Group 1 - The company has continued to provide high-quality ophthalmic medical services and has become the only center in Hong Kong offering a comprehensive advanced refractive treatment product portfolio, including LASIK, SMILE, SMILE Pro, SILKTM, and ICL, solidifying its technological leadership in the market [1] - The company's business performance has remained stable, with a gradual recovery in operational performance by the end of 2025, as evidenced by patient visits, new patient appointments, and surgical volumes reaching or exceeding levels from the same period in the past two years [1] - The company ranked first in Hong Kong for ICL surgeries in 2025, achieving the industry's top position for the third consecutive year [1] Group 2 - The company has incurred significant professional fees exceeding HKD 15 million due to ongoing allegations against former directors, which have created a substantial financial burden that could have been allocated to business development and enhancing shareholder returns [1] - The company is committed to efficiently completing the investigation related to the allegations and accelerating the resumption of its shares, allowing management to refocus on executing its long-term strategic priorities [1] - The latest resumption guidance includes various directives such as investigation and rectification guidelines, integrity guidelines, internal control guidelines, corporate governance guidelines, disclosure guidelines, financial reporting guidelines, and compliance with Article 13.24 [2]

Core Viewpoint - Clear Medical (01406.HK) has established itself as the only ophthalmic center in Hong Kong offering a comprehensive advanced refractive treatment portfolio, solidifying its technological leadership in the market [1] Group 1: Company Performance - The company has continued to provide high-quality ophthalmic medical services over the past few months [1] - After a period of slightly weak performance, operational metrics began to recover by the end of 2025, with December seeing patient visits, new patient appointments, and surgical volumes reaching or exceeding levels from the same period in the past two years [1] - The company ranked first in Hong Kong for ICL surgeries in 2025, marking its third consecutive year as the industry leader [1] Group 2: Strategic Developments - The company is set to officially launch the SILK refractive surgery platform in collaboration with Johnson & Johnson in November 2025 [1] - The introduction of the SILK platform enhances the company's offerings, which include LASIK, SMILE, SMILEPro, SILKTM, and ICL [1]

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，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 CLARITY MEDICAL GROUP HOLDING LIMITED 清晰醫療集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1406） (1) 業務營運及復牌狀況季度更新； 及 (2) 繼續暫停買賣 本公告乃由清晰醫療集團控股有限公司（「本公司」，連同其附屬公司統稱「本集 團」）根據香港聯合交易所有限公司（「聯交所」）《證券上市規則》（「上市規則」）第 13.09(2)(a)條及第13.24A條以及香港法例第571章《證券及期貨條例》第XIVA部項 下的內幕消息條文（定義見上市規則）而作出。 茲提述(i)本公司日期為二零二五年五月三十日有關聯交所發出復牌指引（「首次復 牌指引」）的公告；(ii)本公司日期為二零二五年六月三十日有關聯交所發出額外復 牌指引（連同首次復牌指引統稱「復牌指引」）的公告；(iii)本公司日期為二零二五 年七月十四日及二零二五年十月十四日有關提供其業務營運 ...

Core Viewpoint - The perception that myopia surgery completely eliminates myopia and prevents regression is incomplete, as myopia cannot be cured, and new myopia may develop if eye care is neglected [1][2] Group 1: Myopia Surgery Insights - Myopia surgery can help individuals become independent from glasses, with techniques such as corneal laser surgery (e.g., SMILE Pro) and intraocular lens surgery (e.g., ICL, V4C, V5) effectively improving vision [1] - Post-surgery, it is crucial to maintain long-term eye care, as improper habits like excessive screen time or rubbing the eyes can still negatively impact vision [1] Group 2: Vision Protection Recommendations - To protect vision, maintaining a regular schedule and avoiding prolonged screen time is essential, with the "20-20" rule recommended: take a 20-second break every 20 minutes of screen time, ideally looking at something 5 meters away [2] - There is currently no medical evidence supporting the effectiveness of myopia prevention patches or devices, and validated methods should be prioritized for myopia control [2] - Recommended strategies for myopia prevention include at least 2 hours of outdoor activity daily, using optical aids like OK lenses or prescription glasses under medical guidance, and considering low-concentration atropine under a doctor's advice [2]

Summary of Key Points from the Expert Call on China's Ophthalmology Market Industry Overview - **Industry**: China's Ophthalmology Market - **Key Event**: Congress of Chinese Ophthalmological Society (CCOS) held in September 2025 Core Insights 1. **Market Dynamics**: The expert highlighted several key topics discussed during the CCOS, including the launch of new technologies and the current state of various ophthalmology segments [1][2][7] 2. **Business Pressure**: The ophthalmology segment faced significant pressure in Q3, with salary cuts and declining surgery volumes being major concerns among ophthalmologists [2][7] 3. **Refractive Surgery Trends**: - Surgery volume saw a decline in July and August after decent demand in June - Prices for refractive surgeries, particularly SMILE, are on a downward trend due to increased competition and new technology [2][10][20] 4. **Cataract Surgery**: - Q3 typically experiences low surgery volumes, exacerbated by hot weather and strict market screening controls by private hospitals [2][8] 5. **Optometry Demand**: Demand for optometry services was strong only during specific periods, such as the start of summer holidays and the new semester [2][9] Pricing and Competition 6. **Pricing Trends**: - The price of SMILE 3.0 has been reduced to RMB 9,800, while the price for SMILE 4.0 is set at RMB 16,800 but has not been firmly established in hospitals [7][10] - Public hospitals are expected to cut prices for OK lenses due to competition [20] 7. **High-End Intraocular Lenses (IOLs)**: - The market for high-end IOLs is limited, with concerns over the materials used in newer products [11][14] - Eyebright's EDOF IOL was recently approved, but its market potential remains uncertain [13] Industry Challenges 8. **Insurance Funding Control**: Tighter control over basic medical insurance (BMI) funding has been noted, with stricter requirements compared to the previous year [21] 9. **Hospital Closures**: Approximately 50% of eye hospitals have closed in recent years, with another 30% expected to close in the next three to five years [16] 10. **Competitive Landscape**: Large hospital chains are becoming more competitive, leveraging procurement advantages over smaller hospitals [17] Alcon's Acquisition of STAAR 11. **Acquisition Challenges**: Alcon's proposed acquisition of STAAR is viewed as challenging, with major shareholders expressing concerns over the low offering price [3][18] 12. **Potential Impact**: If successful, Alcon may enhance doctor training and marketing efforts for ICL, although it faces challenges in marketing compared to competitors like Carl Zeiss [19] Future Outlook 13. **Market Potential**: The potential launch of new SMILE equipment by domestic companies in 2026 could lead to significant price reductions through group purchasing organizations (GPOs) [22] 14. **Regulatory Risks**: The healthcare industry faces risks including unexpected price cuts from GPO programs, intensified competition, and stricter regulatory measures [24] This summary encapsulates the key points discussed during the expert call regarding the current state and future outlook of China's ophthalmology market, highlighting both opportunities and challenges within the industry.

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][17] Core Views - The company reported a significant decline in revenue and net profit for the first half of 2025, with revenue at 4.936 billion yuan, down 20.61% year-on-year, and a net profit of 10 million yuan, down 85.68% year-on-year [2][3] - The company is focusing on high-quality development with improved operating cash flow, reducing accounts receivable by 329 million yuan to 6.930 billion yuan as of mid-2025, and achieving a net operating cash flow of 278 million yuan, an increase of 199.56% year-on-year [6][3] - The company is optimistic about recovering profitability as the risks associated with COVID-19 receivables are gradually cleared [6][3] Financial Performance Summary - For 2023A, the company reported a revenue of 13.408 billion yuan, with a year-on-year growth rate of -34% [2] - The projected revenue for 2025E is 10.033 billion yuan, with a year-on-year growth rate of -18% [2] - The projected net profit for 2025E is 125 million yuan, with a significant recovery expected in subsequent years [2] - The company’s gross margin for the first half of 2025 was 27.59%, a slight decline of 0.10 percentage points year-on-year [6] - The company’s net profit margin for the first half of 2025 was 1.67%, down 1.11 percentage points year-on-year [6] Business Segment Analysis - The diagnostic services revenue for the first half of 2025 was 1.715 billion yuan, down 27.38% year-on-year, while the ICL segment revenue was 1.627 billion yuan, down 26% [6] - The proportion of revenue from special inspections increased significantly, with special inspection revenue at 817 million yuan, accounting for 47.63% of total revenue [6] - The company has increased its focus on regional leading hospitals, with the proportion of revenue from tertiary hospitals rising from 41% to 49.28% [6] Future Outlook - The company expects to clear COVID-19 receivable risks and anticipates a revenue of 10.033 billion yuan in 2025, with a projected growth of 2.3% in 2026 and 3.2% in 2027 [6] - The projected net profit for 2026E is 469 million yuan and for 2027E is 604 million yuan, indicating a strong recovery trajectory [2] - The current stock price corresponds to a P/E ratio of 81 for 2025E, 21.6 for 2026E, and 16.8 for 2027E, suggesting potential upside [2]

Investment Rating - The report maintains a positive investment outlook on innovative drugs and medical devices, highlighting them as key investment themes in the current market environment [2][4][43]. Core Insights - The report emphasizes the ongoing support from the government for innovative medical drugs and devices, particularly in the brain-computer interface (BCI) sector, which is expected to see significant advancements by 2027 and 2030 [1][51]. - The innovative drug sector remains a primary investment focus, with a recommendation to pay attention to leading pharmaceutical companies' transformation results and their opportunities for international expansion [2][43]. - The report identifies a growing interest in innovative medical devices, driven by favorable policies and a recovery in medical equipment procurement trends, suggesting a potential performance turnaround in the second half of the year [4][12]. Summary by Sections Innovative Drugs - The innovative drug sector is highlighted as a key investment line, with a focus on potential blockbuster drugs and collaborations for innovative drug development [2][43]. - The report notes that after multiple rounds of generic drug procurement, risks for leading pharmaceutical companies are gradually being alleviated, revealing competitive innovative drug pipelines [2][43]. Biological Products - Anke Biotech's subsidiary has received approval for a shingles mRNA vaccine, indicating progress in the mRNA drug development space [2][45]. - The report suggests continued monitoring of Anke Biotech's collaboration with its subsidiary and the advancements in mRNA drug development [2][50]. Medical Devices - The report discusses the government's support for the BCI industry, which is expected to accelerate commercialization and product development [1][3]. - It highlights the recovery trend in medical device procurement and the increasing market share of leading companies, indicating a strong performance outlook for the sector [4][12]. Traditional Chinese Medicine - Some traditional Chinese medicine companies are in a good cash flow position and are expected to see growth through innovative product pipelines and strategic investments [3][19]. Medical Services and Consumer Healthcare - The report notes a series of positive earnings announcements from high-growth stocks in the medical services sector, indicating a robust growth outlook [3][4].