医思健康2025/26 半年度业绩报告

Contents目錄 Corporate Information公司資料2Geographical Coverage地域覆蓋4Financial Highlights財務摘要5Management Discussion and Analysis管理層討論及分析7Other Information其他資料25Consolidated Statement of Profit or Lossand Other Comprehensive Income綜合損益及其他全面收益表39Consolidated Statement of Financial Position綜合財務狀況表41Consolidated Statement of Changes in Equity綜合權益變動表43Condensed Consolidated Statement ofCash Flows簡明綜合現金流量表44Notes to the Interim Financial Statements中期財務報表附註45Definitions釋義74 Corporate Information公司資料 董事 DIRECTORS 執行董事 Executive Directors 鄧志輝（主席）呂聯煒（行政總裁）李向榮（首席財務官） TANG Chi Fai(Chairman)LU Lyn Wade Leslie(Chief Executive Officer)LEE Heung Wing(Chief Financial Officer) 非執行董事陸韵晟（資訊科技總監）梁楊世嫡 Non-Executive Directors LUK Kun Shing Ben(Chief Information Officer)LEUNG YANG Shih Ti Marianne 獨立非執行董事 Independent Non-Executive Directors 馬清楠陸東區雋 MA Ching NamLOOK AndrewAU Tsun 審核委員會陸東（主席）馬清楠區雋 AUDIT COMMITTEE LOOK Andrew(Chairman)MA Ching NamAU Tsun NOMINATION COMMITTEE 提名委員會 鄧志輝（主席）梁楊世嫡馬清楠陸東區雋 TANG Chi Fai(Chairman)LEUNG YANG Shih Ti MarianneMA Ching NamLOOK AndrewAU Tsun REMUNERATION COMMITTEE 薪酬委員會 區雋（主席）馬清楠陸東 AU Tsun(Chairman)MA Ching NamLOOK Andrew 公司秘書蕭鎮邦 COMPANY SECRETARYSIU Chun Pong Raymond 授權代表李向榮蕭鎮邦 AUTHORISED REPRESENTATIVES LEE Heung WingSIU Chun Pong Raymond 股份代號2138 STOCK CODE 2138 公司網站www.echealthcare.com COMPANY’S WEBSITE www.echealthcare.com Corporate Information 主要證劵登記處 PRINCIPAL SHARE REGISTRAR ANDTRANSFER OFFICE Conyers Trust Company (Cayman) LimitedCricket Square, Hutchins DrivePO Box 2681, Grand Cayman KY1-1111Cayman Islands Conyers Trust Company (Cayman) LimitedCricket Square, Hutchins DrivePO Box 2681, Grand Cayman KY1-1111Cayman Islands 香港證券登記處 HONG KONG SHARE REGISTRAR 卓佳證券登記有限公司香港夏慤道16號遠東金融中心17樓 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong REGISTERED OFFICE 註冊辦事處 Cricket Square, Hutchins DrivePO Box 2681, Grand Cayman KY1-1111Cayman Islands Cricket Square, Hutchins DrivePO Box 2681, Grand Cayman KY1-1111Cayman Islands 香港總部及主要營業地點 HEADQUARTERS AND PRINCIPAL PLACE OFBUSINESS IN HONG KONG 香港鰂魚涌英皇道979號太古坊德宏大廈20樓 20/F, Devon HouseTaikoo Place979 King’s RoadQuarry BayHong Kong LEGAL ADVISER 法律顧問 As to Hong Kong lawRaymond Siu & LawyersUnits 1302–3 & 1802, Ruttonjee House11 Duddell StreetCentral, Hong Kong 香港法律蕭鎮邦律師行香港中環都爹利街11號律敦治大廈1302–3及1802室 中國內地法律中倫律師事務所中國深圳市福田區益田路5033號平安金融中心A座57–59層郵編518026 As to PRC LawZhong Lun Law Firm57–59/F, Tower A, Ping An Financial Center, 5033 Yitian Road,Futian District, Shenzhen 518026, P.R.China 核數師 AUDITOR 安永會計師事務所執業會計師公眾利益實體核數師香港鰂魚涌英皇道979號太古坊一座27樓 Ernst & YoungCertified Public AccountantsPublic Interest Entity Auditor27/F, One Taikoo Place979 King’s RoadQuarry BayHong Kong 醫 思 健 康 Geographical Coverage地域覆蓋 Total of 168 service points across 665,000 sq ft covering Greater China (as of 30 September 2025)大中華區實現廣泛布局共運營665,000平方呎168個服務點（截至二零二五年九月三十日） Financial Highlights財務摘要 Financial Highlights 附註： 1.息稅折舊及攤銷前之盈利等於未計利息、稅項、自有物業、廠房及設備折舊以及攤銷前的盈利。息稅折舊及攤銷前之盈利並非香港財務報告準則下的標準計量方法。本公司管理層認為，息稅折舊及攤銷前之盈利作為本集團業務所得經營現金流的代表，為投資者提供有用的補充資料，以評估本集團的表現。 1.EBITDA equals earnings before interests, taxation, depreciation-owned property,plant and equipment and amortisation. EBITDA is not a standard measure underHKFRS. The Company’s management believes that EBITDA, as a proxy ofoperating cash flow generated by the Group’s businesses, provide investors withuseful supplementary information to assess the performance of the Group. 下表載列於所示期間息稅折舊及攤銷前之盈利與除稅前溢利的對賬： The following table sets out the reconciliation of the EBITDA and profit before taxfor the periods indicated: 息稅折舊及攤銷前之盈利率等於期內未計利息、稅項、自有物業、廠房及設備折舊以及攤銷前的盈利除以總收入。 2.EBITDA Margin equals earnings before interests, taxation, depreciation-ownedproperty, plant and equipment and amortisation over total revenue of the period. 3.淨溢利率等於所示期間溢利除以同期的收入。 3.Net profit margin equals profit for the periods indicated divided by revenue forthe same period. Management Discussion and Analysis管理層討論及分析 業務回顧 BUSINESS REVIEW 於報告期間，香港醫療保健行業持續面臨充滿挑戰的經營環境，宏觀經濟不確定性、消費者信心低迷以及非必需醫療保健類別競爭加劇均對其構成影響。該等因素持續壓抑醫療及養生相關服務的需求。儘管面臨該等不利因素，本集團仍專注於穩健執行，持續推動其三大策略支柱－業務發展、卓越營運及數位轉型－以增強其營運平台的韌性及長期競爭力。 During the Reporting Period, Hong Kong’s healthcare industrycontinued to face a challenging operating environment, shaped bymacroeconomic uncertainties, subdued consumer sentiment andintensifying competition across discretionary healthcare categories. Theseconditions continued to weigh on service demand across both medicaland wellness-related services. Despite these headwinds, the Groupremained focused on disciplined execution and continued to advance itsthree strategic pillars – Business Development, Operational Excellenceand Digital Transformation – to strengthen the resilience and long-termcompetitiveness of its operating platform. For the six months ended 30 September 2025, the Group recordedrevenue of HK$1,930.6 million, representing a 6.4% year-on-yeardecrease. Sales volume a