In December 2025, China Ruyi Life disclosed a transaction plan to acquire 78.3% of Chunyu Doctor, which once made the company a hot investment target in the Hong Kong stock market. At that time, the market believed that through this cross-border acquisition, China Ruyi Life had officially entered a new development stage driven by both "quality property assets" and "AI digital medical services." This move could not only smooth out the cyclical fluctuations of the traditional property investment business, but also push the company's core assets to extend from a single physical space to scenario-based infrastructure capable of carrying health needs for hundreds of millions of users, further tapping into the growth potential of the digital medical track. In 2026, the acquisition process proceeded in an orderly manner, with the transaction completed in March; in July, the listed company was officially renamed SR MEDICAL. On August 31, SR MEDICAL released its 2026 interim results announcement, delivering an answer sheet that tests the quality of its transformation to the market.

Smart medical services blossom in multiple areas, driving high revenue growth. According to the financial report, in the first half of 2026, SR MEDICAL achieved total revenue of HK$223 million, a year-on-year increase of approximately 30.7%. Due to factors such as rising other operating costs, increased finance expenses, and higher employee benefit costs, the company recorded a loss attributable to shareholders of HK$70.6 million during the period. In terms of business structure, the company's smart medical services segment generated revenue of HK$65.576 million, while the property investment, operation and management segment achieved revenue of HK$158 million. More notably, the smart medical services business segment achieved a profit of HK$12.766 million in the first half of the year, effectively hedging against the cyclical fluctuations of the property investment, operation and management business.

After the transaction completion in March 2026, the listed company officially took over the operations of Chunyu Doctor. Management promoted operational improvements by enhancing the quality of existing businesses and expanding into new tracks, driving business revenue growth. At the operational level, SR MEDICAL introduced overseas insurance institution cooperation resources, expanded the sales scale of health benefit cards, which brought in over HK$9.3 million in revenue, stabilizing the basic diagnosis and treatment business and maintaining diagnosis and treatment revenue at the previous year's level. At the same time, the company fulfilled incentive policies that were not realized in 2025, mobilizing the initiative of the business team, achieving breakthroughs in digital marketing and medical research-related businesses, contributing more than HK$35 million in revenue increments. In addition, the company introduced a new business model, laying out self-operated sales of traditional Chinese medicine pieces, achieving self-operated drug sales revenue of HK$410,000. In summary, the first half of this year saw revenue increase by HK$38.3 million compared to the same period last year.

The conversion of this series of operational actions into actual revenue is rooted in the platform capabilities that Chunyu Doctor has accumulated over fifteen years. As a pioneer in the domestic internet medical industry, the platform has accumulated nearly 200 million registered users, more than 700,000 contracted practicing physicians, and retains approximately 300 million user health records. Its self-developed AI medical large model "Chunyu Huiwen" has also been deployed in practical scenarios. The platform can provide 7×24-hour online consultations, video consultations, and famous doctor consultations; leverage AI capabilities for intelligent triage, assisted diagnosis, and health risk assessment; and connect electronic prescriptions, online medication purchases, home delivery of medicines, chronic disease management, rehabilitation care, and personal record management, building a complete service loop of "consultation-prescription-medication-rehabilitation." Compared to incubating a medical business from scratch, this acquisition allows the listed company to directly obtain a mature business system that has been validated by the market. The company's growth space in the next phase will largely depend on whether it can transform AI technology into service capabilities that can be delivered at scale.

Around AI infrastructure construction, SR MEDICAL is building a reusable unified technology foundation, covering directions such as medical professional knowledge bases, medical data governance, model iteration applications, and medical intelligent agents. Under the premise of legal compliance, obtaining necessary authorization, and strictly protecting data security, the platform is promoting the structuring of health records, accumulating specialized medical knowledge, and introducing clinical experts to participate in model effectiveness evaluation, continuously improving the adaptability and reliability of AI in real medical scenarios. On this basis, the company aims to connect pre-consultation, medical history sorting, clinical decision support, and post-consultation follow-up, building a standardized service chain of "doctor-led, AI-assisted," which not only improves doctors' consultation efficiency but also ensures the stability of medical service efficiency and quality, laying the foundation for business scale expansion.

Building on the proven business foundation, combined with AI capabilities, SR MEDICAL will further broaden the growth boundaries of its three major segments: G-end, C-end, and B-end. On the government front, it will replicate the mature G2C public health model, deepen cooperation with local governments and community health service centers, implement public health projects such as resident electronic health records and chronic disease follow-up, expand government orders, and explore a city-level public health operation model of "platform construction + continuous operation," accumulating core capabilities for evolving into a city-level smart healthcare operator. On the C-end, focusing on the full chain of prevention-diagnosis-treatment-medication-rehabilitation follow-up, it will refine recurring revenue products such as chronic disease service packages and health management subscriptions, with the potential to use AI health assistants to handle health consultations, medical navigation, medication reminders, and chronic disease follow-up, seamlessly transferring to practicing physicians when necessary, continuously enhancing user lifetime value. On the B-end, it will continue to export B2D2C services such as digital marketing, real-world research, and patient recruitment management to pharmaceutical and medical device companies and insurance institutions, with the potential to deliver combined medical resources and intelligent tool packages, while also exporting standardized technology products such as doctor assistants and patient follow-up management to medical institutions, expanding subscription-based technical service revenue, improving the two-way monetization model of "C-end medical services + B-end industry empowerment," optimizing the revenue structure, increasing the proportion of recurring revenue, and releasing the platform's marginal cost diminishing effect.

Two-way empowerment between property and medical, outlining a new blueprint of "medical-property synergy." Looking back at the development history of SR MEDICAL, the company has long been deeply involved in the property field, with business covering property management, property development and investment, and a presence across China, the United States, and the United Kingdom. As the real estate industry enters a phase of quality improvement and efficiency enhancement, and property industry competition shifts toward refined operations, the company has initiated business structure optimization, actively cultivating new growth curves, and striving to build a converged ecosystem of "smart real estate + digital healthcare." The acquisition of Chunyu Doctor is precisely the key lever to realize this strategic vision. The two types of businesses possess natural complementary attributes, with offline physical scenarios and online medical capabilities being highly compatible, and collaborative layout is steadily advancing. The residential projects managed by the company cover a wide range of family customer groups, and commercial properties reach massive office populations. These groups have stable, genuine health consumption needs and are high-quality potential users of internet medical services, effectively alleviating the industry's pain points of high customer acquisition costs and insufficient offline penetration. By embedding medical services into communities and office buildings, service scenarios can be deeply deployed; leveraging the platform's AI technology and massive health records, an intelligent health management system adapted to property scenarios can be built, delivering personalized health services and continuously enhancing user stickiness. Meanwhile, the mature medical resources of Chunyu Doctor also open up value-added space for traditional property services. Traditional property business is mainly focused on basic services such as security and cleaning. By superimposing medical services such as online consultations, health monitoring, and chronic disease management, a new product system of "basic property + health value-added services" can be established, effectively enhancing property project value and resident experience, and promoting the enterprise's transformation from a traditional property asset management entity to a medical technology service entity.

According to the operational plans disclosed in this interim report, SR MEDICAL will promote deep restructuring of its business model, gradually divesting low-efficiency heavy-asset businesses, and concentrating core resources on the AI smart medical track. In the future, the company will connect its self-owned property communities with Chunyu Doctor's online medical capabilities, turning communities into landing scenarios for health services and building a health service ecosystem with online-offline integration. The company will retain the core management team of Chunyu Doctor, leverage the offline scenario network of properties to broaden service boundaries and absorb new users, achieving deep integration of multiple resources. This construction direction will also effectively correspond with external industrial integration. Primary care, specialty services, rehabilitation care and other business formats can provide richer real-world application scenarios for AI technology implementation; and unified AI technical capabilities are also expected to significantly reduce the cost of new business integration and service standardization replication, improving the landing efficiency of subsequent industrial integration. As technology construction, scenario validation, and commercial operation form a positive cycle, SR MEDICAL is expected to drive its revenue structure to gradually extend from traditional medical services to technology services and continuous operational revenue. Long-term value will be concentrated in service efficiency, customer renewal capability, revenue quality, and cross-scenario scale replication capability.

Conclusion. As internet healthcare gradually moves from simple online consultations to a new stage integrating "technology-data-scenario," the industry's evaluation logic is also iterating. In the past, the market valued user scale and traffic growth; now, stable monetization channels, scarce landing scenarios, and diversified revenue structures, coupled with AI technology foundation capabilities, cross-scenario replication capabilities, customer renewal rates, and revenue quality, are increasingly becoming the keys to determining a company's long-term vitality. Facing this new industry evaluation system, SR MEDICAL has delivered a preliminary operating achievement of its transformation and has also completed initial layout across the above key dimensions. Looking at the broader industrial environment, driven by the "Healthy China" strategy and the digital economy, the cross-border integration of traditional physical industries with the healthcare track is becoming an important direction for China's high-quality economic development. As AI technology continues to penetrate further into people's livelihood and health scenarios, and residents' health consumption demand continues to rise, the external environment for the industry has formed favorable development soil. If the company can build on its existing business foundation and convert its resource endowments into greater operational effectiveness, the investment value of SR MEDICAL may also be re-examined and redefined by the market.