巨星医疗控股(02393) - 2025 - 中期财报

Company Information Board of Directors and Committees This section lists the board members of Yestar Healthcare Holdings Company Limited, including executive, non-executive, and independent non-executive directors, their committee appointments, and updates on appointments and resignations - Mr. Wang Chunlai was appointed as Executive Director and Chief Executive Officer on April 2, 2025[6] - Ms. Liao Changxiang was appointed as a member of the Nomination Committee on June 27, 2025, and resigned as a member of the Investment Committee on April 2, 2025[6] - Mr. Zhao Ziwei ceased to be a member of the Nomination Committee on June 27, 2025[6] Company Contact and Legal Information This section provides detailed contact information for the company's registered office, principal places of business in Hong Kong and Shanghai, independent auditor, legal counsel, principal bankers, and share registrars, with an update on the Shanghai address - The company's independent auditor is BDO Limited, Hong Kong[6] - The principal place of business in Shanghai was changed on April 15, 2025[7] - The Hong Kong share registrar was changed on July 14, 2025[8] Share Information This section lists the company's stock code and official website address - The company's stock code is 2393[8] - The company's website is http://www.yestarcorp.com[8](index=8&type=chunk) Management Discussion and Analysis Company and Market Overview Yestar Healthcare Holdings Company Limited is a leading in-vitro diagnostic product distributor and service provider in China, also manufacturing medical films and proprietary dental and medical dry films, with the IVD market expected to exceed RMB 140 billion by 2025 - Yestar Healthcare Holdings Company Limited is one of the largest in-vitro diagnostic product distributors and service providers in China[9] - The company manufactures, markets, and sells dental film and medical dry film products under its proprietary brand "Yes!Star"[9] China In-vitro Diagnostic Market Size and Growth | Indicator | 2024 | 2025 Forecast | | :--- | :--- | :--- | | Market Size | RMB 137 billion | Exceeds RMB 140 billion | | Number of domestic Class III diagnostic product registrations (YoY) | 533 (approx. 40% increase) | - | | Number of imported diagnostic product registrations (YoY) | 129 (approx. 12% increase) | - | - The company's proprietary brand "Yes!Star" S2 film camera is under development and expected to be released in the second half of this year[12] Performance Review For the six months ended June 30, 2025, the Group's total revenue decreased by 37.0% year-on-year to RMB 802.6 million, and gross profit declined by 38.6% to RMB 133.7 million, primarily due to China's centralized procurement policy Key Financial Indicators Comparison (Six Months Ended June 30) | Indicator | 2025 (RMB millions) | 2024 (RMB millions) | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenue | 802.6 | 1,273.8 | -37.0% | | Gross Profit | 133.7 | 217.6 | -38.6% | | Selling and Distribution Expenses | 38.8 | 76.5 | -49.3% | | Administrative Expenses | 77.7 | 101.8 | -23.7% | | Finance Costs | 6.5 | 21.2 | -69.3% | | Other Income | 8.9 | 1,094.4 | -99.2% | | Basic Earnings Per Share | 0.25 cents | 46.72 cents | Significant decrease | - The decrease in revenue and gross profit was mainly affected by China's centralized procurement policy on the medical segment[13] - The Board resolved not to declare any interim dividend for the six months ended June 30, 2025[14] Segment Revenue Comparison (Six Months Ended June 30) | Segment | 2025 (RMB millions) | 2024 (RMB millions) | YoY Change | | :--- | :--- | :--- | :--- | | Medical Business Revenue | 722.1 | 1,162.4 | -37.9% | | Medical Business Gross Margin | 16.9% | 17.1% | -0.2 percentage points | | Non-Medical Business Revenue | 80.6 | 111.4 | -27.7% | | Non-Medical Business Gross Margin | 14.2% | 17.1% | -2.9 percentage points | Outlook China's in-vitro diagnostic industry is projected to grow at a CAGR of 5-8% over the next five years, reaching RMB 165 billion by 2029, driven by an aging population and chronic disease management, despite increasing competition and price pressure - China's in-vitro diagnostic market is expected to grow at a compound annual growth rate of approximately 5–8% from 2024 to 2029, with the market size reaching nearly RMB 165 billion by 2029[17] - Growth is primarily driven by an aging population, increasing demand for chronic disease management, enhanced awareness of early diagnosis and screening, and expanded medical insurance coverage[17] - The industry faces challenges of intensified market competition, product homogenization, and price competition, leading to downward pressure on profit margins[17] Financial Review The Group funds its operations through internal resources and borrowings, showing improved liquidity and gearing ratios as of June 30, 2025, with reduced expenses and significant recovery of financial asset impairment Liquidity and Financial Ratios Comparison | Indicator | June 30, 2025 (RMB millions) | December 31, 2024 (RMB millions) | Change | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 249.4 | 93.8 | Increase of 155.6 | | Total Current Bank and Other Borrowings | 246.0 | 272.5 | Decrease of 26.5 | | Current Ratio | 1.44 | 1.35 | Improvement | | Gearing Ratio | 2% | 29% | Significant improvement | Key Expenses Comparison (Six Months Ended June 30) | Indicator | 2025 (RMB millions) | 2024 (RMB millions) | YoY Change | | :--- | :--- | :--- | :--- | | Selling and Distribution Expenses | 38.8 | 76.5 | -49.3% | | Administrative Expenses | 77.7 | 101.8 | -23.7% | | Finance Costs | 6.5 | 21.2 | -69.3% | - The significant decrease in finance costs primarily resulted from the redemption of senior notes last year, eliminating interest payments in the current year[24] - As of June 30, 2025, the Group had 479 employees, a decrease from 726 in the same period last year[27] - A net reversal of impairment loss on financial assets of RMB 19.1 million was recognized during the period, mainly due to a reduction in impairment provisions for trade receivables[31] - As of June 30, 2025, certain buildings with a net book value of approximately RMB 61.388 million were pledged by the Group to secure bank loans[37] Other Information This section discloses the change in the company's principal place of business in Shanghai, the completion of arbitration related to the acquisition of Guangzhou Shengshiyuan Trading Co., Ltd., and the Board's decision not to declare an interim dividend - The principal place of business in Shanghai was changed on April 15, 2025[40] - The company has fulfilled and settled all payments related to the Shengshiyuan arbitration, considering the profit guarantee for the acquisition of 70% equity interest in Shengshiyuan to be fulfilled[43] - The Board resolved not to declare any interim dividend for the six months ended June 30, 2025[44] Other Information Share Option Scheme and Share Arrangements The company's share option scheme expired on September 17, 2023, with no further options granted or exercised since its adoption, and no share option or share-linked arrangements entered into during the period - The company's share option scheme expired on September 17, 2023, and no further share options may be granted thereafter[45] - No share options have been granted, exercised, cancelled, or lapsed since the adoption of the share option scheme up to the date of this report[45] - The company did not enter into any share option arrangements or share-linked agreements during the period[46][47] Directors and Related Party Transactions During the period, there were no transactions, arrangements, or contracts in which directors or related entities had a significant direct or indirect interest, other than those disclosed in note 14 to the financial statements - During the period, no transactions, arrangements, or contracts existed in which a director or an entity connected with a director had a material direct or indirect interest that was significant to the Group's business[48] - The Group did not enter into any connected transactions and/or continuing connected transactions requiring disclosure under the Listing Rules during the period[50] - No directors, controlling shareholders, or substantial shareholders, or any of their respective associates, engaged in any business that competes or may compete with the Group's business, nor did they have any other conflicts of interest with the Group[51] Directors' and Major Shareholders' Shareholdings As of June 30, 2025, directors and chief executives held long positions in the company's ordinary shares, with Mr. He Zhenfa holding 19.50% of the shares, and several major shareholders holding over 5% Directors' Long Positions in the Company's Ordinary Shares (As of June 30, 2025) | Director Name | Personal Interest (shares) | Corporate Interest (shares) | Total Interest (shares) | Approximate Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | :--- | | He Zhenfa | 434,627,500 | 20,000,000 | 454,627,500 | 19.50% | - Mr. He Zhenfa has pledged part of his shares to financial institutions as collateral for loans, and joint and several receivers have been appointed[53] Major Shareholders' Long Positions in the Company's Ordinary Shares (As of June 30, 2025) | Shareholder Name/Entity | Capacity | Number of Shares Held | Approximate Percentage of the Company's Issued Share Capital | | :--- | :--- | :--- | :--- | | Hartono Jeane | Beneficial Owner | 391,870,000 | 16.80% | | Hartono Rico | Beneficial Owner | 265,810,000 | 11.40% | | UBS Group AG | Pledgee | 267,890,691 | 11.49% | | Huo Xiyu | Receiver | 267,890,000 | 11.49% | | Zhou Weicheng | Receiver | 267,890,000 | 11.49% | | FUJIFILM Corporation | Beneficial Owner | 230,000,000 | 9.56% | | Li Bin | Beneficial Owner | 164,600,600 | 7.06% | Securities Transactions and Corporate Governance During the period, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities, and the company confirmed compliance with the Model Code for Securities Transactions by Directors and all Corporate Governance Code provisions - Neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities during the period[57] - The company has adopted the Model Code for Securities Transactions by Directors as set out in Appendix C3 of the Listing Rules, and confirmed that directors and relevant employees have complied with the code[58][59] - The Board believes that the company has complied with all Corporate Governance Code provisions as set out in Appendix C1 of the Listing Rules[60] Audit Committee and Subsequent Events The Audit Committee, comprising three independent non-executive directors, reviews and oversees the company's financial reporting, risk management, and internal control systems, and has reviewed the unaudited interim results, finding no significant subsequent events - The Audit Committee comprises Mr. Zhao Ziwei (Chairman), Mr. Zeng Jinsong, and Mr. Kuang Xiangfan, all independent non-executive directors[63] - The Group's interim results for the period were unaudited but reviewed by the Audit Committee, which considered the preparation of the interim financial information to be in compliance with applicable accounting principles and standards[63] - No significant events occurred after the period and up to the date of this report[64] Interim Condensed Consolidated Statement of Profit or Loss Profit or Loss from Continuing Operations For the six months ended June 30, 2025, revenue from continuing operations significantly decreased to RMB 802,634 thousand from RMB 1,273,785 thousand in the prior period, with profit for the period at RMB 11,148 thousand, largely due to a substantial reduction in other income and gains Profit or Loss from Continuing Operations Comparison (Six Months Ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 802,634 | 1,273,785 | -37.0% | | Gross Profit | 133,737 | 217,640 | -38.6% | | Other Income and Gains | 8,880 | 1,094,425 | -99.2% | | Profit Before Income Tax | 21,152 | 1,112,323 | -98.1% | | Profit for the Period | 11,148 | 1,092,525 | -98.9% | | Basic Earnings Per Share Attributable to Owners of the Company | 0.25 cents | 46.69 cents | Significant decrease | - The significant decrease in other income and gains was primarily due to the profit recognized from the redemption of senior notes in the prior year[14][65] Interim Condensed Consolidated Statement of Comprehensive Income Total Comprehensive Income For the six months ended June 30, 2025, profit for the period was RMB 11,148 thousand, with other comprehensive income primarily comprising exchange differences on translation of foreign operations and the company, resulting in a total comprehensive income of RMB 15,251 thousand, significantly lower than the prior period Comprehensive Income Comparison (Six Months Ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Profit for the Period | 11,148 | 1,093,061 | -98.9% | | Exchange Differences on Translation of Foreign Operations | 20,121 | (9,172) | Significant change | | Exchange Differences on Translation of the Company | (16,018) | (3,840) | Significant change | | Other Comprehensive Income for the Period, Net of Tax | 4,103 | (13,012) | Significant change | | Total Comprehensive Income for the Period | 15,251 | 1,080,049 | -98.6% | Interim Condensed Consolidated Statement of Financial Position Asset and Liability Structure As of June 30, 2025, the Group's total assets were RMB 1,361,843 thousand and total liabilities were RMB 839,912 thousand, with net current assets increasing to RMB 319,812 thousand due to a significant rise in cash and cash equivalents and a reduction in inventories and trade receivables Key Balance Sheet Indicators Comparison | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Total Non-Current Assets | 317,036 | 343,983 | Decrease of 26,947 | | Total Current Assets | 1,044,807 | 1,086,099 | Decrease of 41,292 | | Inventories | 175,296 | 281,284 | Decrease of 105,988 | | Trade and Bills Receivables | 497,981 | 582,513 | Decrease of 84,532 | | Cash and Cash Equivalents | 249,360 | 93,765 | Increase of 155,595 | | Total Current Liabilities | 724,995 | 805,270 | Decrease of 80,275 | | Net Current Assets | 319,812 | 280,829 | Increase of 38,983 | | Total Non-Current Liabilities | 114,917 | 116,571 | Decrease of 1,654 | | Net Assets | 521,931 | 508,241 | Increase of 13,690 | | Total Equity | 521,931 | 508,241 | Increase of 13,690 | - The increase in cash and cash equivalents resulted from the company's optimized cost management, reduced operating expenses, and recovery of trade receivables, as well as a decrease in inventory levels during the period[18] Interim Condensed Consolidated Statement of Changes in Equity Analysis of Changes in Equity For the six months ended June 30, 2025, total equity attributable to owners of the company increased from RMB 461,599 thousand at the beginning of the period to RMB 469,651 thousand, primarily due to profit for the period and an increase in exchange fluctuation reserve Overview of Changes in Equity (Six Months Ended June 30) | Indicator | January 1, 2025 (RMB thousands) | June 30, 2025 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Total Attributable to Owners of the Company | 461,599 | 469,651 | Increase of 8,052 | | Non-Controlling Interests | 46,642 | 52,280 | Increase of 5,638 | | Total Equity | 508,241 | 521,931 | Increase of 13,690 | - Profit for the period was RMB 5,761 thousand, and other comprehensive income (exchange differences) was RMB 4,103 thousand[73] - Acquisition of non-controlling interests resulted in a decrease in put options of RMB 20,433 thousand and a transfer to other reserves[73] Interim Condensed Consolidated Statement of Cash Flows Cash Flow Analysis For the six months ended June 30, 2025, net cash from operating activities was RMB 208,644 thousand, a significant improvement from a net outflow in the prior period, mainly due to reduced trade receivables and inventories Cash Flow Comparison (Six Months Ended June 30) | Cash Flow Type | 2025 (RMB thousands) | 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Net Cash From/(Used In) Operating Activities | 208,644 | (51,373) | Significant improvement | | Net Cash (Used In)/From Investing Activities | (816) | 411,248 | Significant decrease | | Net Cash Used In Financing Activities | (52,215) | (430,194) | Significant decrease | | Net Increase/(Decrease) in Cash and Cash Equivalents | 155,613 | (70,319) | Significant improvement | | Cash and Cash Equivalents at End of Period | 249,360 | 132,880 | Increase of 116,480 | - The improvement in operating cash flow was mainly due to a decrease in trade receivables and inventories[76] - The significant decrease in net cash used in financing activities was primarily due to higher repayment of senior notes and debt restructuring costs in the prior period[77] Notes to the Interim Condensed Consolidated Financial Statements General Information Yestar Healthcare Holdings Company Limited, incorporated in the Cayman Islands and listed on the Hong Kong Stock Exchange, is an investment holding company whose subsidiaries manufacture and sell imaging printing products and medical products and equipment - The company was incorporated on February 1, 2012, under the Companies Law of the Cayman Islands[79] - The company's shares have been listed on the Main Board of the Hong Kong Stock Exchange since October 11, 2013[80] - The company's ultimate controlling shareholders are Jeane Hartono, Rico Hartono, He Zhenfa, and Chen Chen Irene Hartono[79] - The company's subsidiaries are primarily engaged in the manufacturing, sales, and distribution of imaging printing products and medical products and equipment[81] Basis of Preparation and Changes in Accounting Policies The interim condensed consolidated financial information is prepared in accordance with IAS 34 and consistent with prior annual financial statements, with new IFRS amendments adopted, and IFRS 18 expected to have extensive presentation and disclosure impacts from January 1, 2027 - The interim condensed consolidated financial information is prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting"[80] - The amendment to International Accounting Standard 21 "Lack of Exchangeability" was first adopted during the period but did not have a significant impact on the financial statements[83] - International Financial Reporting Standard 18 "Presentation and Disclosure in Financial Statements" is expected to have extensive impacts on presentation and disclosure, effective for annual periods beginning on or after January 1, 2027[84][85][86] Operating Segment Information The Group has two reportable operating segments: imaging printing products and medical products and equipment, with medical products and equipment revenue significantly decreasing year-on-year, and the Group operating solely in mainland China without seasonal impact - The Group has two reportable operating segments: imaging printing products and medical products and equipment[91] Segment Revenue and Results Comparison (Six Months Ended June 30) | Segment | 2025 Revenue (RMB thousands) | 2025 Results (RMB thousands) | 2024 Revenue (RMB thousands) | 2024 Results (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Imaging Printing Products | 80,556 | (9,173) | 111,399 | 2,170 | | Medical Products and Equipment | 722,078 | 35,081 | 1,162,386 | 26,904 | | Total | 802,634 | 25,908 | 1,273,785 | 29,074 | - Revenue from sales of medical imaging products and imaging printing products to a major customer accounted for approximately 14.09% of total revenue (2024: 21.20%)[95] - The Group operates solely in mainland China, and its operations are not affected by seasonal factors[96][97] Revenue For the six months ended June 30, 2025, the Group's total revenue from contracts with customers from continuing operations was RMB 802,634 thousand, a decrease from RMB 1,273,785 thousand in the prior period, comprising sales of goods and provision of services Revenue from Contracts with Customers Analysis (Six Months Ended June 30) | Category | 2025 (RMB thousands) | 2024 (RMB thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Sales of Goods | 781,693 | 1,253,154 | -37.6% | | Provision of Services | 20,941 | 20,631 | +1.5% | | Total Revenue from Contracts with Customers | 802,634 | 1,273,785 | -37.0% | Profit Before Income Tax For the six months ended June 30, 2025, the Group's profit before income tax was RMB 21,152 thousand, a significant decrease from RMB 1,112,323 thousand in the prior period, mainly due to a gain from derecognition of senior notes in the prior period and impairment loss on non-financial assets in the current period Components of Profit Before Income Tax (Six Months Ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Cost of Inventories Sold and Services Provided | 668,897 | 1,056,145 | | Gain on Derecognition of Senior Notes | — | (1,083,407) | | Depreciation of Property, Plant and Equipment | 5,448 | 12,313 | | Depreciation of Right-of-Use Assets | 6,458 | 18,480 | | Amortisation of Other Intangible Assets | 7,334 | 11,308 | | Impairment of Non-Financial Assets | 9,744 | — | | Employee Benefit Expenses | 73,348 | 81,021 | - An impairment loss on non-financial assets of RMB 9,744 thousand was recognized in the current period, including impairment of property, plant and equipment of RMB 1,385 thousand and impairment of right-of-use assets of RMB 8,359 thousand[102] Income Tax Expense The Group's income tax expense, primarily from mainland China at a statutory rate of 25%, decreased to RMB 10,004 thousand for the six months ended June 30, 2025, with certain high-tech subsidiaries enjoying a preferential rate of 15% - Provision for current income tax in mainland China is calculated at the statutory rate of 25% on the Group's estimated assessable profits[104] - Guangxi Yestar Medical Equipment Co., Ltd. and Guangxi Caixing Technology Co., Ltd. are recognized as high-tech enterprises, enjoying a preferential tax rate of 15%[104] Income Tax Expense Comparison (Six Months Ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current Tax — China Expense for the Period | 10,472 | 23,332 | | Deferred Tax | (468) | (3,534) | | Income Tax Expense | 10,004 | 19,798 | Dividends The directors do not recommend the payment of an interim dividend for the six months ended June 30, 2025, and no dividend was declared for the year ended December 31, 2024, at the AGM - The directors do not recommend the payment of an interim dividend for the six months ended June 30, 2025[106] - No dividend was declared for the year ended December 31, 2024, by shareholders at the Annual General Meeting held on May 30, 2025[106] Earnings Per Share Attributable to Owners of the Company For the six months ended June 30, 2025, basic earnings per share attributable to owners of the company significantly decreased to RMB 0.25 cents from RMB 46.72 cents in the prior period, with diluted earnings per share being the same as basic earnings per share due to no potential dilutive ordinary shares Earnings Per Share Comparison (Six Months Ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit for the Period Attributable to Owners of the Company | 5,761 | 1,089,239 | | Weighted Average Number of Ordinary Shares in Issue for Basic EPS Calculation (thousands) | 2,331,590 | 2,331,590 | | Basic Earnings Per Share (RMB cents) | 0.25 | 46.72 | - During the current and prior periods, diluted earnings per share were the same as basic earnings per share as there were no potential dilutive ordinary shares[108] Property, Plant and Equipment For the six months ended June 30, 2025, the Group purchased RMB 1,043 thousand in property, plant and equipment, sold RMB 129 thousand net book value, and recognized an impairment loss of RMB 9,744 thousand due to national and provincial procurement plans and medical imaging data sharing Property, Plant and Equipment Movements (Six Months Ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Cost of Purchases | 1,043 | 7,132 | | Net Book Value of Disposals | 129 | 543 | | Net Gain on Disposals | 98 | 102 | | Impairment Loss | 9,744 | — | - As of June 30, 2025, certain buildings with a carrying amount of approximately RMB 61,388 thousand were pledged by the Group to secure bank loans[109] - The impairment loss was mainly due to the impact of national and provincial pharmaceutical procurement plans and nationwide medical imaging data sharing on revenue, as well as reduced demand for industrial films[110] Trade and Bills Receivables As of June 30, 2025, the Group's total trade and bills receivables decreased to RMB 497,981 thousand from RMB 582,513 thousand at December 31, 2024, with impairment provisions also reduced, and the majority of receivables aged within 90 days Trade and Bills Receivables Comparison | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade Receivables | 530,661 | 632,758 | | Impairment Provision | (45,711) | (64,084) | | Total | 497,981 | 582,513 | Ageing Analysis of Trade Receivables (Net of Provision) | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 90 days | 192,901 | 239,997 | | 91 to 180 days | 95,843 | 121,821 | | 181 to 365 days | 117,518 | 118,972 | | 1 to 2 years | 41,700 | 49,148 | | Over 2 years | 36,988 | 38,736 | | Total | 484,950 | 568,674 | Bank and Other Borrowings As of June 30, 2025, the Group's total bank and other borrowings decreased to RMB 257,833 thousand from RMB 279,519 thousand at December 31, 2024, with most borrowings secured and/or guaranteed Bank and Other Borrowings Analysis | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total Bank and Other Loans | 257,833 | 279,519 | | Secured and/or Guaranteed | 228,033 | 236,619 | | Unsecured | 29,800 | 42,900 | | Current | 246,033 | 272,519 | | Non-Current | 11,800 | 7,000 | - The Group's bank loans of RMB 87,000,000 are secured by pledged buildings and guaranteed by subsidiaries[114] - Some borrowings are guaranteed by non-controlling shareholders, subsidiaries, and independent third parties[114] Trade Payables As of June 30, 2025, the Group's total trade payables decreased to RMB 193,217 thousand from RMB 230,570 thousand at December 31, 2024, with the majority of payables aged within 90 days Ageing Analysis of Trade Payables | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 90 days | 181,547 | 221,765 | | 91 to 180 days | 1,841 | 2,418 | | 181 to 365 days | 3,948 | 2,526 | | 1 to 2 years | 2,020 | 2,043 | | Over 2 years | 3,861 | 1,818 | | Total | 193,217 | 230,570 | Other Payables and Accruals As of June 30, 2025, the Group's total other payables and accruals decreased to RMB 224,048 thousand from RMB 237,931 thousand at December 31, 2024, with amounts due to non-controlling interests being a major component, including contractual liabilities for remaining equity acquisitions Other Payables and Accruals Analysis | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total Current Portion | 176,660 | 191,383 | | Total Non-Current Portion | 47,388 | 46,548 | | Total | 224,048 | 237,931 | | Amounts Due to Non-Controlling Interests (Current) | 113,268 | 120,378 | | Amounts Due to Non-Controlling Interests (Non-Current) | 40,727 | 39,793 | - Amounts due to non-controlling interests primarily refer to the Group's contractual liabilities for the acquisition of the remaining equity interests in Guangzhou Shengshiyuan Trading Co., Ltd. and Beijing Kaihongda Technology Co., Ltd[117] - The Group has completed the acquisition of a 6.9% equity interest in Shengshiyuan and recognized current/non-current liabilities for amounts payable and dividends related to the remaining equity interest in Shengshiyuan[118][119] Related Party Transactions During the period, the Group engaged in compensation transactions with key management personnel, with short-term employee benefits and retirement benefit scheme contributions totaling RMB 4,561 thousand for the six months ended June 30, 2025 Key Management Personnel Compensation (Six Months Ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Short-Term Employee Benefits | 4,404 | 4,607 | | Retirement Benefit Scheme Contributions | 157 | 98 | | Total | 4,561 | 4,705 | Fair Value and Fair Value Hierarchy of Financial Instruments The Group's corporate finance team is responsible for policies and procedures for fair value measurement of financial instruments, with fair value changes arising from the Group's own non-performance risk assessed as immaterial - The Group's corporate finance team is responsible for determining the policies and procedures for fair value measurement of financial instruments and reports directly to the Chief Financial Officer[121] - The fair value of the non-current portion of financial liabilities is calculated by discounting expected future cash flows using currently available interest rates for instruments with similar terms, credit risk, and remaining maturities[121] - Fair value changes arising from the Group's own non-performance risk were assessed as immaterial as of June 30, 2025, and December 31, 2024[121] Discontinued Operations The Group completed the disposal of 94.2% equity interest in Anbaida Group Company on January 12, 2024, with its financial performance reclassified to discontinued operations, resulting in a profit of RMB 536 thousand for the six months ended June 30, 2024 - The Group completed the disposal of a 94.2% equity interest in Anbaida Group Company on January 12, 2024[123] - The operations of the disposed group constituted a separate operating segment (sales and distribution of in-vitro diagnostic products, medical equipment, and other related consumables in Shanghai)[124] Financial Performance of Discontinued Operations (Six Months Ended June 30, 2024) | Item | 2024 (RMB thousands) | | :--- | :--- | | Other Income and Gains | 536 | | Profit Before Income Tax | 536 | | Income Tax Expense | — | | Profit for the Period | 536 |