Core Insights - Carl Zeiss Meditec reported a weaker-than-expected start to fiscal 2025/26, with management citing currency headwinds, an unfavorable product mix, and challenges in China and the U.S. as key drivers of lower revenue and sharply reduced profitability in the first quarter [4] Order Intake and Backlog - Order intake was EUR 471 million, down 9.7% year over year (down 6.9% currency-adjusted), with management linking this decline to a strong year-end close in September 2025. The order backlog increased to EUR 405 million, slightly above the level at the end of the prior fiscal year [1] Revenue Performance - Revenue totaled EUR 467 million for the quarter, down 4.8% year over year. On a constant currency basis, revenue fell 2.1%, with management attributing the largest currency impact to the U.S. dollar and Chinese yuan, quantifying total FX headwinds at about EUR 20 million for the period [3][7] Segment Analysis - In the Ophthalmology segment, revenue was EUR 357 million, down 5.1% year over year (down 2.4% currency-adjusted). The segment faced challenges due to lost bifocal intraocular lens (IOL) sales in China and timing effects [9] - Microsurgery revenue was just under EUR 110 million, down 3.7% year over year (down 0.9% currency-adjusted), attributed to a pull-forward from strong deliveries into the prior fiscal year-end and slower deliveries of neurosurgical microscopes [12] Profitability Metrics - EBITDA plunged to EUR 68.8 million, with an EBITDA margin collapsing to 1.7% from 7.2% a year earlier, attributed to adverse product mix, FX impacts, and negative operating leverage [7][8] Regional Performance - Revenue in the Americas fell approximately 13% year over year, attributed to a softer investment climate and tariff-related price increases. EMEA revenue was described as largely stable, while APAC revenue was down 3% year over year, with mixed performance across the region [5][14] Guidance and Future Outlook - Management suspended full-year guidance due to uncertainties related to the China bifocal IOL VBP impact, inventory uncertainty, and weaker U.S. equipment demand. A successor IOL registration is expected around March, with a tender due in April/May [6][15] - New guidance will be provided no later than the half-year results, with management acknowledging elevated near-term volatility but expecting continued momentum for certain product rollouts [17]

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]

Group 1 - The core viewpoint of the article highlights that Clear Medical (01406) has established itself as the only ophthalmic center in Hong Kong offering a comprehensive advanced refractive treatment product portfolio, further solidifying its technological leadership in the market [1] - The company's business performance has shown resilience, with patient visits, new patient appointments, and surgical volumes in December 2025 reaching or exceeding levels from the same period in the past two years [1] - Clear Medical ranked first in Hong Kong for ICL surgeries in 2025, marking the third consecutive year of industry leadership [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 shareholder returns [1] - The company is committed to efficiently completing the investigation related to the allegations and expediting the resumption of its shares, allowing management to refocus on executing its long-term strategic priorities [1] - The latest resumption guidelines include directives on investigation and rectification, integrity, internal controls, corporate governance, disclosure, financial reporting, and compliance with specific regulations [2]

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 ...