董事会认为，建议购回反映本公司对其业务前景的信心，并将提升股东价值。建议购回将仅在董事会认 为合适且符合本公司及其股东的整体利益时方会进行。此外，董事会认为，本公司拥有充足的财务资 源，可实施建议购回，且将不会损害其财务状况。此外，建议购回将不会以导致股份的公众持股量低于 上市规则规定的最低百分比的方式进行，亦不会导致本公司股东根据公司收购及合并守则作出强制性全 面要约的责任。 健康之路(02587)发布公告，根据现行市况，本公司拟于未来五个月内行使购回授权，于公开市场上购 回本公司已发行股份，总代价不超过1亿港元(建议购回)。建议购回将根据本公司组织章程细则、香港 联合交易所有限公司证券上市规则、公司收购、合并及股份回购守则、开曼群岛公司法及所有其他适用 法律及法规进行，所购回的任何股份将作为库存股份持有，本公司可根据市场情况及本集团的资本需求 酌情予以注销、处置，或用作股份奖励或用作任何其他获准许用途。 ...

本 公 司 董 事 會（「董事會」）謹 此 宣 佈，根 據 現 行 市 況，本 公 司 擬 於未來五個 月 內 行 使 購 回 授 權，於 公 開 市 場 上 購 回 本 公 司 已 發 行 股 份，總 代 價 不 超 過100百 萬 港 元（「建議購回」）。建 議 購 回 將 根 據 本 公 司 組 織 章 程 細 則、香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則（「上市規則」）、公 司 收 購、合 併 及 股 份 回 購 守 則、開 曼 群 島 公 司 法 及 所 有 其 他 適 用 法 律 及 法 規 進 行，所 購 回 的 任 何 股 份 將 作 為 庫 存 股 份 持 有，本 公 司 可 根 據 市 場 情 況 及 本 集 團 的 資 本 需 求 酌 情 予 以 註 銷、處 置，或 用 作 股 份 獎 勵 或用作任何其他獲 准許用 途。 建 議 購 回 將 完 全 由 本 公 司 內 部 資 源 提 供 資 金。全 球 發 售 股 份 所 得 款 項 淨 額 將 不 會 用 於 建 議 購 回。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責， ...

"底层连接器"定位清晰 初步落地潜力初现 在12月3日举行的"第十届智通财经资本市场年会暨上市公司颁奖盛典"上，健康之路（02587.HK）摘 得"最具价值医疗公司"大奖。一同获评该奖项的还包括京东健康等医疗健康领域知名企业。 健康之路将AI明确定位为"医疗健康生态的底层连接器"，并系统阐述了其"医助+健康管家"双智能体 及"AI+生态合作"相结合的规模化落地实践路径。这一战略表述成为本次年会资本市场关注的焦点之 一。 健康之路"医助+健康管家"双智能体分别赋能医生提效和患者全周期健康管理，构建"诊前-诊中-诊后-日 常管理"无缝衔接的健康管理闭环。目前已成功在20多家医院、数百名医生中部署应用，日新增服务患 者超1000名。 此次获奖，标志着健康之路"底层连接器"的战略定位和增长潜力获得了资本市场的初步认可。在医疗产 业数字化进入深水区的当下，这一定位契合了行业对高效协作、数据互通的深层需求。市场将持续关注 其生态网络效应的释放节奏，以及从技术赋能到价值变现的转化效率。若能顺利实现规模化落地，健康 之路有望在医疗智能化浪潮中占据有利地位。 更具想象空间的是其"AI+生态合作"模式，该模式将把健康之路沉淀的A ...

Market Performance - The Hang Seng Index increased by 0.58% and the Hang Seng Tech Index rose by 0.84% [1] - The Hong Kong Tech ETF (159751) gained 0.83%, while the Hang Seng Hong Kong Stock Connect ETF (159318) increased by 0.86% [1] Sector Performance - The construction materials and insurance sectors showed the highest gains [1] - The water services and passenger airline sectors experienced the largest declines [1] Individual Stock Performance - Notable gainers included China Ping An, which rose by 6.71%, Jiangxi Copper Co., up by 6.11%, and China Life, which increased by 5.46% [1] - Other significant gainers were China Aluminum (up 5.41%), China Pacific Insurance (up 5.36%), Baidu Group-SW (up 5.01%), New China Life Insurance (up 4.95%), and Luoyang Molybdenum (up 4.91%) [1] - On the downside, Yimai Sunshine fell by 13.68% and Ocean Park Hong Kong dropped by 17.46% [1] - Other notable gainers included Qutoutiao, which rose by 7.96%, and Health Road, which increased by 7.52% [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 健康之路股份有限公司 呈交日期: 2025年12月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02587 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,500,000,000 | USD | | 0.00002 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | | | 本月底結存 | | | 2,500,000,000 | USD | | 0.00002 | USD | | 50,000 | 本月底法定/註冊 ...

Core Viewpoint - QingSong Health Corporation is preparing for an IPO on the Hong Kong Stock Exchange, aiming to leverage its position as a leading provider of integrated health services and health insurance solutions in China [1][2]. Company Overview - QingSong Health Corporation is ranked 10th in China's digital integrated health services and health insurance market based on revenue for 2024, and 7th in the digital health services market [1][8]. - The company offers a variety of health-related services, including digital marketing, digital medical research support, comprehensive health service packages, and early disease screening promotion and consulting services [1][3]. Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue was approximately RMB 9.45 billion, with a net profit of about RMB 0.1 billion [1][5]. - The revenue for the first half of 2025 was RMB 6.56 billion, with a net profit of RMB 0.86 billion [1][5]. - The company has shown a compound annual growth rate (CAGR) of 54.95% in revenue from 2022 to 2025 [5]. User and Insurance Metrics - As of June 30, 2025, the company had 168.4 million registered users, with annualized premium income from sold insurance products totaling RMB 4.93 billion [2]. - The annualized premium income from sold insurance products has decreased from RMB 13 billion in 2022 to RMB 4.93 billion in 2025 [2]. Market Context - The market for digital integrated health services and health insurance in China is projected to grow from RMB 727 billion in 2020 to RMB 2,365 billion in 2024, with a CAGR of 34.3% [7]. - The market is expected to reach RMB 7,485 billion by 2029, with a projected CAGR of 25.9% from 2024 to 2029 [7]. Competitive Landscape - Comparable companies in the industry include Ping An Good Doctor, Health 160, and Health Road, with varying market capitalizations and financial metrics [11]. - QingSong Health Corporation's recent fiscal year revenue of RMB 9.45 billion positions it competitively within this landscape [11]. Management Structure - The board of directors consists of eight members, including two executive directors, three non-executive directors, and three independent non-executive directors [12]. Shareholder Structure - Major shareholders include Yang through various entities controlling 38.94% of voting rights, IDG China with 12.89%, and Sunshine Insurance with 10.56% [14]. Financing History - The company has undergone seven financing rounds, with the most recent raising approximately $75 million in December 2019 [15].

Core Viewpoint - The Hong Kong stock market opened with collective gains, particularly in the biopharmaceutical sector, driven by expectations of a potential interest rate cut by the Federal Reserve in December 2025, which may alleviate liquidity constraints affecting market performance [1] Group 1: Market Performance - As of 11:30 AM, the Hong Kong Technology 50 ETF (513980) rose by 0.93%, marking its fourth consecutive trading day of net subscriptions from external funds [1] - Notable individual stocks included Health Road, which increased by over 7%, Meituan-W rising over 5%, and both Sangfor Technologies and Kangfang Biotech gaining over 4% [1] Group 2: Federal Reserve Influence - A Federal Reserve board member advocated for a rate cut in December, leading to heightened market expectations for this move, which could ease previous liquidity pressures on the Hong Kong stock market [1] Group 3: Future Market Outlook - According to Guotai Junan Strategy, the combination of incremental capital inflows and the gathering of quality assets suggests that the bullish trend in the Hong Kong stock market is likely to continue [1] - If short-term factors that have been suppressing the market are resolved, the mid-term outlook remains positive with clear incremental capital and a concentration of scarce quality assets in China [1] Group 4: Investment Opportunities - The Hong Kong Technology 50 ETF (513980) closely tracks the CSI Hong Kong Stock Connect Technology Index, which includes major tech leaders like Alibaba [1] - Investors are encouraged to consider the Hong Kong Technology 50 ETF (513980) and its associated funds (Class A: 016495; Class C: 016496) to capitalize on quality assets in the Hong Kong market [1]

Core Viewpoint - Southbound funds reduced their holdings in Health Road (02587.HK) by 1.6675 million shares on November 21, 2025, indicating a trend of net selling over the past 20 trading days [1] Group 1: Southbound Fund Activity - In the last 5 trading days, there were 2 days of net buying by southbound funds, totaling an increase of 1.7312 million shares [1] - Over the past 20 trading days, southbound funds have reduced their holdings on 13 days, with a total net reduction of 11.4343 million shares [1] - As of now, southbound funds hold 18.6 million shares of Health Road, accounting for 21.13% of the company's total issued ordinary shares [1] Group 2: Shareholding Changes - On November 21, 2025, the total number of shares held was 186 million, reflecting a decrease of 166.75 thousand shares, or a change of -0.89% [2] - On November 20, 2025, the total number of shares held was 187 million, with a decrease of 135.55 thousand shares, or -0.72% [2] - On November 19, 2025, the total number of shares held was 189 million, with an increase of 94.15 thousand shares, or +0.50% [2] - On November 18, 2025, the total number of shares held was 188 million, with an increase of 520.70 thousand shares, or +2.85% [2] - On November 17, 2025, the total number of shares held was 182 million, reflecting a decrease of 139.43 thousand shares, or -0.76% [2] Group 3: Company Overview - Health Road Holdings Limited primarily engages in providing enterprise services, digital marketing services, and health care services [2] - The company operates through three segments: enterprise services and digital marketing services, health care services, and other health services and products [2] - The enterprise services and digital marketing services segment includes content services, information technology services, and digital marketing services [2] - The health care services segment provides medical support services and value-based medical services [2] - The company mainly conducts its business in the domestic market [2]

Summary of Key Points Core Viewpoint - As of November 21, 14 stocks reached their 52-week highs, with Hengfa Optical (01134), Chaowei Holdings (08059), and Cassava Resources (00841) leading the gains at 42.11%, 30.56%, and 22.49% respectively [1]. 52-Week Highs - Hengfa Optical (01134) closed at 0.375, with a peak price of 0.540, marking a 42.11% increase [1]. - Chaowei Holdings (08059) closed at 0.030, reaching a high of 0.047, reflecting a 30.56% rise [1]. - Cassava Resources (00841) closed at 0.200, with a maximum price of 0.207, indicating a 22.49% increase [1]. - Other notable stocks include Sibor Systems (08319) at 15.04%, MOS HOUSE (01653) at 11.46%, and Tianjin Jianfa (02515) at 5.19% [1]. 52-Week Lows - China Pengfei Group (03348) reached a low of 1.100, down 20.09% from its peak [1]. - China Information Technology (08178) closed at 0.285, reflecting a 19.35% decrease [1]. - XL Ernan Strategy - U (09799) saw a decline of 14.27% [1]. - Other significant declines include Hesai - W (02525) at -10.54% and MBC Bitcoin - U (03425) at -9.09% [1]. Additional Notable Stocks - Stocks like MBC Bitcoin (03430) and Tongyuan Kang Pharmaceutical - B (02410) also experienced declines of 6.64% and 6.62% respectively [2]. - The overall trend indicates a mix of significant gains in certain stocks while others are facing substantial losses, reflecting a volatile market environment [1][2].

Core Viewpoint - Health Road Co., Ltd. has seen a significant increase in shareholder confidence following the acquisition of additional shares by major shareholder MayJyu Limited, indicating a potential revaluation of the company's AI healthcare business segment [1][2]. Group 1: Shareholder Activity - MayJyu Limited increased its stake by acquiring 842,000 ordinary shares at an average price of HKD 5.5179 per share, totaling approximately HKD 4.6461 million [1]. - Following this acquisition, MayJyu Limited's total shareholding rose to 44.0575 million shares, representing a 5.02% ownership stake in the company [1]. Group 2: Financial Performance - The company's mid-year performance report for 2025 is expected to be a key factor in the increased shareholder confidence, showcasing significant improvements in operational efficiency [1]. - Health Road's gross margin increased by 1.2 percentage points, and the company turned a profit, shifting its focus from scale expansion to quality of earnings [1]. Group 3: AI Technology and Market Potential - Health Road's self-developed "Medical AI Intelligent Body" has successfully reduced labor costs by 60% for health management chains and doubled customer repurchase rates, demonstrating the commercial viability of its AI technology [2]. - The integration of AI technology with healthcare scenarios is anticipated to enhance monetization opportunities for both C-end and B-end markets, driving an increase in conversion rates [2]. - The company connects over 12,000 hospitals and 210 million users, creating a significant ecological barrier that supports its business model [2].