2024/25 Annual Report

Contents 目錄

This Annual Report is printed on environmentally friendly paper

本年度報告以環保紙張印刷

Financial Highlights and Five-Year Summary

財務摘要及五年概要

EC Healthcare 2 Annual Report 2024/25

Financial Highlights and Five-Year Summary

財務摘要及五年概要

Notes:

1. EBITDA equals earnings before interests, taxation, depreciation-owned property, plant and equipment and amortisation. EBITDA is not standard measure under HKFRS. The Company's management believes that EBITDA, as a proxy of operating cash flow generated by the Group's businesses, provide investors with useful supplementary information to assess the performance of the Group.

   In addition to EBITDA, we present Adjusted EBITDA as a supplemental non-HKFRS financial measure.

   We present these financial measures because they are used by our management to 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 the performance of our business. We also believe that the Adjusted EBITDA provide additional information to investors and others in understanding and evaluating our consolidated results of operations in the same manner as they help our management and in comparing financial results across accounting periods.

   When assessing our operating and financial performance, readers should not view the Adjusted EBITDA in isolation or as a substitute for our profit for the period or any other operating performance measure that is calculated in accordance with HKFRS. In addition, because Adjusted EBITDA may not be calculated in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies.

   附註：

   1. 息稅折舊及攤銷前之盈利等於未計利息、稅項、折舊－自有物業、廠房及設備及攤銷前的盈利。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。

      除息稅折舊及攤銷前之盈利外，我們亦列示經調整息稅折舊及攤銷前之盈利作為一項補充非香港財務報告準則財務指標。

      我們列示該等財務指標是由於我們的管理層使用其評估我們的財務業績，抵銷我們認為不代表業務表現項目（即一次性及非經常性項目）的影響。我們亦認為，經調整息稅折舊及攤銷前之盈利為投資者及其他人士提供更多資料，有助於理解及評估我們的綜合經營業績，如同其有助於我們的管理層比較不同會計期間的財務業績。

      在評估我們的經營及財務表現時，讀者不應單獨閱覽經調整息稅折舊及攤銷前之盈利，亦不應將其視為當期溢利或任何其他根據香港財務報告準則計算的經營業績指標的替代品。此外，由於並非所有公司均採用相同的方式計算經調整息稅折舊及攤銷前之盈利，其可能無法與其他公司使用的其他類似名稱指標進行比較。

      醫思健康 3 年度報告 2024/25

      
      
      

      Financial Highlights and Five-Year Summary

      財務摘要及五年概要

      Year ended 31 March 截至三月三十一日止年度
      		2025 二零二五年 HK$'000 千港元	2024 二零二四年 HK$'000 千港元	2023 二零二三年 HK$'000 千港元	2022 二零二二年 HK$'000 千港元	2021 二零二一年 HK$'000 千港元
      (Loss)/profit before tax	除稅前（虧損）╱溢利	(101,140)	16,874	136,189	321,411	265,896
      Finance costs	財務成本	89,442	100,837	63,636	48,907	23,648
      Depreciation - owned property,	折舊－自有物業、廠房
      plant and equipment	及設備	218,762	177,073	137,204	96,031	77,547
      Amortisation of intangible assets	無形資產攤銷	118,182	108,921	97,767	71,379	31,968
      Bank and other interest income	銀行及其他利息收入	(17,400)	(15,573)	(4,526)	(1,364)	(1,705)
      EBITDA	息稅折舊及攤銷前之
      	盈利	307,846	388,132	430,270	536,364	397,354
      Impairment loss on goodwill	商譽減值虧損	115,599	-	7,481	-	-
      Impairment loss on interest in a	於一間合營企業的權益
      joint venture	減值虧損	9,892	-	-	-	-
      Share of impairment loss on	分佔於一間聯營公司的
      interest in an associate#	權益減值虧損#	87,979	-	-	-	-
      Unrealised and realised losses	按公平值計入損益的金
      on financial assets at fair value	融資產的未變現及已
      through profit or loss, net	變現虧損淨額	10,939	24,582	19,093	11,565	2,893
      Fair value loss/(gain) on other	其他應收款項的公平值
      receivables	虧損╱（收益）	36,039	1,254	(13,560)	3,792	6,328
      Fair value loss/(gain) on	投資物業的公平值虧
      investment properties	損╱（收益）	68,692	26,378	(2,200)	(10,800)	2,700
      Remeasurement loss on	先前於一間聯營公司持
      previously-held interest in an	有的權益重新計量
      associate	虧損	5,921	-	-	-	-
      (Gain)/loss on disposals of	出售附屬公司的
      subsidiaries, net	（收益）╱虧損淨額	(268,214)	84	-	-	4,283
      Loss/(gain) on disposals and	出售及撇銷物業、廠房
      write-off of property, plant and	及設備的虧損╱
      equipment	（收益）	1,298	1,751	(3,636)	(19,115)	(21,061)
      Government grants	政府補助	(841)	(538)	(51,877)	(2,280)	(75,279)
      Adjusted EBITDA	經調整息稅折舊及攤銷前之盈利	375,150	441,643	385,571	519,526	317,218

      The following table sets out the reconciliation of the EBITDA and (loss)/profit before tax for the periods indicated:

      # Included in share of (losses)/profits of associates

      下表載列於所示期間息稅折舊及攤銷前之盈利與除稅前（虧損）╱溢利的對賬：

      # 計入分佔聯營公司的（虧損）╱溢利

      EC Healthcare 4 Annual Report 2024/25

      
      
      

      Financial Highlights and Five-Year Summary

      財務摘要及五年概要

   2. EBITDA Margin equals earnings before interests, taxation, depreciation-owned property, plant and equipment and amortisation over total revenue of the financial year.

   3. Net loss/profit margin equals profit for the year divided by revenue for the same period.

   4. Current ratio equals current assets divided by current liabilities as at the end of the financial year.

   5. Quick ratio equals current assets less inventories divided by current liabilities as at the end of the financial year.

   6. Gearing ratio equals total debt (total debt refers to the aggregate sum of bank borrowings and convertible bonds excluding lease liabilities relating to properties leased for own use) divided by total equity.

   7. Return on equity equals loss/profit for the year divided by the ending balance of total equity of the financial year.

   8. Return on average total assets equals loss/profit for the year divided by the arithmetic mean of the beginning and ending balances of total assets of the financial year.

2. 息稅折舊及攤銷前之盈利率等於財政年度內未計利息、稅項、自有物業、廠房及設備折舊及攤銷前的盈利除以總收入。

3. 淨虧損╱溢利率等於年內溢利除以同期的收入。

4. 流動比率等於財政年度末的流動資產除以流動負債。

5. 速動比率等於財政年度末的流動資產減存貨除以流動負債。

6. 資產負債比率等於債務總額（債務總額指銀行借款與可換股債券總和，與租賃作自用的物業有關的租賃負債除外）除以權益總額。

7. 股本回報率等於年內虧損╱溢利除以財政年度的權益總額之年末結餘。

8. 平均總資產回報率等於年內虧損╱溢利除以財政年度的資產總值之年初及年末結餘之算術平均數。

醫思健康 5 年度報告 2024/25

EC Healthcare at a Glance

醫思健康一覽

願景

使命

核心價值

To be the leading one-stop healthcare ECOSYSTEM with focus on preventive and precision medicine

成為領先的一站式大健康生態系統，並專注於精準及預防性醫療

Bring Health, Beauty and Happiness to more People

將健康、美麗、快樂帶給更多人

．Integrity 專業誠信

．Empathy 富同理心

．Co-Ownership 共同領導

．Disruptive Agility 靈活破格

．Excellence 非凡卓越

OUR STORES

我們的門店

OUR CUSTOMERS

我們的客戶

No. Service Points

服務點數量

No. of Customer Visit1

客戶到訪人次1

164

1,767,583

Total Service Area

總服務面積

Repurchase Rate2

回購率2

591,000

sq ft 平方呎

65.7%

OUR PEOPLE

我們的團隊

Existing Customer Revenue Contribution3

現有客戶收入佔比3

Customer Satisfactions Rate5

客戶滿意率5

No. of Registered Practitioners

註冊醫生人數

66.6%

99.99%

316

No. of Cross Brand Customers4

跨品牌客戶人數4

No. of Registered Veterinary Surgeons註冊獸醫人數

36.7%

71

Notes:

附註：

1. Based on sales volume for the year excluding non-retail brands

   根據本年度銷售額並不包括非零售品牌

2. Customers of FY24 contribution in FY25 divided by the total revenue in FY24

   二零二四財年客戶在二零二五財年的收入貢獻，除以二零二四財年總收入

3. Revenue contribution by existing customers to the total revenue for the year

   現有客戶對本年度總收入的貢獻率

4. Number of unique customers who purchased services from more than one brand for the year divided by total number of unique customers since 2018 among 34 brands

   自二零一八年以來34 個品牌中從一個以上品牌購買服務的獨立客戶數量除以總獨立客戶數量

5. 100% minus the percentage of material unfavourable feedback of total revenue for the year 100% 減去本年度總收入中重大不利反饋的百分比

EC Healthcare 6 Annual Report 2024/25

Geographical Coverage

地域覆蓋

大中華區實現廣泛布局共運營591,000平方呎164個服務點（截至二零二五年三月三十一日）

Mainland China (exclude Hong Kong and Macau)

中國內地（除香港及澳門外） 8

Greater Bay Area, China (exclude Hong Kong) 中國大灣區（除香港外）12

Guangzhou 廣州 5

Shenzhen 深圳 3

4 Macau 澳門

Hong Kong, China 中國香港 152

2 2 1

New Territories North 新界北

10 4

New Territories North West 新界西北

New Territories North East 新界東北 5 2

8 3 1

New Territories South West 新界西南

New Territories South 新界南 6 6 1

33 11 3 Kowloon West 九龍西

Kowloon Central 九龍中 1

Kowloon East 九龍東 3

2

18 6

1 Hong Kong Island West 香港島西

Hong Kong Island East 香港島東 15 8

As at 31 March 2025

截至二零二五年三月三十一日

Medica醫l 醫療療 Aesthetic Medical and Beauty and Wellness

美學醫療以及美容及養生

Veterinarian and other

獸醫及其他

101

42

9

醫思健康 7 年度報告 2024/25

One-Stop, Multi-Brand Ecosystem

一站式多品牌生態系統

29

Medical Brands

醫療品牌

Preventive Care 預防醫學

Lab Testing and Screening 檢測及化驗

Specialists 專科

Pain and Wellness 痛症及養生

Dental Care 牙齒保健

11

Aesthetic Medical, Beauty and Wellness Brands

美學醫療、美容及養生品牌

8

Veterinary Brands

獸醫品牌

EC Healthcare 8 Annual Report 2024/25

Chairman's Statement

主席報告

各位尊敬的股東：

As we reflect on the past year, I am pleased to share how EC Healthcare has navigated a complex and evolving landscape with strategic clarity and resilience. The macroeconomic environment has presented significant challenges, including persistent inflation, shifting consumer behaviors, and intensifying competition in Hong Kong's healthcare sector. Through swift and decisive measures during the financial year, we successfully rationalized our cost structure to achieve substantial recurring annual savings against our baseline operations, significantly strengthening our financial position for the future.

回顧過去一年，本人欣然分享醫思健康如何憑藉清晰的策略和堅毅的韌性，在複雜多變的市場格局中乘風破浪。宏觀經濟環境帶來重大的挑戰，包括持續的通脹、不斷演變的消費者行為以及香港醫療保健行業日益激烈的競爭。在本財政年度內，我們採取迅速果斷的措施，成功優化成本結構，實現與基準營運相對可觀的年度經常性成本節省，顯著增強我們未來的財務狀況。

Our approach has been anchored in three strategic pillars: strengthening our core business, driving operational excellence, and accelerating digital transformation. We have developed clear integration plans for our various assets, particularly in dental, health screening & laboratory, and medical specialty pillars, with systematic consolidation of IT, HR, finance, centralized procurement and customer service functions to be completed in 2026. These initiatives will unleash powerful synergies and drive meaningful financial improvement across our organization.

In our Medical Services segment, we have made meaningful progress in diversifying our revenue streams by deepening partnerships with insurers and government programs. We are persistently executing our defined consolidation platform strategy to effectively drive growth and diversification of market segments through dedicated business development efforts. This is complemented by enhanced operational efficiency through robust capital and asset management, along with accelerated digital integration across our brands - a comprehensive approach that positions us to return to net profitability within the coming three years.

我們的方針始終圍繞三大策略支柱：強化核心業務、推動卓越營運及加速數位轉型。我們已針對各項資產（尤其是牙科、健康篩檢與實驗室以及專科醫療領域）制定清晰的整合計劃，並將於二零二六年完成資訊科技、人力資源、財務、集中採購及客戶服務職能的系統性整合。該等舉措將釋放強大的協同效應，推動組織上下實現意義重大的財務改善。

在醫療服務分部方面，我們透過深化與保險公司及政府計劃的合作，在收入來源多元化方面取得顯著進展。我們持續執行既定整合平台策略，透過專注的業務拓展，有效推動市場分部增長與多元化。此外，我們透過穩健的資本及資產管理提升營運效率，加快各品牌的數位整合－這項全面的方針使我們有望在未來三年內恢復淨盈利。

醫思健康 9 年度報告 2024/25

Chairman's Statement

主席報告

The Aesthetic, Beauty, and Wellness segment has faced headwinds due to cautious consumer sentiment, but our strategic acquisition of a premium regional chain has strengthened our market position and created synergies across our expanded network. By integrating renowned brands and investing in cutting-edge technologies, we are reinforcing our leadership in this competitive space while preparing for a recovery in consumer confidence.

Our Veterinary Services division has demonstrated resilience, benefiting from stable local demand and the growing recognition of our Animal Medical Academy Hospital as a center of excellence. The recent easing of cross-border pet quarantine rules has further solidified our role as a trusted provider of comprehensive pet healthcare services in Hong Kong.

Operational excellence remains a cornerstone of our strategy. Through targeted efficiency initiatives, including network optimization and digital transformation, we have enhanced productivity without compromising service quality. Our collaboration with Jiangxi RIMAG Group to form the RIMAG-EC Health Tech Alliance exemplifies our commitment to innovation, enabling us to integrate advanced diagnostic technologies and streamline supply chain operations.

The development of our flagship EC Healthcare Towers in Central and Tsim Sha Tsui marks a significant milestone in our growth journey. These premier facilities will centralize our premium services, enhance patient convenience, and unlock operational synergies, further solidifying our position as Hong Kong's leading integrated healthcare provider.

While mindful of near-term macroeconomic headwinds, EC Healthcare is exceptionally positioned to harness Hong Kong's structural advantages. Our unwavering focus on innovation, quality, and strategic execution will continue to create lasting value for shareholders and stakeholders alike. We remain committed to advancing healthcare technology to enable lower costs, higher efficiency, and superior service quality across Hong Kong, Mainland China, and Asia.

At EC Healthcare, our vision is clear: to build Asia's leading healthcare platform that promotes health, beauty, and happiness for all. I extend my deepest gratitude to our shareholders, partners, and dedicated employees for your trust and support. Together, we will shape a healthier and brighter future.

Tang Chi Fai

Chairman

美學醫療、美容及養生分部受消費者謹慎情緒影響面臨挑戰。然而，我們對一間高端區域連鎖店的策略性收購已提升我們的市場地位，並在擴張的網絡中創造協同效應。透過整合知名品牌及投資尖端技術，我們正在鞏固在該競爭激烈領域下的領導地位，同時亦為消費者信心復甦作好準備。

受益於穩定的本地需求以及我們的動物醫療學會醫院作為卓越中心的認可度不斷提升，我們的獸醫服務分部展現出韌性。近日跨境寵物檢疫規定放寬，進一步鞏固我們作為香港值得信賴的綜合寵物醫療服務提供者的地位。

卓越營運始終是我們策略的基石。透過網絡優化及數位轉型等有針對性的增效舉措，我們在提升生產力的同時，亦確保服務品質。我們與江西一脈陽光集團合作成立一脈－醫思健康科技聯盟，彰顯我們對創新的承諾，使我們得以整合先進的診斷技術，簡化供應鏈運作。

我們位於中環及尖沙咀的旗艦醫思健康大樓落成，標誌著我們發展歷程中的重要里程碑。該等一流的設施將集中我們的優質服務，提升患者便利性，並釋放營運協同效應，進一步鞏固我們作為香港領先綜合醫療服務提供者的地位。

儘管面臨短期宏觀經濟挑戰，醫思健康仍具備得天獨厚的優勢，能夠充分利用香港的結構性優勢。我們始終專注於創新、品質及策略執行，繼續為股東及持份者創造持久價值。我們將持續致力於推動醫療科技進步，以降低成本、提高效率，並在香港、中國內地以至亞洲地區提供卓越的服務。

醫思健康的願景清晰明確：打造亞洲領先的醫療健康平台，促進全民健康、美麗與幸福。本人衷心感謝股東、合作夥伴以及敬業的員工的信任與支持。我們將攜手共創更健康、更美好的將來。

主席

鄧志輝

EC Healthcare 10 Annual Report 2024/25

Biography of Directors and Senior Management

董事及高級管理人員簡歷

TANG Chi Fai, Eddy 鄧志輝

Chairman and Executive Director

主席兼執行董事

TANG Chi Fai, Eddy, aged 46, is the Chairman of the Board, our executive Director and chairman of the Nomination Committee. He is a controlling shareholder of the Company and he founded our Group on 23 November 2005. He is responsible for formulating the Group's strategy, system, corporate culture, managing the Board and C-suite platform development. Mr. Tang is also a director of various subsidiaries of the Company.

Mr. Tang has over 22 years of experience in management of the aesthetic medical and medical healthcare industries. Mr. Tang has diversified experiences ranging from the initial establishment and business development of medical aesthetic clinics and beauty centres, the development of marketing strategies and maintenance of sales channels.

From September 1998 to May 2001, Mr. Tang attended the University of Hong Kong where he was enrolled in the bachelor of medicine and the bachelor of surgery programmes before deciding to pursue a different career path. From September 2001 to February 2005, Mr. Tang enrolled in the bachelor of business administration in accounting and finance at the University of Hong Kong and worked on a part-time basis before deciding to switch to full-time employment. Mr. Tang obtained Certificate IV in Training and Assessment from Northern Melbourne Institute of Technical and Further Education in September 2009 and the executive master of business administration degree from the University of Hull in January 2014. Mr. Tang is an Elizabeth Wordsworth Fellow at St. Hugh's College, University of Oxford.

鄧志輝，46歲，為董事會主席、執行董事以及提名委員會主席。彼為本公司的控股股東，並於二零零五年十一月二十三日創立本集團。彼負責整體把本集團策略、系統、公司文化優化，董事會管治及高管平台搭建。鄧先生亦為本公司多間附屬公司的董事。

鄧先生於美學醫療及醫療護理行業擁有逾22年的管理經驗。鄧先生擁有豐富經驗，涉及多間醫學美容診所及美容中心的初期設立及業務發展，以及制定市場推廣策略及維持銷售渠道。

在決定追求一個不同的職業道路前，鄧先生於一九九八年九月至二零零一年五月期間在香港大學修讀內外全科醫學士課程。於二零零一年九月至二零零五年二月，鄧先生於香港大學修讀工商管理會計及財務學士課程並於決定轉為全職工作前任職兼職。鄧先生於二零零九年九月取得北墨爾本高等技術學院的培訓及評估四級證書，並於二零一四年一月取得赫爾大學的行政人員工商管理碩士學位。鄧先生是牛津大學聖休斯學院(St. Hugh's College) 之Elizabeth Wordsworth Fellow。

醫思健康 11 年度報告 2024/25

Biography of Directors and Senior Management

董事及高級管理人員簡歷

LU Lyn Wade, Leslie 呂聯煒

Chief Executive Officer and Executive Director

行政總裁兼執行董事

LU Lyn Wade Leslie, aged 45, joined the Group in August 2021 and is the chief executive officer of the Group. He focus on the Group's high level strategy, systems building, implementation and cultural alignment.

Mr. Lu is a seasoned corporate executive with 22 years of management experience across multiple industry verticals. Mr. Lu worked in Sun Hung Kai Real Estate Agency Limited as Deputy Chief Digital Officer. Before that, Mr. Lu was an executive at Cathay Pacific Airways Limited during 2001-2007 & 2008-2020. His roles include General Manager Digital, General Manager Product, managerial positions in airline planning, cargo, flight operations, customer relationship management as well as oversea station at Thailand, Vietnam and United States.

Mr. Lu graduated from The Hong Kong University of Science and Technology ("HKUST") with a Bachelor's degree in Civil Engineering in 2001 and a master's degree in Global Finance in 2009 from New York University and HKUST.

呂聯煒，45歲，於二零二一年八月加入本集團並為本集團的行政總裁。彼專注於制定本集團的總體策略，搭建系統，文化及價值觀貫徹認同。

呂先生為一名經驗豐富的企業管理人員，在多個行業領域累積22年管理經驗。呂先生於曾任職於新鴻基地產代理有限公司，並擔任數碼副總裁。此前，呂先生於二零零一年至二零零七年和二零零八年至二零二零年期間擔任國泰航空有限公司的行政管理人員，其擔任的職位曾包括數碼總經理、產品總經理、與航線規劃、貨運、航班運營、客戶關係管理以及駐泰國、越南和美國海外航站有關的管理職位。

於二零零一年及二零零九年，呂先生分別獲得由香港科技大學（「科技大學」）授予的土木工程學士學位，以及由紐約大學斯特恩商學院與科技大學合辦的環球金融碩士學位。

EC Healthcare 12 Annual Report 2024/25

Biography of Directors and Senior Management

董事及高級管理人員簡歷

LEE Heung Wing, Levin 李向榮 Chief Financial Officer and Executive Director首席財務官兼執行董事

LEE Heung Wing, Levin, aged 44, joined the Group as corporate finance director in March 2016 and was responsible for corporate finance, mergers and acquisitions matters and has become the chief financial officer of the Group since July 2019. Mr. Lee is responsible for supervising capital market activities, evaluating M&A targets, and setting financial plan for the Group.

Mr. Lee has over 20 years of professional experience in auditing, accounting and corporate finance. Mr. Lee obtained a degree of Bachelor of Business Administration in Finance from the University of Hong Kong in 2004 and a postgraduate diploma in accountancy from the Hong Kong Polytechnic University in 2006. Mr. Lee became a member and practising member of the Hong Kong Institute of Certified Public Accountants in 2007 and 2015, respectively. Prior to joining the Group, Mr. Lee founded his own certified public accountant and consultancy firm in 2015, principally engaged in business and accounting consultation services. Prior to 2015 and after his graduation, Mr. Lee worked in assurance department of Ernst & Young and his last position was senior manager which he acquired intensive financial reporting and corporate governance experience.

李向榮，44歲，於二零一六年三月加入本集團，擔任企業融資總監，負責企業融資、併購事宜，自二零一九年七月起擔任本集團首席財務官。李先生負責策劃及監督市場集資活動，物色及評估收併購項目，訂立本集團的總體財務規劃。

李先生於審核、會計及企業融資方面擁有逾20年的專業經驗。李先生於二零零四年獲香港大學工商管理學士（財務學）學位，並於二零零六年獲香港理工大學會計學深造文憑。李先生於二零零七年及二零一五年分別為香港會計師公會會員及執業會員。於加入本集團前，李先生於二零一五年成立自身的註冊會計師及諮詢公司，主要從事商業及會計諮詢服務。於二零一五年前及其畢業後，李先生於安永會計師事務所的審計部工作，其最後崗位於該事務所為高級經理，從中獲得豐富的財務申報及企業管治經驗。

醫思健康 13 年度報告 2024/25

Biography of Directors and Senior Management

董事及高級管理人員簡歷

LUK Kun Shing, Ben 陸韵晟

Non-Executive Director

非執行董事

LUK Kun Shing Ben, aged 46, has more than 13 years of experience in the aesthetic medical industry, and over 20 years of experience in the information technology industry. Prior to joining our Group in March 2010, from January 2011 to February 2014, Mr. Luk served as a software engineer at Google (Hong Kong) Limited, a subsidiary of Google Inc., specialising in internet-related services and products. From December 2003 to December 2010, he was a software engineer at Google Inc., in Mountain View, California, the United States and involved in the implementation of Google Maps.

Mr. Luk graduated from Cornell University with a bachelor of science degree in computer science in August 2000 and Stanford University with a master of science degree in computer science in June 2003. Mr. Luk was appointed as the Engineering Site Lead at Google Beijing in 2017. The Board believes that his role in Google Beijing will allow him to be in touch with the state-of-the-art technology and Mr. Luk will continue to advise the Company to enhance its IT systems and access to the latest IT resources.

陸韵晟，46歲，於美學醫療行業擁有逾13年經驗，並於資訊科技行業擁有逾20年經驗。於二零一零年三月加入本集團前，陸先生於二零一一年一月至二零一四年二月擔任Google (Hong Kong) Limited（Google Inc.的附屬公司，專注於互聯網相關服務及產品）的軟件工程師。於二零零三年十二月至二零一零年十二月，彼於美國加利福尼亞州Mountain View任職 Google Inc.的軟件工程師及參與谷歌地圖實現。

陸先生於二零零零年八月畢業於康奈爾大學，取得電腦科學理學士學位，並於二零零三年六月於史丹福大學取得電腦科學理學碩士學位。陸先生於二零一七年被任命為谷歌北京研發中心總經理。董事會相信，彼於谷歌北京的角色將使彼接觸到最先進的科技，並相信陸先生將繼續給予本公司意見以加強本公司資訊科技系統和獲取最新的資訊科技資源。

EC Healthcare 14 Annual Report 2024/25

Biography of Directors and Senior Management

董事及高級管理人員簡歷

LEUNG YANG, Shih Ti Marianne 梁楊世嫡

Non-Executive Director

非執行董事

LEUNG YANG, Shih Ti Marianne, aged 70, was appointed as our Non-Executive Director on 27 December 2024. Mrs. Leung is currently a director at PathLab Medical Laboratories Limited ("PathLab"), a wholly-owned subsidiary of the Group. Mrs. Leung has headed and directed PathLab (formerly known as Sing Tao Medical Laboratory Limited) since 1982 and currently oversees its operations, management, and strategy implementation. PathLab is one of the largest private laboratories in Hong Kong and has been in operation for over 49 years. In 2006, PathLab was the first private laboratory to become ISO 15189 accredited for clinical laboratory testing in Hong Kong. Mrs. Leung received a Bachelor of Science degree (BS, MT, ASCP) from Creighton University in the United States. She is a qualified medical technologist in both Hong Kong and the United States and has dedicated her entire career to the medical laboratory industry. Mrs. Leung has held and still holds positions on various laboratory-related committees of HKSAR Government and higher educational institutions. She was a member of the Hong Kong Medical Laboratory Technologist Board (2007 to 2013) and the Hong Kong Council for Testing and Certification (2009 to 2016). In 2022, during the COVID-19 epidemic, she was awarded the Chief Executive's Commendation for Community Service.

梁楊世嫡，70歲，於二零二四年十二月二十七日獲委任為非執行董事。梁女士現為本集團全資附屬公司栢立醫學化驗所有限公司（「栢立」）董事。梁女士自一九八二年起領導及指揮栢立

（前稱星島醫學化驗所有限公司），目前負責監督其運營、管理及策略實施。栢立為香港最大的私營化驗所之一，並已營運超過49年。於二零零六年，栢立成為香港首家通過ISO 15189認證的臨床實驗室測試私營化驗所。梁女士於美國克瑞頓大學(Creighton University)取得理學士學位（BS、MT、ASCP）。彼為香港及美國的合資格醫療技術員，並將其整個職業生涯奉獻予醫療實驗室行業。梁女士曾於香港特別行政區政府及高等教育機構的多個實驗室相關委員會擔任職務，並仍然擔任該等職務。彼曾擔任香港醫務化驗師管理委員會成員（二零零七年至二零一三年）及香港檢測和認證局成員（二零零九年至二零一六年）。於二零二二年，於 COVID-19疫情期間，彼獲頒行政長官社區服務獎狀。

醫思健康 15 年度報告 2024/25

Biography of Directors and Senior Management

董事及高級管理人員簡歷

MA Ching Nam 馬清楠 Independent Non-Executive Director獨立非執行董事

MA Ching Nam, aged 72, was appointed as our Independent Non-Executive Director on 19 February 2016. Mr. Ma is also a member of each of the Audit Committee and the Remuneration Committee. Mr. Ma has been practising law for more than 42 years. He was admitted as a solicitor in England and Wales, Hong Kong, Australia and Singapore. He currently serves as a consultant of Hastings & Co, Solicitors & Notaries, a law firm in Hong Kong. Mr. Ma is also a Notary Public, China Appointed Attesting Officer and Civil Celebrant. He was the President of the Hong Kong Society of Notaries from 2007 to 2013.

Mr. Ma was a director of Tai Sang Bank Limited, and currently serves as a director of Heptacontinental Group of companies, Ma Kam Ming Company Limited, Ma Kam Ming Charitable Foundation and Ma's Enterprises Company Limited. He is now an Independent Non-Executive Director of JY Grandmark Holdings Limited (Stock Code: 2231), a company listed on the Main Board of the Stock Exchange. Mr. Ma was also an Independent Non-executive Director of Time Watch Investments Limited (Stock Code: 2033), which is listed on the Main Board of the Stock Exchange, during the period between 10 January 2013 and 24 November 2022. Mr. Ma was the Chairman of Po Leung Kuk from 2019 to 2020.

Mr. Ma is a council member of Hong Kong St. John Ambulance. He was appointed as a member of Political and Consultative Conference in Hunan Province, PRC. He was also the past Chairman of St. Paul's Co-educational College Alumni Association. Mr. Ma graduated from the University of Hull with a bachelor of science degree in economics with honours in 1977.

馬清楠 ，72歲，於二零一六年二月十九日獲委任為獨立非執行董事。馬先生亦為審核委員會及薪酬委員會成員。馬先生從事律師執業超過 42年。彼為英格蘭及威爾斯、香港、澳洲及新加坡的認可事務律師。彼現為香港律師事務所希仕廷律師行（律師及公證人）的顧問。馬先生亦為公證人、中國委託公證人及婚姻監禮人。彼於二零零七年至二零一三年間為香港國際公證人協會會長。

馬先生曾擔任大生銀行有限公司的董事，目前為七洲集團公司、馬錦明有限公司、馬錦明慈善基金及馬氏企業有限公司的董事。彼現時為景業名邦集團控股有限公司（一家於聯交所主板上市的公司，股份代號：2231）的獨立非執行董事。於二零一三年一月十日至二零二二年十一月二十四日期間，馬先生亦為時計寶投資有限公司（於聯交所主板上市，股份代號： 2033）的獨立非執行董事。馬先生自二零一九年至二零二零年擔任保良局主席。

馬先生為香港聖約翰救護機構理事會委員。彼已獲委任為中國湖南省政治協商會議委員會委員。彼亦為聖保羅男女中學校友會前任主席。馬先生於一九七七年畢業於赫爾大學，獲得經濟學理學學士榮譽學位。

EC Healthcare 16 Annual Report 2024/25

Biography of Directors and Senior Management

董事及高級管理人員簡歷

LOOK Andrew 陸東 Independent Non-Executive Director獨立非執行董事

LOOK Andrew, aged 60, was appointed as our independent non-executive Director on 19 February 2016. Mr. Look is also a member of each of the Nomination Committee and the Remuneration Committee, as well as the chairman of the Audit Committee.

Mr. Look holds a bachelor of commerce degree from the University of Toronto and has over 30 years' experience in the equity investment analysis of Hong Kong and China stock markets. From 2000 to 2008, Mr. Look served in Union Bank of Switzerland ("UBS") as the head of Hong Kong research, strategy and product. He was rated as the best Hong Kong strategist and best analyst by the Asiamoney magazine, a leading monthly financial and capital markets publication for corporate and finance readers and investors, in 2001, 2002, 2003, 2005, 2006 and 2007. Mr. Look is currently an independent non-executive director of Hung Fook Tong Group Holdings Limited (Stock Code: 1446), CITIC Resources Holdings Limited (Stock Code: 1205) and L.K. Technology Holdings Limited (Stock Code: 558), all of which are listed on the Hong Kong Stock Exchange. He was an independent non-executive director of TCL Communication Technology Holdings Limited (a company delisted on the Hong Kong Stock Exchange on 30 September 2016) from September 2010 to September 2016, an independent non-executive director of Man Sang Jewellery Holdings Limited (now renamed as Baijin Life Science Holdings Limited) (Stock Code: 1466, a company listed on the Hong Kong Stock Exchange) from September 2014 to December 2016, an independent non-executive director of Cowell e Holdings Inc. (Stock Code: 1415, a company listed on the Hong Kong Stock Exchange) from April 2017 to December 2018 and an independent non-executive director of Ka Shui International Holdings Limited (Stock Code: 822, a company listed on the Hong Kong Stock Exchange) from December 2009 to May 2024.

陸東，60歲，於二零一六年二月十九日獲委任為獨立非執行董事。陸先生亦為提名委員會及薪酬委員會的成員，並為審核委員會的主席。

陸先生持有加拿大多倫多大學商科學士學位，於香港及中國股票市場資產投資分析累積逾30年經驗。由二零零零年至二零零八年，陸先生於瑞士銀行（「瑞士銀行」）出任香港研究、策略及產品部主管。陸先生曾於二零零一年、二零零二年、二零零三年、二零零五年、二零零六年及二零零七年獲得《亞洲貨幣》雜誌（一本以企業及財經讀者及投資者為對象之著名財經及資本市場月刊）頒發「香港最佳策略員」、「最佳分析師」殊榮。陸先生現時為香港聯交所上市公司鴻福堂集團控股有限公司（股份代號： 1446）、中信資源控股有限公司（股份代號：

1205）及力勁科技集團有限公司（股份代號：

558）的獨立非執行董事。彼於二零一零年九月至二零一六年九月期間出任TCL通訊科技控股有限公司（已於二零一六年九月三十日於香港聯交所除牌）的獨立非執行董事，於二零一四年九月至二零一六年十二月期間出任香港聯交所上市公司民生珠寶控股有限公司（現時重新命名為佰金生命科學控股有限公司）（股份代號：1466）的獨立非執行董事，於二零一七年四月至二零一八年十二月期間出任香港聯交所上市公司高偉電子控股有限公司（股份代號： 1415）的獨立非執行董事，以及於二零零九年十二月至二零二四年五月期間出任香港聯交所上市公司嘉瑞國際控股有限公司（股份代號： 822）的獨立非執行董事。

醫思健康 17 年度報告 2024/25

Biography of Directors and Senior Management

董事及高級管理人員簡歷

AU Tsun 區雋

Independent Non-executive Director

獨立非執行董事

AU Tsun, aged 45, joined the Group in September 2022 as Independent Non-executive Director. Mr. Au is also the chairman of the Remuneration Committee, and a member of the Audit Committee and the Nomination Committee. Mr. Au owns over 16 years of experience in senior management role, with expertise in asset management, investment, audit and compliance. He is now the Chief Executive Officer of Verdant Capital Group, a multi-billion asset management firm managing and overseeing private equities, venture capital and real estate investments in Hong Kong, Singapore and overseas. He provides the overall strategic direction, leadership and governance of the group, and manages its resources and daily operations.

Mr. Au was the Group Chief Operating Officer of CTF Education Group, where he oversaw the operations and management of Hong Kong and Mainland China regional offices, including operations, finance, IT and human resources functions. Mr. Au was also the Interim Executive Director of Victoria Educational Organisation.

Mr. Au was an audit and advisory Partner in Ernst & Young (EY), he also held the role of EY's Asia Pacific leader in System, Process and Automation under Financial Accounting and Advisory Services where he drove proprietary system solutions for clients. Prior to that, Mr. Au served as Head of Asia for a US-listed global data analytics firm.

Mr. Au serves on the Audit Committee of UNICEF Hong Kong, school council member of Sheng Kung Hui schools, and Board Member of Hong Kong Education City wholly owned by the HKSAR Government. Mr. Au's life passion is to support humanity through different charity initiatives, including Rotary, leadership endowment fund, and many more.

Mr. Au obtained a degree of Bachelor of Economics and Finance from the University of Hong Kong in 2002. Mr. Au is a member of the Hong Kong Institute of Certified Public Accountants, and is also a member of the New Hampshire State Board of Accountancy in the US and American Institute of Certified Public Accountants. Mr. Au is an alumnus of St. Paul's Co-educational College.

區雋，45歲，於二零二二年九月加入本集團任獨立非執行董事。區先生亦獲委任為薪酬委員會主席、審核委員會及提名委員會成員。區先生擁有超過16年的高級管理經驗，並於資產

管理、投資、審計及合規方面擁有專業知識。彼現任璟華資本集團的首席執行官，為管理數十億資產的公司，負責管理並監督香港、新加坡及海外的私募基金、風險投資及房地產投資項目。彼為該集團提供整體策略方向、領導及管治，並管理其資源及日常營運。

區先生曾任周大福教育集團的集團首席營運官，負責監督集團在香港及中國內地的整體營運及管理，範疇包括營運、財務會計、資訊科技及人力資源等；區先生曾任維多利亞教育機構代理行政總監。

區先生為安永會計師事務所（「安永」）的審計及諮詢合夥人。彼亦擔任安永財務會計及諮詢服務的亞太區系統、流程和分析服務領袖，期間彼為客戶推行專屬系統解決方案。而此前，區先生擔任美國上市的全球數據分析公司的亞洲區主管。

區先生現時擔任聯合國兒童基金香港委員會審計委員會成員，亦為聖公會轄下學校的校董會成員，以及為香港特別行政區政府全資轄下的香港教育城董事。區先生的終生使命是通過策劃及參與不同的慈善活動，包括扶輪社及領袖訓練基金等，支援社會上不同人士的需要。

區先生於二零零二年在香港大學取得經濟金融學學士學位。區先生現為香港會計師公會會員、美國新罕布什爾州的州會計委員會會員及美國註冊會計師協會會員。區先生為聖保羅男女中學校友。

EC Healthcare 18 Annual Report 2024/25

Management Discussion and Analysis

管理層討論及分析

Fully committed in delivering sustainable bottom-line growth and productivity improvements

致力實現可持續利潤增長及提升生產力

概覽

The macro economic conditions remained challenging in the second half of FY2025, as persistent inflation, high interest rates and cautious consumer spendings hindered global and local economic recovery. In addition, the recent announcement by the US government of excessively high tariffs on China brought new uncertainties and pressures on Hong Kong, significantly undermining consumer confidence. In the fierce competition across healthcare sector of Hong Kong for both local medical needs and inbound medical tourism and while we see growing trend of cross-border healthcare consumption - especially in Shenzhen - has increased pressure on local service providers to compete through superior quality, cost-effectiveness, and operation efficiency. Amid these headwinds, the Group has proven its resilience and adaptability, underscoring its strategic foresight, operational strength, and dedication to stakeholders. While revenue saw a mild decline, the Group achieved meaningful gains in operational efficiency - a crucial advancement that strengthens its foundation for long-term growth and sustained value creation despite ongoing market pressures.

During the Reporting Period, the Group generated revenue of HK$4,140.2 million and sales volume of HK$4,170.3 million, representing slight YoY decreases of 1.7% and 1.0% respectively. This performance reflects two key factors: (1) softer demand in discretionary healthcare segments -including medical services, aesthetic treatments, and beauty & wellness offerings - affected by cautious consumer spendings and the growing preference for cross-border healthcare services in Shenzhen; and (2) targeted portfolio optimization through the strategic disposal of certain medical assets, reinforcing our capital discipline and creating value through active balance sheet management.

The Group has maintained its trajectory of disciplined cost management and strategic consolidation while maintaining high service standards adapting to market conditions. On an adjusted basis, if excluding the effects of: (i) gain on disposal of subsidiaries, net; (ii) government grant; (iii) losses on financial assets at fair value; (iv) impairment loss on goodwill; (v) fair value loss on investment properties; (vi) impairment loss on joint venture; (vii) impairment loss on other receivables; (viii) share of impairment loss of an associate; and

於二零二五財年下半年，宏觀經濟狀況依然嚴峻，通脹持續、利率高企以及消費者謹慎消費對全球及本地經濟復甦造成阻礙。此外，美國政府近期宣佈對中國徵收高昂關稅，為香港帶來新不確定性及壓力，嚴重削弱消費者信心。香港醫療保健行業競爭激烈，當中除了本地醫療需求外，亦包括入境醫療旅遊，而跨境醫療保健消費（尤其是在深圳）的趨勢日益增長，加大本地醫療機構透過卓越品質、成本效益及營運效率競爭的壓力。面對該等不利因素，本集團展現出韌性及適應能力，彰顯其策略遠見、營運實力以及對持份者的奉獻。儘管收入略有下跌，本集團的營運效率仍取得顯著提升－此關鍵發展鞏固本集團在持續的市場壓力下實現長期增長及持續創造價值的基礎。

於報告期間，本集團產生收入4,140.2百萬港元，銷售額為 4,170.3百萬港元，同比分別輕微減少1.7%及1.0%，反映兩項主要因素：(1)受深圳跨境醫療保健服務消費者謹慎消費及日益增長的趨勢影響，包括醫療服務、醫美療程及美容保健產品在內的非必需醫療保健服務分部需求疲軟；及 (2)透過策略性出售若干醫療資產，針對性優化投資組合，加強資本管理，並透過主動管理資產負債表創造價值。

在維持高服務水平的同時，本集團始終維持嚴格的成本管理及策略整合，以適應市場環境。經調整後，倘剔除下列影響：(i)出售附屬公司的收益淨額；(ii)政府補助；(iii)按公平值計量的金融資產虧損；(iv)商譽減值虧損；(v)投資物業公平值虧損；(vi)合營企業減值虧損；(vii)其他應收款項減值虧損；(viii)分佔一間聯營公司的減值虧損；及(ix)出售及撇銷物

醫思健康 19 年度報告 2024/25

Management Discussion and Analysis

管理層討論及分析

(ix) loss on disposals and write-off of property, plant and equipment, the Group's adjusted EBITDA during the Reporting Period decreased by 15.1% YoY to HK$375.2 million (FY24: HK$441.6 million), reflecting both market challenges and our strategic investments in long-term operational efficiency. These measures position the Group for improved performance as market conditions stabilize.

During the Reporting Period, the Group recognised HK$268.2 million gain collectively from the disposals of certain Hong Kong-based medical service assets as part of our strategic collaboration with insurance partners and a disciplined capital management strategy. These transactions achieved dual objectives: (1) unlocking value from established healthcare assets through strategic partnerships, and (2) refining our service portfolio by exiting non-core and underperforming operations. This active approach to capital recycling has strengthened our balance sheet while allowing for reinvestment in higher-growth service lines. Moreover, these measures demonstrate our commitment to maintaining an optimal asset mix while maximizing shareholder value through proactive portfolio management.

In FY25, non-cash impairment charges were made in respect of the goodwill, interest in a joint venture, and interest in an associate of HK$213.5 million for certain dental clinics in our Hong Kong medical service segment, as well as certain centres in our Chinese Mainland aesthetic medical, beauty and wellness segment. In addition, non-cash fair value loss were recognised in respect of investment properties, financial assets and other receivables approximately HK$115.6 million. Due to the aforementioned impairments, the Group recorded a loss attributable to shareholders of the Company for the Reporting Period of HK$167.2 million (FY24: loss of HK$18.9 million).

The Group remains steadfast in its commitment to delivering sustainable profitability and enhanced productivity. Having successfully executed our strategic expansion and established key commercial partnerships, we now focus on optimizing network integration and pursuing targeted B2B, B2I, and B2G opportunities. These efforts create a unified healthcare ecosystem that facilitates seamless patient referrals and continuity of care, while delivering accessible, high-quality, and cost-effective services. Through synergistic collaboration across our various business units and the strategic expansion of our medical and diagnostic center network, we anticipate improvements in both operational performance and financial results. Concurrently, the Group maintains rigorous working capital discipline to preserve financial stability and support future growth initiatives.

業、廠房及設備的虧損，本集團於報告期間的經調整息稅折舊及攤銷前之盈利同比減少15.1%至375.2百萬港元（二零二四財年：441.6百萬港元），反映市場挑戰以及我們對長期營運效率的策略投資。該等措施使本集團的表現在市場環境趨於穩定下有所提升。

於報告期間，本集團因出售若干香港醫療服務資產而合共確認收益268.2百萬港元，此乃我們與保險合作夥伴的策略合作以及嚴謹的資本管理策略的一部分。該等交易實現雙重目標：(1)透過策略夥伴關係釋放現有醫療保健資產的價值；及(2)透過退出非核心及表現欠佳的業務優化我們的服務組合。該主動資本循環策略增強我們的資產負債表，同時使我們能夠對高增長服務線進行再投資。此外，該等措施亦體現我們致力於維持最優質資產組合，並透過積極的投資組合管理實現股東價值最大化。

於二零二五財年，本集團就香港醫療服務分部的若干牙科診所以及中國內地美學醫療、美容及養生分部的若干中心的商譽、於一間合營企業的權益及於一間聯營公司的權益計提213.5百萬港元的非現金減值開支。此外，本集團就投資物業、金融資產及其他應收款項確認約115.6百萬港元的非現金公平值虧損。由於上述減值，本集團於報告期間錄得本公司股東應佔虧損167.2百萬港元（二零二四財年：虧損18.9百萬港元）。

本集團始終堅定不移地致力於實現可持續盈利能力及提高生產力。在成功實施策略性擴張及建立主要商業夥伴關係後，我們目前專注於優化網路整合，並尋求有針對性的 B2B、B2I及B2G機會，建構統一的醫療保健生態系統，促進患者轉介的無縫銜接及持續護理，同時提供便利、優質且符合成本效益的服務。透過我們各個業務部門之間的協同合作以及醫療及診斷中心網絡的策略性擴張，我們預計營運表現及財務業績均會有所提升。同時，本集團嚴格控制營運資金，以維護財務穩定性並支持未來的增長計劃。

EC Healthcare 20 Annual Report 2024/25

Management Discussion and Analysis

管理層討論及分析

Furthermore, during the Reporting Period, the Group has executed significant cost optimization measures, reducing headcounts by 613 (272 back-office and 341 front-line roles) against the FY23 baseline while leveraging on lease expirations to renegotiate rental rates across 137,000 sq ft of service floor space and consolidate operations, resulting in the release of 233,000 sq ft of underutilized facilities. These initiatives have collectively improved our rent-to-sales ratio, reduced overhead costs, enhanced operational synergies, and strengthened our integrated service delivery platform, demonstrating disciplined execution of our efficiency roadmap while maintaining capacity for future growth.

Moreover, the Group has implemented comprehensive cost management initiatives while maintaining high service standards, including operational restructuring, optimized doctor fee arrangements, and streamlined processes. Through strategic measures such as G&A expense rationalization, back-office centralization, selective outsourcing, and digital transformation, we have achieved cumulative savings of approximately HK$286.0 million (excluding certain one-off compensation and costs) since the FY23 baseline. These structural improvements are expected to deliver additional recurring benefits in future periods as transitional costs phase out and efficiency measures reach full implementation.

The Group has strategically optimized its service network by consolidating footprints and operations, resulting in a net decrease of 18 service points alongside a 66,000 sq ft reduction in total service floor space (primarily from medical services) as compared to FY24. As of 31 March 2025, our streamlined network comprises 164 service points across Hong Kong (152), Macau (4), and Chinese Mainland (8), occupying an aggregate service floor space of approximately 591,000 sq ft (FY24: 657,000 sq ft). This balanced approach of selective expansion and facility consolidation has enhanced operational efficiency while maintaining comprehensive market coverage, creating a more sustainable platform for service delivery and future growth.

此外，於報告期間，本集團實施重大成本優化措施，與二零二三財年基線相比，員工人數減少613名（272名後台及 341名前線員工），同時利用租約到期的機會，重新協商

137,000平方呎服務場地空間面積的租金並整合業務營運，釋出233,000平方呎的未充分動用設施。該等措施共同提升我們的租金與銷售額比率，降低間接成本，提升營運協同效應，並強化我們的綜合服務交付平台，展現我們嚴格執行效率藍圖的決心，同時保持未來增長的潛力。

此外，在維持高服務水平的同時，本集團已實施全面成本管理措施，包括營運重組、優化醫生收費安排及精簡流程。透過合理化一般及行政開支、後台集中化、選擇性外包及數位轉型等策略措施，自二零二三財年基線以來，我們已累計節省約286.0百萬港元（不包括若干一次性薪酬及成本）。隨著過渡成本逐步減少及效率措施獲全面實施，該等結構性改進預計將於未來期間帶來額外的經常性效益。

本集團已透過整合佈局及營運，策略性地優化其服務網絡。與二零二四財年相比，服務點淨減少18個，總服務場地空間面積（主要來自醫療服務）減少66,000平方呎。截至二零二五年三月三十一日，我們精簡的網絡有164個服務點，遍佈香港（152個）、澳門（4個）及中國內地（8個），總服務場地空間面積約為591,000平方呎（二零二四財年： 657,000平方呎）。該選擇性擴張與設施整合的平衡策略在維持全面市場覆蓋率的同時，亦提高營運效率，為服務交付及未來增長打造更具可持續性的平台。

醫思健康 21 年度報告 2024/25

Management Discussion and Analysis

管理層討論及分析

The Group has established a robust healthcare ecosystem comprising 102 strategically positioned service points in Hong Kong, delivering comprehensive medical services across 38 specialties through our network of 316 registered practitioners. Our integrated platform provides end-to-end care including advanced diagnostics, dental services, health screening & laboratory testing, pain management, and specialized treatments through a one-stop service model. In FY25, revenue from medical service declined by 4.7% to HK$2,507.3 million (60.6% of total revenue) mainly due to (1) softer demand in discretionary B2C segments - particularly dental care, health screenings, and pain management -which were impacted by cautious consumer spendings and growing cross-border healthcare demand in Shenzhen, and (2) targeted portfolio optimization through the strategic divestment of selected Hong Kong medical service assets to enhance capital efficiency. Notably, while elective procedures faced intense competition, demand for core medical services maintained stable albeit with heightened price sensitivity.

To enhance performance, we have implemented clinic consolidations and resource reallocation to high-demand locations, coupled with operational upgrades including patient flow improvements and staff training programs. Simultaneously, we are pivoting towards institutional healthcare through insurance-linked preventive care programs, government service contracts, and community partnerships. Our newly established flagship facilities - including the diagnostic and day surgery

業務分部回顧

醫療服務分部

本集團已建立強大的醫療保健生態系統，由位於香港的102個策略性服務點組成，透過316名註冊醫生網絡，提供涵蓋38個專科的全面醫療服務。我們的綜合平台透過一站式服務模式提供端到端護理服務，包括預先診斷、牙科服務、健康篩查及實驗室檢測、疼痛管理以及專科治療。於二零二五財年，醫療服務收入下降 4.7%至2,507.3百萬港元（佔總收入的60.6%），主要是由於(1)受謹慎的消費者支出及深圳跨境醫療保健需求增長的影響，非必需B2C分部

（尤其是牙科、健康篩查及疼痛管理）的需求疲軟，及(2)透過策略性剝離部分香港醫療服務資產，針對性優化投資組合，以提升資本效率。值得注意的是，儘管選擇性手術面臨激烈的競爭，且價格敏感度有所提升，惟核心醫療服務的需求仍保持穩定。

為提升表現，我們整合診所資源，並將其重新分配至高需求地區，同時實施營運升級，包括改善患者流量及展開員工培訓計劃。同時，我們正透過與保險掛鈎的預防性保健計劃、政府服務合約及社區合作，向機構醫療保健轉型。我們新建的旗艦設施（包括位於中環的診斷及日間手術中心及高級影像中心）正在實現規模

centre and advanced imaging centre located in Central district - are

化，並透過B2B（企業）及B2（I

保險公司）分部

achieving scale, diversifying revenue across B2B (corporate) and B2I (insurer) segments to reduce consumer market dependence. This dual approach of operational refinement and business model innovation strengthens our market adaptability and revenue resilience by reducing reliance on discretionary consumer spendings.

The Group is advancing its technological capabilities through AI integration in medical imaging, enhancing diagnostic precision and clinical decision-making across our network. We have successfully secured key service contracts, including Hospital Authority imaging referrals and civil servant dental programs, demonstrating our competitive strengths in institutional healthcare delivery. These strategic initiatives - coupled with operational improvements, technological advancement, and partnership expansion - position the Group for sustainable growth despite challenging market conditions.

實現收入多元化，從而減少對消費者市場的依賴。此項營運優化及商業模式創新的雙管齊下，透過減少對非必需消費者支出的依賴，增強我們的市場適應能力及收入韌性。

本集團正透過將人工智能技術融入醫學影像領域，提升其技術能力，進而提高整個網絡的診斷精準度及臨床決策能力。我們已成功獲得包括醫院管理局影像轉介及公務員牙科計劃在內的主要服務合約，展現我們在機構醫療保健服務方面的競爭優勢。該等策略性舉措，加上營運改善、技術進步及合作夥伴關係擴張，使本集團得以在充滿挑戰的市場環境下仍能實現可持續增長。

EC Healthcare 22 Annual Report 2024/25

Management Discussion and Analysis

管理層討論及分析

Our aesthetic medical, beauty and wellness service pillar comprises aesthetic medical, traditional beauty, haircare, ancillary wellness services and the sale of skincare, healthcare and beauty products in Hong Kong, Macau and Chinese Mainland. During the Reporting Period, the Group has strengthened its beauty and wellness portfolio through the strategic acquisition of established Hong Kong and Macau-based chain operating under renowned brands including BMF, MSC, Svenson and Harvard Addhair. This transaction enhances our market position by adding 14 premium service locations, expanding our offerings in aesthetic treatments, slimming solutions, haircare, and wellness services. The acquisition creates immediate synergies with our existing medical aesthetics platform while providing opportunities for revenue diversification, cross-selling, and operational optimization across our expanded network. By integrating these well-recognised brands into our ecosystem, we reinforce our competitive edge in the region's beauty and wellness sector, aligning with our long-term growth strategy of vertical integration and market consolidation.

Nevertheless, Hong Kong's subdued consumer confidence and weak retail environment continue to drive spendings towards lower-cost alternatives in Shenzhen, particularly during weekends and holidays, creating ongoing pressure on our discretionary service bookings. These market conditions present a dual challenge: maintaining stable revenue amid declining average customer spendings while simultaneously retaining existing clients and attracting new ones despite tightened budgets. As a result, the revenue contribution by this segment has decreased by 1.0% YoY to HK$1,296.1 million, accounted for 31.3% of the total revenue. Revenue from the 42 service points in Hong Kong declined by 4.8% YoY to HK$1,009.8 million. Revenue from the 8 service points in Chinese Mainland and the 3 service points in Macau recorded a YoY decline of 19.0% to HK$100.0 million and a YoY decline of 14.0% to HK$108.0 million respectively, indicating broader regional consumption downgrades across the Greater Bay Area.

The Group has proactively addressed the challenging market environment of Hong Kong. We have implemented a comprehensive competitiveness enhancement program: upgrading our CRM systems, investing in cutting-edge beauty equipment, and optimizing marketing budgets to strengthen our market leadership. Simultaneously, we are improving operational efficiency through sales network optimization, resource reallocation, and business process re-engineering. These initiatives are designed to enhance customer loyalty and service quality while maintaining our position as the premium service provider in Hong Kong's aesthetic and wellness market.

美學醫療、美容及養生分部

我們的美學醫療、美容及養生服務支柱包括美學醫療、傳統美容、護髮、輔助養生服務以及在香港、澳門及中國內地銷售護膚、保健及美容產品。於報告期間，本集團透過策略性收購 BMF、MSC、史雲遜及Harvard Addhair等知名品牌，增強其在香港及澳門的美容及養生產品組合。該項交易新增14間優質服務門市，擴大我們在醫美療程、纖體方案、護髮及養生服務領域的產品組合，從而提升我們的市場地位。該收購將與我們現有的醫美平台產生直接的協同效應，同時為我們的擴展網絡帶來收入多元化、交叉銷售及營運優化的機會。透過將該等知名品牌整合到我們的生態系統中，我們增強在該地區美容及養生分部的競爭優勢，與我們的垂直整合及市場整合長期增長策略相一致。

然而，香港消費者信心低迷及零售環境疲軟，持續驅使消費者轉向成本更低的深圳，尤其是在週末及假日，為我們的非必需服務預約數目帶來持續壓力。該等市場狀況對我們構成雙重挑戰：在平均客戶支出下降的情況下保持穩定收入，同時在預算緊縮的情況下挽留現有客戶及吸引新客戶。因此，該分部的收入貢獻同比減少1.0%至1,296.1百萬港元，佔總收入的 31.3%。來自香港42個服務點的收入同比減少

4.8% 至1,009.8百萬港元。來自中國內地8個服務點及澳門3個服務點的收入分別同比減少 19.0% 至100.0 百萬港元及同比減少14.0% 至

108.0百萬港元，反映大灣區的地區消費升級普遍放緩。

本集團已積極應對充滿挑戰的香港市場環境。我們實施全面的競爭力提升計劃：升級客戶關係管理系統、投資尖端美容設備，並優化營銷預算，以鞏固我們的市場領導地位。與此同時，我們透過優化銷售網路、資源重新配置及業務流程重組，以提高營運效率。該等措施旨在提升客戶忠誠度及服務質量，同時鞏固我們在香港美學醫療及養生市場的優質服務提供者地位。

醫思健康 23 年度報告 2024/25

Management Discussion and Analysis

管理層討論及分析

For our Chinese Mainland operations, we have executed strategic consolidations of service outlets and reallocated resources to high-demand locations. This is complemented by operational upgrades and stringent quality control measures to ensure service excellence. By focusing on operational efficiency and premium service delivery, we aim to navigate the current consumption downturn while positioning for recovery in this crucial market segment.

While weaker sentiment in Hong Kong's economy has had some minor impact on the veterinary segment, the overall demand remains resilient, supported by restrictions on bringing pets across the border into Shenzhen. This limitation reinforces the need for local pet owners to rely on Hong Kong's veterinary services, sustaining steady demand for high-quality pet healthcare. The Group's veterinary and multi-channel networking segment in Hong Kong achieved 24.9% YoY revenue growth to HK$336.8 million (8.1% of total revenue), driven by expanded market share in Hong Kong's veterinary sector. Our veterinary team has expanded into 71 registered surgeons, while our first organic flagship Animal Medical Academy Hospital ("AMAH") in Tsim Sha Tsui East achieved profitability and earned designation as one of the only three training clinics approved by the Veterinary Surgeons Board - a remarkable achievement within two years of operation that validates our world-class facilities and clinical standards. This accreditation allows AMAH to train overseas veterinary graduates seeking local registration, further enhancing our industry standing.

As of 31 March 2025, our 9 veterinary service points form the foundation for continued growth in this strategic segment, as we focus on developing our veterinary consolidation platform into a major growth driver by addressing industry needs, maintaining clinical excellence at AMAH, and expanding our network to strengthen our market leadership in Hong Kong's evolving pet healthcare sector. These efforts reinforce our commitment to building a premium veterinary brand while capitalizing on the sector's strong growth potential - further bolstered by the recent decision of Hong Kong government to shorten the quarantine period for pets entering from the Chinese Mainland from 120 days to 30 days which became effective on 3 June 2025. While this policy eases one-way cross-border mobility into Hong Kong, it also drives demand for compliant health checks, vaccinations, and post-arrival care, creating new opportunities for veterinary service providers. The Group is well-positioned to capture this demand through accredited facilities such as AMAH, which offers pre- and post-quarantine supports, ensuring regulatory compliance and solidifying our role as a trusted partner for pet owners. This policy shift aligns with our expansion strategy and underscores the rising importance of professional pet healthcare in Hong Kong's dynamic market.

就中國內地的業務而言，我們對服務網點進行策略性整合，將資源重新分配至高需求地區。此外，我們亦實施營運升級及嚴格的品質控制措施，確保提供卓越的服務。透過專注於營運效率及優質服務，我們力求安然度過當前消費低迷的時期，並為該關鍵市場分部的復甦作好準備。

獸醫及其他服務分部

儘管香港經濟疲軟對獸醫分部造成輕微影響，整體需求依然保持韌性，此乃得益於深圳對攜帶寵物入境的限制。此項限制增強本地寵物主人對香港獸醫服務的依賴，從而維持對高品質寵物醫療保健的穩定需求。受香港獸醫行業市場份額擴大所推動，本集團香港獸醫及多渠道網絡分部收入同比增加24.9%至336.8百萬港元

（佔總收入的8.1%）。我們的獸醫團隊已擴展至 71名註冊獸醫，而我們位於尖沙咀東部的首間有機旗艦動物醫療學會醫院（「AMAH」）已實現盈利，並被指定為僅有的三間經獸醫管理局批准的培訓診所之一－此乃在營運兩年內取得的非凡成就，認證我們世界一流的設施及臨床標準。此項認證使AMAH得以培訓尋求本地註冊的海外獸醫畢業生，進一步提升我們的行業地位。

截至二零二五年三月三十一日，我們擁有9個獸醫服務點，為此項戰略分部的持續增長奠定基礎。我們致力於將獸醫整合平台發展成為主要的增長動力，滿足行業需求，保持AMAH的臨床卓越性，並擴展我們的網絡，以鞏固我們在香港不斷發展的寵物醫療保健領域的市場領導地位。該等努力強化我們致力於打造優質獸醫品牌的決心，同時充分利用該行業的強勁增長潛力－香港政府最近決定自二零二五年六月三日起將從中國內地入境的寵物隔離期由120天縮短至30天，進一步增強我們的增長潛力。該項政策不僅簡化單程跨境進入香港的流程，亦推動對合規健康檢查、疫苗接種及抵達後護理的需求，為獸醫服務提供者創造新機會。本集團憑藉著如同AMAH的認證機構，更好地滿足該項需求。AMAH提供隔離前後的支援，確保符合法規要求，並鞏固我們作為寵物主人值得信賴的合作夥伴的地位。該項政策轉變與我們的擴張策略相契合，並突顯專業寵物醫療保健在香港充滿活力的市場中日益增長的重要性。

EC Healthcare 24 Annual Report 2024/25

Management Discussion and Analysis

管理層討論及分析

Obtained

ISO 9001:2015

certification

獲得ISO 9001:2015

認證

Sustainability-linked Syndicated Loan

與可持續發展表現掛鈎的銀團貸款

推動變革：二零二五財年的可持續發展、醫療保健及企業管治

In FY25, our Group made significant strides in advancing our sustainability efforts, with a focus on environmental and social sustainability, as well as governance. We installed IoT devices in our locations to achieve energy efficiency and reduce our carbon footprint, while also entering into a lease with Green Pledge to ensure that our operations focus on energy savings and reducing waste. Besides that, we introduced and expanded sustainability-linked facilities as a key part of our financial strategy. This approach not only integrates ESG considerations into all our operations and decision-making processes, but also enables us to invest in long-term projects that promote sustainability while meeting our financial objectives. Additionally, we hosted various events to serve underprivileged communities, providing equal access to healthcare and working with the government and charitable organizations for community outreach.

EC Healthcare remains unwavering in its commitment to protecting the health, safety, and privacy of our patients. To uphold the highest standards of medical governance,

we have established a Medical Advisory Board composed of distinguished leaders in healthcare, including Dr. Ko Wing Man (Executive Council Member and former Secretary for Food and Health) as Chief Advisor. The board meets quarterly to provide strategic oversight on governance, medical risk mitigation, and the advancement of best practices in quality assurance, safety, and regulatory compliance. The Group also obtained ISO 9001:2015 Quality Management System certification and adhered to the ISO 31000:2018 Risk Management standard, demonstrating our commitment to strengthening corporate governance and providing high-quality services to our customers while managing risks in a structured and systematic way.

於二零二五財年，本集團在可持續發展方面取得顯著進展，重點關注環境及社會可持續性以及公司管治。我們在各個地點安裝物聯網設備，藉以提高能源效率及減少碳足跡，同時與綠色承諾 (Green Pledge)簽訂租賃協議，確保我們的營運專注於節能減排。此外，我們亦引入及擴展與可持續發展掛鈎的設施，並將其訂為財務策略的重要部分。該方法不僅將環境、社會及管治考慮納入我們全部營運及決策流程，亦使我們得以投資於促進可持續發展的長期項目，同時實現我們的財務目標。此外，我們亦舉辦各種活動，服務弱勢社群，提供平等的醫療保健服務，並與政府及慈善機構合作進行社區外展活動。

醫思健康始終堅定不移地保護患者的健康、安全及隱私。為維護最高的醫療管治標準，我們成立由醫療領域傑出領袖組成的醫療顧問委員會，其中包括首席顧問高永文醫生（行政會議成員、前食物及衛生局局長）。委員會每季召開一次會議，就管治、醫療風險緩解以及品質保證、安全及法規合規方面的最佳實踐改進提供策略監督。本集團亦獲得ISO 9001：2015品質管理系統認證，並遵守ISO 31000：2018風險管理標準，彰顯我們致力於加強企業管治，並在以結構化及系統化的方式管理風險的同時，為客戶提供高品質服務的決心。

醫思健康 25 年度報告 2024/25

Management Discussion and Analysis

管理層討論及分析

The global economic environment continues to face uncertainty, marked by persistent geopolitical tensions and trade policy disruptions that are creating sustained headwinds. These challenges are particularly acute in Hong Kong, where weak capital and property markets have significantly eroded consumer confidence and discretionary spending power. Compounding these pressures, the growing trend of Hong Kong residents traveling to mainland cities - especially Shenzhen - for more affordable leisure and shopping options has intensified competition across local retail and service sectors. Given the structural market shifts in Hong Kong, the Group expects the current subdued conditions to persist in the near term.

Despite the challenging local and global economic landscape, we maintain a cautiously optimistic outlook. We are confident that our strategic focus on: (1) business development, (2) operational excellence, and (3) digital transformation will enable us to navigate these challenges effectively. This confidence is based on our status as a market leader in the industry and the strongly positive reputation that the Group has established over many years as an innovative, reliable and highly professional one-stop platform service provider in Hong Kong. Our diversified healthcare revenue streams and strategic initiatives position us to maintain stability and capitalize on recovery trends as they emerge.

In terms of business development, the Group will utilize its platform approach, supported by IT capabilities, to create relevant product offerings aimed at maximizing our share of customer spending. This strategy includes targeting more scalable customer segments such as the B2B corporate medical market, the B2I insurance sector, and government initiatives through various Public-Private Partnerships (PPP). Capturing these growth segments will drive sustainable and profitable expansion with a compressed payback period, facilitating effective market consolidation. Additionally, we will implement careful revenue management across different customer segments to safeguard our margins.

展望

市場挑戰下謹慎樂觀的前景

受持續的地緣政治緊張局勢及貿易政策波動正在造成持續的逆境影響，全球經濟環境持續面臨不確定性。該等挑戰在香港尤為嚴峻，而疲軟的資本及物業市場嚴重削弱消費者信心及非必需消費能力。此外，香港居民前往中國內地

（尤其是深圳）尋求更經濟實惠的休閒及購物選擇，此趨勢日益增長，加劇當地零售及服務業的競爭。鑒於香港市場的結構性轉變，本集團預計目前的低迷狀態將在短期內持續。

儘管本地及全球經濟格局充滿挑戰，我們仍保持審慎樂觀的展望。我們相信，專注於以下三個戰略重點：(1)業務發展、(2)卓越營運及(3)數位轉型，將使我們能夠有效應對該等挑戰，此乃基於我們作為行業市場領導者的地位，以及本集團多年來作為香港創新、可靠且高度專業的一站式平台服務提供者所建立的良好聲譽。我們多元化的醫療保健收入來源及策略性舉措使我們能夠保持穩定，並抓住復甦趨勢帶來的機會。

業務發展

在業務發展方面，本集團將利用其平台模式，並輔以資訊科技能力，打造相關產品，以最大限度地提升我們在客戶消費中的份額。該策略包括針對更具擴展性的客戶分部，例如B2B企業醫療市場、B2I保險市場以及透過各種公私合作(PPP)模式參與的政府項目。抓住該等增長分部將會推動可持續的盈利擴張，並縮短投資回收期，從而促進有效的市場整合。此外，我們將對不同客戶分部實施審慎的收入管理，以保障利潤率。

EC Healthcare 26 Annual Report 2024/25

Management Discussion and Analysis

管理層討論及分析

Our Hong Kong network has grown significantly through strategic partnerships and new service points, enhancing accessibility for patients, corporates, and insurers. We are building up a dedicated medical business development team in driving innovative initiatives, supported by digital solutions that streamline claims processing and improve operational efficiency. These advancements enable us to deliver tailored healthcare plans that balance cost-effectiveness with comprehensive coverage, strengthening our partnerships with insurers and corporate clients.

The HKSAR government's focus on primary healthcare development -including the District Health Centre (DHC) Scheme and expanded public-private partnerships (PPP) opportunities - aligns with our expertise in accessible and quality care. Our selection as a civil servant dental program provider demonstrates this alignment. Moving forward, we remain committed to supporting public healthcare objectives through our extensive network and operational capabilities, delivering coordinated, patient-centered services to promote community health and wellness.

In an era of evolving patient expectations and intensifying market competition, the Group distinguishes itself through an uncompromising commitment to operational excellence that creates tangible value for our stakeholders. While competitors struggle with fragmented systems and reactive management, the Group is driving operational excellence through focused initiatives to enhance workforce productivity, optimize asset utilization, improve process efficiency, and maintain rigorous cost control.

The Group will continue to strengthen integration and consolidate across our centers of excellence and business units, we are creating synergistic value that elevates customer experience while improving operational effectiveness. Our approach combines talent development programs, data-driven asset management, lean process improvements, and disciplined financial oversight to establish a culture of continuous optimization across all service lines, ensuring we deliver both operational efficiency and superior healthcare services. As market dynamics shift toward value-based care, our continuous improvement culture and technology-driven operations position us to set - rather than follow -industry standards.

透過策略合作夥伴關係及新增服務點，我們的香港網絡顯著擴張，提升患者、企業及保險公司的可近性。我們正在組建一支專業醫療業務發展團隊，推動創新舉措，並藉助數位化解決方案簡化理賠流程，提高營運效率。該等進展使我們能夠提供度身定制的醫療保健計劃，在成本效益及全面保障之間取得平衡，從而加強我們與保險公司及企業客戶的合作夥伴關係。

香港特別行政區政府專注於基層醫療保健發展，包括地區康健中心(DHC)計劃及擴大公私合作(PPP)項目，這與我們在便捷優質醫療服務方面的專業相契合。我們獲選為公務員牙科計劃提供者，正是體現有關契合。展望未來，我們將繼續致力於透過廣泛的網絡及營運能力支持公共醫療保健目標，提供協調一致、以患者為中心的服務，促進社區健康福祉。

卓越營運

在患者期望不斷變化、市場競爭日益激烈的時代，本集團始終堅持不懈地追求卓越營運，為持份者創造實際價值，從而脫穎而出。競爭對手正苦於系統分散化及被動管理，而本集團則透過專注的舉措，致力於提升員工生產力、優化資產利用率、提高流程效率，並維持嚴格的成本控制，從而推動卓越營運。

本集團將持續加強各卓越中心與業務單位的整合，創造協同價值，在提升客戶體驗的同時，提升營運效率。我們的方法融合人才發展計劃、數據驅動的資產管理、精益流程改進和嚴格的財務監管，在所有服務線上建立持續優化的文化，確保我們既能提供高效的運營，又能提供卓越的醫療服務。隨著市場動態向基於價值的醫療服務轉變，我們持續改進的文化和技術驅動的營運使我們能夠制定而非遵循行業標準。

醫思健康 27 年度報告 2024/25

Management Discussion and Analysis

管理層討論及分析

The Group is accelerating its digital transformation to enhance service scalability, optimize costs, and elevate customer experiences. We are implementing secure data management systems to automate operations and streamline procurement and inventory management, while expanding customer access through 24/7 online booking platforms. Through strategic collaboration with our "TTIPP" ecosystem partners (Technology, Telecommunications, Insurance, Real Estate, and Pharmaceuticals), we are co-developing innovative healthcare solutions supported by standardized operational governance.

On 16 May 2025, the Group established the "RIMAG-EC Health Tech Alliance" through a joint venture with Jiangxi RIMAG Group (HKEX: 2522), combining their medical imaging expertise and supply chain capabilities with our established healthcare platform across Hong Kong, Macau and international markets. This strategic collaboration enables centralized procurement of premium imaging equipment and consumables, optimizing costs while enhancing service agility, and positions us to deliver cutting-edge diagnostic technologies to patients through integrated operational synergies. The alliance strengthens Hong Kong's medical sector by connecting global resources with local healthcare needs, reinforcing our commitment to technology-driven, high-quality service delivery.

The Group is also currently evaluating the integration of AI technologies across our advanced imaging centers to enhance diagnostic capabilities and operational efficiency. We are carefully assessing various AI solutions that could potentially improve radiologists' diagnostic accuracy and workflow productivity while enabling faster, more detailed reporting for patients. This exploration focuses on identifying optimal applications for different imaging modalities, developing implementation frameworks that complement clinical workflows, and ensuring seamless integration with existing systems. As we methodically test and validate these technologies, we aim to establish scalable AI solutions that maintain our high standards of care, with plans to gradually expand successful applications to other service lines. This initiative underscores our commitment to adopting innovative, evidence-based technologies that deliver measurable value to both healthcare providers and patients.

數位轉型

本集團正在加速數位轉型，以增強服務可擴展性、優化成本並提升客戶體驗。我們正在實施安全的資料管理系統，以實現營運自動化，簡化採購和庫存管理，同時透過全天候線上預訂平台擴展客戶存取。透過與「TTIPP」生態系統合作夥伴（科技、電信、保險、房地產和製藥）的策略合作，我們正在共同開發由標準化營運治理支援的創新醫療解決方案。

於二零二五年五月十六日，本集團與江西一脈陽光集團（聯交所股份代號：2522）成立合營企業，成立「一脈－醫思健康科技聯盟」，將後者在醫學影像領域的專業知識和供應鏈能力與我們在香港、澳門及國際市場成熟的醫療平台相結合。此次策略合作旨在集中採購高階影像設備和耗材，優化成本並提升服務彈性，並透過整合營運綜效，為患者提供尖端診斷技術。該聯盟將全球資源與本地醫療需求結合，增強香港醫療產業的實力，並強化我們以技術驅動、提供高品質服務的承諾。

本集團目前亦正評估將人工智能技術整合到其先進的影像中心，以提升診斷能力和營運效率。我們正在仔細評估各種人工智能解決方案，該等方案有望提高放射科醫師的診斷準確性和工作流程效率，同時為患者提供更快、更詳細的報告。此次探索的重點是確定不同影像模式的最佳應用方案，開發與臨床工作流程相輔相成的實施框架，並確保與現有系統無縫整合。隨著我們系統地測試和驗證這些技術，我們的目標是建立可擴展的人工智能解決方案，以保持我們高標準的護理，並計劃逐步將成功的應用擴展到其他服務領域。這項計劃凸顯了我們致力於採用創新的、循證的技術，為醫療服務提供者和患者帶來可衡量的價值。

EC Healthcare 28 Annual Report 2024/25

Management Discussion and Analysis

管理層討論及分析

During the reporting period, the Group successfully completed the strategic disposal of its entire equity interests in New Medical Centre Holding Limited (NMC) and Hong Kong Medical Advanced Imaging (TST) Limited to AIA Group Limited. This transaction represents a deliberate portfolio optimization action, realizing value from mature assets while reinforcing our partnership with a leading insurance provider. This disposal also demonstrates our disciplined approach to capital allocation and ability to create value through active asset management.

Looking ahead, the Group will continue to cultivate strategic partnerships with key players in the TTIPP sector to reinforce our leadership in establishing an integrated one-stop healthcare service provider in Hong Kong. As part of our TTIPP strategy, we will fully leverage EC Healthcare's one-stop healthcare service platform to unlock the value of our mature assets in collaboration with our strategic partners. While some assets are not yet fully integrated, we will ensure that their potential value is maximized. Additionally, we will optimize our asset portfolio by divesting non-core and underperforming assets and reallocating capital to new investments with stronger growth prospects. This approach will lay a solid foundation for profitable growth in the medium term, ensuring the long-term development and sustainable growth of the Group while maximizing returns for shareholders.

Amid persistent structural challenges in Hong Kong's healthcare market, this environment may lead to industry consolidation as some market participants exit, presenting strategic opportunities for the Group to strengthen its market leadership position through selective acquisitions and partnerships. Our strong balance sheet and operational resilience position us well to capitalize on these consolidation prospects while continuing to deliver value to customers and shareholders amid challenging conditions.

嚴謹的資本循環強化TTIPP夥伴關係

於報告期間，本集團成功完成將其持有的New Medical Centre Holding Limited (NMC) 和Hong Kong Medical Advanced Imaging (TST) Limited的全部股權策略性出售予友邦保險控股有限公司。此次交易是本集團審慎的投資組合優化舉措，旨在從成熟資產中實現價值，並鞏固我們與領先保險公司的合作夥伴關係。此次出售也展現了我們嚴謹的資本配置策略以及透過積極的資產管理創造價值的能力。

展望未來，本集團將繼續與TTIPP領域的主要參與者建立策略夥伴關係，以鞏固我們在香港打造一站式綜合醫療服務提供者的領導地位。作為TTIPP策略的一部分，我們將充分利用醫思健康的一站式醫療服務平台，與策略夥伴攜手釋放成熟資產的價值。儘管部分資產尚未完全整合，但我們將確保其潛在價值最大化。此外，我們將透過剝離非核心和表現不佳的資產，並將資本重新配置至具有更強成長前景的新投資，從而優化資產組合。此策略將為中期獲利成長奠定堅實基礎，確保本集團的長期發展和永續發展，同時實現股東回報最大化。

審慎的資本管理和併購策略推動外部增長

香港醫療保健市場持續面臨結構性挑戰，隨著部分市場參與者退出，行業整合或將加劇，這為本集團透過選擇性收購和合作鞏固其市場領導地位提供了策略機會。我們強勁的資產負債表和營運韌性使我們能夠充分利用這些整合前景，並在充滿挑戰的環境下繼續為客戶和股東創造價值。

醫思健康 29 年度報告 2024/25