Beijing Tong Ren Tang Healthcare Investment (2667) investor relations material

Executive summary

• Revenue for H1 2026 was RMB506.7 million, down 12.6% year-over-year, mainly due to lower TCM healthcare services and product sales revenue.

• Gross profit was RMB91.7 million, down 10.8% year-over-year; gross margin rose slightly to 18.1%.

• Profit for the period was RMB10.8 million, down 24.7% year-over-year, impacted by initial losses from the new Shunyi TRT TCM Hospital.

• Listed on the Hong Kong Stock Exchange on 7 July 2026, raising HK$532.4 million in net proceeds.

• Focused on TCM healthcare services, management, and product sales, with a tiered service network of hospitals, clinics, and an Internet hospital.

Financial highlights

• TCM healthcare services revenue dropped 12.1% to RMB420.9 million; management services revenue fell 14.9% to RMB8.8 million.

• Healthcare product sales declined 15.3% to RMB75.6 million.

• Other revenue increased 67% to RMB1.3 million.

• Earnings per share were RMB0.02, compared to RMB0.03 in H1 2025.

• Cash and cash equivalents decreased by 26.8% to RMB210.7 million as of 30 June 2026; cash and structured deposits totaled RMB260.7 million.

Outlook and guidance

• TCM healthcare market in China projected to grow at a 9.5% CAGR through 2030.

• Ongoing policy pressures on drug pricing, centralized procurement, and insurance expected to impact profitability in H2 2026.

• Strategic focus on expanding service network, digitalization, and service diversification.