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].