81%B5%E5%AE%88%E6%83%85%E6%B3%81) The company has adopted and maintains high corporate governance standards, complying with all applicable code provisions of the Corporate Governance Code and Model Code for the six months ended June 30, 2025, and up to the interim report date - The company has adopted the code provisions of the Corporate Governance Code and is committed to maintaining high standards of corporate governance to safeguard shareholders' interests and enhance corporate value[85](index=85&type=chunk) - For the six months ended June 30, 2025, and up to the date of this interim report, the company has complied with all applicable code provisions of the Corporate Governance Code and the Model Code[87](index=87&type=chunk)[88](index=88&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=25&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) For the six months ended June 30, 2025, the company repurchased 100,000 shares on the Stock Exchange for a total consideration of HKD 0.7 million, holding them as treasury shares, and as of the interim report date, held 1,617,000 shares designated as treasury shares Share Repurchase Details (January 2025) | Month of Repurchase | Total Number of Shares Repurchased | Repurchase Price Per Share (Highest/Lowest HKD) | Total Consideration (HKD million) | | :--- | :--- | :--- | :--- | | January 2025 | 100,000 | 7.62 / 6.73 | 0.7 | - As of the date of this interim report, the company held **1,617,000 shares** designated as treasury shares, with their intended use yet to be determined[90](index=90&type=chunk) [Audit Committee and Review of Financial Statements](index=26&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%9A%E5%8F%8A%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E7%9A%84%E5%AF%A9%E9%96%B1) The Audit Committee, comprising three independent non-executive directors, reviewed the unaudited condensed consolidated interim financial information for the six months ended June 30, 2025, with senior management and independent auditor Ernst & Young, expressing no disagreement with the accounting treatments adopted by the company - The Audit Committee comprises three independent non-executive directors: Mr. Yip Lam (Chairman), Mr. Zhang Wei, and Mr. Mi Zihou[91](index=91&type=chunk) - The Audit Committee has reviewed the Group's unaudited condensed consolidated interim financial information for the six months ended June 30, 2025, and has no disagreement with the accounting treatments adopted by the company[91](index=91&type=chunk) - Independent auditor Ernst & Young has reviewed the interim financial information in accordance with Hong Kong Standard on Review Engagements 2410, but did not express an audit opinion[91](index=91&type=chunk)[92](index=92&type=chunk) [Use of Proceeds](index=26&type=section&id=%E6%89%80%E5%BE%97%E6%AC%BE%E9%A0%85%E7%94%A8%E9%80%94) The total net proceeds from the global offering, amounting to RMB 230.9 million, were fully utilized as disclosed in the prospectus by December 31, 2024 - The total net proceeds from the global offering, amounting to **RMB 230.9 million**, were fully utilized as of **December 31, 2024**[93](index=93&type=chunk) [Events After Reporting Period](index=27&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E4%BB%B6) The directors are not aware of any significant events occurring after June 30, 2025, up to the date of this interim report that require disclosure - The directors are not aware of any significant events occurring after **June 30, 2025**, up to the date of this interim report that require disclosure[95](index=95&type=chunk) [Interim Dividend](index=27&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended **June 30, 2025**[96](index=96&type=chunk) [Continuing Disclosure Obligations](index=27&type=section&id=%E6%8C%81%E7%BA%8C%E6%8A%AB%E9%9C%B2%E8%B2%AC%E4%BB%BB) As of June 30, 2025, the directors are not aware of any circumstances triggering disclosure obligations under Listing Rules 13.20, 13.21, and 13.22 - As of **June 30, 2025**, the directors are not aware of any circumstances triggering disclosure obligations under Listing Rules **13.20, 13.21, and 13.22**[97](index=97&type=chunk) [Independent Review Report](index=28&type=section&id=%E7%8D%A8%E7%AB%8B%E5%AF%A9%E9%96%B1%E5%A0%B1%E5%91%8A) Ernst & Young reviewed the company's condensed consolidated interim financial information for the six months ended June 30, 2025, in accordance with Hong Kong Standard on Review Engagements 2410, finding no matters suggesting the interim financial information was not prepared in all material respects in accordance with International Accounting Standard 34 - Ernst & Young has reviewed the interim financial information in accordance with **Hong Kong Standard on Review Engagements 2410**[99](index=99&type=chunk) - The scope of review is substantially less than that of an audit conducted in accordance with Hong Kong Standards on Auditing, thus no audit opinion was expressed[99](index=99&type=chunk) - Based on the review, nothing has come to their attention that causes them to believe the interim financial information is not prepared, in all material respects, in accordance with **International Accounting Standard 34**[100](index=100&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=29&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the company reported revenue of RMB 1,270,559 thousand, gross profit of RMB 454,472 thousand, and profit for the period of RMB 28,569 thousand, with profit attributable to owners of the parent at RMB 27,273 thousand, and basic and diluted earnings per share both at RMB 0.04 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Six Months Ended June 30) | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 1,270,559 | 1,465,701 | | Cost of sales | (816,087) | (905,968) | | Gross profit | 454,472 | 559,733 | | Other income and gains | 12,664 | 19,672 | | Selling and marketing expenses | (196,376) | (201,975) | | Administrative expenses | (112,638) | (107,531) | | Research and development costs | (54,904) | (58,707) | | Other expenses | (35,730) | (50,024) | | Finance costs | (21,980) | (27,404) | | Profit before tax | 45,508 | 133,764 | | Income tax expense | (16,939) | (30,286) | | Profit for the period | 28,569 | 103,478 | | Attributable to owners of the parent | 27,273 | 101,582 | | Attributable to non-controlling interests | 1,296 | 1,896 | | Basic earnings per share (RMB) | 0.04 | 0.14 | | Diluted earnings per share (RMB) | 0.04 | 0.14 | [Condensed Consolidated Statement of Financial Position](index=31&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the company's total non-current assets were RMB 1,576,771 thousand, total current assets were RMB 2,930,992 thousand, total current liabilities were RMB 1,870,207 thousand, and total non-current liabilities were RMB 865,753 thousand, resulting in net assets of RMB 1,771,803 thousand, with equity attributable to owners of the parent at RMB 1,641,856 thousand Condensed Consolidated Statement of Financial Position (As of June 30) | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | **NON-CURRENT ASSETS** | | | | Property and equipment | 379,912 | 398,520 | | Right-of-use assets | 145,143 | 165,719 | | Goodwill | 79,802 | 79,802 | | Other intangible assets | 150,478 | 154,064 | | Total non-current assets | 1,576,771 | 1,634,339 | | **CURRENT ASSETS** | | | | Inventories | 115,875 | 126,935 | | Trade and bills receivables | 1,544,989 | 1,377,364 | | Cash and bank balances | 751,113 | 1,043,833 | | Total current assets | 2,930,992 | 3,050,678 | | **CURRENT LIABILITIES** | | | | Trade and bills payables | 681,400 | 721,814 | | Interest-bearing bank borrowings | 582,419 | 467,975 | | Total current liabilities | 1,870,207 | 1,925,138 | | **NON-CURRENT LIABILITIES** | | | | Interest-bearing bank borrowings | 744,835 | 837,943 | | Total non-current liabilities | 865,753 | 985,203 | | **TOTAL EQUITY** | 1,771,803 | 1,774,676 | [Condensed Consolidated Statement of Changes in Equity](index=33&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) For the six months ended June 30, 2025, total equity attributable to owners of the parent slightly decreased to RMB 1,641,856 thousand from RMB 1,648,085 thousand at the beginning of the period, influenced by profit for the period of RMB 27,273 thousand, share repurchases of RMB 32,783 thousand, and acquisition of non-controlling interests of RMB 7,374 thousand Condensed Consolidated Statement of Changes in Equity (Six Months Ended June 30) | Item | January 1, 2025 (RMB thousand) | Profit for the period (RMB thousand) | Share repurchases (RMB thousand) | Acquisition of non-controlling interests (RMB thousand) | June 30, 2025 (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | | Total equity attributable to owners of the parent | 1,648,085 | 27,273 | (32,783) | (7,374) | 1,641,856 | | Non-controlling interests | 126,591 | 1,296 | — | 2,060 | 129,947 | | Total equity | 1,774,676 | 28,569 | (32,783) | (5,314) | 1,771,803 | - As of June 30, 2025, total equity attributable to owners of the parent was **RMB 1,641,856 thousand**, a decrease of **RMB 6,229 thousand** from January 1, 2025[109](index=109&type=chunk) - Share repurchases during the period resulted in a **RMB 32,783 thousand** reduction in equity[109](index=109&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=35&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the six months ended June 30, 2025, net cash used in operating activities was RMB (164,949) thousand, net cash used in investing activities was RMB (47,418) thousand, and net cash used in financing activities was RMB (76,913) thousand, with cash and cash equivalents at period-end totaling RMB 751,113 thousand, a decrease of RMB 289,280 thousand from the beginning of the period Condensed Consolidated Statement of Cash Flows (Six Months Ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Net cash flows used in operating activities | (164,949) | (162,780) | | Net cash flows used in investing activities | (47,418) | (1,066) | | Net cash flows used in financing activities | (76,913) | (24,821) | | Net decrease in cash and cash equivalents | (289,280) | (188,667) | | Cash and cash equivalents at beginning of period | 1,043,833 | 959,423 | | Cash and cash equivalents at end of period | 751,113 | 767,961 | - Net cash flows used in operating activities were primarily impacted by an increase in trade and bills receivables of **RMB 194,011 thousand** and a decrease in other payables and accrued charges of **RMB 85,599 thousand**[112](index=112&type=chunk) - Net cash flows used in investing activities were mainly due to the purchase of property and equipment items totaling **RMB 55,249 thousand**[114](index=114&type=chunk) - Net cash flows used in financing activities were primarily due to repayment of bank loans of **RMB 161,000 thousand**, lease payments of **RMB 40,889 thousand**, and share repurchases of **RMB 32,783 thousand**[114](index=114&type=chunk) [Notes to the Condensed Consolidated Financial Information](index=37&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB) These notes detail the basis of preparation, changes in accounting policies, operating segment information, revenue composition, profit before tax adjustments, income tax, dividends, earnings per share calculation, property and equipment changes, trade and bills receivables and payables, prepayments, other payables, share capital, share incentive schemes, commitments, related party transactions, and fair value information for financial instruments [1. Company Information](index=37&type=section&id=1.%20Company%20Information) Adicon Holdings Limited, incorporated in the Cayman Islands on March 20, 2008, listed on the HKEX Main Board since June 30, 2023, operates as an investment holding company, with subsidiaries primarily engaged in providing medical diagnostic services and trading medical testing equipment in China - Adicon Holdings Limited was incorporated in the Cayman Islands on **March 20, 2008**, and its shares have been listed on the Main Board of the Stock Exchange of Hong Kong since **June 30, 2023**[116](index=116&type=chunk) - The company is an investment holding company, and its subsidiaries are primarily engaged in providing medical diagnostic services and trading medical testing equipment in China[116](index=116&type=chunk) [2.1 Basis of Preparation](index=37&type=section&id=2.1%20Basis%20of%20Preparation) The condensed consolidated interim financial information is prepared in accordance with International Accounting Standard 34 'Interim Financial Reporting' and should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2024 - The condensed consolidated interim financial information has been prepared in accordance with **International Accounting Standard 34 'Interim Financial Reporting'**[117](index=117&type=chunk) [2.2 Changes in Accounting Policies and Disclosures](index=37&type=section&id=2.2%20Changes%20in%20Accounting%20Policies%20and%20Disclosures) The accounting policies adopted for the condensed consolidated interim financial information are consistent with those in the 2024 annual consolidated financial statements, with the initial adoption of amended IAS 21 'Lack of Exchangeability' having no impact due to the Group's convertible transaction currencies - The accounting policies adopted in the preparation of the condensed consolidated interim financial information are consistent with those applied in the **2024 annual consolidated financial statements**[118](index=118&type=chunk) - The Group first adopted the amended **International Accounting Standard 21 'Lack of Exchangeability'**, but this amendment had no impact on the condensed consolidated interim financial information as the Group's transaction currencies are convertible[119](index=119&type=chunk) [3. Operating Segment Information](index=38&type=section&id=3.%20Operating%20Segment%20Information) The Group manages its business units by products and services, but no geographical segment information is presented under IFRS 8 as almost all non-current assets are located in mainland China, and no single customer accounted for 10% or more of the Group's revenue during the period - The Group manages its entire business unit by its products and services, with management monitoring overall operating results[120](index=120&type=chunk) - No geographical segment information is presented as almost all non-current assets are located in mainland China[120](index=120&type=chunk) - During the period, no single customer accounted for **10% or more** of the Group's revenue[121](index=121&type=chunk) [4. Revenue](index=38&type=section&id=4.%20Revenue) For the six months ended June 30, 2025, the company's medical diagnostic services revenue was RMB 1,270,559 thousand, with the majority (RMB 1,247,993 thousand) recognized at a point in time, and revenue recognized from contract liabilities at the beginning of the period amounted to RMB 29,905 thousand Revenue Disaggregation Information (Six Months Ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Medical diagnostic services | 1,270,559 | 1,465,701 | | Timing of revenue recognition: | | | | At a point in time | 1,247,993 | 1,446,544 | | Over time | 22,566 | 19,157 | | Total | 1,270,559 | 1,465,701 | - For the six months ended June 30, 2025, revenue recognized from contract liabilities at the beginning of the period amounted to **RMB 29,905 thousand**[124](index=124&type=chunk) [5. Profit Before Tax](index=39&type=section&id=5.%20Profit%20Before%20Tax) The Group's profit before tax for the six months ended June 30, 2025, was RMB 45,508 thousand, after deducting cost of services of RMB 816,087 thousand, research and development costs of RMB 54,904 thousand, net exchange losses of RMB 5,335 thousand, and provision for expected credit losses of RMB 26,424 thousand Profit Before Tax Adjustment Items (Six Months Ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Cost of services provided | 816,087 | 905,968 | | Research and development costs | 54,904 | 58,707 | | Net exchange losses | 5,335 | 93 | | Loss on disposal of items of property and equipment and other intangible assets | 1,522 | 751 | | Depreciation of property and equipment | 53,471 | 51,206 | | Depreciation of right-of-use assets | 29,304 | 28,611 | | Amortisation of intangible assets | 5,523 | 4,902 | | Impairment losses on financial assets under ECL model | 26,424 | 39,488 | | Share awards | 3,523 | 205 | [6. Income Tax](index=40&type=section&id=6.%20Income%20Tax) The Group is subject to income tax on profits in its operating jurisdictions, with Cayman Islands exempt, Hong Kong subsidiaries at 8.25% or 16.5% profits tax, and mainland China subsidiaries at 25% corporate income tax (some with preferential rates), totaling RMB 16,939 thousand in income tax expense for the six months ended June 30, 2025 - The Cayman Islands are exempt from income tax, Hong Kong subsidiaries are subject to profits tax at **8.25% or 16.5%**, and mainland China subsidiaries are subject to corporate income tax at **25%** (some enjoying preferential tax rates)[128](index=128&type=chunk)[129](index=129&type=chunk)[130](index=130&type=chunk) - The Group's annual consolidated revenue is below **EUR 750 million**, thus not falling within the scope of Pillar Two legislative templates[131](index=131&type=chunk) Income Tax Expense Analysis (Six Months Ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Current income tax | 14,612 | 31,725 | | Deferred income tax | 2,327 | (1,439) | | Total tax expense for the period | 16,939 | 30,286 | [7. Dividends](index=41&type=section&id=7.%20Dividends) The company neither paid nor declared any dividends for the six months ended June 30, 2025 - The company neither paid nor declared any dividends for the six months ended **June 30, 2025**[135](index=135&type=chunk) [8. Earnings Per Share Attributable to Owners of the Company](index=41&type=section&id=8.%20Earnings%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Company) For the six months ended June 30, 2025, basic and diluted earnings per share attributable to owners of the company were both RMB 0.04, a significant decrease from RMB 0.14 in the same period of 2024, with the weighted average number of ordinary shares used for basic EPS calculation being 710,148 thousand shares Earnings Per Share Calculation (Six Months Ended June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Profit attributable to owners of the parent (RMB thousand) | 27,273 | 101,582 | | Weighted average number of ordinary shares in issue during the period (thousand shares) | 710,148 | 727,290 | | Basic earnings per share (RMB) | 0.04 | 0.14 | | Diluted earnings per share (RMB) | 0.04 | 0.14 | - For the period ended June 30, 2025, the calculation of diluted earnings per share did not include restricted share units under the company's share award schemes, as their inclusion would have an anti-dilutive effect[136](index=136&type=chunk) [9. Property, Plant and Equipment](index=42&type=section&id=9.%20Property,%20Plant%20and%20Equipment) For the six months ended June 30, 2025, the Group acquired assets at a cost of RMB 39,350 thousand and disposed of assets with a net book value of RMB 4,486 thousand, resulting in a net loss on disposal of RMB 1,492 thousand Changes in Property, Plant and Equipment (Six Months Ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Cost of assets acquired | 39,350 | 45,024 | | Net book value of assets disposed of | 4,486 | 1,999 | | Net loss on disposal | 1,492 | 751 | [10. Trade and Bills Receivables](index=42&type=section&id=10.%20Trade%20and%20Bills%20Receivables) As of June 30, 2025, total trade and bills receivables were RMB 1,931,981 thousand, with a net amount of RMB 1,544,989 thousand after deducting RMB 386,992 thousand for expected credit loss provisions; credit terms are typically 90 to 120 days, with the highest proportion of trade receivables aged 1 to 6 months, and expected credit loss provisions increased from the beginning of the period Trade and Bills Receivables (As of June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade receivables | 1,927,996 | 1,745,680 | | Bills receivables | 3,985 | 4,564 | | Total | 1,931,981 | 1,750,244 | | Provision for expected credit losses | (386,992) | (372,880) | | Net | 1,544,989 | 1,377,364 | - The Group's trade terms with customers are primarily on credit, with credit periods generally ranging from **90 to 120 days**[139](index=139&type=chunk) Ageing Analysis of Trade and Bills Receivables (As of June 30) | Ageing | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | 1 to 6 months | 956,227 | 855,432 | | 6 months to 1 year | 268,862 | 213,256 | | 1 to 2 years | 250,623 | 261,867 | | 2 to 3 years | 64,032 | 40,694 | | Over 3 years | 5,245 | 6,115 | | Total | 1,544,989 | 1,377,364 | Movement in Provision for Expected Credit Losses on Trade Receivables (As of June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | At beginning of period/year | 372,880 | 242,373 | | Net impairment losses | 26,386 | 139,804 | | Write-off | (12,274) | (9,297) | | At end of period/year | 386,992 | 372,880 | - The Group uses a provision matrix to determine expected credit losses, with provision rates based on ageing, historical default, and past collection experience, adjusted to reflect current and forward-looking economic conditions[143](index=143&type=chunk) [11. Prepayments, Deposits and Other Receivables](index=46&type=section&id=11.%20Prepayments,%20Deposits%20and%20Other%20Receivables) As of June 30, 2025, total prepayments, deposits, and other receivables amounted to RMB 258,441 thousand, a slight increase from year-end 2024, primarily comprising subscription monies receivable from share option exercises, long-term receivables, investment prepayments, and prepaid taxes, with the Group maintaining strict control over these receivables and no significant concentration of credit risk Prepayments, Deposits and Other Receivables (As of June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Subscription monies receivable from exercise of share options | 83,741 | 83,851 | | Long-term receivables | 30,077 | 29,601 | | Investment prepayments | 18,200 | 18,200 | | Deposits | 22,302 | 20,553 | | Prepayments | 48,717 | 43,778 | | Prepaid taxes | 32,116 | 29,413 | | Total (net of impairment allowance) | 258,441 | 251,064 | - Subscription monies receivable from the exercise of share options, approximately **RMB 83,741 thousand**, have not yet been received due to restrictions on foreign exchange sales and payments[147](index=147&type=chunk) - Investment prepayments of approximately **RMB 18,200 thousand** represent prepayments for the proposed acquisition of two ICLs in Henan[147](index=147&type=chunk) - The Group maintains strict control over outstanding receivables and has no significant concentration of credit risk[151](index=151&type=chunk) [12. Trade and Bills Payables](index=48&type=section&id=12.%20Trade%20and%20Bills%20Payables) As of June 30, 2025, total trade and bills payables amounted to RMB 681,400 thousand, a decrease from year-end 2024, with most payables (RMB 600,863 thousand) due within one year, and trade payables are non-interest-bearing, generally settled within 60 to 120 days Trade and Bills Payables (As of June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade and bills payables | 681,400 | 721,814 | Ageing Analysis of Trade and Bills Payables (As of June 30) | Ageing | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 year | 600,863 | 649,124 | | 1 to 2 years | 25,597 | 47,205 | | 2 to 3 years | 44,111 | 23,502 | | Over 3 years | 10,829 | 1,983 | | Total | 681,400 | 721,814 | - Trade payables are non-interest-bearing and generally settled within **60 to 120 days**[153](index=153&type=chunk) [13. Other Payables and Accrued Charges](index=48&type=section&id=13.%20Other%20Payables%20and%20Accrued%20Charges) As of June 30, 2025, total other payables and accrued charges amounted to RMB 515,716 thousand, a decrease from year-end 2024, primarily comprising salaries payable, accrued expenses, payables arising from acquisitions, and amounts due to non-controlling shareholders Other Payables and Accrued Charges (As of June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Salaries payable | 154,308 | 226,178 | | Accrued expenses | 128,183 | 141,673 | | Payables arising from acquisitions | 99,306 | 99,306 | | Other payables | 71,800 | 83,811 | | Amounts due to non-controlling shareholders | 61,175 | 61,175 | | Deferred income | 944 | 1,237 | | Total | 515,716 | 613,380 | - Payables arising from acquisitions include the present value of put option exercise prices related to non-controlling interests in Shangrao Adicon and Jiangxi Jince of **RMB 42,160 thousand**, as well as contingent consideration for Henan Adicon of **RMB 13,337 thousand** and the present value of put option exercise prices related to non-controlling interests of **RMB 43,809 thousand**[156](index=156&type=chunk) - Amounts due to non-controlling shareholders of **RMB 61,175 thousand** represent revenue from COVID-19 testing services received by Henan Adicon in 2021, which is repayable to the then shareholders[156](index=156&type=chunk) [14. Share Capital](index=49&type=section&id=14.%20Share%20Capital) As of June 30, 2025, the company's issued and fully paid share capital comprised 727,260,291 ordinary shares with a par value of RMB 97 thousand, with treasury shares increasing to 18,725,000 shares, valued at RMB 144,903 thousand, including 5,659,500 shares repurchased by the trust for the 2024 share incentive scheme Share Capital and Treasury Shares (As of June 30) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Number of issued shares | 727,260,291 shares | 727,260,291 shares | | Share capital (RMB thousand) | 97 | 97 | | Number of treasury shares | 18,725,000 shares | 12,965,500 shares | | Treasury shares (RMB thousand) | 144,903 | 112,120 | - For the six months ended June 30, 2025, the trust purchased **5,659,500 shares** of the company for a total consideration of **RMB 32,123 thousand** to administer the 2024 share incentive scheme, holding them as treasury shares[159](index=159&type=chunk) [15. Share Incentive Schemes](index=51&type=section&id=15.%20Share%20Incentive%20Schemes) The company operates a Pre-IPO Employee Incentive Scheme and a 2024 Incentive Scheme to motivate directors and employees, with both schemes granting share options and restricted share units subject to time and financial performance vesting conditions, resulting in share award expenses of RMB 103 thousand and RMB 3,420 thousand respectively for the six months ended June 30, 2025 - The Pre-IPO Employee Incentive Scheme aims to promote the company's success and incentivize the Group's directors and employees, allowing for the grant of up to **10%** of the existing ordinary share capital[161](index=161&type=chunk) - Under the Pre-IPO Employee Incentive Scheme, share options and restricted share units totaling up to **101,171,226 underlying shares** have been granted, with vesting conditions including time and financial performance targets[161](index=161&type=chunk)[163](index=163&type=chunk) - The 2024 Incentive Scheme aims to incentivize senior executives and senior management, allowing for the repurchase of up to **3%** of outstanding shares[164](index=164&type=chunk) - Under the 2024 Incentive Scheme, up to **9,150,000 restricted share units** have been granted to senior management, with vesting conditions also including time and financial performance targets[164](index=164&type=chunk)[166](index=166&type=chunk)[167](index=167&type=chunk) Share Award Expenses (Six Months Ended June 30) | Incentive Scheme | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Pre-IPO Employee Incentive Scheme | 103 | 205 | | 2024 Incentive Scheme | 3,420 | — | [16. Commitments](index=53&type=section&id=16.%20Commitments) As of June 30, 2025, the Group's capital commitments amounted to RMB 9,586 thousand, primarily for the acquisition of property and equipment Contractual Commitments (As of June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Acquisition of property and equipment | 9,586 | 9,303 | [17. Related Party Transactions](index=53&type=section&id=17.%20Related%20Party%20Transactions) The Group engages in related party transactions with Arkray Biotech (Hangzhou) Co., Ltd. and Aijian Medical Devices (Hangzhou) Co., Ltd., both controlled by Mr. Lin Jixun, including sales to Arkray, purchases from Arkray, and rental income from Aijian, with outstanding trade receivables and payables with related parties as of June 30, 2025 - Related parties include Arkray Biotech (Hangzhou) Co., Ltd. and Aijian Medical Devices (Hangzhou) Co., Ltd., both controlled by Mr. Lin Jixun, a co-founder and Non-executive Director of the company[170](index=170&type=chunk) Transactions with Related Parties (Six Months Ended June 30) | Type of transaction | Related party | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | :--- | | Sales to related parties | Arkray | 34 | 47 | | Purchases from related parties | Arkray | 540 | 820 | | Rental income from related parties | Aijian | 4,673 | 3,551 | Outstanding Balances with Related Parties (As of June 30) | Item | Related party | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | :--- | | Total amounts due from related parties | | 2,539 | 2,536 | | Total amounts due to related parties | | 1,626 | 1,081 | Key Management Personnel Remuneration (Six Months Ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Salaries, allowances and benefits in kind | 2,558 | 3,834 | | Performance-related bonuses | 256 | 1,302 | | Equity-settled share-based payment expenses | 103 | 160 | | Total | 2,917 | 5,296 | [18. Fair Value and Fair Value Hierarchy of Financial Instruments](index=55&type=section&id=18.%20Fair%20Value%20and%20Fair%20Value%20Hierarchy%20of%20Financial%20Instruments) The Group's financial instruments' carrying amounts approximate their fair values due to short-term maturities, with contingent consideration classified as Level 3 fair value measurement at RMB 13,337 thousand, and management calculates the fair value of non-current portions by discounting expected future cash flows Carrying Amounts and Fair Values of Financial Instruments (As of June 30) | Item | 2025 Carrying amount (RMB thousand) | 2025 Fair value (RMB thousand) | | :--- | :--- | :--- | | Pledged deposits | 650,000 | 650,000 | | Contingent consideration | 13,337 | 13,337 | | Interest-bearing bank borrowings | 1,327,254 | 1,327,254 | - Management assesses that the fair values of most financial instruments approximate their carrying amounts, primarily due to their short-term maturities[177](index=177&type=chunk) - Contingent consideration is classified as a **Level 3 fair value measurement**, with its fair value being **RMB 13,337 thousand**[180](index=180&type=chunk)[181](index=181&type=chunk) - During the period, there were no transfers between Level 1 and Level 2 fair value measurements, nor any transfers into or out of Level 3 for financial assets and financial liabilities[181](index=181&type=chunk) [19. Events After Reporting Period](index=57&type=section&id=19.%20Events%20After%20Reporting%20Period) No significant events occurred after June 30, 2025 - No significant events occurred after **June 30, 2025**[182](index=182&type=chunk)

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 | | | 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: 2025年9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/註冊股本總額： USD 50,000 FF301 ...

Core Insights - ICL industry is facing challenges, but ICL Holdings has shown strong growth with a significant increase in bid amounts by 106% year-on-year, outperforming industry averages [1][3] - The company's diversified business layout and lean operational management have provided resilience and growth potential amid industry pressures [1][2] Business Performance - Overall revenue for the company reached approximately 1.27 billion RMB, maintaining stability while many peers experienced over 20% revenue declines [2] - The co-construction business segment saw a 30% year-on-year revenue increase, achieving a historical high with a compound annual growth rate of 48% over the past four years [2] - The CRO business also performed well, with an 18% year-on-year revenue growth, establishing itself as a new growth curve for the company [3] Strategic Developments - The company has formed strategic partnerships with major hospitals, transitioning from a service provider to a strategic partner in hospital operations, enhancing service barriers and customer loyalty [2] - The company has made significant strides in market expansion, with a 51% increase in bid numbers and a 106% increase in bid amounts, showcasing its strong market penetration capabilities [3][4] Cost Management - The company achieved notable cost optimization through lean management, with reagent procurement costs decreasing by nearly 13% and logistics costs per sample reduced by about 4% [4] - Operational efficiency improvements were evident, with clinical and pathological personnel efficiency increasing by 11% and 6%, respectively [4] AI and Digital Transformation - The company is at the forefront of integrating AI in medical services, with AI-assisted imaging technology achieving efficiency rates of 6-7 times that of human performance [5][6] - The launch of the intelligent assistant "Ai Xiao Yi" provides comprehensive services for doctors, enhancing the doctor-patient service experience [6] - The company is advancing its digital infrastructure, with a new LIMS system operational in 32 subsidiaries, aiming for full coverage to improve operational efficiency [6][7] Long-term Outlook - The company has outlined a five-year growth plan focusing on multiple growth paths, including deepening customer development, leveraging major projects in the special inspection segment, and accelerating business expansion in the CRO segment [8] - The company is positioned as a quality investment target in the healthcare digitalization space, with potential for sustainable long-term returns for investors [8]

Core Insights - ICL industry is facing challenges, but ICL Holdings has shown strong growth with a significant increase in bid amounts by 106% year-on-year, outperforming industry averages [1][3] - The company reported a revenue of approximately 1.27 billion RMB, maintaining a stable performance amidst a market where many peers experienced over 20% revenue decline [2] - ICL Holdings has diversified its business structure and improved operational efficiency, which has contributed to its resilience and growth [2][4] Business Performance - The company's co-construction business revenue grew by 30% year-on-year, achieving a historical high with a compound annual growth rate of 48% over the past four years [2] - The CRO business also performed strongly, with an 18% year-on-year revenue increase, capturing over 50% market share in the NASH segment [3] - The company has successfully expanded its market presence, with a 51% increase in the number of bids won [3] Cost Management - ICL Holdings has implemented lean management practices, resulting in a nearly 13% decrease in reagent procurement costs and a 4% reduction in logistics costs per sample [4] - The company has improved operational efficiency, with clinical and pathological personnel productivity increasing by 11% and 6%, respectively [4] AI and Digital Transformation - The company is at the forefront of integrating AI into its medical services, with AI-assisted diagnosis technology achieving efficiency rates of 6-7 times that of human performance [5][6] - ICL Holdings has launched an intelligent assistant, "Ai Xiao Yi," providing comprehensive services to doctors, enhancing the doctor-patient experience [6] - The company is advancing its digital infrastructure, with a new LIMS system operational in 32 subsidiaries and plans for full coverage by the end of the year [6][7] Strategic Outlook - ICL Holdings has outlined a five-year growth plan focusing on various growth paths, including deepening customer development in the routine testing segment and accelerating business expansion in the CRO segment [8] - The company aims to leverage mergers and acquisitions to enhance resource integration and collaboration across its business segments [8] - Given its strong fundamentals and market position, ICL Holdings is positioned as a promising investment opportunity in the healthcare sector [8]

Group 1 - The core viewpoint of the article highlights the strong performance of Adicon Holdings in the first half of 2025, with total revenue reaching 1.27 billion RMB, marking significant growth in key business segments [1][5][8] - The revenue from collaborative projects increased by 30% year-on-year, while CRO revenue grew by 17.8%, both achieving historical highs [1][6][7] - The gross profit stood at 454 million RMB, with a gross margin of 35.8%, and adjusted EBITDA was 164 million RMB, reflecting an adjusted EBITDA margin of 12.9% [1][8][9] Group 2 - The company reported a robust growth in its key business segments, with a five-year CAGR of 28% in special inspections, which now account for 27% of total revenue [10][11] - Special inspection revenue showed a year-on-year decline of 5.8%, but the overall trend is gradually recovering [11][12] - The number of signed contracts in the CRO segment increased from 93 to 111, with new contract amounts exceeding 24 million RMB in the first half of 2025 [16] Group 3 - The collaborative revenue has shown steady growth, with a four-year CAGR of 30%, and it now represents over 12% of total revenue [17][18] - The company has seen a significant increase in the number of new contracts, supported by policy initiatives and structural adjustments [18][19] - The bidding efforts have resulted in a year-on-year increase of 106% in the total amount won, with notable growth in public hospital contracts [22][23][25] Group 4 - The company is focusing on optimizing customer experience through system upgrades and AI applications, including AI-assisted pathology readings and smart medical assistants [27][31][33] - Continuous operational efficiency improvements are being pursued, with a 13% reduction in reagent costs and a 4% decrease in logistics expenses [38][40] - The company is strategically expanding its business footprint, including the acquisition of Yuan De You Qin to enhance its capabilities in blood disease diagnosis [46][49] Group 5 - Future strategies include deepening collaborative business efforts, enhancing CRO operations, and identifying high-potential clients for targeted growth [57][59] - The company aims to expand its market share in high-end segments and improve service capabilities to capture more opportunities [58][61]

Group 1 - The core viewpoint of the article highlights the strong financial performance of Adicon Holdings in the first half of 2025, with total revenue reaching 1.27 billion RMB, marking significant growth in key business segments [1][5][8] - The company's co-construction revenue increased by 30% year-on-year, achieving a historical high, while CRO revenue grew by 17.8%, also reaching a record high [1][6][7] - Gross profit stood at 454 million RMB, with a gross margin of 35.8%, and adjusted EBITDA was 164 million RMB, reflecting an adjusted EBITDA margin of 12.9% [1][8][9] Group 2 - The company reported a robust growth in its key business segments, with a five-year CAGR of 28% in special inspections, which now account for 27% of total revenue [10][11] - Special inspection revenue showed a slight decline of 5.8% year-on-year, but the overall trend is gradually recovering [11][12] - The number of signed contracts in the CRO segment increased from 93 to 111, with new contract amounts exceeding 24 million RMB in the first half of 2025 [16] Group 3 - The co-construction revenue has shown steady improvement, with a four-year CAGR of 30% and now representing over 12% of total revenue [17][18] - The company has seen significant growth in its bidding success, with a year-on-year increase of 106% in the total amount won [22][23] - The number of successful bids in secondary and above public hospitals increased by 11%, with the amount won rising by 156% year-on-year [25] Group 4 - The company is focused on optimizing customer experience through system upgrades and AI applications, including nearly 10 million AI-assisted pathology readings [27][31] - Continuous operational efficiency improvements are being pursued, with reagent costs down by 13% and logistics costs reduced by 4% [39][40] - The company is strategically expanding its business through acquisitions and investments, particularly in the CRO sector, to capture high-growth niche markets [59][61]

Core Viewpoint - Eddycon Holdings (09860) reported a mid-term performance for the six months ending June 30, 2025, showing a revenue of RMB 1.271 billion, a year-on-year decrease of 13.31% [1] Financial Performance - The company's total revenue reached RMB 1.271 billion, reflecting a year-on-year decline of 13.3% [1] - Profit attributable to equity holders of the parent company was RMB 27.273 million, down 73.15% year-on-year [1] - Earnings per share stood at RMB 0.04 [1] Business Segments - The co-construction business revenue grew by 30% year-on-year, with a four-year CAGR of 48%, primarily driven by successful projects in several large tertiary hospitals [1] - The CRO business revenue increased by 18% year-on-year, supported by deep collaborations with leading domestic and international pharmaceutical companies [1] - The company maintained a strong position in the diabetes sector, achieved robust performance in the NASH field, and made innovative breakthroughs in solid tumor treatment, expanding its business landscape [1] Future Outlook - The company plans to deepen strategic cooperation with leading medical institutions in the second half of the year to promote more benchmark projects [1]

Core Viewpoint - Aidi Kang Holdings (09860) reported a mid-term performance for the six months ending June 30, 2025, with revenue of RMB 1.271 billion, a year-on-year decrease of 13.31% [1] Financial Performance - The company's total revenue reached RMB 1.271 billion, reflecting a decline of 13.3% year-on-year [1] - Profit attributable to equity holders of the parent company was RMB 27.273 million, down 73.15% year-on-year [1] - Earnings per share stood at RMB 0.04 [1] Business Segments - The co-construction business revenue grew by 30% year-on-year, with a four-year compound annual growth rate (CAGR) of 48%, primarily driven by successful projects with major tertiary hospitals [1] - The CRO (Contract Research Organization) business revenue increased by 18% year-on-year, supported by deep collaborations with leading domestic and international pharmaceutical companies [1] - The company maintained a strong position in the diabetes sector, achieved robust performance in the NASH (Non-Alcoholic Steatohepatitis) field, and made innovative breakthroughs in solid tumor treatment, expanding its business landscape [1] Future Outlook - The company plans to deepen strategic cooperation with leading medical institutions in the second half of the year to promote more benchmark projects [1]

Core Viewpoint - Eddie Holdings (09860) announced the appointment of Mr. ZHU Jonathan as a non-executive director effective from August 22, 2025, to provide professional advice and judgment to the board [1] Group 1 - Mr. ZHU Jonathan will also serve as a member of the board's strategic committee starting from August 22, 2025 [1]