Financial Performance - The Group's revenue for the six months ended September 30, 2021, was approximately HK$199.7 million, an increase of approximately HK$145.2 million or 266.4% compared to HK$54.5 million for the same period in 2020[9]. - Profit attributable to the owners of the Company was approximately HK$53.9 million for the six months ended September 30, 2021, compared to a loss of approximately HK$6.2 million for the same period in 2020[9]. - The profit before tax for the six months ended September 30, 2021, was HK$60.6 million, compared to a loss of HK$7.6 million for the same period in 2020[11]. - The total comprehensive income attributable to owners of the Company for the period was HK$126,000, compared to HK$30,000 in the same period of 2020[11]. - Earnings per share attributable to ordinary equity holders of the Company was HK$13.48 cents for the six months ended September 30, 2021, compared to a loss of HK$1.55 cents for the same period in 2020[11]. - The company reported a total comprehensive loss of HK$6,189,000 for the period[21]. - The Group reported record-high revenue of HK$199.7 million for the six months ended 30 September 2021, an increase of HK$145.2 million or 266.4% compared to the previous period[182]. - The Group achieved a profit of approximately HK$53.9 million for the period under review, reversing a net loss of approximately HK$6.2 million in the previous period[182]. Revenue Breakdown - Revenue from treatment services increased significantly to HK$176,594,000 for the six months ended September 30, 2021, compared to HK$50,566,000 in the same period of 2020, representing a growth of 248%[66]. - Revenue from skin care products rose to HK$22,775,000, up from HK$3,657,000, marking an increase of 523% year-over-year[66]. - Total revenue from contracts with customers reached HK$199,730,000, a substantial increase from HK$54,500,000, reflecting a growth of 267%[66]. - The Group recognized revenue of HK$112,550,000 from treatment services that was included in contract liabilities at the beginning of the reporting period, compared to HK$27,821,000 in the previous year, indicating a growth of 304%[72]. - The Group's revenue from Hong Kong was HK$195,358,000, while revenue from the PRC was HK$4,372,000, indicating a strong performance in the Hong Kong market[71]. Cost and Expenses - Staff costs increased to HK$56.4 million for the six months ended September 30, 2021, from HK$32.7 million in the same period of 2020[11]. - The cost of inventories and consumables was HK$13.3 million for the six months ended September 30, 2021, compared to HK$5.6 million in the same period of 2020[11]. - Property rentals and related expenses rose by approximately HK$7.1 million or 68.3%, from approximately HK$10.4 million in the previous period to approximately HK$17.5 million in the review period[198]. - Other expenses increased by approximately HK$30.5 million or 227.6%, from approximately HK$13.4 million in the previous period to approximately HK$43.9 million in the review period[200]. Assets and Liabilities - Total non-current assets increased to HK$195,567,000 as of September 30, 2021, up from HK$94,157,000 as of March 31, 2021, representing a growth of 107%[14]. - Current assets totaled HK$286,852,000, an increase from HK$277,978,000, reflecting a growth of 3.14%[14]. - Net current assets rose to HK$95,428,000, compared to HK$83,673,000, indicating an increase of 14.5%[17]. - Total liabilities decreased slightly to HK$282,800,000 from HK$286,561,000, a reduction of 1%[17]. - Total equity increased to HK$199,619,000, up from HK$145,574,000, marking a growth of 37%[17]. - Inventories surged to HK$33,142,000, compared to HK$14,154,000, representing an increase of 134%[14]. - Trade receivables increased significantly to HK$37,810,000 from HK$16,263,000, a growth of 132%[14]. - Credit card receivables increased to HK$37,748,000 from HK$16,344,000, indicating a growth of 130.5%[120]. Cash Flow - Cash generated from operations was a net outflow of HK$25,597,000, compared to a positive cash flow of HK$17,489,000 in the prior year[40]. - Net cash flows used in investing activities amounted to HK$4,087,000, a decrease from cash inflow of HK$14,656,000 in the previous period[45]. - Total cash and cash equivalents at the end of the period were HK$102,338,000, down from HK$109,453,000 at the end of the previous period[45]. - Cash and cash equivalents decreased to HK$112,338,000 from HK$161,773,000, a decline of 30.5%[14]. Strategic Developments - The Group operates three "CosMax" brand medical aesthetic centres located in Causeway Bay, Central District, and Tsim Sha Tsui, with a total of 30 treatment rooms in the Causeway Bay centre alone[183]. - The Group launched a new beauty brand "VITAE" with a focus on "Healthy Beauty," emphasizing the balance between beauty and health[184]. - The Group signed two new lease agreements for new centres in prime locations, including New World Tower II and Peninsula Office Tower, to expand its business[184]. - The Group plans to open new medical aesthetic service centers and skincare product retail stores in Hong Kong in FY2022 to deepen market penetration[192]. Accounting and Compliance - The company adopted revised accounting standards, including amendments related to interest rate benchmark reform and Covid-19-related rent concessions[56]. - The Group early adopted amendments to HKFRS 16, allowing for rent concessions due to the COVID-19 pandemic, which will apply to concessions affecting payments due on or before June 30, 2022[61]. - The amendments related to interest rate benchmark reform did not impact the Group's financial position or performance[59]. - The Group's financial reporting includes additional disclosures to help users understand the effects of interest rate benchmark reform on financial instruments and risk management strategies[59].

Business Expansion - The company signed two new lease agreements to expand its business in Central and Tsim Sha Tsui, increasing the capacity of its medical aesthetic service center[39] - The Group has entered into two lease agreements that will increase its total service floor area by over 98% to more than 42,000 sq ft, enhancing its capacity for medical aesthetic services in prime locations in Hong Kong[132][133] - The company is actively exploring opportunities to open additional medical aesthetic service centers and retail stores for skincare products in FY 2022[47] - The Group plans to open new medical aesthetic service centers and retail stores in Hong Kong and the PRC during FY2022 to expand its market presence[59] Financial Performance - The Group's revenue for the year ended March 31, 2021, decreased by HK$47.6 million, or 27.0%, to HK$128.9 million compared to HK$176.5 million for the previous year[54][61] - The loss for the year amounted to approximately HK$12.7 million, contrasting with a net profit of approximately HK$13.6 million in the previous year[54][61] - Revenue from treatment services amounted to approximately HK$108.4 million for the Year Under Review, representing 84.1% of total revenue[69] - Revenue from the sale of skin care products increased by approximately HK$1.3 million, or 7.0%, to HK$19.9 million, representing 15.5% of total revenue[72] - Revenue from consultation services decreased to approximately HK$31,000 for the Year Under Review from approximately HK$138,000 for the Previous Year[78] - Revenue from prescription and dispensing of medical products was approximately HK$0.5 million, representing 0.4% of total revenue[80] - Other income increased by approximately HK$8.7 million, or 212.2%, to HK$12.8 million, primarily due to government subsidies[81] Operational Challenges - The company closed all treatment centers during specific periods due to COVID-19, including from April 10 to May 7, 2020, July 15 to August 28, 2020, and December 10, 2020, to February 17, 2021[40] - The COVID-19 pandemic significantly impacted the Group's operations, leading to the compulsory closure of beauty parlors and social distancing measures[61][62] - The Group closed all treatment centers during several periods due to COVID-19, which significantly impacted consumer sentiment and is expected to continue affecting business until the pandemic is contained[128][131] Product Development - Over the past decade, the company has focused on medical innovations and expanded its product variety, introducing new treatment devices and premium services[45] - A new beauty brand "VITAE by CosMax" was launched, focusing on the principle of "Inner health realizes external beauty," aiming to capture the growing health-conscious market[56] - The Group has launched a new skin care product line "XOVE," featuring the exclusive "White Truffles W-TruComplex" for enhanced skin rejuvenation[57][58] - E-commerce efforts were intensified with the establishment of XOVE's online shop in July 2020, targeting customers in the PRC through platforms like T-mall and Xiaohongshu[57][58] Cost Management - Cost of inventories and consumables decreased to approximately HK$13.0 million, representing 10.1% of total revenue[82] - Staff costs decreased by approximately HK$10.9 million, or 13.3%, to approximately HK$70.9 million for the Year Under Review[88] - Property rentals and related expenses decreased by approximately HK$1.3 million, or 5.8%, to HK$21.2 million[89] - Other expenses increased by approximately HK$9.3 million to approximately HK$38.0 million, primarily due to higher advertising expenses for new promotions[97] - Finance costs decreased from approximately HK$2.2 million to HK$1.8 million, a reduction of about 18.2%[99] Leadership and Governance - The Group's overall management and brand strategy are overseen by Ms. Lai, who has been with the Group since 2009[145] - The Group is focused on expanding its market presence and enhancing its brand strategies under the leadership of its executive team[145] - The executive team includes members with significant experience in marketing, public health, and community medicine, enhancing the Group's strategic capabilities[149][152] - The management team is committed to developing new strategies for market expansion and product innovation[145] - The Group's leadership includes professionals with a strong track record in both the medical and marketing fields, positioning it for future success[149][152] Compliance and Corporate Governance - The Group has complied with all applicable code provisions of the Corporate Governance Code during the year ended March 31, 2021, except for one deviation regarding the separation of roles of chairman and chief executive officer[173] - The current management structure has Ms. Lai Ka Yee Gigi serving as both chairlady and chief executive officer, which the Board believes is in the best interest of the Group for effective management[173] - The Board consists of 3 independent non-executive directors, representing more than one-third of the Board, complying with Listing Rules[178] - The Board's governance practices are regularly reviewed to ensure compliance with statutory and regulatory requirements[183]

Financial Performance - The Group's revenue for the six months ended September 30, 2020, was approximately HK$54.5 million, a decrease of approximately HK$36.0 million or 39.8% compared to HK$90.5 million for the same period in 2019[11]. - Loss attributable to the owners of the Company was approximately HK$6.2 million for the six months ended September 30, 2020, compared to a profit of approximately HK$11.5 million in 2019[11]. - The total comprehensive loss for the period attributable to owners of the Company was HK$6.16 million, compared to a total comprehensive income of HK$11.54 million in 2019[13]. - Basic and diluted loss per share attributable to ordinary equity holders of the Company was HK(1.55) cents for the six months ended September 30, 2020, compared to HK2.88 cents in 2019[13]. - The Group reported a loss before tax of HK$7.65 million for the six months ended September 30, 2020, compared to a profit before tax of HK$14.04 million in 2019[13]. - The company reported a loss before tax of HK$7,647,000 for the six months ended September 30, 2020, compared to a profit of HK$14,035,000 in the same period of the previous year[26]. - For the six months ended 30 September 2020, the company reported a loss attributable to ordinary equity holders of HK$6,189,000, compared to a profit of HK$11,536,000 in 2019, representing a significant decline[102]. Revenue Breakdown - Total revenue from contracts with customers for the six months ended September 30, 2020, was HK$54,500,000, a decrease of 39.7% compared to HK$90,483,000 for the same period in 2019[61]. - Revenue from treatment services was HK$45,984,000, down 41.0% from HK$77,766,000 in the previous year[61]. - Revenue from skin care products decreased to HK$3,657,000, a decline of 34.1% from HK$5,552,000 in 2019[61]. - Government grants recognized during the period amounted to HK$5,596,000, compared to no grants in the same period last year[80]. Expenses and Costs - Staff costs decreased to HK$32.7 million for the six months ended September 30, 2020, from HK$36.98 million in 2019[13]. - Employee benefit expenses, excluding directors' remuneration, were HK$29,222,000, down 15.5% from HK$34,408,000 in 2019[86]. - Other expenses decreased by approximately HK$1.1 million or 7.6%, from approximately HK$14.5 million to approximately HK$13.4 million, primarily due to reduced recruitment expenses[173]. - Finance costs amounted to approximately HK$1.0 million for the Period Under Review, down from approximately HK$1.2 million in the Previous Period[179]. Assets and Liabilities - Total non-current assets decreased from HK$106,825,000 as of March 31, 2020, to HK$97,244,000 as of September 30, 2020, representing a decline of approximately 8.5%[17]. - Total current assets rose from HK$250,426,000 to HK$263,079,000, an increase of about 5.0%[17]. - Total liabilities increased from HK$196,723,000 to HK$208,251,000, reflecting a rise of about 5.8%[20]. - Total equity decreased from HK$158,231,000 to HK$152,072,000, representing a reduction of about 3.9%[20]. Cash Flow and Liquidity - Cash generated from operations decreased from HK$32,487,000 to HK$17,489,000, a decline of approximately 46.1%[26]. - The company’s cash and cash equivalents increased from HK$157,327,000 to HK$163,488,000, an increase of approximately 3.7%[17]. - Cash and cash equivalents at the end of the period were HK$109,453, significantly up from HK$17,882 at the end of the same period in 2019[42]. - The net increase in cash and cash equivalents during the period was HK$23,849, compared to HK$6,563 in the previous year, showing a positive cash flow trend[42]. Operational Highlights - The company is primarily engaged in providing medical aesthetic services and selling skincare products in Hong Kong, focusing on market expansion in these sectors[47]. - The Group operates three medical aesthetic centres in prime locations, with a total area of 12,156 sq ft in Causeway Bay, 6,050 sq ft in Tsim Sha Tsui, and 3,092 sq ft in Central, offering a total of 56 treatment rooms[154][157]. - A new beauty brand "VITAE by CosMax" has been launched, focusing on the principle of "Inner health realizes external beauty" to cater to the growing health awareness trend[155][158]. - The Group has launched a new skincare product line "XOVÉ" and established an online platform for sales, including e-commerce efforts targeting customers in the PRC[156][159]. Corporate Governance - The Board does not recommend the payment of an interim dividend for the six months ended September 30, 2020[11]. - The financial statements have been prepared in accordance with Hong Kong Accounting Standards, ensuring compliance with local regulations[49]. - The company adopted several amendments to accounting standards, including HKFRS 16 related to Covid-19 rent concessions, which may impact financial reporting[52]. Market Conditions - The Group's medical aesthetic centres were closed from April 10 to May 7, 2020, and July 15 to August 28, 2020, due to COVID-19, impacting consumer sentiment and creating a challenging business environment[189]. - Sales of products and services and the utilization rate of medical aesthetic centres are highly dependent on the recovery of the overall business environment, with increased uncertainty in future operating performance due to COVID-19[190].

Financial Performance - Revenue for the year ended March 31, 2020, increased by 14.1% to approximately HK$176.5 million compared to the previous year[13] - For the year ended March 31, 2020, the Group's revenue increased by HK$21.8 million, or 14.1%, to HK$176.5 million compared to the previous year[30] - Profit for the year amounted to HK$13.6 million, a decrease from HK$21.8 million in 2019, primarily due to an increase in staff costs[30] - Revenue from treatment services amounted to HK$146.2 million for the year ended March 31, 2020, representing 82.8% of total revenue, compared to HK$139.0 million or 89.8% for the previous year[48] - Revenue from skin care products increased to HK$18.6 million for the year ended March 31, 2020, representing 10.6% of total revenue, up from HK$10.5 million or 6.8% in the prior year, marking a growth of approximately HK$8.1 million or 77.1%[52] - Other income accounted for approximately HK$4.1 million for the year ended March 31, 2020, representing 2.3% of total revenue, an increase from HK$2.6 million or 1.7% in the prior year[55] Business Operations - The company operates three medical aesthetic centers in trendy locations across Hong Kong, enhancing customer accessibility and strengthening the customer base[14] - The Group operates three "CosMax" brand medical aesthetic centers located in prime areas, with the Causeway Bay center having 30 treatment rooms across 12,156 sq ft[30] - A partnership agreement was signed with We Doctor Holdings Limited, allowing the company to launch products on WeDoctor's platform and reach millions of potential customers in mainland China[14] - The Group signed a partnership with WeDoctor Holdings Limited, allowing customers from mainland China to book treatment services through its platform, marking a significant expansion into the mainland market[33] - The Group has over 140 treatment devices as of March 31, 2020, to offer diverse treatment procedures[33] - The company plans to continue expanding its store network and acquiring new clientele to increase market share[14] Product Development - A new anti-aging skincare product line, XOV, was launched in collaboration with a Swiss skincare research team, aiming to expand market share in skincare products[21] - A new skincare product line, XOV, was launched, utilizing the active ingredient "W-TruComplex" for anti-aging effects[33] - The new brand "VITAE by CosMax" was introduced, focusing on the balance between beauty and health, and aims to provide a series of skincare solutions[30] - The Group plans to continue expanding its product lines and promotional activities to further increase brand awareness and customer acquisition[52] COVID-19 Impact and Response - The COVID-19 pandemic led to the closure of all treatment centers for 28 days from April 10 to May 7, 2020, prioritizing health and safety[21] - Stringent hygiene policies and procedures were implemented at treatment centers to ensure safety and strengthen customer confidence[21] - The Group has implemented strict hygiene policies and procedures to ensure the safety of customers and staff during the COVID-19 pandemic[30] - The Group remains optimistic about the industry outlook despite challenges posed by the COVID-19 pandemic[30] - The Group's proactive management strategy is expected to help navigate uncertainties arising from the COVID-19 pandemic[100] Management and Governance - The Group's overall management and strategic planning are overseen by Ms. Li, who has been with the Group since July 2009 and became an executive director in December 2016[109] - The management team has a diverse background, with experience in multinational companies and various sectors, including technology, marketing, and public health[110][115][119] - The leadership team is committed to driving growth through innovative marketing strategies and operational improvements[114][118] - The Board is committed to achieving the highest standards of corporate governance consistent with the needs of its businesses[150] - The Company has complied with all applicable code provisions of the Corporate Governance Code during the year ended March 31, 2020, with some deviations noted[151] Financial Position and Cash Flow - Cash and cash equivalents stood at HK$157.3 million as of March 31, 2020, with net current assets representing working capital of HK$89.9 million[71] - Cash and cash equivalents at the end of the year were approximately HK$85.6 million, compared to HK$11.3 million at the end of the previous year, reflecting an increase of 656.0%[76] - The current ratio as of March 31, 2020 was 1.56, indicating a healthy liquidity position for the Group[100] - Net cash flows from operating activities for the year ended 31 March 2020 were HK$63.5 million, an increase of approximately HK$16.9 million compared to the previous year[77] - Net cash flows from investing activities amounted to HK$26.1 million, primarily due to a decrease in purchases of property, plant, and equipment[81] Employee and Cost Management - Staff costs increased by approximately HK$28.1 million, or 52.3%, from HK$53.7 million in 2019 to HK$81.8 million in 2020, driven by increased commissions and headcount[60] - Other expenses decreased by approximately HK$1.4 million from HK$30.1 million in 2019 to HK$28.7 million in 2020, primarily due to a one-off write-off of leasehold improvements[66] - Employee costs, including Directors' remuneration, were approximately HK$81.8 million for the year ended March 31, 2020, up from approximately HK$53.7 million in the previous year[89] Audit and Compliance - The Audit Committee, comprising three independent non-executive directors, held three meetings during the year, attended by the external auditor to discuss financial reporting[194] - The Company has established an Audit Committee with specific terms of reference to oversee financial reporting processes[194] - The Audit Committee reviewed the risk management and internal control systems of the Company and its subsidiaries[198] - The Company Secretary maintains minutes of meetings, which are available for inspection by directors upon reasonable notice[173]

Financial Performance - The Group's revenue for the six months ended September 30, 2019, was approximately HK$90.5 million, an increase of approximately HK$16.7 million or 22.6% compared to HK$73.8 million for the same period in 2018[9]. - Profit attributable to the owners of the Company for the same period was approximately HK$11.5 million, remaining unchanged from the corresponding period in 2018[9]. - Other income for the six months ended September 30, 2019, was HK$1.96 million, compared to HK$1.07 million in the same period of 2018[11]. - Profit before tax for the period was HK$14.04 million, compared to HK$13.79 million for the same period in 2018[11]. - Earnings per share for the period were HK2.88 cents, slightly up from HK2.86 cents in the same period of 2018[11]. - The Group's total comprehensive income for the period attributable to owners was HK$11.54 million, compared to HK$11.45 million in the previous year[11]. - The total tax charge for the period was HK$2,499,000, compared to HK$2,341,000 in 2018, representing a 6.8% increase[102]. - Profit for the Period Under Review remained stable at HK$11.5 million, unchanged from 2018[183]. Revenue Breakdown - Revenue from treatment services reached HK$77,766,000, up from HK$67,238,000, reflecting a growth of 15.5% year-over-year[73]. - Revenue from skin care products was HK$5,552,000, an increase from HK$4,410,000 in the previous year[73]. - Medical consultation services generated revenue of HK$114,000, a slight decrease from HK$130,000 in the prior year[73]. - Revenue from unutilized prepaid packages was HK$6,356,000, significantly up from HK$1,168,000[73]. - Revenue from medical aesthetic services accounted for HK$84,122,000, up from HK$68,406,000, marking a 23% increase year-over-year[77]. - Revenue from the sale of skin care products increased to HK$5,552,000 in 2019 from HK$4,410,000 in 2018, a growth of 25.8%[77]. Expenses and Costs - Staff costs increased to HK$36.98 million for the six months ended September 30, 2019, from HK$25.02 million in the previous year[11]. - The Group's cost of inventories and consumables for the period was HK$8.78 million, an increase from HK$7.66 million in the same period of 2018[11]. - The Group's employee benefit expenses, excluding directors' remuneration, increased to HK$34,408,000 from HK$23,541,000, a rise of 46%[95]. - The minimum lease payments under operating leases decreased significantly to HK$212,000 in 2019 from HK$8,319,000 in 2018[95]. Assets and Liabilities - As of September 30, 2019, total non-current assets increased to HK$111,942,000 from HK$60,530,000 as of March 31, 2019, representing an increase of 84.7%[15]. - Current assets totaled HK$235,742,000, up from HK$220,895,000, reflecting a growth of 6.5%[15]. - Total liabilities increased to HK$191,473,000 from HK$139,699,000, marking a rise of 37.1%[18]. - The company's net assets reached HK$156,211,000, up from HK$141,726,000, which is an increase of 10.2%[18]. - Cash and cash equivalents rose to HK$137,438,000 from HK$119,197,000, showing an increase of 15.3%[15]. - Trade receivables decreased to HK$12,599,000 from HK$26,000,000, a decline of 51.5%[15]. - Trade payables as of September 30, 2019, were HK$718,000, down from HK$1,316,000 as of March 31, 2019, reflecting a decrease of 45.5%[133]. Cash Flow - Cash generated from operations increased to HK$32,487,000, compared to HK$22,637,000 in the same period last year, reflecting a growth of 43.5%[24]. - Net cash flows from operating activities amounted to HK$31,897,000, up from HK$23,765,000 in 2018, indicating a year-over-year increase of 34.2%[24]. - Total cash flows used in investing activities were HK$17,683,000, a decrease from HK$54,871,000 in the previous year, showing a reduction of 67.8%[29]. - Cash and cash equivalents at the end of the period were HK$17,882,000, down from HK$46,803,000 at the end of the previous period, representing a decrease of 61.8%[29]. Leasing and Compliance - The Group adopted HKFRS 16 using the modified retrospective method with an initial application date of April 1, 2019, impacting the recognition of leases[12]. - Lease liabilities were reported at HK$15,204,000, indicating the company has adopted new leasing standards[15]. - The Group has elected not to recognize right-of-use assets and lease liabilities for leases of low-value assets and short-term leases with a term of 12 months or less[35]. - The Group applies a single approach to recognize and measure right-of-use assets and lease liabilities for all leases, except for two elective exemptions[35]. - Comparative information for 2018/19 was not restated and continues to be reported under HKAS 17[12]. Strategic Developments - Miricor successfully transferred its listing from the GEM to the Main Board of The Stock Exchange of Hong Kong Limited on 18 February 2019, enhancing its corporate image and financial flexibility[184]. - The Group has launched a new brand "VITAE by CosMax" aimed at balancing beauty and health, which is expected to widen its customer base and serve as a new growth driver[190]. - The Group recently introduced a new skincare product line "XOVE-", utilizing a patented active ingredient "W-TruComplex" for anti-aging effects[191]. - Future strategies include strengthening product offerings and services, enhancing marketing campaigns, and exploring potential expansion opportunities to solidify market leadership[199]. - The Group aims to continue providing top-notch, non-surgical aesthetic services while maximizing profitability and generating favorable returns for shareholders[199].

Company Overview - The Group successfully transferred its listing from GEM to the Main Board of The Stock Exchange of Hong Kong Limited, marking a significant milestone in its evolution from a privately-owned enterprise to a prominent listed company in the medical aesthetic industry[13]. - The Group operates three strategically located medical aesthetic centres in prime areas of Hong Kong to capture high pedestrian traffic and attract customers from various regions[14]. - The Group aims to expand its network of stores to further penetrate the market, indicating a strategic focus on market expansion[14]. - The Group's experienced management and professional medical team are seen as key strengths in seizing opportunities within the industry[23]. - The Group acknowledges the continuous support from shareholders, business partners, suppliers, and customers, which is crucial for its ongoing success[25]. Financial Performance - The Group's revenue for the year ended 31 March 2019 increased by HK$27.5 million, or 21.6%, to HK$154.7 million compared to HK$127.2 million for the previous year[49][50]. - Profit for the year amounted to HK$21.8 million, a decrease of HK$4.7 million, or 17.7%, primarily due to one-off professional service fees and write-off of leasehold improvements[49][50]. - Excluding one-off costs, profit attributable to owners would have been approximately HK$27.4 million, representing a slight increase of about 3.4% compared to the previous year[49][50]. - The total revenue for the year ended 31 March 2019 was HK$154.7 million, compared to HK$127.2 million for the previous year[56]. - Cash and cash equivalents at the end of the year were approximately HK$11.3 million as at 31 March 2019, down from approximately HK$77.9 million as at 31 March 2018, a decrease of 85.5%[95]. - Net cash flows from operating activities were approximately HK$46.6 million for the year ended 31 March 2019, compared to a cash outflow of approximately HK$14.3 million in the previous year[95]. - The net cash flows used in investing activities for the same period were HK$113.2 million, primarily due to increased purchases of property, plant, and equipment[99]. Operational Highlights - The Group operates three "CosMax" branded medical aesthetic centres, with a new centre in Tsim Sha Tsui covering 6,050 sq ft and featuring 17 treatment rooms[31][33]. - The integration of two centres in Causeway Bay into a duplex unit has been completed, increasing the total floor area to 12,156 sq ft, enhancing resource allocation and operational synergies[31][33]. - As of 31 March 2019, the Group had 116 treatment devices and introduced new treatments including Magnetic Pulse Therapy and V Lift Tightening[37][38]. - The number of active clients increased by 20.4% to 7,336, while repeat clients rose by 17.6% to 4,413[40][41]. - Revenue from treatment services amounted to HK$139.0 million for the year ended 31 March 2019, representing 89.8% of total revenue[56]. Strategic Initiatives - The Group is committed to procuring new devices and diversifying treatment services to provide premium services to customers, emphasizing the importance of keeping abreast of the latest technologies and medical innovations[15]. - The company plans to expand its network of aesthetic centres in Hong Kong, with a budget of HKD 24,200 million allocated for this initiative[126]. - The company aims to broaden the variety of treatment services and product offerings, with an investment of HKD 14,600 million, up from HKD 8,815 million previously[126]. - Marketing campaigns will be intensified to increase market penetration in Hong Kong[135]. Management and Governance - The Group's management team has over 10 years of experience in their respective fields, ensuring effective leadership and strategic direction[171][172][173]. - The Group has a strong internal control system in place, managed by the Chief Financial Officer[171]. - The Company has complied with all applicable code provisions of the Corporate Governance Code, except for the separation of the roles of chairman and chief executive officer[185]. - The Board composition includes 3 independent non-executive directors, representing more than one-third of the Board, in compliance with GEM Listing Rules[188]. - The Board is responsible for overall management, including resource allocation, strategic decisions, and risk management[198]. Future Outlook - The management team expresses confidence in the prospects of the medical aesthetic services industry, anticipating strong growth momentum driven by increasing demand for these services[23]. - The company remains optimistic about the medical aesthetic industry outlook due to growing public acceptance and market demand[135]. - Strategic expansion and successful listing on the Main Board trading platform position the company to seize significant opportunities[135].