Company Review:Acquisition of Doctor Chunyu, Creating a New Paradigm for "Property + Digital Healthcare" Anti-Cyclical Growth

EventReview AcquisitionofDoctorChunyu,CreatingaNewParadigmfor"Property+DigitalHealthcare"Anti-CyclicalGrowth February25,2026 Event HangSengIndex26,590.32 HangSengProperties&ServicesIndex2,036.95 GuoruiLifeStyle(0108.HK)announcedonDecember5,2025,thatithassignedanequitytransferagreementwithChunyuTianXiaSoftwareCo.,Ltd.(hereinafterreferredtoas:DoctorChunyu),proposingtoacquireapproximately78.3%equityofDoctor Chunyu for a total consideration of RMB 269 million,becoming itscontrollingshareholder.This transaction will adopt a combination of"cash+shares"paymentmethod,with20%settledincashandtheremainingportionpaidbyissuingapproximately147millionsharesatanissuepriceofHKD1.6pershare.The company is actively negotiating with shareholders holding theremaining12.76%equitytofurtherintegratethetargetassets. MarketData ClosingPrice($)2.5452-weekHigh/Low(USD)4.28/0.56Marketcap（$bn）8.177Free-floatMarketCap（$bn）8.177 InvestmentHighlights CoreLogic:ThroughthestrategicacquisitionofDoctorChunyu,aleadingdigitalhealthcareplatform,thecompanyistransformingfromatraditionalpropertyandmanagementoperator into a"property+digital healthcare"integrated serviceprovider.This move aims to counter real estate cycle pressures,build aweak-cyclicality"second growth curve",optimize the revenue structure,andenhanceprofitabilityresilienceandlong-termvaluationappeal. Source：Wind、uSMART IntroducingHigh-Quality Weak-Cyclical Assets,Optimizing Structure andSmoothingPerformance. Thisacquisitionsecuredhigh-qualityassetsinChina'smobileinternethealthcaresectoratahighlyattractiveprice(withaper-usercostofonlyRMB1.5),including180millionregisteredusers,690,000contractedphysicians,and400millionhealthrecords.Italsoobtainedmedicallicenses,namelytheMedicalInstitutionPracticeLicenseandInternetHospitalqualification.Thecompany'smainpropertybusiness(propertymanagement and investment properties)faces downward cyclicalpressure.DoctorChunyu'sbusinessischaracterizedbylightassets,stablecashflow,and non-cyclicality.Post-acquisition,it is expected to contributeapproximately20%oftotalrevenue,effectivelysmoothingthecompany'soverallperformancevolatility. LeveragingUniqueResourcesforEmpowerment,Achieving"1+1>2"DeepSynergy. AnalystChanKwokKeungSFCNo.：BUL892Mail:winson.chan@usmart.hk Thecompany'sthreeuniqueresourceswillsolveindustrypainpointsforDoctorChunyuandopenupgrowthspace,specifically:realestatescenarioresourcesempoweringcustomeracquisitionandservices,governmentrelationsresourcesempoweringpaymentandG-endmarkets,andbrandtrustresourcesempoweringuserconversion. AITechnology Building Barriers,Reshaping Service Models and CostStructures. InMay2023,ChunyuHuiwen,anAIdoctorproductbasedonlargemodels,waslaunched,enablingfull-processAIempowermentwithsecond-levelresponse.AItechnologyenables 7×24 hour service,breaking through time and spaceconstraints,andreplicatesexpertcapabilitiesthrough"digitalavatars,"enhancingtheaccessibilityofqualitymedicalresources.BasedontheChunyuHuiwenAIdoctor,high-qualitymedicalservicescanbeprovidedatscale,withAIhandlingbasictasks,significantlyimprovingdoctorefficiencyandreducingmarginalservicecosts,formingavirtuouscycleof"costreduction-qualityimprovement-capacityexpansion."Theintegrationof"realestate+healthcare+AI"isexpectedtocreateadifferentiatedcity-levelhealthserviceplatform. KeyRisks:Intensified market competition;stricter policy supervision;AImedicaltechnologyandapplicationrisks. Buildingan"Anti-Cyclical"SecondGrowthCurve 1.StrategicTransformationtoAddressCyclicalPressures,VenturingintoDigitalHealthcareforGrowth GuoruiLifeStyleLimited(StockCode:0108.HK)isaHongKong-listedintegratedurbanoperation and asset management platform.The company's core businessfocuseson two main segments:first,property management services based inmainlandChina;second,propertydevelopmentandinvestmentcoveringmarketsinChina,theUnitedStates,andtheUnitedKingdom.Withpropertydevelopmentandinvestmentasitscoredriver,thecompanycoordinatestheprovisionofsupportingassetmanagementandvalue-addedservices,committedtoachievinglong-termandstablegrowthinshareholdervalue. However,in2024,thecompany'straditionalrealestatebusinessfacedsignificantchallenges.Duringtheperiod,propertymanagementservicerevenuedecreasedby17%yoytoHKD205million,coupledwiththeimpactoffairvaluefluctuationsininvestmentproperties,which together led to pressure on the company's overallrevenue.Thisreveals,toacertainextent,theprofitabilityvulnerabilityofabusinessstructureprimarily focused on traditional real estate amidst macroeconomic andindustrycyclicalfluctuations. Toaddressthecyclicalpressuresofthetraditionalbusiness,buildingamoreresilientprofitmodelhasbecomethecompany'sstrategicfocus.Webelievethatseekinganddevelopingdiversified,non-cyclical revenue sources is crucial for smoothingperformancevolatilityandensuringlong-termshareholderreturns.Inthiscontext,thecompanystrategically chose to enter the digital healthcare field.This industry ischaracterizedbyweakcyclicality,light-assetoperation,andrelativelystablecashfl