7月2日，截至港股收盘，恒生指数上涨0.62%，报24221.41点。天安卓健（00383.HK）收报1.14港元/ 股，上涨40.74%，成交量16.5万股，成交额15.68万港元，振幅33.33%。 最近一个月来，天安卓健累计涨幅8%，今年来累计涨幅14%，跑输恒生指数20%的涨幅。 财务数据显示，截至2024年12月31日，天安卓健实现营业总收入14.89亿元，同比增长0.32%；归母净利 润2664.49万元，同比增长96.03%；资产负债率46.46%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 来源：金融界 在新的发展战略的指导下,天安卓健有限公司正从一家投资控股集团转型成为医疗和养老整合服务平台 提供商。未来主要业务将集中在投资、管理及经营医疗产业和养老产业,以及关联地产投资和发展等相 关领域,致力于在中国和亚太地区打造区域医疗和养老服务网络平台,向区域内客户提供覆盖从基础社区 医疗到高级医疗和养老的方便、便捷、高性价比的整合服务。此外,集团亦从事证券交易、投资,以及金 融相关业务。 目前天安卓健有限公司全资拥有同仁医疗产业集团公司,中国爱维天地控股有限公司,并拥有南京同仁医 院、昆明 ...

Financial Performance - The group recorded total revenue of HKD 1,627,199,000 for the year ended December 31, 2024, representing an increase of approximately 3.49% compared to HKD 1,572,305,000 for the previous year[6]. - Profit attributable to shareholders increased to HKD 28,773,000, a significant rise of approximately 96.03% from HKD 14,678,000 in the previous year[6]. - The basic earnings per share for the year ended December 31, 2024, was HKD 0.0265, compared to HKD 0.0159 for the previous year[7]. - The board proposed a final dividend of HKD 0.02 per share, up from HKD 0.01 per share in the previous year[8]. - The gross profit for 2024 is HKD 336,220,000, compared to HKD 290,334,000 in 2023, indicating an increase of about 15.8%[190]. - Operating profit for 2024 is HKD 86,118,000, slightly down from HKD 88,612,000 in 2023, reflecting a decrease of approximately 1.7%[190]. - The profit before tax for 2024 is HKD 57,004,000, up from HKD 40,805,000 in 2023, marking an increase of about 39.7%[190]. - The annual profit for 2024 is HKD 41,976,000, compared to HKD 25,893,000 in 2023, which is an increase of approximately 62.2%[190]. - The company incurred financing costs of HKD 29,114,000 in 2024, a significant decrease from HKD 47,807,000 in 2023, indicating a reduction of approximately 39.2%[190]. Medical Segment Performance - The medical segment generated revenue of HKD 1,581,036,000, an increase from HKD 1,521,859,000 in the previous year, with a profit of HKD 119,991,000 compared to HKD 87,023,000 previously[12]. - EBITDA for the medical segment reached HKD 222,479,000, up from HKD 202,095,000 in the previous year[12]. - Nanjing Hospital recorded a total of 1,040,998 outpatient visits, 38,144 inpatient admissions, and 51,716 health check-ups in the review year, compared to 1,084,533 outpatient visits, 34,730 inpatient admissions, and 61,377 health check-ups in the previous year[19]. - Kunming Hospital achieved 476,111 outpatient visits, 21,628 inpatient admissions, and 58,111 health check-ups, an increase from 449,657 outpatient visits, 21,543 inpatient admissions, and 68,146 health check-ups in the previous year[19]. - The medical division plans to enhance service quality and patient experience through streamlined processes and innovative care models[48]. Challenges and Market Conditions - The group faced challenges in the second quarter of 2024 due to a decline in macroeconomic conditions and weakened consumer demand[12]. - The group is focused on expanding its medical services and enhancing operational efficiency amid changing market conditions[11]. - The elderly care division is implementing a new property management business to enhance revenue amid increased competition and member attrition[21]. - The company will adopt a prudent approach in response to ongoing global trade tensions, geopolitical conflicts, and economic weakness, adjusting its business and investment strategies accordingly[50]. Investment and Property Management - The group's rental income from investment properties in Hong Kong and China for the year ended December 31, 2024, was HKD 4,336,000, down from HKD 5,124,000 in 2023, resulting in a loss of HKD 8,363,000 compared to a profit of HKD 5,289,000 in 2023[26]. - The fair value loss on investment properties was HKD 10,680,000 for the year ended December 31, 2024, compared to a gain of HKD 1,009,000 in 2023[26]. - The total value of the group's investment properties decreased to HKD 197,240,000 as of December 31, 2024, from HKD 207,920,000 in 2023[26]. - The company has engaged independent valuation experts to assess the appropriateness of valuation methods and key assumptions used in the fair value measurement of investment properties[180]. - Investment properties account for approximately 15% of total assets, highlighting their significance in the consolidated financial statements[179]. Shareholder and Governance Matters - The company has established a governance framework with six committees to assist in fulfilling its responsibilities[140]. - The board consists of 11 members, including 3 executive directors, 4 non-executive directors, and 4 independent non-executive directors[122]. - The company has adopted a compensation policy for employees based on merits, qualifications, and performance, with the compensation committee making recommendations for directors' remuneration[110]. - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange[119]. - The company holds annual and special general meetings to facilitate communication between shareholders and the Board, with a 100% attendance rate from directors at the last annual meeting[164]. Risk Management and Compliance - The company has established a risk management framework consisting of the Board of Directors, the Audit Committee, and a dedicated Risk Management Task Force to oversee business operation risks[155]. - The internal audit function assists the Board and Audit Committee in continuously monitoring the effectiveness of the risk management and internal control systems[156]. - The company is committed to ensuring compliance with legal and regulatory requirements through regular reviews and monitoring[142]. - The company has implemented a whistleblower policy to allow employees and stakeholders to report concerns anonymously regarding any improper matters[157]. Future Outlook and Strategic Plans - The company plans to continue its strategy of investment and management in healthcare and hospital operations, as well as property investment and development[11]. - The elderly care division will focus on creating smart elderly care communities by enhancing member services and optimizing elder programs by 2025[49]. - The company aims to enhance overall operational efficiency and attract more residents through optimized admission policies[49].

Financial Performance - The company's revenue for the year ending December 31, 2024, was HKD 1,627,199,000, representing an increase of 3.7% from HKD 1,568,824,000 in 2023[3] - Gross profit for the year was HKD 336,220,000, up from HKD 290,334,000, indicating a growth of 15.8%[5] - Operating profit decreased slightly to HKD 86,118,000 from HKD 88,612,000, a decline of 2.8%[5] - The net profit for the year was HKD 41,976,000, which is a significant increase of 62.8% compared to HKD 25,893,000 in the previous year[5] - Basic earnings per share rose to HKD 2.65 from HKD 1.59, reflecting a growth of 66.5%[5] - Total comprehensive income for the year was HKD 34,865,000, compared to HKD 27,816,000 in 2023, marking an increase of 25.3%[7] Assets and Liabilities - Non-current assets totaled HKD 2,179,670,000, slightly up from HKD 2,175,485,000 in 2023[9] - Current assets decreased to HKD 1,359,207,000 from HKD 1,360,768,000, a minor decline of 0.1%[10] - The company's total liabilities were HKD 1,165,696,000, compared to HKD 1,144,872,000 in the previous year, indicating an increase of 1.8%[10] - The net asset value increased to HKD 1,894,829,000 from HKD 1,871,645,000, reflecting a growth of 1.2%[10] Accounting Standards and Policies - The group has adopted revised Hong Kong Financial Reporting Standards effective from January 1, 2024, including HKAS 1 (revised) which classifies liabilities as current or non-current[12] - The revised HKFRS 16 clarifies the accounting treatment for sale and leaseback transactions, impacting how lease liabilities are measured[16] - The group has changed its accounting policy for measuring land and buildings from a revaluation model to a cost model, which is expected to better reflect operational performance[24] - The new disclosures regarding supplier financing arrangements will require detailed information on terms, conditions, and financial liabilities, effective for the fiscal year ending December 31, 2024[19] - The group is currently assessing the expected impact of new and revised standards that will be effective in future accounting periods, with minimal expected impact on consolidated financial statements[21] Revenue Segmentation - The revenue from hospital fees and charges for the year was HKD 1,581,036,000, compared to HKD 1,521,859,000 in the previous year, showing an increase of about 3.9%[34] - The revenue from property sales was HKD 105,000, down from HKD 3,151,000, indicating a significant decline[34] - The company has identified six operating segments, including medical services and property development, to allocate resources and assess performance[38] Medical Segment Performance - The medical segment generated a profit of HKD 119,991,000, while the elderly care segment reported a loss of HKD 46,334,000 for the year 2024[40] - The medical segment recorded revenue growth to HKD 1,581,036,000 for the first quarter of 2024, compared to HKD 1,521,859,000 in 2023, with a profit of HKD 119,991,000, up from HKD 87,023,000 in the previous year[73] - EBITDA for the medical segment reached HKD 222,479,000 for the year ending December 31, 2024, compared to HKD 202,095,000 in 2023[73] Employee and Operational Metrics - Employee benefit expenses, including directors' remuneration, amounted to HKD 573,972,000 in 2024, up from HKD 564,219,000 in 2023[48] - The company employed 2,626 employees as of December 31, 2024, an increase from 2,599 employees in 2023, reflecting a stable workforce[115] Dividends and Shareholder Returns - The proposed final dividend for the year 2024 is HKD 21,696,000, which is an increase from HKD 10,860,000 in 2023, representing a growth of 100%[49] - The company proposed a final dividend of HKD 0.02 per share for the year ended December 31, 2024, compared to HKD 0.01 per share in the previous year[66] Investment and Development - The company is actively seeking high-quality resources for the development of its Kunming Hospital Phase II project, aligning with its high-end medical development plan[117] - The elderly care division plans to create smart elderly care communities, emphasizing member services and preventive dietary management by 2025[118] Financial Stability and Risk Management - The group had a net cash surplus as of December 31, 2024, with no debt ratio reported, indicating a stable financial position[107] - The group has not made any significant investments or acquisitions as of December 31, 2024, indicating a cautious approach to expansion[114] - The group has no significant contingent liabilities as of December 31, 2024, indicating a low-risk profile[113] Governance and Compliance - The audit committee has reviewed the accounting practices and financial statements for the year ending December 31, 2024, ensuring compliance with applicable standards[124] - The company has adhered to the corporate governance code as outlined in the listing rules, ensuring good governance practices[123]

[Company Information](index=4&type=section&id=Company%20Information) The report provides essential corporate governance and operational details, including board composition, committee structures, and key service providers - The report provides basic corporate governance and operational information, including the composition of the company's board of directors, various committees (audit, nomination, remuneration), principal bankers, registered office, company secretary, auditor, and share registrar[7](index=7&type=chunk)[8](index=8&type=chunk) [Financial Statements](index=6&type=section&id=Financial%20Statements) [Condensed Consolidated Statement of Profit or Loss](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2024, the Group's total revenue increased by approximately **8%** to **HKD 822 million**, with operating profit surging **85%** to **HKD 61.79 million**, driven by higher gross profit and reduced administrative expenses, leading to a **5-fold increase** in profit for the period to **HKD 29.08 million** and **HKD 21.66 million** attributable to owners of the company Condensed Consolidated Statement of Profit or Loss Summary | Metric | For the six months ended June 30, 2024 (HKD Thousands) | For the six months ended June 30, 2023 (HKD Thousands) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Revenue | 821,529 | 760,951 | +8.0% | | Gross Profit | 183,001 | 149,567 | +22.4% | | Operating Profit | 61,792 | 33,362 | +85.2% | | Finance Costs | (15,707) | (26,520) | -40.8% | | Profit Before Tax | 46,085 | 6,842 | +573.6% | | Profit for the Period | 29,081 | 4,604 | +531.6% | | Profit Attributable to Owners of the Company | 21,659 | 1,310 | +1553.4% | | Basic Earnings Per Share | 1.99 HK cents | 0.17 HK cents | +1070.6% | [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=8&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The Group reported total comprehensive income of **HKD 29.08 million** for the period, a significant turnaround from a **HKD 16.87 million** loss in the prior year, primarily due to the absence of substantial exchange differences loss this period Total Comprehensive Income Movement | Metric | For the six months ended June 30, 2024 (HKD Thousands) | For the six months ended June 30, 2023 (HKD Thousands) | | :--- | :--- | :--- | | Profit for the Period | 29,081 | 4,604 | | Exchange differences arising from translation of overseas operations | – | (21,478) | | **Total Comprehensive Income for the Period** | **29,081** | **(16,874)** | [Condensed Consolidated Statement of Financial Position](index=9&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2024, the Group's total assets were approximately **HKD 3.48 billion**, largely stable compared to year-end 2023, while net assets slightly increased to **HKD 1.89 billion**, and notably, net current assets improved **43%** from **HKD 216 million** to **HKD 309 million**, despite total borrowings rising from **HKD 760 million** to **HKD 804 million** Condensed Consolidated Statement of Financial Position Summary | Metric | June 30, 2024 (HKD Thousands) | December 31, 2023 (HKD Thousands) | Change | | :--- | :--- | :--- | :--- | | **Non-current Assets** | **2,175,673** | **2,175,485** | **~0%** | | **Current Assets** | **1,305,644** | **1,360,768** | **-4.1%** | | **Total Assets** | **3,481,317** | **3,536,253** | **-1.6%** | | **Current Liabilities** | **996,215** | **1,144,872** | **-13.0%** | | **Non-current Liabilities** | **595,236** | **519,736** | **+14.5%** | | **Total Liabilities** | **1,591,451** | **1,664,608** | **-4.4%** | | **Net Assets** | **1,889,866** | **1,871,645** | **+1.0%** | | **Total Equity** | **1,889,866** | **1,871,645** | **+1.0%** | [Condensed Consolidated Statement of Cash Flows](index=13&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the period, the Group's cash and cash equivalents decreased by **HKD 59.55 million**, with net cash outflow from operating activities of **HKD 11.67 million** contrasting with a **HKD 118 million** inflow last year, while investing activities resulted in a **HKD 71.05 million** outflow mainly for property, plant, and equipment additions, and financing activities generated a **HKD 23.18 million** inflow Condensed Consolidated Statement of Cash Flows Summary | Metric | For the six months ended June 30, 2024 (HKD Thousands) | For the six months ended June 30, 2023 (HKD Thousands) | | :--- | :--- | :--- | | Net cash from operating activities | (11,672) | 118,120 | | Net cash used in investing activities | (71,049) | (52,731) | | Net cash from financing activities | 23,176 | 162,633 | | **Net decrease in cash and cash equivalents** | **(59,545)** | **228,022** | | Cash and cash equivalents at beginning of period | 890,266 | 589,050 | | **Cash and cash equivalents at end of period** | **830,721** | **822,019** | [Notes to the Financial Statements](index=15&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) [Changes in Accounting Policies](index=16&type=section&id=3.%20Changes%20in%20accounting%20policy%20for%20measurement%20of%20land%20and%20buildings) The Group changed its accounting policy for land and buildings from revaluation to cost model, aligning with its holding company and industry practice, with retrospective application and restatement of 2023 comparative figures impacting various financial metrics including cost of goods and services, operating profit, profit for the period, and earnings per share - The Group changed the measurement method for land and buildings from fair value revaluation model to cost model, with retrospective adjustment for this accounting policy change[23](index=23&type=chunk) - This change resulted in the restatement of 2023 comparative operating profit from **HKD 29.32 million** to **HKD 33.36 million**, and profit for the period from **HKD 0.56 million** to **HKD 4.60 million**[24](index=24&type=chunk) [Revenue Analysis](index=21&type=section&id=4.%20Revenue) The Group's total revenue primarily derives from contracts with customers, with hospital fees and charges being the largest source, accounting for over **97%**, and the healthcare segment contributing the vast majority of revenue, all generated in China 2024 H1 Revenue Composition (HKD Thousands) | Revenue Source | Amount | Percentage | | :--- | :--- | :--- | | Hospital fees and charges | 800,390 | 97.4% | | Elderly care related services and sales of nutritional products | 17,789 | 2.2% | | Rental income | 3,350 | 0.4% | | **Total** | **821,529** | **100%** | Revenue from Contracts with Customers by Business Segment (HKD Thousands) | Business Segment | 2024 H1 | 2023 H1 | | :--- | :--- | :--- | | Healthcare | 800,390 | 733,887 | | Elderly Care | 17,789 | 22,445 | | Property Development | – | 130 | | **Total** | **818,179** | **756,462** | [Segment Information](index=26&type=section&id=5.%20Segment%20Information) The healthcare segment is the Group's core, contributing **HKD 800 million** in revenue and **HKD 82.25 million** in segment profit, while elderly care, property development, and property investment segments all reported losses, with healthcare also accounting for the majority of the Group's assets and liabilities 2024 H1 Segment Performance (HKD Thousands) | Segment | Revenue | Segment Profit/(Loss) | | :--- | :--- | :--- | | Healthcare | 800,390 | 82,250 | | Elderly Care | 18,942 | (25,735) | | Property Development | – | (4,210) | | Property Investment | 2,197 | (16,096) | | Financial Services | – | (13) | | Securities Trading and Investment | – | (363) | [Earnings Per Share](index=34&type=section&id=11.%20Earnings%20Per%20Share) Basic earnings per share for the period significantly increased to **1.99 HK cents** from **0.17 HK cents** (restated) in the prior year, primarily driven by a substantial rise in profit attributable to owners of the company, with no diluted earnings per share presented due to the absence of potential dilutive shares Basic Earnings Per Share Calculation | Metric | 2024 H1 | 2023 H1 (Restated) | | :--- | :--- | :--- | | Profit Attributable to Owners of the Company (HKD Thousands) | 21,659 | 1,310 | | Weighted average number of ordinary shares (Shares) | 1,086,005,457 | 758,959,038 | | **Basic Earnings Per Share** | **1.99 HK cents** | **0.17 HK cents** | [Borrowings](index=40&type=section&id=16.%20Borrowings) As of June 30, 2024, the Group's total borrowings increased to **HKD 804 million** from **HKD 760 million** at year-end 2023, with a notable rise in unsecured term loans, and approximately **35%** of borrowings maturing within one year and **54%** over two years Borrowings Composition and Repayment Schedule (HKD Thousands) | Type of Borrowing | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Secured bank borrowings | 62,516 | 82,930 | | Unsecured bank borrowings | 366,923 | 355,692 | | Unsecured term loans | 374,725 | 321,428 | | **Total Borrowings** | **804,164** | **760,050** | | **Repayment Period** | | | | Within one year | 278,046 | 312,561 | | Over one year but within two years | 94,563 | 122,587 | | Over two years but within five years | 431,555 | 324,902 | [Litigation](index=50&type=section&id=23.%20Litigation) The Group's indirect wholly-owned subsidiary, Tongren Medical Industry Group Co., Ltd., received a writ of summons in July 2024 concerning a claim of approximately **RMB 143 million**, which the company, based on Chinese legal advice, believes to be without legal merit and not expected to materially impact the Group's operations or financial position - Subsidiary Tongren Medical faces a claim lawsuit of approximately **RMB 143 million**[84](index=84&type=chunk) - Company management, based on legal advice, believes the lawsuit will have no material impact on the Group's operations or financial position[84](index=84&type=chunk) [Auditor's Review Report](index=51&type=section&id=Review%20Report%20on%20Condensed%20Consolidated%20Interim%20Financial%20Statements) The auditor, BDO Limited, has reviewed the interim condensed consolidated financial statements and issued a standard unqualified review conclusion - BDO Limited, the auditor, has reviewed the interim condensed consolidated financial statements[85](index=85&type=chunk) - The review concluded that the auditor found no matters indicating the interim financial information was not prepared, in all material respects, in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting," representing a standard unqualified review conclusion[88](index=88&type=chunk) [Management Discussion and Analysis](index=53&type=section&id=Management%20Discussion%20and%20Analysis) [Financial Performance Review](index=53&type=section&id=Financial%20Performance) In H1 2024, the Group's total revenue grew **7.47%** to **HKD 822 million**, with profit attributable to owners surging **15.5 times** to **HKD 21.66 million**, primarily driven by increased healthcare segment revenue, lower medical consumables and finance costs, partially offset by higher pharmaceutical costs and fair value losses on investment properties, resulting in basic earnings per share of **1.99 HK cents** - Profit attributable to owners increased **15.5 times** year-on-year, primarily driven by: - Increased operating revenue in the healthcare segment following the relaxation of COVID-19 controls in China - Reduced medical consumables costs - Increased bank deposit interest income - Decreased finance costs for borrowings in China[89](index=89&type=chunk) Key Financial Indicators | Metric | 2024 H1 | 2023 H1 (Restated) | | :--- | :--- | :--- | | Total Revenue | HKD 822 million | HKD 764 million | | Profit Attributable to Owners | HKD 21.66 million | HKD 1.31 million | | Basic Earnings Per Share | 1.99 HK cents | 0.17 HK cents | [Business Review](index=53&type=section&id=Business%20Review) The Group primarily engages in healthcare, elderly care, property investment and development, securities investment, and financial services, with the healthcare segment showing strong performance as the main growth engine, while the elderly care segment faced intensified competition, and property and investment-related businesses performed weakly [Healthcare Segment](index=54&type=section&id=Healthcare%20Segment) The healthcare segment's revenue grew to **HKD 800 million** and profit rose to **HKD 82.25 million**, with Nanjing and Kunming hospitals making progress in research, specialty development, and market expansion despite DRGs payment reform challenges, and Kunming Hospital Phase II main construction completed, laying a foundation for future growth Healthcare Segment Financial Performance (HKD Thousands) | Metric | 2024 H1 | 2023 H1 (Restated) | | :--- | :--- | :--- | | Revenue | 800,390 | 733,887 | | Profit | 82,250 | 34,638 | | EBITDA | 137,731 | 95,033 | - The main construction of Kunming Hospital Phase II (including the comprehensive inpatient building, oncology and nuclear medicine building, and rehabilitation medicine building) has been completed, and preparations for interior decoration tendering have begun[97](index=97&type=chunk) [Elderly Care Segment](index=60&type=section&id=Elderly%20Care%20Segment) The elderly care segment's revenue fell to **HKD 18.94 million** and loss expanded to **HKD 25.74 million**, primarily due to property sales no longer being a main driver and increased competition leading to member attrition in community operations, with the segment now focusing on stable operations and efficiency improvement Elderly Care Segment Financial Performance (HKD Thousands) | Metric | 2024 H1 | 2023 H1 (Restated) | | :--- | :--- | :--- | | Revenue | 18,942 | 22,952 | | Loss | (25,735) | (17,969) | [Property Development and Investment](index=62&type=section&id=Property%20Development%20and%20Investment) The property development segment reported no revenue and a **HKD 4.21 million** loss for the period, while the property investment segment had **HKD 2.20 million** in rental income but a **HKD 9.13 million** fair value loss on investment properties, resulting in a **HKD 6.10 million** loss Property-Related Segment Financial Performance (HKD Thousands) | Segment | Revenue | Profit/(Loss) | | :--- | :--- | :--- | | Property Development | – | (4,210) | | Property Investment | 2,197 | (6,096) | [Securities Trading and Investment](index=62&type=section&id=Securities%20Trading%20and%20Investment) The securities trading and investment business generated no revenue and incurred a **HKD 0.363 million** loss for the period, primarily from fair value losses on investments held for trading, with the portfolio's carrying value at period-end being **HKD 6.30 million**, mainly invested in Hong Kong-listed companies in the property and construction sectors Investments Held for Trading Portfolio (HKD Thousands) | Item | June 30, 2024 Carrying Value | | :--- | :--- | | **By Region** | | | Hong Kong | 4,579 | | Australia | 1,278 | | Philippines | 441 | | **By Industry** | | | Property and Construction | 5,304 | | Other | 994 | | **Total** | **6,298** | [Financial Resources and Risk Management](index=66&type=section&id=Financial%20Resources%2C%20Borrowings%2C%20Capital%20Structure%20and%20Exchange%20Rate%20Fluctuation%20Risks) As of June 30, 2024, the Group's gearing ratio (net borrowings/total equity) was approximately **-2.4%**, indicating a net cash position and sound financial health, with total borrowings of **HKD 804 million**, and the Group will closely monitor foreign exchange risk as assets, liabilities, and transactions are primarily denominated in HKD and RMB Financial Position Summary | Metric | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total Borrowings | HKD 804 million | HKD 760 million | | Gearing Ratio | -2.4% | -8.7% | | Total Assets Pledged | HKD 626 million | HKD 670 million | - Net proceeds of approximately **HKD 309 million** from the rights issue in June 2023, earmarked for Kunming Hospital Phase II development, remained unutilized as of the reporting period end[114](index=114&type=chunk) [Outlook](index=69&type=section&id=Outlook) Facing a challenging macro environment, the Group will adopt a cautious approach, focusing on "cost control, energy saving, development, and efficiency enhancement," with the healthcare segment promoting specialized disciplines for new growth drivers, the elderly care segment exploring integrated medical-elderly care models and smart health platforms, and the Group continuously reviewing and adjusting business and investment strategies to create shareholder value - **Healthcare Segment Outlook:** - Strengthen process control and enhance operational efficiency to cope with external impacts - Introduce experts to develop specialized disciplines and disease centers (e.g., endoscopy centers, oncology departments) - Develop high-end medical services to create new business growth engines[122](index=122&type=chunk)[123](index=123&type=chunk) - **Elderly Care Segment Outlook:** - Build a smart health and elderly care big data platform and medical-elderly care supply chain - Explore integrated medical-elderly care business models and engage in businesses like senior universities to cultivate potential clients - Enhance marketing and operational efficiency of nursing hospitals, focusing on dementia care specialties[124](index=124&type=chunk)[125](index=125&type=chunk) - **Overall Strategy:** - The Group plans to adopt a cautious approach in a challenging business environment - Closely review and adjust business and investment strategies to adapt to the economic landscape and create higher value for shareholders[126](index=126&type=chunk) [Directors' and Shareholders' Interests](index=72&type=section&id=Directors%27%20and%20Shareholders%27%20Interests) [Directors' and Major Shareholders' Interests](index=72&type=section&id=Directors%27%20Interests) The report details the shareholdings of directors and major shareholders, with Mr. Li Cheng Hui deemed to hold **51.20%** of the company's shares through his interest in the ultimate holding company, United Asia Finance Limited, and other major shareholders including Tsinghua Tongfang Co., Ltd. (**18.42%**), China Minsheng Investment Corp., Ltd. (**9.21%**), and Ms. Chong Shun Yee (**8.98%**) Major Shareholders' Shareholding (as of June 30, 2024) | Shareholder Name | Capacity/Relationship | Number of Shares Held | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Mr. Li Cheng Hui | Held by controlled corporations (through United Asia Finance and Tian An) | 556,097,010 | 51.20% | | Tsinghua Tongfang Co., Ltd. | Held by controlled corporations | 200,000,000 | 18.42% | | China Minsheng Investment Corp., Ltd. | Held by controlled corporations | 100,000,000 | 9.21% | | Ms. Chong Shun Yee | Held by controlled corporations | 97,514,540 | 8.98% | [Corporate Governance and Other Information](index=77&type=section&id=Corporate%20Governance%20and%20Other%20Information) The company complied with the Listing Rules' Corporate Governance Code during the reporting period, with the audit committee reviewing the interim report and no share buybacks, sales, or redemptions occurring - The company complied with the Corporate Governance Code in the Listing Rules during the reporting period[136](index=136&type=chunk) - The Audit Committee has reviewed this interim report and the unaudited condensed consolidated interim financial statements[139](index=139&type=chunk) - During the reporting period, neither the company nor any of its subsidiaries repurchased, sold, or redeemed any of the company's shares[140](index=140&type=chunk)

[Clarification Announcement](index=1&type=section&id=%E6%BE%84%E6%B8%85%E5%85%AC%E4%BD%88) This announcement corrects a clerical error in segment asset data from the previously published interim results [Purpose and Background of the Announcement](index=1&type=section&id=%E5%85%AC%E5%91%8A%E7%9B%AE%E7%9A%84%E4%B8%8E%E8%83%8C%E6%99%AF) This announcement corrects a clerical error regarding segment asset data in the interim results for the six months ended June 30, 2024 - This announcement serves to clarify the unaudited interim results announcement published on August 2, 2024[1](index=1&type=chunk) - The company identified an inadvertent clerical error in the "Segment assets and liabilities" section, resulting in **incorrect segment asset data**[1](index=1&type=chunk) [Details of Financial Data Correction](index=1&type=section&id=%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE%E6%9B%B4%E6%AD%A3%E8%AF%A6%E6%83%85) The correction reallocates asset values between the Healthcare and Elderly care segments for two reporting periods, with no change to total group assets Comparison of Segment Asset Data Before and After Correction | Segment | Reporting Date | Before Correction (HK$) | After Correction (HK$) | | :--- | :--- | :--- | :--- | | **Healthcare segment** | **June 30, 2024** | 1,701,044,000 | **1,822,738,000** | | **Elderly care segment** | **June 30, 2024** | 797,197,000 | **675,503,000** | | **Healthcare segment** | **December 31, 2023** | 1,762,872,000 | **1,865,838,000** | | **Elderly care segment** | **December 31, 2023** | 790,948,000 | **687,982,000** | [Other Information](index=1&type=section&id=%E5%85%B6%E4%BB%96%E4%BF%A1%E6%81%AF) All other information in the original interim announcement remains unchanged, and the current Board of Directors is listed - Except for the aforementioned corrections, all other information in the original interim results announcement remains unchanged[1](index=1&type=chunk) - The announcement lists the Board of Directors as of the announcement date, comprising executive, non-executive, and independent non-executive directors[2](index=2&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不就因本公佈全部或任何部份內容而產生或 因倚賴該等內容而引致之任何損失承擔任何責任。 MEDICARE （於百慕達註冊成立之有限公司） （股份代號：383） 截至二零二四年六月三十日止六個月 之未經審核中期業績 天安卓健有限公司（「本公司」）之董事會（分別為「董事」及「董事會」）謹此宣佈， 本公司及其附屬公司（「本集團」）截至二零二四年六月三十日止六個月之未經 審核綜合業績連同二零二三年度同期之比較數字如下： 簡明綜合損益表 截至二零二四年六月三十日止六個月 | --- | --- | --- | --- | |----------------------------------------|-------|-------------------------------------------------------------|-------------------------------------------| | | 附註 | 截至六月三十日止六個月 \n二零二四年 千港元 （未 ...

Financial Performance - The total revenue for the year ended December 31, 2023, was HKD 1,572,305,000, representing an increase of approximately 9.35% compared to HKD 1,437,863,000 for the year ended December 31, 2022[9]. - The company reported a profit attributable to owners of HKD 11,295,000, a significant recovery from a loss of HKD 123,574,000 in the previous year[9]. - The basic earnings per share for the year was HKD 0.0122, compared to a basic loss per share of HKD 0.1694 in the previous year[9]. - The healthcare segment recorded revenue growth to HKD 1,521,859,000, up from HKD 1,382,134,000 in the previous year, with profit rising to HKD 85,839,000 from HKD 12,828,000[15]. - The EBITDA for the healthcare segment was HKD 202,095,000, compared to HKD 143,774,000 in the previous year[15]. - The revenue of the elderly care segment decreased to HKD 41,716,000 for the year ended December 31, 2023, down from HKD 49,787,000 in 2022, with a loss of HKD 46,684,000 compared to HKD 51,169,000 in the previous year[28]. - The property development segment's revenue fell to HKD 125,000 in 2023 from HKD 732,000 in 2022, with a loss reduced to HKD 2,065,000 from HKD 24,329,000[33]. - Rental income from investment properties was HKD 5,124,000 in 2023, slightly down from HKD 5,188,000 in 2022, with a profit of HKD 4,481,000 compared to a loss of HKD 9,397,000 in the previous year[34]. - The securities trading and investment segment recorded revenue of HKD 3,481,000 in 2023, down from HKD 22,000 in 2022, with a loss of HKD 2,009,000 compared to HKD 2,594,000 in the previous year[36]. Dividends and Shareholder Value - The company proposed a final dividend of HKD 0.01 per share, totaling approximately HKD 10,860,055, compared to no dividend in the previous year[11]. - The net asset value per share attributable to shareholders was HKD 1.72, down from HKD 2.15 in the previous year[10]. - The company proposed a share consolidation, merging every 20 existing shares into 1 new share with a par value of HKD 0.01, effective February 24, 2023[50]. - The company raised approximately HKD 318.6 million through a rights issue, issuing 362,001,819 shares at a subscription price of HKD 0.88 per share, with net proceeds of about HKD 309.3 million after expenses[52]. Healthcare Services Expansion - The company plans to continue expanding its healthcare services in response to the recovering demand post-pandemic[15]. - The company is focused on enhancing its investment and management capabilities in the healthcare sector, including potential new technologies and market expansion strategies[14]. - Nanjing Hospital established an allergy disease specialty clinic, improving its comprehensive treatment services[19]. - Nanjing Hospital completed the online payment system for medical insurance, significantly reducing patient wait times[19]. - Kunming Hospital plans to expand its key departments, including pathology and oncology, with a physical space adjustment of no less than 300 square meters and the recruitment of 5 staff members for pathology[70]. - The outpatient department will develop specialized services in ophthalmology, ENT, and dental care, focusing on high-value customer segments and personalized care[76]. - The group aims to strengthen its existing comprehensive medical services and traditional specialty areas such as ENT, ophthalmology, cardiology, and gynecology while diversifying into the health sector to enhance its competitive advantage[79]. Operational Efficiency and Cost Control - The company has implemented cost control measures, including optimizing the structure and pricing of medical supplies to reduce costs[30]. - The group will continue to maintain a cautious approach, focusing on improving operational efficiency, controlling costs, and strengthening its medical and technical teams amid a challenging economic environment[82]. - The group aims to create a high-quality, high-margin service system to effectively supplement basic medical services through the development of commercial insurance business and high-end customer membership operations[80]. Staffing and Human Resources - The company employed 2,599 staff as of December 31, 2023, an increase from 2,577 in the previous year[61]. - The elderly care business faced operational challenges, with a 30% average reduction in staff post-pandemic, leading to intensified competition[30]. - The nursing division plans to strengthen marketing efforts and establish referral partnerships with local hospitals and nursing homes to increase occupancy rates[78]. Governance and Corporate Structure - The board consists of ten members, including three executive directors, three non-executive directors, and four independent non-executive directors[161]. - The company has established six committees, including the Executive Committee and the Investment Committee, to assist in governance and oversight[179]. - The company has adopted a compensation policy for employees based on merit, qualifications, and capabilities, with the remuneration committee determining the pay for directors and senior management[146]. - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange rules, ensuring high standards of corporate governance[158]. - The company has established a whistleblower policy to allow employees and stakeholders to report concerns anonymously regarding potential misconduct[199]. Shareholder Information - As of December 31, 2023, Mr. Li Chenghui holds 556,022,010 shares, representing 51.19% of the total issued shares of the company[129]. - The major shareholders include Mr. Li Chenghui, Ms. Li Shuhui, and Mr. Li Chenghuang, each holding 556,022,010 shares, equating to 51.19%[138]. - The company has a total of 1,086,005,457 shares issued as of December 31, 2023, with major shareholders holding approximately 8.98% each[140]. Future Outlook and Strategic Initiatives - The group is advancing the second phase of the Kunming Hospital project, focusing on the development of oncology and nuclear medicine disciplines as a strategic initiative[82]. - The group intends to establish an international department within hospitals to collaborate on high-end medical services, enhancing its service offerings[80]. - The group will review and adjust its business and investment policies to adapt to the challenging economic and investment environment in China, Hong Kong, and the Asia-Pacific region[82].

Bank Borrowings - The group's secured bank borrowings have been revised from HKD 137,216,000 to HKD 82,930,000[1] - The group's unsecured bank borrowings have been revised from HKD 301,406,000 to HKD 355,692,000[1]

Financial Performance - The company reported a net profit of HKD 20,492,000 for the year ending December 31, 2023, compared to a loss of HKD 119,145,000 in the previous year[18]. - Basic earnings per share improved to HKD 1.22 from a loss of HKD 16.94 per share year-over-year[4]. - Total comprehensive income for the year was HKD 22,192,000, a significant recovery from a total comprehensive loss of HKD 138,397,000 in the prior year[6]. - The company recorded a tax expense of HKD 15,077,000 for the year 2023, significantly higher than HKD 1,463,000 in 2022[7]. - The company reported a profit attributable to shareholders of HKD 11.295 million for 2023, a significant recovery from a loss of HKD 123.574 million in 2022[84]. - Total revenue for the group reached HKD 1,572,305,000, an increase of approximately 9.35% from HKD 1,437,863,000 in 2022, with a profit attributable to shareholders of HKD 11,295,000, recovering from a loss of HKD 123,574,000 in the previous year[107]. - The group recorded revenue growth to HKD 1,521,859,000 for the medical segment, up from HKD 1,382,134,000 in 2022, and profit increased to HKD 85,839,000 from HKD 12,828,000 in 2022[97]. - The gross profit for the year was HKD 286,220,000, compared to HKD 265,556,000 in the previous year, reflecting a positive trend in profitability[145]. Revenue Sources - The company recognized government grants of HKD 10,125,000, up from HKD 5,521,000 in the previous year, primarily related to hospital operations in China[37]. - The company’s revenue from bank deposits increased to HKD 24,466,000 from HKD 3,806,000 year-over-year[37]. - The company's income from property development decreased to HKD 125,000 in 2023, down from HKD 732,000 in 2022, with losses reduced to HKD 2,065,000 from HKD 24,329,000[59]. - Rental income from investment properties in Hong Kong and China was HKD 5,124,000 in 2023, slightly down from HKD 5,188,000 in 2022, while profit increased to HKD 4,481,000 from a loss of HKD 9,397,000[62]. - The group's elder care division reported a revenue decline to HKD 41,716,000 for the year ended December 31, 2023, down from HKD 49,787,000 in 2022, with a loss of HKD 46,684,000 compared to HKD 51,169,000 in 2022[77]. Investment and Assets - The carrying value of the investment property portfolio increased to HKD 207,920,000 in 2023, compared to HKD 207,003,000 in 2022[62]. - The value of development properties available for sale decreased to HKD 36,826,000 in 2023 from HKD 38,204,000 in 2022[59]. - The group’s non-current assets as of December 31, 2023, amounted to HKD 2,256,627,000, an increase from HKD 2,199,101,000 in 2022[139]. - The company’s investment properties decreased to HKD 545,920,000 in 2023 from HKD 557,089,000 in 2022, a decline of approximately 2.2%[160]. - The company’s total assets as of December 31, 2023, amounted to HKD 3,617,395,000, up from HKD 3,232,534,000 in 2022, reflecting an increase of approximately 11.9%[160]. Liabilities and Financial Position - Total borrowings reached HKD 760,050,000 as of December 31, 2023, down from HKD 933,603,000 in 2022, indicating a reduction in leverage[140]. - The company’s total liabilities decreased to HKD 2,256,627,000 in 2023 from HKD 2,199,101,000 in 2022, reflecting a decrease of approximately 2.6%[160]. - Current liabilities increased to HKD 1,144,872 thousand in 2023 from HKD 1,130,718 thousand in 2022, reflecting a growth of 1.9%[165]. - The debt ratio, calculated as net borrowings divided by total equity, was approximately -8.6% as of December 31, 2023, compared to 20.2% in 2022, indicating a strong improvement in financial leverage[150]. Operational Developments - The company plans to continue expanding its operations in China, focusing on property development and financial services[15]. - The company is evaluating the impact of new accounting standards on its financial reporting, with no significant effects anticipated at this time[13]. - The company has initiated a share consolidation, merging every 20 existing shares into 1 new share, effective February 24, 2023[141]. - The company has not repurchased any shares during the review year, maintaining its capital structure[142]. - The company plans to expand its service offerings into preventive medicine and rehabilitation, aiming to enhance its healthcare service coverage[173]. Future Plans and Strategies - The company plans to advance the construction of key specialties at Kunming Hospital, including pathology, oncology, and rehabilitation medicine, with a physical space adjustment of no less than 300 square meters and a reserve of 5 personnel for the pathology department[183]. - The company aims to establish multiple medical alliances and introduce renowned ophthalmology experts at Nanjing Renshan Comprehensive Outpatient Clinic, enhancing its service offerings in the ophthalmology market[189]. - The company will strengthen marketing efforts in 2024, establishing referral partnerships with surrounding hospitals and community health service centers to increase occupancy rates in nursing homes and elderly care facilities[190]. - The company is committed to advancing the second phase of Kunming Hospital, focusing on the development of oncology and nuclear medicine disciplines, which are strategic projects for the company[192]. - The company plans to enhance the operational strategy of surgical departments at Nanjing Hospital by inviting experts from top hospitals to provide services, thereby improving surgical skills and patient care[194].

Financial Performance - The company reported a loss of HKD 1,755,000 for the six months ended June 30, 2023, compared to a loss of HKD 43,902,000 for the same period in 2022, indicating a significant improvement [122]. - The total comprehensive income for the period was a loss of HKD 8,824 thousand, compared to a loss of HKD 64,389 thousand in the same period of 2022, showing a reduction in losses [27]. - The net profit for the period was HKD 564 thousand, recovering from a net loss of HKD 39,810 thousand in the previous year [27]. - The loss attributable to shareholders decreased to HKD 1,755,000, a reduction of approximately 96.0% from HKD 43,902,000 in the first half of 2022, primarily due to increased operating income in the medical segment and reduced costs of medical consumables [191]. Revenue Growth - For the six months ended June 30, 2023, the total revenue was HKD 764,419 thousand, an increase from HKD 736,020 thousand in the same period of 2022, representing a growth of approximately 3.5% [25]. - Total revenue for the six months ended June 30, 2023, was HKD 760,951,000, an increase from HKD 736,020,000 for the same period in 2022, representing a growth of approximately 3.4% [52]. - The total revenue from customer contracts for the six months ended June 30, 2023, was HKD 756,462,000, compared to HKD 732,685,000 in 2022, reflecting an overall increase of approximately 3.2% [98]. - Revenue from medical services amounted to HKD 733,887,000, with significant contributions from inpatient services (HKD 270,415,000) and outpatient services (HKD 218,650,000) [65]. Segment Performance - The healthcare segment reported a profit of HKD 32,329,000, while the elderly care segment incurred a loss of HKD 19,296,000, indicating a significant performance disparity across segments [52]. - The medical division's business volume increased, with Nanjing Hospital recording a total of 495,229 outpatient visits and 16,203 inpatient admissions, compared to 1,340,016 outpatient visits and 13,536 inpatient admissions in 2022 [198]. - The nursing division's revenue decreased to HKD 22,952,000, down from HKD 27,852,000 in 2022, with a loss of HKD 19,296,000 compared to HKD 17,055,000 in the previous year [198]. Asset and Liability Management - Total assets less current liabilities increased to HKD 2,283,798,000 from HKD 2,101,816,000, representing a growth of approximately 8.6% [16]. - The net asset value rose to HKD 1,879,327,000, up from HKD 1,578,859,000, indicating an increase of about 19% [16]. - Total liabilities increased to HKD 1,559,732,000 as of June 30, 2023, compared to HKD 1,645,658,000 as of December 31, 2022, indicating a slight reduction in overall liabilities [37]. - As of June 30, 2023, the total accounts payable amounted to HKD 514,248,000, an increase from HKD 419,705,000 as of December 31, 2022 [131]. Cash Flow and Financing - The net cash generated from financing activities was HKD 162,633 thousand, significantly up from HKD 25,964 thousand in the previous year [21]. - The cash flow from operating activities was HKD 118,120 thousand, a significant recovery from a cash outflow of HKD 8,391 thousand in the same period last year [33]. - The company’s cash and cash equivalents increased to HKD 6,113,000 from HKD 836,000, marking a substantial rise of over 630% [5]. - The total borrowings of the group as of June 30, 2023, amounted to HKD 756,698,000, a decrease from HKD 933,603,000 as of December 31, 2022 [156]. Investment and Development - The company recognized a fair value gain of HKD 6,203,000 on investment properties, which was not recorded in the previous year [5]. - The company did not acquire or dispose of any investment properties during the six months ended June 30, 2023, but reported an investment property addition of HKD 3,710,000 [105]. - The company’s investment in medical equipment amounted to HKD 54,689,000 as of June 30, 2023, compared to HKD 42,400,000 in the previous year, representing an increase of approximately 29.0% [161]. - The group plans to use the net proceeds of HKD 309,292,000 from the rights issue for the development of the second phase of Kunming Hospital [138]. Taxation - The company did not recognize any Hong Kong profits tax provision due to sufficient tax losses carried forward to offset taxable profits [69]. - The effective corporate income tax rate for subsidiaries in China is 25%, with a withholding tax rate of 10% on dividends paid to foreign investors, potentially reduced to 5% under certain conditions [70]. Operational Strategies - The company plans to continue focusing on market expansion and new product development to enhance revenue streams in the upcoming periods [52]. - The group plans to strengthen communication with long-term care insurance institutions to improve occupancy rates in the nursing division [199]. - The group continues to enhance its operational strategies in response to the ongoing impact of the pandemic on the nursing division [199].