证券代码：301293 证券简称：三博脑科 公告编号：2025-031 监事会认为：董事会编制和审议公司《2025 年半年度报告全文》及摘要的 程序符合法律法规、深圳证券交易所有关规定的要求，报告的内容能够真实、准 确、完整地反映公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗 漏 表决结果：3 票同意，0 票反对，0 票弃权。 三博脑科医院管理集团股份有限公司 第三届监事会第十二次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 三博脑科医院管理集团股份有限公司（以下简称"公司"）第三届监事会第 十二次会议于 2025 年 8 月 25 日在公司会议室以现场结合通讯的方式召开。会议 通知于 2025 年 8 月 15 日以电子邮件方式发出。本次会议应出席监事 3 人，实际 出席监事 3 人，会议由监事会主席蒋慧敏女士主持，董事会秘书列席了会议。本 次会议的召集、召开和表决程序符合《公司法》等法律法规和《公司章程》的有 关规定。 二、监事会会议审议情况 经与会监事认真审议，会议形成了如下决议： （一）审议通过《202 ...

证券代码：301293 证券简称：三博脑科 公告编号：2025-030 三博脑科医院管理集团股份有限公司 第三届董事会第十四次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 三博脑科医院管理集团股份有限公司（以下简称"公司"）第三届董事会第十 四次会议于 2025 年 8 月 25 日在公司会议室以现场结合通讯的方式召开。会议通 知于 2025 年 8 月 15 日以电子邮件等方式发出。本次会议应出席董事 9 名，实际 出席的董事 9 人，会议由董事长张阳先生主持，公司监事、高级管理人员列席了 会议。本次会议的召集、召开和表决程序符合《公司法》等法律法规和《公司章 程》的有关规定。 二、董事会会议审议情况 经与会董事认真审议，会议形成了如下决议： （一）审议通过《2025 年半年度报告全文》及摘要 经审议，公司董事会认为：公司 2025 年半年度报告的编制符合相关法律法 规及《公司章程》的有关规定，报告真实、准确、完整地反映了公司 2025 年半 年度的财务状况和经营情况，不存在虚假记载、误导性陈述或重大遗漏。 表决结果： ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides essential disclaimers, lists the report's structure, and defines key terms for clarity [Important Notice](index=2&type=section&id=Important%20Notice) The board, supervisory board, and senior management guarantee the report's accuracy and completeness, with no interim dividend or bonus share plans - The company's board of directors, supervisory board, and senior management guarantee the report's truthfulness, accuracy, and completeness, assuming legal responsibility[3](index=3&type=chunk) - Company head Zhang Yang, chief accountant Qiao Minghao, and accounting department head Gao Jinling declare the financial report is true, accurate, and complete[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the eight main chapters of the semi-annual report, covering company profile, management discussion, governance, and financial statements - The report comprises eight main chapters, covering comprehensive information on company operations, finance, governance, and risks[6](index=6&type=chunk) - Reference documents include signed and sealed financial statements, the full and summary semi-annual reports, and originals of all publicly disclosed company documents and announcements[8](index=8&type=chunk)[9](index=9&type=chunk)[10](index=10&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, including company names, subsidiaries, regulatory bodies, and specific reporting periods - "Company," "the Company," "Joint Stock Company," and "Sanbo Brain Hospital" refer to Sanbo Brain Hospital Management Group Co, Ltd[12](index=12&type=chunk) - "Reporting Period" refers to January 1, 2025, to June 30, 2025[12](index=12&type=chunk) - "Prior Period" refers to January 1, 2024, to June 30, 2024[12](index=12&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides the company's basic information, contact details, and a summary of key financial data and performance metrics [Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81Company%20Profile) This section introduces the company's basic information, including its stock ticker "Sanbo Brain Hospital" and stock code "301293" - Stock Abbreviation: Sanbo Brain Hospital, Stock Code: **301293**[14](index=14&type=chunk) - Company Chinese Name: Sanbo Brain Hospital Management Group Co, Ltd[14](index=14&type=chunk) - Legal Representative: Zhang Yang[14](index=14&type=chunk) [Contact Persons and Information](index=6&type=section&id=%E4%BA%8C%E3%80%81Contact%20Persons%20and%20Information) This section provides contact details for the company's board secretary and securities affairs representative for investor communication - Board Secretary: Hu Weiwei, Securities Affairs Representative: Tian Xiaonan[15](index=15&type=chunk) - Contact Phone: **010-62882959**, Email: sbnkbod@sbnkjt.com[15](index=15&type=chunk) [Other Information](index=6&type=section&id=%E4%B8%89%E3%80%81Other%20Information) The company's contact information, disclosure channels, and registration details remained unchanged during the reporting period - The company's registered address, office address, website, and email remained unchanged during the reporting period[16](index=16&type=chunk) - Information disclosure and document storage locations remained unchanged during the reporting period[17](index=17&type=chunk) - The company's registration status remained unchanged during the reporting period[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81Key%20Accounting%20Data%20and%20Financial%20Indicators) This section presents key accounting data and financial indicators for the current and prior periods, showing revenue and net profit growth, but a decrease in net cash flow from operating activities Key Accounting Data and Financial Indicators Comparison | Indicator | Current Period (CNY) | Prior Period (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 827,252,437.57 | 703,791,932.88 | 17.54% | | Net Profit Attributable to Shareholders of Listed Company | 69,695,705.61 | 66,627,574.62 | 4.60% | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-recurring Gains and Losses | 72,010,712.15 | 65,026,910.44 | 10.74% | | Net Cash Flow from Operating Activities | 64,769,592.22 | 82,488,469.95 | -21.48% | | Basic Earnings Per Share (CNY/share) | 0.34 | 0.32 | 6.25% | | Diluted Earnings Per Share (CNY/share) | 0.34 | 0.32 | 6.25% | | Weighted Average Return on Net Assets | 2.99% | 2.82% | 0.17% | | **Period-end Indicators Comparison** | Current Period-end (CNY) | Prior Year-end (CNY) | Period-end vs Prior Year-end Change | | Total Assets | 3,719,935,444.49 | 3,531,288,628.12 | 5.34% | | Net Assets Attributable to Shareholders of Listed Company | 2,338,094,236.80 | 2,298,441,022.18 | 1.73% | [Differences in Accounting Data Under Domestic and International Accounting Standards](index=7&type=section&id=%E4%BA%94%E3%80%81Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20International%20Accounting%20Standards) The company reports no differences in net profit and net assets between domestic and international accounting standards during the reporting period - The company reports no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[20](index=20&type=chunk) - The company reports no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[21](index=21&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=7&type=section&id=%E5%85%AD%E3%80%81Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Non-recurring losses totaled **-2.32 million CNY**, primarily due to non-operating expenses like fines, donations, and medical dispute compensation Non-recurring Gains and Losses Items and Amounts | Item | Amount (CNY) | Description | | :--- | :--- | :--- | | Gains or losses from disposal of non-current assets (including the write-back of impairment provisions) | 1,371,703.92 | | | Government subsidies recognized in current profit or loss (excluding those closely related to normal business operations, compliant with national policies, enjoyed at fixed standards, and with a continuous impact on company profit or loss) | 815,561.47 | | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises, excluding effective hedging activities related to normal business operations | 309,561.42 | Income from structured deposits | | Reversal of impairment provisions for receivables subject to separate impairment testing | 1,827.69 | | | Other non-operating income and expenses | -5,956,857.37 | Mainly fines, donations, and medical dispute compensation | | Less: Income tax impact | -506,964.08 | | | Minority interest impact (after tax) | -636,232.25 | | | **Total** | **-2,315,006.54** | | [Management Discussion and Analysis](index=9&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's operations, financial performance, core competencies, and risk factors during the reporting period [Main Business Activities During the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81Main%20Business%20Activities%20During%20the%20Reporting%20Period) Sanbo Brain Hospital, a neuro-specialty medical group, operates eight hospitals across six regions, achieving revenue and net profit growth through integrated medical, educational, and research models - The company specializes in neuro-specialty, operating **8 hospitals** through an integrated medical, educational, and research and chain development model[26](index=26&type=chunk)[27](index=27&type=chunk) - During the reporting period, operating revenue was **827.25 million CNY**, a **17.54% year-on-year increase**; net profit attributable to the parent company was **69.70 million CNY**, a **4.60% year-on-year increase**[32](index=32&type=chunk) - Revenue growth is primarily due to the inclusion of Daxing Guangze in the consolidated scope, expanding business scale[32](index=32&type=chunk) - China's medical industry is driven by both policy and technological innovation, with broad development prospects for private hospitals[33](index=33&type=chunk)[38](index=38&type=chunk) [Company's Main Business and Products](index=9&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89Company%27s%20Main%20Business%20and%20Products) The company operates eight hospitals, offering a wide range of neuro-specialty and integrated medical services, including neurosurgery, neuro-intervention, and neuro-oncology - The company operates **8 hospitals**, including **5 neuro-specialty hospitals** and **3 general hospitals**[27](index=27&type=chunk) - Key diagnostic and treatment services include neurosurgery, neuro-intervention, neurology, neuro-oncology chemotherapy/radiotherapy, and neuro-critical care[27](index=27&type=chunk) - Kunming Sanbo introduced Yunnan Province's top cardiac medical team, adding cardiology to create a new multidisciplinary collaborative development model integrating heart and brain care[28](index=28&type=chunk) [Operating Model](index=10&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89Operating%20Model) The company employs a strict procurement process, standardized "360-degree service system," diverse settlement methods, and multiple patient acquisition channels - Procurement Model: Strict bidding and tendering system, utilizing internal supply chain companies Huibokang, Chongqing Xida, and Chongqing Jialele for purchasing pharmaceuticals and consumables[29](index=29&type=chunk) - Service Model: Standardized processes, providing a "**360-degree service system**" covering appointment registration, medical guidance, escort services, and post-discharge follow-up[30](index=30&type=chunk) - Settlement Model: Patient self-pay, medical insurance settlement, corporate client settlement, government procurement, commercial insurance, etc., with national pricing for medical insurance services and independent pricing for non-medical insurance services[30](index=30&type=chunk) - Patient Sources: Good reputation, medical-educational-research academic influence, introduction of local renowned experts, and multimedia brand promotion[31](index=31&type=chunk) [Analysis of Operating Performance During the Reporting Period](index=11&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89Analysis%20of%20Operating%20Performance%20During%20the%20Reporting%20Period) The company achieved revenue and net profit growth, driven by expanded consolidation scope and improved operations, despite some impact from Kunming Sanbo's new hospital relocation Operating Performance During the Reporting Period | Indicator | Current Period (million CNY) | Prior Period (million CNY) | YoY Growth | | :--- | :--- | :--- | :--- | | Operating Revenue | 82,725.24 | 70,379.19 | 17.54% | | Net Profit Attributable to Parent Company | 6,969.57 | 6,662.76 | 4.60% | - Primary reasons for revenue growth: inclusion of Daxing Guangze in consolidated statements, expanded business scale, and improved operational management and medical service levels[32](index=32&type=chunk) - Profit was affected by the relocation of Kunming Sanbo's new hospital, which added cardiology departments and upgraded hardware, now operating well[32](index=32&type=chunk) Period-end Asset and Liability Status | Indicator | Current Period-end (million CNY) | Prior Year-end (million CNY) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 371,993.54 | 353,128.86 | Increase5.34% | | Net Assets Attributable to Parent Company | 233,809.42 | 229,844.10 | Increase1.73% | | Asset-Liability Ratio | 28.48% | 25.52% | Increase2.96% | - The increase in asset-liability ratio is mainly due to increased long-term borrowings and lease liabilities[32](index=32&type=chunk) [Industry Development Status](index=11&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89Industry%20Development%20Status) China's medical industry is experiencing high-quality development driven by policy and technology, with increasing healthcare investment and broad prospects for private hospitals - The medical industry is driven by dual factors: policy (medical insurance payment reform, centralized drug procurement) and technology (AI medical large models)[33](index=33&type=chunk) - China's total health expenditure will continue to grow, influenced by rising resident incomes, an aging population, increasing chronic diseases, and the "Healthy China" strategy[35](index=35&type=chunk) - National policies encourage private medical institutions, offering broad development prospects for private hospitals to alleviate public hospital pressure and provide diversified services[37](index=37&type=chunk)[38](index=38&type=chunk) [Industry Competitive Landscape](index=13&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89Industry%20Competitive%20Landscape) Public hospitals dominate the neurosurgery sector, but Sanbo Brain Hospital, as the largest private neuro-specialty group, is enhancing its influence through flexible mechanisms and quality services - Public hospitals dominate the neurosurgery medical service industry, such as Beijing Tiantan Hospital and Shanghai Huashan Hospital[39](index=39&type=chunk) - Sanbo Brain Hospital is China's largest private neuro-specialty medical service group integrating medical care, teaching, and research[39](index=39&type=chunk) [Core Competitiveness Analysis](index=13&type=section&id=%E4%BA%8C%E3%80%81Core%20Competitiveness%20Analysis) The company's core strengths lie in its rich expert resources, leading technical capabilities, integrated medical-educational-research model, patient-centric services, extensive management experience, and established brand reputation - Rich expert resources and leading technical strength, centered around experts like Luan Guoming, with **80%** of surgeries being the most complex Level IV procedures[40](index=40&type=chunk) - Integrated "medical, educational, and research" operations, with Beijing Sanbo as an affiliated hospital of Capital Medical University, cultivating numerous master's and doctoral students, undertaking research projects, and publishing academic papers[40](index=40&type=chunk) - Prioritizing technology and service, establishing a "**360-degree service system**," with a reasonable fee structure, building a strong reputation[42](index=42&type=chunk) - Extensive management experience, achieving chain operation through restructuring, self-building, and mergers and acquisitions, with **8 hospitals** covering multiple regions[43](index=43&type=chunk) - Years of sound operation have gradually established brand advantages, gaining recognition and a good reputation in the field of neuromedicine[44](index=44&type=chunk) [Main Business Analysis](index=14&type=section&id=%E4%B8%89%E3%80%81Main%20Business%20Analysis) Operating revenue increased by **17.54%**, driven by the inclusion of Daxing Guangze, while financial expenses surged by **236.24%** due to reduced interest income and increased borrowing costs, and operating cash flow decreased by **21.48%** Year-on-Year Changes in Key Financial Data | Item | Current Period (CNY) | Prior Period (CNY) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 827,252,437.57 | 703,791,932.88 | 17.54% | Impact of Daxing Guangze's inclusion in consolidated scope | | Operating Cost | 611,132,627.11 | 527,110,071.05 | 15.94% | Impact of Daxing Guangze's inclusion in consolidated scope | | Selling Expenses | 12,408,188.20 | 10,459,751.17 | 18.63% | Increase in Henan Sanbo's business promotion expenses and Daxing Guangze's impact | | Administrative Expenses | 89,800,662.04 | 72,325,451.75 | 24.16% | Increase in employee compensation, asset amortization, and Daxing Guangze's impact | | Financial Expenses | 4,327,079.39 | -3,176,047.87 | 236.24% | Decrease in interest income due to reduced monetary funds, increase in interest expenses due to increased bank borrowings and lease liabilities | | Income Tax Expense | 30,743,222.90 | 21,229,852.24 | 44.81% | Increase in pre-tax profit of Huibokang, Chongqing Xida, Chongqing Jialele, and Daxing Guangze's impact | | Net Cash Flow from Operating Activities | 64,769,592.22 | 82,488,469.95 | -21.48% | Changes in medical insurance prepayment, increase in payments for goods and services, employee compensation, and taxes | | Net Cash Flow from Investing Activities | -204,528,984.17 | 249,826,475.75 | -181.87% | Increase in hospital construction and renovation projects, decrease in structured deposit investments and income | | Net Cash Flow from Financing Activities | 36,607,704.98 | -32,666,114.73 | 212.07% | Increase in cash inflow from bank borrowings | | Net Increase in Cash and Cash Equivalents | -103,151,686.97 | 299,648,830.97 | -134.42% | Increase in hospital construction and renovation projects, decrease in structured deposit investments and income | | Taxes and Surcharges | 4,145,791.03 | 701,498.79 | 490.99% | Increase in stamp duty and surcharges due to increased revenue, and increase in Daxing Guangze's property tax | | Fair Value Change Gains and Losses | 309,561.42 | 4,577,631.67 | -93.24% | Decrease in structured deposits | | Asset Disposal Income | 1,595,741.24 | 11,339.72 | 13,972.14% | Increase in disposal income from Kunming Sanbo's right-of-use assets | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Profit Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Medical Services | 615,059,978.23 | 429,548,417.89 | 30.16% | 14.10% | 12.52% | 0.98% | | Pharmaceuticals | 207,010,862.35 | 177,203,261.55 | 14.40% | 30.06% | 26.23% | 2.60% | [Non-Core Business Analysis](index=16&type=section&id=%E5%9B%9B%E3%80%81Non-Core%20Business%20Analysis) Non-core business activities had a minor impact on total profit, primarily involving investment income, fair value changes, asset impairment, and non-operating income/expenses, with only fair value changes being sustainable Impact of Non-Core Business on Total Profit | Item | Amount (CNY) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 1,827.69 | 0.00% | Income from recovery of receivables at the time of acquisition | No | | Fair Value Change Gains and Losses | 309,561.42 | 0.30% | Fair value change gains/losses from structured deposits held | Yes | | Asset Impairment | -99,297.91 | -0.10% | Provision for impairment of contract assets | No | | Non-operating Income | 2,374,739.52 | 2.33% | Medical liability insurance payouts and adjustments to estimated liabilities | No | | Non-operating Expenses | 8,555,634.21 | 8.38% | Donations, medical dispute compensation, losses from destruction/scrapping of non-current assets, etc | No | | Other Income | 1,618,305.49 | 1.59% | Government subsidies received, individual income tax refunds | No | | Asset Disposal Income | 1,595,741.24 | 1.56% | Net gain from disposal of right-of-use assets | No | [Analysis of Assets and Liabilities](index=16&type=section&id=%E4%BA%94%E3%80%81Analysis%20of%20Assets%20and%20Liabilities) Total assets increased by **5.34%** to **3.72 billion CNY**, and net assets attributable to the parent company grew by **1.73%** to **2.34 billion CNY**, with significant changes in fixed assets, right-of-use assets, long-term borrowings, and lease liabilities - The company's total assets at the end of the reporting period were **3.72 billion CNY**, an increase of **5.34%** from the prior year-end; net assets attributable to the parent company were **2.34 billion CNY**, an increase of **1.73%** from the prior year-end[19](index=19&type=chunk) [1、Significant Changes in Asset Composition](index=16&type=section&id=1%E3%80%81Significant%20Changes%20in%20Asset%20Composition) Significant changes in asset composition include substantial increases in contract assets, fixed assets, right-of-use assets, long-term borrowings, and lease liabilities, while monetary funds and employee compensation decreased Significant Changes in Asset Composition | Item | Current Period-end Amount (CNY) | Proportion of Total Assets | Prior Year-end Amount (CNY) | Proportion of Total Assets | Proportion Change | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 517,289,042.18 | 13.91% | 708,348,100.12 | 20.06% | -6.15% | | | Contract Assets | 2,230,134.33 | 0.06% | 343,474.13 | 0.01% | 0.05% | Increased by **549.29%**, mainly due to increased medical insurance fund quality assurance deposits by Henan Sanbo, Fujian Sanbo, and Luoyang Sanbo | | Fixed Assets | 920,565,871.66 | 24.75% | 606,595,212.30 | 17.18% | 7.57% | Increased by **51.76%**, mainly due to Kunming Sanbo's new hospital project being transferred from construction in progress to fixed assets | | Right-of-Use Assets | 184,304,157.92 | 4.95% | 121,982,362.73 | 3.45% | 1.50% | Increased by **51.09%**, mainly due to the expiration of original lease contracts for Chongqing Sanbo Chang'an, Chongqing Sanbo Jiangling, and new leased area for Henan Sanbo | | Long-term Borrowings | 198,990,294.89 | 5.35% | 135,775,842.49 | 3.84% | 1.51% | Increased by **46.56%**, mainly due to increased bank borrowings by Kunming Sanbo, Xi'an Sanbo, and Kunming Haoyuan | | Lease Liabilities | 174,255,760.92 | 4.68% | 107,232,700.93 | 3.04% | 1.64% | Increased by **62.50%**, mainly due to the expiration of original lease contracts for Chongqing Sanbo Chang'an, Chongqing Sanbo Jiangling, and new leased area for Henan Sanbo | | Employee Compensation Payable | 69,701,663.01 | 1.87% | 120,558,206.22 | 3.41% | -1.54% | Decreased by **42.18%**, mainly due to payment of prior year's annual bonus during the current reporting period | | Other Payables | 65,875,199.55 | 1.77% | 28,238,402.98 | 0.80% | 0.97% | Increased by **133.28%**, mainly due to increased cash dividends payable during the current reporting period | [2、Major Overseas Assets](index=18&type=section&id=2%E3%80%81Major%20Overseas%20Assets) The company had no major overseas assets during the reporting period - The company had no major overseas assets during the reporting period[56](index=56&type=chunk) [3、Assets and Liabilities Measured at Fair Value](index=18&type=section&id=3%E3%80%81Assets%20and%20Liabilities%20Measured%20at%20Fair%20Value) At the end of the reporting period, the company's financial assets measured at fair value totaled **52.24 million CNY**, primarily consisting of trading financial assets Financial Assets Measured at Fair Value | Item | Beginning Balance (CNY) | Fair Value Change Gains and Losses for the Period (CNY) | Amount Purchased During the Period (CNY) | Amount Sold During the Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | 1. Trading financial assets (excluding derivative financial assets) | 50,134,972.68 | 309,561.42 | 152,200,000.00 | 150,000,000.00 | 52,236,065.57 | | Subtotal of Financial Assets | 50,134,972.68 | 309,561.42 | 152,200,000.00 | 150,000,000.00 | 52,236,065.57 | | Total Above | 50,134,972.68 | 309,561.42 | 152,200,000.00 | 150,000,000.00 | 52,236,065.57 | [4、Asset Rights Restricted as of the End of the Reporting Period](index=18&type=section&id=4%E3%80%81Asset%20Rights%20Restricted%20as%20of%20the%20End%20of%20the%20Reporting%20Period) As of the end of the reporting period, assets totaling **1.13 billion CNY** were restricted, primarily fixed assets, intangible assets, and construction in progress, serving as collateral for loans Asset Rights Restricted | Item | Book Balance (CNY) | Book Value (CNY) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Fixed Assets | 233,611,480.37 | 233,230,343.50 | Mortgage | Fixed assets pledged as collateral for loans | | Intangible Assets | 496,553,711.23 | 441,124,354.94 | Mortgage | Land use rights pledged as collateral for loans | | Construction in Progress | 397,210,874.77 | 397,210,874.77 | Mortgage | Construction in progress pledged as collateral for loans | | **Total** | **1,127,376,066.37** | **1,071,565,573.21** | | | [Investment Analysis](index=18&type=section&id=%E5%85%AD%E3%80%81Investment%20Analysis) Total investments decreased by **65.58%** to **502.49 million CNY**, with significant non-equity investments in hospital construction projects and a **85.77%** utilization rate of raised funds Investment Amount During the Reporting Period | Indicator | Investment Amount Current Period (CNY) | Investment Amount Prior Period (CNY) | Change Rate | | :--- | :--- | :--- | :--- | | Total Investment | 502,489,340.33 | 1,459,891,512.02 | -65.58% | - The overall utilization rate of raised funds is **85.77%**, with a cumulative use of **910.53 million CNY**[67](index=67&type=chunk) - **300 million CNY** of over-raised funds has been used for permanent replenishment of working capital and capital injection into wholly-owned subsidiaries for external investment and equity acquisition[69](index=69&type=chunk)[70](index=70&type=chunk) [1、Overall Situation](index=18&type=section&id=1%E3%80%81Overall%20Situation) The company's total investment for the reporting period was **502.49 million CNY**, a significant decrease of **65.58%** compared to the prior period Investment Amount During the Reporting Period | Indicator | Investment Amount Current Period (CNY) | Investment Amount Prior Period (CNY) | Change Rate | | :--- | :--- | :--- | :--- | | Total Investment | 502,489,340.33 | 1,459,891,512.02 | -65.58% | [2、Significant Equity Investments Acquired During the Reporting Period](index=19&type=section&id=2%E3%80%81Significant%20Equity%20Investments%20Acquired%20During%20the%20Reporting%20Period) The company made no significant equity investments during the reporting period - The company made no significant equity investments during the reporting period[61](index=61&type=chunk) [3、Significant Non-Equity Investments in Progress During the Reporting Period](index=19&type=section&id=3%E3%80%81Significant%20Non-Equity%20Investments%20in%20Progress%20During%20the%20Reporting%20Period) The company is undertaking major non-equity investments in several hospital construction projects, including Beijing, Xi'an, Hunan, and Kunming, with varying progress and some economic environment impacts Significant Non-Equity Investments in Progress | Project Name | Investment Method | Industry Involved in Investment Project | Amount Invested During Current Period (CNY) | Cumulative Actual Investment Amount as of Period-end (CNY) | Project Progress | Cumulative Income Achieved as of Period-end (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Capital Medical University Sanbo Brain Hospital Construction Project | Self-built | Medical Services | 87,670,051.18 | 778,808,959.08 | 66.58% | 0.00 | | Xi'an Sanbo Brain Hospital Construction Project | Self-built | Medical Services | 39,952,985.83 | 120,332,419.51 | 80.22% | 0.00 | | Hunan Sanbo Brain Hospital Construction Project | Self-built | Medical Services | 42,430,883.05 | 310,752,396.88 | 43.06% | 0.00 | | Kunming Sanbo Brain Hospital New Campus Construction Project | Self-built | Medical Services | 61,149,005.52 | 344,052,878.26 | 65.97% | -888.42 | - Hunan Sanbo Brain Hospital project and Kunming Sanbo new campus project experienced changes in progress and performance due to economic environment and relocation impacts[62](index=62&type=chunk) [4、Financial Assets Measured at Fair Value](index=19&type=section&id=4%E3%80%81Financial%20Assets%20Measured%20at%20Fair%20Value) The company's financial assets measured at fair value primarily consist of structured deposits, totaling **52.24 million CNY** at period-end, with **0.31 million CNY** in fair value change gains for the period Financial Assets Measured at Fair Value | Asset Category | Initial Investment Cost (CNY) | Fair Value Change Gains and Losses for the Period (CNY) | Amount Purchased During the Reporting Period (CNY) | Amount Sold During the Reporting Period (CNY) | Cumulative Investment Income (CNY) | Ending Balance (CNY) | Source of Funds | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Other (Own Funds) | | 86,824.70 | 52,200,000.00 | 50,000,000.00 | 86,824.70 | 2,200,000.00 | Own Funds | | Other (Raised Funds) | 50,000,000.00 | 222,736.72 | 100,000,000.00 | 100,000,000.00 | 357,709.40 | 50,036,065.57 | Raised Funds | | **Total** | **50,000,000.00** | **309,561.42** | **152,200,000.00** | **150,000,000.00** | **444,534.10** | **52,236,065.57** | | [5、Use of Raised Funds](index=20&type=section&id=5%E3%80%81Use%20of%20Raised%20Funds) The company's initial public offering raised **1.06 billion CNY**, with **85.77%** utilized, including over-raised funds for working capital and subsidiary investments, and project changes and delays Overall Use of Raised Funds | Year of Raising | Method of Raising | Total Raised Funds (million CNY) | Net Raised Funds (million CNY) | Total Raised Funds Used in Current Period (million CNY) | Cumulative Total Raised Funds Used (million CNY) | Utilization Rate of Raised Funds at Period-end | Cumulative Amount of Raised Funds with Changed Use (million CNY) | Proportion of Cumulative Raised Funds with Changed Use | Total Unused Raised Funds (million CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2023 | Initial Public Offering | 117,254.18 | 106,163.91 | 8,824.86 | 91,052.99 | 85.77% | 30,000 | 28.26% | 15,110.92 | - Over-raised funds of **561.64 million CNY** have been fully utilized, including **320 million CNY** for permanent replenishment of working capital in two instances, and **420 million CNY** for capital injection into wholly-owned subsidiaries for external investment and equity acquisition[69](index=69&type=chunk)[70](index=70&type=chunk)[74](index=74&type=chunk) - The unused raised funds of **300 million CNY** from the original "Hunan Sanbo Brain Hospital Project" have been reallocated to the "Capital Medical University Sanbo Brain Hospital Construction Project"[73](index=73&type=chunk)[76](index=76&type=chunk) - The "Sanbo Brain Hospital Informationization Construction Project" has slowed down and been delayed, not generating direct economic benefits but enhancing informationization capabilities and management levels[73](index=73&type=chunk) [Significant Asset and Equity Sales](index=25&type=section&id=%E4%B8%83%E3%80%81Significant%20Asset%20and%20Equity%20Sales) The company did not sell any significant assets or equity during the reporting period - The company did not sell any significant assets during the reporting period[80](index=80&type=chunk) - The company did not sell any significant equity during the reporting period[81](index=81&type=chunk) [Analysis of Major Holding and Participating Companies](index=25&type=section&id=%E5%85%AB%E3%80%81Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's major subsidiaries include several hospitals and medical supply companies, with Kunming Sanbo Brain Hospital and Sichuan Daxing Guangze Medical Investment Management Co, Ltd reporting negative net profits Financial Data of Major Subsidiaries | Company Name | Company Type | Main Business | Registered Capital (million CNY) | Total Assets (million CNY) | Net Assets (million CNY) | Operating Revenue (million CNY) | Operating Profit (million CNY) | Net Profit (million CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Sanbo Brain Hospital Co, Ltd | Subsidiary | Medical Services | 52,650 | 107,626.83 | 81,219.98 | 26,156.86 | 4,659.43 | 3,269.70 | | Chongqing Sanbo Chang'an Hospital Co, Ltd | Subsidiary | Medical Services | 4,000 | 26,732.28 | 15,611.00 | 15,103.06 | 1,614.89 | 1,419.11 | | Chongqing Sanbo Jiangling Hospital Co, Ltd | Subsidiary | Medical Services | 4,000 | 25,685.10 | 17,086.89 | 10,658.72 | 1,563.89 | 1,356.65 | | Luoyang Wuyiyi Sanbo Brain Hospital Co, Ltd | Subsidiary | Medical Services | 7,000 | 11,110.73 | 9,056.99 | 4,656.91 | 1,134.21 | 848.10 | | Kunming Sanbo Brain Hospital Co, Ltd | Subsidiary | Medical Services | 6,270 | 13,461.75 | -1,486.78 | 2,097.50 | -796.06 | -888.42 | | Beijing Huibokang Medical Device Management Co, Ltd | Subsidiary | Medical Device Management | 100 | 2,515.27 | 1,497.39 | 3,168.02 | 965.82 | 723.07 | | Chongqing Xida Pharmaceutical Co, Ltd | Subsidiary | Pharmaceuticals, Medical Device Management | 2,000 | 8,609.51 | 7,103.63 | 9,639.80 | 2,979.99 | 2,219.91 | | Sichuan Daxing Guangze Medical Investment Management Co, Ltd | Subsidiary | Medical Services | 29,608.2474 | 41,015.35 | 30,277.44 | 14,654.45 | -46.48 | -394.87 | - The company neither acquired nor disposed of any subsidiaries during the reporting period[83](index=83&type=chunk) [Structured Entities Controlled by the Company](index=26&type=section&id=%E4%B9%9D%E3%80%81Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[84](index=84&type=chunk) [Risks Faced by the Company and Countermeasures](index=26&type=section&id=%E5%8D%81%E3%80%81Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from regulatory changes, talent shortages, supply chain disruptions, and management challenges due to expansion, addressed by policy adaptation, talent development, strict procurement, and group-level control - The company faces risks from changes in industry regulatory policies: tightening policies or failure to meet regulatory requirements may impact operations[84](index=84&type=chunk) - The company faces risks of professional and technical talent shortages: increased demand for high-level medical staff and talent loss affect development[84](index=84&type=chunk) - The company faces risks in raw material supply: quality defects or supply interruptions of pharmaceuticals and consumables affect diagnosis, treatment, and reputation[86](index=86&type=chunk) - The company faces management risks after scale expansion: chain operations impose higher requirements on medical quality, human resources, and financial management[87](index=87&type=chunk) - Countermeasures for talent shortage: multi-faceted talent cultivation and introduction, collaboration with local expert teams, and formulation of talent allocation plans[85](index=85&type=chunk) - Countermeasures for scale expansion management: establishing a listed company management control and subsidiary operational entity structure, achieving group-level control through management, quality, and operational layer assessments[88](index=88&type=chunk)[89](index=89&type=chunk) [Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=28&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%2C%20and%20Other%20Activities%20During%20the%20Reporting%20Period) During the reporting period, the company held an earnings briefing via Panorama Network and engaged in phone discussions with individual investors on various business and strategic topics - An earnings briefing was held on **May 12, 2025**, via Panorama Network's "Investor Relations Interactive Platform"[90](index=90&type=chunk) - During the reporting period, individual investors were engaged via phone discussions on main business, expansion plans, new hospital construction, share repurchases, medical insurance policies, and brain-computer interface layout[90](index=90&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=28&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not disclosed a market value management system or a valuation enhancement plan - The company has not formulated a market value management system[91](index=91&type=chunk) - The company has not disclosed a valuation enhancement plan[91](index=91&type=chunk) [Implementation of the "Dual Improvement in Quality and Returns" Action Plan](index=28&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81Implementation%20of%20the%20%22Dual%20Improvement%20in%20Quality%20and%20Returns%22%20Action%20Plan) The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan - The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan[91](index=91&type=chunk) [Corporate Governance, Environment, and Society](index=29&type=section&id=Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details changes in the company's senior management, profit distribution plans, environmental disclosures, and social responsibility initiatives during the reporting period [Changes in Directors, Supervisors, and Senior Management](index=29&type=section&id=%E4%B8%80%E3%80%81Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, Zhang Yang was relieved of his General Manager duties but remains Chairman, and Xu Xiangying was appointed as the new General Manager - Zhang Yang was relieved of his General Manager position on **March 4, 2025**, but continues to serve as Chairman[93](index=93&type=chunk) - Xu Xiangying was appointed as General Manager on **March 4, 2025**[93](index=93&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=29&type=section&id=%E4%BA%8C%E3%80%81Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20During%20the%20Reporting%20Period) The company plans no interim cash dividends, bonus shares, or capital reserve conversions to share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[94](index=94&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=29&type=section&id=%E4%B8%89%E3%80%81Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period[95](index=95&type=chunk) [Environmental Information Disclosure](index=29&type=section&id=%E5%9B%9B%E3%80%81Environmental%20Information%20Disclosure) The company and its subsidiary, Chengdu Sanbo Dongli Hospital Co, Ltd, are listed as legally required environmental information disclosure enterprises and have publicly released their environmental reports - The company and its major subsidiary, Chengdu Sanbo Dongli Hospital Co, Ltd, are included in the list of enterprises required to disclose environmental information by law[96](index=96&type=chunk) - Chengdu Sanbo Dongli Hospital Co, Ltd has publicly disclosed its environmental information report[96](index=96&type=chunk) [Social Responsibility](index=29&type=section&id=%E4%BA%94%E3%80%81Social%20Responsibility) The company prioritizes sustainable development, legal compliance, and balancing economic and social benefits, actively protecting stakeholder rights and engaging in extensive social welfare initiatives - Protection of shareholder and creditor rights: improving corporate governance structure and internal control systems, disclosing information truthfully, accurately, completely, timely, and fairly, and strengthening investor communication[97](index=97&type=chunk) - Protection of employee rights: strictly enforcing labor laws and regulations, improving employee management systems, and providing career development paths and academic platforms[98](index=98&type=chunk) - Protection of supplier and customer rights: establishing a sound procurement system, adhering to fair and just principles; providing a "**360-degree service system**" for patients, ensuring a "patient-centered" service philosophy[99](index=99&type=chunk) - Social welfare: actively undertaking social responsibility, participating in community lectures and public assistance projects (such as "Loving Mothers," "Melting the Frozen Heart"), cumulatively funding poor patients over **10 million CNY**[100](index=100&type=chunk) - Deeply participating in the National Health Commission's "Heart-to-Heart Project" health assistance activities, promoting the downward transfer of quality medical resources to Inner Mongolia, Jiangxi, Sichuan, and other regions[101](index=101&type=chunk) [Significant Matters](index=31&type=section&id=Significant%20Matters) This section covers the company's commitments, related party transactions, litigation, penalties, and other significant events during the reporting period [Commitments Fulfilled and Overdue Unfulfilled by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=31&type=section&id=%E4%B8%80%E3%80%81Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20by%20Controlling%20Shareholder%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) The company reports no commitments fulfilled or overdue unfulfilled by relevant parties during or as of the end of the reporting period - The company reports no commitments fulfilled or overdue unfulfilled by relevant parties during the reporting period[104](index=104&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company](index=31&type=section&id=%E4%BA%8C%E3%80%81Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20from%20the%20Listed%20Company) The company reports no non-operating funds occupied by controlling shareholders or other related parties during the reporting period - The company reports no non-operating funds occupied by controlling shareholders or other related parties during the reporting period[105](index=105&type=chunk) [Illegal External Guarantees](index=31&type=section&id=%E4%B8%89%E3%80%81Illegal%20External%20Guarantees) The company had no illegal external guarantees during the reporting period - The company had no illegal external guarantees during the reporting period[106](index=106&type=chunk) [Appointment and Dismissal of Accounting Firms](index=31&type=section&id=%E5%9B%9B%E3%80%81Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual report was unaudited - The company's semi-annual report was unaudited[107](index=107&type=chunk) [Board of Directors, Supervisory Board, and Audit Committee's Explanation of the Accounting Firm's "Non-Standard Audit Report" for the Current Period](index=31&type=section&id=%E4%BA%94%E3%80%81Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Audit%20Committee%27s%20Explanation%20of%20the%20Accounting%20Firm%27s%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) The company reports no explanations from the board, supervisory board, or audit committee regarding a "non-standard audit report" for the current period - The company reports no explanations regarding a "non-standard audit report" from the accounting firm for the current period[108](index=108&type=chunk) [Board of Directors' Explanation of the Prior Year's "Non-Standard Audit Report" Related Matters](index=31&type=section&id=%E5%85%AD%E3%80%81Board%20of%20Directors%27%20Explanation%20of%20the%20Prior%20Year%27s%20%22Non-Standard%20Audit%20Report%22%20Related%20Matters) The company reports no explanations from the board of directors regarding the prior year's "non-standard audit report" related matters - The company reports no explanations regarding the prior year's "non-standard audit report" related matters[108](index=108&type=chunk) [Bankruptcy and Reorganization Related Matters](index=31&type=section&id=%E4%B8%83%E3%80%81Bankruptcy%20and%20Reorganization%20Related%20Matters) The company had no bankruptcy or reorganization related matters during the reporting period - The company had no bankruptcy or reorganization related matters during the reporting period[108](index=108&type=chunk) [Litigation Matters](index=31&type=section&id=%E5%85%AB%E3%80%81Litigation%20Matters) The company had no major litigation or arbitration during the reporting period, but other lawsuits, including medical liability and contract disputes, were ongoing or concluded, with no significant impact on operations - The company had no major litigation or arbitration matters during the reporting period[109](index=109&type=chunk) Other Litigation Matters | Basic Information on Litigation (Arbitration) | Amount Involved (million CNY) | Whether Estimated Liabilities Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | Execution Status of Litigation (Arbitration) Judgment | | :--- | :--- | :--- | :--- | :--- | :--- | | Medical Liability Damage Disputes | 10.53 | The company has made corresponding provisions for estimated liabilities for some cases in accordance with accounting standards | Some cases have been closed and executed, involving an amount of **0.51 million CNY**. Other cases are in first instance or awaiting appraisal procedures | Will not have a significant impact on the company's operating results | The executed amount involved is **0.51 million CNY** | | Contract Disputes | 23.18 | The company has made corresponding provisions for estimated liabilities in accordance with accounting standards | The second instance judgment has become effective | The second instance rejected the appeal and upheld the original judgment, meaning the company must pay the plaintiff **5.64 million CNY** in liquidated damages and bear **0.04 million CNY** in case acceptance fees. This had a certain positive impact on the company's 2024 performance | Executed | [Penalties and Rectification](index=32&type=section&id=%E4%B9%9D%E3%80%81Penalties%20and%20Rectification) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[111](index=111&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=32&type=section&id=%E5%8D%81%E3%80%81Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company reports no integrity issues concerning itself, its controlling shareholder, or actual controller during the reporting period - The company reports no integrity issues concerning itself, its controlling shareholder, or actual controller during the reporting period[112](index=112&type=chunk) [Significant Related Party Transactions](index=32&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81Significant%20Related%20Party%20Transactions) The company had no significant related party transactions, including daily operations, asset/equity sales, joint investments, or financial dealings, during the reporting period - The company had no related party transactions related to daily operations during the reporting period[112](index=112&type=chunk) - The company had no related party transactions involving asset or equity acquisitions or sales during the reporting period[113](index=113&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[114](index=114&type=chunk) - The company had no related party creditor-debtor transactions during the reporting period[115](index=115&type=chunk) - The company had no deposits, loans, credit lines, or other financial business with related financial companies[116](index=116&type=chunk) - The financial companies controlled by the company had no deposits, loans, credit lines, or other financial business with related parties[117](index=117&type=chunk) - The company had no other significant related party transactions during the reporting period[118](index=118&type=chunk) [Significant Contracts and Their Performance](index=33&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81Significant%20Contracts%20and%20Their%20Performance) The company had no trust or contracting arrangements, but engaged in various property leases and provided external guarantees totaling **8.89%** of net assets for subsidiary bank loans, with no other major contracts - The company had no trust arrangements during the reporting period[119](index=119&type=chunk) - The company had no contracting arrangements during the reporting period[120](index=120&type=chunk) - The company has multiple property lease contracts, primarily for medical operations and office use[121](index=121&type=chunk)[122](index=122&type=chunk) - Lease contracts for Chongqing Sanbo Chang'an, Chongqing Sanbo Jiangling, and Luoyang Wuyiyi Sanbo Brain Hospital are in the third stage of price negotiation, currently provisionally set at the first stage price[564](index=564&type=chunk)[565](index=565&type=chunk)[566](index=566&type=chunk) - The total external guarantees by the company and its subsidiaries amount to **207.77 million CNY**, accounting for **8.89%** of the company's net assets[126](index=126&type=chunk) - Primarily providing joint liability guarantees for subsidiary bank borrowings, including construction project loans for Kunming Sanbo, Kunming Haoyuan, Beijing Sanbo, and Xi'an Sanbo[124](index=124&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk) - The company had no significant contracts related to daily operations during the reporting period[128](index=128&type=chunk) - The company had no other significant contracts during the reporting period[129](index=129&type=chunk) [Explanation of Other Significant Matters](index=37&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81Explanation%20of%20Other%20Significant%20Matters) The company reports no other significant matters requiring explanation during the reporting period - The company reports no other significant matters requiring explanation during the reporting period[130](index=130&type=chunk) [Significant Matters of Company Subsidiaries](index=37&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81Significant%20Matters%20of%20Company%20Subsidiaries) The company reports no significant matters concerning its subsidiaries during the reporting period - The company reports no significant matters concerning its subsidiaries during the reporting period[131](index=131&type=chunk) [Share Changes and Shareholder Information](index=38&type=section&id=Share%20Changes%20and%20Shareholder%20Information) This section details the company's share capital structure, shareholder numbers, top shareholders, and any changes in shareholdings or control during the reporting period [Share Change Status](index=38&type=section&id=%E4%B8%80%E3%80%81Share%20Change%20Status) The company's total share capital remained unchanged at **205.99 million shares**, with **1.46%** repurchased, and no other share changes during the reporting period Share Change Status | Item | Quantity (shares) | Proportion | | :--- | :--- | :--- | | I. Restricted Shares | 45,041,295 | 21.87% | | 3. Other domestic shares | 45,041,295 | 21.87% | | Of which: shares held by domestic natural persons | 45,041,295 | 21.87% | | II. Unrestricted Shares | 160,945,692 | 78.13% | | 1. RMB ordinary shares | 160,945,692 | 78.13% | | **III. Total Shares** | **205,986,987** | **100.00%** | - The company completed its share repurchase plan on **April 16, 2025**, cumulatively repurchasing **2,997,183 shares**, accounting for **1.46%** of the company's total share capital[135](index=135&type=chunk) - The total repurchase amount was **104.19 million CNY**, with a highest transaction price of **35.06 CNY/share** and a lowest transaction price of **34.01 CNY/share**[135](index=135&type=chunk) [Securities Issuance and Listing](index=39&type=section&id=%E4%BA%8C%E3%80%81Securities%20Issuance%20and%20Listing) The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[138](index=138&type=chunk) [Number of Shareholders and Shareholding Status](index=39&type=section&id=%E4%B8%89%E3%80%81Number%20of%20Shareholders%20and%20Shareholding%20Status) At period-end, the company had **43,206** ordinary shareholders, with TBP 3Doctors (HK) Limited as the largest shareholder, and the actual controllers acting in concert - Total number of ordinary shareholders at period-end: **43,206**[139](index=139&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at Period-end (shares) | Changes in Shareholding During the Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Share Status | Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | TBP 3Doctors (HK) Limited | Overseas Legal Person | 15.16% | 31,235,425 | -1,094,600 | 0 | 31,235,425 | N/A | 0 | | Zhang Yang | Domestic Natural Person | 10.59% | 21,815,703 | 0 | 21,815,703 | 0 | N/A | 0 | | Yu Chunjiang | Domestic Natural Person | 4.17% | 8,592,376 | 0 | 8,592,376 | 0 | N/A | 0 | | Luan Guoming | Domestic Natural Person | 4.17% | 8,592,376 | 0 | 8,592,376 | 0 | N/A | 0 | | Shi Xiang'en | Domestic Natural Person | 2.93% | 6,040,840 | 0 | 6,040,840 | 0 | N/A | 0 | | Bank of China Co, Ltd - Hwabao CSI Medical ETF | Other | 2.33% | 4,804,950 | 4,804,950 | 0 | 4,804,950 | N/A | 0 | | Lin Ruiyan | Domestic Natural Person | 1.80% | 3,713,647 | -1,158,271 | 0 | 3,713,647 | N/A | 0 | | Yang Hongpeng | Overseas Natural Person | 1.78% | 3,665,633 | 0 | 0 | 3,665,633 | Frozen | 3,665,633 | | Taikang Life Insurance Co, Ltd - Traditional - Ordinary Insurance Product-019L-CT001 Shenzhen | Other | 0.90% | 1,857,053 | -1,963,200 | 0 | 1,857,053 | N/A | 0 | | GF Xinde Investment Management Co, Ltd - GF Xinde Zhongheng Huijin (Longyan) Equity Investment Partnership (Limited Partnership) | Other | 0.73% | 1,501,436 | -1,612,720 | 0 | 1,501,436 | N/A | 0 | - Zhang Yang, Yu Chunjiang, Shi Xiang'en, and Luan Guoming are persons acting in concert, jointly constituting the company's controlling shareholders and actual controllers[140](index=140&type=chunk) - The company's dedicated share repurchase securities account held **2,997,183 ordinary shares** at the end of the reporting period, accounting for **1.46%** of the company's total share capital[140](index=140&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=41&type=section&id=%E5%9B%9B%E3%80%81Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period[142](index=142&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=41&type=section&id=%E4%BA%94%E3%80%81Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[143](index=143&type=chunk) - The company's actual controller remained unchanged during the reporting period[143](index=143&type=chunk) [Preferred Share Related Matters](index=41&type=section&id=%E5%85%AD%E3%80%81Preferred%20Share%20Related%20Matters) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[144](index=144&type=chunk) [Bond Related Matters](index=42&type=section&id=Bond%20Related%20Matters) The company had no bond-related matters during the reporting period [Bond Related Matters](index=42&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[146](index=146&type=chunk) [Financial Report](index=43&type=section&id=Financial%20Report) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity, along with detailed notes [Audit Report](index=43&type=section&id=%E4%B8%80%E3%80%81Audit%20Report) The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[148](index=148&type=chunk) [Financial Statements](index=43&type=section&id=%E4%BA%8C%E3%80%81Financial%20Statements) This section provides the company's 2025 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity - Consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity are provided[149](index=149&type=chunk)[153](index=153&type=chunk)[157](index=157&type=chunk)[161](index=161&type=chunk)[165](index=165&type=chunk)[168](index=168&type=chunk)[171](index=171&type=chunk)[180](index=180&type=chunk) [1、Consolidated Balance Sheet](index=43&type=section&id=1%E3%80%81Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were **3.72 billion CNY**, with total liabilities of **1.06 billion CNY** and total owner's equity of **2.66 billion CNY** Key Data from Consolidated Balance Sheet | Item | Period-end Balance (CNY) | Beginning Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 3,719,935,444.49 | 3,531,288,628.12 | | Total Current Assets | 802,578,865.20 | 980,464,070.04 | | Total Non-current Assets | 2,917,356,579.29 | 2,550,824,558.08 | | Total Liabilities | 1,059,508,520.99 | 901,385,348.22 | | Total Owner's Equity | 2,660,426,923.50 | 2,629,903,279.90 | [2、Parent Company Balance Sheet](index=45&type=section&id=2%E3%80%81Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were **2.07 billion CNY**, with total liabilities of **52.09 million CNY** and total owner's equity of **2.02 billion CNY** Key Data from Parent Company Balance Sheet | Item | Period-end Balance (CNY) | Beginning Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 2,069,055,339.79 | 2,023,150,951.44 | | Total Current Assets | 466,149,591.48 | 422,199,447.10 | | Total Non-current Assets | 1,602,905,748.31 | 1,600,951,504.34 | | Total Liabilities | 52,086,563.22 | 22,007,954.48 | | Total Owner's Equity | 2,016,968,776.57 | 2,001,142,996.96 | [3、Consolidated Income Statement](index=47&type=section&id=3%E3%80%81Consolidated%20Income%20Statement) For the first half of 2025, consolidated operating revenue was **827.25 million CNY**, with net profit of **71.35 million CNY**, and basic and diluted earnings per share of **0.34 CNY/share** Key Data from Consolidated Income Statement | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 827,252,437.57 | 703,791,932.88 | | Total Operating Cost | 721,814,347.77 | 607,420,724.89 | | Operating Profit | 108,275,252.19 | 103,085,757.71 | | Total Profit | 102,094,357.50 | 98,717,330.75 | | Net Profit | 71,351,134.60 | 77,487,478.51 | | Net Profit Attributable to Parent Company Shareholders | 69,695,705.61 | 66,627,574.62 | | Basic Earnings Per Share (CNY/share) | 0.34 | 0.32 | | Diluted Earnings Per Share (CNY/share) | 0.34 | 0.32 | [4、Parent Company Income Statement](index=49&type=section&id=4%E3%80%81Parent%20Company%20Income%20Statement) For the first half of 2025, the parent company's operating revenue was **0.90 million CNY**, with net profit of **45.87 million CNY**, a significant increase from the prior period Key Data from Parent Company Income Statement | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Operating Revenue | 897,020.76 | 0.00 | | Operating Profit | 45,843,552.37 | 13,729,007.55 | | Total Profit | 45,843,552.37 | 13,728,943.55 | | Net Profit | 45,868,270.60 | 13,796,050.88 | [5、Consolidated Cash Flow Statement](index=51&type=section&id=5%E3%80%81Consolidated%20Cash%20Flow%20Statement) For the first half of 2025, net cash flow from operating activities decreased by **21.48%**, investing activities saw a **181.87%** decrease, while financing activities increased by **212.07%**, resulting in a net decrease in cash and cash equivalents Key Data from Consolidated Cash Flow Statement | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 64,769,592.22 | 82,488,469.95 | | Net Cash Flow from Investing Activities | -204,528,984.17 | 249,826,475.75 | | Net Cash Flow from Financing Activities | 36,607,704.98 | -32,666,114.73 | | Net Increase in Cash and Cash Equivalents | -103,151,686.97 | 299,648,830.97 | [6、Parent Company Cash Flow Statement](index=52&type=section&id=6%E3%80%81Parent%20Company%20Cash%20Flow%20Statement) For the first half of 2025, the parent company reported negative net cash flows from operating and investing activities, with no financing cash flow, resulting in a net decrease in cash and cash equivalents Key Data from Parent Company Cash Flow Statement | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -8,875,833.41 | 137,569,277.32 | | Net Cash Flow from Investing Activities | -12,577,975.17 | 228,804,745.42 | | Net Cash Flow from Financing Activities | 0 | -14,767,891.92 | | Net Increase in Cash and Cash Equivalents | -21,453,808.58 | 351,606,130.82 | [7、Consolidated Statement of Changes in Owner's Equity](index=54&type=section&id=7%E3%80%81Consolidated%20Statement%20of%20Changes%20in%20Owner%27s%20Equity) For the first half of 2025, consolidated owner's equity increased by **30.52 million CNY**, driven by comprehensive income and profit distribution, with parent company equity increasing and minority interest decreasing - Consolidated owner's equity increased by **30.52 million CNY** for the first half of 2025[172](index=172&type=chunk) - Owner's equity attributable to the parent company increased by **39.65 million CNY**, while minority interest decreased by **9.13 million CNY**[172](index=172&type=chunk) - Total comprehensive income was **71.35 million CNY**, with distributions to owners (or shareholders) totaling **-40.83 million CNY**[172](index=172&type=chunk)[173](index=173&type=chunk) [8、Parent Company Statement of Changes in Owner's Equity](index=59&type=section&id=8%E3%80%81Parent%20Company%20Statement%20of%20Changes%20in%20Owner%27s%20Equity) For the first half of 2025, parent company owner's equity increased by **15.83 million CNY**, primarily due to comprehensive income and profit distribution - Parent company owner's equity increased by **15.83 million CNY** for the first half of 2025[181](index=181&type=chunk) - Total comprehensive income was **45.87 million CNY**, with distributions to owners (or shareholders) totaling **-30.04 million CNY**[181](index=181&type=chunk)[183](index=183&type=chunk) [Company Basic Information](index=63&type=section&id=%E4%B8%89%E3%80%81Company%20Basic%20Information) Sanbo Brain Hospital Management Group Co, Ltd, established in 2003 and listed in 2023, oper

Group 1: Company Performance - CanSino reported a revenue of 382 million yuan for the first half of 2025, a year-on-year increase of 26%, with a net loss of 13.49 million yuan, narrowing by 94.02% compared to a loss of 225 million yuan in the same period last year [1] - Wantai Bio disclosed a revenue of 844 million yuan, a year-on-year decrease of 38.25%, resulting in a net loss of 144 million yuan, indicating a shift from profit to loss due to market adjustments and government procurement impacts [2] - Jimin Health reported a revenue of 366 million yuan, a year-on-year decline of 21.30%, with a net loss of 52.70 million yuan, compared to a profit of 25.44 million yuan in the previous year [3] - ST Noratech achieved a revenue of approximately 1.048 billion yuan, a year-on-year increase of 26.07%, with a net profit of about 310 million yuan, reflecting a growth of 36.49% [5] Group 2: Market Trends and Insights - The vaccine industry is facing challenges such as intensified competition and insufficient demand, leading to performance pressure on several companies, including CanSino and Zhifei Biological [2] - Jimin Health's stock experienced a significant increase of 53.78% over a short period, indicating potential market overreaction and speculative trading [3][4] - The demand for peptide raw materials, particularly GLP-1 related products, has driven ST Noratech's performance, highlighting a strong market for specific pharmaceutical segments [5] Group 3: Shareholder Actions - TBP 3Doctors (HK) Limited plans to reduce its stake in Sanbo Brain Science by up to 6.09 million shares, representing 3% of the total share capital, which may signal a lack of confidence in the company's future prospects [6]

Group 1: 康希诺 (CanSino) - The company reported a revenue of 382 million yuan for the first half of 2025, a year-on-year increase of 26% [1] - The net profit attributable to shareholders was a loss of 13.49 million yuan, significantly narrowing from a loss of 225 million yuan in the same period last year, a reduction of 94.02% [1] - Sales revenue from two types of combined meningococcal vaccines reached approximately 364 million yuan, up 38.43% year-on-year [1] Group 2: 万泰生物 (Wantai Bio) - The company reported a revenue of 844 million yuan for the first half of 2025, a year-on-year decrease of 38.25% [2] - The net profit attributable to shareholders turned into a loss of 144 million yuan, compared to a profit in the same period last year [2] - The revenue decline was attributed to market adjustments, government procurement, and the expansion of the nine-valent HPV vaccine age group, leading to lower-than-expected sales [2] Group 3: 济民健康 (Jimin Health) - The company reported a revenue of 366 million yuan for the first half of 2025, a year-on-year decrease of 21.30% [3] - The net profit was a loss of approximately 52.70 million yuan, compared to a profit of 25.44 million yuan in the same period last year [3] - The stock price saw a cumulative increase of 53.78% from August 13 to August 19, with a trading halt on August 20, indicating potential market overreaction [3] Group 4: ST诺泰 (ST Novartis) - The company reported a revenue of approximately 1.048 billion yuan for the first half of 2025, a year-on-year increase of 26.07% [4] - The net profit attributable to shareholders was approximately 310 million yuan, an increase of 36.49% year-on-year [4] - The revenue growth was primarily driven by significant sales increases in peptide raw materials, particularly GLP-1 related products [4] Group 5: 三博脑科 (Sanbo Brain Science) - The shareholder TBP3Doctors (HK) Limited plans to reduce its holdings by up to approximately 6.09 million shares, accounting for 3% of the total share capital [5] - The reduction will occur through centralized bidding and block trading within three months after the announcement [5] - The shareholder's decision to reduce holdings may signal a lack of confidence in the company's future development prospects [5]

Company Overview - Sanbo Brain Science Hospital Management Group Co., Ltd. focuses on clinical medical services, with main products including medical services, pharmaceuticals, and supply chain operations [1] - As of the first quarter of 2025, the company reported a revenue of 393 million yuan, representing a year-on-year increase of 16.78% [1] - The net profit for the same period was 38.31 million yuan, showing a year-on-year growth of 14.56% [1] - The sales gross margin stood at 26.44% [1] Financial Metrics - As of August 25, the closing price of Sanbo Brain Science was 61.78 yuan, with a PE ratio of 115.80 times [1] - The total market capitalization of the company is 12.726 billion yuan [1] - The company ranks 39th in the medical services industry based on PE ratio, which has an average of 50.60 times and a median of 64.30 times [1][2] Institutional Holdings - As of the first quarter of 2025, there is one institutional holder of Sanbo Brain Science, which is a fund holding 535,900 shares valued at 2.8 million yuan [1]

Group 1 - The core viewpoint of the article is that Sanbo Brain Science (301293.SZ) aims to enhance its business scale and core competitiveness by investing in a venture capital fund, thereby leveraging capital market advantages and professional investment management [1] - The company plans to subscribe to a portion of the Shanghai Delian Bojian Venture Capital Partnership with its own funds amounting to 87 million yuan, as part of a total fundraising target of 300 million yuan for the fund [1] - The partnership agreement was signed on August 22, 2025, with Delian Investment Management Co., Ltd. and other partners, indicating a strategic move to strengthen the company's hospital management capabilities [1]

Group 1 - The stock price of Sanbo Brain Science closed at 60.94 yuan on August 22, 2025, down by 0.31 yuan, a decrease of 0.51% from the previous trading day [1] - The trading volume on that day was 138,400 hands, with a transaction amount of 844 million yuan [1] - Sanbo Brain Science operates in the medical services industry, focusing on neurosurgery, and has medical institutions in Beijing, Chongqing, and Fujian [1] Group 2 - On August 22, Sanbo Brain Science announced plans to invest 87 million yuan of its own funds to subscribe to shares of Shanghai Delian Bojian Venture Capital Partnership, which aims to raise a total of 300 million yuan [1] - The company indicated that its affiliated hospitals utilize surgical robots in certain neurosurgical procedures, being an early adopter of the Rosa robot technology for clinical diagnosis and treatment [1] - On the same day, the net outflow of main funds for Sanbo Brain Science was 162 million yuan, accounting for 1.66% of its circulating market value, with a cumulative net outflow of 793 million yuan over the past five trading days, representing 8.09% of its circulating market value [1]

Group 1 - The core viewpoint of the article is that Sanbo Brain Science (301293.SZ) aims to enhance its business scale and core competitiveness by investing in a venture capital fund, thereby leveraging capital market advantages and professional investment management [1] - The company plans to subscribe to 87 million yuan worth of shares in the Shanghai Delian Bojian Venture Capital Partnership, which has a total fundraising target of 300 million yuan [1] - The investment is part of a strategy to improve the management of Sanbo Brain Science Hospital Management Group and to elevate the level of medical services [1]

1、为不断完善三博脑科医院管理集团股份有限公司（以下简称"公司"、"三 博脑科"）产业链，扩大公司业务规模，提升医疗服务技术水平和核心竞争力， 同时为充分利用资本市场平台优势，借助专业投资机构的管理水平和投资经验， 公司拟以有限合伙人身份认购上海德联博健创业投资合伙企业（有限合伙）（以 下简称"基金"、"合伙企业"）部分份额，合伙企业拟募集资金总额为 30,000 万元， 公司拟以自有资金认购 8,700 万元基金份额。2025 年 8 月 22 日，公司与达孜德 联投资管理有限公司等合作方共同签署了《上海德联博健创业投资合伙企业（有 限合伙）》（以下简称"合伙协议"）。 2、本次对外投资不构成关联交易，亦不构成《上市公司重大资产重组管理 办法》规定的重大资产重组，无需经过公司董事会或股东会的批准。 证券代码：301293 证券简称：三博脑科 公告编号：2025-029 三博脑科医院管理集团股份有限公司 关于与专业投资机构共同投资认购基金份额的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、对外投资概述 1 得公开交易证券类投资产品或金融衍生产品；不 ...