See page 5 for analyst certification and important disclosures, including non-US analyst disclosures. Asia Pacific Equity Research 03 September 2025 China Healthcare 1H25 results in a nutshell: Subsector financial divergence implies innovation is the ultimate driver YTD, the MSCI China Healthcare Index and Hang Seng Healthcare Index have Healthcare rallied 70%+/100%+ respectively. This significant outperformance naturally raises the question: "to chase or not to chase?" In our previous note published in Jul ...