5月2日，截至港股收盘，恒生指数上涨1.74%，报22504.68点。美中嘉和（02453.HK）收报7.65港元/ 股，上涨16.08%，成交量37.18万股，成交额274.01万港元，振幅19.73%。 最近一个月来，美中嘉和累计跌幅8.85%，今年来累计跌幅40.09%，跑输恒生指数10.27%的涨幅。 财务数据显示，截至2024年12月31日，美中嘉和实现营业总收入3.88亿元，同比减少27.91%；归母净利 润-4.43亿元，同比减少18.8%；毛利率-17.32%，资产负债率67.82%。 资料显示，美中嘉和医学技术发展集团股份有限公司作为一家在港交所主板挂牌上市的企业,美中嘉和 医学技术发展集团股份有限公司是中国领先的肿瘤医疗整体解决方案平台,长期专注于先进肿瘤诊疗技 术的研究、开发、转化及应用,自成立以来便吸引了众多拥有强大实力的合作伙伴的加入及国有金融机 构的支持。美中嘉和集团也已获得中金资本、中信兴业、盛山资产及石药集团等多家知名机构的战略投 资,未来将作为一家混合所有制企业与伙伴们一道共同推动中国医疗服务的发展与变革。作为一家国家 级高新技术企业,美中嘉和集团立足北上广核心城市,在全国布 ...

Concord Healthcare Group Co., Ltd. 美中嘉和醫學技術發展集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 股份代號 : 2453 2024 年報 * For identification purposes only 目錄 | 2 | 公司資料 | | --- | --- | | 4 | 董事長報告 | | 8 | 業績摘要 | | 9 | 管理層討論及分析 | | 29 | 董事、監事及高級管理人員 | | 37 | 董事會報告 | | 63 | 監事會報告 | | 66 | 企業管治報告 | | 82 | 獨立核數師報告 | | 89 | 綜合損益及其他全面收益表 | | 90 | 綜合財務狀況表 | | 92 | 綜合權益變動表 | | 93 | 綜合現金流量表 | | 95 | 綜合財務報表附註 | | 183 | 五年財務概要 | | 184 | 釋義 | 公司資料 董事會 執行董事 楊建宇博士 （董事長） 付驍女士 常亮先生 非執行董事 王雷先生 陳宏章先生 施波濤先生 （於2024年8月29日由執行董事調任為 非執行董事） 獨立非執行董事 李雪梅女士 ...

Core Viewpoint - Meizhong Jiahhe is facing significant financial pressure in the short term, with a 27.9% year-on-year revenue decline and an increase in net losses, raising concerns about its ability to turn a profit despite the launch of proton therapy services [1][2][3]. Financial Performance - For the fiscal year 2024, Meizhong Jiahhe reported total revenue of 3.88 billion yuan, a decrease from previous years [6]. - The company's hospital business generated 2.716 billion yuan, accounting for 69.9% of total revenue, down 15.1% year-on-year [3]. - Revenue from medical equipment, software, and related services was 1.167 billion yuan, making up 30.1% of total revenue, with a significant decline of 46.6% [3]. - The net loss expanded from 4.26 billion yuan in 2023 to 4.85 billion yuan in 2024, marking a 13.7% increase [3]. Business Operations - Meizhong Jiahhe operates four self-owned medical institutions primarily located in Guangzhou and Shanghai, covering the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta [3]. - The company has been adjusting its internal business structure, focusing on high-margin departments while reducing low-margin ones, which has impacted revenue [4]. Proton Therapy Development - The Guangzhou Taihe Cancer Hospital's proton center is set to officially open in December 2024, with expectations to treat over 2,000 patients annually and generate more than 600 million yuan in revenue [5]. - Proton therapy has been operational since its launch, treating nearly 100 patients, with a treatment fee of approximately 295,000 yuan, primarily funded through self-pay and commercial insurance [7]. Market Position and Future Outlook - The management believes that the demand for high-end cancer treatment will exceed supply, especially given the company's strategic positioning in key regions [8]. - Plans are underway to establish specialized hospitals in Shanghai and Shijiazhuang, with the latter expected to open in the second half of 2026 [7].

Summary of the Conference Call for Meizhong Jiahe Company Overview - Meizhong Jiahe focuses on the oncology specialty field, providing high-end cancer medical services as a beneficial supplement to the public healthcare system. The company was established in 2008 and aims to build high-end oncology hospitals in first-tier cities to serve patients nationwide [3][4]. Core Business and Collaborations - The company collaborates with top U.S. cancer hospitals, including MD Anderson Cancer Center and Mayo Clinic, to introduce advanced treatment technologies in China [3]. - The business is divided into hospital services targeting C-end patients and a light-asset model empowering medical institutions in lower-tier cities [3]. Financial Performance and Projections - In 2024, Guangzhou Taihe Cancer Hospital is expected to generate approximately 120 million yuan in revenue, with a gross margin adjusted to -44% [3][9]. - The Shanghai outpatient department is projected to achieve medical revenue of around 82 million yuan in 2024, while the imaging center's revenue is expected to remain stable between 63 million and 64 million yuan [3][10]. - The company anticipates that by 2025, revenue from the Guangzhou hospital will exceed 300 million yuan, with total revenue not less than 500 million yuan, and positive cash flow [3][15]. Treatment Innovations - The Guangzhou Taihe Cancer Hospital's self-treatment center, which opened in December 2024, offers proton therapy, a cutting-edge radiation treatment that has already served dozens of patients by February 2025 [5][13]. - Proton therapy is highlighted for its advantages in improving cure rates and quality of life for patients with various types of tumors [5]. International Cooperation and Research - Meizhong Jiahe actively engages in international collaborations, including academic conferences and research projects, and has been selected for national high-end medical equipment promotion projects [6][8]. - The company has established partnerships with over 20 major domestic insurance companies to enhance patient access to high-end medical services [19][20]. Market Demand and Competitive Landscape - The domestic proton therapy market is characterized by high demand that exceeds supply, with an estimated 450,000 new cancer patients annually, of which 2% belong to the mid-to-high-end demographic willing to pay for advanced treatments [18]. - Currently, there are only 10 operational proton centers in China, with expectations to reach 20 within five years and 30 within ten years, indicating a significant growth opportunity for Meizhong Jiahe [18]. Challenges and Strategic Adjustments - The company has faced challenges due to tightened medical insurance policies, leading to adjustments in its business structure and a focus on high-margin departments [11][21]. - Management expenses are projected to be controlled at around 20%, with sales expenses also kept within 20% for new hospital operations [12]. Future Outlook - The company aims to leverage its unique position in the high-end oncology market to attract more patients and improve financial performance in 2025, which is seen as a pivotal year for growth [22][23]. - Efforts will be made to enhance brand recognition for high-end cancer treatment services, particularly through the use of proton therapy equipment [23].

Core Viewpoint - Meizhong Jiahe (02453.HK), the first high-end oncology medical service listed company in China, reported a total revenue of 388 million yuan for the fiscal year 2024, a decrease of 27.9% year-on-year, while gross profit increased by 3.3% to 67 million yuan. The adjusted net loss was 444 million yuan, an increase of 5.5% year-on-year. The company is expected to see a turnaround in performance in 2025, driven by the launch of proton therapy, an advanced chemotherapy technology [1][2][3]. Group 1: Financial Performance - In 2024, Meizhong Jiahe achieved total revenue of 388 million yuan, down 27.9% year-on-year [1] - Gross profit for the year was 67 million yuan, reflecting a 3.3% increase [1] - The adjusted net loss was 444 million yuan, which is a 5.5% increase compared to the previous year [1] Group 2: Proton Therapy Development - Meizhong Jiahe has launched the first proton therapy center in South China, with clinical operations starting on December 16, 2024, and has seen a growing number of patients [2] - The proton therapy center is expected to have an annual patient capacity of 2,000, with projected annual revenue exceeding 600 million yuan based on treatment costs of approximately 300,000 yuan per course [3] - The high initial costs and long construction periods for proton therapy centers create a significant barrier to entry, limiting competition and enhancing patient attraction for Meizhong Jiahe [3] Group 3: AI and Technology Integration - The company has developed a light asset business model utilizing cloud computing and has seen success with its AI and imaging business, particularly in the context of the recent boom in AI technology [4][5] - Meizhong Jiahe has established a core product matrix in AI diagnostics, aiming to empower grassroots medical institutions and enhance the distribution of quality medical resources [5] - The company is constructing China's first tumor treatment vertical model based on proton therapy, which is expected to increase the value of its AI diagnostic business [5] Group 4: Strategic Positioning - Meizhong Jiahe is the only non-public institution involved in setting multiple radiation therapy industry standards in China and has established strategic partnerships with MD Anderson and Mayo Clinic [6] - The unmet clinical demand in China's high-end medical service market, combined with the patient influx expected from the proton therapy center, positions Meizhong Jiahe as a potential standout in the medical services sector [6]

Financial Performance - The company's revenue decreased by 27.9% from RMB 538.7 million for the year ended December 31, 2023, to RMB 388.3 million for the year ended December 31, 2024[6]. - The gross loss increased by 3.3% from RMB 65.1 million for the year ended December 31, 2023, to RMB 67.2 million for the year ended December 31, 2024[6]. - The net loss increased by 13.7% from RMB 426.4 million for the year ended December 31, 2023, to RMB 484.8 million for the year ended December 31, 2024[6]. - The adjusted net loss (non-HKFRS measure) increased by 5.5% from RMB 420.6 million for the year ended December 31, 2023, to RMB 443.9 million for the year ended December 31, 2024[6]. - The total revenue for 2024 is RMB 388.3 million, a decrease of 28% from RMB 538.7 million in 2023[25]. - Revenue from hospital business decreased to RMB 271.6 million in 2024 from RMB 320.0 million in 2023, representing a decline of 15%[25]. - The company reported a loss attributable to owners of the company of RMB 443.2 million in 2024, compared to a loss of RMB 373.1 million in 2023[29]. - The gross profit margin for the year ended December 31, 2024, was (17.3)%, compared to (12.1)% for the year ended December 31, 2023[106]. - The net profit margin for the year ended December 31, 2024, was (124.9)%, compared to (79.2)% for the year ended December 31, 2023[106]. Assets and Liabilities - The total assets less current liabilities increased from RMB 4,031.9 million in 2023 to RMB 4,770.7 million in 2024[8]. - The company's cash and cash equivalents increased from RMB 40.6 million in 2023 to RMB 204.5 million in 2024[8]. - The total equity increased from RMB 1,869.2 million in 2023 to RMB 1,900.8 million in 2024[9]. - The group recorded a loss of RMB 484.8 million for the year ending December 31, 2024, with a net current liability of RMB 422.2 million[22]. - As of December 31, 2024, the financial assets measured at fair value through profit or loss amount to RMB 132.6 million, which can be converted to cash at any time when needed[24]. - As of December 31, 2024, total bank borrowings amounted to RMB 1,479.9 million, an increase from RMB 1,051.9 million in 2023, with most secured by the issued share capital of subsidiaries and certain medical imaging equipment[96]. - As of December 31, 2024, the company's current liabilities net worth was RMB 422.2 million, a decrease from RMB 844.7 million as of December 31, 2023, mainly due to increases in receivables from related parties and cash and cash equivalents[98]. - The asset-liability ratio was 67.8%, an increase from 64.3% as of December 31, 2023[106]. Cash Flow - Operating cash flow used was RMB 186.0 million for the year ended December 31, 2024, compared to cash flow generated of RMB 201.9 million for the year ended December 31, 2023, mainly due to a decrease in overall revenue[86]. - For the year ended December 31, 2024, the net cash used in investing activities was RMB 668.0 million, an increase of RMB 409.4 million compared to RMB 182.3 million for the year ended December 31, 2023, primarily due to purchases of properties, plants, and equipment, investments in joint ventures, and acquisitions of financial assets at fair value through profit or loss[88]. - The net cash generated from financing activities for the year ended December 31, 2024, was RMB 1,018.0 million, compared to a net cash used of RMB 105.4 million for the year ended December 31, 2023, mainly due to proceeds from bank and other borrowings and issuance of new shares[89]. Operational Developments - The proton therapy center at Guangzhou Taihe Tumor Hospital commenced full clinical operations on December 16, 2024, expected to enhance sales performance[24]. - The group has established a proton therapy center at Guangzhou Taihe Tumor Hospital, which is the first of its kind in South China, aiming to enhance revenue and profit in the high-end medical service market[33]. - The Shanghai Taihe Cheng Tumor Hospital is under construction with a total building area of nearly 160,000 square meters, designed to provide advanced precision radiotherapy services[33]. - The group is expanding its services to Southeast Asia, targeting high-incidence tumors like nasopharyngeal cancer, and is developing customized treatment packages in collaboration with regional insurance institutions[37]. - The group has launched a "Proton Therapy Special Insurance" in partnership with well-known insurance companies, increasing accessibility for middle-class patients to advanced international treatment technologies[38]. - The group has implemented a light asset business model to provide medical equipment, software, and related services, particularly targeting healthcare institutions in second and third-tier cities[34]. - The group has established a comprehensive network involving medical institutions, research organizations, and equipment manufacturers to support continuous business growth[34]. Cost Management - The company has strengthened cost control measures to reduce administrative costs and deferred capital expenditures[24]. - Sales cost decreased by 24.5% from RMB 603.7 million for the year ended December 31, 2023, to RMB 455.6 million for the year ended December 31, 2024[60]. - Employee benefits expenses decreased by 31.6% from RMB 164.9 million to RMB 112.8 million, attributed to improved human resource efficiency[64]. - Administrative expenses increased by 9.0% from RMB 191.2 million to RMB 210.5 million, mainly due to increased consulting fees recognized in 2024[69]. - R&D expenses decreased by 14.4% from RMB 36.4 million to RMB 31.2 million, primarily due to reduced costs related to software system development[70]. Future Outlook - The group anticipates adopting all newly issued accounting standards in the first period following their effective dates[16]. - The group is currently evaluating the impact of new accounting standards and amendments on its financial reporting[18]. - The group aims to optimize regional layout by focusing on economically developed urban clusters and enhancing market penetration in second and third-tier cities[51]. - The introduction of advanced technologies such as proton therapy and immunotherapy is expected to upgrade service capabilities and provide one-stop treatment services[52]. - The group plans to enhance patient experience through the development of follow-up systems and integrated service resources[53]. Corporate Governance - The company has complied with the corporate governance code throughout the reporting period[116]. - The audit committee, composed of three independent non-executive directors, reviewed the annual performance and recommended approval to the board[118]. - The company will not declare any final dividend for the year ending December 31, 2024[124]. - An extraordinary general meeting is proposed to be held on April 11, 2025, for shareholders to consider and approve the provision of guarantees[122]. - The annual general meeting is scheduled for May 27, 2025, with a record date for voting eligibility set for May 27, 2025[123][125].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for investment opportunities [2]. Core Insights - The company aims to become "China's MD Anderson," focusing on high-end oncology medical services and addressing the significant demand-supply gap in cancer treatment in China [1][2]. - The company has established exclusive strategic partnerships with renowned institutions like MD Anderson Cancer Center and Mayo Clinic, enhancing its service offerings and market positioning [2][8]. - The company is expected to achieve a significant turnaround in profitability with the upcoming launch of its proton therapy center in Guangzhou, projected to drive explosive revenue growth [2][20]. Summary by Sections Section 1: Building an International Top-tier Oncology Medical Service Platform - The company has been a key player in formulating national radiation therapy standards and is the only non-public institution with a proton therapy system in China [1][8]. - It operates five medical institutions, including three cancer hospitals and one imaging diagnostic center, and has a strong focus on integrating international standards into its services [1][8]. - The management team is experienced, with strategic partnerships that enhance operational capabilities and market reach [14][16]. Section 2: Strong Demand for Oncology Treatment - China sees approximately 5 million new cancer patients annually, with a total patient population exceeding 30.8 million, highlighting a critical demand for advanced oncology services [1][30]. - The five-year survival rate for cancer patients in China is 28 percentage points lower than in the U.S., leading to over 600,000 patients seeking treatment abroad each year [1][40]. - The oncology medical service market in China is projected to grow significantly, with private institutions expected to capture a larger market share due to their faster growth rates compared to public institutions [33][34]. Section 3: Differentiated Market Positioning and Growth Potential - The company’s hospitals are built to international standards, and it is positioned to fill the gap in high-end oncology services in China [2][8]. - The integration of AI technology into its operations is expected to enhance service delivery and operational efficiency [2][20]. - The company anticipates substantial revenue growth, with projections indicating over 10 billion in revenue and 2 billion in net profit from its core hospitals in the long term [2][20]. Section 4: Profitability Forecast and Valuation Analysis - The company has shown a narrowing of losses, with expectations of profitability turning positive as new facilities come online [20][21]. - Revenue is projected to increase significantly, with estimates of 914.35 million in 2024 and 1.38 billion in 2025, reflecting a robust growth trajectory [3][20]. - The valuation of the company is expected to rise as performance improves, indicating potential for a "Davis Double" effect as earnings are released [2][20].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for investment [2]. Core Insights - The company aims to become "China's MD Anderson," focusing on high-end oncology medical services and addressing the significant demand-supply imbalance in cancer treatment in China [1][2]. - The company has established exclusive strategic partnerships with renowned institutions like MD Anderson Cancer Center and Mayo Clinic, enhancing its service offerings and market positioning [2][8]. - The company is expected to achieve a significant turnaround in profitability with the upcoming launch of its proton therapy center in Guangzhou, projected to drive explosive revenue growth [2][20]. Summary by Sections Section 1: Building an International Top-tier Oncology Medical Service Platform - The company has been a key player in formulating national radiation therapy standards and is the only non-public institution with a proton therapy system in China [1][7]. - It operates five medical institutions, including three cancer hospitals and one imaging diagnostic center, and has a strong focus on integrating international standards into its services [1][8]. - The company has a well-structured equity framework and a highly experienced management team, which is crucial for its growth [13][15]. Section 2: Strong Demand for Oncology Treatment - China sees approximately 5 million new cancer patients annually, with a total patient population exceeding 30.8 million, highlighting a vast market opportunity [1][30]. - The report notes a significant gap in high-end oncology services, with many patients seeking treatment abroad due to the lower five-year survival rates in China compared to the U.S. [1][40]. - The oncology medical service market in China is projected to grow rapidly, with private institutions expected to capture a larger market share [33][34]. Section 3: Differentiated Market Positioning and Growth Potential - The company’s hospitals are built to international standards, and it has established itself as a model for international cooperation in the medical field [2][8]. - The integration of AI technology into its operations is expected to enhance service delivery and operational efficiency [2][20]. - The company anticipates significant revenue growth, with projections indicating over 10 billion in revenue and 2 billion in net profit from its core hospitals in the long term [2][20]. Section 4: Profit Forecast and Valuation Analysis - The company has shown a consistent reduction in losses, with expectations of profitability as new facilities come online [20][21]. - Revenue is projected to increase significantly, with estimates of 914.35 million in 2024 and 1.38 billion in 2025, reflecting a strong recovery trajectory [3][20]. - The valuation of the company is expected to rise as it approaches profitability, indicating a favorable investment opportunity [2][20].

Clinical and Technological Developments - The company successfully completed clinical trials for its proton therapy equipment at Guangzhou Hospital, with the National Health Commission approving its Class A large medical equipment configuration license on September 13, 2024[12]. - The cloud imaging platform underwent significant upgrades, including the addition of a cloud PACS module, enhancing market competitiveness and achieving record monthly active users for the remote imaging diagnostic platform[13]. - The AI business made notable progress, obtaining registration for a Class II medical device for 3D visualization software and commercializing AI-related software, generating sales revenue in the brain disease screening and diagnosis sector[14]. - The company’s research achievements were recognized internationally, with a paper published in the authoritative journal BMC Surgery, enhancing its academic reputation[11]. - The company’s innovative research on particle therapy was well-received at the 62nd International Particle Therapy Co-Operative Group Annual Meeting, contributing to global advancements in radiation therapy technology[11]. - The company has developed a new invention patent related to a health data processing system, further solidifying its expertise in the medical AI field[15]. Market Expansion and Business Strategy - The company plans to actively explore new markets and innovative business models, including customized services, to expand market share and enhance competitiveness in the second half of 2024[13]. - The company is collaborating with well-known insurance institutions to enhance overseas medical service support and is exploring deep integration of specialty treatment with insurance products[16]. - The company launched cost-effective health screening packages targeting corporate clients, leveraging competitive pricing and geographical advantages to attract more clients in the second half of 2024[16]. - The company is exploring potential acquisitions to enhance its service portfolio and market share, with a target completion date by the end of 2024[165]. - A strategic partnership with a leading technology firm has been established to develop AI-driven healthcare solutions, expected to launch in early 2025[165]. Financial Performance and Position - Revenue for the six months ended June 30, 2024, was RMB 218,988 thousand, a decrease of 23.2% compared to RMB 285,179 thousand for the same period in 2023[100]. - Cost of revenue for the same period was RMB (253,500) thousand, down from RMB (320,151) thousand, reflecting a reduction of 20.8%[100]. - Gross loss for the six months was RMB (34,512) thousand, slightly improved from RMB (34,972) thousand in the previous year[100]. - Total loss for the period attributable to owners of the company was RMB (181,876) thousand, compared to RMB (194,276) thousand in the prior year, a decrease of 6.3%[100]. - The company reported a total comprehensive loss of RMB 194,276 thousand for the six months ended June 30, 2024, compared to a loss of RMB 181,876 thousand for the same period in the previous year[103]. - The company reported a loss attributable to owners of RMB 181.8 million and a net current liability of RMB 609.0 million[112]. - The company reported a decrease in operating cash flow to RMB (178,601) thousand, compared to RMB (130,587) thousand in the previous year, reflecting a decline in operational performance[105]. - The company recognized a gain from the sale of a subsidiary amounting to RMB 36,889 thousand, which was not present in the previous year, indicating strategic divestment activities[105]. Cash Flow and Capital Management - Cash and cash equivalents decreased by 56.7% from RMB 257.3 million as of June 30, 2023, to RMB 111.5 million as of June 30, 2024, mainly due to cash used in investing activities[44]. - Net cash used in operating activities for the six months ended June 30, 2024, was RMB 178.8 million, an increase of RMB 48.1 million compared to RMB 130.7 million for the same period in 2023[45]. - Net cash used in investing activities increased significantly to RMB 464.3 million for the six months ended June 30, 2024, from RMB 4.4 million for the same period in 2023, primarily due to investments in a joint venture and purchases of financial assets[46]. - Net cash generated from financing activities increased to RMB 714.1 million for the six months ended June 30, 2024, compared to RMB 265.9 million for the same period in 2023, mainly due to proceeds from a global offering[46]. - The company plans to fully utilize the net proceeds from the global offering by December 31, 2025, subject to business needs and market conditions[75]. Corporate Governance and Shareholder Information - The company has adopted corporate governance principles to enhance transparency and accountability to shareholders[76]. - The company will continue to review and monitor its corporate governance practices regularly to ensure compliance[76]. - The company is committed to effective internal control measures as part of its corporate governance framework[76]. - The company has disclosed the interests of its directors and senior executives in shares and related securities as required by the Securities and Futures Ordinance[79]. - The company aims to maintain good corporate governance practices since its listing date[76]. Employee and Operational Metrics - The company had 691 employees as of June 30, 2024, down from 765 employees a year earlier[62]. - The total employee costs for the six months ended June 30, 2024, were approximately RMB 116.54 million[62]. - Administrative expenses decreased to RMB (79,090) thousand from RMB (93,536) thousand, a reduction of 15.5%[100]. - Research and development expenses were reduced to RMB (14,128) thousand from RMB (18,518) thousand, a decrease of 23.5%[100]. - The company has implemented cost-control measures that are projected to reduce operational expenses by 5% in the next fiscal year[165].

Financial Performance - Revenue decreased by 23.2% from RMB 285.2 million for the six months ended June 30, 2023, to RMB 219.0 million for the six months ended June 30, 2024[1]. - Gross loss slightly decreased by 1.4% from RMB 35.0 million to RMB 34.5 million during the same period[1]. - Net loss reduced by 5.7% from RMB 214.3 million to RMB 202.0 million[1]. - Adjusted net loss (non-HKFRS measure) decreased by 24.7% from RMB 214.0 million to RMB 161.1 million[1]. - Revenue for the six months ended June 30, 2024, was RMB 218,988 thousand, a decrease of 23.3% compared to RMB 285,179 thousand for the same period in 2023[61]. - The net loss for the six months ended June 30, 2024, was RMB (202,019) thousand, compared to a net loss of RMB (214,257) thousand for the same period in 2023, indicating a 5.7% improvement[61]. - Basic and diluted loss per share for the period was RMB (0.25), an improvement from RMB (0.30) in the previous year[61]. - For the six months ended June 30, 2024, the company reported a loss attributable to owners of RMB 181.9 million, compared to a loss of RMB 194.3 million for the same period in 2023[67]. Revenue Breakdown - Hospital business revenue fell by 13.4% from RMB 159.3 million to RMB 137.8 million, primarily due to adjustments in revenue structure and focus on proton business development[13]. - Revenue from medical equipment, software, and related services dropped by 35.6% from RMB 125.9 million to RMB 81.1 million, attributed to decreased demand and anti-corruption policies in the medical industry[14]. - Sales and installation of medical equipment and software revenue decreased by 29.8% from RMB 104.3 million to RMB 73.2 million[14]. - Revenue from customer contracts was RMB 213.15 million for the six months ended June 30, 2024, a decrease of 22.6% from RMB 275.59 million in the prior year[70]. Cash Flow and Financial Position - Cash and cash equivalents decreased by 56.7% from RMB 2,573 million as of June 30, 2023, to RMB 1,115 million as of June 30, 2024, primarily due to cash used in investing activities[37]. - Net cash used in operating activities increased to RMB 178.8 million for the six months ended June 30, 2024, from RMB 130.7 million for the same period in 2023, mainly due to a decrease in overall revenue[38]. - Net cash used in investing activities increased significantly to RMB 464.3 million for the six months ended June 30, 2024, from RMB 4.4 million for the same period in 2023, primarily due to investments in a joint venture and purchases of financial assets[38]. - Net cash generated from financing activities increased to RMB 714.1 million for the six months ended June 30, 2024, from RMB 265.9 million for the same period in 2023, mainly due to proceeds from the global offering[38]. - Current liabilities increased from approximately RMB 1,204.5 million as of December 31, 2023, to approximately RMB 1,286.2 million as of June 30, 2024, primarily due to increased bank borrowings and accrued expenses[36]. - The company's net current liabilities as of June 30, 2024, were RMB 609.0 million, compared to RMB 844.7 million as of December 31, 2023, mainly due to proceeds from the global offering[43]. Operational Highlights - Guangzhou Hospital has treated over 90,000 cancer patients and performed over 2,000 surgeries since its opening, establishing itself as a leading institution in the Greater Bay Area[3]. - Guangzhou Hospital has trained nearly 160 proton therapy professionals for around 50 medical institutions and research institutes across the country[3]. - The hospital received three awards from the China Anti-Cancer Association, highlighting its leadership in cancer treatment and research[3]. - The company participated in a national key research and development program for innovative radiotherapy equipment, enhancing its role in the advancement of radiotherapy technology[5]. - The hospital's research on a new particle therapy patient planning quality check method received widespread acclaim at the 62nd International Particle Therapy Co-Operative Group meeting[5]. - The company successfully hosted the "Taihe Proton Academic Exchange Conference," focusing on proton therapy for breast cancer, further solidifying its leadership in this field[5]. Strategic Initiatives - The company aims to enhance its core medical capabilities and establish a strong brand image in the oncology treatment sector[11]. - Future strategies include focusing on cloud platforms, AI, and big data technologies to empower grassroots hospitals[11]. - The company plans to develop new AI products to meet comprehensive hospital and physician needs[11]. - Continuous improvement in ESG management will be pursued to align with high-quality development and sustainable growth[11]. Share Capital and Governance - The total issued share capital increased to 716,338,000 shares from 676,918,000 shares as of December 31, 2023, representing a growth of approximately 5.8%[77]. - The company issued 39,420,000 new shares at a price of HKD 14.28 per share on January 9, 2024, raising approximately RMB 517,886,000 (equivalent to about HKD 562,920,000) in total proceeds[78]. - The company has maintained a public float of approximately 16.73% since its listing on January 9, 2024[57]. - The company has complied with the corporate governance code since its listing date[58]. - The company is committed to adhering to the corporate governance code as outlined in the listing rules, ensuring transparency and accountability in its operations[79]. Future Plans - The company plans to fully utilize the net proceeds from the global offering by December 31, 2025, subject to business needs and market conditions[56]. - The company plans to utilize the funds raised from the new share issuance for further development and expansion of its medical technology services[78].