C-LINK SQ (01463.HK) Financial Distress Analysis: Continuous Profit Warnings and Core Business Challenges

This analysis is based on the hot list information from the East Money App and external financial reports. C-LINK SQ (01463.HK) has recently become a market focus due to negative financial news [0]. The company was listed on the Hong Kong Stock Exchange on March 27, 2020 [1], but consecutive profit warnings in 2025 indicate that its core business is in trouble [2][3].

C-LINK SQ’s core businesses include internet hospitals and physical outpatient services [0]. In August 2025, the company forecasted a loss of 167 million ringgit in H1, mainly due to goodwill impairment losses of approximately 22.4 million ringgit in this business segment [2]. Earlier, in March 2025, the company had already forecasted that its 2024 annual loss would widen to 21 million ringgit [3]. Consecutive losses indicate that its core business model faces structural challenges, and market attention is focused on negative financial developments rather than positive news [0].

1. Continuous Deterioration of Core Business
   : As the main revenue sources, internet hospitals and physical outpatient services have become the main reasons for losses, reflecting low operational efficiency or insufficient market demand [2][3].
2. Accumulation of Financial Risks
   : The widening losses in two consecutive reporting periods, coupled with goodwill impairment, may affect the company’s cash flow stability and going concern ability [0].
3. Negative Market Sentiment
   : Recent market attention to the company stems from negative financial news, and there is a lack of positive catalysts to support the stock price [0].

• Continuous Loss Risk
  : Without improvement in core businesses, it may lead to further losses and cash flow pressure [2][3].
• Goodwill Impairment Risk
  : If business performance remains poor, the company may face more goodwill impairment losses in the future [0].
• Liquidity Risk
  : Widening losses may affect the company’s debt-servicing ability and financing channels [0].

• There is currently a lack of clear positive opportunity information; attention should be paid to whether the company has business restructuring or transformation plans [0].

C-LINK SQ (01463.HK) is facing severe financial distress, with poor performance of core businesses being the main reason. Investors should closely monitor the company’s subsequent financial reports and business adjustment measures to assess its going concern ability [0].