Earnings release
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– 1 – Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. C-MER Medical Holdings Limited ʮ̡ (Incorporated in the Cayman Islands with limited liability ) (Stock Code: 3309 ) INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026 FINANCIAL HIGHLIGHTS Six months ended 30 June Note 2026 2025 Change HK$’000 HK$’000 (Unaudited) (Unaudited) Revenue 1,024,432 944,325 8.5% Gross profit 323,361 293,905 10.0% Profit for the period 57,018 56,154 1.5% Profit for the period attributable to equity holders of the Company 50,021 49,944 0.2% Non-HKFRS Measures: Adjusted profit for the period 1 74,523 77,531 (3.9)% Adjusted profit for the period attributable to equity holders of the Company 2 65,990 69,636 (5.2)% Gross profit margin (%) 31.6% 31.1% 0.5pp Net profit margin (%) 5.6% 5.9% (0.3)pp Notes: 1. We define “adjusted profit for the period” as profit for the period adjusted by the loss from the Mainland China other business segment. 2. We define “adjusted profit for the period attributable to equity holders of the Company” as profit for the period attributable to equity holders of the Company adjusted by the loss attributable to equity holders of the Company from the Mainland China other business segment.
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– 2 – The board (the “Board”) of directors (the “Directors”) of C-MER Medical Holdings Limited (the “Company”) is pleased to announce the unaudited interim consolidated results of the Company and its subsidiaries (collectively, the “Group”) for the six months ended 30 June 2026, together with the comparative figures for the six months ended 30 June 2025, as follows: INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Six months ended 30 June Note 2026 2025 HK$’000 HK$’000 (Unaudited) (Unaudited) Revenue 4 1,024,432 944,325 Cost of revenue 7 (701,071) (650,420) Gross profit 323,361 293,905 Other income 5 6,079 3,160 Selling expenses 7 (76,612) (63,486) Administrative expenses 7 (162,163) (165,413) Impairment loss on non-current assets 7 (1,875) – Other (losses)/gains, net 6 (2,129) 13,091 Operating profit 86,661 81,257 Finance income 8 4,031 8,559 Finance costs 8 (9,707) (13,151) Finance costs, net (5,676) (4,592) Share of losses of associates and joint venture (3) (1,271) Profit before income tax 80,982 75,394 Income tax expense 9 (23,964) (19,240) Profit for the period 57,018 56,154 Profit for the period attributable to: – Equity holders of the Company 50,021 49,944 – Non-controlling interests 6,997 6,210 57,018 56,154
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– 3 – Six months ended 30 June Note 2026 2025 HK$’000 HK$’000 (Unaudited) (Unaudited) Earnings per share for profit attributable to equity holders of the Company during the period (expressed in HK cents per share) – basic 10 4.21 4.11 – diluted 10 4.21 4.11 Profit for the period 57,018 56,154 Other comprehensive income Item that will not be reclassified to profit or loss Currency translation differences 1,725 1,696 Item that may be subsequently reclassified to profit or loss Currency translation differences 46,263 31,421 Other comprehensive income for the period 47,988 33,117 Total comprehensive income for the period 105,006 89,271 Total comprehensive income for the period attributable to: – Equity holders of the Company 96,284 81,365 – Non-controlling interests 8,722 7,906 105,006 89,271
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– 4 – INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 30 June 2026 31 December 2025 Note HK$’000 HK$’000 (Unaudited) (Audited) ASSETS Non-current assets Property, plant and equipment 452,822 428,903 Investment properties 129,766 127,811 Right-of-use assets 571,600 565,918 Intangible assets 779,618 760,852 Interests in associates 5,852 5,855 Financial assets at fair value through other comprehensive income 134,857 134,857 Deferred income tax assets 4,330 2,867 Deposits, prepayments and other receivables 36,927 34,173 2,115,772 2,061,236 Current assets Inventories 55,380 51,074 Trade receivables 12 58,318 65,688 Deposits, prepayments and other receivables 68,445 86,499 Amount due from an associate 1,248 1,248 Amounts due from non-controlling interests 400 400 Financial assets at fair value through profit or loss 6,700 11,000 Current income tax assets 752 517 Short-term bank deposits 13,032 107,093 Cash and cash equivalents 543,633 347,871 747,908 671,390 Total assets 2,863,680 2,732,626
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– 5 – As at 30 June 2026 31 December 2025 Note HK$’000 HK$’000 (Unaudited) (Audited) EQUITY Equity attributable to equity holders of the Company Share capital 123,234 123,234 Reserves 1,711,521 1,651,716 1,834,755 1,774,950 Non-controlling interests 160,344 161,669 Total equity 1,995,099 1,936,619 LIABILITIES Non-current liabilities Other payables 4,413 5,278 Lease liabilities 260,934 255,550 Deferred income tax liabilities 69,265 66,785 334,612 327,613 Current liabilities Trade payables 13 58,687 50,359 Accruals and other payables 163,697 151,098 Contract liabilities 66,158 64,062 Borrowings 45,968 44,354 Amounts due to non-controlling interests 8,946 9,365 Amount due to an associate 4,370 77 Amount due to a related party 185 926 Loans from non-controlling interests 7,653 7,437 Current income tax liabilities 23,581 21,277 Lease liabilities 119,054 119,439 Dividend payables 35,670 – 533,969 468,394 Total liabilities 868,581 796,007 Total equity and liabilities 2,863,680 2,732,626
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– 6 – NOTES 1 GENERAL INFORMATION C-MER Medical Holdings Limited (the “Company”) was incorporated in the Cayman Islands on 1 February 2016 as an exempted company with limited liability under the Companies Law (Cap. 22, Law 3 of 1961 as consolidated and revised) of the Cayman Islands. The address of the Company’s registered office is Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman KY1-1111, Cayman Islands. The Company is an investment holding company and its subsidiaries (the “Group”) are principally engaged in the provision of ophthalmic, dental and other medical services and sales of vision aid products in Hong Kong and Mainland China. The Company has been listed on the Main Board of The Stock Exchange of Hong Kong Limited since 15 January 2018. This interim condensed consolidated financial information is presented in Hong Kong Dollar (“HK$”) and all values are rounded to nearest thousand (HK$’000) except when otherwise indicated. This interim condensed consolidated financial information has not been audited. 2 BASIS OF PREPARATION This interim condensed consolidated financial information of the Group for the six months ended 30 June 2026 has been prepared in accordance with Hong Kong Accounting Standard (“HKAS”) 34 “Interim Financial Reporting” as issued by the Hong Kong Institute of Certified Public Accountants. This interim condensed consolidated financial information does not include all the notes of the type normally included in annual consolidated financial statements. Accordingly, this interim condensed consolidated financial information should be read in conjunction with the annual consolidated financial statements of the Group for the year ended 31 December 2025, which have been prepared in accordance with HKFRS Accounting Standards (“HKFRSs”). 3 ACCOUNTING POLICIES The accounting policies applied are consistent with those as described in the annual consolidated financial statements for the year ended 31 December 2025, except for the adoption of new and amended standards as set out below. (a) Amended standards adopted by the Group The following amended standards have been adopted by the Group for the first time for the financial year beginning on 1 January 2026: Amendments to HKFRS 9 and HKFRS 7 Classification and Measurement of Financial Instruments Amendments to HKFRS 9 and HKFRS 7 Contracts Referencing Nature-dependent Electricity Amendments to HKFRS 1, HKFRS 7, HKFRS 9, HKFRS 10 and HKAS 7 Annual Improvements to HKFRS Accounting Standards – Volume 11 The adoption of the amended standards listed above did not have material impact on the Group’s accounting policies and financial statements.
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– 7 – (b) New and amended standards and interpretation not yet adopted The following new and amended standards and interpretation have been issued but are not effective for the financial year beginning on 1 January 2026 and have not been early adopted: Effective for annual periods beginning on or after HKFRS 18 Presentation and Disclosure in Financial Statements 1 January 2027 HKFRS 19 Subsidiaries without Public Accountability: Disclosures 1 January 2027 Amendments to HKFRS 19 Subsidiaries without Public Accountability: Disclosures 1 January 2027 Hong Kong Interpretation 5 (Revised) Classification by the Borrower of a Term Loan that Contains a Repayment on Demand Clause 1 January 2027 Amendments to HKFRS 10 and HKAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture To be determined The directors have performed assessment on the new standards, and amendments, and have concluded on a preliminary basis that those new standards and amendments would not have a significant impact on the Group’s consolidated financial statements when they become effective, except for HKFRS 18 which will impact the presentation of profit and loss. HKFRS 18 will replace HKAS 1 Presentation of Financial Statements, introducing new requirements that will help to achieve comparability of the financial performance of similar entities and provide more relevant information and transparency to users. Even though HKFRS 18 will not impact the recognition or measurement of items in the consolidated financial statements, its impacts on presentation and disclosure are expected to be pervasive, in particular those related to the statement of financial performance and providing management-defined performance measures within the consolidated financial statements. Management is currently assessing the detailed implications of applying the new standard on the Group’s consolidated financial statements. From the high-level preliminary assessment performed, the following potential impacts have been identified: • Although the adoption of HKFRS 18 will have no impact on the Group’s net profit, the Group expects that grouping items of income and expenses in the consolidated statement of comprehensive income into the new categories will impact how operating profit is calculated and reported. From the high-level impact assessment that the Group has performed, the following items might potentially impact operating profit: o Foreign exchange differences currently aggregated in the line item ‘Other (losses)/ gains, net’ in operating profit might need to be disaggregated, with some foreign exchange gains or losses presented below operating profit. • The line items presented on the primary financial statements might change as a result of the application of the concept of ‘useful structured summary’ and the enhanced principles on aggregation and disaggregation. In addition, since goodwill will be required to be separately presented in the consolidated statement of financial position, the Group will disaggregate goodwill and other intangible assets and present them separately in the consolidated statement of financial position.
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– 8 – • The Group does not expect there to be a significant change in the information that is currently disclosed in the notes because the requirement to disclose material information remains unchanged; however, the way in which the information is grouped might change as a result of the aggregation/disaggregation principles. In addition, there will be significant new disclosures required for: o management-defined performance measures; o a break-down of the nature of expenses for line items presented by function in the operating category of the consolidated statement of comprehensive income – this break-down is only required for certain nature expenses; and o for the first annual period of application of HKFRS 18, a reconciliation for each line item in the consolidated statement of comprehensive income between the restated amounts presented by applying HKFRS 18 and the amounts previously presented applying HKAS 1. The Group will apply the new standard from its mandatory effective date of 1 January 2027. Retrospective application is required, and so the comparative information for the financial year ending 31 December 2026 will be restated in accordance with HKFRS 18. 4 REVENUE AND SEGMENT INFORMATION (a) Revenue Six months ended 30 June 2026 2025 HK$’000 HK$’000 (Unaudited) (Unaudited) Provision of ophthalmic services 631,454 613,180 Provision of dental services 282,494 237,479 Provision of other medical services 30,338 18,820 Sales of vision aid products 80,146 74,846 1,024,432 944,325 The timing of revenue recognition of the Group’s revenue is as follows: Six months ended 30 June 2026 2025 HK$’000 HK$’000 (Unaudited) (Unaudited) Revenue recognised at a point in time 799,631 778,961 Revenue recognised over time 224,801 165,364 1,024,432 944,325
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– 9 – (b) Segment information Management has determined the operating segments based on the reports reviewed by the chief operating decision-maker that are used to make strategic decisions. The chief operating decision- maker is identified as the executive directors of the Company. The executive directors consider the business from a client perspective and assess the performance of the operating segments based on segment revenue and segment results for the purposes of allocating resources and assessing performance. These reports are prepared on the same basis as this interim condensed consolidated financial information. The reportable segment of the Group is a component that is engaged either in providing a particular type of service or goods, or in providing services or goods within a particular geographical region. The chief operating decision-maker assessed the performance of the Group by reviewing the results of four reportable segments, namely HK medical business, Mainland China ophthalmic business, Mainland China dental business and Mainland China other business as follows: (i) HK medical business – provision of ophthalmic, dental, oncology, endoscopy, medical aesthetics and other services and sales of vision aid products in Hong Kong (ii) Mainland China ophthalmic business – provision of ophthalmic services and sales of vision aid products in our ophthalmic hospitals and ophthalmic clinics in Mainland China (iii) Mainland China dental business – provision of dental services in our dental hospital and dental clinics in Mainland China (iv) Mainland China other business – provision of medical imaging, medical research and other medical services in Mainland China including our C+ Health (Shenzhen) Hospital in Luohu, Shenzhen Capital expenditure comprises additions to property, plant and equipment, right-of-use assets and intangible assets. Other income, other (losses)/gains, net, finance costs, net, and income tax expense are not included in segment results.
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– 10 – The segment results for the six months ended 30 June 2026 are as follows: (Unaudited) Six months ended 30 June 2026 HK medical business Mainland China ophthalmic business Mainland China dental business Mainland China other business Total HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 Segment revenue 469,556 280,329 259,322 15,225 1,024,432 Gross profit/(loss) 129,425 103,790 91,186 (1,040) 323,361 Selling expenses (17,093) (33,265) (21,517) (4,737) (76,612) Administrative expenses (57,912) (67,695) (25,482) (11,074) (162,163) Impairment loss on non-current assets (1,875) – – – (1,875) Share of losses of associates and joint venture (3) – – – (3) Segment results 52,542 2,830 44,187 (16,851) 82,708 Other income 6,079 Other losses, net (2,129) Finance costs, net (5,676) Profit before income tax 80,982 Income tax expense (23,964) Profit for the period 57,018 Other segment information Additions to non-current assets 25,424 9,125 56,691 22,160 113,400 Depreciation and amortisation (37,833) (28,001) (34,881) (13,022) (113,737) (Losses)/gains on disposal of property, plant and equipment, net (188) 7 (312) – (493)
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– 11 – The segment results for the six months ended 30 June 2025 are as follows: (Unaudited) Six months ended 30 June 2025 HK medical business Mainland China ophthalmic business Mainland China dental business Mainland China other business Total HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 Segment revenue 467,069 254,815 217,062 5,379 944,325 Gross profit/(loss) 134,387 95,737 72,929 (9,148) 293,905 Selling expenses (14,551) (31,267) (16,432) (1,236) (63,486) Administrative expenses (67,615) (64,469) (23,318) (10,011) (165,413) Share of losses of associates and joint venture (1,271) – – – (1,271) Segment results 50,950 1 33,179 (20,395) 63,735 Other income 3,160 Other gains, net 13,091 Finance costs, net (4,592) Profit before income tax 75,394 Income tax expense (19,240) Profit for the period 56,154 Other segment information Additions to non-current assets 14,791 18,008 31,186 46,502 110,487 Depreciation and amortisation (33,664) (29,913) (23,909) (10,477) (97,963) Gains on disposal of property, plant and equipment, net – 2,288 – – 2,288 Gains on early termination of leases – 14,104 – – 14,104 During the six months ended 30 June 2026, there was no single external customer with revenue over 10% of the Group’s total revenue (six months ended 30 June 2025: same). No analysis of segment assets and liabilities is presented as they are not regularly provided to the executive directors.
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– 12 – 5 OTHER INCOME Six months ended 30 June 2026 2025 HK$’000 HK$’000 (Unaudited) (Unaudited) Management fee income 665 535 Rental income 4,142 1,647 Government grants (Note) 392 141 Others 880 837 6,079 3,160 Note: There are no unfulfilled conditions or other contingencies attaching to these grants. The Group did not benefit directly from any other forms of government assistance. 6 OTHER (LOSSES)/GAINS, NET Six months ended 30 June 2026 2025 HK$’000 HK$’000 (Unaudited) (Unaudited) (Losses)/gains on disposal of property, plant and equipment, net (493) 2,288 Gains on early termination of leases – 14,104 Fair value losses on a financial asset at fair value through profit or loss (4,300) (101) Losses on write-off of non-current assets (304) (2,002) Losses on write-off of trade receivables – (2) Losses on write-off of deposit – (1,333) Exchange gains, net 2,312 137 Others 656 – (2,129) 13,091
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– 13 – 7 EXPENSES BY NATURE Six months ended 30 June 2026 2025 HK$’000 HK$’000 (Unaudited) (Unaudited) Amortisation of intangible assets 609 529 Auditor’s remuneration – Audit services 1,195 1,130 – Non-audit services 41 26 Depreciation of property, plant and equipment 39,250 31,132 Depreciation of investment properties 2,866 1,099 Depreciation of right-of-use assets 71,012 65,203 Doctors’ consultation fees 214,265 209,006 Cost of inventories and consumables sold 165,396 162,942 Employee benefit expenses 306,488 270,820 Short-term lease expenses 4,215 3,873 Legal and professional fees 2,387 7,330 Share-based payment expenses to doctors and consultants 247 192 Office supplies 1,397 1,734 Bank service charges 6,006 7,509 Promotion expenses 75,878 62,739 Rates and management fees 14,427 10,692 Repair and maintenance fees 7,930 6,261 Impairment loss on goodwill 1,875 – Others 26,237 37,102 Total cost of revenue, selling expenses, administrative expenses and impairment loss on non-current assets 941,721 879,319 8 FINANCE COSTS, NET Six months ended 30 June 2026 2025 HK$’000 HK$’000 (Unaudited) (Unaudited) Finance income Bank interest income 4,031 8,559 Finance costs Interest expense on lease liabilities (8,205) (8,755) Interest expense on loan from a non-controlling interest – (43) Interest expense on bank borrowings (1,286) (2,418) Interest expense on consideration payable for investment in a joint venture – (512) Imputed interest expense on consideration payable for investment in a joint venture – (1,061) Imputed interest expense on loans from non-controlling interests (216) (362) (9,707) (13,151) Finance costs, net (5,676) (4,592)
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– 14 – 9 INCOME TAX EXPENSE Hong Kong profits tax has been provided at the rate of 16.5% (six months ended 30 June 2025: 16.5%) on the estimated assessable profits for the period. The applicable tax rate for the subsidiaries in Mainland China of the Group is 25% (six months ended 30 June 2025: 25%) for the period. The amount of taxation charged to the interim condensed consolidated statement of comprehensive income represents: Six months ended 30 June 2026 2025 HK$’000 HK$’000 (Unaudited) (Unaudited) Current income tax – Hong Kong profits tax 12,543 9,027 – China enterprise income tax 9,592 8,135 Under-provision in prior years 3,190 803 Deferred income tax (1,361) 1,275 Income tax expense 23,964 19,240 10 EARNINGS PER SHARE (a) Basic Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue excluding treasury shares. Six months ended 30 June 2026 2025 (Unaudited) (Unaudited) Profit attributable to equity holders of the Company during the period (HK$’000) 50,021 49,944 Weighted average number of ordinary shares in issue 1,189,224,504 1,213,785,216 Basic earnings per share (HK cents) 4.21 4.11 (b) Diluted Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. As at 30 June 2026, 133,334 (30 June 2025: 200,000) share options outstanding are not included in the calculation of diluted earnings per share because they are antidilutive for the period (30 June 2025: same).
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– 15 – 11 DIVIDENDS On 27 March 2026, the directors recommended the payment of a final dividend and special dividend in respect of the year ended 31 December 2025 of HK2.0 cents and HK1.0 cent per ordinary share, respectively (2025: final dividend in respect of 2024 of HK2.0 cents per ordinary share). On 20 May 2026, the final dividend and special dividend were declared and approved at the annual general meeting. Such dividends totaling HK$23,780,057 and HK$11,890,028 (2025: HK$24,069,198) were paid subsequently on 15 July 2026. The Directors do not recommend the payment of an interim dividend for the six months ended 30 June 2026 (six months ended 30 June 2025: nil). 12 TRADE RECEIVABLES The trade receivables are due when services are rendered and goods are sold. The ageing analysis of the trade receivables based on due date and invoice date was as follows: As at 30 June 2026 31 December 2025 HK$’000 HK$’000 (Unaudited) (Audited) 0–90 days 35,627 42,810 91–180 days 9,074 8,039 Over 180 days 13,617 14,839 58,318 65,688 13 TRADE PAYABLES Trade payables, based on invoice date, were aged as follows: As at 30 June 2026 31 December 2025 HK$’000 HK$’000 (Unaudited) (Audited) 0–30 days 40,134 31,911 31–60 days 10,787 11,665 61–90 days 6,798 4,296 Over 90 days 968 2,487 58,687 50,359
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– 16 – MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW Overview As a result of the increase of revenue and enhanced operating efficiency, the Group’s profitability slightly improved for the six months ended 30 June 2026 (“ 1H2026”) as compared with the same period in 2025 (“1H2025”). The profit for the period attributable to equity holders of the Company increased by 0.2% to HK$50.0 million in 1H2026 as compared to HK$49.9 million for 1H2025. Excluding the loss from the Mainland China other business segment (mainly comprising our C+ Health (Shenzhen) Hospital ( ଉέҎശฌੰᔼ৫) which is providing dental, ophthalmic, medical imaging and other medical services and is still in its investment stage), the profit for the period attributable to equity holders of the Company of the remaining three segments (the “adjusted profit for the period attributable to equity holders of the Company”) decreased by 5.2% to HK$66.0 million in 1H2026 as compared to HK$69.6 million for 1H2025. In addition, our segment result in Mainland China ophthalmic business continued to improve in 1H2026 which the segment profit increased to HK$2.8 million in 1H2026 from breakeven in 1H2025. The following table sets forth a breakdown of our revenue by segment for the periods indicated and as a percentage of total revenue: Six months ended 30 June 2026 2025 Change HK$’000 % HK$’000 % HK$’000 % HK medical business 469,556 45.8 467,069 49.5 2,487 0.5 Mainland China ophthalmic business 280,329 27.4 254,815 27.0 25,514 10.0 Mainland China dental business 259,322 25.3 217,062 23.0 42,260 19.5 Mainland China other business 15,225 1.5 5,379 0.5 9,846 183.0 1,024,432 100.0 944,325 100.0 80,107 8.5
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– 17 – The total revenue in 1H2026 amounted to HK$1,024.4 million (1H2025: HK$944.3 million), representing a growth of 8.5%, due to (i) increase in revenue from HK medical business by 0.5% to HK$469.6 million in 1H2026 from HK$467.1 million in 1H2025, (ii) increase in revenue from Mainland China ophthalmic business by 10.0% to HK$280.3 million in 1H2026 from HK$254.8 million in 1H2025, (iii) increase in revenue from Mainland China dental business segment in 1H2026 to HK$259.3 million from HK$217.1 million in 1H2025, and (iv) increase in revenue from Mainland China other business segment in 1H2026 to HK$15.2 million from HK$5.4 million in 1H2025. Our cash flows from operations were healthy in 1H2026 with the net cash generated from operating activities amounted to HK$218.6 million (1H2025: HK$108.1 million). The increase was mainly attributable to the higher level of operating cash inflow and the decrease in working capital used in our operations in 1H2026. To become more involved and invest in innovative drugs and medical devices especially in the area of ophthalmology which is the new strategy and initiative of the Group, the Group invested in a leading ophthalmic gene therapy startup in the PRC, CHIGENOVO Co., Ltd. (ʮ̡) (“ CHIGENOVO”) with a total investment amount of RMB112.625 million. This allowed the Group to secure potentially China’s first and world’s second ophthalmic gene therapy after the Luxturna RPE65 gene therapy. Through Hong Kong’s “1+” mechanism, subject to the regulatory approvals, it is expected that the Group will bring CHIGENOVO’s first-in-class ophthalmic gene therapy approved by NMPA to Hong Kong for registration in an expedited manner. This is in line with the Group’s strategy to bring the latest and the best ophthalmic treatments to patients in need. For more details, please refer to the announcements dated 20 May 2026, 30 June 2026 and 10 August 2026. The Group has also been closely monitoring the market condition and adjusting its business strategies to prioritize our core business segments, while effectively managing the operational costs. In addition, the Group also prudently manages its working capital to ensure a healthy balance sheet. Our operations in Hong Kong Under the brand of “C-MER Eye (߅we offer ophthalmic services of international calibre in treating a wide range of common to rare and complex eye problems. In addition, the Group operates (i) Champion Eye Centre Limited (“Champion Eye”) (ʮ ̡), which has over 20 years of history for offering ophthalmic services in Hong Kong; and (ii) The Optometry (OPT) Centre Limited (“OPT”), an optometry group that offers services in Hong Kong in the areas of myopia control, optometry assessments and spectacles and contact lens prescriptions. In total, the ophthalmic and related services network mainly included our five day surgery centres, eight satellite clinics, and seven optometry centres as at 30 June 2026.
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– 18 – Since 2021, we started our dental, oncology and other medical services business in Hong Kong which included six dental clinics, an endoscopy centre and an oncology centre as at 30 June 2026. Further, we started our clinical research business in July 2022, which may bring us opportunities for collaboration with different biotech companies for, among other things, research and clinical work. In 2025, we acquired an endoscopy centre located in Hong Kong that provides specialised medical services including gastroscopy, colonoscopy and cystoscopy. Our operations in Mainland China In Mainland China, our ophthalmic service network included nine eye hospitals in Shenzhen (Futian and Baoan), Beijing, Shanghai, Guangzhou, Zhuhai, Kunming, Huizhou and Jieyang mainly under the brand of “C-MER Dennis Lam (නᆓ)” as at 30 June 2026. In the meantime, we continued to optimize the organizational structure and refined our management of operations. In 1H2026, our segment result in Mainland China ophthalmic business continued to improve and recorded a segment profit of HK$2.8 million (1H2025: break-even). In February 2022, we completed our investment of 61.5% equity interest of Shenzhen C-MER Aikangjian Dental Group Co., Ltd. (ʮ̡) (“ Shenzhen CKJ”), which became a non-wholly owned subsidiary of the Company. Shenzhen CKJ has a dental hospital and 15 dental clinics in Shenzhen as at 30 June 2026. Driven by strong brand recognition, the revenue of Shenzhen CKJ increased by 19.5% in 1H2026 to HK$259.3 million from HK$217.1 million in 1H2025. In Renminbi (“RMB”) terms, our revenue of Shenzhen CKJ increased by 12.6% in 1H2026 as compared with 1H2025. Shenzhen CKJ continued to ramp-up its patient base and its service coverage at Luohu, Futian and Liantang ports in Shenzhen. The flagship dental clinic at Futian Port, which is only 200 meters away from the border crossing, started operations in 2025 and has shown a strong growth momentum in 1H2026. In addition, Shenzhen CKJ acquired a dental clinic chain at Liantang Port in January 2025, extending our service network to another key passenger port. The acquired dental clinic chain expanded its service capacity with a new clinic in Liantang port and commenced operations in 2025. In 1H2026, our segment profit in our Mainland China dental business increased to HK$44.2 million from HK$33.2 million in 1H2025.
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– 19 – Our C+ Health (Shenzhen) Hospital ( ଉέҎശฌੰᔼ৫) in Shenzhen, which is within a five-minute walk from the Luohu border land crossing, brings Hong Kong’s healthcare management systems, medical technologies and healthcare services to Shenzhen and provides Hong Kong-style medical services to residents of both Shenzhen and Hong Kong. The hospital has departments including dentistry, ophthalmology, medical imaging, health check-ups, gynecology, traditional Chinese medicine, internal medicine, surgery and urology. The Group intends to introduce more departments in subsequent phases. The hospital operates within a seven-storey building, has a gross floor area of over 10,000 sq. m. and has been in full operation since 1H2025. As the hospital is still at the investment stage, the hospital incurred loss of HK$11.4 million in 1H2026 (1H2025: HK$14.9 million) while the revenue increased to HK$14.9 million in 1H2026 from HK$5.1 million in 1H2025. FINANCIAL REVIEW Revenue We are an ophthalmic, dental and other medical service provider in Hong Kong and Mainland China. Our ophthalmologists/physicians are specialised in the fields of cataract, glaucoma, strabismus and refractive surgeries and external eye diseases. Our dentists have expertise and qualifications across a wide range of specialty areas, covering general dentistry, orthodontics and implantology. Our revenue is derived from our fees charged to our clients on consultations, procedures, surgeries and other medical services as well as the sales of vision aid products, including glasses and lens. The following table sets forth a breakdown of our revenue by nature for the periods indicated and as a percentage of total revenue: Six months ended 30 June 2026 2025 Change HK$’000 % HK$’000 % HK$’000 % Provision of ophthalmic services 631,454 61.6 613,180 65.0 18,274 3.0 Provision of dental services 282,494 27.6 237,479 25.1 45,015 19.0 Provision of other medical services 30,338 3.0 18,820 2.0 11,518 61.2 Sales of vision aid products 80,146 7.8 74,846 7.9 5,300 7.1 1,024,432 100.0 944,325 100.0 80,107 8.5
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– 20 – Our total revenue in 1H2026 recorded an increase of 8.5% as compared with our total revenue of 1H2025. The increase was primarily driven by (i) the increase in the revenue generated from the provision of ophthalmic services to HK$631.4 million in 1H2026 from HK$613.2 million in 1H2025, representing an increase of 3.0%, which was primarily attributable to the increase in the demand of ophthalmic services in Mainland China, and (ii) the increase in the revenue generated from the provision of dental services to HK$282.5 million in 1H2026 from HK$237.5 million in 1H2025, representing an increase of 19.0% mainly due to brand recognition of Shenzhen CKJ for dental services. The following table sets forth our revenue according to geographical markets and as a percentage of total revenue: Six months ended 30 June 2026 2025 Change HK$’000 % HK$’000 % HK$’000 % Hong Kong 469,556 45.8 467,069 49.5 2,487 0.5 Mainland China 554,876 54.2 477,256 50.5 77,620 16.3 1,024,432 100.0 944,325 100.0 80,107 8.5 In Hong Kong, our operations consist of the provision of medical services (comprising of provision of ophthalmic, dental and other medical services) and the related businesses (including the sales of vision aid products). Our revenue from medical business and related businesses derived from our operation in Hong Kong increased slightly by 0.5% to HK$469.6 million in 1H2026 (1H2025: HK$467.1 million) due to the increase in revenue from other medical services. The revenue from our ophthalmic business (including ophthalmic services and sales of vision aid products), accounted for most of our revenue in Hong Kong, slightly decreased by 0.9% to HK$426.8 million in 1H2026 (1H2025: HK$430.7 million) mainly due to the decrease in refractive surgeries. Our revenue in the Mainland China was mainly derived from the provision of ophthalmic services, dental and other medical services, and we recorded an increase of 16.3% in 1H2026 to HK$554.9 million from HK$477.3 million in 1H2025. In RMB terms, the revenue increased by 9.6%.
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– 21 – Provision of ophthalmic services Our revenue generated from the provision of ophthalmic services may be broadly divided into two categories, namely (1) consultation and other medical service fees, and (2) surgery fees. The following table sets forth our revenue by categories for the periods indicated as a percentage of total revenue generated from the provision of ophthalmic services: Six months ended 30 June 2026 2025 Change HK$’000 % HK$’000 % HK$’000 % Consultation and other medical service fees – Hong Kong 170,005 26.9 168,768 27.5 1,237 0.7 – Mainland China 75,530 12.0 67,165 11.0 8,365 12.5 245,535 38.9 235,933 38.5 9,602 4.1 Surgery fees – Hong Kong 237,331 37.6 241,932 39.4 (4,601) (1.9) – Mainland China 148,588 23.5 135,315 22.1 13,273 9.8 385,919 61.1 377,247 61.5 8,672 2.3 631,454 100.0 613,180 100.0 18,274 3.0 The ophthalmic services provided by us focus on surgeries for the treatment of not only cataract, glaucoma and strabismus, but also eye diseases, including corneal and vitreoretinal diseases. Generally speaking, ophthalmic services are outpatient or day care procedures, performed under local anaesthesia. Hence, unlike other hospitals, clinics or nursing homes, we are not constrained by bed capacity and do not focus on providing large inpatient facilities at our eye centres, hospitals or clinics. During 1H2026, our revenue derived from our ophthalmic business generated from our eye hospitals, eye centres, eye clinics and optometry centres can be broadly divided into different categories, namely (1) consultation, examination, laser procedures and other procedures, (2) refractive surgeries, (3) cataract surgeries, (4) other surgeries and (5) sales of vision aid products which included our optometry services, which accounted for 34.5%, 17.0%, 22.4%, 14.8% and 11.3%, respectively (1H2025: 34.3%, 17.8%, 21.2%, 15.8% and 10.9%, respectively) of the total revenue for the Group.
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– 22 – The following table sets forth the total surgery fees, the total number of surgeries performed by us and the average fee per surgery for the periods indicated: Six months ended 30 June 2026 2025 Change % For Hong Kong Total surgery fee (in HK$’000) 237,331 241,932 (1.9) Number of surgeries performed by us 6,830 7,492 (8.8) Average surgery fee (HK$) 34,748 32,292 7.6 For Mainland China Total surgery fee (in HK$’000) 148,588 135,315 9.8 Number of surgeries performed by us 16,251 13,639 19.2 Average surgery fee (HK$) 9,143 9,921 (7.8) In Hong Kong, the average surgery fee increased by 7.6% due to change of surgery mix. The surgery volume decreased by 8.8% to 6,830 during 1H2026 mainly as a result of the decrease in number of refractive surgeries performed. In Mainland China, the average surgery fee in Hong Kong dollar terms decreased by 7.8% due to decrease of the surgery fee in the market. In RMB terms, the average surgery fee decreased by 13.1%. The number of surgeries increased by 19.2% to 16,251 during 1H2026, which was mainly attributable to the increase in the number of cataract and refractive surgeries performed in the eye hospitals. We provide our ophthalmic services in Mainland China in our eye hospitals, eye centres and clinics. The following table sets forth a breakdown of our revenue of Mainland China ophthalmic business segment by location for the periods indicated, with changes in Hong Kong dollar and RMB terms.
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– 23 – Six months ended 30 June Change (%) 2026 2025 Location (Date of commencement of operations) HK$’000 HK$’000 in HK$ terms in RMB terms Shenzhen (March 2013) 108,058 97,905 10.3 4.0 Beijing (January 2018) 49,770 50,351 (1.2) (6.8) Kunming (June 2019) 32,509 32,515 (0.0) (5.8) Shanghai (November 2019) 27,816 24,309 14.4 7.9 Zhuhai (December 2020) 25,989 23,085 12.6 6.1 Guangzhou (April 2022) 21,826 17,056 28.0 20.6 Huizhou (March 2021) 6,496 5,248 23.8 16.7 Jieyang (August 2022) 7,865 4,346 81.0 70.6 280,329 254,815 10.0 7.1 In Mainland China, local consumer spending improved. The revenue from our Mainland China ophthalmic business segment increased by 10.0% in 1H2026 to HK$280.3 million from HK$254.8 million in 1H2025. In RMB terms, the revenue increased by 7.1%. Provision of dental services Our revenue generated from dental services recorded an increase of 19.0% during 1H2026, which amounted to HK$282.5 million (1H2025: HK$237.5 million), representing 27.6% (six months ended 30 June 2025: 25.1%) of our total revenue. Other than providing dental services in clinics in Hong Kong, we provided our dental services in Mainland China in the dental hospital and clinics in Shenzhen mainly under Shenzhen CKJ. Due to the stronger brand recognition of Shenzhen CKJ, the revenue of Shenzhen CKJ increased by 19.5% to HK$259.3 million in 1H2026 from HK$217.1 million in 1H2025.
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– 24 – The following table sets forth the total revenue from dental services, the total number of patient visits, total number of dental chairs, visits per dental chair and revenue per dental chair for 1H2026: Six months ended 30 June 2026 2025 Change % Total revenue from dental services (in HK$’000) 282,494 237,479 19.0 Total patient visits 186,812 167,599 11.5 Total number of dental chairs 328 278 18.0 Visits per dental chair 570 603 (5.5) Revenue per dental chair (in HK$’000) 861 854 0.8 The number of patient visits for dental services increased by 11.5% from 167,599 in 1H2025 to 186,812 during 1H2026. Visits per dental chair decreased by 5.5% from 603 to 570, while revenue per dental chair recorded an increase of 0.8% to HK$861,000 in 1H2026 (1H2025: HK$854,000). The increase in patient visits was primarily from dental services of Shenzhen CKJ. Provision of other medical services Our revenue generated from endoscopy, medical imaging, oncology, medical aesthetics and other services during 1H2026 amounted to approximately HK$30.3 million (1H2025: HK$18.8 million), representing approximately 3.0% (1H2025: 2.0%) of our total revenue. Sales of vision aid products We also generate revenue from the sales of vision aid products including glasses and lens. The sales were conducted by us through the assessment of the optometrists employed by us in Hong Kong and Mainland China. During 1H2026, our revenue generated from the sales of vision aid products amounted to HK$80.1 million (1H2025: HK$74.8 million), representing an increase of 7.1% as compared to 1H2025.
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– 25 – Cost of revenue The following table sets forth an analysis of our cost of revenue for the periods indicated, presented as a percentage of total revenue: Six months ended 30 June 2026 2025 Change HK$’000 % of revenue HK$’000 % of revenue HK$’000 % (Unaudited) (Unaudited) Doctors’ consultation fees 214,265 20.9 209,006 22.1 5,259 2.5 Cost of inventories and consumables 165,396 16.1 162,942 17.3 2,454 1.5 Staff salaries and allowance 217,712 21.3 178,058 18.9 39,654 22.3 Depreciation of right-of-use assets 51,944 5.1 46,571 4.9 5,373 11.5 Depreciation of property, plant and equipment 24,231 2.4 22,596 2.4 1,635 7.2 Others 27,523 2.7 31,247 3.3 (3,724) (11.9) Total 701,071 68.4 650,420 68.9 50,651 7.8 Our cost of revenue increased by 7.8% from HK$650.4 million for 1H2025 to HK$701.1 million for 1H2026, primarily as a result of increase in staff salaries and allowance in Mainland China arising from increased business volume. Gross profit and gross profit margin (GP%) The following table sets forth our gross profit/(loss) and gross profit margin according to the business segments for the periods indicated: Six months ended 30 June 2026 2025 Change Gross profit/(loss) Gross profit/(loss) Gross profit/(loss) HK$’000 GP % HK$’000 GP % HK$’000 % (Unaudited) (Unaudited) HK medical business 129,425 27.6 134,387 28.8 (4,962) (3.7) Mainland China ophthalmic business 103,790 37.0 95,737 37.6 8,053 8.4 Mainland China dental business 91,186 35.2 72,929 33.6 18,257 25.0 Mainland China other business (1,040) N/A (9,148) N/A 8,108 (88.6) 323,361 31.6 293,905 31.1 29,456 10.0
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– 26 – Our gross profit for 1H2026 amounted to HK$323.4 million, representing an increase of 10.0% from HK$293.9 million for 1H2025. Our gross profit margin was 31.6% during 1H2026, as compared with 31.1% for 1H2025. The gross profit margin for our business segment of HK medical business recorded a decrease to 27.6% from 28.8% due to the change in the revenue mix. The gross profit margin for our business segment of Mainland China ophthalmic business decreased to 37.0% from 37.6%, primarily due to the downward price adjustment in response to the market conditions, which affected the average surgery fee for this segment. The gross profit margin for our business segment of Mainland China dental business increased to 35.2% from 33.6% in 1H2025, which was mainly attributable to the increase in revenue and the broader coverage of fixed costs by revenue. The gross profit margin for our business segment of Mainland China other business was not applicable in both 1H2025 and 1H2026 as it incurred a gross loss during both periods. Selling expenses Our selling expenses increased by 20.7% from HK$63.5 million for 1H2025 to HK$76.6 million for 1H2026, primarily attributable to an increase in promotional expenses in Mainland China for our dental services and our C+ Health (Shenzhen) Hospital. The amount of selling expenses, as a percentage of our total revenue, increased from 6.7% for 1H2025 to 7.5% for 1H2026. The fees paid to online platforms represented the major component of selling expenses. Administrative expenses Our total administrative expenses during 1H2026 amounted to HK$162.2 million, representing a decrease of 2.0% as compared with HK$165.4 million during 1H2025. The decrease in our administrative expenses during the period was mainly due to cost saving measures implemented by the Group. Other income Our other income during 1H2026, consisted primarily of rental income, increased to HK$6.1 million in 1H2026 from HK$3.2 million during 1H2025. The increase was primarily attributable to the increase in rental income in Shenzhen. Other (losses)/gains, net Our other losses, net during 1H2026 amounted to HK$2.1 million and mainly consisted of loss on financial assets at fair value through profit or loss. The other gains, net recognised during 1H2025 mainly consisted of gain on termination of leases of HK$14.1 million. Finance costs, net Our finance costs, net increased from HK$4.6 million for 1H2025 to HK$5.7 million for 1H2026, primarily due to the decrease in bank interest income.
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– 27 – Income tax expense Our income tax expense during 1H2026 amounted to HK$24.0 million, representing an increase by 24.6% from HK$19.2 million during 1H2025. The increase was due to the increase of taxable profits in both Hong Kong and Mainland China. Profit for the period As a result of the foregoing, our profit for 1H2026 amounted to HK$57.0 million (1H2025: HK$56.2 million), such increase was primarily due to the increase of revenue to HK$1,024.4 million in 1H2026 from HK$944.3 million for 1H2025. Cash flows Net cash generated from operating activities was HK$218.6 million during 1H2026 (1H2025: HK$108.1 million). The increase was mainly attributable to the higher level of operating cash inflow and the decrease in working capital used in our operations during 1H2026. Net cash generated from investing activities amounted to HK$65.0 million during 1H2026 as compared to HK$46.1 million used in investing activities during 1H2025. The cash generated from investing activities mainly included cash proceeds from matured short-term bank deposits of HK$94.1 million, which was partially offset by HK$43.9 million used for purchase of property, plant and equipment. During 1H2026, net cash used in financing activities amounted to HK$94.0 million, as compared to HK$110.7 million during 1H2025. The cash used in financing activities for 1H2026 mainly consisted of dividend paid to non-controlling interests in the amount of HK$10.0 million, and lease payments in the amount of HK$81.0 million. Events after the date of statement of financial position There were no material subsequent events occurred to the Group after 30 June 2026 and up to date of this announcement. OUTLOOK AND STRATEGIES The outlook for our various businesses is varied. The demand for ophthalmic services in relation to eye diseases in Hong Kong remains solid due to the aging population and the ophthalmic business in Mainland China continues to improve but faces challenges from keen competition. In addition, the trend of cross-border consumption by Hong Kong citizens will continue and this may bring us opportunities, especially in our dental business in Shenzhen under Shenzhen CKJ and our operation of C+ Health (Shenzhen) Hospital at Luohu port offering dental, ophthalmic, medical imaging and other medical services.
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– 28 – The Group is prepared to exploit the business opportunities by implementing the following strategies: • focusing on our ophthalmic services in Hong Kong and the cities where our hospitals are located in Mainland China, while performing strategic review on performances on our operations and seeking opportunities to grow by recruitment of new doctors and setting up new establishments; • further developing our cross-border medical business in Shenzhen under Shenzhen CKJ for dental business, and developing our hospital in Luohu with departments including dentistry, ophthalmology, medical imaging, health check-ups, gynecology, traditional Chinese medicine, internal medicine, surgery and urology; • continuing to improve our operational efficiency and service capability. For our ophthalmic business in Mainland China, we will continue to adopt stringent cost control policies to streamline and improve its overall performance and profitability; and • investing in innovation. Following our success in the investment in Belkin Vision Ltd, we will continue to invest in businesses where we can contribute expertise and can add value to the target businesses. OTHER INFORMATION INTERIM DIVIDEND The Board does not recommend the payment of an interim dividend for the six months ended 30 June 2026. SIGNIFICANT INVESTMENTS, ACQUISITIONS AND DISPOSALS On 20 May 2026, the Group entered into agreements to subscribe for and acquire approximately 10.23% of the enlarged issued share capital of CHIGENOVO with a total consideration of RMB112.625 million. The transactions were completed subsequent to the end of the period. For details, please refer to the Company’s announcements dated 20 May 2026, 30 June 2026 and 10 August 2026. Save for the above, the Group did not have any significant investments, acquisitions and disposals in 1H2026. CORPORATE GOVERNANCE The Board is committed to maintaining high corporate governance standards. In the opinion of the Board, during 1H2026 the Company has complied with all applicable code provisions as set forth in the Corporate Governance Code as set out in Appendix C1 to the Listing Rules.
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– 29 – MODEL CODE FOR SECURITIES TRANSACTIONS The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers (the “Model Code ”) as set forth in Appendix C3 to the Listing Rules as the code of conduct regarding securities transactions of the Directors. Employees of the Group (the “Relevant Employees”) who, because of their office or employment, are likely to possess inside information in relation to the Company or its securities are also subject to compliance with the Model Code. Following specific enquiry of all Directors, each of the Directors has confirmed his or her compliance with the Model Code throughout the 1H2026. No incident of non-compliance of the Model Code by the Relevant Employees was noted by the Company during 1H2026. PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES During the six months ended 30 June 2026, and pursuant to the mandates granted by the shareholders in the annual general meetings of the Company held on 19 May 2025 and 20 May 2026, the Company repurchased an aggregate of 1,060,000 ordinary shares at an aggregate consideration of HK$1,577,999 on the Stock Exchange as follows: Month of Repurchase No. of shares repurchased Consideration per share Total Consideration Paid (inclusive of charges and levies) Highest Lowest HK$ HK$ HK$ February 2026 1,060,000 1.57 1.43 1,577,999 1,060,000 1,577,999 The Board considers that the share repurchases were conducted in the best interests of the Company and its shareholders and would lead to an enhancement of the net asset value per share and/or earnings per share of the Company. As at 30 June 2026 and the date of this announcement, an aggregate of 20,622,000 and 23,364,000 repurchased shares, respectively, were held by the Company as treasury shares (as defined under the Listing Rules) and are intended for resale depending on the market conditions. Save as disclosed above, neither the Company nor any of its subsidiaries has purchased, sold or redeemed any of the Company’s listed securities during the six months ended 30 June 2026. Neither the Company nor any of its subsidiaries has sold any treasury shares (as defined under the Listing Rules) of the Company during the six months ended 30 June 2026.
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– 30 – AUDIT COMMITTEE AND REVIEW OF INTERIM RESULTS The audit committee of the Board comprises three independent non-executive Directors, namely, Mr. MA Andrew Chiu Cheung (Chairman of the audit committee), Mr. IP Shu Kwan Stephen and Mr. LI Ling Cheung Raymond. The audit committee of the Board has reviewed with the management the accounting principles as well as practices adopted by the Group and discussed risk management and internal control as well as financial reporting matters including the review of the unaudited interim condensed consolidated financial information for the 1H2026 and this announcement with the Directors. The Group’s interim condensed consolidated financial statements have not been audited, but PricewaterhouseCoopers, certified public accountants and the independent auditor of the Company, has reviewed the unaudited interim condensed consolidated financial information of the Group for the six months ended 30 June 2026 in accordance with Hong Kong Standard on Review Engagements 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”. PUBLICATION OF INTERIM RESULTS ANNOUNCEMENT AND INTERIM REPORT This interim results announcement is published on the websites of the Stock Exchange at www.hkexnews.hk and the Company’s website at www.cmermedical.com. The interim report of the Company for 1H2026 will be dispatched to the shareholders of the Company and made available on the website of the Stock Exchange and that of the Company in due course. By order of the Board C-MER Medical Holdings Limited Ms. LI Xiaoting Vice Chairman, Executive Director and Chief Executive Officer Hong Kong, 25 August 2026 As at the date of this announcement, the Board comprises its chairman and independent non- executive Director, Dr. Rex AUYEUNG Pak-kuen; two executive Directors, namely Ms. LI Xiaoting (Vice Chairman and Chief Executive Officer) and Dr. LEE Yau Wing Vincent; and five other independent non-executive Directors, namely Dr. KO Wing Man (Vice Chairman), Mr. MA Andrew Chiu Cheung, Mr. IP Shu Kwan Stephen, Mr. YIN Ke and Mr. LI Ling Cheung Raymond.