思捷环球(00330)发布公告，预期集团于截至2025年6月30日止6个月(本中期期间)将取得股东应占未经审 核纯利约1亿港元，而公司截至2024年6月30日止6个月(比较期间)的股东应占未经审核净亏损约为5600 万港元。 2025年上半年标志着公司转型之旅的一个关键阶段，此前在2024年实施了广泛的重组举措。于本中期期 间，集团已果断地由高成本、资本密集的直接零售业务模式转向轻资产、许可驱动的品牌管理模式。 对于已终止经营业务，公司已于本中期期间取得纯利约2200万港元，而比较期间的净亏损约为6500万港 元，从而进一步带来股东应占纯利。 对于持续经营业务，集团开始从新签署的许可协议中获得初始收入，成本效率在本中期期间显著提高。 在停止已终止经营业务及向许可驱动的业务模式进行战略过渡后，集团在本中期期间的持续经营业务收 入仍然不高，约为700万港元，而比较期间约为2600万港元。 公司已实现成本架构及营运资金效率的大幅提升。由于关闭无利可图的附属公司、缩小后端基础设施规 模及消除固定间接费用，经营开支大幅减少。于本中期期间，持续经营业务的经营开支总额约为2600万 港元，较比较期间约1.49亿港元减少83 ...

公司已实现成本架构及营运资金效率的大幅提升。由于关闭无利可图的附属公司、缩小后端基础设施规 模及消除固定间接费用，经营开支大幅减少。于本中期期间，持续经营业务的经营开支总额约为2600万 港元，较比较期间约1.49亿港元减少83%。这些因素共同导致集团持续经营业务的净亏损减少，本中期 期间的净亏损约为2100万港元，而比较期间的净亏损约为1.19亿港元，不包括于比较期间取得的一次性 其他收入约1.28亿港元。 对于已终止经营业务，公司已于本中期期间取得纯利约2200万港元，而比较期间的净亏损约为6500万港 元，从而进一步带来股东应占纯利。 智通财经APP讯，思捷环球(00330)发布公告，预期集团于截至2025年6月30日止6个月(本中期期间)将取 得股东应占未经审核纯利约1亿港元，而公司截至2024年6月30日止6个月(比较期间)的股东应占未经审 核净亏损约为5600万港元。 2025年上半年标志着公司转型之旅的一个关键阶段，此前在2024年实施了广泛的重组举措。于本中期期 间，集团已果断地由高成本、资本密集的直接零售业务模式转向轻资产、许可驱动的品牌管理模式。 对于持续经营业务，集团开始从新签署的许可协 ...

Financial Data and Key Metrics Changes - In Q2 2025, revenue decreased by approximately 6% to $3.8 million compared to $4.1 million in 2024, reflecting additional expenses related to the transition and integration of the Sleep Center of Nevada (SCN) [8][10] - Operating loss widened to $4.9 million in Q2 and $8.8 million for 2025, primarily due to higher expenses and lower revenues during the strategic transition [11][12] - Cash and cash equivalents stood at $4.4 million with total liabilities of $21.5 million as of June 30, 2025 [12] Business Line Data and Key Metrics Changes - VIP enrollment revenue declined by $1 million in Q2, while sleep testing service revenue saw an uplift of $500,000 attributable to SCN [9][10] - Oral appliance sales decreased by 5% in Q2, with 4,116 units sold for $1.9 million, reflecting a shift towards higher volume guide sales [10][11] Market Data and Key Metrics Changes - The integration of SCN has led to increased patient demand, with the company currently servicing significantly less than 40% of potential new patients being tested each month at SCN [18][19] - The company has identified a significant number of legacy SCN patients dissatisfied with CPAP units, indicating a strong market opportunity for VIVOS's treatment alternatives [18] Company Strategy and Development Direction - The company is focusing on a new sales, marketing, and distribution model centered around sleep center provider alliances and acquisitions, with the SCN acquisition being a key milestone [6][12] - VIVOS plans to expand its operations by deploying additional Sleep Optimization (SO) teams to meet growing patient demand, with potential for up to eight teams at SCN based on current demand [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the integration of SCN and the initial patient demand exceeding expectations, leading to plans for facility expansion and additional staff recruitment [14][18] - The company anticipates becoming cash flow positive by the fourth quarter of 2025 as it ramps up the deployment of SO teams [49] Other Important Information - The company has secured significant debt and equity financing, providing $11.5 million in net cash from financing activities [11][12] - VIVOS is actively pursuing additional acquisition and affiliation opportunities across the country, with ongoing negotiations with several potential candidates [22][39] Q&A Session Summary Question: How should revenue in Q3 and Q4 be viewed relative to Q2? - Management indicated that revenue will track the deployment of SO teams, with expectations for growth as the new model replaces the old one [26][27] Question: Will the strength in sleep testing services continue? - Management noted that the increase in testing revenue is a direct reflection of SCN's operations and expects continued growth as more testing centers are brought online [28][29] Question: What is the expected operating expense moving forward? - Management acknowledged that there were one-time costs associated with the SCN acquisition, but some ongoing costs will remain [31][32] Question: How is the recruitment of SO teams progressing? - Management reported robust demand for positions and efficient training processes for new teams [35][36] Question: What is the financial strategy regarding debt? - Management is focused on reducing the cost of capital and is exploring opportunities for refinancing as the business model matures [44][45] Question: When does management expect to reach cash breakeven? - Management is targeting cash flow positivity by the fourth quarter of 2025 as they expand operations [49]

Financial Performance - The bank reported a strong operating profit of SGD 4 billion (approximately RMB 22.4 billion) for the first half of 2025, representing a 3% increase compared to the same period last year, driven by robust fee income and effective cost management [1] - Net interest income remained stable year-on-year, with total loans growth offsetting the pressure from declining benchmark interest rates [1] - Non-interest income saw significant growth, with fee income increasing by 11%, primarily from wealth management, loan-related services, and credit card businesses [1] Business Segments - Corporate banking experienced a 12% decline in pre-tax profit due to lower interest rates and intensified competition for quality assets, although investment banking fees reached a record high [3] - Retail banking showed strong performance with pre-tax profit of SGD 1.1 billion (approximately RMB 6.1 billion), an 11% increase year-on-year [3] - Cross-border income remained stable, accounting for 26% of corporate banking revenue, highlighting the bank's strengths in regional trade networks [3] Asset Quality - The bank maintained a solid asset quality with a half-year credit cost of 34 basis points and a non-performing loan (NPL) ratio of 1.6% as of June 30, 2025 [5] - The non-performing asset (NPA) coverage ratio stood at 88%, and when accounting for collateral, the NPL coverage ratio reached 209% [5] - The bank's prudent risk management approach is reflected in a non-NPL coverage ratio of 0.8% [5] Strategic Outlook - The bank's leadership expressed confidence in the long-term growth prospects of the ASEAN region, emphasizing its solid fundamentals and regional collaboration advantages [3] - The bank is focused on transforming its business model to create a more diversified growth structure centered on fee income, leveraging its regional connectivity and business network [3][5]

Core Viewpoint - The brokerage sector, characterized by high volatility and significant investor interest, is undergoing a transformation in its survival strategies as it enters a new era of equity allocation driven by declining interest rates [1][2]. Group 1: Historical Performance and Changes - The brokerage sector was once a major wealth creation engine in the A-share market, with an average ROE soaring to 40% during the 2007 bull market and a peak PB valuation of 19 times [2]. - Following the 2012 Securities Industry Innovation Conference, a fundamental shift in the valuation logic of brokerage stocks began, leading to a significant decline in ROE and PB ratios during market downturns [4]. Group 2: Business Model Evolution - Prior to the innovation conference, brokerages heavily relied on channel businesses, with brokerage services contributing over 50% of their revenue, resulting in a strong correlation between market conditions and ROE [4]. - Post-2012, the rise of capital intermediary businesses like margin trading and stock pledges diversified revenue sources but also led to a narrowing of ROE elasticity and a restructuring of the valuation system [5]. Group 3: Current Market Dynamics - The brokerage sector is now characterized by a "triple deleveraging" effect: ROE has decreased from a 15%-20% range to 5%-10%, PB ratios have dropped from 19 times to 2 times, and the correlation with market indices has weakened by 18 percentage points since 2020 [5]. - The shift from a high-beta, performance-driven model to one where valuation and policy expectations play a larger role indicates the end of the "wild growth period" for brokerages [5]. Group 4: Path to Becoming Leading Investment Banks - The Chinese securities industry is in a critical phase of restructuring, with top brokerages pursuing mergers and innovations to enhance their competitiveness [6]. - Despite the push for creating first-class investment banks, domestic brokerages still face significant challenges in capital strength, business synergy, and internationalization compared to global peers [6][10]. Group 5: Mergers and Acquisitions - The integration of major brokerages, such as the merger between Guotai Junan and Haitong Securities, reflects a strategic move towards building a leading investment bank in Shanghai [8]. - The effectiveness of mergers varies, with firms like Huatai Securities successfully enhancing their market position through strategic acquisitions, while others like Shenwan Hongyuan struggle with integration challenges [9]. Group 6: Capital Constraints - Domestic leading brokerages generally have net asset scales below 300 billion yuan, significantly lower than international firms like Goldman Sachs, which limits their operational capabilities [10]. - The regulatory constraints on leverage ratios further hinder domestic brokerages' ability to compete in high-end financial services, where they hold less than 5% market share in areas like M&A advisory and structured financing [10].

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $3 million, down from $3.4 million in Q1 2024, primarily due to lower service revenue from VIP enrollments [20] - Gross profit decreased to $1.5 million in Q1 2025 from $1.9 million in Q1 2024, with a gross margin of 50% compared to 57% in the prior year [21][22] - Net loss for Q1 2025 was $3.9 million, slightly higher than the $3.8 million loss in Q1 2024 [24] Business Line Data and Key Metrics Changes - Service revenues declined as the company eliminated its VIP enrollment sales team, while product sales increased by 8% due to higher volume in pediatric guide appliances [9][20] - The number of oral appliance arches shipped increased by 87%, from 1,996 in Q1 2024 to 3,736 in Q1 2025 [9] Market Data and Key Metrics Changes - The company is expecting to close the acquisition of Sleep Center of Nevada (SCN), which sees approximately 3,000 sleep patients a month, in the next month or two [10][12] - The acquisition is anticipated to be accretive to revenue and gross profit, with a projected net contribution margin of 50% or better from SCN [14] Company Strategy and Development Direction - The company is pivoting to create strategic alliances or acquisitions of sleep medical providers to drive sales of OSA treatment appliances and diversify revenue streams [8][12] - The management believes that the SCN acquisition will be transformational, providing a fast path to increase patient treatment and revenue [12][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the new business model and the potential for significant cash flow and profitability by the end of 2025 [15][47] - The management team has extensive experience in acquiring and integrating professional practices, which they believe will facilitate successful future acquisitions [17][36] Other Important Information - The company has signed a non-binding term sheet for a $7.5 million senior loan to finance the SCN acquisition and working capital [10] - Cash used in operations for Q1 2025 was $3.8 million, an increase from $2.5 million in Q1 2024 [24][25] Q&A Session Summary Question: Can you expand on the experience with the Rebus Alliance and its contribution? - The experience with Rebus has been slower than expected due to internal challenges, but the company proved its thesis that a significant percentage of patients would choose VIVOS treatments over CPAP [28][30] Question: What can be learned from the Rebus experience for future partnerships? - The management has learned to optimize revenues and services in a medical insurance environment and has modified deal structures to ensure a steady patient flow [34][36] Question: What is the expected impact of the SCN acquisition on the P&L? - The SCN acquisition is expected to add legacy revenue and expenses, with the potential for significant revenue generation starting in Q3 2025 [43][47] Question: Will operating expenses increase in Q3 and Q4 due to the acquisition? - Yes, there will be an uptick in operating expenses due to hiring and training new staff, but revenues are expected to quickly outpace these costs [49][50] Question: How was the acquisition price of $9 million determined? - The valuation was based on a quality of earnings report and the potential patient volume from SCN, with a combination of cash and equity as part of the deal [51][56]

Group 1: Financial Performance - The company's overall revenue in Q1 2025 decreased by 16.71% year-on-year, primarily due to proactive customer structure optimization and channel transformation [2] - The gross profit margin declined by over 5 percentage points compared to the previous year, influenced by product price adjustments and changes in product structure [3] - Operating cash flow net amount increased significantly by 56.98% year-on-year, indicating improved operational quality despite a substantial drop in net profit [3] Group 2: Business Strategy and Market Position - The company shifted its business model from direct sales to a retail and engineering channel-focused approach, leading to a decline in direct sales revenue, particularly in real estate procurement [2] - The engineering channel business continued to grow, reflecting an increase in market share, especially in non-real estate sectors [2] - Retail business showed strong growth after channel optimization, with significant revenue increases from the Deaiwei retail segment [2] Group 3: Cost Management and Efficiency - The company has implemented organizational restructuring and cost control measures, resulting in a noticeable decrease in expense ratios [3] - Continuous efforts in reducing costs and improving efficiency through streamlined processes and shared services for non-core functions [7][8] - The company aims to enhance capacity utilization by increasing market share and optimizing asset management [9] Group 4: Future Growth and Expansion - The overseas business performed well in Q1 2025, with revenue growth and ongoing construction of overseas factories, including a new facility in Malaysia [10] - The company plans to expand its product categories, with non-waterproof products already accounting for about half of the revenue from the civil construction group [12] - The construction group will focus on new product lines, including sand powder and coatings, to alleviate market demand pressure on waterproof products [13]