公司采用家庭医疗模式，整合线上线下服务，提供儿科、齿科、眼科、皮肤科等多个专科服务。截至 2025年8月31日，公司拥有387名全职医生，平均执业经验约15年，其中约79%曾于顶级三甲医院执业。 根据弗若斯特沙利文的数据，按2024年收入计，卓正医疗是中国第三大私立中高端综合医疗服务机构， 市场份额为2.0%。 卓正医疗通过港交所主板上市聆讯，海通国际和浦银国际为联席保荐人。 中国私立中高端医疗服务市场增长迅速，总收入从2020年的1930亿元人民币增至2024年的4263亿元人民 币，预计到2029年将达到8314亿元人民币。截至2025年10月28日，卓正医疗在中国10个经济发达城市拥 有并经营19家医疗服务机构（17家诊所、2家医院），并在新加坡和马来西亚共经营5家全科诊所。 ...

Core Viewpoint - Southbound funds have significantly reduced their holdings in Hema Medical (03309.HK), indicating a bearish sentiment towards the company in recent trading days [1]. Group 1: Shareholding Changes - On November 6, southbound funds reduced their holdings by 58,000 shares, marking a decrease of 0.07% [2]. - Over the past five trading days, there has been a cumulative net reduction of 1,252,000 shares, with reductions occurring on all five days [1][2]. - In the last twenty trading days, the total net reduction reached 3,934,000 shares, with reductions on all twenty days [1]. Group 2: Current Holdings - As of the latest data, southbound funds hold 77,831,000 shares of Hema Medical, which represents 6.19% of the company's total issued ordinary shares [1][2]. Group 3: Company Overview - Hema Medical Holdings Limited primarily engages in providing medical services through four divisions: Hong Kong medical services, mainland dental services, medical consumables sales, and mainland ophthalmic services [2].

Core Viewpoint - Southbound funds have significantly reduced their holdings in Hema Medical (03309.HK), indicating a bearish sentiment towards the company in recent trading days [1]. Summary by Sections Southbound Fund Holdings - On October 22, southbound funds reduced their holdings by 72,000 shares, marking a decrease of 0.09% [2]. - Over the past five trading days, there has been a cumulative net reduction of 634,000 shares, with reductions occurring on all five days [1][2]. - In the last 20 trading days, the total net reduction reached 3,286,000 shares, with reductions on all 20 days [1]. Current Holdings - As of the latest data, southbound funds hold a total of 79,449,000 shares of Hema Medical, which represents 6.32% of the company's total issued ordinary shares [1][2]. Company Overview - Hema Medical Holdings Limited primarily engages in providing medical services through four divisions: - The Hong Kong medical division focuses on ophthalmology, dentistry, and other medical services, as well as the sale of vision aids [2]. - The mainland dental division provides dental services in mainland China [2]. - The medical consumables division sells medical consumables in Hong Kong [2]. - The mainland ophthalmology division offers ophthalmic services and sells vision aids in mainland China [2].

Core Viewpoint - Southbound funds have significantly reduced their holdings in Hema Medical (03309.HK), indicating a bearish sentiment towards the company in recent trading days [1]. Summary by Sections Southbound Fund Holdings - On October 15, southbound funds reduced their holdings by 88,000 shares, marking a decrease of 0.11% [2]. - Over the past five trading days, there has been a cumulative net reduction of 1,242,000 shares, with reductions occurring on all five days [1][2]. - In the last 20 trading days, the total net reduction reached 3,440,000 shares, with reductions on all 20 days [1]. Current Holdings - As of now, southbound funds hold 80,083,000 shares of Hema Medical, which represents 6.37% of the company's total issued ordinary shares [1]. Company Overview - Hema Medical Holdings Limited primarily engages in providing medical services through four divisions: - The Hong Kong medical division focuses on ophthalmology, dentistry, and other medical services, along with the sale of vision aids [2]. - The mainland dental division provides dental services in mainland China [2]. - The medical consumables sales division operates in Hong Kong [2]. - The mainland ophthalmology division offers ophthalmic services and sells vision aids in mainland China [2].

SBC Medical Group Holdings Conference Summary Company Overview - SBC Medical Group Holdings Inc. trades on NASDAQ under the symbol SBC and is headquartered in Irvine, California, and Tokyo, Japan. The company provides management services and products to cosmetic treatment centers [4][5]. Core Business and Performance - SBC primarily offers comprehensive management support services to franchise clinics, focusing on aesthetic medicine. The company generates income through franchise fees and has diversified its offerings to include orthopedics, ophthalmology, health treatment, and infertility treatment [5][6]. - The total number of franchise clinics has increased to 259, with a net addition of 36 clinics since the previous year [6]. - Despite severe competition in Japan's aesthetic medicine industry, the number of customers has steadily increased, reaching 6.3 million annually [7]. Financial Performance - In February 2024, SBC began restructuring its business, which included revising franchise fees. This led to an 18% year-on-year decline in total revenue [8]. - Increased point redemption by customers reduced revenue, impacting management service revenues, while procurement and rental revenue rose due to higher purchases of medical materials [9]. - The company acquired MB carrier lounge, adding Zoom clinic to its network, which operates six clinics known for customizable laser treatments [9][10]. Strategic Initiatives - SBC launched NIO Skin Clinic in April, targeting expert-level customers with advanced global treatments, which has quickly gained popularity [12]. - The company is enhancing its medical tourism strategy, particularly focusing on Chinese tourists, by increasing its presence on social media and hosting promotional events [13]. - SBC is concentrating on high-growth areas such as orthopedics and AG treatment, responding to Japan's aging demographics [14]. Management and Global Expansion - The company has strengthened its management structure in the U.S. by hiring experienced professionals from various industries [15][16]. - SBC is committed to expanding its global business, including launching Japanese language services in Singapore [16]. Financial Strategy and Shareholder Returns - SBC maintains a robust financial base with sufficient cash on hand for domestic and global growth, including M&A opportunities [17]. - The company is considering new share issuance and partial sales by the founder to improve liquidity and accessibility for a broader investor base [18]. - SBC conducted its first share buyback program from May to July, which positively contributed to its share price and liquidity [18]. Future Outlook - The company aims to strengthen its core business in Japan while expanding into general medical areas and establishing a solid foundation in the U.S. and Southeast Asia [28]. - SBC plans to balance growth investment with shareholder returns, prioritizing funds for growth while ensuring support from a wider range of investors [25][26]. Key Takeaways - SBC Medical Group Holdings is focused on expanding its aesthetic medicine services while diversifying into other medical fields. - The company is undergoing strategic restructuring to position itself for future growth despite recent revenue declines. - There is significant growth potential in the aesthetic medicine market in Japan, with only about 10% of the population currently utilizing these services [22]. - SBC is actively working on enhancing its brand visibility and liquidity to attract more institutional investors [18].

Group 1 - The company has a total of 38 hospitals in its medical sector, with 32 of them being rehabilitation hospitals focused on severe rehabilitation [2] - The subsidiary Ningbo Mingzhou Hospital is a tertiary Class B comprehensive hospital with over 40 departments, including dental, ophthalmology, and medical aesthetics [2]

Summary of SBC Medical Group Holdings Conference Call Company Overview - SBC Medical Group Holdings operates in the aesthetic medicine sector, providing comprehensive management support services to franchise clinics, generating income through franchise fees [4][5] - The company was successfully listed on the Nasdaq in September 2024, marking a significant milestone in its expansion plans [4] - SBC serves over 6 million patients annually, making it the largest provider in Japan's aesthetic medicine market [5] Financial Performance - Revenue decreased by 14% year-over-year due to business restructuring and currency fluctuations, but excluding these factors, there was a 5% growth [9] - The EBITDA margin stands at 52%, and the annualized Return on Equity (ROE) is 41%, indicating strong profitability [10] - The company maintains a robust balance sheet with a healthy cash position and minimal debt obligations, allowing for strategic growth opportunities [10] Business Strategy - SBC is focusing on a multi-brand strategy to cater to diverse customer needs in aesthetic medicine [7][15] - The company aims to evolve into a global medical services provider by 2027, with a strong emphasis on aesthetic medicine and international expansion [14] - The Japanese market has a penetration rate of around 10%, indicating substantial growth opportunities, particularly among middle-aged women and male customers [15] Pricing Strategy - A major overhaul of the pricing structure was implemented in March 2025 to streamline pricing and improve cost efficiency [11] - Franchise fee structures were revised to alleviate financial burdens on newly opened clinics, promoting long-term sustainability [13] International Expansion - SBC is focusing on the US and Asia for international growth, with plans to establish a presence in the US medical spa market [19] - The company acquired a leading provider in Singapore, marking a key milestone in its Asian expansion strategy [20] - Local market adaptation is crucial for successful international operations, with plans to integrate Japanese expertise selectively [31] New Initiatives - The launch of SBC Wellness, a corporate employee benefit program, aims to meet the growing demand for health-oriented workplace initiatives [21] - A strategic partnership with a leading vertical SaaS provider for aesthetic clinics was announced to enhance operational capabilities [21] Shareholder Value and Capital Policy - The company is considering a share repurchase program to improve liquidity and enhance shareholder value, with an initial approval for a buyback of 5 million shares [22][23] - Additional liquidity measures, including potential secondary offerings, are being evaluated to balance supply and demand in the market [28][29] Market Response - The multi-brand strategy has been well received, with the recent launch of the SBIC NeoSkin Clinic experiencing strong demand and limited appointment availability [34] This summary encapsulates the key points discussed during the SBC Medical Group Holdings conference call, highlighting the company's strategic direction, financial performance, and market initiatives.

Core Viewpoint - The recent removal of Hema Medical from the Hong Kong Stock Connect list has led to significant stock price declines, with a notable drop of 26.92% over the month following the adjustment [1][4]. Company Performance - Hema Medical's stock price fell sharply after being removed from the Hong Kong Stock Connect list, with a 16.25% drop on April 7, reaching a new low of 1.33 HKD [1]. - The company experienced a total of 35 share buybacks in 2023, with 15 occurring in April alone, amounting to 10.81 million shares, or 0.86% of total share capital [4][7]. - Despite the stock price recovery after April 7, trading volume has significantly decreased, indicating low investor interest [7]. Financial Results - For the fiscal year 2024, Hema Medical reported revenues of 1.913 billion HKD, a decrease of 0.56% year-on-year, and a loss attributable to shareholders of 135 million HKD, compared to a profit of 61.99 million HKD in the previous year [7][10]. - The decline in revenue was attributed to a significant drop in sales of COVID-related medical supplies, which fell from 19.43 million HKD to zero [7][12]. Industry Context - The overall ophthalmology market in China has been growing, with expectations of reaching 252.15 billion HKD by 2025, but the sector is facing structural challenges leading to a slowdown in growth [11]. - Major players in the ophthalmology sector, including Hema Medical, are experiencing revenue declines, with Hema's eye care revenue in key cities like Beijing and Shanghai dropping by 2.8% and 16.1%, respectively [12]. - The competitive landscape in the ophthalmology sector has intensified, leading to significant challenges for both private and public hospitals, resulting in a risk of goodwill impairment and reduced profitability [12].