思派健康2025年报

Stock code股份代號: 0314(A company incorporated in the Cayman Islands with limited liability)（於開曼群島註冊成立的有限公司） 2025Annual Report年報 Corporate Information2Financial Summary5Management Discussion and Analysis6Biographies of Directors and Senior Management28Report of Directors32Corporate Governance Report75Environmental, Social and Governance Report95Independent Auditor’s Report175Consolidated Statement of Profit or Loss andOther Comprehensive Income182Consolidated Statement of Financial Position184Consolidated Statement of Changes in Equity186Consolidated Statement of Cash Flows188Notes to Financial Statements192Definitions303 CORPORATE INFORMATION BOARD OF DIRECTORS Executive Directors Mr. MA Xuguang(Chairman of the Board)Mr. LI Ji Non-executive Director Mr. YAO Leiwen Independent Non-executive Directors Mr. FAN XinMr. HE HaijianMs. HUANG Bei REMUNERATION AND APPRAISAL COMMITTEE Mr. HE Haijian(Chairman)Mr. LI JiMs. HUANG Bei NOMINATION COMMITTEE 202512 21 Mr. MA Xuguang(Chairman)Mr. FAN XinMr. HE HaijianMs. HUANG Bei(appointed on December 21, 2025) AUDIT COMMITTEE Mr. HE Haijian(Chairman)Mr. FAN XinMs. HUANG Bei STRATEGY COMMITTEE Mr. MA Xuguang(Chairman)Mr. LI JiMr. YAO Leiwen COMPANY SECRETARY Ms. REN NaMs. LI Ching Yi(resigned on March 30, 2026) 20263 30 AUTHORISED REPRESENTATIVES 20263 3020263 30 Mr. LI JiMs. REN Na(appointed on March 30, 2026)Ms. LI Ching Yi(resigned on March 30, 2026) LEGAL ADVISERS As to Hong Kong and U.S. laws O’Melveny & Myers31/F, AIA Central1 Connaught Road CentralHong Kong 131 As to PRC law 77334 Jingtian & Gongcheng34/F, Tower 3, China Central Place77 Jianguo RoadChaoyang District, BeijingPRC As to Cayman Islands law Campbells3002-04, 30/FGloucester Tower, The Landmark15 Queen’s Road CentralHong Kong Campbells15303002 3004 AUDITOR Ernst & YoungCertified Public AccountantsRegistered Public Interest Entity Auditors27/F One Taikoo Place979 King’s RoadQuarry BayHong Kong 97927 STOCK CODE 0314 0314 C O R P O R A T E I N F O R M A T I O N REGISTERED OFFICE Campbells Corporate Services LimitedFloor 4, Willow House, Cricket SquareGrand Cayman KY1-9010Cayman Islands Campbells Corporate Services LimitedFloor 4, Willow House, Cricket SquareGrand Cayman KY1-9010Cayman Islands PRINCIPAL PLACE OF BUSINESS IN THE PRC 1603-1605A, 16/FTower 1, Kerry Enterprise Center128 Tianmu West RoadJing’an District, ShanghaiPRC 1281161603-1605A PRINCIPAL PLACE OF BUSINESS IN HONG KONG 18819 19/F, Golden Centre188 Des Voeux Road CentralHong Kong PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE Campbells Corporate Services LimitedFloor 4, Willow House, Cricket SquareGrand Cayman, KY1-9010Cayman Islands Campbells Corporate Services LimitedFloor 4, Willow House, Cricket SquareGrand Cayman, KY1-9010Cayman Islands HONG KONG BRANCH SHARE REGISTRAR 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong COMPANY WEBSITE www.medbankshealthtech.com www.medbankshealthtech.com MANA G EM ENT D I SCU SSI ON A ND A NA L Y SI S GROUP STRATEGY OVERVIEW In recent years, China’s healthcare industry has undergone profoundtransformation. The acceleration of population aging has propelledgrowing demand for healthcare and pharmaceutical services. Againstsuch backdrop, commercial health insurance has emerged as a criticalpillar in the process of implementing the “Healthy China” strategy,helping alleviate the public burden of healthcare expenditures whilefostering innovation in the pharmaceutical industry. As the nationcontinues to refine its multi-tiered healthcare security system, greaterimportance has been posed on the role of commercial health insurance.Since 2025, both national and local authorities have introduced a seriesof significant supportive policies, the key ones being as follows: 2025 20259 –InSeptember 2025,the National Financial RegulatoryAdministration issued theGuiding Opinions on Promoting theHigh-Quality Development of Health Insurance , setting fortha framework for the coordinated development of group andindividual health insurance and calling for the establishment of afull-lifecycle health security system; –InDecember 2025,the National Healthcare SecurityAdministration together with a few other departments unveiledthe inaugural edition of theCommercial Insurance InnovativeDrug List . The list was enacted to facilitate the integration ofcommercial insurance mechanisms into the payment frameworkfor innovative drugs and medical devices, thereby introducinga supplementary healthcare payment option for the premiummedical services while complementing the basic coverageprovided by national medical insurance scheme; 202512 –In March 2026, the Government Work Report further emphasizedaccelerating the development of the commercial health insurancesystem to promote the high-quality development of innovativedrugs and medical devices. This marked the first time commercialhealth insurance was elevated to a dual strategic level that