承董事會命 完美醫療健康管理有限公司 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的任何損失承擔任何責任。 PERFECT MEDICAL HEALTH MANAGEMENT LIMITED 完美醫療健康管理有限公司 （於開曼群島註冊成立之有限公司） （股份代號：1830） 董事會會議日期 完美醫療健康管理有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於二零二五 年十一月二十八日（星期五）舉行董事會會議，藉以（其中包括）批准及刊發本公司及其附屬 公司截至二零二五年九月三十日止六個月之中期業績，以及考慮派付中期股息（如有）。 執行董事及公司秘書 蘇顯龍 香港，二零二五年十一月十八日 於本公佈刊發日期，董事會包括本公司執行董事歐陽江醫生、歐陽慧女士、歐陽虹女士及 蘇顯龍先生，以及本公司獨立非執行董事徐慧敏女士、曹依萍女士、季志雄先生及戚世昌 先生。 ...

Major Events - Bluestar Jiahe Services (02606.HK) plans to repurchase up to 10% of its issued H-shares [1] - China People's Insurance Group (01339.HK) reported original premium income of 97.985 billion yuan in January, a year-on-year increase of 6.67% [1] - Hengteng Network (00136.HK) signed a strategic cooperation agreement with Evergrande Tourism Group [1] Financial Data - New Star Printing (01975.HK) achieved a net profit of 27.5 million HKD in the interim period, with an interim dividend of 1.5 HKD cents [1] Earnings Forecast - Qihua Environmental Protection (00976.HK) expects an increase in annual net loss [1] - Zhuyou Intelligent Manufacturing Technology (00726.HK) anticipates a net profit increase of approximately 40.8% for the year [1] - Birmingham Sports (02309.HK) raised its earnings forecast, expecting a mid-term profit of 70 million HKD [1] - Huazhang Technology (01673.HK) expects a mid-term profit of 15 to 20 million yuan, turning from loss to profit year-on-year [1] - Raffles Interior (01376.HK) anticipates a net loss of 4.5 million Singapore dollars for the 2020 fiscal year [1] - Fengcheng Holdings (08216.HK) expects a net profit increase of over 50% for the year [1] - New Fengtai Group (01771.HK) forecasts a net profit growth of approximately 20% for the year [1] - Yefeng Group (01695.HK) expects an annual loss not exceeding 4 million Malaysian ringgit [1] Operational Data - China People's Insurance Group (01339.HK) reported original premium income of 97.985 billion yuan in January, a year-on-year increase of 6.67% [1] - New China Life Insurance (01336.HK) reported original premium income of 34.63 billion yuan in January, a year-on-year increase of 12.78% [1] - China Property & Casualty Insurance (02328.HK) reported original insurance premium income of 53.112 billion yuan in January, a year-on-year increase of 1.2% [1] - China Metallurgical Group (01618.HK) signed new contracts worth 103.59 billion yuan in January, a year-on-year increase of 129.7% [1] - China Eastern Airlines (00670.HK) reported a 60.59% year-on-year decline in passenger turnover in January [1] - Sinopec Oilfield Services (01033.HK) recently signed overseas contracts worth 2.323 billion yuan [1] - China Southern Airlines (01055.HK) reported a 59.16% year-on-year decline in passenger turnover in January [1] - Huili Group (00806.HK) reported total managed assets of approximately 14.8 billion USD at the end of January [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 完美醫療健康管理有限公司 呈交日期: 2025年11月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01830 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.1 | HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.1 | HKD | | 1,000,000,000 | ...

Core Insights - Perfect Medical (01830.HK) received a BB rating in the latest ESG assessment by Huazheng Index, improving from a B rating in the previous assessment [1][3] - The company ranked 6th among 14 Hong Kong-listed companies in the comprehensive consumer services sector for this ESG rating, up from 8th in the last assessment [1] ESG Performance Breakdown - Environmental (E) score: 79.47, rated BB, ranking 3rd out of 14 in the industry, focusing on climate change and environmental management [3] - Social (S) score: 74.59, rated B, ranking 9th out of 14, covering aspects such as human capital, product responsibility, supplier relations, social contributions, and data security [3] - Governance (G) score: 79.98, rated BB, ranking 6th out of 14, assessing shareholder rights, governance structure, disclosure quality, governance risks, external sanctions, and business ethics [3]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 完美醫療健康管理有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01830 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.1 | HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.1 | HKD | | 1,000,000,000 | 本 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 完美醫療健康管理有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01830 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.1 | HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.1 | HKD | | 1,000,000,000 | 本月 ...

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的任何損失承擔任何責任。 PERFECT MEDICAL HEALTH MANAGEMENT LIMITED 完美醫療健康管理有限公司 （於開曼群島註冊成立之有限公司） （股份代號：1830） 於二零二五年八月八日舉行的 股東週年大會投票結果 – 2 – 於股東週年大會日期： 由於超過50%票數贊成上述提呈的普通決議案，於股東週年大會上提呈的所有決議案已獲 正式通過為本公司決議案。 本公司香港股份過戶登記分處卓佳證券登記有限公司已獲委任為股東週年大會的監票員， 以監督點票工作。 承董事會命 完美醫療健康管理有限公司（「本公司」）欣然宣佈，於二零二五年八月八日中午十二時正舉 行的本公司股東週年大會（「股東週年大會」）上，於日期為二零二五年七月十六日包含股東 週年大會通告在內的通函（「通函」）所載的提呈決議案已獲本公司股東以投票方式表決。除 另有界定者外，本公佈所用詞彙與通函所界定者具有相同涵義。 於股東週年大會上提呈的決議案的投票結 ...

截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 公司名稱: 完美醫療健康管理有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01830 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.1 | HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.1 | HKD | | 1,000,000,000 | 本月 ...

[Company and Financial Overview](index=3&type=section&id=Company%20and%20Financial%20Overview) This section presents the company's core information and key financial performance, highlighting the significant decline in FY2025 results [Company Information](index=3&type=section&id=Company%20Information) This chapter provides core company information for Perfect Medical Health Management Limited, including board members, key officers, and basic share details - The company's Board of Directors comprises Executive Directors Dr. Au Yeung Kong (Chairman and CEO), Ms. Au Yeung Wai, Ms. Au Yeung Hung, Mr. So Hin Lung, and four Independent Non-executive Directors[6](index=6&type=chunk) - The company's auditor is PricewaterhouseCoopers, with stock code **1830** and board lot size of **1,000 shares**[7](index=7&type=chunk) [Financial Overview](index=5&type=section&id=Financial%20Overview) This chapter presents the company's key performance and financial position for the past five fiscal years, showing a significant decline in revenue and profit in FY2025 Five-Year Performance Overview (As of March 31) | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | 2023 (HKD thousands) | 2022 (HKD thousands) | 2021 (HKD thousands) | | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue** | 1,127,863 | 1,393,339 | 1,389,261 | 1,349,971 | 1,089,768 | | **Operating Profit** | 251,636 | 382,381 | 396,064 | 392,502 | 365,892 | | **Profit attributable to equity holders** | 206,895 | 315,800 | 315,638 | 305,245 | 284,634 | Five-Year Financial Position Overview (As of March 31) | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | 2023 (HKD thousands) | 2022 (HKD thousands) | 2021 (HKD thousands) | | :--- | :--- | :--- | :--- | :--- | :--- | | **Total Assets** | 935,908 | 1,221,812 | 1,296,294 | 1,281,199 | 1,480,368 | | **Total Liabilities** | 557,180 | 725,004 | 684,021 | 786,933 | 795,521 | [Financial Highlights](index=7&type=section&id=Financial%20Highlights) This chapter details the significant year-on-year decline in the company's FY2025 financial performance, with double-digit percentage drops in key metrics and weakening profitability ratios FY2025 vs FY2024 Financial Data Comparison | Financial Highlights (HKD thousands) | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | **Revenue** | 1,127,863 | 1,393,339 | (19.1%) | | **Operating Profit** | 251,636 | 382,381 | (34.2%) | | **Profit for the year attributable to equity holders of the Company** | 206,895 | 315,800 | (34.5%) | | **EBITDA** | 319,127 | 461,280 | (30.8%) | | **Basic Earnings Per Share (HK cents)** | 16.5 | 25.1 | - | | **Operating Profit Margin** | 22.3% | 27.4% | - | | **Net Profit Margin** | 18.3% | 22.7% | - | | **Return on Equity** | 54.6% | 63.6% | - | [Chairman's Statement](index=11&type=section&id=Chairman%27s%20Statement) Chairman Dr. Au Yeung Kong highlights a challenging FY2025 due to economic slowdown and changing consumer patterns, outlining strategies like international partnerships, M&A, and technology investment to build long-term competitiveness while maintaining a high dividend payout and zero debt - The company faced severe challenges from global economic slowdown and weak consumer confidence, particularly in Hong Kong and mainland China, leading to cautious and cross-border consumer spending for value-for-money services[29](index=29&type=chunk) - Despite declining profits, the Group is committed to maintaining a stable dividend culture with a payout ratio exceeding **100%** for ten consecutive years and upholding a **zero-debt** financial discipline[31](index=31&type=chunk) - Future innovation strategies include an exclusive partnership with Korean aesthetic medical chain 'Oracle' in Hong Kong to introduce Korean medical aesthetic technology, and actively seeking strategic M&A opportunities for aesthetic clinics in Shenzhen to capture cross-border consumption opportunities[32](index=32&type=chunk) - The Group will accelerate digital transformation, leveraging AI for personalized marketing, operational automation, and data-driven decision-making to enhance efficiency and customer experience[33](index=33&type=chunk) [Management Discussion and Analysis](index=15&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's financial performance, operational highlights across different regions, and future strategies, emphasizing cost optimization and strategic expansion amidst challenging market conditions [Overview and Financial Performance](index=15&type=section&id=Overview%20and%20Financial%20Performance) Amid global economic uncertainty and weak local consumption, the company's FY2025 revenue declined **19.1%** to **HKD 1.128 billion** and net profit fell **34.5%** to **HKD 207 million**, prompting significant cost optimization measures while maintaining a high dividend payout ratio - Hong Kong's economy faced severe challenges with low consumer sentiment and increased cross-border spending in Shenzhen, contributing to a **7.3% year-on-year decline** in total retail sales in 2024[36](index=36&type=chunk) Revenue by Geographical Region | Region | 2025 (HKD millions) | % of Total | 2024 (HKD millions) | % of Total | | :--- | :--- | :--- | :--- | :--- | | **Hong Kong** | 893.8 | 79.2 | 1,081.4 | 77.6 | | **Outside Hong Kong** | 234.1 | 20.8 | 311.9 | 22.4 | | **Total** | **1,127.9** | **100.0** | **1,393.3** | **100.0** | Changes in Key Cost Components | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | **Employee Benefit Expenses** | 408,885 | 471,650 | (13.3%) | | **Marketing Expenses** | 140,305 | 159,596 | (12.1%) | | **Rental and Lease-related Expenses** | 147,891 | 165,072 | (10.4%) | - The Board recommended a final dividend of **HK 5.3 cents per share**, bringing the total annual dividend to **HK 16.6 cents per share** with an aggregate payout ratio of **100.6%**, including interim and special dividends[46](index=46&type=chunk) [Business Overview](index=19&type=section&id=Business%20Overview) This chapter reviews business performance across key markets, noting a **17.3% revenue decline** in Hong Kong, while non-medical aesthetic services like 'Goku Spa' showed improved performance, and the company cautiously expanded in strategic cities outside Hong Kong - Hong Kong operations were impacted by intensified market competition, consumption downgrade, and increased outbound travel, prompting the company to strengthen core products, enhance operational efficiency, and optimize its product portfolio[48](index=48&type=chunk)[50](index=50&type=chunk) - Within non-medical aesthetic services, the 'Goku Spa' sleep treatment service, a collaboration with a Japanese brand, received positive market response and significantly narrowed its operating loss during the year, demonstrating its commercial potential[53](index=53&type=chunk) - Operations outside Hong Kong saw slow recovery in mainland China, where the company cautiously expanded in strategically valuable cities (Greater Bay Area, East China), while Australia and Singapore businesses continued to be affected by high inflation and weak consumer sentiment[56](index=56&type=chunk) [Financial Review, Human Resources and Outlook](index=24&type=section&id=Financial%20Review%2C%20Human%20Resources%20and%20Outlook) This section outlines the company's robust financial position with **zero external debt** and ample cash flow, a reduced workforce of **971 employees**, and a future outlook focused on optimizing Hong Kong operations, cautious mainland expansion, and growth driven by technology innovation and international partnerships - The company maintained a robust financial position with **HKD 395 million** in bank and cash balances as of March 31, 2025, **no external bank borrowings**, and a **zero debt-to-asset ratio**[58](index=58&type=chunk) - As of March 31, 2025, the Group employed **971 employees**, a significant reduction from **1,273** in the prior year, reflecting the company's cost optimization measures[65](index=65&type=chunk) - Key future growth strategies include international cooperation and M&A: an exclusive partnership agreement signed with Korean aesthetic medical brand 'Oracle' for Hong Kong, and active pursuit of M&A opportunities for aesthetic clinics in Shenzhen to capture cross-border consumption[69](index=69&type=chunk) [Significant Investments](index=27&type=section&id=Significant%20Investments) This section discloses the company's significant listed equity securities investments, totaling approximately **HKD 95.51 million** in fair value, including Hong Kong blue-chip stocks and technology giants like Tencent, Meituan, and NVIDIA Listed Equity Securities Investment Portfolio (As of March 31, 2025) | Investment Name | Number of Shares | Investment Cost (HKD thousands) | Fair Value (HKD thousands) | % of Group's Total Assets | | :--- | :--- | :--- | :--- | :--- | | **Hang Seng Bank** | 50,000 | 8,113 | 5,270 | 0.56% | | **MTR Corporation** | 200,000 | 9,172 | 5,090 | 0.54% | | **HKEX** | 40,000 | 19,053 | 13,792 | 1.47% | | **Tencent Holdings** | 110,000 | 53,607 | 54,670 | 5.84% | | **Meituan** | 80,000 | 21,301 | 12,464 | 1.33% | | **NVIDIA** | 5,000 | 5,216 | 4,227 | 0.45% | | **Total** | - | **116,462** | **95,513** | - | [Directors, Governance and Reports](index=29&type=section&id=Directors%2C%20Governance%20and%20Reports) This section details the company's board of directors and senior management, outlines its corporate governance framework, and provides the statutory directors' report, including dividend policy, share option scheme, and major shareholder interests [Biographies of Directors and Senior Management](index=29&type=section&id=Biographies%20of%20Directors%20and%20Senior%20Management) This chapter introduces the backgrounds and experiences of the company's executive and independent non-executive directors, highlighting the core management team's extensive experience in the medical aesthetic industry - Key members of the Executive Director team include: Founder Dr. Au Yeung Kong (Chairman and CEO), responsible for overall management and strategy; Ms. Au Yeung Wai, responsible for daily operations; Ms. Au Yeung Hung, responsible for service center operations management; and Mr. So Hin Lung, serving as Chief Financial Officer and Company Secretary[78](index=78&type=chunk)[79](index=79&type=chunk) [Corporate Governance Report](index=31&type=section&id=Corporate%20Governance%20Report) This report outlines the company's corporate governance structure, confirming compliance with most code provisions, detailing the board and its committees, risk management, internal controls, and shareholder communication, while noting the combined roles of Chairman and CEO - The company reported compliance with the Corporate Governance Code, with one deviation: the roles of Chairman and Chief Executive Officer are combined and held by Dr. Au Yeung Kong, which the Board believes provides strong leadership[85](index=85&type=chunk) - The company has three Board Committees: Audit, Remuneration, and Nomination, all chaired by Independent Non-executive Directors, which regularly convene to fulfill their duties[105](index=105&type=chunk)[108](index=108&type=chunk)[112](index=112&type=chunk) - The company has established an enterprise risk management framework, adopting a 'three lines of defense model,' and appointed an external independent professional (Zhihui Enterprise Management Professionals Limited) to conduct annual reviews of its risk management and internal control systems[126](index=126&type=chunk)[128](index=128&type=chunk)[129](index=129&type=chunk) - During the year, the company held **130 meetings** with over **398 institutional investors** and research analysts to maintain effective communication with the investment community[139](index=139&type=chunk) [Directors' Report](index=47&type=section&id=Directors%27%20Report) This statutory report covers the company's principal business, annual results, dividend policy, key risks, share capital changes, and directors' and major shareholders' interests, reiterating the proposed final dividend of **HK 5.3 cents per share** - The Directors recommended a final dividend of **HK 5.3 cents per share**, bringing the total annual dividend to **HK 16.6 cents per share**, including interim and special dividends[145](index=145&type=chunk) - As of the year-end, the top five suppliers accounted for **46.9%** of total purchases, with the largest supplier at **23.6%**, indicating high supplier concentration, while the top five customers accounted for only **0.78%** of total sales, indicating a diversified customer base[160](index=160&type=chunk) Changes in Directors' Interests Under Share Option Scheme (As of March 31, 2025) | Director Name | Balance at Beginning of Year | Granted During Year | Exercised During Year | Balance at End of Year | | :--- | :--- | :--- | :--- | :--- | | **Dr. Au Yeung Kong** | 1,256,000 | 1,256,000 | — | 2,512,000 | | **Ms. Au Yeung Wai** | 1,256,000 | 1,256,000 | — | 2,512,000 | | **Ms. Au Yeung Hung** | 1,256,000 | 1,256,000 | — | 2,512,000 | | **Total** | **3,768,000** | **3,768,000** | **—** | **7,536,000** | - Major shareholder Sure Sino Investments Limited and its concert parties (Dr. Au Yeung Kong, Ms. Au Yeung Wai, Ms. Au Yeung Hung) collectively hold approximately **75.18%** of the company's shares, indicating high equity concentration[188](index=188&type=chunk)[191](index=191&type=chunk)[193](index=193&type=chunk) [Audit and Financial Statements](index=62&type=section&id=Audit%20and%20Financial%20Statements) This section includes the independent auditor's report, which provides an unqualified opinion on the consolidated financial statements, and presents the core financial statements along with detailed notes, highlighting the significant decline in FY2025 performance [Independent Auditor's Report](index=62&type=section&id=Independent%20Auditor%27s%20Report) The auditor, PricewaterhouseCoopers, issued an unqualified opinion on the consolidated financial statements, identifying 'revenue recognition from sales of treatment services' as a key audit matter due to significant management judgment in estimating unused entitlements - The auditor issued an **unqualified opinion** on the consolidated financial statements, deeming them to present a true and fair view of the Group's financial position and performance[213](index=213&type=chunk) - A key audit matter identified in the report is 'revenue recognition from sales of treatment services,' which the auditor focused on due to the subjectivity and significant management judgment involved in estimating customers' unused treatment entitlements (unused rights), and the substantial amount of related revenue[219](index=219&type=chunk)[222](index=222&type=chunk) [Consolidated Financial Statements](index=68&type=section&id=Consolidated%20Financial%20Statements) This section contains the core financial statements, including the consolidated statement of comprehensive income, statement of financial position, statement of changes in equity, and cash flow statement, along with detailed notes, reflecting a significant decline in FY2025 revenue and profit [Consolidated Statement of Comprehensive Income](index=69&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) In FY2025, the company's revenue was **HKD 1.128 billion**, a **19.1% decrease** from **HKD 1.393 billion** last year, with profit attributable to equity holders falling **34.5%** to **HKD 207 million** and basic earnings per share at **HK 16.5 cents** Consolidated Statement of Comprehensive Income Summary | Metric (HKD thousands) | 2025 | 2024 | | :--- | :--- | :--- | | **Revenue** | 1,127,863 | 1,393,339 | | **Operating Profit** | 251,636 | 382,381 | | **Profit before income tax** | 252,549 | 383,723 | | **Profit for the year** | 206,370 | 310,399 | | **Profit attributable to equity holders of the Company** | 206,895 | 315,800 | [Consolidated Statement of Financial Position](index=71&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, total assets were **HKD 936 million**, a decrease from **HKD 1.222 billion** last year, with total liabilities at **HKD 557 million** and total equity at **HKD 379 million**, maintaining a stable financial position despite asset reduction Consolidated Statement of Financial Position Summary | Metric (HKD thousands) | As of March 31, 2025 | As of March 31, 2024 | | :--- | :--- | :--- | | **Non-current assets** | 464,300 | 524,667 | | **Current assets** | 471,608 | 697,145 | | **Total assets** | 935,908 | 1,221,812 | | **Total equity** | 378,728 | 496,808 | | **Non-current liabilities** | 157,938 | 208,184 | | **Current liabilities** | 399,242 | 516,820 | | **Total liabilities** | 557,180 | 725,004 | [Consolidated Statement of Cash Flows](index=74&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) In FY2025, net cash from operating activities was **HKD 333 million**, but significant cash outflows from investing (**HKD 172 million**) and financing (**HKD 478 million**, mainly dividends) led to a net decrease of **HKD 317 million** in cash and cash equivalents, with an ending balance of **HKD 249 million** Consolidated Statement of Cash Flows Summary | Metric (HKD thousands) | 2025 | 2024 | | :--- | :--- | :--- | | **Net cash generated from operating activities** | 332,878 | 497,123 | | **Net cash (used in) / generated from investing activities** | (171,928) | 162,564 | | **Net cash used in financing activities** | (477,951) | (520,970) | | **Net (decrease) / increase in cash and cash equivalents** | (317,001) | 138,717 | | **Cash and cash equivalents at March 31** | 249,074 | 567,401 | [Notes to the Consolidated Financial Statements](index=75&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) This section provides detailed supplementary information to the financial statements, highlighting that revenue primarily originates from Hong Kong (**79.2%**) and treatment services, with significant dividend payments totaling **HKD 359 million** and deferred revenue of **HKD 200 million** representing a key future income source - Revenue recognition policy: Revenue from medical aesthetic services is recognized when services are rendered; advance payments for treatment packages are recorded as deferred revenue, with management estimating customers' unused entitlements (unused rights) based on historical data and recognizing revenue proportionally[289](index=289&type=chunk) - Segment information indicates that the Hong Kong market contributed **79.2%** of revenue (**HKD 894 million**), while regions outside Hong Kong contributed **20.8%** (**HKD 234 million**)[331](index=331&type=chunk) - Total dividends paid during the year amounted to **HKD 359 million**, comprising final and special dividends for FY2024 and interim and special dividends for FY2025[343](index=343&type=chunk)[428](index=428&type=chunk)

[Performance Highlights](index=1&type=section&id=Performance%20Highlights) [Full-Year Performance Summary](index=1&type=section&id=Full-Year%20Performance%20Summary) Amidst a weak economy, the Group's FY2025 full-year performance declined, with revenue down 19.1% and profit attributable to owners down 34.5%, yet maintaining an 18.3% net profit margin and proposing a final dividend for over 100% annual payout ratio, continuing a decade-long high dividend record Full-Year Performance Summary (HKD millions) | Metric | FY2025 (HKD millions) | FY2024 (HKD millions) | YoY Change | | :--- | :--- | :--- | :--- | | Full-Year Revenue | 1,127.9 | 1,393.3 | -19.1% | | Profit Attributable to Owners | 206.9 | 315.8 | -34.5% | | Net Profit Margin | 18.3% | 22.7% | -4.4pp | - Performance decline primarily due to weak Hong Kong economy, outbound consumer spending, and intense price competition in mainland China market[2](index=2&type=chunk) - Proposed final dividend of **5.3 HK cents per share**, with total annual dividend of **16.6 HK cents**, achieving an annual payout ratio of **100.6%**[2](index=2&type=chunk) - Since its 2012 listing, the Group has maintained an over **100% payout ratio** for ten consecutive years, with cumulative dividends exceeding **HKD 3.28 billion**[2](index=2&type=chunk)[38](index=38&type=chunk) [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) For FY2025, Group revenue was HKD 1.128 billion, a 19.1% decrease year-on-year, with operating profit declining 34.2% to HKD 252 million as expense reductions could not fully offset the revenue drop, resulting in a 33.5% decrease in profit for the year to HKD 206 million and basic earnings per share of 16.5 HK cents Consolidated Statement of Comprehensive Income (HKD thousands) | Financial Metric | FY2025 (HKD thousands) | FY2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 1,127,863 | 1,393,339 | -19.1% | | Operating Profit | 251,636 | 382,381 | -34.2% | | Profit Before Income Tax | 252,549 | 383,723 | -34.2% | | Profit for the Year | 206,370 | 310,399 | -33.5% | | Profit Attributable to Owners of the Company | 206,895 | 315,800 | -34.5% | | Basic Earnings Per Share | 16.5 HK cents | 25.1 HK cents | -34.3% | [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group's total assets decreased to HKD 936 million from HKD 1.222 billion, and total equity declined to HKD 379 million from HKD 497 million, reflecting lower annual profit and dividend payouts, while maintaining a zero bank borrowing position Consolidated Statement of Financial Position (HKD thousands) | Balance Sheet Item | As of March 31, 2025 (HKD thousands) | As of March 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | **Assets** | | | | Non-current Assets | 464,300 | 524,667 | | Current Assets | 471,608 | 697,145 | | **Total Assets** | **935,908** | **1,221,812** | | **Equity and Liabilities** | | | | Total Equity | 378,728 | 496,808 | | Non-current Liabilities | 157,938 | 208,184 | | Current Liabilities | 399,242 | 516,820 | | **Total Liabilities** | **557,180** | **725,004** | | **Total Equity and Liabilities** | **935,908** | **1,221,812** | - Cash and cash equivalents within current assets significantly decreased from **HKD 567 million** to **HKD 249 million**, primarily due to dividend payments and reduced operating cash flow[5](index=5&type=chunk) [Notes to the Financial Statements](index=6&type=section&id=Notes%20to%20the%20Financial%20Statements) [Segment Information](index=7&type=section&id=Segment%20Information) The Group operates primarily in Hong Kong and non-Hong Kong regions, with Hong Kong remaining the main revenue source at 79.2% of total revenue, though both regions experienced declines in revenue and profit, with non-Hong Kong revenue down 25.0% and Hong Kong revenue down 17.3% Revenue by Region (HKD thousands) | Revenue by Region | FY2025 (HKD thousands) | FY2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Hong Kong | 893,804 | 1,081,377 | -17.3% | | Non-Hong Kong Regions | 234,059 | 311,962 | -25.0% | | **Total** | **1,127,863** | **1,393,339** | **-19.1%** | Profit Before Tax by Region (HKD thousands) | Profit Before Tax by Region | FY2025 (HKD thousands) | FY2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Hong Kong | 179,188 | 256,664 | -30.2% | | Non-Hong Kong Regions | 73,361 | 127,059 | -42.3% | | **Total** | **252,549** | **383,723** | **-34.2%** | [Dividends](index=12&type=section&id=Dividends) The Board proposed a final dividend of 5.3 HK cents per share, bringing the total FY2025 dividend to 16.6 HK cents per share, approximately HKD 209 million, representing a 100.6% payout ratio Dividend Details (Per Share) | Dividend Details (Per Share) | FY2025 (HK cents) | FY2024 (HK cents) | | :--- | :--- | :--- | | Interim Dividend | 11.2 | 13.2 | | Special Dividend | 0.1 | 1.0 | | Proposed Final Dividend | 5.3 | 11.9 | | **Total Annual Dividend** | **16.6** | **26.1** | - The proposed final dividend of approximately **HKD 66.58 million** is subject to approval at the Annual General Meeting[30](index=30&type=chunk) [Trade Receivables](index=13&type=section&id=Trade%20Receivables) At fiscal year-end, the Group's trade receivables significantly decreased by 54.8% to HKD 28.36 million from HKD 62.78 million, with most receivables aged within 60 days, and the Group identifies no significant credit concentration risk or impairment - Total trade receivables decreased from **HKD 62.78 million** to **HKD 28.36 million**, a **54.8% year-on-year reduction**[29](index=29&type=chunk) - Trade receivables aged within **60 days** accounted for **79.6%** of the total (**HKD 22.57 million**)[29](index=29&type=chunk) - The Group considers overdue but not impaired trade receivables (approximately **HKD 0.385 million**) to be low risk, primarily from counterparties with high credit ratings and no default history[31](index=31&type=chunk) [Management Discussion and Analysis](index=15&type=section&id=Management%20Discussion%20and%20Analysis) [Overview and Financial Performance](index=15&type=section&id=Overview%20and%20Financial%20Performance) In FY2025, the Group faced a challenging macroeconomic environment, including global trade tensions and weak consumer confidence, particularly in Hong Kong, leading to significant cost optimization measures like a reduction of 302 employees and store consolidation, which partially mitigated the 34.5% profit decline - Macroeconomic challenges include trade tensions, inflationary pressures, and insufficient consumer confidence, particularly impacting consumer-oriented industries[36](index=36&type=chunk) - To counter adversity, the Group implemented significant cost optimization measures in H2 FY2025, reducing total staff by **302 employees** and consolidating stores to lower operating costs[37](index=37&type=chunk) Key Cost Items (HKD thousands) | Key Cost Items | FY2025 (HKD thousands) | FY2024 (HKD thousands) | Change % | | :--- | :--- | :--- | :--- | | Employee Benefit Expenses | 408,885 | 471,650 | (13.3%) | | Marketing and Promotion Expenses | 140,305 | 159,596 | (12.1%) | | Rental and Lease-related Expenses | 147,891 | 165,072 | (10.4%) | Key Performance Indicators (HKD millions) | Key Performance Indicators | FY2025 (HKD millions) | FY2024 (HKD millions) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 1,127.9 | 1,393.3 | -19.1% | | EBITDA | 319.1 | 461.3 | -30.8% | | Operating Profit | 251.6 | 382.4 | -34.2% | | Profit Attributable to Owners | 206.9 | 315.8 | -34.5% | [Business Overview](index=18&type=section&id=Business%20Overview) The Group's business is divided into Hong Kong and non-Hong Kong regions, with Hong Kong revenue down 17.3% due to consumer downgrading and cross-border competition, while non-Hong Kong operations also faced challenges, yet the Group strategically expanded in key cities and introduced 'Goku Spa' to the China market [Hong Kong Operations](index=18&type=section&id=Hong%20Kong%20Operations) Hong Kong operations faced intensified market competition, consumer downgrading, and increased outbound tourism, leading to a 17.3% year-on-year revenue decline, prompting the Group to enhance value-for-money services, strategically expand community stores, and significantly narrow losses in 'Goku Spa' sleep therapy services - Overall Hong Kong revenue decreased by **17.3% year-on-year**, primarily due to consumers seeking higher value-for-money beauty services in Shenzhen and Korea[46](index=46&type=chunk) - The Group reduced costs by integrating operations, renegotiating leases, and optimizing human resources, while expanding its community store network to enhance customer loyalty[46](index=46&type=chunk) - Non-medical beauty service 'Goku Spa' significantly narrowed its operating loss during the year, indicating gradual business model improvement and growth potential[48](index=48&type=chunk) [Non-Hong Kong Operations](index=19&type=section&id=Non-Hong%20Kong%20Operations) Non-Hong Kong operations in mainland China, Macau, Singapore, and Australia faced distinct macroeconomic challenges, with slow recovery in mainland China where the Group cautiously expanded and introduced 'Goku Spa', while Australia and Singapore struggled with high inflation, prompting a focus on operational efficiency - In the mainland China market, the Group adopted a cautious expansion strategy, introducing the 'Goku Spa' brand to southern and eastern markets in H2 FY2025[50](index=50&type=chunk) - Australia and Singapore operations experienced slow recovery due to high inflation and weak consumption, leading the Group to focus on enhancing operational efficiency[50](index=50&type=chunk) [Financial Review](index=20&type=section&id=Financial%20Review) The Group maintains a robust financial position with HKD 395 million in cash and bank balances, zero external bank borrowings, and a zero debt-to-asset ratio, generating HKD 333 million in net cash from operating activities, with sufficient internal funds for future expansion and operations - The Group's financial position is robust, with cash and bank balances of **HKD 395 million**, no external bank borrowings, and a **zero debt-to-asset ratio**[51](index=51&type=chunk) - Net cash generated from operating activities during the year was **HKD 333 million**, a decrease year-on-year (FY2024: **HKD 497 million**)[51](index=51&type=chunk) - Capital expenditure during the year amounted to **HKD 33.5 million**, primarily for leasehold improvements and equipment[52](index=52&type=chunk) [Outlook and Strategy](index=22&type=section&id=Outlook%20and%20Strategy) The Group anticipates a volatile economic environment and plans to implement key strategies including digital transformation with AI, strengthening international partnerships like the exclusive agreement with Korean aesthetic brand 'Oracle' for Hong Kong, and actively pursuing strategic M&A in Shenzhen to capture cross-border consumption opportunities, aiming to lay a solid foundation for future profit growth - A core strategy is to drive digital transformation, introducing AI and data-driven management tools to analyze vast customer data for personalized services and optimized marketing strategies[63](index=63&type=chunk) - The Group signed an exclusive cooperation agreement for the Hong Kong market with Korean aesthetic brand 'Oracle' in Q1 FY2026, aiming to introduce high-safety and high-repurchase Korean aesthetic technologies to accelerate sales growth[64](index=64&type=chunk) - The Group is actively seeking strategic M&A opportunities for aesthetic clinics with development potential in Shenzhen to capture the structural growth opportunity of cross-border aesthetic consumption by Hong Kong residents[64](index=64&type=chunk) - The Group will continue to uphold prudent financial management, leverage its zero-borrowing advantage, and maintain an attractive shareholder return policy[65](index=65&type=chunk) [Dividends and Corporate Governance](index=24&type=section&id=Dividends%20and%20Corporate%20Governance) [Dividend Policy](index=24&type=section&id=Dividend%20Policy) The Board proposed a final dividend of 5.3 HK cents per share, bringing the total annual dividend to 16.6 HK cents per share, continuing the company's commitment to high shareholder returns - Proposed final dividend of **5.3 HK cents per share**, with a total annual dividend of **16.6 HK cents per share**[66](index=66&type=chunk) [Corporate Governance](index=25&type=section&id=Corporate%20Governance%20Practices) The Group complied with the Corporate Governance Code, with one deviation where the roles of Chairman and CEO are combined under Dr. Ouyang Jiang, which the Board believes provides strong and consistent leadership beneficial to the Group's business, and the Audit Committee has reviewed the full-year results - A deviation from the Corporate Governance Code exists: the roles of Chairman and Chief Executive Officer are not separated, both held by Dr. Ouyang Jiang[69](index=69&type=chunk) - The Board believes that combining the roles of Chairman and Chief Executive Officer provides strong and consistent leadership for effective planning and execution of business decisions[69](index=69&type=chunk) - The Audit Committee, comprising four independent non-executive directors, has reviewed the Group's financial statements and full-year results[71](index=71&type=chunk)