思派健康2025中期报告

Stock code股份代號: 0314(A company incorporated in the Cayman Islands with limited liability)（於開曼群島註冊成立的有限公司） Interim Report中期報告 Corporate Information22025 First Half Highlights20256Financial Summary7Management Discussion and Analysis9Other Information24Independent Auditor’s Review Report39Interim Condensed Consolidated Statement of Profit orLoss and Other Comprehensive Income41Interim Condensed Consolidated Statement of Financial Position43Interim Condensed Consolidated Statement of Changes in Equity45Interim Condensed Consolidated Statement of Cash Flows47Notes to Interim Condensed Consolidated Financial Information50Definitions75 CORPORATE INFORMATION BOARD OF DIRECTORS Executive Directors Mr. MA Xuguang(Chairman of the Board)Mr. LI Ji Non-executive Director Mr. YAO Leiwen Independent Non-executive Directors Mr. FAN XinMr. HE HaijianMs. HUANG Bei REMUNERATION AND APPRAISAL COMMITTEE Mr. HE Haijian(Chairman)Ms. HUANG BeiMr. LI Ji NOMINATION COMMITTEE Mr. MA Xuguang(Chairman)Mr. FAN XinMr. HE Haijian AUDIT COMMITTEE Mr. HE Haijian(Chairman)Mr. FAN XinMs. HUANG Bei STRATEGY COMMITTEE Mr. MA Xuguang(Chairman)Mr. LI JiMr. YAO Leiwen JOINT COMPANY SECRETARIES Ms. REN NaMs. LI Ching Yi AUTHORISED REPRESENTATIVES Mr. LI JiMs. LI Ching Yi COMPANY WEBSITEwww.medbankshealthtech.com www.medbankshealthtech.com REGISTERED OFFICE Campbells Corporate Services LimitedFloor 4, Willow House, Cricket SquareGrand Cayman KY1-9010Cayman Islands Campbells Corporate Services LimitedFloor 4, Willow House, Cricket SquareGrand Cayman KY1-9010Cayman Islands C O R P O R A T E I N F O R M A T I O N PRINCIPAL PLACE OF BUSINESS IN THE PRC 1603-1605A, 16/FTower 1, Kerry Enterprise Center128 Tianmu West RoadJing’an District, ShanghaiPRC 1281161603-1605A PRINCIPAL PLACE OF BUSINESS IN HONG KONG 19th Floor, Golden Centre188 Des Voeux Road CentralHong Kong 18819 PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE Campbells Corporate Services LimitedFloor 4, Willow House, Cricket SquareGrand Cayman, KY1-9010Cayman Islands Campbells Corporate Services LimitedFloor 4, Willow House, Cricket SquareGrand Cayman, KY1-9010Cayman Islands HONG KONG BRANCH SHARE REGISTRAR Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong 1617 LEGAL ADVISERS As to Hong Kong and U.S. laws 131 O’Melveny & Myers31/F, AIA Central1 Connaught Road CentralHong Kong As to PRC law Jingtian & Gongcheng34/F, Tower 3, China Central Place77 Jianguo RoadChaoyang District, BeijingPRC 77334 As to Cayman Islands law Campbells3002-04, 30/FGloucester Tower, The Landmark15 Queen’s Road CentralHong Kong Campbells15303002-04 AUDITOR Ernst & YoungCertified Public AccountantsRegistered Public Interest Entity Auditors27/F One Taikoo Place979 King’s RoadQuarry BayHong Kong 97927 STOCK CODE 03140314 2025 FIRST HALF HIGHLIGHTS2025 20252024 In the first half of 2025, the Group made significant progress in itsstrategic transformation and upgrading. Building on the strategic planestablished in the fourth quarter of 2024, the Group is committed toevolving into a commercial medical payment solution and healthcareservice network, anchored by its health insurance brokeragebusiness. The Group focuses on addressing the healthcare coverageand wellness management needs of enterprise employees, whileoffering nationwide medical service networks and pharmaceuticalsupply chains, to provide specialized healthcare solutions and high-quality medical services to employees and their families, creating aone-stop closed-loop service model that integrates medical care,pharmaceuticals, wellness management and insurance. 4.714.4%59.6% At the strategic execution level, the Group has realigned its resourcesto support the growth of its health insurance services business (the“Health Insurance Services”). On one hand, the Company focusedits resources on scaling up its enterprise health insurance(Note)business.It has concentrated its strengths to drive scalable growth in corporateclient segments and the development of its service network. On theother hand, it has implemented structural reforms and operationaloptimizations to enhance efficiency. During the Reporting Period, theGroup carried out a strategic restructuring of its specialty pharmacybusiness (the “Specialty Pharmacy Business”) and Hui Min Insurancebusiness segment (a sub-segment under the Health Insurance Servicesbusiness), which resulting a period-on-period increase of approximately4.7 percentage points in gross margin to approximately 14.4% anda period-on-period decrease of approximately 59.6% in normalizednet loss. These improvements have marked a clearer path toprofitability and laid a solid foundation for high-quality and sustainabledevelopment. Note: the Chinese name of enterprise health insurance has been changed from“” to “” mainly due to business decision of theCompany. The business substance remains unchanged. FINANCIAL SUMMARY F I N A N C I A L S U M M A R Y Notes: