炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 钧达股份（002865）5月14日公告称，最大个人股东苏显泽A股持股比例由6.19%下降至4.71%，不再是 公司持股5%以上股东。 来自天眼查 苏显泽持股比例降低至4.71% 公告显示，2月6日至3月4日，在钧达股份推进港股IPO进程中，苏显泽通过大宗交易方式减持40.84万股 A股股份，占公司总股本的0.18%，其持股比例从6.19%降低至6.01%。 5月8日，钧达股份全球发售H股6343.23万股并在香港联合交易所主板挂牌上市，公司总股本增加致使苏 显泽持股比例被动稀释，股份被动稀释比例为1.3%，其持股比例从6.01%降低至4.71%。 天眼查显示，苏显泽为家电龙头苏泊尔集团有限公司实际控制人，持有苏泊尔集团有限公司44.5%股 权。 5月8日，钧达股份在联交所主板挂牌上市，发行价为22.15港元/股，募资净额为12.92亿港元。至此，钧 达股份成为光伏电池行业首家"A+H"上市公司。由于港股上市成功，钧达股份的控股股东持股比例被稀 释。 公司同日发布公告称，由于股份减持、期权行权股份被动稀释及H股上市股份被动稀释，公司控股股 ...

Revenue and Profit Performance - Revenue from maternity service business decreased by 10.6% to HKD 274.7 million due to RMB depreciation, cautious consumer spending, and losses from newly opened maternity centers[6] - Revenue for the period was approximately HKD 274.7 million, a decrease of 10.6% compared to HKD 307.2 million in the same period last year, primarily due to RMB depreciation and cautious consumer spending[9] - Gross profit for the period was HKD 70.2 million, a decrease of 24.7% compared to HKD 93.2 million in the same period last year, with a gross margin of 25.5% compared to 30.3% last year[9] - Net loss for the period was HKD 39.4 million, an increase of HKD 16.4 million compared to a net loss of HKD 22.9 million in the same period last year, driven by RMB depreciation, cautious consumer spending, and losses from newly opened centers[13] - Adjusted loss for the period was HKD 6.2 million, compared to an adjusted profit of HKD 18.0 million in the same period last year, after adjusting for non-cash and one-time items[16] - Revenue for the six months ended June 30, 2024, decreased to HKD 274.735 million from HKD 307.229 million in the same period in 2023, representing a decline of approximately 10.6%[46] - Gross profit for the period dropped to HKD 70.173 million from HKD 93.178 million year-over-year, reflecting a decrease of about 24.7%[46] - Operating loss for the six months ended June 30, 2024, was HKD 15.633 million, compared to an operating profit of HKD 13.535 million in the same period in 2023[46] - Net loss attributable to the company's owners increased to HKD 39.194 million from HKD 23.656 million year-over-year[47] - Total comprehensive loss for the period was HKD 54.342 million, slightly lower than the HKD 63.366 million loss in the same period in 2023[47] - Revenue from external customers for the six months ended June 30, 2024, was 274,735 thousand HKD, a decrease from 307,229 thousand HKD in the same period in 2023[64] - Revenue from maternity services decreased to HK$274.735 million from HK$307.229 million in the previous year[56] - The company reported a period loss of 22,925 thousand HKD for the six months ended June 30, 2024, after deducting unallocated expenses of 38,900 thousand HKD[59] - The company's attributable basic and diluted loss for the period was HK$39,194,000, compared to HK$23,656,000 in the same period last year[70] Business Expansion and Operations - The company expanded its core maternity business to 12 cities with 21 stores, including new entries in Foshan and Chongqing[5] - The company opened 21月子中心门店 across 12 cities, including new locations in Foshan and Chongqing, as part of its expansion strategy[8] - Administrative expenses increased by 16.2% to HKD 35.6 million, mainly due to the accelerated expansion under the "Five-Year Fifty-City Plan"[10] - The company reported a segment performance of 15,975 thousand HKD for the six months ended June 30, 2024, with the maternity services segment contributing 16,775 thousand HKD[59] - Total assets as of June 30, 2024, were 1,893,487 thousand HKD, with the maternity services segment accounting for 1,419,046 thousand HKD[60] - Total liabilities as of June 30, 2024, were 1,135,580 thousand HKD, with the maternity services segment contributing 685,954 thousand HKD[60] - The maternity services segment reported a segment loss of HK$3.184 million, contributing to a total segment loss of HK$3.881 million[57] - Unallocated expenses, including depreciation and general office expenses, amounted to HK$35.474 million[57] Financial Management and Debt - The company implemented a "three-for-one" rights issue to alleviate debt issues caused by the pandemic, with active participation from shareholders[4] - Financial costs decreased by 24.7% to HKD 24.1 million, primarily due to reduced interest expenses on borrowings and lease liabilities[12] - The company completed a rights issue on May 14, 2024, issuing 1,478,338,324 rights shares at HK$0.042 per share, raising approximately HK$56.30 million net of expenses[30] - Of the net proceeds from the rights issue, HK$39.7 million was used to repay outstanding debts, HK$5.0 million for expanding the maternity service business, and HK$4.5 million for general working capital[31] - The remaining unused net proceeds from the rights issue are expected to be utilized by the first quarter of 2025, subject to market conditions[32] - The outstanding balance of the loan related to the acquisition of Shenzhen Aidikang Maternal and Child Health Management Co., Ltd. was approximately RMB 291.5 million as of June 30, 2024, with 94.95% equity in Shenzhen Aidikang pledged as collateral[27] - The company's subsidiary, Guangdong Wanjia Health Industry Group, has a loan facility of RMB 340,000,000 from Dongguan Rural Commercial Bank, with an interest rate ranging from 5.40% to 6.75%, and RMB 313,303,000 was utilized as of June 30, 2024[78] - Shenzhen Aidigong secured a RMB 3,000,000 working capital loan from China CITIC Bank with an interest rate of the bank's base rate plus 0.85%, due for repayment on November 26, 2024[78] - As of June 30, 2024, the company's total borrowings were HKD 316,527,000, with RMB-denominated borrowings accounting for the majority[78] - The company has bonds payable of HKD 45,000,000 due between October 2024 and March 2025, with interest rates ranging from 13.02% to 14.43%[79] Corporate Governance and Shareholder Structure - The company's board underwent significant changes to improve governance and decision-making capabilities, reducing the number of directors and introducing experienced industry professionals[4] - The company has adopted the Corporate Governance Code and complies with its provisions, with Ms. Wang Aier appointed as Executive Director, Chairman, and CEO on April 7, 2024[41] - As of June 30, 2024, the company's directors and top executives held significant equity stakes, with Ms. Wang Aier holding 9.05% and Mr. Li Jialong holding 6.31% and 3.38% of the issued share capital respectively[33] - Ms. Zhu Yufei holds a beneficial interest in 167,161,755 shares and is deemed to have interests in 466,666,666 shares through controlled entities, totaling 10.72% of the issued share capital[35] - Mr. Zhang Weiquan is deemed to have interests in 372,989,671 shares through Champion Dynasty Limited, representing 6.31% of the issued share capital[35] - Zhuhai Deyou Bohui Enterprise Management Consulting Center holds 374,531,836 shares, representing 6.33% of the issued share capital[35] - Zhuhai Gaoling Deyou Investment Management Co., Ltd. is deemed to have interests in 374,531,836 shares through Zhuhai Deyou Bohui, representing 6.33% of the issued share capital[35] Share Issuance and Capital Structure - Issued 1,478,338,324 new shares at HKD 0.042 per share on May 14, 2024, increasing share capital by HKD 56,300,000[18] - Total issued ordinary shares increased to 5,913,353,298 as of June 30, 2024, from 4,435,014,974 on December 31, 2023[19] - Share options plan allows for a maximum of 431,501,497 options, representing 10% of issued share capital as of June 28, 2022[23] - Share incentive plan allows for a maximum of 3% of issued share capital to be awarded as incentive shares[24] - The company granted 63,500,000 reward shares to 69 selected individuals under the Share Award Scheme on November 12, 2021, with specific vesting conditions. As of June 30, 2024, none of these reward shares have been exercised[26] - A share consolidation was approved and became effective on July 29, 2024, consolidating every 40 existing shares into 1 consolidated share[80] - The company proposed a share placement under a special mandate, aiming to issue up to 44,350,000 shares at HKD 1.68 per share, with the placement still ongoing as of the report date[81] Asset and Liability Management - Net asset value increased by HKD 1,958,000 to HKD 757,907,000 as of June 30, 2024, compared to HKD 755,949,000 on December 31, 2023[18] - Current ratio decreased to 1.07 as of June 30, 2024, from 1.16 on December 31, 2023[18] - Bank and cash balances decreased to HKD 70,897,000 as of June 30, 2024, from HKD 80,303,000 on December 31, 2023[20] - Asset-liability ratio improved to 0.78 as of June 30, 2024, from 0.83 on December 31, 2023[20] - Structured bank deposits increased to HKD 21,496,000 as of June 30, 2024, from HKD 20,009,000 on December 31, 2023[21] - Property, plant, and equipment decreased to HKD 88.355 million as of June 30, 2024, from HKD 101.500 million at the end of 2023[48] - Intangible assets declined to HKD 714.331 million as of June 30, 2024, from HKD 731.031 million at the end of 2023[48] - Total equity attributable to the company's owners increased slightly to HKD 740.534 million as of June 30, 2024, from HKD 737.702 million at the end of 2023[49] - Non-current liabilities decreased to HKD 713.999 million as of June 30, 2024, from HKD 819.790 million at the end of 2023[49] - Deposits increased to HK$53,725,000 as of June 30, 2024, from HK$43,234,000 at the end of 2023[72] - Other receivables totaled HK$389,442,000 as of June 30, 2024, compared to HK$385,963,000 at the end of 2023[72] - Trade payables decreased to HK$19,741,000 as of June 30, 2024, from HK$20,513,000 at the end of 2023[74] - Contract liabilities related to maternity services were HK$143,682,000 as of June 30, 2024, down from HK$149,925,000 at the end of 2023[76] - Total borrowings decreased to HK$316,527,000 as of June 30, 2024, from HK$330,809,000 at the end of 2023[77] Cash Flow and Financial Activities - Cash flow from operating activities was negative at HK$1.796 million, while cash used in investing activities was HK$27.740 million[51] - The company's cash flow from financing activities was negative at HK$5.790 million, primarily due to share issuance costs[50] - Cash and cash equivalents decreased by HK$8.873 million, ending at HK$70.897 million[51] - The company issued convertible preferred shares worth HK$71.015 million[50] - Exchange rate differences from overseas operations resulted in a loss of HK$31.011 million[50] - The fair value change of equity investments through other comprehensive income was a loss of HK$7.600 million[50] Employee and Administrative Costs - Total employee cost increased to HKD 118,485,000 in 2024 from HKD 112,396,000 in 2023[22] - Employee costs, including directors' remuneration, totaled 118,485 thousand HKD for the six months ended June 30, 2024, an increase from 112,396 thousand HKD in the same period in 2023[68] - Depreciation of property, plant, and equipment for the six months ended June 30, 2024, was 13,656 thousand HKD, a decrease from 15,997 thousand HKD in the same period in 2023[68] Other Financial and Operational Metrics - Sales and distribution expenses decreased by 2.6% to HKD 57.2 million, driven by improved marketing efficiency[11] - The company did not declare any interim dividend for the period, consistent with the previous year[17] - No interim dividend was recommended for the period ending June 30, 2024 (same as the previous year)[69] - The weighted average number of ordinary shares for calculating basic and diluted loss per share was 4,345,015[70] - Non-current assets in China as of June 30, 2024, were 1,355,440 thousand HKD, a decrease from 1,422,390 thousand HKD as of December 31, 2023[64] - Other income for the six months ended June 30, 2024, was 6,985 thousand HKD, a decrease from 9,747 thousand HKD in the same period in 2023[65] - The company reported a tax credit of 337 thousand HKD for the six months ended June 30, 2024, compared to a tax expense of 4,518 thousand HKD in the same period in 2023[66] - The company maintains a prudent treasury policy, with the majority of cash and cash equivalents held in major financial institutions in mainland China[40] - The company did not purchase, sell, or redeem any listed securities during the period[42] - The Audit Committee reviewed the unaudited interim financial statements and found them in compliance with relevant accounting standards and regulations[45]

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 274.7 million, a decrease of 10.6% compared to HKD 307.2 million in the same period of 2023[1] - Gross profit for the same period was HKD 70.2 million, with a gross margin of 25.5%, down from 30.3% in 2023[1] - The company reported a loss of HKD 39.4 million for the period, compared to a loss of HKD 22.9 million in the previous year[1] - The adjusted loss was HKD 6.2 million, a significant decline from an adjusted profit of HKD 18.0 million in the same period last year[1] - Revenue for the period was approximately HKD 274,735,000, a decrease of about HKD 32,494,000 or 10.6% compared to the same period in 2023[8] - Gross profit for the period was approximately HKD 70,173,000, down by about HKD 23,005,000 or 24.7% year-on-year, resulting in a gross margin of 25.5%[8] - Operating loss for the period was HKD 15,633,000, compared to an operating profit of HKD 13,535,000 in the previous year[26] - The company recorded a net loss of HKD 39,355,000 for the six months ended June 30, 2024, compared to a net loss of HKD 22,925,000 for the same period in 2023[35] - The company reported a loss attributable to owners of HKD (39,194) for the six months ended June 30, 2024, compared to a loss of HKD (23,656) in the same period of 2023[48] - Basic and diluted loss per share for the period was HKD 0.81, compared to HKD 0.54 in the previous year[27] Operational Developments - The company expanded its core maternity service business to 21 stores across 12 cities, up from 18 stores in the previous year[6] - The company opened new maternity centers in Foshan and Chongqing, continuing its "Five-Year, Fifty Cities" strategy to increase market coverage[7] - The company noted a decline in customer spending power and increased competition in the maternity service industry[2] - The company aims to improve operational efficiency and reduce costs through business model optimization[3] Financial Management - The company implemented a rights issue financing plan to address external debt issues, which received strong support from shareholders[3] - Administrative expenses increased to approximately HKD 35,578,000, an increase of about HKD 4,947,000 or 16.2% compared to the same period in 2023, primarily due to the execution of the "Five-Year Fifty Cities Plan"[9] - Sales and distribution expenses decreased to approximately HKD 57,213,000, a reduction of about HKD 1,546,000 or 2.6% year-on-year, attributed to innovative marketing strategies[10] - Financial costs decreased to approximately HKD 24,059,000, down by about HKD 7,883,000 or 24.7% compared to the same period in 2023[11] - The group maintained a cautious financial management strategy, with most cash held in major financial institutions in mainland China[25] Assets and Liabilities - The company's net asset value as of June 30, 2024, was approximately HKD 757,907,000, an increase of about HKD 1,958,000 from December 31, 2023[16] - The current ratio as of June 30, 2024, was 1.07, compared to 1.16 as of December 31, 2023[16] - Non-current assets decreased from HKD 1,513,268,000 as of December 31, 2023, to HKD 1,442,891,000 as of June 30, 2024, reflecting a decline of 4.7%[28] - Current assets increased slightly from HKD 446,899,000 as of December 31, 2023, to HKD 450,596,000 as of June 30, 2024, an increase of 0.6%[28] - The company's total equity attributable to owners increased from HKD 737,702,000 as of December 31, 2023, to HKD 740,534,000 as of June 30, 2024, a rise of 0.4%[29] - The company’s non-current liabilities decreased from HKD 819,790,000 as of December 31, 2023, to HKD 713,999,000 as of June 30, 2024, a reduction of 12.9%[29] - Total assets as of June 30, 2024, amounted to HKD 1,893,487, a decrease from HKD 1,960,167 as of December 31, 2023[36][37] - Total liabilities as of June 30, 2024, were HKD 1,135,580, compared to HKD 1,204,218 as of December 31, 2023[36][37] Market Outlook - The overall external environment for the maternity industry is expected to improve in 2024, influenced by government policies and a potential rebound in birth rates[2] Corporate Governance - The company has adhered to the corporate governance code throughout the reporting period, ensuring compliance with the principles outlined in the listing rules[54] - The audit committee reviewed the interim results, confirming compliance with relevant accounting standards and appropriate disclosures[57]

Financial Performance - The company's maternity service business revenue decreased by 18.0% year-on-year to approximately HKD 554.6 million due to the impact of the pandemic and the depreciation of the RMB against the HKD [9]. - The net profit for the maternity service business was HKD 11.7 million, a significant improvement from a net loss of approximately HKD 63.6 million in the previous year, attributed to the gradual recovery from the pandemic and the implementation of a light-asset model [9]. - The gross profit increased by 27.2% year-on-year to approximately HKD 121.0 million, driven by the optimization of the financial model of mature stores and reduced upfront investments in new stores [9]. - The company's revenue for the year was approximately HKD 554,581,000, a decrease of about HKD 125,365,000 or 18.4% compared to HKD 679,946,000 in 2022 [26]. - Gross profit for the year was approximately HKD 121,032,000, an increase of about HKD 22,292,000 or 22.6% from HKD 98,740,000 in 2022, resulting in a gross margin of 21.8% [26]. - The net loss for the year was approximately HKD 176,848,000, a slight decrease of about HKD 1,292,000 from HKD 178,140,000 in 2022, indicating a gradual recovery from the pandemic's impact [31]. - The adjusted loss for the year 2023 was HKD 176,848,000, a slight improvement from the loss of HKD 178,140,000 in 2022 [36]. - The adjusted profit for 2023 was HKD 15,727,000, compared to an adjusted loss of HKD 56,101,000 in 2022 [36]. Operational Developments - The company successfully completed its first year of the "Five-Year, Fifty Cities Plan," achieving market coverage in ten cities with a total of 18 operational centers [5]. - The company launched a new non-residential maternity service under the "Combined Aidi Gong" brand, marking its entry into the home maternity service market [6]. - The number of operational stores increased from 12 to 18, with new centers opened in cities such as Xiamen, Dongguan, Quanzhou, and Fuzhou [10]. - The company plans to continue expanding its service offerings and increase market penetration in the maternity service sector [6]. - The strategic upgrade of the "Five-Year, Fifty Cities Plan" will focus on customer-centric services and product-driven business development [6]. - The company implemented an "extremely light asset model" for new stores, significantly reducing upfront investment and optimizing financial models for mature stores [31]. Cost Management - Marketing expenses decreased by 21.7% year-on-year to approximately HKD 116.3 million, enhancing marketing efficiency [9]. - Administrative expenses increased to approximately HKD 140,920,000, up by about HKD 19,897,000 or 16.4% compared to HKD 121,023,000 in 2022 [27]. - Sales and distribution expenses decreased to approximately HKD 116,266,000, a reduction of about HKD 32,187,000 or 21.7% from HKD 148,453,000 in 2022, due to improved marketing efficiency [28]. - Financial costs were approximately HKD 53,768,000, a decrease of about HKD 10,803,000 or 16.7% compared to HKD 64,571,000 in 2022 [29]. - The total employee cost for the year is approximately HKD 220,280,000, a decrease from HKD 289,310,000 in 2022, reflecting a reduction in workforce from about 1,581 to 1,311 employees [103]. Shareholder Information - The company expressed gratitude to shareholders for their support and acknowledged the contributions of its board members [8]. - The group did not recommend any final dividend for the year, consistent with 2022 [37]. - The company's available distributable reserves as of December 31, 2023, amounted to approximately HKD 636.7 million, down from HKD 814.9 million in 2022 [76]. - The company issued a total of 374,531,836 convertible preferred shares for a total consideration of HKD 222.7 million, with HKD 153.6 million allocated for repaying outstanding debts [73]. - The company plans to raise approximately HKD 62.09 million through a rights issue, offering up to 1,478,338,324 shares at a subscription price of HKD 0.042 per share [80]. Corporate Governance - The company is committed to maintaining high levels of corporate governance to ensure transparency and protect shareholder interests [156]. - The board has delegated daily management and operational powers to senior management, ensuring effective oversight of the company's operations and financial performance [158]. - The company has established effective self-regulatory practices to maintain a robust internal control system [156]. - The independent non-executive directors provided independent opinions on the company's strategy, performance, and compliance standards [173]. - The company has received annual confirmations from all independent non-executive directors regarding their independence as per listing rules [160]. Board of Directors - The board of directors consists of five executive directors, one non-executive director, and four independent non-executive directors, with independent directors making up more than one-third of the board [159]. - The company has appointed new directors, including Mr. Lin Zhiwei and Ms. Kai Xiangmei, effective October 26, 2023, with their qualifications confirmed [161]. - The company held a total of four board meetings during the year, with management and the company secretary in attendance to report on governance, risk management, compliance, accounting, finance, and business matters [166]. - The audit committee held 2 meetings during the year, with management present at both meetings [183]. - The Nomination Committee held two meetings this year to review the qualifications of directors and approve nominations for executive and non-executive directors [193]. Risk Management and Compliance - The company actively monitors industry trends, technological innovations, and changes in consumer behavior to manage business risks [62]. - The company has established compliance procedures to ensure adherence to applicable laws and regulations, with no significant violations reported during the year [69]. - The company’s financial risk management details are outlined in the consolidated financial statements [63]. - The Audit Committee evaluated the adequacy and effectiveness of the group's internal audit functions and risk management systems [186].

Financial Performance - The company reported a diluted loss per share consistent with the basic loss per share for the year ended December 31, 2023[3]. - The company's revenue for the year 2023 was HKD 554,581,000, a decrease of 18.4% compared to HKD 679,946,000 in 2022[34]. - The net loss attributable to shareholders for 2023 was HKD (176,848,000), slightly improved from HKD (178,140,000) in 2022, indicating a decrease of 0.7%[34]. - The company reported an adjusted profit of HKD 15,727,000 for 2023, a significant recovery from a loss of HKD (56,101,000) in 2022[34]. - The company reported a loss attributable to the company's owners for the year was HKD 177,421,000, compared to a loss of HKD 165,324,000 in the previous year, indicating an increase in losses[128]. - The basic and diluted loss per share for the year was HKD 4.08, compared to HKD 3.84 in the previous year, representing a deterioration in earnings per share[128]. - The company reported a total comprehensive expense of HKD 205,459,000 for the year, compared to HKD 244,727,000 in the previous year, reflecting a decrease of approximately 16%[128]. - The company reported a net loss of HKD 176,848,000 for the year, slightly better than the net loss of HKD 178,140,000 in 2022[126]. Revenue and Profitability - The company reported a total revenue of HKD 29,736,000, down from HKD 31,481,000 in the previous year[15]. - Revenue from maternity services was HKD 554,581,000, down from HKD 676,342,000 in the previous year, a decline of approximately 18%[139]. - Gross profit increased to HKD 121,032,000 in 2023, representing a growth of 22.6% from HKD 98,740,000 in 2022, with a gross margin of 21.8%[34]. - The gross margin improved by 7.3 percentage points from 14.5% in 2022 to 21.8% in 2023[34]. - The monthly service business revenue decreased by 18.0% year-on-year to approximately HKD 554.6 million, mainly due to the impact of the post-epidemic period and currency depreciation[75]. - The net profit from the monthly service business was HKD 11.7 million, a significant improvement from a net loss of approximately HKD 63.6 million in 2022, driven by recovery from the pandemic and operational efficiency[75]. Operational Efficiency and Strategy - The company plans to continue focusing on operational efficiency and strategic execution under the leadership of the newly appointed chairman and CEO[8]. - The company completed its first year of the "Five-Year Fifty Cities Plan," achieving market coverage in ten cities by the end of 2023, with a total of 18 operational centers[35]. - The number of operational centers increased from 12 in 2022 to 18 in 2023, reflecting a successful expansion strategy[38]. - The company is advancing its "Five-Year Fifty Cities Plan" to enhance customer-centric services and expand its market share in the maternal and infant sector[74]. - The new home-based service business is expected to rapidly expand in the market due to its superior user experience and lower capital investment compared to traditional services[78]. - The company launched a new non-residential maternal and infant service under the "Combined Aidi Palace" brand, expanding into the home service market with centers opened in Quanzhou and Fuzhou[43]. Financial Position and Assets - The net asset value of the group as of December 31, 2023, was approximately HKD 755.95 million, a decrease of about HKD 169.46 million from HKD 925.41 million in 2022, primarily due to the annual loss[59]. - The current ratio as of December 31, 2023, was 1.16, compared to 1.06 in 2022, indicating improved liquidity[60]. - The asset-liability ratio as of December 31, 2023, was 0.83, compared to 0.51 in 2022, indicating a significant increase in leverage[95]. - The total liabilities of the group were HKD 1,204,218,000, a decrease from HKD 1,306,114,000 in 2022, indicating a reduction of approximately 7.8%[162]. - Non-current assets decreased to HKD 1,513,268,000 in 2023 from HKD 1,738,899,000 in 2022, a decline of about 12.9%[106]. - Current liabilities reduced to HKD 384,428,000 in 2023 from HKD 463,670,000 in 2022, showing a decrease of approximately 17.0%[107]. Expenses and Cost Management - Total employee costs, including directors' remuneration, amounted to HKD 221,316,000, down from HKD 290,083,000 in the previous year[20]. - Interest expenses on bank and other borrowings decreased to HKD 26,406,000 from HKD 53,775,000 year-on-year[15]. - The company's administrative expenses for the year amounted to approximately HKD 140.92 million, an increase of about HKD 19.9 million or 16.4% compared to HKD 121.02 million in 2022, primarily due to increased non-cash impairment provisions[52]. - Sales and distribution expenses decreased to approximately HKD 116.27 million, down by about HKD 32.19 million or 21.7% from HKD 148.45 million in 2022, attributed to innovative marketing strategies enhancing marketing efficiency[53]. - Financial costs for the year were approximately HKD 53.77 million, a reduction of about HKD 10.8 million or 16.7% from HKD 64.57 million in 2022, mainly due to lower interest expenses on bonds and bank loans[54]. Shareholder Information - The company did not recommend a final dividend for the year, consistent with the previous year[27]. - The weighted average number of ordinary shares for calculating basic and diluted loss per share increased from 4,308,892,000 in 2022 to 4,350,901,000 in 2023[28]. - The company expressed gratitude to shareholders for their support and acknowledged the contributions of the board members[173].

Revenue Performance - The revenue for the maternity service business decreased by 6.0% year-on-year to HKD 307.23 million, primarily due to exchange rate fluctuations [17]. - The company reported revenue of HKD 307,229,000 for the six months ended June 30, 2023, a decrease of 6.0% from HKD 327,004,000 for the same period in 2022 [170]. - Revenue from external customers for the first half of 2023 was HKD 307,229,000, compared to HKD 327,004,000 in the same period of 2022, reflecting a decrease of approximately 0.24% [180]. Profitability and Loss - The net profit for the maternity service business was HKD 14.48 million, significantly improved due to the gradual recovery from the pandemic and the implementation of a light-asset operational model [17]. - Operating profit for the period was HKD 13,535,000, a turnaround from an operating loss of HKD 34,839,000 in the previous year [127]. - The company incurred a loss of HKD 22,925,000 for the period, compared to a loss of HKD 61,965,000 in the same period last year, indicating a reduction in losses [127]. - The company reported a loss attributable to owners of HKD 23,656,000 for the six months ended June 30, 2023, compared to a loss of HKD 61,505,000 in the same period of 2022, indicating a 61% improvement in performance [129]. Cost Management - Gross profit increased by 68.8% to HKD 93.18 million, with a gross margin of 30.3%, up from 16.8% in the same period last year [23]. - The company’s administrative expenses decreased to HKD 30,631,000 from HKD 37,972,000, showing improved cost management [127]. - Financial costs decreased by 8.4% to HKD 31.94 million, reflecting reduced interest expenses on bonds and bank loans [25]. - The company’s financial costs were HKD 31,942,000, slightly down from HKD 34,881,000 in the previous year [127]. Expansion and Growth - The company has successfully opened new stores in Zhuhai, Dongguan, and Xiamen as part of its "Five Cities in Five Years" expansion plan, with progress on track [14]. - The number of stores for the postpartum service business increased from 9 to 13, representing a 44.4% growth year-over-year [41]. - The company entered two new cities, Xiamen and Dongguan, utilizing an optimized light asset model, which allows for rapid store openings and reduced capital expenditure [42]. Financial Position - The company’s net asset value increased by approximately HKD 7.23 million, from HKD 925.41 million at the end of 2022 to HKD 932.64 million as of June 30, 2023 [49]. - The company maintained a cash and bank balance of approximately HKD 81.26 million, an increase from HKD 53.85 million at the end of 2022 [52]. - The company’s total liabilities decreased to HKD 426,307,000 from HKD 463,670,000, indicating an 8% reduction in financial obligations [158]. - The company’s total equity attributable to owners of the company increased to HKD 915,080,000 from HKD 906,753,000 compared to the previous year [160]. Shareholder and Equity Information - The company approved a share incentive plan on August 30, 2018, allowing for the issuance of reward shares not exceeding 3% of the issued share capital at the time of grant [59]. - As of June 30, 2023, the company issued a total of 63,500,000 reward shares under the share incentive plan, with no shares exercised during the period [83]. - The total number of shares allocated for selected participants under the share incentive plan increased to 2,036,000 as of June 30, 2023, up from 876,000 on December 31, 2022 [84]. Cash Flow and Liquidity - The net cash generated from operating activities was HKD 32,873,000, a significant recovery from a cash outflow of HKD 105,870,000 in the previous year [137]. - Cash and cash equivalents increased by HKD 29,547,000, compared to a decrease of HKD 14,729,000 in the prior period, reflecting improved liquidity [137]. - The company maintained strict control over receivables, continuously assessing the creditworthiness of existing customers to manage liquidity risk [147]. Market Potential and Strategy - The company emphasizes the low penetration and concentration rates of maternity centers in China, suggesting significant market potential [38]. - The company aims to achieve its short, medium, and long-term goals based on current progress and market conditions [14]. - The innovative marketing strategies implemented have led to a decrease in sales and marketing expenses compared to the same period last year [48]. Compliance and Governance - The company has maintained compliance with the Corporate Governance Code throughout the reporting period [104]. - The company has no significant contingent liabilities as of June 30, 2023 [87].

Financial Performance - For the six months ended June 30, 2023, the company's revenue was HKD 307.23 million, a decrease of 6.0% compared to HKD 328.79 million in the same period of 2022[7]. - The gross profit for the same period increased significantly to HKD 93.18 million, representing a 74.5% increase from HKD 55.19 million in 2022, resulting in a gross margin of 30.3%[7]. - The adjusted EBITDA for the period was HKD 30.77 million, a substantial improvement from a loss of HKD 5.18 million in the previous year[7]. - The net loss for the period was HKD 22.93 million, a significant reduction from HKD 61.97 million in the same period last year, indicating a recovery in the business[27]. - The group reported a total comprehensive loss of HKD 63,366,000 for the six months ended June 30, 2023, compared to a loss of HKD 88,992,000 for the same period in 2022[93]. - The company reported a total loss for the period of HKD 22,925,000, an improvement from a loss of HKD 61,965,000 in the previous year[127]. - The basic and diluted loss per share for the period was HKD 0.0054, an improvement from HKD 0.0143 in the same period last year[54]. - The basic and diluted loss per share for the period was HKD 0.54, compared to HKD 1.43 for the same period in 2022[93]. Operational Developments - The company has successfully implemented a "light asset model" for new store openings, which has reduced initial investment costs and optimized the financial model of mature stores[17]. - The number of stores in operation has increased to 14 across six cities, including new openings in Zhuhai, Xiamen, and Dongguan[20]. - The company opened 4 new stores, increasing the total number of stores to 13, up from 9 in the previous year[44]. - The company plans to expand its presence in 10 cities by the end of the year as part of its "Five Years, Fifty Cities" expansion plan[41]. - The company has launched a new brand "Yuegege" and opened its first center in Zhuhai, contributing to its market expansion strategy[45]. Financial Position - The company’s current ratio improved to 1.36 as of June 30, 2023, compared to 1.06 at the end of 2022, indicating better liquidity[31]. - As of June 30, 2023, the group's debt-to-equity ratio was 0.94, slightly down from 0.95 on December 31, 2022[33]. - Total liabilities decreased to HKD 426,307,000 from HKD 463,670,000, indicating improved financial stability[72]. - The company’s cash and cash equivalents increased to HKD 81,256,000 from HKD 53,847,000, indicating better liquidity[71]. - As of June 30, 2023, the group's cash and bank balance was approximately HKD 81,256,000, an increase from HKD 53,847,000 as of December 31, 2022[85]. - The company’s total liabilities as of June 30, 2023, were HKD 488,116,000, an increase from HKD 447,528,000 as of December 31, 2022[169]. Cost Management - Sales and marketing expenses decreased by 7.8% to approximately HKD 58.76 million, attributed to innovative marketing strategies[26]. - Administrative expenses decreased to approximately HKD 30,631,000, down by about HKD 7,341,000 or 19.3% from HKD 37,972,000 in the same period last year[50]. - Total employee costs, including director remuneration, were HKD 104,411,000 for the six months ended June 30, 2023, down from HKD 114,089,000 in 2022[140]. - Accrued expenses and other payables totaled HKD 37,858,000, a decrease of 52.8% from HKD 80,203,000 as of December 31, 2022[173]. Shareholder Returns - The company did not declare any interim dividend for the period, consistent with the previous year[29]. - The company does not recommend any interim dividend for the period, consistent with the previous year[140]. Compliance and Governance - The company has maintained compliance with the Corporate Governance Code throughout the reporting period[151]. - The company’s independent audit committee reviewed the accounting principles and practices adopted during the period, confirming compliance with relevant standards[163]. Strategic Initiatives - The company has received approval for a credit facility of RMB 16 million from Dongguan Rural Commercial Bank, which will support its acquisition strategy[35]. - The company aims to attract suitable talent for further development through its share incentive plan[181]. - As of the annual report date in 2022, the number of shares that can be issued under the share incentive plan is 431,501,497 shares, accounting for approximately 10% of the total issued shares as of the same date[184].

愛 帝 宮 母 嬰 健 康 股 份 有 限 公 司 (於百慕連註冊成立之有限公司) (股份代號 : 286) 公司資料 2 管理層討論與分析 13 35 99 215 公司資料 尊敬的股東： 我用三個數字來總結。 第三個數字是「 132」。珠海實驗局二零二二年單月簽單量已經到了55張單。是珠海單月簽單量最大的月子中心。它用五個 月的時間就做到了珠海的第「一」名。目前珠海團隊已經準備在珠海簽下第「三」家店。所以我們要欣喜的告訴大家。現在我 們版圖上的以店數計的第「二」大城市已經是珠海了，做到這件事我們只用了很短的時間。同時，這件事也告訴市場，我們 是具有強大的系統化能力的，這種系統化的能力是時間和歷史積累出來的，絕不是短時間內燒點錢就能燒出來的，這種系 統化的能力可以讓我們隨時重塑團隊，重塑品牌，重塑市場。 第一個數字是「23」，「2」代表「兩」個品牌：一個品牌就是愛帝宮，還有一個新推出的品牌月格格。「3」代表「三」支團隊：三 支團隊分別是經典愛帝宮團隊，創新愛帝宮團隊以及月格格團隊。前兩支團隊將繼續使用愛帝宮這個品牌來開疆拓土，而 月格格團隊將完全使用獨立的新品牌進行擴張。 我們謹此對股東之鼎力支持，以及本公 ...

Financial Performance - Revenue for 2022 was HKD 679,946 thousand, an increase of 5.3% from HKD 642,573 thousand in 2021[2] - Gross profit decreased to HKD 98,740 thousand in 2022 from HKD 205,412 thousand in 2021, representing a decline of 52.0%[2] - Operating loss for 2022 was HKD 139,503 thousand, compared to an operating profit of HKD 60,711 thousand in 2021[3] - Total comprehensive loss for the year was HKD 244,727 thousand, a significant decrease from a comprehensive income of HKD 56,668 thousand in 2021[3] - The company reported a net loss attributable to owners of HKD 165,324 thousand in 2022, compared to a profit of HKD 5,300 thousand in 2021[5] - Basic and diluted loss per share for 2022 was HKD 3.84, compared to earnings of HKD 0.13 per share in 2021[6] - The reported segment loss for the maternity services division in 2022 was HKD (63,569,000), compared to a profit of HKD 56,528,000 in 2021, indicating a significant decline[50] - The company reported a comprehensive loss of HKD (178,140,000) for the year 2022, compared to a profit of HKD 34,785,000 in 2021[50] - The company reported a net loss of approximately HKD 178,140,000 for the year, a decrease of about HKD 212,925,000 compared to a profit of HKD 34,785,000 in the previous year[110] Assets and Liabilities - Total assets decreased to HKD 1,767,854 thousand in 2022 from HKD 2,424,079 thousand in 2021, a decline of 27.0%[11] - Non-current assets decreased to HKD 1,738,899 thousand in 2022 from HKD 1,807,091 thousand in 2021[11] - Current liabilities decreased to HKD 463,670 thousand in 2022 from HKD 598,870 thousand in 2021[13] - Total assets decreased from HKD 3,022,949,000 in 2021 to HKD 2,231,524,000 in 2022, a reduction of approximately 26.2%[51] - The total liabilities also decreased from HKD 1,773,206,000 in 2021 to HKD 1,306,114,000 in 2022, reflecting a decline of about 26.4%[51] - Total net assets decreased to approximately HKD 925,410,000, a reduction of HKD 324,333,000 compared to HKD 1,249,743,000 in the previous year[127] - As of December 31, 2022, the group had total liabilities of approximately HKD 348,165,000 in secured and guaranteed bank loans, down from HKD 758,881,000 in 2021, representing a decrease of about 54%[129] Revenue Sources - The revenue from maternity services was HKD 676,342,000, compared to HKD 631,976,000 in the previous year, indicating an increase of about 7.0%[38] - Revenue from external customers in 2022 was HKD 676,342,000, an increase from HKD 631,976,000 in 2021, representing a growth of approximately 7.5%[50] - Other income sources amounted to HKD 3,604,000, down from HKD 6,857,000 in 2021, reflecting a decrease of approximately 47.5%[38] Expenses - Administrative expenses rose to approximately HKD 121,023,000, an increase of 90.8% or HKD 57,602,000 compared to HKD 63,421,000 in the previous year[117] - Sales and distribution expenses increased to approximately HKD 148,453,000, up 38.1% or HKD 40,974,000 from HKD 107,479,000 in the previous year[118] - Employee costs increased to HKD 290,083,000 in 2022 from HKD 224,195,000 in 2021, marking an increase of approximately 29.4%[57] - Depreciation of property, machinery, and equipment increased to HKD 53,582 thousand in 2022 from HKD 45,375 thousand in 2021[70] Government Support and Financial Management - The company received government subsidies of HKD 7,844 thousand in 2022, up from HKD 4,577 thousand in 2021, primarily to support operations[9] - The company continues to adopt a going concern basis in preparing its consolidated financial statements, anticipating sufficient resources for the foreseeable future[24] - The group maintained sufficient working capital and cash for daily operations, with a focus on prudent financial management strategies[130] - The group has adopted a cautious treasury policy, with most cash and cash equivalents held in major financial institutions in China[147] Strategic Developments - The company successfully completed two experimental locations in Longgang and Zhuhai, with plans for full rollout in 2023[84] - In Zhuhai, the monthly order volume reached 55, making it the largest in the region, with plans for a third store[85] - The company aims to expand to 10 cities by the end of 2023, with plans to add six new cities to its existing four cities: Shenzhen, Beijing, Chengdu, and Zhuhai[99] - The company plans to open 50 maternity centers in major cities over the next five years, emphasizing a strategy of city-based expansion[100] - The company has established two new teams, the Innovative Aidi Gong team and the Yuegege team, to enhance its market presence and service offerings[98] - The company is transitioning to a more diversified service system to meet varying user demands across different regions in China[99] Shareholder Information - The company did not recommend a final dividend for the year, consistent with the previous year[79] - The weighted average number of ordinary shares used for calculating basic loss per share was 4,308,892 thousand shares in 2022, up from 4,065,605 thousand shares in 2021[73] - As of December 31, 2022, the company's net asset value per share was HKD 0.21, down from HKD 0.29 in the previous year[119] Financial Instruments and Reporting Standards - The company expects that the application of new Hong Kong Financial Reporting Standards will not have a significant impact on the consolidated financial statements in the foreseeable future[17] - The company has not early adopted any new Hong Kong Financial Reporting Standards that have been issued but are not yet effective[33] - The valuation methods for financial instruments will be calibrated to ensure that the results of the valuation methods at initial recognition are equal to the transaction price[18] Other Financial Metrics - The financial cost for the year was HKD 64,571 thousand, slightly down from HKD 65,670 thousand in the previous year[70] - The interest expense on bank and other borrowings decreased to HKD 53,775,000 from HKD 57,781,000, a reduction of about 7.0%[21] - The interest expense on lease liabilities increased to HKD 20,366,000 from HKD 18,855,000, an increase of approximately 8.0%[21] - The deferred tax expense for 2022 was HKD (32,754,000), compared to HKD (5,520,000) in 2021, indicating a significant increase in deferred tax liabilities[45] - The group recorded a gain of approximately HKD 4,793,000 from the sale of its subsidiary Dongguan Dongdi, with the total consideration for the sale being HKD 90,000,000[143] - The group issued a total of 374,531,836 shares upon full conversion of the issued convertible preferred shares, with a total consideration of HKD 224,719,101.6[135]

Financial Performance - Revenue for the six months ended June 30, 2022, was HKD 328,791,000, a slight increase from HKD 324,058,000 in the same period of 2021, representing a growth of 0.8%[11] - Gross profit for the same period was HKD 55,190,000, compared to HKD 128,235,000 in 2021, indicating a decline of 57.0%[11] - The company reported a loss of HKD 61,965,000 for the period, a significant decrease from a profit of HKD 27,061,000 in the previous year[11] - Total comprehensive loss for the period was HKD 88,992,000, compared to a comprehensive income of HKD 44,080,000 in 2021, reflecting a decline of 302.2%[14] - The basic and diluted loss per share for the period was HKD 1.43, compared to earnings of HKD 0.61 per share in the previous year[14] - The company reported a loss attributable to equity holders of HKD (61,505,000) for the six months ended June 30, 2022, compared to a profit of HKD 23,582,000 in the same period of 2021[74] - The group reported a loss before tax of approximately HKD 69,720,000, a decrease of about HKD 108,475,000 compared to a profit of HKD 38,755,000 in the same period last year[133] Assets and Liabilities - Non-current assets as of June 30, 2022, totaled HKD 1,934,558,000, an increase from HKD 1,807,091,000 at the end of 2021[16] - Current assets amounted to HKD 1,297,858,000, up from HKD 1,215,858,000 at the end of 2021, showing an increase of 6.7%[16] - The company's net current liabilities were HKD 604,178,000, a decrease from HKD 616,988,000 at the end of 2021[16] - The company’s total liabilities increased to HKD 2,538,736 thousand from HKD 2,424,079 thousand, indicating a rise of 4.7%[19] - Total assets as of June 30, 2022, amounted to HKD 3,232,416,000, with segment assets for maternity services at HKD 1,985,024,000[50][52] - The total liabilities were HKD 2,060,918,000, with segment liabilities for maternity services at HKD 1,119,339,000[54][56] Cash Flow and Financing - The net cash used in operating activities for the six months ended June 30, 2022, was HKD (105,870) thousand, compared to HKD (91,553) thousand for the same period in 2021, indicating a worsening cash flow situation[25] - The company reported a net cash inflow from financing activities of HKD 91,139 thousand, a decrease of 68.4% from HKD 288,646 thousand in the previous year[25] - The company’s cash and cash equivalents at the end of the period were HKD 92,104 thousand, down from HKD 126,990 thousand at the end of the previous year, reflecting a decrease of 27.3%[25] - The company reported other income from loan interest of HKD 1,787,000, down from HKD 3,854,000 in the previous year[34] - The company experienced significant order losses due to pandemic-related restrictions, estimating refunds totaling HKD 31,000,000 due to cancellations[106] Market Strategy and Expansion - The company plans to focus on expanding its market presence and enhancing product offerings in the upcoming periods[12] - The company continues to focus on expanding its maternity services in China, which remains its primary revenue driver[37] - The company plans to expand its postpartum care services based on the success of two pilot centers established in Guangdong, with further expansion expected in the second half of the year[116] - The company is actively exploring two new business lines, aiming to redefine the maternity center market in China[113] - The company is transitioning from a single flagship operation to a fleet of postpartum care centers, aiming for broader market engagement[117] Employee and Operational Costs - Employee costs totaled HKD 134,337,000 for the six months ended June 30, 2022, compared to HKD 89,666,000 in the previous year, reflecting a rise of 50.0%[71] - Administrative expenses for the period were approximately HKD 37,972,000, an increase of about HKD 9,510,000 or 33.4% compared to the same period last year[130] - Sales and distribution expenses were approximately HKD 63,755,000, an increase of about HKD 861,000 or 1.4% compared to the same period last year, remaining stable[131] - Financial costs for the period were approximately HKD 34,881,000, an increase of about HKD 1,981,000 or 6.0% compared to the same period last year[132] Shareholder and Governance - The company did not recommend any interim dividend for the period, consistent with the previous year[73] - The company has adopted the Corporate Governance Code and has complied with its provisions throughout the reporting period[174] - The company’s audit committee, composed entirely of independent non-executive directors, reviewed the accounting principles and the unaudited condensed consolidated financial statements for the period[178] - The chairman and CEO positions are held by the same individual, which the board believes is beneficial for the group's business prospects and management[174] Share Capital and Financing Activities - The company’s share capital increased to HKD 43,150 thousand from HKD 42,850 thousand, reflecting a growth of 0.7%[19] - The company plans to issue convertible preferred shares with a total consideration of HKD 224,719,101.6, with an estimated net proceeds of approximately HKD 222,719,000[156] - Approximately 70% of the net proceeds from the issuance of convertible preferred shares will be used to repay debts, with the remainder for general working capital[156] - The company issued bonds totaling HKD 25,200,000 with a fixed interest rate of 7% per annum, up from HKD 21,000,000 in the previous year[102] Miscellaneous - The company has not engaged in any arrangements that would allow directors to benefit from purchasing shares or debt securities during the reporting period[170] - No directors have interests in any business that directly or indirectly competes with the company's operations during the reporting period[169] - The company has no significant contingent liabilities as of June 30, 2022[151]