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佳兆业健康(00876) - 2020 - 中期财报
2020-09-18 08:01
Financial Performance - Revenue for the six months ended June 30, 2020, was HKD 76,175,000, a decrease of 36% compared to HKD 118,818,000 for the same period in 2019[13] - Gross profit for the period was HKD 36,916,000, down from HKD 58,693,000 in the previous year, reflecting a decline in gross margin[13] - The company reported a loss of HKD 6,329,000 for the six months ended June 30, 2020, compared to a profit of HKD 5,311,000 in the same period of 2019[13] - Total comprehensive loss for the period was HKD 14,695,000, compared to a total comprehensive income of HKD 1,826,000 in the same period last year[13] - Basic and diluted loss per share was HKD (0.12) for the current period, compared to earnings of HKD 0.11 per share in the previous year[13] - The company reported a pre-tax loss of HKD 6,494,000 for the six months ended June 30, 2020, compared to a profit of HKD 5,005,000 in the same period of 2019[42] - The loss attributable to equity holders of the company was approximately HKD 6.1 million, compared to a profit of HKD 5.4 million in the same period of 2019[157] Expenses and Costs - The company experienced a significant increase in selling and distribution costs, which amounted to HKD 12,767,000, compared to HKD 22,598,000 in the previous year[13] - Administrative expenses increased to HKD 38,481,000 from HKD 34,247,000 year-on-year, indicating rising operational costs[13] - The company incurred research and development expenses of HKD 9,187,000, a decrease of 35.3% from HKD 14,292,000 in the previous year[76] - The company recognized a finance cost of HKD 283,000 related to lease liabilities, an increase from HKD 143,000 in the previous year[75] Assets and Liabilities - As of June 30, 2020, total assets amounted to HKD 1,030,473 thousand, a decrease from HKD 1,014,857 thousand as of December 31, 2019, reflecting a growth of approximately 1.5%[14] - Current liabilities rose to HKD 76,894 thousand, up from HKD 67,886 thousand, indicating an increase of approximately 13.5%[14] - The company’s total liabilities increased to HKD 391,824 thousand from HKD 373,196 thousand, reflecting a rise of approximately 5.0%[14] - The total equity attributable to equity holders of the company decreased to HKD 628,228 thousand from HKD 642,007 thousand, a reduction of about 2.1%[15] - The company’s reserves decreased to HKD 621,925 thousand from HKD 635,704 thousand, a decline of about 2.2%[15] Cash Flow - The net cash used in operating activities for the six months ended June 30, 2020, was HKD (42,636) thousand, compared to HKD (128,521) thousand for the same period in 2019, showing an improvement of about 66.8%[20] - Cash and cash equivalents decreased to HKD 181,655 thousand from HKD 230,176 thousand, a decline of approximately 21.1%[20] - The company reported a net cash outflow from investing activities of HKD (23,344) thousand, a significant decrease from HKD 100,920 thousand in the previous year[20] Market and Business Strategy - The company is focusing on improving operational efficiency and exploring new market opportunities to enhance future performance[13] - The company is focusing on expanding its operations in the dental and health sectors, with ongoing assessments of market conditions and potential strategic initiatives[68] - The company aims to enhance shareholder value by expanding its denture business and integrating high-quality medical device resources domestically and internationally[171] - The company plans to establish a comprehensive hospital with 2,000 beds in Hangzhou, enhancing its health investment portfolio and market reputation in China[175] Compliance and Governance - The financial statements for the six months ended June 30, 2020, were prepared in accordance with Hong Kong Accounting Standards and applicable disclosure requirements[21] - The company confirmed compliance with the corporate governance code during the six months ended June 30, 2020[200] Shareholder Information - The board did not recommend the payment of an interim dividend for the period[158] - The total number of issued ordinary shares remained at 5,042,139,374 as of June 30, 2020, unchanged from December 31, 2019[192] - The company has adopted a share option scheme as a long-term incentive for directors and eligible employees[194]
佳兆业健康(00876) - 2019 - 年度财报
2020-04-29 08:04
Financial Performance - The company recorded revenue of approximately HKD 251.6 million for the year ended December 31, 2019, representing a 4% increase from HKD 241.9 million in 2018[6]. - The loss attributable to shareholders was HKD 354.7 million, compared to a loss of HKD 22 million in 2018, with a loss per share of HKD 0.0703[6]. - The group's revenue for the year reached approximately HKD 251.6 million, an increase of 4% compared to HKD 241.9 million in the previous year[21]. - The group reported a loss attributable to shareholders of approximately HKD 354.7 million, with a basic loss per share of HKD 0.0703, compared to a loss of HKD 22 million and a basic loss per share of HKD 0.0043 in the previous year[21]. - Revenue from the denture business was approximately HKD 251.2 million, compared to HKD 241.9 million in the same period last year[23]. - Domestic sales accounted for 65% of total sales in 2019, up from 48% in 2018, while overseas sales dropped to 35% from 52%[25]. - The growth rate of the denture business was significantly reduced from an estimated 35.5% in 2018 to approximately 6.7% due to the impact of the US-China trade war and COVID-19[28]. - The gross profit for the year was HKD 122.9 million, with a gross profit margin of 48.8%, up from 45.3% in the previous year[41]. Business Development - The dental business continues to grow steadily, with a significant sales and service network established across over 20 countries, including the US and Europe[7]. - Despite a decrease in export orders due to the US-China trade war, domestic sales in China increased significantly, contributing to the overall revenue growth[8]. - The company plans to expand its dental business by increasing production capacity in China and developing high-end dental products with cosmetic functions[12]. - The newly launched transparent aligners have shown strong performance in driving revenue growth[13]. - The company is actively seeking investment opportunities in the global dental equipment market to enhance shareholder value[15]. - The rehabilitation center in Shenzhen aims to provide professional services through a chain store model, expected to contribute positively to revenue growth[16]. - The group has established a rehabilitation center in Shenzhen, which is expected to significantly drive revenue growth[39]. - The group plans to build a comprehensive hospital with 2,000 beds as part of the Hangzhou Shulan project, enhancing its health investment portfolio[38]. - The group aims to expand its dental business both domestically and internationally, including the U.S. market, to enhance shareholder value[36]. - The group has set a series of growth strategies for its dental business, including expanding production capacity in China[36]. Research and Development - Research and development expenditure increased to HKD 32.6 million from HKD 26.5 million in the previous year, reflecting the management's commitment to investing in future technologies[27]. - The group has increased its R&D spending to improve future product competitiveness, including investments in 3D printing technology[45]. Financial Position - Cash and cash equivalents as of December 31, 2019, were approximately HKD 230.2 million, up from HKD 194.8 million in 2018[50]. - As of December 31, 2019, the equity attributable to shareholders was approximately HKD 642 million, a decrease from HKD 1,005 million as of December 31, 2018, representing a decline of about 36%[56]. - The group's net current assets as of December 31, 2019, were approximately HKD 344.7 million, down from HKD 449 million as of December 31, 2018, indicating a decrease of around 23%[56]. - The current and quick ratios as of December 31, 2019, were 6.08 and 5.98, respectively, compared to 8.20 and 8.09 as of December 31, 2018, showing a decline in liquidity ratios[56]. - The group had no bank borrowings or long-term debts as of December 31, 2019, resulting in no capital debt ratio calculation[57]. Corporate Governance - The company emphasizes effective corporate governance as a key factor for maintaining development and enhancing shareholder value[86]. - The board of directors is responsible for the overall management of the company's business and aims to enhance shareholder value through guidance and supervision[88]. - The company has complied with the corporate governance code, except for specific deviations noted in the report[86]. - The company regularly reviews its corporate governance practices to ensure compliance with legal and regulatory standards[87]. - The company has a strong management team with diverse backgrounds in finance and operations, enhancing its strategic capabilities[81]. - The company has established a network of clients both in China and overseas, demonstrating its marketing and management expertise[78]. - The board of directors includes four executive directors and five independent non-executive directors, ensuring compliance with listing rules regarding independence[90][91]. - The company has adopted a board diversity policy, considering factors such as gender, age, and professional experience in director nominations[99]. - The company has established a remuneration committee to review the remuneration policies for directors and senior management, ensuring transparency and adherence to market practices[123]. Risk Management - The company engaged an independent international auditing firm to conduct risk assessments and review internal control systems[136]. - Key risks identified include strategic, operational, information, and financial risks, which were qualitatively and quantitatively assessed[136]. - The internal audit plan was adopted based on the risk assessment results and will be updated annually to reflect existing risks[136]. - The board confirmed that the risk management and internal control systems were effective and sufficient during the year[137]. Environmental, Social, and Governance (ESG) - Kaisa Health Group reported a significant focus on environmental, social, and governance (ESG) performance for the year ending December 31, 2019[159]. - The board of directors is responsible for the overall strategy and reporting of the group's ESG initiatives, ensuring sustainable development through green operations[160]. - The report highlights the environmental impact of Kaisa Health's operations in Shenzhen, particularly in the manufacturing and trading of dental prosthetics[161]. - Kaisa Health is committed to promoting sustainable development and social responsibility through its ESG practices[159]. - The company generated a total of 2,197.81 tons of CO2 equivalent emissions during the reporting period[181]. - The company produced 86 tons of non-hazardous waste during the reporting period[185]. - The total energy consumption was 2,557,920 kWh, and water consumption was 24,197 cubic meters during the reporting period[186]. - The company has established various communication channels to effectively address stakeholder concerns and feedback[167]. Employee Management - The company has a total of 1,263 employees, with 592 male and 671 female employees as of December 31, 2019[195]. - The company conducted 75 training sessions during the reporting period, totaling 11,343 training hours, with an average of 2.44 hours per employee[199]. - The company has implemented strict employee management policies to regulate dismissal procedures, ensuring compliance with labor laws[194]. - The company has a policy against child labor and forced labor, ensuring compliance with relevant laws and regulations[200]. - The company has a commitment to employee health, providing pre-employment medical examinations for all new hires[198].
佳兆业健康(00876) - 2019 - 中期财报
2019-09-19 08:02
Financial Performance - Revenue for the six months ended June 30, 2019, was HKD 118,818,000, a decrease of 6.5% from HKD 127,126,000 in the same period of 2018[14] - Gross profit for the same period was HKD 58,693,000, down from HKD 61,078,000, reflecting a decline of 3.9%[14] - The net profit for the period was HKD 5,311,000, significantly up from HKD 1,105,000 in the previous year, representing an increase of 380.3%[14] - Basic and diluted earnings per share were both HKD 0.11, compared to HKD 0.02 in the prior year, marking a 450% increase[14] - Other income and gains increased to HKD 12,182,000 from HKD 4,998,000, a rise of 143.5%[14] - The overall operating profit for the group was HKD 9,058,000, with the dental business contributing HKD 18,209,000 and the health business reporting a loss of HKD 9,151,000[77] - The group incurred a total of HKD 9,269,000 in undistributed expenses, leading to a profit before tax of HKD 5,005,000[76] - The company reported a pre-tax profit of HKD 4,266,000, demonstrating a recovery from previous losses[81] - Profit attributable to equity holders was approximately HKD 5.4 million, up from HKD 1.1 million in the same period of 2018[171] Cash Flow and Assets - The company's net cash used in operating activities for the six months ended June 30, 2019, was HKD (128,521,000), compared to HKD (18,079,000) for the same period in 2018, indicating a significant increase in cash outflow[22] - The company reported a net cash inflow from investing activities of HKD 100,920,000 for the six months ended June 30, 2019, compared to a net cash outflow of HKD (116,304,000) in the same period of the previous year[22] - As of June 30, 2019, total assets amounted to HKD 1,023,259,000, an increase from HKD 1,012,034,000 as of December 31, 2018, reflecting a growth of approximately 1.2%[15] - The company’s total liabilities decreased to HKD 13,458,000 as of June 30, 2019, from HKD 6,940,000 at the end of 2018, indicating a significant increase in liabilities[15] - The company’s inventory and trade receivables totaled HKD 93,671,000 as of June 30, 2019, compared to HKD 78,528,000 at the end of 2018, marking an increase of approximately 19.2%[15] - The cash and cash equivalents decreased to HKD 163,689,000 as of June 30, 2019, from HKD 438,994,000 at the end of 2018, a decline of about 62.7%[22] Segment Performance - Total revenue for the six months ended June 30, 2019, was HKD 118,818,000, solely from the dental business[77] - The dental business reported a segment profit before depreciation and amortization of HKD 23,966,000, while the health business incurred a loss of HKD 8,075,000, resulting in a total segment profit of HKD 15,891,000[77] - The health business segment was introduced in the financial reporting starting from the six months ended June 30, 2018[73] - The group has not reported any revenue from the health business segment for the six months ended June 30, 2019[77] Research and Development - Research and development expenses for the period were HKD 14,292,000, an increase from HKD 10,453,000 in the previous year, highlighting the company's commitment to innovation[95] - The group launched an upgraded version of its dental veneer product, XS, which addresses severe discoloration issues and has been globally released[180] Strategic Initiatives - The company aims to expand its market presence and enhance product offerings in the upcoming quarters[14] - Future guidance indicates a focus on improving operational efficiency and exploring strategic partnerships for growth[14] - The company aims to enhance shareholder value by expanding its denture business and integrating high-quality medical device resources[178] - The company plans to establish a medical service system that combines healthcare and rehabilitation, creating a synergistic ecosystem[178] - The group plans to establish a comprehensive hospital with 2,000 beds in Hangzhou, enhancing its health investment portfolio and market reputation in China[181] Financial Reporting and Compliance - The group has adopted HKFRS 16 "Leases" effective January 1, 2019, impacting the measurement and recognition of lease liabilities and right-of-use assets[63] - The new HKFRS 16 replaced HKAS 17 and was applied using a modified retrospective approach without restating prior periods[38] - The adoption of new and revised HKFRS did not have a significant impact on the financial performance and position for the current and prior periods[37] Shareholder Information - The company did not declare or recommend any dividends for the six months ended June 30, 2019, nor for the same period in 2018[101] - The number of issued and fully paid ordinary shares as of June 30, 2019, was 5,042,139,374, a decrease from 5,101,609,374 as of January 1, 2018, due to share buybacks[147] - The company recognized share-based payment expenses of HKD 2,881,000 for the six months ended June 30, 2019, compared to HKD 6,493,000 for the same period in 2018[153]
佳兆业健康(00876) - 2018 - 年度财报
2019-04-16 08:46
Financial Performance - The company reported revenue of approximately HKD 241.9 million for the year ended December 31, 2018, representing a 7% increase from HKD 226.7 million in 2017[9]. - The company incurred a loss attributable to shareholders of HKD 22 million, compared to a profit of HKD 3.9 million in 2017, resulting in a loss per share of HKD 0.43[9]. - The group's revenue from continuing operations for the year reached approximately HKD 241.9 million, an increase of 7% compared to HKD 226.7 million in 2017[20]. - The group reported a loss attributable to shareholders of approximately HKD 22 million, translating to a basic loss per share of HKD 0.43, compared to a profit of HKD 3.9 million and a basic earnings per share of HKD 0.10 in 2017[20]. - Gross profit from continuing operations for the year was HKD 109.7 million, down from HKD 113.5 million in 2017, with a gross margin of 45.3% compared to 50.0% in 2017[35]. Business Growth and Strategy - The dental business has shown steady growth since its acquisition in May 2015, with a significant sales and service network established across over 20 countries[10]. - Despite a decrease in export orders due to the US-China trade war, domestic sales in China increased significantly, contributing to overall revenue growth[11]. - The company plans to expand its sales network both domestically and internationally, particularly in the US, and increase production capacity in China[13]. - The acquisition of Hangzhou Shulan Hospital project is expected to enhance the company's presence in the healthcare sector, with plans to build a 2,000-bed hospital[11]. - The company aims to explore investment opportunities in the healthcare sector, including partnerships and investments in hospitals and elderly care industries[13]. - The management anticipates significant growth potential in the dental technology market, driven by improvements in living standards and the overall development of the healthcare industry in China[15]. - The group’s denture business generated revenue of approximately HKD 241.9 million, showing steady growth despite pressures from the US-China trade war[22]. - The company aims to expand its sales network in both domestic and overseas markets, including the United States, and to develop high-end new denture products[31]. - The Chinese dental market is expected to maintain rapid growth, driven by rising consumer spending and increased awareness of oral health[28]. Research and Development - The company is focusing on increasing R&D investment and introducing high-value products to meet the growing demand for dental products[15]. - Research and development expenditure increased to HKD 26.5 million from HKD 16.1 million in 2017, reflecting the management's commitment to investing in future technologies[25]. - R&D expenses increased as the group intensified its investment in R&D to enhance future product competitiveness, including projects like 3D carving machines and 3D printing technology[40]. Management and Governance - 罗军先生 appointed as CEO and Executive Director since February 26, 2019, previously served as Chairman of the Board[60]. - Wu Tianyu served as CEO from May 21, 2015, until February 26, 2019, and has over 30 years of experience in the dental industry[61]. - Xu Hao appointed as Executive Director effective February 28, 2019, and has over 12 years of experience in offshore financing and capital markets[66]. - The company has a strong management team with diverse backgrounds in finance, healthcare, and operations, enhancing its strategic capabilities[74]. - The company is focused on expanding its market presence and enhancing operational efficiency through strategic leadership[74]. - The board includes members with significant experience in corporate governance and strategic management, ensuring effective oversight[70]. - The company is committed to developing new products and technologies to meet market demands and enhance competitiveness[74]. Corporate Governance - The Board of Directors emphasizes effective corporate governance as a key factor for maintaining development and enhancing shareholder value[80]. - The company has complied with the corporate governance code, with the exception of specific provisions, ensuring adherence to legal and regulatory standards[80]. - The Board consists of a balanced mix of executive and independent non-executive directors, meeting the requirement of at least one independent director with appropriate professional qualifications[85]. - The Chairman, Guo Yingcheng, is responsible for setting the overall corporate development direction and ensuring good governance practices are established and executed[88]. - The CEO, Luo Jun, manages the daily operations and implements approved strategies[89]. - The Nomination Committee has been established to review the appointment of new directors and related matters, ensuring a structured approach to governance[91]. - The board of directors had a total of 12 meetings in the fiscal year to review and approve financial and operational performance[105]. Risk Management and Internal Control - The company engaged an independent international auditing firm to conduct risk assessment and review internal control systems, identifying key risks including strategic, operational, information, and financial risks[135]. - The board confirmed that the risk management and internal control systems are effective and sufficient, with significant risks identified and assessed during the year[136]. - The company will update its risk assessment and internal audit plan annually to reflect existing risks[135]. - The board is responsible for the management of risks and internal control systems, which are designed to manage rather than eliminate risks that could impede business objectives[135]. Environmental Responsibility - The company reported a significant focus on environmental responsibility, aiming to reduce carbon emissions and wastewater discharge as part of its operational impact management[173]. - The company has established management guidelines to minimize environmental impact, including regulations on vehicle use, wastewater management, and solid waste management[173]. - The total greenhouse gas emissions amounted to 2,265,847 kg CO2 equivalent during the reporting period[175]. - The company has implemented measures to reduce energy consumption, including the purchase of energy-efficient products and promoting paperless operations[184]. Employee Health and Safety - The company emphasizes the importance of employee health and safety, regularly conducting safety training and fire drills[195]. - The company has established a medical examination system for employees, providing pre-employment medical checks to ensure fitness for work[196]. - The company has implemented a dust filtration system in production workshops and provided personal protective equipment to ensure employee health[196]. - There were 10 reported workplace injury cases during the reporting period, resulting in a loss of 130 workdays due to occupational diseases and injuries[195].