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高视 GAUSH

Gaush Meditech Ltd

高视医疗科技有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 2407)

ANNUAL RESULTS ANNOUNCEMENT FOR THE YEAR ENDED DECEMBER 31, 2025

ANNUAL RESULTS HIGHLIGHTS

Revenue of the Group was RMB1,380.4 million for the year ended December 31, 2025, representing a decrease of 3.4% as compared to the revenue of RMB1,428.4 million for the year ended December 31, 2024.

Net profit of the Group was RMB91.2 million for the year ended December 31, 2025, representing an increase of 3.1% as compared to the net profit of RMB88.5 million recorded in 2024.

The Group's basic earnings per Share was RMB0.66 for the year ended December 31, 2025, as compared to the basic earnings per Share of RMB0.63 for the year ended December 31, 2024.

The Group's research and development expenses for the year ended December 31, 2025 were RMB92.6 million, representing an increase of 18.1% as compared to the research and development expenses of RMB78.4 million for the year ended December 31, 2024. For the years ended December 31, 2024 and 2025, the Group's research and development expenses accounted for 5.5% and 6.7% of its revenue, respectively, remaining at a relatively stable and high level.

The Board did not recommend the payment of a final dividend for the year ended December 31, 2025 (2024: HK$0.3 per Share).

SUMMARY OF CONSOLIDATED STATEMENT OF PROFIT OR LOSS

	For the year ended December 31,
	2025
(RMB'000)	2024
(RMB'000)
REVENUE	1,380,354	1,428,397
Cost of sales	(747,156)	(765,008)
Gross profit	633,198	663,389
Other income and gains	30,373	26,417
Selling and distribution expenses	(244,772)	(232,894)
Administrative expenses	(174,203)	(145,466)
Finance costs	(19,589)	(36,709)
Research and development expenses	(92,575)	(78,418)
Other expenses	(17,748)	(41,032)
PROFIT BEFORE TAX	114,684	155,287
Income tax expenses	(23,493)	(66,764)
PROFIT FOR THE YEAR	91,191	88,523

MANAGEMENT DISCUSSION AND ANALYSIS

BUSINESS REVIEW

The Group is principally engaged in the R&D, production and distribution of a broad spectrum of ophthalmic medical equipment and consumables, and the provision of ancillary technical services to end customers. As of December 31, 2025, the Group has a “Global 4+2” R&D layout, with several R&D and production platforms in four cities in the PRC, namely Shenzhen, Wuxi, Suzhou and Wenzhou, and two R&D and production platforms overseas in the Netherlands and Germany. At the same time, the Group has a sales network covering over 50 countries and regions around the world, and has 133 engineers in Greater China which makes the Group capable of providing 7*24 hours technical support services for its equipment.

In 2025, China’s medical device industry exhibited a diversified development trajectory characterized by steady growth in scale and improved quality, innovation-driven upgrades, and phased advancement of domestic substitutes. Meanwhile, the Company continued to move forward steadily despite multiple challenges such as intensified domestic competition, compounded global geopolitical conflicts, and heightened complexity of the external development environment.

As of December 31, 2025, the Group (i) had a product portfolio of 153 products in total, including 74 Proprietary Products, further enriching the portfolio of the Proprietary Products; (ii) co-operated with 17 overseas brand partners, of which 15 had entered into exclusive distribution arrangements with the Group in respect of their products. Brill International S.L., a Spanish company, was added as the exclusive partner during the Reporting Period; (iii) had its products sold to over 50 countries and regions worldwide, and had served nearly 5,000 end customers in Greater China during the Reporting Period; (iv) continued to invest in R&D and achieved a number of significant progress, which further enriched the product lines of the Proprietary Products of the Group. In terms of medical equipment, the Company has officially obtained product registration certificates for the corneal confocal microscopes T3–600 and T3–400 independently developed by the Company in April 2025; meanwhile, the Company’s ocular fundus cameras, frequency-domain biometer, and ophthalmic electrophysiological diagnostic system developed in-house were formally approved in June, August, and November 2025, respectively, and launched for sale; in addition, regarding consumables, the Company’s self-developed intraocular lens implant system and disposable ophthalmic trocar and accessories obtained product registration certificates in April and June 2025, respectively; in July 2025, the Company’s corneal contact lens and disposable ultrasonic emulsification vitrectomy irrigation-aspiration tubing kit officially received product registration certificates; and (v) during the Reporting Period, revenue from intraocular lens sales reached RMB358.6 million, setting a new historical high. Notably, the revenue from domestic intraocular lens business segment experienced significant growth, becoming the Company’s largest revenue-generating product line within the Mainland China market.

For the year ended December 31, 2025, the revenue of the Group was RMB1,380.4 million, representing a decrease of 3.4% as compared with the previous year. For the year ended December 31, 2025, the gross profit of the Group was RMB633.2 million, representing a decrease of 4.6% as compared with the previous year.

The following table sets forth the breakdown of the Group's revenue by product and service types for the years indicated:

	For the year ended December 31,
	2025	2024
	(RMB'000)	(RMB'000)
Sales of ophthalmic medical equipment	513,112	664,878
Sales of ophthalmic medical consumables	613,848	530,257
Technical services	238,473	226,458
Others	14,921	6,804
Total	1,380,354	1,428,397

Products of the Group

As of December 31, 2025, the Group had a product portfolio of 153 products in total, which included the Proprietary Products, being products developed and manufactured by the Group, and the Distribution Products, being the products of the Group's brand partners, and consisted of diagnostic equipment, treatment and surgical instrument, high-value consumables and general consumables. The Group's product portfolio covers seven major ophthalmology sub-specialties where ophthalmic medical devices are utilized for their diagnosis, treatment or surgery, being the vitreoretinal diseases, cataracts, refractive surgery, glaucoma, ocular surface diseases, optometry and pediatric ophthalmology, which enables the Group to provide the customers with integrated product and service offering.

Proprietary Products

As a result of its "Global 4+2" R&D layout and continuous investment in R&D, the Group's portfolio of Proprietary Products continued to expand, mainly including intraocular lens, ophthalmic examination equipment and ophthalmic scalpel products. For the year ended December 31, 2025, the revenue contribution of the Group's Proprietary Products amounted to RMB429.4 million, accounting for 38.1% of the Group's revenue from sales of products, and representing a significant increase as compared with the ratio of revenue contribution of the Proprietary Products to the Group's revenue from sales of products of 31.4% and an increase of 14.3% as compared with the revenue contribution of the Proprietary Products of RMB375.8 million in 2024, which was mainly due to the rapid increase in revenue from the intraocular lens and the stable growth of the revenue generated from proprietary equipment. For the year

ended December 31, 2025, the revenue contribution of the Group’s intraocular lens under the Proprietary Products amounted to RMB358.6 million, representing a year-on-year increase of 13.2%, which mainly benefited from the positive impact of the expanded customer coverage and usage resulted from the implementation of national procurement policy for intraocular lens on the performance, as well as the steady growth of the overseas intraocular lens business.

Distribution Products

As of December 31, 2025, the Group had co-operated with 17 overseas brand partners, 15 of which had entered into exclusive distribution arrangements with the Group, including Heidelberg Engineering GmbH (“Heidelberg”), Quantel Medical (“Quantel”), Schwind and Optos. Brill International S.L., a Spanish company, was added as the exclusive partner during the Reporting Period. As of December 31, 2025, the revenue contribution of the Group’s Distribution Products amounted to RMB697.6 million, representing a decrease of approximately 14.9% as compared with the revenue from the Distribution Products of RMB819.3 million in 2024, which was mainly due to the impact of weak macro-economy, changes in the competitive environment, and the slowdown in the hospital admission process of some products.

Technical Services Business

Ophthalmic medical devices are highly complex, demanding extensive technical support and after-sale maintenance. The Group believes that provision of high-quality professional technical service capability enhances the derivative value of the Company’s product portfolio and has huge potential for growth. As such, the Group also differentiates itself from its competitors through strong technical service capability. In Greater China, the Group provides its end customers with technical services, which primarily include installment services for the ophthalmic medical equipment it sold, as well as the after-sale warranty and maintenance services of such products.

As of December 31, 2025, the Group has a technical service team comprising 133 technicians in Greater China. The Group sets up 13 technical service centers in Greater China, including one in Hong Kong, and has a technical service network covering all provincial administrative regions in China to provide 7*24 hours technical services, ensuring that the Group quickly provides services to the customers in a timely manner. During the Reporting Period, the Group’s technical service team in Greater China had a total number of over 29,000 service visits. The technical service presents a great opportunity for the Group to interact with its customers, build brand loyalty and gain first-hand insights into market demand and unmet market needs. For the year ended December 31, 2025, the revenue contribution of the Group’s technical services amounted to RMB238.5 million, representing a year-on-year increase of 5.3%.

The Group's R&D Line-up

As of December 31, 2025, the Group had a “Global 4+2” R&D layout and a total of 257 R&D and production personnel, accounting for approximately 28.8% of the total headcount, with an average industry experience of more than 10 years. The Group’s manufacturing facilities have a total gross floor area of over 10,000 square meters. The Group has made significant investments in the R&D of intraocular lens and OK-Lens, ophthalmic surgical consumables, ophthalmic electrophysiological equipment and ancillary consumables, ophthalmic scalpels, optometry equipment, and diagnostic devices for dry eyes. During the Reporting Period, the Group’s research and development expenses amounted to RMB92.6 million, accounting for 21.6% of the revenue from the Proprietary Products, representing an increase of 18.1% as compared with that of RMB78.4 million in 2024, which was mainly due to the continuous increasing investment of the Group in R&D projects to strengthen its independent innovation capabilities to ensure the competitiveness of mid-to-long-term development in close alignment with the national strategic deployment.

Shenzhen Base: It mainly focuses on the layout of products such as domestic intraocular lens, myopic intraocular lens, ophthalmic electrophysiological equipment and systematic and intraoperative consumables for vitrectomy. In particular, in terms of consumables, the Company obtained product registration certificates for an intraocular lens implant system and disposable ultrasonic emulsification vitrectomy irrigation-aspiration tubing kit in April and July 2025, respectively. The mono-focal enhanced intraocular lens has completed registration testing and has formally commenced clinical trials. Meanwhile, preparatory work for the extended depth of focus intraocular lens project is being carried out; the materials and processes for myopic intraocular lens remain under continuous optimization; and a product development partnership for electrophysiological corneal electrodes has been established with Fabrinal, a Swiss company, with contracts signed and work proceeding in an orderly manner. In terms of equipment, ophthalmic electrophysiological equipment obtained the product registration certificate in November 2025; and the development of the ultrasonic phacoemulsification and vitrectomy system, vitrectomy probe and phacoemulsification handpiece is progressing smoothly, some of which have completed registration testing and are expected to obtain product registration certificates in the second half of 2026. In addition, the Company’s two subsidiaries at the Shenzhen Base, Gaush Tech and Gaush Teleon, received ISO 13485:2016/EN ISO 13485:2016 medical device quality management system certification issued by DEKRA in 2025, marking a further strengthening of the Group’s R&D, overall technical process and production capacity.

Wuxi Base: It mainly focuses on the localization of own-brand diagnostic equipment, surgical equipment and consumables. Among which, our self-developed corneal confocal microscopes T3-600 and T3-400 successfully obtained product registration certificates in April 2025 and launched for commercial sales. During the Reporting Period, corneal confocal microscopy demonstrates significant competitive advantages, with eight units successfully installed and continuing to secure new orders. Meanwhile, the Company

expects the product to obtain CE certification in the first half of 2026, thereby further expanding into overseas markets and broadening its product sales market. Our fundus camera and frequency-domain biometer developed in-house obtained its medical device registration certificate in June 2025 and August 2025, respectively, and have been officially launched for sale. In addition, the Company will continue the R&D of its own-brand diagnostic equipment. Some products are expected to obtain medical device registration certificates in the second half of 2026.

Suzhou Base: It consists of a number of R&D and production platforms, mainly focusing on the layout of products such as OK-Lens, defocusing lens, RGP and ophthalmic scalpels. Among them, the OK-Lens independently developed and produced by the Company has entered the product registration process and is expected to receive the product registration certificate in the first half of 2026. At the same time, the Company initiates the product registration of the OK-Lens for the overseas markets. The defocusing lenses independently developed have been launched for sale, and the randomized controlled trial has been successfully completed with favorable follow-up results. The Company will continue to advance its R&D and production in the optometry field.

Wenzhou Base: It has product registration certificates for the self-developed fundus photographic imaging machines, digital slit lamp microscopes, contrast sensitivity detectors, retinal vision testers and corneal topography. In particular, during the Reporting Period, it mainly focused on the R&D of two products, namely corneal topography and detector for dry eye. Both devices are under smooth development. The detector for dry eye has entered the stage of the medical device registration and is expected to obtain a product registration certificate and be launched in the first half of 2026.

Expansion of the Group's Distribution Products

Leveraging the Group's nationwide multi-channel sales network and a well-established ophthalmology KOL network, as well as the professional sales team, the Group helps the customers evaluate their clinical needs, application environment and technical capabilities, thereby offering products that best suit their needs and circumstances and creating value for the customers. During the Reporting Period, the Group co-operated with 17 overseas brand partners, of which 15 had entered into exclusive distribution arrangements with the Group to distribute their products, including Heidelberg, Quantel, Schwind and Optos. During the Reporting Period, a Spanish company, Brill International S.L., was newly added as the exclusive partner to represent its Corneal Esthesiometer Brill (CEB), an electronic medical examination device that evaluates corneal sensitivity by applying controlled air pulses as stimuli. In addition, the existing upstream partners have also been continuously advancing their R&D or iterative computing upgrades, and gradually launching new products to further enrich the Group's Distribution Products portfolio.

In March 2025, Femtosecond Laser (scope of application: creation of corneal flap in femtosecond laser-assisted in situ keratomileusis (Femto-LASIK)) and its supporting Patient Interface for SCHWIND ATOS launched by SCHWIND eye-tech-solutions GmbH, an important upstream partner represented by the Company, obtained the medical device registration certificate approved by the NMPA. In the same month, ANTERION (three-in-one anterior segment multimodal imaging diagnostic platform) launched by Heidelberg, an important upstream partner represented by the Company, obtained the medical device registration certificate approved by the NMPA.

Overseas Business Expansion

During the Reporting Period, the Company actively hosted an extensive array of on-site exhibitions and summits around the world. Distributors from different countries and regions and over 100 KOLs attended these summits. Furthermore, the Company also participated in several large on-site exhibitions with over 5,000 participants. In terms of R&D and production, the R&D of a new series of overseas intraocular lenses is currently progressing smoothly. In the meantime, the Company actively and vigorously promotes the registration of products in new countries and regions to expand a wider market presence. In March 2025, Teleon Surgical B.V., a wholly-owned subsidiary of the Company (“Teleon Surgical”), has reached an important milestone in the transition from Medical Device Directive (“MDD”) to Medical Device Regulation (“MDR”) and received the MDR CE certificate for the self-developed hydrophilic acrylic intraocular lens (IOL) portfolio by the notified body. This approval is an important step towards full MDR CE certification of the entire portfolio based on the hydrophilic materials self-developed by the Company, which is conducive to further cost reductions and long-term supply security of raw material, and is a testament to the relentless dedication, expertise, and perseverance of the entire team of the Company. In addition, during the Reporting Period, Teleon Surgical has submitted its self-developed intraocular lens product, the Lentis Quantum Toric, for registration. Its self-developed intraocular lens product, namely Acunex, was successfully launched in Malaysia and adopted nationwide by leading local institutions, marking the product’s first successful entry into the Southeast Asian market.

The Group has sold products of Teleon to 52 countries and regions and sold products of Roland to 38 countries and regions.

Marketing

During the Reporting Period, the Group organized to hold various offline marketing activities, covering sub-specialty application areas such as fundus and anterior segment examination and diagnosis, dry eye examination and therapy, fundus laser therapy, excimer laser surgery for glaucoma and refractive issues, cataract surgical treatment and optometry. The products involved included the Group's own brands, such as Teleon's intraocular lenses, Roland's electrophysiological equipment, and Gaush's precision ophthalmic surgical instruments, and Distribution Products, including Optos's ultra-widefield fundus camera, Heidelberg's optical coherence tomography/optical coherence tomography angiography and angiography integrated machine, Quantel's ultrasound, Quantel's laser, Geuder's ultrasonic phacoemulsification and vitrectomy system, SBM's ocular surface interferometer, Amaris's excimer laser and others.

Highlights of these offline activities included: (i) high-quality offline marketing activities were continuously advanced by leveraging influential events or official academic platforms including the ATOS intelligent navigation femtosecond launch celebration (ATOS智能導航飛秒上市慶典) and the refractive surgery forum of the Congress of Chinese Ophthalmological Society, the Company enhanced industry awareness and recognition of precise and personalized refractive solutions, effectively promoting equipment trials, clinical adoption and the commercialization of key projects; (ii) the iStent inject W new surgical technique was rolled out in more than 50 hospitals across nearly 30 provinces, and with its micron-level safety, simplified operation and outstanding intraocular pressure-lowering performance, it has rapidly become a new focal point in the domestic minimally invasive glaucoma surgery market; (iii) the regional academic brand "Geuder Family" was continuously operated, integrating the HS Simulation surgical simulation system with practical training on Geuder equipment to establish a new model of standardized surgical training; (iv) the intraocular lens of Gaush Teleon was promoted through frequent showcases at nationwide satellite symposia and speaker-sharing sessions, strengthening the regional competitiveness of Gaush Teleon's proprietary brand; and (v) the 8th Gaush Optos Ultra-widefield Fundus Imaging Competition and other flagship branded events were hosted, supported by the full product portfolios of Heidelberg, Optos and Quantel's laser, thereby systematically enhancing marketing effectiveness and, through deeper implementation of regional key projects and collaboration with leading experts, effectively driving the market penetration of new products.

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The Group also provided educational training services on ophthalmology-related knowledge to a wide range of ophthalmology professionals through Gaush online platform. As the first professional online ophthalmology education platform in China, Gaush online currently has over 60,000 registered users and has recorded more than 1,000,000 accumulated views of its online training courses. Ophthalmology, as a highly specialized field, demands a high level of professional knowledge and skills from doctors, nurses and other practitioners. Gaush online was created to meet this need and offers a wealth of ophthalmological knowledge and online training courses, providing a platform for ophthalmology practitioners to learn and improve. Moreover, Gaush online enables the wider and faster dissemination of ophthalmological knowledge through online education. Traditional ophthalmology training methods are often limited by time and space, but Gaush online breaks these barriers and allows more people to easily access ophthalmological knowledge and skills, improving the service level of the entire industry. Furthermore, Gaush online also promotes exchange and cooperation within the ophthalmology industry. Through online education, different ophthalmology institutions and experts can communicate and collaborate conveniently and jointly explore the latest developments and technologies in the field of ophthalmology to drive the development and innovation of the ophthalmology industry.

Long-term Strategies and Outlook

Adhering to the mission of “Technology Creates Bright Vision”, the Group has been persistently implementing the two-pronged approach of “Proprietary Products + high-end imports” and the internationalization development strategy, constantly improving and enriching its product line-up, and striving to become a leader of the global ophthalmic medical device industry. Based on this goal, the Group will:

I. continuously increase investment in R&D, especially in major innovations in high-end ophthalmic medical devices, adhere to the domestic layout and the efficient commercialization process, further optimize the structures of product and revenue, and increase the proportion of revenue contribution from the Proprietary Products;

II. keep unleashing the potential of existing products, maintain the leading position of diagnostic inspection products in the market, prioritize and increase investment in surgical treatment products, especially focusing on the development of surgical device-related consumables and independent implant consumables;

III. continue to consolidate the platform advantages of the product portfolio fully covering the major sub-specialties of ophthalmology, and continuously improve and diversify its product portfolio through a combination of internal R&D, investment and acquisitions, introductions and collaborations;

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IV. continue to strengthen domestic and international market development, with a particular focus on expansion in markets of China and Europe, while extending coverage to other international markets. Further expand the global sales network through in-house team building and channel acquisitions, thereby enhancing international coverage systematically and increasing the proportion of overseas revenue steadily; and

V. continue to enhance management capabilities and improve its operational efficiency, strengthen talent recruitment and cultivation, improve personnel organization structure, compensation and performance appraisal systems and assessment and incentive mechanisms on an on-going basis, build a high-quality talent pool, and practice the Group's core values.

FINANCIAL REVIEW

Revenue

During the Reporting Period, the Group mainly generated its revenue from (i) sales of products, including ophthalmic medical equipment and ophthalmic medical consumables; and (ii) provision of technical services.

The Group's revenue decreased by 3.4% from RMB1,428.4 million for the year ended December 31, 2024 to RMB1,380.4 million for the year ended December 31, 2025. This decline was primarily attributable to intense competition in the ophthalmic medical equipment sector, where increased product homogeneity and preference of hospital procurement policies exerted short-term pressure on equipment revenue. Notably, however, revenue from ophthalmic medical consumables grew by 15.7% year-on-year. Concurrently, revenue from Proprietary Products and technical services achieved dual growth of 14.3% and 5.3%, respectively, aligning well with the Group's strategic development plans. Meanwhile, the Group's international business revenue demonstrated strong performance, increasing by 12.4% year-on-year.

In 2026, the Group will continue to advance its international business development. Coupled with the gradual regulatory approval and market launch of Proprietary Products from various R&D bases, the Group expects sustained growth in revenue from Proprietary Products, which will contribute to an overall improvement in the Group's financial performance.

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The table below sets forth the breakdown of sales revenue of the Group by Distribution Products, Proprietary Products and technical services for the years indicated:

	For the year ended December 31,
	2025
(RMB'000)	2024
(RMB'000)
Distribution Products	697,603	819,321
Proprietary Products	429,357	375,814
Technical Services	238,473	226,458
Total	1,365,433	1,421,593

Gross Profit and Gross Profit Margin

The Group's gross profit decreased by 4.6% from RMB663.4 million for the year ended December 31, 2024 to RMB633.2 million for the year ended December 31, 2025. The Group's gross profit margin decreased from 46.4% for the year ended December 31, 2024 to 45.9% for the year ended December 31, 2025. Such decrease was mainly due to (i) the impact of exchange rate fluctuations, which resulted in higher purchase cost for importing Distribution Products; (ii) the significant decrease in average unit selling prices of the intraocular lens under the Group's Proprietary Products during the Reporting Period, which started to implement the national procurement prices from May 2024; and (iii) the impact of changes in the Group's sales product mix.

Other Income and Gains

During the Reporting Period, the Group's other income and gains primarily consisted of (i) bank interest income; (ii) government grants; and (iii) investment income and gains from financial products at fair value through profit or loss.

The Group's other income and gains increased by 15.2% from RMB26.4 million for the year ended December 31, 2024 to RMB30.4 million for the year ended December 31, 2025, which was mainly due to the increase in government grants received during the Reporting Period.

Selling and Distribution Expenses

During the Reporting Period, the Group's selling and distribution expenses primarily consisted of (i) salaries and remuneration of the Group's sales and marketing personnel; (ii) marketing expenses for organizing marketing events and promotion of the Group's products; and (iii) transportation and travel expenses incurred in the course of the Group's marketing activities.

The Group’s selling and distribution expenses increased by 5.1% from RMB232.9 million for the year ended December 31, 2024 to RMB244.8 million for the year ended December 31, 2025, which was primarily attributable to the talent reserve carried out by the Group for the marketing of its Proprietary Products and international business, laying a foundation for the long-term development of the Group.

As a percentage of revenue, the selling and distribution expenses increased from 16.3% for the year ended December 31, 2024 to 17.7% for the year ended December 31, 2025.

Administrative Expenses

During the Reporting Period, the Group’s administrative expenses primarily consisted of (i) salaries and remuneration of administrative staff; (ii) consulting services fees, which include IT service fees and audit fees incurred with respect to engaging external auditors and other service expenses procured to support corporate operations; (iii) transportation and travel expenses incurred in the course of administration; and (iv) depreciation and amortization of non-current assets.

The Group’s administrative expenses increased by 19.7% from RMB145.5 million for the year ended December 31, 2024 to RMB174.2 million for the year ended December 31, 2025. This was mainly due to the Group’s aim of further strengthening R&D synergies between its domestic and overseas business segments, enhancing overall innovation capabilities, and improving market competitiveness, with the establishment of the management team for the R&D and production companies of the Group, and the recruitment expansion in related departments, resulting in a corresponding increase in labor costs included in administrative expenses.

Finance Costs

During the Reporting Period, the Group’s finance costs primarily consisted of interest expenses on bank and other borrowings and lease liabilities. The Group’s finance costs decreased by 46.6% from RMB36.7 million for the year ended December 31, 2024 to RMB19.6 million for the year ended December 31, 2025. This was mainly due to the fact that the Group repaid an amount of EUR12.125 million of the Vendor Loan and an amount of EUR6.5625 million of China Minsheng Bank loan respectively during the Reporting Period, as well as the decreasing floating loan interest rates linked to EURIBOR, resulting in a decrease in interest expenses during the Reporting Period.

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Research and Development Expenses

The Group closely followed the national strategic deployment, continuously increased investment in R&D projects, and strengthened independent innovation capabilities to ensure the competitiveness of mid-to-long-term development. During the Reporting Period, the Group's research and development expenses increased by 18.1% from RMB78.4 million for the year ended December 31, 2024 to RMB92.6 million for the year ended December 31, 2025. This was mainly due to the continuous expansion of the Group's R&D team and the increased investment in the domestic R&D of relevant products. During the Reporting Period, the Group has successively obtained the medical device registration certificates for several self-developed products, including RGP of Gaush Clear, two dry eye diagnostic devices, corneal confocal microscopes, ocular fundus cameras and frequency-domain biometer of Gaush Neotech, the intraocular lens implant system of Gaush Teleon, the disposable ophthalmic trocar and accessories of Gaush Precision, as well as the disposable ultrasonic emulsification vitrectomy irrigation-aspiration tubing kit, the corneal contact lens and ophthalmic electrophysiological diagnostic system of Gaush Tech. The Group also develops a number of pipeline products, including optometric products, intraocular lenses, consumables and equipment of ultrasonic emulsification, all of which demonstrate the Group's long-term commitment to R&D investment.

Other Expenses

During the Reporting Period, the Group's other expenses primarily consisted of asset impairment losses, credit impairment losses and foreign exchange losses.

The Group's other expenses decreased from RMB41.0 million for the year ended December 31, 2024 to RMB17.7 million for the year ended December 31, 2025, which was mainly due to the provision for impairment of goodwill arising from subsidiaries acquired previously of RMB23.3 million by the Group during the same period.

Income Tax Expenses

The Group's income tax expenses decreased from RMB66.8 million for the year ended December 31, 2024 to RMB23.5 million for the year ended December 31, 2025. The effective tax rate declined from 43.0% for the year ended December 31, 2024 to 20.5% for the year ended December 31, 2025, which was primarily attributable to cumulative tax losses incurred by companies at various R&D bases, resulting from the focus on technological innovation and sustained increases in R&D investment in prior periods. Under relevant requirements of tax laws, such tax losses are eligible for carry-forward offsets over a period of 5 to 10 years. In prior periods, as these companies were still in the R&D investment phase and had not yet generated stable taxable revenue, there was uncertainty regarding the ability to carry forward these accumulated losses for offsetting in future years. Accordingly, based on the principle of prudence, no deferred income tax assets were recognized for these

losses. During the Reporting Period, the management, taking into account these companies' realized operating revenue and profit forecasts for future periods, judged that it is highly possible that sufficient taxable income will be generated in the future to recognize deferred tax assets for the recoverable losses, leading to a decrease in the effective tax rate.

Profit for the Year

For the foregoing reasons, the net profit of the Group increased from RMB88.5 million for the year ended December 31, 2024 to RMB91.2 million for the year ended December 31, 2025.

Financial Position

Inventories

The Group's inventories consisted of finished goods, goods in transit, raw materials and work-in-progress. Under the inventory control policy, the Group regularly monitors and analyzes the Group's historical procurement, production and sales statistics and adjusts its inventories to meet the demand of customers in a timely manner without causing inventory accumulation. The balance of inventories of the Group remained relatively stable as of December 31, 2024 and December 31, 2025, amounting to RMB334.4 million and RMB345.4 million, respectively.

The Group's inventory turnover days increased from 163 days in 2024 to 172 days in 2025, primarily due to the various R&D and production companies of the Group preparing in advance to support the mass production of the Proprietary Products in the following year. The Group's inventory turnover days indicated that the Group's inventories were generally utilized or sold within six months.

Trade Receivables

The Group's trade receivables represented outstanding amounts due from its customers. The Group's trade receivables decreased by 2.4% from RMB170.9 million as of December 31, 2024 to RMB166.8 million as of December 31, 2025, which was attributable to the dedicated management of long-outstanding and problematic receivables and proactive debt collection, which improved the efficiency in the recovery of trade receivables.

The Group's trade receivable turnover days remained relatively stable at 41 days and 45 days in 2024 and 2025, respectively. The Group's trade receivable turnover days were generally in line with the Group's credit term policies between 30 to 90 days.

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Trade Payables

The Group’s trade payables primarily represented the payments due to suppliers for importing the Distribution Products. The original value of the Group’s trade payables increased by 16.2% from RMB70.3 million as of December 31, 2024 to RMB81.7 million as of December 31, 2025. The fluctuation was primarily as a result of the Group’s payments made in accordance with procurement plans and payment schedules stipulated by suppliers.

The Group’s trade payable turnover days in 2024 and 2025 were 38 days and 37 days, respectively, generally in line with the credit term policies of the Group’s suppliers between 30 days to 90 days.

Goodwill

Goodwill arose from acquisitions of the Group’s subsidiaries including, among others, Teleon and Rigeo B.V., of which, the carrying amounts of Teleon and Rigeo B.V. asset group were denominated in Euro. The Group’s goodwill increased by 9.1% from RMB910.5 million as of December 31, 2024 to RMB993.3 million as of December 31, 2025. This was mainly attributable to the effect of fluctuation of exchange rate between RMB and Euro.

Intangible Assets

The Group’s intangible assets (other than goodwill) mainly represented the software the Group purchased and used in the ordinary course of business, the patents and trademarks identified as a result of business combinations, the development expenditures from capitalization of research and development expenses, and non-patented technology purchased and used for R&D project collaborations. The Group’s intangible assets decreased by 2.4% from RMB294.4 million as of December 31, 2024 to RMB287.3 million as of December 31, 2025, which was mainly due to the provision for the amortization of intangible assets during the Reporting Period.

Capital Structure, Liquidity and Financial Resources

The Shares were successfully listed on the Main Board of the Stock Exchange on December 12, 2022, and the share capital structure of the Company remain unchanged during the Reporting Period. As of December 31, 2025, the issued share capital of the Company was USD14,789, and the number of issued Shares of USD0.0001 each was 147,887,869.

In 2025, the Group used internal resources to fund its liquidity. As the Group’s business can generate stable cash inflow, together with abundant cash and bank balances, the Group has sufficient liquidity and financial resources to satisfy its daily operation and working capital needs, as well as to support its expansion plan. The Group regards monetary fund management as an essential part in financial management and incorporates it to the key items of financial inspection and internal audit, and constantly improves corresponding internal control management systems, including the “Currency Fund Management System”, to strengthen its monetary fund management, ensure the security of its monetary fund, and reduce the utilization costs and financial risks of its monetary fund. As of December 31, 2025, the Group continued to maintain a solid financial position, with cash and cash equivalents balance amounting to RMB421.0 million, remaining relatively stable compared with RMB421.4 million as of December 31, 2024. During the Reporting Period, the Group repaid the principal of domestic and overseas loans and interest thereon of approximately RMB201.1 million, while generating net cash inflow from operating activities of approximately RMB144.2 million and receiving approximately RMB97.6 million from the redemption of private equity funds previously purchased. In addition, the Group recorded term deposits of RMB16.7 million as at December 31, 2025. The Group’s cash is mainly in the form of bank deposit balances and deposited with reputable financial institutions and mature within one year. As of December 31, 2025, all cash and cash equivalents and term deposits of the Group were denominated in RMB, HKD, Euro and US dollars.

The Group’s anticipated cash needs primarily include costs associated with the R&D of its products and business operations. The Group expects to fund its future working capital and other cash requirements with cash generated from its operations and, when necessary, bank and other borrowings.

The Group’s interest-bearing bank and other borrowings represented current and non-current secured bank loans and loan from China Minsheng Bank. As of December 31, 2025, the Group’s interest-bearing bank and other borrowings amounted to RMB450.3 million, including short-term borrowings of RMB135.2 million and long-term borrowings of RMB315.1 million, all of which bore fixed interest rates, except for loans from China Minsheng Bank. The Company’s main borrowings included the replacement loans granted by China Minsheng Bank to repay the Senior Facility Loan. As of December 31, 2025, all of the Group’s bank and other borrowings were denominated in Euro and RMB.

As of December 31, 2025, the effective annual interest rates of the Group’s bank and other borrowings ranged from 2.75% to 3.014% (as of December 31, 2024: 3.90% to 7.00%), and the remaining term of the loans ranged from within one year to two years. The Group will repay the above borrowings in due course on maturity.

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Capital Expenditure

The Group’s capital expenditure for the year ended December 31, 2025 amounted to RMB33.8 million, representing a decrease of 58.4% as compared to that of RMB81.2 million for the year ended December 31, 2024, primarily because the Group reached a technological cooperation agreement with Geuder during the same period and paid the non-patent technological transfer fee in this regard.

Gearing Ratio

Gearing ratio represented total interest-bearing borrowings divided by net assets or liabilities as of the end of the period and multiplied by 100%. Interest-bearing borrowings included interest-bearing bank borrowings and other borrowings, lease liabilities and loans at fair value through profit and loss. As of December 31, 2025, the Group’s gearing ratio was 29.9%. As of December 31, 2024, the Group’s gearing ratio was 34.8%.

Pledge of Assets

As of December 31, 2025, except for the relevant pledged assets mentioned in Note 13 to the financial statements in this announcement, the Group did not have any other pledged assets.

Contingent Liabilities

As of December 31, 2025, the Group did not have any outstanding debt securities, mortgages, charges, debentures or other loan capital (issued or agreed to be issued), bank overdrafts, liabilities under acceptance or acceptance credits or other similar indebtedness, lease and finance lease commitments, hire purchase commitments, guarantees or other material contingent liabilities.

FINANCIAL RISKS

Foreign Currency Risk

Foreign currency risk is the risk of loss resulting from changes in foreign currency exchange rates. Fluctuations in exchange rates between RMB and other currencies in which the Group conducts business may affect the financial condition and results of operations of the Group. The Group purchases products from brand partners in many countries around the world. Therefore, the Group exposes to foreign currency risk when it enters into transactions denominated in multiple currencies. For example, changes in currency exchange rates may affect the Group’s costs of goods sold and competitiveness against its domestic competitors or competitors who are multinational companies whose international operations provide a natural hedge to currency fluctuation risk. The Group predominantly purchases its products in US dollars and Euro. The Group sells the goods to distributors and hospitals and clinics in China in RMB in Mainland China. Given the Group’s substantial receivables and payables denominated in US dollars or Euro, subject to the settlement cycle, fluctuations in foreign exchange rates during the cycle may lead to foreign exchange losses or gains. The Group’s management will continue to pay attention to the Group’s foreign exchange exposure and seeks to limit its exposure to foreign currency risk by minimizing its net foreign currency position. Exchange differences on translation of foreign operations represent the difference arising from the translation of the financial statements of companies within the Group that have a functional currency of Euro, which is different from the functional currency of RMB for the financial statements of the Company. For the year ended December 31, 2024, the exchange differences on translation of foreign operations amounted to a loss of RMB36.6 million. For the year ended December 31, 2025, the exchange differences on translation of foreign operations amounted to a gain of RMB82.0 million, primarily due to the fluctuation of exchange rate of Euro during the Reporting Period.

Credit Risk

The Group trades on credit terms only with recognized and creditworthy third parties. It is the Group’s policy that all traders who wish to trade on credit terms are subject to credit verification procedures. In addition, the Group monitors the receivable balances on an ongoing basis.

Significant Investment Held

As of December 31, 2025, the Group did not have any significant investment.

Material Acquisition and Disposal

The Group had no material acquisition or disposal of subsidiaries, associates and joint ventures for the Reporting Period.

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Future Plans for Significant Investment and Capital Assets

The Group did not have any other future plans for significant investment and capital assets as of the date of this announcement.

SUBSEQUENT EVENTS AFTER THE REPORTING PERIOD

As of the date of this announcement, there was no subsequent event after the Reporting Period which has a material impact on the Group.

FINAL DIVIDEND

The Board did not recommend the payment of a final dividend for the year ended December 31, 2025 (2024: HK$0.3 per Share).

CLOSURE OF THE REGISTER OF MEMBERS

The register of members of the Company will be closed from Friday, May 22, 2026 to Thursday, May 28, 2026, both days inclusive, in order to determine the identity of the Shareholders who are entitled to attend and vote at the forthcoming AGM to be held on Thursday, May 28, 2026, during which period no share transfers will be registered. To be eligible to attend and vote at the AGM, the Shareholders must deliver all properly completed transfer forms accompanied by the relevant share certificates to the Company's branch share registrar in Hong Kong, Tricor Investor Services Limited, at 17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong for registration of relevant transfers no later than 4:30 p.m. on Thursday, May 21, 2026.

EMPLOYEES AND REMUNERATION POLICIES

As of December 31, 2025, the Group had a total of 893 employees (December 31, 2024: 884). For the Reporting Period, the total costs for the Group's employees amounted to RMB360.5 million (for the year ended December 31, 2024: RMB375.2 million). "Diligence and Capability" is the core value of the Group. The Group attaches great importance to employee competency development and continuously establishes a comprehensive training management system according to the Company's development needs. Through launching new employee induction training, general skills training for all positions, business training and external learning, the Group continuously deepens employees with professional and management knowledge and skills required for different fields, levels and positions, with an aim to help the employees achieve their career plan and development direction, effectively implement the overall strategic planning of human resources, and build sufficient talent reserves for the Group to achieve long-term high-quality development.

The Group adheres to the principles of fairness, justice and reasonable remuneration and provides its employees with competitive remuneration and benefits. The remuneration package of employees mainly includes basic salary and performance-based bonus. The performance targets of employees are primarily determined according to their positions and departments, and regular performance review will be conducted, and salaries, bonus and promotion appraisals will be determined based on appraisal results.

On August 28, 2024, the Company adopted a share award scheme (the “Share Award Scheme”) to recognize and reward eligible participants for their contribution to the Group, to attract best available personnel to provide service to the Group, and to provide additional incentives to them to remain with and further promote the success of the Group’s business. The Share Award Scheme is funded solely by existing Shares to be purchased by the trustee on the market. The Share Award Scheme constitutes a share scheme under Chapter 17 of the Listing Rules and shall be subject to the applicable disclosure requirements under Rule 17.12 of the Listing Rules. However, it does not constitute a scheme involving the issue of new Shares as referred to in Chapter 17 of the Listing Rules. From the adoption date of the Share Award Scheme to the date of this announcement, a total of 4,559,300 Shares were acquired by the trustee, representing approximately 3.08% of the total number of Shares in issue (excluding treasury shares, if any) as at the date of this announcement. Total consideration paid for the said purchases was approximately HK$39.68 million. From the adoption date of the Share Award Scheme to the date of this announcement, no awards have been granted, vested, cancelled or lapsed pursuant to the Share Award Scheme. The total number of Shares available for grant under the scheme mandate limit (i.e. not exceed 14,797,036 Shares) as at January 1, 2025 and December 31, 2025 were both 14,797,036. For details, please refer to the announcement of the Company dated August 28, 2024.

CORPORATE GOVERNANCE

The Group is committed to maintaining high standards of corporate governance to safeguard the interests of the Shareholders and to enhance corporate value and accountability. The Company has adopted the CG Code as its own code of corporate governance. During the Reporting Period, the Company has, to the best knowledge of the Board, complied with all applicable code provisions of the CG Code.

The Company will continue to review and monitor its corporate governance practices to ensure compliance with the CG Code.

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MODEL CODE FOR SECURITIES TRANSACTIONS

The Company has adopted the Model Code as its own code of conduct regarding Directors' securities transactions. The Company has made specific enquiries of all the Directors, and each of the Directors has confirmed that he/she has complied with the required standards as set out in the Model Code during the Reporting Period.

During the Reporting Period, the Company has also adopted its own code of conduct regarding employees' securities transactions on terms no less exacting than the standard set out in the Model Code for the compliance by its relevant employees who are likely to be in possession of unpublished inside information of the Company in respect of their dealings in the Company's securities.

PURCHASE, SALE OR REDEMPTION OF THE COMPANY'S LISTED SECURITIES

Neither the Company nor any of its subsidiaries had purchased, sold or redeemed any of the Company's listed securities (including sale of treasury shares) during the Reporting Period. As of December 31, 2025, the Company did not hold any treasury shares.

REVIEW OF FINANCIAL INFORMATION

Audit Committee

The Company has established the Audit Committee with written terms of reference in compliance with the requirements under the Listing Rules. As of the date of this announcement, the Audit Committee comprises two independent non-executive Directors, namely, Mr. Chan Fan Shing and Mr. Feng Xin, and a non-executive Director, Dr. David Guowei Wang. The chairman of the Audit Committee is Mr. Chan Fan Shing. The primary functions of the Audit Committee are to review and supervise the financial reporting process, internal control and risk management system of the Group, oversee the audit process, provide advice and comments to the Board, perform other duties and responsibilities as may be assigned by the Board, and review and oversee the risk management of the Company.

The Audit Committee had, together with the management and external auditor of the Company, reviewed the accounting standards and practices adopted by the Group and the annual results of the Group for the year ended December 31, 2025. The Audit Committee considered that the annual results of the Group for the year ended December 31, 2025 are in compliance with the applicable accounting standards, laws and regulations, and the Company has made appropriate disclosures thereof.

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Scope of Work of the Company's Auditor

The figures in respect of the Group's consolidated statement of profit or loss, consolidated statement of comprehensive income, consolidated statement of financial position and the related notes thereto for the year ended December 31, 2025 as set out in this preliminary results announcement have been agreed by the Company's external auditor, Ernst & Young, to the amounts set out in the Group's draft consolidated financial statements for the year.

The work performed by Ernst & Young in this respect did not constitute an assurance engagement in accordance with Hong Kong Standards on Auditing, Hong Kong Standards on Review Engagements or Hong Kong Standards on Assurance Engagements issued by the Hong Kong Institute of Certified Public Accountants, and consequently, no assurance has been expressed by Ernst & Young on this preliminary results announcement.

PUBLICATION OF THE ANNUAL RESULTS AND ANNUAL REPORT

This annual results announcement is published on the websites of the Stock Exchange (www.hkexnews.hk) and the Company (www.gaush.com), and the annual report of the Company for the year ended December 31, 2025 containing all the information required by the Listing Rules will be dispatched to the Shareholders and published on the respective websites of the Stock Exchange and the Company in due course.

The Board is pleased to announce the consolidated results of the Group for the year ended December 31, 2025 together with the comparative figures for the year ended December 31, 2024 as follows:

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

Year ended December 31, 2025

| | Notes | 2025
RMB'000 | 2024
RMB'000 |
| --- | --- | --- | --- |
| REVENUE | 4 | 1,380,354 | 1,428,397 |
| Cost of sales | | (747,156) | (765,008) |
| Gross profit | | 633,198 | 663,389 |
| Other income and gains | 4 | 30,373 | 26,417 |
| Selling and distribution expenses | | (244,772) | (232,894) |
| Administrative expenses | | (174,203) | (145,466) |
| Research and development costs | | (92,575) | (78,418) |
| Other expenses | | (17,748) | (41,032) |
| Finance costs | | (19,589) | (36,709) |
| PROFIT BEFORE TAX | | 114,684 | 155,287 |
| Income tax expense | 6 | (23,493) | (66,764) |
| PROFIT FOR THE YEAR | | 91,191 | 88,523 |
| Attributable to: | | | |
| Shareholders of the Company | | 96,189 | 92,394 |
| Non-controlling interests | | (4,998) | (3,871) |
| | | 91,191 | 88,523 |
| EARNINGS PER SHARE
ATTRIBUTABLE TO
SHAREHOLDERS OF THE COMPANY | | | |
| Basic and diluted
For profit for the year (in RMB) | | 0.66 | 0.63 |

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Year ended December 31, 2025

| | 2025
RMB'000 | 2024
RMB'000 |
| --- | --- | --- |
| PROFIT FOR THE YEAR | 91,191 | 88,523 |
| OTHER COMPREHENSIVE INCOME/(LOSS) | | |
| Other comprehensive income/(loss) that may
be reclassified to profit or loss in subsequent
periods | | |
| Exchange differences on translation of foreign
operations | 82,039 | (36,590) |
| TOTAL COMPREHENSIVE INCOME
FOR THE YEAR | 173,230 | 51,933 |
| Attributable to: | | |
| Shareholders of the Company | 178,228 | 55,804 |
| Non-controlling interests | (4,998) | (3,871) |
| | 173,230 | 51,933 |

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
December 31, 2025

	Notes	31 December 2025 RMB'000	31 December 2024 RMB'000
NON-CURRENT ASSETS
Property, plant and equipment		87,245	79,428
Right-of-use assets		57,423	44,584
Goodwill	9	993,297	910,506
Other intangible assets		287,263	294,423
Long-term prepayments and other receivables		32,022	38,828
Deferred tax assets		85,206	47,765
Total non-current assets		1,542,456	1,415,534
CURRENT ASSETS
Inventories		345,446	334,419
Trade receivables	10	163,697	166,441
Contract assets		11	1,263
Prepayments, other receivables and other assets		131,691	124,498
Financial assets at fair value through profit or loss		—	97,676
Pledged deposits		3,093	5,042
Cash and cash balance	11	437,657	421,438
Total current assets		1,081,595	1,150,777
CURRENT LIABILITIES
Trade payables	12	81,743	70,344
Contract liabilities		86,428	103,864
Derivative financial instruments		—	538
Other payables and accruals		121,769	128,617
Income tax payables		11,194	17,660
Bank and other borrowings	13	135,165	170,633
Lease liabilities		14,870	20,158
Total current liabilities		451,169	511,814
NET CURRENT ASSETS		630,426	638,963

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	Note	31 December 2025 RMB’000	31 December 2024 RMB’000
TOTAL ASSETS LESS CURRENT LIABILITIES		2,172,882	2,054,497
NON-CURRENT LIABILITIES
Government grants		5,891	1,801
Other payables and accruals		13,374	16,059
Contract liabilities		47,986	29,856
Bank and other borrowings	13	315,149	337,095
Lease liabilities		41,966	24,350
Deferred tax liabilities		51,614	57,149
Total non-current liabilities		475,980	466,310
Net assets		1,696,902	1,588,187
EQUITY
Equity attributable to shareholders of the Company
Issued capital		102	102
Treasury shares		(36,270)	(11,688)
Reserves		1,724,107	1,586,725
		1,687,939	1,575,139
Non-controlling interests		8,963	13,048
Total equity		1,696,902	1,588,187

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

CORPORATE AND GROUP INFORMATION

The Company is a limited company incorporated in the Cayman Islands on 1 November 2017. The registered office address of the Company is 4th Floor, Harbour Place, 103 South Church Street, George Town, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands. The Company’s shares were listed on the Main Board of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) on 12 December 2022.

The Company is an investment holding company. During the year, the Group is primarily engaged in the research and development, manufacture and sale of ophthalmic medical devices and consumables, and sale of technical services in the People’s Republic of China (the “PRC”) and other countries or regions.

ACCOUNTING POLICIES

2.1 BASIS OF PREPARATION

These financial statements have been prepared in accordance with IFRS Accounting Standards (which include all International Financial Reporting Standards (“IFRSs”), International Accounting Standards (“IASs”) and Interpretations) as issued by the International Accounting Standards Board (“IASB”) and the disclosure requirements of the Hong Kong Companies Ordinance. They have been prepared under the historical cost convention, except for financial assets at fair value through profit or loss and derivative financial instruments which have been measured at fair value. These financial statements are presented in Renminbi (“RMB”) and all values are rounded to the nearest thousand except when otherwise indicated.

Basis of consolidation

The consolidated financial statements include the financial statements of the Company and its subsidiaries for the year ended 31 December 2025. A subsidiary is an entity (including a structured entity), directly or indirectly, controlled by the Company. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee (i.e., existing rights that give the Group the current ability to direct the relevant activities of the investee).

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Generally, there is a presumption that a majority of voting rights results in control. When the Company has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:

(a) the contractual arrangement with the other vote holders of the investee;
(b) rights arising from other contractual arrangements; and
(c) the Group’s voting rights and potential voting rights.

The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. The results of subsidiaries are consolidated from the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases.

Profit or loss and each component of other comprehensive income are attributed to the owners of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.

The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control described above. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.

If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, any non-controlling interest and the exchange fluctuation reserve; and recognises the fair value of any investment retained and any resulting surplus or deficit in profit or loss. The Group’s share of components previously recognised in other comprehensive income is reclassified to profit or loss or accumulated losses, as appropriate, on the same basis as would be required if the Group had directly disposed of the related assets or liabilities.

2.2 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES

The Group has adopted amendments to IAS 21 Lack of Exchangeability for the first time for the current year’s financial statements. The application of these amendments has had no material impact on the Group’s results and financial position.

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2.3 ISSUED BUT NOT YET EFFECTIVE IFRS ACCOUNTING STANDARDS

The Group has not applied the following new and amended IFRS Accounting Standards, that have been issued but are not yet effective, in these financial statements:

IFRS 18	Presentation and Disclosure in Financial Statements²
IFRS 19 and its amendments	Subsidiaries without Public Accountability: Disclosures²
Amendments to IFRS 9 and IFRS 7	Amendments to the Classification and Measurement of Financial Instruments¹
Amendments to IFRS 9 and IFRS 7	Contracts Referencing Nature-dependent Electricity¹
Amendments to IFRS 10 and IAS 28	Sale or Contribution of Assets between an Investor and its Associate or Joint Venture³
Amendments to IAS 21	Translation to a Hyperinflationary Presentation Currency²
Annual Improvements to IFRS Accounting Standards — Volume 11	Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7¹

Effective for annual periods beginning on or after 1 January 2026
Effective for annual/reporting periods beginning on or after 1 January 2027
No mandatory effective date yet determined but available for adoption

The Group intends to apply these new and amended IFRS Accounting Standards, if applicable, when they become effective.

Further information about those IFRS Accounting Standards that are expected to be applicable to the Group is described below.

(a) IFRS 18 replaces IAS 1 Presentation of Financial Statements. While a number of sections have been brought forward from IAS 1 with limited changes, IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Entities are required to classify all income and expenses within the statement of profit or loss into one of the five categories: operating, investing, financing, income taxes and discontinued operations and to present two new defined subtotals. It also requires disclosures about management-defined performance measures in a single note and introduces enhanced requirements on the grouping (aggregation and disaggregation) and the location of information in both the primary financial statements and the notes. Some requirements previously included in IAS 1 are moved to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, which is renamed as IAS 8 Basis of Preparation of Financial Statements. As a consequence of the issuance of IFRS 18, limited, but widely applicable,

amendments are made to IAS 7 Statement of Cash Flows, IAS 33 Earnings per Share and IAS 34 Interim Financial Reporting. In addition, there are minor consequential amendments to other IFRS Accounting Standards. IFRS 18 and the consequential amendments to other IFRS Accounting Standards are effective for annual periods beginning on or after 1 January 2027 with earlier application permitted. Retrospective application is required. The Group is currently analysing the new requirements and assessing the impact of IFRS 18 on the presentation and disclosure of the Group’s financial statements.

(b) IFRS 19 allows eligible entities to elect to apply reduced disclosure requirements while still applying the recognition, measurement and presentation requirements in other IFRS Accounting Standards. To be eligible, at the end of the reporting period, an entity must be a subsidiary as defined in IFRS 10 Consolidated Financial Statements, cannot have public accountability and must have a parent (ultimate or intermediate) that prepares consolidated financial statements available for public use which comply with IFRS Accounting Standards. IFRS 19 was amended in 2025 to (i) remove disclosure objectives from IFRS 19; (ii) reduce the disclosure requirements relating to supplier finance arrangements and a specific class of financial liabilities; and (iii) replace disclosure requirements relating to management-defined performance measures with a cross-reference to IFRS 18 for entities that use these measures. Earlier application is permitted. As the Company is a listed company, it is not eligible to elect to apply IFRS 19 and its amendments. Some of the Company’s subsidiaries are considering the application of IFRS 19 and amendments in their specified financial statements.

(c) Amendments to IFRS 9 and IFRS 7 Amendments to the Classification and Measurement of Financial Instruments clarify the date on which a financial asset or financial liability is derecognised and introduce an accounting policy option to derecognise a financial liability that is settled through an electronic payment system before the settlement date if specified criteria are met. The amendments clarify how to assess the contractual cash flow characteristics of financial assets with environmental, social and governance and other similar contingent features. Moreover, the amendments clarify the requirements for classifying financial assets with non-recourse features and contractually linked instruments. The amendments also include additional disclosures for investments in equity instruments designated at fair value through other comprehensive income and financial instruments with contingent features. The amendments shall be applied retrospectively with an adjustment to opening retained profits (or other component of equity) at the initial application date. Prior periods are not required to be restated and can only be restated without the use of hindsight. Earlier application of either all the amendments at the same time or only the amendments related to the classification of financial assets is permitted. The amendments are not expected to have any significant impact on the Group’s financial statements.

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Amendments to IFRS 9 and IFRS 7 Contracts Referencing Nature-dependent Electricity clarify the application of the “own-use” requirements for in-scope contracts and amend the designation requirements for a hedged item in a cash flow hedging relationship for in-scope contracts. The amendments also include additional disclosures that enable users of financial statements to understand the effects these contracts have on an entity’s financial performance and future cash flows. The amendments relating to the own-use exception shall be applied retrospectively. Prior periods are not required to be restated and can only be restated without the use of hindsight. The amendments relating to the hedge accounting shall be applied prospectively to new hedging relationships designated on or after the date of initial application. Earlier application is permitted. The amendments to IFRS 9 and IFRS 7 shall be applied at the same time. The amendments are not expected to have any significant impact on the Group’s financial statements.

Amendments to IFRS 10 and IAS 28 address an inconsistency between the requirements in IFRS 10 and in IAS 28 in dealing with the sale or contribution of assets between an investor and its associate or joint venture. The amendments require a full recognition of a gain or loss resulting from a downstream transaction when the sale or contribution of assets constitutes a business. For a transaction involving assets that do not constitute a business, a gain or loss resulting from the transaction is recognised in the investor’s profit or loss only to the extent of the unrelated investor’s interest in that associate or joint venture. The amendments are to be applied prospectively. The previous mandatory effective date of amendments to IFRS 10 and IAS 28 was removed by the IASB. However, the amendments are available for adoption now.

Amendments to IAS 21 Translation to a Hyperinflationary Presentation Currency require the translation from a non-hyperinflationary functional currency into a hyperinflationary presentation currency at the closing rate. The amendments also require an entity whose functional currency and presentation currency are the currency of a hyperinflationary economy to restate the comparative amounts of a foreign operation whose functional currency is that of a non-hyperinflationary economy, by applying the general price index, in accordance with paragraph 34 of IAS 29 Financial Reporting in Hyperinflationary Economies, to the foreign operation’s comparative figures. The amendments introduce certain additional disclosures. Earlier application is permitted. The amendments are not expected to have any significant impact on the Group’s financial statements.

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(d) Annual Improvements to IFRS Accounting Standards — Volume 11 set out amendments to IFRS 1, IFRS 7 (and the accompanying Guidance on implementing IFRS 7), IFRS 9, IFRS 10 and IAS 7. Details of the amendments that are expected to be applicable to the Group are as follows:

IFRS 7 Financial Instruments: Disclosures: The amendments have updated certain wording in paragraph B38 of IFRS 7 and paragraphs IG1, IG14 and IG20B of the Guidance on implementing IFRS 7 for the purpose of simplification or achieving consistency with other paragraphs in the standard and/or with the concepts and terminology used in other standards. In addition, the amendments clarify that the Guidance on implementing IFRS 7 does not necessarily illustrate all the requirements in the referenced paragraphs of IFRS 7 nor does it create additional requirements. Earlier application is permitted. The amendments are not expected to have any significant impact on the Group’s financial statements.
IFRS 9 Financial Instruments: The amendments clarify that when a lessee has determined that a lease liability has been extinguished in accordance with IFRS 9, the lessee is required to apply paragraph 3.3.3 of IFRS 9 and recognise any resulting gain or loss in profit or loss. However, the amendments do not address how a lessee distinguishes between a lease modification as defined in IFRS 16 and an extinguishment of a lease liability in accordance with IFRS 9. In addition, the amendments have updated certain wording in paragraph 5.1.3 of IFRS 9 and Appendix A of IFRS 9 to remove potential confusion. Earlier application is permitted. The amendments are not expected to have any significant impact on the Group’s financial statements.
IFRS 10 Consolidated Financial Statements: The amendments clarify that the relationship described in paragraph B74 of IFRS 10 is just one example of various relationships that might exist between the investor and other parties acting as de facto agents of the investor, which removes the inconsistency with the requirement in paragraph B73 of IFRS 10. Earlier application is permitted. The amendments are not expected to have any significant impact on the Group’s financial statements.
IAS 7 Statement of Cash Flows: The amendments replace the term “cost method” with “at cost” in paragraph 37 of IAS 7 following the prior deletion of the definition of “cost method”. Earlier application is permitted. The amendments are not expected to have any impact on the Group’s financial statements.
33 -

OPERATING SEGMENT INFORMATION

For management purposes, the Group is organised into business units based on their products and services and has four reportable operating segments as follows:

(a) the proprietary products segment develops, produces and sells surgical equipment and related supporting software, intra optical lens, ophthalmic disease diagnosis and treatment equipment and related supporting consumables independently;

(b) the distribution products segment trades multi-function diagnostic equipment, ocular fundus diagnosis, surgical and treatment equipment and related supporting consumables produced by third-party, world-famous ophthalmic medical equipment manufacturers;

(c) the technical services segment provides warranty services, maintenance services and consumables consumed in technical services in area of ophthalmic medical equipment; and

(d) the “others” segment comprises, principally, the licensing out of certain of intellectual properties, as well as providing services related to CRO.

34 -

Segment revenue and results

Year ended 31 December 2025	Proprietary products RMB'000	Distribution products RMB'000	Technical services RMB'000	Others RMB'000	Total RMB'000
Segment revenue
External sales	429,357	697,603	238,473	14,921	1,380,354
Intersegment sales	131,810	—	—	—	131,810
Total segment revenue	561,167	697,603	238,473	14,921	1,512,164
Elimination of intersegment sales					(131,810)
Consolidated revenue					1,380,354
Segment results
Segment gross profit	254,380	257,567	112,292	8,959	633,198
Unallocated Amounts:
Other income and gains					30,373
Selling and distribution expenses					(244,772)
Administrative expenses					(174,203)
Research and development costs					(92,575)
Other expenses					(17,748)
Finance costs					(19,589)
Profit Before Tax					114,684

– 35 –

Year ended 31 December 2024
Proprietary products
Distribution products
Technical services
Others
Total
RMB'000
RMB'000
RMB'000
RMB'000

Segment revenue

External sales	375,814	819,321	226,458	6,804	1,428,397
Intersegment sales	149,339	—	—	—	149,339
Total segment revenue	525,153	819,321	226,458	6,804	1,577,736
Elimination of intersegment sales					(149,339)
Consolidated revenue					1,428,397

Segment results

Segment gross profit	224,117	333,339	101,031	4,902	663,389
Unallocated Amounts:
Other income and gains					26,417
Selling and distribution expenses					(232,894)
Administrative expenses					(145,466)
Research and development costs					(78,418)
Other expenses					(41,032)
Finance costs					(36,709)
Profit Before Tax					155,287

Geographical information

(a) Revenue from external customers

	2025 RMB'000	2024 RMB'000
Greater China	1,028,128	1,115,037
Asia Pacific (excluding Greater China)	80,532	62,106
Germany	199,371	173,013
Europe (excluding Germany)	41,703	41,596
Americas (including Canada)	21,380	15,173
Oceania	8,617	16,953
Others	623	4,519
Total revenue	1,380,354	1,428,397

The revenue information above is based on the locations of the customers.

36 -

(b) Non-current assets

| | 2025
RMB’000 | 2024
RMB’000 |
| --- | --- | --- |
| Greater China | 171,221 | 178,699 |
| Germany | 13,737 | 12,694 |
| Korea | 752 | — |
| Netherlands | 1,270,677 | 1,174,591 |
| Total non-current assets | 1,456,387 | 1,365,984 |

The non-current asset information above is based on the locations of the assets and excludes financial instruments and deferred tax assets.

Information about major customers

None of the Group’s sales to a single customer amounted to 10.00% or more of the Group’s revenue during the year (2024: Nil).

4. REVENUE, OTHER INCOME AND GAINS

An analysis of revenue is as follows:

Revenue from contracts with customers

(a) Disaggregated revenue information

Segments

| | 2025
RMB’000 | 2024
RMB’000 |
| --- | --- | --- |
| Types of goods or services | | |
| Sale of ophthalmic medical devices | 513,112 | 664,878 |
| Sale of ophthalmic medical consumables | 613,848 | 530,257 |
| Technical services* | 238,473 | 226,458 |
| Others | 14,921 | 6,804 |
| Total | 1,380,354 | 1,428,397 |

38 -

| | 2025
RMB'000 | 2024
RMB'000 |
| --- | --- | --- |
| Geographical markets** | | |
| Greater China | 1,036,014 | 1,115,693 |
| Germany | 181,647 | 168,206 |
| Netherlands | 154,716 | 144,415 |
| Others | 7,977 | 83 |
| Total | 1,380,354 | 1,428,397 |
| Timing of revenue recognition | | |
| Goods transferred at a point in time | 1,134,687 | 1,199,720 |
| Services transferred over time | 245,667 | 228,677 |
| Total | 1,380,354 | 1,428,397 |

Technical services include repair and maintenance services, which are either sold separately or bundled together with the sales of ophthalmic medical devices to customers.
** Allocated by the geographical location of entities generating revenue.

The following table shows the amount of revenue recognised in the current reporting year that was included in the contract liabilities at the beginning of the reporting year:

| | 2025
RMB'000 | 2024
RMB'000 |
| --- | --- | --- |
| Revenue recognised that was included in contract liabilities at the beginning of the reporting year | 92,881 | 123,724 |

(b) Performance obligations

Information about the Group’s performance obligations is summarised below:

Sale of ophthalmic medical devices

The performance obligation is satisfied after the inspection of medical devices installation by customers. For public hospitals and certain customers with long relationship, the payment is generally due within 90 days after the inspection. For other clients, the payment in advance is normally required.

Sale of ophthalmic medical consumables

The performance obligation is satisfied after the delivery and acceptance of the medical consumables by customers. For public hospitals and certain customers with long relationship with the Group, the payment is generally due within 30 days after the acceptance. For other clients, payment in advance is normally required. For the consignment of medical consumables, the performance obligation is satisfied only when the consignees sell the medical consumables to the end customers and signed settlement statement is received. The payment is generally due within 30 to 60 days after the invoice date.

Technical services

The performance obligation is satisfied over time as services are rendered and payment in advance is normally required.

The amounts of transaction prices allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as at year end do not include variable consideration which is constrained and are expected to be recognised as revenue within one year, or if the Group has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the Group’s performance completed to date, the Group recognises revenue in the amount to which the Group has a right to invoice.

39 -

Other income and gains, net

| | 2025
RMB’000 | 2024
RMB’000 |
| --- | --- | --- |
| Other income | | |
| Bank interest income | 2,464 | 3,175 |
| Government grants | 23,510 | 19,404 |
| Others | 955 | 114 |
| Total other income | 26,929 | 22,693 |
| Gains, net | | |
| Fair value gains of financial assets at fair value
through profit or loss, net | 995 | 701 |
| Gain on lease modification, net | 635 | — |
| Gains on disposal of financial assets at fair value
through profit or loss, net | 1,814 | 3,023 |
| Total gains, net | 3,444 | 3,724 |
| Total other income and gains | 30,373 | 26,417 |

– 40 –

5. PROFIT BEFORE TAX

The Group’s profit before tax is arrived at after charging/(crediting):

| | Notes | 2025
RMB’000 | 2024
RMB’000 |
| --- | --- | --- | --- |
| Cost of inventories sold | | 615,013 | 637,679 |
| Cost of services provided | | 132,143 | 127,329 |
| Cost of sales | | 747,156 | 765,008 |
| Depreciation of property, plant and equipment | | 20,309 | 18,673 |
| Depreciation of right-of-use assets | | 24,119 | 23,503 |
| Amortisation of intangible assets | | 46,430 | 39,767 |
| Lease payments not included in the measurement of lease liabilities | | 957 | 967 |
| Auditor’s remuneration | | 6,882 | 6,730 |
| Employee benefit expense (including directors’ and chief executive’s remuneration)*: | | | |
| Wages and salaries | | 334,893 | 352,342 |
| Pension scheme contributions | | 25,621 | 22,871 |
| Impairment of goodwill | 9 | 2,361 | 23,257 |
| Foreign exchange losses, net | | 6,348 | 5,713 |
| Impairment/(reversal of impairment) of financial assets, net | | | |
| Trade receivables | 10 | (427) | (550) |
| Other receivables | | 695 | 339 |
| Total | | 268 | (211) |
| Reversal of impairment of contract assets, net | | (11) | (13) |
| Write-down of inventories to net realisable value | | 8,327 | 9,425 |

41 -

42 -

| | Notes | 2025
RMB'000 | 2024
RMB'000 |
| --- | --- | --- | --- |
| Fair value (gains)/losses, net: | | | |
| Derivative financial instruments | | — | 479 |
| Financial assets at fair value through profit or loss | 4 | (995) | (701) |
| Bank interest income | 4 | (2,464) | (3,175) |
| Gains on disposal of financial assets at fair value through profit or loss | 4 | (1,814) | (3,023) |
| Losses on disposal of items of property, plant and equipment | | 94 | 683 |
| Gain on lease modification | 4 | (635) | — |

Depreciation and amortisation are included in “Cost of sales”, “Selling and distribution expenses”, “Research and development expenses” and “Administrative expenses” in the consolidated statement of profit or loss.
** Employee benefit expense is included in “Cost of sales”, “Selling and distribution expenses”, “Research and development expenses” and “Administrative expenses” in the consolidated statement of profit or loss.

6. INCOME TAX

(a) Income tax rate disclosure

Income tax for the Cayman Islands and the British Virgin Islands

Pursuant to the rules and regulations of the Cayman Islands and the British Virgin Islands, the Group is not subject to any income tax in the Cayman Islands and the British Virgin Islands. In addition, upon payments of dividends by the Company and the subsidiaries incorporated in the British Virgin Islands to their shareholders, no withholding tax is imposed.

Hong Kong profits tax

Hong Kong profits tax has been provided at the two-tiered profits tax rates on the estimated assessable profits arising in Hong Kong. The first HKD2,000,000 of assessable profits are taxed at 8.25% and the remaining assessable profits are taxed at 16.5%.

43 -

Corporate income tax for Chinese mainland

Under the Law of the PRC on Corporate Income Tax (the "CIT Law") and the Implementation Regulation of the CIT Law, the CIT rate for PRC subsidiaries is 25% except for those subsidiaries are subject to tax exemption as set out below.

The Group's subsidiary, Wenzhou Gaush Raymond Photoelectric Technology Co., Ltd., was accredited as a "High and New Technology Enterprise" in 2020 for a term of three years, and the certificate has been reissued in December 2023 for a term of three years, therefore the subsidiary was entitled to a preferential CIT rate of 15% for the years ended 31 December 2024 and 2025.

For certain small low-profit PRC subsidiaries of the Group, the portion of the annual taxable income not exceeding RMB3,000,000, the number of employees not exceed 300, and the total assets not exceed RMB50,000,000 shall be computed at a reduced rate of 25% as the taxable income amount, and be subject to CIT rate at 20%, which results in an effective tax burden of 5%.

Income tax for other jurisdictions

The Group's tax provision in respect of other jurisdictions has been calculated at the applicable tax rates in accordance with the prevailing practices of the jurisdictions in which the Group operates.

Subsidiaries established in Germany were subject to corporate income tax at the rate of 15.825%. Furthermore, subsidiaries established in Germany were also subject to trade tax at trade tax rates of 14.35% and 15.75%, depending on the location of the respective subsidiaries.

Subsidiaries established in the Netherlands were subject to corporate income tax at the rate of 19% for taxable income of EUR200,000 or less and at the rate of 25.8% for the portion exceeding EUR200,000. The management of the Group expects that Teleon Holding B.V., a subsidiary of the Company, together with its Dutch subsidiaries should qualify for the innovation box. A reduced rate of 9% applies to activities covered by the innovation box. The innovation box provides tax relief to encourage innovative research. Qualifying profits earned from qualifying innovative activities are taxed at this special rate.

An analysis of the provision for tax in the financial statements is as follows:

| | 2025
RMB'000 | 2024
RMB'000 |
| --- | --- | --- |
| Current — Hong Kong | 2,587 | 6,343 |
| Current — Chinese mainland | 40,789 | 40,062 |
| Current — other jurisdictions | 17,221 | 20,425 |
| Deferred | (37,104) | (66) |
| Total tax charge for the year | 23,493 | 66,764 |

(b) A reconciliation of the tax expense applicable to profit before tax at the statutory tax rates for the jurisdictions in which the Company and the majority of its subsidiaries are domiciled and/or operate to the tax expense at the effective tax rates, are as follows:

| | 2025
RMB'000 | 2024
RMB'000 |
| --- | --- | --- |
| Profit before tax | 114,684 | 155,287 |
| Tax at the statutory tax rate | 27,150 | 35,630 |
| Lower tax rates for specific jurisdictions or enacted by local authority | (2,462) | (3,426) |
| Tax losses utilised from previous periods | (25) | (1,190) |
| Expenses not deductible for tax | 3,356 | 11,276 |
| Super deduction for research and development expenses | (9,432) | (11,096) |
| Unrecognised temporary differences and tax losses | 7,472 | 47,749 |
| Income not subject to tax | (3) | (1,660) |
| Adjustments in respect of current tax of previous period | 3,285 | (5,777) |
| Other items | (5,848) | (4,742) |
| Tax charge at the Group’s effective rate | 23,493 | 66,764 |

7. DIVIDENDS

The board of directors of the Company does not recommend the payment of any dividend in respect of the year ended 31 December 2025 (2024: HKD0.30 per share).

No dividends have been declared and paid by the Company for the year ended 31 December 2025 (2024: HKD44,366,000, equivalent to RMB39,776,000).

45 -

8. EARNINGS PER SHARE ATTRIBUTABLE TO SHAREHOLDERS OF THE COMPANY

The calculation of the basic earnings per share amounts is based on the profit for the year attributable to shareholders of the Company, and the weighted average number of ordinary shares of 145,116,975 (2024: 147,818,994) outstanding during the year.

No adjustment has been made to the basic earnings per share amounts presented for the years ended 31 December 2025 and 2024 in respect of a dilution as the Group had no potential ordinary shares in issue during these years.

9. GOODWILL

	RMB'000
At 1 January 2024:
Cost	961,389
Accumulated impairment	—
Net carrying amount	961,389
Cost at 1 January 2024, net of accumulated impairment	961,389
Acquisition of a subsidiary	12,471
Impairment during the year (note 5)	(23,257)
Exchange realignment	(40,097)
Cost and net carrying amount at 31 December 2024	910,506
At 1 January 2025 and 31 December 2024:
Cost	933,763
Accumulated impairment	(23,257)
Net carrying amount	910,506
Cost at 1 January 2025, net of accumulated impairment	910,506
Impairment during the year (note 5)	(2,361)
Exchange realignment	85,152
Cost and net carrying amount at 31 December 2025	993,297
At 31 December 2025:
Cost	995,658
Accumulated impairment	(2,361)
Net carrying amount	993,297

The carrying amounts of goodwill allocated to each of the cash-generating units are as follows:

| | 2025
RMB'000 | 2024
RMB'000 |
| --- | --- | --- |
| Gaush Consumables Ltd. | 5,320 | 5,320 |
| Gaush Precision Ltd. | — | 2,361 |
| Teleon Holding B.V. | 974,855 | 890,834 |
| Rigeo B.V. | 13,122 | 11,991 |
| Total | 993,297 | 910,506 |

10. TRADE RECEIVABLES

| | 2025
RMB'000 | 2024
RMB'000 |
| --- | --- | --- |
| Trade receivables | 166,793 | 170,857 |
| Impairment | (3,096) | (4,416) |
| Net carrying amount | 163,697 | 166,441 |

The Group's trading terms with its customers are mainly on payment in advance, except for some transactions which are traded on credit. The credit period is generally one or three months. The Group seeks to maintain strict control over its outstanding receivables and has a credit control department to minimise credit risk. Overdue balances are reviewed regularly by senior management. In view of the aforementioned and the fact that the Group's trade receivables relate to a large number of diversified customers, there is no significant concentration of credit risk. The Group does not hold any collateral or other credit enhancements over its trade receivable balances. Trade receivables are non-interest-bearing.

An ageing analysis of the trade receivables as at the end of the reporting period, based on the invoice date and net of loss allowance, is as follows:

| | 2025
RMB'000 | 2024
RMB'000 |
| --- | --- | --- |
| Within 1 year | 151,953 | 146,814 |
| 1 to 2 years | 10,120 | 16,747 |
| 2 to 3 years | 1,344 | 2,250 |
| 3 to 4 years | — | 581 |
| 4 to 5 years | 280 | 49 |
| Total | 163,697 | 166,441 |

The movements in the loss allowance for impairment of trade receivables are as follows:

| | 2025
RMB'000 | 2024
RMB'000 |
| --- | --- | --- |
| At beginning of year | 4,416 | 5,182 |
| Impairment reversal, net | (427) | (550) |
| Exchange realignment | 79 | (72) |
| Amount written off as uncollectible | (972) | (144) |
| At end of year | 3,096 | 4,416 |

The Group applies the simplified approach to provide for expected credit losses prescribed by IFRS 9, which permits the use of the lifetime expected credit loss provision for all trade receivables.

An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates are based on days past due for groupings of various customer segments with similar loss patterns by customer type. The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available as at the reporting date about past events, current conditions and forecasts of future economic conditions.

Set out below is the information about the credit risk exposure on the Group's trade receivables using a provision matrix:

As at 31 December 2025

	Gross carrying amount RMB'000	Expected credit losses RMB'000
Individual evaluation of expected losses	1,738	925
Assessment of expected credit losses by credit risk portfolio	165,055	2,171
At end of year	166,793	3,096
	Expected credit loss rate	Gross carrying amount RMB'000
Within 1 year	0.59%	152,446
1 to 2 years	6.64%	10,653
2 to 3 years	14.67%	1,568
4 to 5 years	85.57%	388
Total	1.32%	165,055
As at 31 December 2024
	Gross carrying amount RMB'000	Expected credit losses RMB'000
Individual evaluation of expected losses	1,535	539
Assessment of expected credit losses by credit risk portfolio	169,322	3,877
At end of year	170,857	4,416

49 -

	Expected credit loss rate	Gross carrying amount RMB’000	Expected credit losses RMB’000
Within 1 year	1.26%	147,680	1,860
1 to 2 years	5.60%	17,738	993
2 to 3 years	11.03%	2,529	279
3 to 4 years	37.19%	925	344
4 to 5 years	67.76%	152	103
Over 5 years	100.00%	298	298
Total	2.29%	169,322	3,877

11. CASH AND CASH BALANCE

	2025 RMB’000	2024 RMB’000
Cash and bank balances	424,100	426,480
Term deposits	16,650	—
Subtotal	440,750	426,480
Less: Pledged deposits	3,093	5,042
Term deposits with maturity date over three months within one year	16,650	—
Cash and cash equivalents	421,007	421,438

The Group’s cash and cash equivalents were denominated in the following currencies:

	2025	2024
	’000	’000
RMB	254,266	241,333
USD	1,897	8,270
EUR	14,049	15,981
HKD	116	4,997

The RMB is not freely convertible into other currencies, however, under Chinese mainland's Foreign Exchange Control Regulations and Administration of Settlement, and Sale and Payment of Foreign Exchange Regulations, the Group is permitted to exchange RMB for other currencies through banks authorised to conduct foreign exchange business.

Cash and cash equivalents earn interest at floating rates based on daily bank deposit rates or the specific rates in the agreement deposit contracts with bank. The bank balances are deposited with creditworthy banks with no recent history of default.

12. TRADE PAYABLES

An ageing analysis of the trade payables as at the end of each of the reporting period, based on the invoice date, is as follows:

| | 2025
RMB'000 | 2024
RMB'000 |
| --- | --- | --- |
| Within 1 year | 80,769 | 68,219 |
| Over 1 year | 974 | 2,125 |
| Total | 81,743 | 70,344 |

Trade payables are non-interest-bearing and are normally settled on 3-month terms.

13. BANK AND OTHER BORROWINGS

	31 December 2025
	Effective interest rate (%)	Maturity	RMB'000
Current
Bank loans — secured*	2.70–5.16
	Euribor+0.7	2026	135,165
Total — current			135,165
Non-current
Bank loans — secured*	2027:
	Euribor+0.7	2027	315,149
Total — non-current			315,149
Total			450,314

	31 December 2024
	Effective interest rate (%)	Maturity	RMB'000
Current
Bank loans — secured*	3.90–5.16
	Euribor+1	2025	79,384
Vendor loan — secured	7.00	2025	91,249
Total — current			170,633
Non-current
Bank loans — secured*	2025:
	Euribor+1
	2026–2027:
	Euribor+0.7	2027	337,095
Total — non-current			337,095
Total			507,728

Gaush Coöperatief U.A., the Group’s subsidiary, as the borrower, entered into a facility agreement with China Minsheng Banking Corp. Ltd Shanghai Pilot Free Trade Zone Branch (中國民生銀行股份有限公司上海自貿試驗區分行) (“Minsheng Bank”), as the lender, pursuant to which Gaush Coöperatief U.A. was granted by the lender a facility of EUR52,500,000 to repay the senior facility loan on 2 February 2024. Amounting to RMB369,671,000 (equivalent to EUR44,888,000) of this loan as at 31 December 2025 was guaranteed by Gaush Meditech Ltd and pledged by 100% of shares of Gaush Coöperatief U.A., 100% of shares of Teleon Holding B.V., and the Company’s debt service reserve account (“DSRA”) balance in Minsheng Bank amounting to RMB3,093,000 (equivalent to EUR376,000). The maturity date of the loan is 22 December 2027.

DEFINITIONS AND GLOSSARIES

In this announcement, the following expressions have the meanings set out below unless the context otherwise requires:

“AGM” the annual general meeting of the Company

“Audit Committee” the audit committee of the Company

“Board” the board of Directors

“cataract” a dense, cloudy area that forms in the lens of the eye which begins when proteins in the eye form clumps that prevent the lens from sending clear images to the retina

“CG Code” the Corporate Governance Code as set out in Appendix C1 to the Listing Rules

“Chairman” the chairman of the Board

“China”, “PRC” or “Mainland China” the People’s Republic of China, but for the purpose of this announcement and for geographical reference only and except where the context requires otherwise, references herein to “China” and the “PRC” do not apply to Hong Kong, Macau and Taiwan

“Company” Gaush Meditech Ltd 高视医疗科技有限公司, an exempted company incorporated under the laws of the Cayman Islands with limited liability on November 1, 2017, the Shares of which are listed on the Main Board of the Stock Exchange

“Director(s)” the director(s) of the Company

“Distribution Products” products of the brand partners which the Group distributes

“EUR” or “Euro” the lawful currency of the European Union

“electrophysiological equipment” electrophysiological equipment uses an objective and non-invasive diagnostic technique, which can evaluate visual disorder by measuring electrical signals produced by the visual system

– 52 –

“Gaush Clear”

Gaush Clear Ltd* (蘇州高視高清醫療技術有限公司), a company with limited liability incorporated under the laws of the PRC on February 24, 2021 and an indirect subsidiary of the Company, in which the Company holds 80.00% equity interest

“Gaush Neotech”

Gaush Neotech Ltd* (高視創新科技有限公司), a company with limited liability incorporated under the laws of the PRC on February 15, 2023 and an indirect wholly-owned subsidiary of the Company

“Gaush Netherlands”

Gaush Coöperatief U.A., a cooperative (coöperatie) company duly incorporated under the laws of the Netherlands on October 29, 2020 and an indirect wholly-owned subsidiary of the Company

“Gaush Tech”

Gaush Tech Ltd* (深圳高視科技有限公司), a company with limited liability incorporated under the laws of the PRC on January 6, 2022 and an indirect wholly-owned subsidiary of the Company

“Gaush Teleon”

Gaush Teleon Ltd* (高視泰靚醫療科技有限公司), a company with limited liability incorporated under the laws of the PRC on June 22, 2021 and an indirect wholly-owned subsidiary of the Company

“Geuder”

Geuder AG, a company established in Germany

“glaucoma”

a group of eye diseases that are usually characterized by progressive structural and functional changes of the optic nerve, which is caused by fluid building up in the front part of the eye

“Greater China”

for the purposes of this announcement and for geographical reference only, the Chinese Mainland, Hong Kong, Macau and Taiwan

“Group” or “Gaush”

the Company and all of its subsidiaries or, where the context so requires, in respect of the period before the Company became the holding company of its present subsidiaries, the businesses operated by such subsidiaries or their predecessors (as the case may be)

53 -

"HK$" or "HKD" Hong Kong dollars, the lawful currency of Hong Kong

"Hong Kong" the Hong Kong Special Administrative Region of the PRC

"IFRS" International Financial Reporting Standards, as issued from time to time by the International Accounting Standards Board

"intraocular lens" an artificial replacement for the lens of human eye removed during cataract surgery

"KOL" key opinion leaders, being physicians with influence on their peers' medical practice for the purpose of this announcement

"Listing Rules" the Rules Governing the Listing of Securities on the Stock Exchange, as amended or supplemented from time to time

"Main Board" the stock exchange (excluding the option market) operated by the Stock Exchange which is independent from and operates in parallel with the GEM of the Stock Exchange

"Model Code" the Model Code for Securities Transaction by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules

"NMPA" the National Medical Products Administration of the People's Republic of China

"OK-Lens" orthokeratology lenses, also known as orthokeratology, is a non-surgical method to eliminate the refractive error of the eye and improve the naked vision by changing the geometry of the cornea within the pressure of the eyelids during sleep which is placed on the upper surface of the cornea when wearing

"Proprietary Products" products that the Group develops and manufactures

"refractive error" eye disorder caused by irregularity in the shape of the eye, which makes it difficult for the eyes to focus images clearly

"R&D" research and development

"Reporting Period" the period from January 1, 2025 to December 31, 2025

– 54 –

55 -

"RGP"
rigid gas permeable corneal contact lenses

"RMB"
Renminbi, the lawful currency of the PRC

"Roland"
Roland Consult Stasche & Finger GmbH, a company with limited liability (Gesellschaft mit beschränkter Haftung) duly incorporated under the laws of Germany and founded on November 29, 1995 and an indirect subsidiary of the Company, in which the Company holds 80.00% equity interest

"SBM"
SBM Sistemi S.r.l., a company established in Italy

"Senior Facility Loan"
the secured loan granted by Credit Suisse and other lenders to Gaush Netherlands pursuant to a senior facility agreement of EUR75 million dated December 30, 2020, which was subsequently refinanced by the facility granted by the lender to Gaush Netherlands under the facility agreement in February 2024

"Share(s)"
ordinary shares in the share capital of the Company with a par value of US$0.0001 each

"Shareholders"
holder(s) of the Share(s)

"Stock Exchange"
The Stock Exchange of Hong Kong Limited

"subsidiary(ies)"
has the meaning ascribed thereto under section 15 of the Companies Ordinance of Hong Kong

"Teleon"
collectively, Teleon Holding B.V., Teleon Surgical B.V., Teleon IP B.V., Teleon Surgical Vertriebs GmbH and Teleon Surgical GmbH

"treasury share(s)"
has the meaning ascribed to it under the Listing Rules

"United States"
the United States of America, its territories, its possessions and all areas subject to its jurisdiction

"US dollars", "USD" or "US$"
United States dollars, the lawful currency of the United States

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“Vendor Loan” the secured loan granted by Stichting Administratiekantoor OPM to Gaush Netherlands pursuant to a facility agreement of EUR24.25 million dated December 23, 2020 to partially finance the acquisition of Teleon and which shall mature in 2025

“vitreoretinal diseases” diseases that develop from the back surface of the eye and the vitreous fluid around it, with the most representative vitreoretinal diseases being wet age-related macular degeneration (wAMD), diabetic macular edema (DME), retinal vein occlusion (RVO) and myopic choroidal neovascularization (mCNV)

“%” per cent

By order of the Board