Xunfei Healthcare Technology Announces Discloseable Transaction: Investment Cooperation Agreement and Capital Contribution in National AI Primary Healthcare Pilot Base

Key Points of the Announcement

• Discloseable Transaction: Xunfei Healthcare Technology Co., Ltd. (Stock Code: 2506) has entered into a significant investment cooperation agreement with Hefei Big Data Asset Operation Co., Ltd., resulting in further capital contributions to a newly established joint venture company.
• National Pilot Base: The joint venture, Anhui Heshuzhiyi Medical Technology Co., Ltd. (the “Target Company”), is tasked with constructing and operating the National Pilot Base for Artificial Intelligence Application focusing on primary healthcare services in the medical field. This is the first and only national-level AI medical pilot platform in China dedicated to primary healthcare.
• Initial and Adjusted Capital Structure:
  • The Target Company was initially set up on July 18, 2024, with a registered capital of RMB1,511 million, held 49% by Xunfei and 51% by Hefei Big Data.
  • On September 11, 2025, both parties agreed to reduce the registered capital to RMB200 million, maintaining the same ownership percentages.
• Total Project Investment and Funding:
  • Total project investment for the pilot base is RMB608 million, with RMB243.20 million expected from ultra-long-term special treasury bonds and RMB364.80 million to be self-raised by the Target Company.
  • Xunfei contributed RMB186.67 million in total, with no use of IPO proceeds.
• Actual Capital Contributions:
  • Both parties agreed to a total actual capital contribution of RMB368.72 million (Xunfei: RMB180.67 million; Hefei Big Data: RMB188.05 million). Contributions exceeding registered capital were credited to the capital reserve.
  • On November 28, 2025, an additional capital contribution of RMB12.24 million was made (Xunfei: RMB6 million; Hefei Big Data: RMB6.24 million).
• Financials of the Target Company:
  • As of December 31, 2025, unaudited net asset value was approximately RMB365.17 million.
  • Net loss for the year ended December 31, 2025, was RMB9.56 million.
• Non-Compliance with Listing Rules: The company failed to comply with the Hong Kong Stock Exchange Listing Rules (Chapter 14) in a timely manner, as the transaction constituted a discloseable transaction due to its size (more than 5% but less than 25% of the relevant ratios).
• Remedial Measures: Xunfei has implemented enhanced compliance training, updated internal control procedures, and intensified cooperation with professional advisers to prevent future breaches.
• Strategic Rationale: Participation in the pilot base project is expected to strengthen Xunfei’s proprietary AI technology, industry infrastructure, and commercialization potential, while consolidating its competitive advantage and brand influence in China’s healthcare AI sector.

Shareholder-Relevant Insights and Potential Price Sensitivities

• Unique National-Level Position: The Target Company is the first and only national AI primary healthcare pilot base, which could significantly boost Xunfei’s positioning and future growth prospects in the healthcare AI industry.
• Use of Capital and Dilution Risk: The capital contributions are significant relative to Xunfei’s size, but none of the IPO proceeds were used, potentially preserving shareholder value and reducing dilution risk.
• Non-Compliance Incident: The company’s failure to promptly disclose the transaction under Listing Rules could raise short-term governance concerns, but comprehensive remedial measures have been adopted.
• Financial Impact: The Target Company is currently loss-making (net loss of RMB9.56 million in 2025), but its net assets are substantial, and the long-term strategic benefits may outweigh early-stage losses.
• Growth and Commercialization Potential: Xunfei’s involvement in building core infrastructure for AI medical models and data platforms is likely to enhance its commercialization capabilities and brand value—not only in Hefei and Anhui, but potentially across China.

Details of Remedial Measures Taken

1. Mandatory compliance training for directors, management, and relevant staff, focusing on Listing Rules and transaction disclosures, to be conducted annually with legal advisers’ assistance.
2. Distribution of internal calculation tables for size tests and stricter pre-approval processes for potential notifiable or connected transactions.
3. Strengthening and regular review of information disclosure policies and internal control systems, including updated checklists and a robust “Material Information Reporting System.”
4. Closer cooperation with securities and finance departments and consulting with professional advisers before major transactions.

Company and Partner Background

• Xunfei Healthcare Technology Co., Ltd.: A leading AI healthcare company in China, specializing in medical large models and intelligent assistant products for the healthcare sector.
• Hefei Big Data Asset Operation Co., Ltd.: Owned by Hefei’s state-owned asset management agencies, specializing in internet and related services; considered an Independent Third Party to Xunfei.

Conclusion

This disclosed transaction represents a pivotal investment for Xunfei Healthcare, solidifying its leadership in the AI medical field and positioning it at the forefront of China’s primary healthcare digital transformation. While the initial financial impact is loss-making, the long-term strategic advantages and enhanced compliance measures may drive future value for shareholders. Investors should closely monitor updates regarding the project’s progress, financial performance of the Target Company, and further compliance developments.

Disclaimer: This article is based on publicly disclosed information and is intended solely for informational purposes. It does not constitute investment advice or an offer to buy or sell any securities. Investors should conduct their own research or consult professional advisers before making any investment decisions. The author and publisher accept no liability for any loss arising from reliance on the information provided.

【粵語版】訊飛醫療科技披露交易詳情：國家級AI基層醫療試點基地投資合作協議及增資詳解

公告重點摘要

• 披露性交易：訊飛醫療科技股份有限公司（股份代號：2506）與合肥大數據資產運營有限公司簽訂重大投資合作協議，並對新成立的合資公司進行進一步增資。
• 國家級試點基地：合資公司安徽合數知醫醫療科技有限公司（“目標公司”）負責建設及運營以基層醫療為方向的國家人工智能應用試點基地。這是中國首個、也是唯一一個針對基層醫療的國家級AI醫療試點平台。
• 初始及調整後資本結構：
  • 目標公司於2024年7月18日成立，註冊資本人民幣15.11億元，訊飛持股49%，合肥大數據持股51%。
  • 2025年9月11日，雙方同意將註冊資本減至2億元，股權比例維持不變。
• 項目總投資及資金來源：
  • 項目總投資6.08億元，其中2.432億元申請國家超長期特別國債支持，3.648億元需目標公司自行籌集（來自股東增資）。
  • 訊飛總共出資1.8667億元，並未動用IPO募資。
• 實際增資詳情：
  • 雙方協議總實際增資為3.6872億元（訊飛：1.8067億元，合肥大數據：1.8805億元），超出註冊資本部分全數計入資本公積。
  • 2025年11月28日再追加增資1,224萬元（訊飛600萬元，合肥大數據624萬元）。
• 目標公司財務狀況：
  • 截至2025年12月31日，未經審計的淨資產約3.6517億元。
  • 2025年全年淨虧損956萬元。
• 上市規則違規：訊飛未能及時遵守港交所上市規則（第14章）披露要求，已屬披露性交易（適用比率超過5%但少於25%）。
• 補救措施：公司已加強合規培訓、完善內部控制程序，並與專業顧問加強合作，防止類似違規再發生。
• 戰略意義：參與此國家級試點項目預計將鞏固訊飛在醫療AI領域的技術及產業基礎，推動技術成果大規模商業化，提升行業競爭力及品牌影響力。

股東須知及可能影響股價的要點

• 獨特國家級地位：目標公司為中國唯一國家級AI基層醫療試點基地，對訊飛未來增長及行業地位有重大正面影響。
• 資金動用及攤薄風險：今次增資金額佔比顯著，但未動用IPO募資，有助保障現有股東利益及減低攤薄風險。
• 合規風險及聲譽：公司未能及時披露交易，短期內或引起管治關注，但已採取全面補救措施。
• 財務影響：目標公司現階段虧損（2025年虧損956萬元），但資產基礎厚實，長遠戰略回報具吸引力。
• 增長及商業化潛力：訊飛參與建設醫療AI基礎設施，有望提升產品商業化能力及品牌價值，影響範圍或由合肥、安徽擴展至全國。

補救措施詳情

1. 必修合規培訓，涵蓋上市規則與交易披露，每年由法律顧問協助舉辦。
2. 發放內部交易比率計算表，嚴格預審潛在可披露或關聯交易。
3. 加強及定期檢討信息披露及內控系統，包括更新內部披露提醒清單及建立“重大信息報告制度”。
4. 與證券、財務部門及專業顧問（如香港法律顧問、聯席公司秘書）加強協作，大額或敏感交易前先諮詢專業意見。

公司及合作方背景

• 訊飛醫療科技股份有限公司：中國AI醫療行業領軍企業，專注醫療大模型及智能醫療助手產品。
• 合肥大數據資產運營有限公司：由合肥市國資委旗下國企持有，從事互聯網及相關業務，為訊飛獨立第三方。

總結

本次披露性交易對訊飛醫療屬於戰略性投資，有助鞏固其在醫療AI領域的領先地位，並將推動中國基層醫療數字化轉型。雖然短期財務上目標公司仍虧損，但長遠戰略價值及合規提升，有望為股東帶來潛在回報。建議投資者持續關注項目進展、目標公司財務表現及公司合規動態。

免責聲明：本文僅基於公開資料整理，僅供參考，並不構成任何投資建議或邀約。投資涉及風險，請投資者自行查證或諮詢專業顧問，作者及發布方對因使用本文所載資料而引致之任何損失概不負責。

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