医脉通年报2025

Medlive Technology Co., Ltd. (Incorporated in the Cayman Islands with limited liability)Stock Code: 2192 2025ANNUAL REPORT Contents目錄 Corporate Information2Financial Summary5Chairman’s Statement6Business Overview and Outlook10Management Discussion and Analysis21Directors and Senior Management32Report of Directors41Corporate Governance Report92Independent Auditor’s Report116Consolidated Statement of Profit or Loss and Other Comprehensive Income123Consolidated Statement of Financial Position125Consolidated Statement of Changes in Equity127Consolidated Statement of Cash Flows128Notes to Financial Statements131 Corporate Information公司資料 BOARD OF DIRECTORS EXECUTIVE DIRECTORS Ms. Tian Liping(Chairwoman and Chief Executive Officer)Mr. Tian Lixin(President)Mr. Tian LijunMs. Zhou Xin NON-EXECUTIVE DIRECTORS Mr. Eiji TsuchiyaMr. Kazutaka Kanairo INDEPENDENT NON-EXECUTIVE DIRECTORS Mr. Richard YehDr. Ma JunMs. Wang Shan AUDIT COMMITTEE Ms. Wang Shan(Chairwoman)Mr. Richard YehDr. Ma Jun NOMINATION COMMITTEE Ms. Tian Liping(Chairwoman)Mr. Richard YehDr. Ma JunMs. Wang Shan REMUNERATION COMMITTEE Mr. Richard Yeh(Chairman)Dr. Ma JunMs. Wang Shan COMPANY SECRETARY Ms. Yang Yanling HONG KONG SHARE REGISTRAR 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong REGISTERED OFFICE IN THE CAYMAN ISLANDS PO Box 309Ugland HouseGrand CaymanKY1-1104Cayman Islands PO Box 309Ugland HouseGrand CaymanKY1-1104Cayman Islands AUTHORIZED REPRESENTATIVES Mr. Tian LijunMs. Yang Yanling AUDITOR 97927 Ernst & YoungCertified Public AccountantsRegistered Public Interest Entity Auditor27/F, One Taikoo Place979 King’s RoadQuarry BayHong Kong www.medlive.cn COMPANY’S WEBSITE www.medlive.cn 2192 STOCK CODE 2192 HEADQUARTERS IN THE PRC Yimaitong MansionHuangqu East Road No. 5 Courtyard Building 4Chaoyang District, BeijingPRC 54 Corporate Information公司資料 CAYMAN ISLANDS PRINCIPAL SHARE REGISTRARAND TRANSFER OFFICE Maples Fund Services (Cayman) LimitedPO Box 1093, Boundary HallCricket SquareGrand Cayman KY1-1102Cayman Islands Maples Fund Services (Cayman) LimitedPO Box 1093, Boundary HallCricket SquareGrand Cayman KY1-1102Cayman Islands PRINCIPAL PLACE OF BUSINESS IN HONG KONG 131 31/F., Tower Two, Times Square1 Matheson StreetHong Kong PRINCIPAL BANKS Bank of Beijing Co., Ltd.The Industrial Bank Co., Ltd.China CITIC Bank Corporation LimitedDBS Bank (China) LimitedChina CITIC Bank International LimitedDBS Bank (Hong Kong) LimitedPing An Bank Co., Ltd.Bank of China (Hong Kong) LimitedChina Merchants Bank Co., Ltd.JPMorgan Chase Bank CONSOLIDATED STATEMENTS OF PROFIT ORLOSS AND OTHER COMPREHENSIVE INCOME Chairman’s Statement董事長報告 Dear shareholders, 2025 is a year of profound transformation and value restorationfo rth e h e a l th c a re i n d u str y i n C h i n a.D u r i n g th is ye a r,increasinglyrobust regulatory and compliance requirementshaveaccelerated the restructuring of the underlying logic ofpharmaceuticalmarketing,elevating services with genuineprofessional academic value and compliance capabilities to theforefront. Concurrently, the rapid evolution and implementationof generative AI technologies have substantially expanded theefficacy boundaries of digital services of the medical industry,propelling the entire industry toward a turning point in intelligenttransformation history. 2025AI AI+ Amidst the convergence of industry cyclical shifts and wave oftechnologicaladvancement,Medlive remains steadfast in itsmission of “supporting doctors in clinical research, promotingmedicaladvancement,and benefiting patients”.We remainsteadfastin our commitment to technological innovation asour engine and specialized medical content as our keystone.Thisstrategy has not only demonstrated robust commercialresiliencewithin a complex market environment but alsoenabled us to advance steadily in our strategic deployment of “AI+ healthcare”, delivering a high-quality growth performance toour shareholders. 業績穩健 ， 商業模式彰顯強勁韌性 ROBUST PERFORMANCE DEMONSTRATINGROBUST RESILIENCE OF OUR BUSINESS MODEL 6.4215.0%58.6%60.0%3.4854.2% Over the past year, despite multiple external factors such ascost optimization in the pharmaceutical industry and reducedinterest income due to rate cuts by the Federal Reserve, Medliveachievedsteady growth in its core performance.Our annualtotalrevenue reached RMB642 million,representing a 15.0%year-on-year increase; our gross profit margin rose from 58.6%to 60.0%; our net profit grew to RMB348 million, with a netprofit margin of 54.2%, maintaining industry-leading profitability. AI This performance reflects the ongoing economies of scale ofMedlive’sbusiness and directly demonstrates our success inleveraging AI to empower operational processes and enhancerefinedoperational efficiency.It fully validates that Medlive’splatformecosystem,centered on professional physicians,possesses deep barriers to navigate through economic cyclesand has sustainable