医思健康2025/26年报

Contents 2678912205558666984112119120121123124127297299 Financial Highlights and Five-Year Summary財務摘要及五年概要 1.LBITDA/EBITDA equals loss/earnings before interests, taxation, depreciation-owned property, plant and equipment and amortisation. LBITDA/EBITDA is notstandard measure under HKFRS. The Company’s management believes thatLBITDA/EBITDA, as a proxy of operating cash flow generated by the Group’sbusinesses, provide investors with useful supplementary information to assessthe performance of the Group. 1. In addition to LBITDA/EBITDA, we present Adjusted EBITDA as a supplementalnon-HKFRS financial measure. We present these financial measures because they are used by our managementto evaluate our financial performance by eliminating the impact of items (i.e.one off and non-recurring items) that we do not consider indicative of theperformance of our business. We also believe that the Adjusted EBITDA provideadditional information to investors and others in understanding and evaluatingour consolidated results of operations in the same manner as they help ourmanagement and in comparing financial results across accounting periods. When assessing our operating and financial performance, readers should notview the Adjusted EBITDA in isolation or as a substitute for our profit for the periodor any other operating performance measure that is calculated in accordance withHKFRS. In addition, because Adjusted EBITDA may not be calculated in the samemanner by all companies, they may not be comparable to other similarly titledmeasures used by other companies. The following table sets out the reconciliation of the adjusted EBITDA, (LBITDA)/EBITDA and (loss)/profit before tax for the periods indicated: Financial Highlights and Five-Year Summary財務摘要及五年概要 2.3.4.5.6.7.8. 2.LBITDA/EBITDA Margin equals loss/earnings before interests, taxation,depreciation-owned property, plant and equipment and amortisation over totalrevenue of the financial year. 3.Net loss/profit margin equals loss/profit for the year divided by revenue for thesame period. 4.Current ratio equals current assets divided by current liabilities as at the end of thefinancial year. 5.Quick ratio equals current assets less inventories divided by current liabilities as atthe end of the financial year. EC Healthcare at a Glance醫思健康一覽 MISSION使命 VISION願景 CORE VALUES核心價值 Geographical Coverage地域覆蓋 Total of 148 service points across 600,335 sq ft covering Greater China (as of 31 March 2026)大中華區實現廣泛布局共運營600,335平方呎148個服務點（截至二零二六年三月三十一日） One-Stop, Multi-Brand Ecosystem一站式多品牌生態系統 48 diverse brands: luxury and affordable options catering to a wide range of customers48個多元化品牌：為各種客戶提供高端及大眾的選擇 Aesthetic Medical, Beautyand Wellness Brands美學醫療、美容及養生品牌11 Medical Brands醫療品牌29 Veterinary Brands獸醫品牌 Chairman’s Statement主席報告 Dear Shareholders,各位尊敬的股東： FY26 was a year of disciplined platform reinforcement andoperating consolidation for EC Healthcare. The operatingenvironment remained challenging, as cautious consumersentiment, outbound travel, cross-border consumption andintensified competition continued to affect selected self-paid anddiscretionary healthcare, aesthetic medical, beauty and wellnessservices. Against this backdrop, the Group remained focused onstrengthening the resilience, efficiency and long-term value of itsintegrated healthcare platform. Our strategic direction continued to be anchored in three corepillars: Business Development, Operational Excellence and DigitalTransformation. During the year, we further recalibrated our operatingmodel from one primarily focused on network expansion towards onethat places greater emphasis on utilisation, productivity, integration andsustainable returns. We continued to optimise our service network,strengthen centralised operating functions and improve coordinationacross our multidisciplinary healthcare ecosystem. Despite the challenging operating environment, the Group maintainedhealthy operating cash generation and continued to strengthen itsfinancial position through disciplined liquidity management, debtreduction and the full repayment of the outstanding convertible bonds.These actions provide the Group with greater financial flexibility as weadvance our operational transformation and position the platform forsustainable recovery. Medical Services remained the foundation of the Group’s healthcareecosystem. While the segment was affected by the full-year impact ofstrategic disposals completed in FY25 and softer demand in selectedself-paid service categories, we continued to strengthen our capabilitiesacross primary care, specialist services, diagnostics, dental care, healthscreening and chronic disease management. Chairman’s Statement主席報告 We also made further progress in developing more recurring andscalable patient channels through closer engagement with insurers,corporate clients and public-private healthcare programmes. Thesechannels broaden patient access to the Group’s services, support morecoordin