4Q-25 Quarterly Results 4Q-25 Revenue of $642M, 0% y/y 4Q-25 Net loss per share of $(0.14)(1) 4Q-25 Adj. EBITDA(2) of $83.8M, 12% y/y FY-26 Revenue outlook range of $2,470M to $2,587M Cautionary Note 2 • This presentation contains, and the officers of Teladoc Health, Inc. (the "Company" or "Teladoc Health") may make, "forward-looking" statements that are based on management's beliefs and assumptions and on information currently available to management. These forward-looking statements include, without limit ...

Core Viewpoint - Sanbo Neuroscience (301293.SZ) is a medical service group specializing in neurology, primarily providing advanced neurosurgical services [1] Group 1: Company Overview - The company operates a network of hospitals focused on comprehensive medical services with a strong emphasis on high-end neurosurgery [1] - Currently, the company does not engage in the research, production, or sales of brain-computer interface products [1] Group 2: Investment Activities - The company has previously invested in the Beinao Phase I Fund, which will primarily focus on new-generation medical devices, consumables, and pharmaceuticals for the diagnosis and treatment of neurological diseases [1]

Core Viewpoint - The stock of Sanbo Brain Science (301293.SZ) experienced an abnormal trading fluctuation, with a cumulative closing price increase exceeding 30% over two consecutive trading days on January 5 and 6, 2026 [1] Company Overview - Sanbo Brain Science is a medical service group specializing in neurology, primarily providing comprehensive medical services focused on advanced neurosurgery [1] - The company does not engage in the research, production, or sales of brain-computer interface products [1] Financial Impact - Revenue from neuromodulation technology constitutes a very small portion of the company's total revenue, having minimal impact on overall performance [1]

Core Viewpoint - Sanbo Neuroscience (301293.SZ) announced an unusual fluctuation in stock trading, emphasizing its focus on high-end neurosurgery services and clarifying that it does not engage in the research, production, or sales of brain-computer interface products [1] Company Overview - The company operates as a medical service group specializing in neurology, primarily providing comprehensive medical services centered around advanced neurosurgery [1] - The revenue generated from neuromodulation technology constitutes a very small portion of the company's total revenue, indicating minimal impact on overall performance [1]

Core Viewpoint - Sanbo Brain Science (301293) experienced a significant stock price increase, with a cumulative rise of over 30% in two consecutive trading days, triggering an announcement regarding abnormal trading fluctuations [1] Company Overview - Sanbo Brain Science is a medical service group specializing in neurology, primarily providing advanced neurosurgical services through its affiliated hospitals [1] - The company does not engage in the research, production, or sales of brain-computer interface products, and the revenue from neuromodulation technology constitutes a small portion of its overall income, having minimal impact on its performance [1] Stock Performance - The stock price of Sanbo Brain Science reached 84.94 yuan per share by the close of trading on January 6, reflecting a 20.01% increase over the two days [1]

Core Viewpoint - The stock of Sanbo Brain Science (301293.SZ) experienced an abnormal fluctuation, with a cumulative closing price increase exceeding 30% over two consecutive trading days on January 5 and 6, 2026 [1] Company Overview - Sanbo Brain Science is a medical service group specializing in neurology, primarily providing comprehensive medical services focused on advanced neurosurgery [1] - The company does not engage in the research, production, or sales of brain-computer interface products [1] Financial Impact - Revenue from neuromodulation technology constitutes a very small portion of the company's total revenue, having minimal impact on overall performance [1]

Core Viewpoint - The stock of Sanbo Brain Science has experienced unusual trading fluctuations, and the company specializes in medical services with a focus on neurology [1] Group 1: Company Overview - Sanbo Brain Science is a medical service group characterized by its specialization in neurology, primarily providing comprehensive medical services centered around advanced neurosurgery [1] - The company's subsidiaries mainly offer high-end neurosurgical services to patients [1] Group 2: Product and Revenue Impact - The company does not engage in the research, production, or sales of brain-computer interface products [1] - Revenue from neuromodulation technology constitutes a very small portion of the company's total revenue, having minimal impact on overall performance [1]

Group 1 - The core viewpoint of the article highlights that Mingji Hospital (02581.HK) experienced a significant stock price drop of 49.46% on its first day of trading on the Hong Kong Stock Exchange, closing at HKD 4.72 per share [1] - Mingji Hospital is a private for-profit comprehensive hospital group operating two hospitals in Nanjing and Suzhou, with revenue primarily generated from inpatient and outpatient medical services [1] - In the first half of this year, Mingji Hospital reported a decline in both revenue and net profit, with total revenue approximately CNY 1.312 billion, a year-on-year decrease of 1.34%, and a net profit of approximately CNY 48.7 million, down 23.18% year-on-year [1]

Group 1 - The core viewpoint of the article is that Mingji Hospital (02581) has listed its shares, but the stock price fell significantly on its first trading day, opening down 30.41% [1] - The company priced its shares at HKD 9.34 each and issued 67 million shares, raising approximately HKD 555 million in net proceeds [1] - As of the report, the stock was trading at HKD 6.5 with a transaction volume of HKD 8.6846 million [1] Group 2 - Mingji Hospital is the largest private profit-oriented comprehensive hospital group in East China, operating Nanjing Mingji Hospital and Suzhou Mingji Hospital [1] - According to Frost & Sullivan data, the company holds a 1.0% market share in East China based on total revenue for 2024, ranking seventh among private profit-oriented hospital groups nationwide with a 0.4% market share [1] - The company ranks first in bed revenue among all private profit-oriented hospital groups in mainland China for 2024 [1]

Core Viewpoint - BenQ Hospital Group has submitted its fourth IPO application to the Hong Kong Stock Exchange, with CICC and Citigroup as joint sponsors, amidst a challenging environment for private healthcare companies seeking to go public [1][6]. Group 1: Company Overview - BenQ Hospital is a private, profit-oriented comprehensive hospital group in mainland China, operating two hospitals and leveraging operational management experience from Taiwan [1][2]. - The group is the largest private profit-oriented comprehensive hospital group in East China by total revenue for 2024, holding a 1% market share in the region and ranking seventh nationally with a 0.4% market share [1]. Group 2: Operational Performance - As of June 30, 2025, the total building area of the two hospitals is approximately 400,000 square meters, with 1,850 registered beds and over 1,000 experienced doctors, including 35 experts from Taiwan and overseas [2]. - The number of inpatient visits increased from 67,100 in 2022 to 81,900 in 2023, and further to 86,200 in 2024, with 42,400 visits in the first half of 2025 [3]. - Outpatient visits rose from 1.68 million in 2022 to 2.15 million in 2024, with 1.06 million visits in the first half of 2025 [3]. Group 3: Financial Performance - The company reported revenues of CNY 2.336 billion, CNY 2.688 billion, CNY 2.659 billion, and CNY 1.312 billion for the years 2022, 2023, 2024, and the first half of 2025, respectively, showing significant fluctuations [3]. - The net profits for the same periods were CNY 89.6 million, CNY 168 million, CNY 109 million, and CNY 48.7 million, indicating volatility in profitability [3]. - The gross profit margins were 16.4%, 18.9%, 18.1%, and 15.9% for the respective years, with a decline noted in 2024 [4]. Group 4: Market Context - The IPO attempts coincide with a wave of private healthcare companies seeking to go public, referred to as the "Odyssey Year of Private Medical IPOs" in 2023, amidst various pressures affecting investment value [5][6]. - The net proceeds from the IPO are intended for hospital expansion and upgrades, potential investments and acquisitions, smart hospital upgrades, working capital, and general corporate purposes [6]. Group 5: Shareholding Structure - BenQ Hospital is primarily controlled by Qisda Corporation, which holds 95.02% of the shares, providing a strong backing from a diversified technology group [7]. - Qisda Corporation, founded in 1984 and listed on the Taiwan Stock Exchange, operates across various sectors, including healthcare, which may offer synergistic opportunities for BenQ Hospital [7].