雍禾医疗二零二五年年报

雍禾醫療集團有限公司YONGHE MEDICAL GROUP CO., LTD. （於開曼群島註冊成立的有限公司）（incorporated in the Cayman Islands with limited liability） 股份代號Stock Code :2279 2025年報Annual Report 公司簡介2Company Profile公司資料3Corporate Information財務概要6Financial Summary主席報告7Chairman’s Statement管理層討論與分析11Management Discussion and Analysis董事及高級管理層34Directors and Senior Management董事會報告40Report of Directors企業管治報告79Corporate Governance Report環境、社會及管治報告99Environmental, Social and Governance Report獨立核數師報告191Independent Auditor’s Report合併全面收益表199Consolidated Statement of Comprehensive Income合併資產負債表200Consolidated Balance Sheet合併權益變動表202Consolidated Statement of Changes in Equity合併現金流量表203Consolidated Statement of Cash Flows合併財務報表附註204Notes to the Consolidated Financial Statements釋義313Definitions 公 司 簡 介COMPANY PROFILE 本集團是中國領先的專門從事提供毛髮醫療服 務 的 醫 療 集 團 ， 提 供 一 站 式 毛 髮 醫 療 服務，涵蓋植髮醫療、醫療養固、常規養護及其他配套服務。 TheGroup is the leading medical group in China specialized inproviding hair-related healthcare services, and offering one-stop hair-related healthcare services covering hair transplant, medical hair care,and routine hair restoration and other ancillary services. 深耕中國毛髮醫療行業數十年，雍禾植髮已經成為中國植髮醫療機構中知名及值得信賴的 品 牌 ， 本 集 團 推 動 了 業 內 的 許 多 重 大 發展，促進行業進步。本集團繼收購史雲遜的中國業務並在其中國的醫療機構並以「店中店」和「獨立門店」等模式成功設立史雲遜醫學毛髮中心後，再收購源自美國的知名植髮醫療服務提供商顯赫植髮的香港業務，藉此將其足跡進一步伸延至中國之外。此外，本集團通過與北京大學人民醫院共建毛髮聯合實驗室，推動脫髮疾病標準化診療流程的研究和推廣應用，全面推動毛髮醫療服務行業邁向產學研發展的新階段。我們相信，該等開創性的行動將增強我們的核心競爭能力，進一步鞏固我們的行業領導地位。 Throughdecades of dedication and commitment to China’shair-relatedhealthcare industry,the Group has made YongheHairTransplant(雍禾植髮)a well-known and highly trusted brandamong its peers, and has promoted many major developments andadvancements in the industry. After acquired the business of Svensonin China and successfully established a Svenson Medical Hair CareCenter (史雲遜醫學健髮中心) in each of its clinics in China under the“shop-in-shop” and “stand-alone shop” models, the Group furtherexpandedits footprint outside China by acquiring the Hong Kongbusinessof Nu/Hart Hair(顯赫植髮),a renowned hair transplantserviceprovider originated from the U.S.In addition,through theestablishmentof a joint hair laboratory with the Peking UniversityPeople’s Hospital, the Group promotes the research and promotion ofthe application of standardized diagnostic and treatment proceduresfor hair loss diseases, which is blazing a trail toward collaborativeresearchand development with academia and showing the wayforward for the hair-related healthcare service industry. We believethat such pioneering actions will enhance our core competitivenessand further strengthen our leading position in the industry. The Group has built a one-stop shop for medical hair care services tomeet the medical demands of a wide range of patients. Leveragingstandardizedand highly scalable business model,the Group hasachievedindustry-leading operational capabilities,enabling us toeffectivelycontrol costs,boost operational efficiency and improveprofitability.The Group continues to improve our diagnostic,t h e r a p e u t i c ,a n d r e s e a r c h a n d d e v e l o p m e n t c a p a b i l i t i e s b ycollaboratingwith experts from Class IIIA hospitals and renownedacademic institutions. In addition, in order to continuously improvemedical service to patients, to stay ahead of the technological curveandto propel business development,the Group has always beenactivelypromoting and adopting new technologies in its business,includingdata usage and analysis,intelligent services and onlineservices. The Group believes that such strengths have reinforced ourindustry-leading position and will sustain our growth momentum intothe future. 本集團已構建一站式醫療養固服務體系以滿足廣泛患者的醫療需求。憑藉我們的標準化及高度可延展的商業模式，本集團還具備行業 領 先 的 運 營 能 力 ， 令 我 們 能 有 效 控 制 成本、提高運營效率和改善盈利能力。本集團通過與三甲醫院專家和知名院校合作，不斷提高我們的研發和診療能力。此外，為不斷改進對患者的醫療服務、在科技方面取得領先地位和加快業務發展，本集團一直在積極推動在業務中採用數據運用與分析、智能服務和在線服務等新技術。我們認為，該等優勢已鞏固我們在業內的領先地位，並為我們的未來增長提供持續動力。 董事會 BOARD OF DIRECTORS 執行董事 Executive Directors Mr. ZHANG Yu(Chairman and Chief Executive Officer)Mr. ZHANG HuiMs. HAN Zhimei 張玉先生（董事長兼首席執行官）張輝先生韓志梅女士 Non-executive DirectorMr. GENG Jiaqi 非執行董事 耿嘉琦先生 獨立非執行董事 Independent Non-executive Directors Ms. LIANG JihongMr. CHAN Peng KuanMr. LI Xiaopei 梁繼紅女士陳炳鈞先生李小培先生 審核委員會 AUDIT COMMITTEE Mr. CHAN Peng Kuan(Chairman)Mr. GENG JiaqiMr. LI Xiaopei 陳炳鈞先生（主席）耿嘉琦先生李小培先生 薪酬委員會 REMUNERATION COMMITTEE Mr. CHAN Peng Kuan(Chairman)Mr. ZHANG YuMr. LI Xiaopei 陳炳鈞先生（主席）張玉先生李小培先生 提名委員會 NOMINATION COMMITTEE Mr. ZHANG Yu(Chairman)Mr. CHAN Peng KuanMs. LIANG Jihong (appointed on 28 October 2025)Mr. LI Xiaopei (ceased to serve as a member on 28 October 2025) 張玉先生（主席）陳炳鈞先生梁繼紅女士（於2025年10月28日獲委任）李小培先生（於2025年10月28日不再擔任成員） 聯席公司秘書 JOINT COMPANY SECRETARIES Ms. HAN ZhimeiMs. NG Wai Kam 韓志梅女士伍偉琴女士 授權代表 AUTHORISED REPRESENTATIVES Mr. ZHANG YuMs. NG Wai Kam 張玉先生伍偉琴女士 公 司 資 料CORPORATE INFORMATION 註冊辦事處 REGISTERED OFFICE Floor 4, Willow House, Cricket SquareGrand Cayman KY1-9010Cayman Islands Floor 4, Willow House, Cricket SquareGrand Cayman K