业绩简评 2025 年 3 月 24 日公司披露年报， 24 年实现营收 5.58 亿元，同 比增长 35.5%，其中精准营销及企业解决方案实现营收5.13亿元， 同比增长 37.5%；实现归母净利润 3.15 亿元，同比增长 30.1%。 公司派发末期股息，股利支付率为 60.4%。 经营分析 平台生态持续夯实，精准营销展业顺利。截至 24 年末，"医脉通" 平台注册医师用户数突破 700 万，覆盖全国 88%执业医师，24 年 月活量达 265 万人，同比增长 10.4%。公司合作医疗客户数 228 家，同比增长 25.3%；合作医疗产品数 506 个，同比增长 31.1%； 付费点击次数为 1,330 万次，同比增长 37.1%；参与付费点击的医 师 86.7 万人，同比增长 12.0%。通过 AI 优化算法，平台首条检索 结果点击率由 36.9%提升至 43.5%，付费点击次数有望持续提升。 AI 赋能多元内容，费用控制良好。公司自研医学垂域大模型已通 过国家网信办备案，模型依托亿万级权威医学数据库，融合 NLP、 CV、RAG 及多模态技术，生成内容准确性、可溯源性较高，公司已 接入 DeepSee ...

医学知识解决方案的收益主要来自提供涵盖持续医学教育及临床决策支持的专业医学信息，包括向医 师、其他注册用户(包括其他医疗专业人员)及制药公司授权软件使用。医学知识解决方案的收益由同比 增加约10.8%至1790万元，主要是由于集团提供了更多医学知识产品扩大了用户基础，令付费用户增 加。 智能患者管理解决方案的收益同比增加约21.0% 至2800万元，主要是由于集团建立的单病种患者管理平 台初见成效及规模，在学术教育医生，提升规范化诊疗水平的同时，有效链接了医生和患者，科学化、 高效地实现了患者管理及教育服务。 智通财经APP讯，医脉通(02192)公布2024年业绩，收益约5.58亿元，同比增长35.5%。毛利约3.27亿 元，同比增长30.2%。母公司拥有人应占溢利约3.15亿元，同比增长30.1%。基本每股盈利43.23分，拟 派末期股息每股0.1366元。 该集团大部分营业收入来自精准营销解决方案，该解决方案为制药及医疗设备公司提供数字医疗营销服 务。受益于医改深化所带来的创新药上市及商业化提速、制药及医疗设备公司对营销效率提升的重视， 集团提供的精准营销及企业解决方案获得更多客户关注。凭借合规、精准、 ...

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告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容所產生或 因依賴該等內容而引致的任何損失承擔任何責任。 Medlive Technology Co., Ltd. 醫脈通科技有限公司 （於開曼群島註冊成立的有限責任公司） （股份代號：2192） 截至2024年12月31日止年度的年度業績公告 | 財務摘要 | | | | | --- | --- | --- | --- | | | 截至12月31日止年度 | | 同比變動* | | | 2024年 | 2023年 | | | | （人民幣千元） | | % | | 收益 | 558,455 | 412,004 | 35.5 | | 銷售成本 | (231,233) | (160,669) | 43.9 | | 毛利 | 327,222 | 251,335 | 30.2 | | 年內溢利 | 330,301 | 251,760 | 31.2 | | 母公司擁有人應佔溢利 | 315,146 | 242,301 | 30.1 | | 非香港財務報告準則經調整淨 ...

medlive.cn Medlive Technology Co., Ltd. 醫脈 通 科 技 有 限 公 司 (Incorporated in the Cayman Islands with limited liability) ( 於開曼群島註冊成立的有限責任公司) Stock Code 股份代號 : 2192 INTERIM REPORT 中期報告 2024 Contents 目錄 Corporate Information | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------| | | | 公司資料 | | Business Overview and Outlook 業務概覽及展望 | | Management Discussion and Analysis 管理層討論與分析 | | Unaudited Interim Condensed Consol ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price range of HKD 10.38 to 10.38 [8] Core Views - The company achieved revenue of RMB 243 million in H1 2024, a YoY increase of 40.3%, and net profit attributable to shareholders of RMB 147 million, a YoY increase of 48.6% [1] - Adjusted net profit attributable to shareholders, excluding interest income, was RMB 52 million, a YoY increase of 40.1% [1] - The company's platform, Yimaitong, has nearly 7 million registered users, including over 4 million licensed physicians, covering 88% of licensed physicians in China [2] - Monthly active users (MAU) reached 2.5 million, a YoY increase of 13.6% [2] Business Analysis Platform Performance - Yimaitong's high physician coverage and user activity provide a solid foundation for precision marketing and intelligent patient management solutions [2] - The number of participating patients reached 457,000, a YoY increase of 46.9%, and the number of cooperating physicians reached 134,000, a YoY increase of 50.6% [2] Revenue Breakdown - Precision marketing and enterprise solutions revenue reached RMB 226 million, a YoY increase of 42.7%, with 158 medical clients, a YoY increase of 27.4% [2] - Medical knowledge solutions revenue was RMB 8.422 million, a YoY increase of 4.5%, driven by user growth [2] - Intelligent patient management solutions revenue was RMB 9.381 million, a YoY increase of 27.7% [2] Cost and Efficiency - Gross margin remained stable at 60.5%, slightly down by 0.1 percentage points YoY [2] - Sales expense ratio and management expense ratio (excluding R&D) decreased by 2.4 and 3.8 percentage points YoY, respectively, due to economies of scale [2] - R&D expenses as a percentage of revenue increased by 1.9 percentage points YoY, mainly due to investments in large model product development [2] Financial Forecasts - Revenue is expected to grow to RMB 541 million in 2024, RMB 712 million in 2025, and RMB 928 million in 2026, with YoY growth rates of 31.4%, 31.5%, and 30.4%, respectively [3] - Net profit attributable to shareholders is forecasted to be RMB 267 million in 2024, RMB 284 million in 2025, and RMB 304 million in 2026, with YoY growth rates of 10.3%, 6.2%, and 7.0%, respectively [3] - The company's P/E ratio is expected to be 19.3x in 2024, 18.2x in 2025, and 17.0x in 2026 [3] Historical Performance - Revenue in 2022 was RMB 314 million, growing to RMB 412 million in 2023, with YoY growth rates of 10.41% and 31.19%, respectively [5] - Net profit attributable to shareholders in 2022 was RMB 117 million, increasing to RMB 242 million in 2023, with YoY growth rates of 188.85% and 106.53%, respectively [5] - ROE (attributable to shareholders) improved from 2.67% in 2022 to 5.27% in 2023 [5]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [3][8]. Core Insights - The company reported a revenue of 243 million RMB for the first half of 2024, representing a year-on-year growth of 40.3%, and a net profit attributable to shareholders of 147 million RMB, up 48.6% year-on-year [1]. - The user base of the company's platform continues to grow, with nearly 7 million registered users, including over 4 million licensed physicians, covering 88% of licensed physicians nationwide [2]. - The revenue from precision marketing and enterprise solutions reached 226 million RMB, a 42.7% increase year-on-year, with the number of cooperative medical clients growing by 27.4% to 158 [2]. - The company expects to achieve revenues of 541 million RMB, 712 million RMB, and 928 million RMB for the years 2024, 2025, and 2026, respectively, with growth rates of 31.4%, 31.5%, and 30.4% [3][5]. Summary by Sections Performance Overview - In H1 2024, the company achieved a revenue of 243 million RMB, a 40.3% increase year-on-year, and a net profit of 147 million RMB, up 48.6% year-on-year [1]. Business Analysis - The platform's monthly active users reached 2.5 million, a 13.6% increase year-on-year, supporting targeted marketing and patient management solutions [2]. - Revenue from intelligent patient management solutions grew by 27.7% to 9.38 million RMB, with the number of participating patients increasing by 46.9% [2]. - The gross margin remained stable at 60.5%, with a slight decrease of 0.1 percentage points year-on-year [2]. Profit Forecast and Valuation - The company is projected to achieve net profits of 267 million RMB, 284 million RMB, and 304 million RMB for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 19.3, 18.2, and 17.0 [3][5].

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告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容所產生或 因依賴該等內容而引致的任何損失承擔任何責任。 Medlive Technology Co., Ltd. 醫脈通科技有限公司 （於開曼群島註冊成立的有限責任公司） （股份代號：2192） 截至2024年6月30日止六個月的中期業績公告 財務摘要 | --- | --- | |--------------|-----------| | 日止六個月 | 同比變動* | | 2023年 | | | （未經審核） | | | | % | 收益 243,443 173,506 40.3 銷售成本 (96,114) (68,283) 40.8 | --- | --- | --- | --- | |----------------------|---------|---------|-------| | 毛利 | 147,329 | 105,223 | 40.0 | | 期間溢利 | 152,706 | 101,659 | 50.2 | | 母公司擁有人應佔溢利 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 10.38 per share, based on a 26x PE valuation for 2024 [2] Core Investment Thesis - The company is a leading online professional physician platform in China, with a comprehensive product matrix covering APP, PC, and mini-programs [1] - It has formed strategic partnerships with top academic institutions and expanded its user base through AI features and medical conference scenarios [1] - The platform has 6.8 million registered users as of 2023, with 4 million licensed physicians, accounting for 87% of China's total licensed physicians [1] - The company collaborates with M3, a leading Japanese medical IT company, to expand its business scope and provide targeted pharmaceutical marketing solutions [1] - Revenue grew at a CAGR of 37.6% from 2018 to 2023, reaching RMB 410 million in 2023, a 31.2% YoY increase [1] Business Model and Growth Drivers - The company started with medical tool software and has continuously enriched its product offerings, including AI-powered features like MedliveGPT [10][11] - It has expanded into digital marketing for pharmaceutical companies, offering precision marketing and enterprise solutions [18] - The company provides intelligent patient management solutions, connecting doctors and patients while improving treatment adherence [21] - It has actively pursued M&A to expand its business scope, including acquiring medical conference SaaS providers [12] Financial Performance and Projections - Revenue is projected to grow at a CAGR of 31.4% from 2024 to 2026, reaching RMB 928 million in 2026 [2] - Net profit attributable to shareholders is expected to grow at a CAGR of 6.7% from 2024 to 2026, reaching RMB 304 million in 2026 [2] - The company's adjusted non-GAAP net profit margin has remained above 20% since 2018, outperforming peers [35] Industry Analysis - The digital pharmaceutical marketing market in China is expected to grow at a CAGR of 31.3% from 2022 to 2030, reaching RMB 356.8 billion by 2030 [30] - The company's physician platform model complements traditional offline marketing, meeting pharmaceutical companies' cost-effectiveness and compliance needs [32] - With 4 million licensed physician users, the company holds a leading position in the physician platform segment [34] Competitive Advantages - The company has the largest market share in the physician platform segment, with a 20.3% market share in 2021 [34] - Its revenue growth and adjusted non-GAAP net profit margin are higher than listed peers [1] - The platform's direct connection to physicians provides high user stickiness and enables expansion into patient recruitment, academic conferences, and patient management [32]

Financial Performance - Revenue for 2023 increased to RMB 412,004 thousand, up from RMB 314,054 thousand in 2022[6] - Gross profit for 2023 was RMB 251,335 thousand, compared to RMB 212,741 thousand in 2022[6] - Profit for the year in 2023 was RMB 251,760 thousand, significantly higher than RMB 126,421 thousand in 2022[6] - Profit attributable to owners of the parent in 2023 was RMB 242,301 thousand, up from RMB 117,321 thousand in 2022[6] - Revenue for the year ended 31 December 2023 was RMB412.0 million, a 31.2% increase compared to the previous year[19] - Net profit for 2023 increased by 99.1% to RMB251.8 million, with a net profit margin of 61.1%, up 20.8 percentage points from 2022[19] - Adjusted net profit for 2023 was RMB271.1 million, an 86.8% increase from 2022, with an adjusted net profit margin of 65.8%, up 19.6 percentage points[19] - Revenue from precision marketing and corporate solutions grew by 29.3% to RMB372.7 million in 2023[23] - Revenue from medical knowledge solutions increased by 31.6% from RMB12.3 million in 2022 to RMB16.1 million in 2023[65][66] - Revenue from intelligent patient management solutions grew by 70.2% from RMB13.6 million in 2022 to RMB23.2 million in 2023[67][68] - Cost of sales increased by 58.6% from RMB101.3 million in 2022 to RMB160.7 million in 2023[69] - Gross profit rose by 18.1% to RMB251.3 million in 2023, but gross profit margin decreased from 67.7% in 2022 to 61.0% in 2023[69] - Other income and gains surged to RMB188.5 million in 2023, up from RMB75.7 million in 2022[69] - Selling and distribution expenses increased by 13.4% from RMB28.9 million in 2022 to RMB32.8 million in 2023[70] - Administrative expenses grew by 18.0% from RMB122.4 million in 2022 to RMB144.5 million in 2023[71][72] - The Group's profit before tax increased by approximately 87.5% from RMB135.0 million in 2022 to RMB253.1 million in 2023[73] - The Group's profit for the year increased by approximately 99.1% from RMB126.4 million in 2022 to RMB251.8 million in 2023[73] - The Group's net profit margin increased by 20.8 percentage points from 40.3% in 2022 to 61.1% in 2023[74] - Adjusted net profit for the year ended 31 December 2023 was approximately RMB271.1 million, an increase of approximately 86.8% compared to RMB145.2 million in 2022[77] - The adjusted net profit margin for the year ended 31 December 2023 was approximately 65.8%, up 19.6 percentage points from 46.2% in 2022[77] - The Group's income tax expense decreased by approximately 84.1% from RMB8.6 million in 2022 to RMB1.4 million in 2023[73] - The Group's finance costs decreased from approximately RMB0.5 million in 2022 to approximately RMB0.4 million in 2023[73] - Share-based compensation added to adjusted net profit was RMB10.4 million in 2023, compared to RMB17.2 million in 2022[76] - Fair value adjustment of contingent consideration added to adjusted net profit was RMB2.2 million in 2023, compared to RMB1.2 million in 2022[76] - Foreign exchange difference added to adjusted net profit was RMB6.8 million in 2023, compared to RMB0.3 million in 2022[76] User and Platform Growth - Medlive platform reached a record high of 6.8 million registered users, including over 4 million licensed physicians, accounting for 87% of the total licensed physicians in China[9] - Medlive's registered user base reached 6.8 million, including over 4.0 million licensed physicians, covering 87% of China's licensed physicians[11][16] - The Medlive platform achieved an average of 2.4 million monthly active users (MAUs) in 2023[16] - Medlive's platform meets physicians' needs in clinical diagnosis, professional learning, and medical research with high-quality content and tools[16] - Medlive's platform is widely recognized by Chinese physicians and medical professionals as the most popular professional medical platform[16] - The number of customers for precision marketing and corporate solutions increased by 40.0% to 182 in 2023, up from 130 in 2022[23] - The number of products covered in precision marketing solutions increased from 284 in 2022 to 386 in 2023[23] - Engaged targeted physicians increased from 627,000 in 2022 to 774,000 in 2023[23] - Paid clicks increased from 7.2 million in 2022 to 9.7 million in 2023[23] - The number of clients covered by the company's solution increased by 40.0% from 130 in 2022 to 182 in 2023[24] - The number of products covered rose from 284 in 2022 to 386 in 2023[24] - Registered physician users converted to paid clicks grew from 627,000 in 2022 to 774,000 in 2023[24] - Paid clicks increased from 7.2 million in 2022 to 9.7 million in 2023[24] - The Group's chronic disease management services platform had accumulated approximately 377,000 users and 105,000 participating physicians as of December 31, 2023[45] - The return consultation rate of patients and the average dosage and frequency of medication have increased significantly after implementing the physician-patient management solution[47] AI and Technology Integration - Medlive's self-developed AI large models for specific verticals have been successfully commercialized and applied in critical scenarios[13][14] - Medlive's AI technology enhances efficiency in patient education and academic promotion for pharmaceutical and medical device companies[13][14] - The company developed a vertical AI model in 2023, integrating healthcare industry expertise to enhance AI applications in medical translation, information search, and literature organization[17] - Medlive 3.0, an intelligent medical consulting system, was successfully commercialized, providing professional information support and improving physician loyalty and operational efficiency[18] - The company's digital tools, including decentralized clinical trial (DCT) systems and AI-equipped journal selection, enhanced clinical research efficiency[30] - The company's clinical research team has expanded significantly, leveraging digital tools such as remote intelligent clinical trial systems (DCT) and AI-assisted journal selection to enhance efficiency in clinical research processes[32] - The company embedded a literature assistant into its AI model, offering features like document summarization, interpretation, and PDF translation[40] - The company launched the eClinicalResearch platform to enhance physicians' research efficiency, including SCI manuscript submission with AI journal selection[40] - The company's eBroadcasting platform translated 70,000 videos with over 98% accuracy using large model technology[39] Strategic Investments and Acquisitions - The company capitalized on industry transformation and market opportunities, enhancing the integration of technology and healthcare[9] - Medlive's strategic investments in 2023 yielded satisfactory outcomes, enriching solutions for pharmaceutical and medical device companies[12][14] - The company acquired 60% equity interest in Beijing Medcon for RMB 100,253,400, with the consideration paid in four installments totaling RMB 90,220,000 as of 2023[92][93] - Beijing Medcon's audited net profit for 2022 and 2023 exceeded RMB 17,000,000 and RMB 19,540,000 respectively, resulting in no adjustment to the acquisition consideration[92][93] - The company acquired 50% equity interest in SCMedcon for RMB 65,000,000, with the first installment of RMB 35,750,000 already paid[94][95] - SCMedcon's sellers guaranteed a cumulative audited net profit of at least RMB 58,080,000 for the years 2023-2026, with the consideration adjustable if the target is not met[95] - The company acquired 60% equity interest in Linberg Consulting for RMB 33,930,000, with the first installment of RMB 17,000,000 already paid[97][98] - Linberg Consulting's sellers guaranteed a cumulative audited net profit of at least RMB 21,720,000 for the years 2023-2026, with the consideration adjustable if the target is not met[98] - The company plans to continue pursuing strategic investments and acquisitions to generate synergies, expand its customer base, and enhance technological capabilities[99][100] - The Group raised approximately RMB4,677 million from its global offering in July 2021, with RMB640.4 million utilized by 31 December 2023 and RMB4,036.1 million remaining for future use[86][87] - The Group's capital expenditure for 2023 amounted to approximately RMB88.2 million, primarily for acquisitions and IT equipment, compared to RMB46.0 million in 2022[89][90] Regulatory and Market Environment - Regulatory policies in the pharmaceutical industry, including volume-based procurement and medical insurance negotiations, brought new opportunities for innovative drugs and digital marketing[10] - The company is subject to evolving regulatory requirements in China, particularly in healthcare, digital healthcare, and internet-related businesses, which could adversely affect its operations[144] - The company faces high customer concentration risks, with a limited number of pharmaceutical and medical device customers contributing significantly to its revenues[141] - The company's clinical research services rely on hospitals and physicians to update healthcare data, but it cannot guarantee the accuracy, quality, or timeliness of such data[143] - The company may face claims or liabilities related to its patient recruitment service if patients incur injuries from tested drugs or devices[143] Employee and Management Structure - The Group had a total of 742 full-time employees as of 31 December 2023, with 186 in content management, 239 in platform operation and customer service, 176 in research and development, 63 in general and administration, and 78 in sales and marketing[101] - Total staff costs for the year ended 31 December 2023 were approximately RMB159.2 million, an increase from RMB152.8 million in 2022, primarily due to increased headcount in sales and platform development staff[101] - The Group provides orientation and ongoing in-house training for employees, and compensates them with base salaries, performance-based bonuses, and share incentive schemes including pre-IPO and post-IPO share option schemes and a share award scheme[101] - Ms. Tian Liping, aged 57, is the Chairwoman, CEO, and an executive Director of the Company, responsible for formulating and implementing the Group's overall development strategies and business plans[102] - Mr. Tian Lixin, aged 55, is the President, head of the Medical Information Science Research Unit, and an executive Director, responsible for overseeing and managing the Group's operations[103][104] - Mr. Tian Lijun, aged 50, is an executive Director, vice president, and deputy head of the Medical Information Science Research Unit, responsible for overseeing and managing the research, development, and innovation of the Group's products and technologies[105][106] - Ms. Zhou Xin, aged 43, is an executive Director and vice president, responsible for overseeing and managing the Group's digital marketing operations and multichannel business development in healthcare marketing[107] - Ms. Zhou Xin, aged 43, is the Executive Director and Vice President of the company, overseeing digital marketing and medical marketing with over 18 years of marketing strategy and business management experience[108] - Mr. Eiji Tsuchiya, aged 59, is a Non-Executive Director with over 37 years of experience in insurance and financial consulting, and over 17 years in the healthcare technology industry[109][110] - Mr. Tsuchiya joined M3, Inc. in August 2006 and currently serves as an Executive Director of M3, Inc., a company listed on the Tokyo Stock Exchange (Stock Code: 2413.T)[111] - Mr. Kazutaka Kanairo, aged 46, is a Non-Executive Director with over 12 years of experience in M&A and corporate development, and over 11 years in management advisory[111] - Mr. Kanairo joined M3, Inc. in March 2014 and is currently the head of India & Southeast Asia business and director of global corporate development at M3, Inc.[111] - Mr. Richard Yeh, aged 55, is an independent non-executive Director of the company, responsible for providing independent advice to the Board[112] - Mr. Yeh served as the chief financial officer of CStone Pharmaceuticals (Stock Code: 2616) from July 2018 to April 2020[112] - Dr. Ma Jun, aged 69, is an independent non-executive Director of the company, responsible for providing independent advice to the Board[112] - Dr. Ma has been the chairman of the board of supervisors of the China Society of Clinical Oncology (CSCO) since September 2019[114] - Ms. Wang Shan, aged 50, is an independent non-executive Director of the company, responsible for providing independent advice to the Board[115] - Ms. Wang retired in September 2023 after working at Hitachi Solutions (China) Co., Ltd. from November 2022 to September 2023[115] - Mr. Xin Jiangtao, aged 47, is a vice president of the Group, responsible for the research and development and innovation of the Group's products and services[118] - Mr. Xin has over 20 years of medical software development experience[118] - Mr. Yang Liancheng, aged 45, is a vice president of the Group, responsible for executing overall development strategies and business plans of the Group[119] - Mr. Yang has over 19 years of experience in consulting and over five years of experience in the medical information technology industry[119] - Mr. Yang holds a bachelor's degree in trade and economics from Nankai University, a master's degree in finance from Peking University, and an EMBA from China Europe International Business School[120] - Mr. Xin Jiangtao, Vice President, has over 20 years of experience in medical software development and holds a bachelor's degree in Computer Science and Technology from Peking University[121] - Mr. Yang Liancheng, Vice President, has over 19 years of consulting experience and 5 years in the medical information technology industry, with degrees from Nankai University and Peking University[121] - Mr. Jiang Nan, Medical Director, has over 10 years of experience in the medical information technology industry and holds degrees in clinical medicine and psychiatry from Qingdao University and Peking University[122][123] - Ms. Liu Juan, Chief Client Officer, has approximately 16 years of experience in human resources management and holds a bachelor's degree in business administration and an MBA[124][125] - Ms. Yang Yanling, Joint Company Secretary, has experience in human resources management and holds a bachelor's degree in agriculture from Hebei North University[127] - Ms. Chu Cheuk Ting, Joint Company Secretary, has over 12 years of experience in the professional company secretarial field and is an associate member of The Hong Kong Chartered Governance Institute[129] Share Incentive Schemes - The total number of shares available for issue under the Post-IPO Share Option Scheme is 69,017,600 shares, representing 9.49% of the total issued shares as of December 31, 2023[157] - The Group has three share incentive schemes: Post-IPO Share Option Scheme, Pre-IPO Share Option Scheme, and Share Award Scheme, regulated under Chapter 17 of the Listing Rules[157] - The Post-IPO Share Option Scheme was approved on June 18, 2021, to incentivize and reward employees and directors for their contributions to the Group[157] - No share options were granted, vested, exercised, cancelled, or lapsed under the Post-IPO Share Option Scheme during the year ended 31 December 2023, and there are no outstanding share options under the scheme[163] - The total number of options and share awards available for grant under the Post-IPO Share Option Scheme and the Share Award Scheme as of 1 January 2023 and 31 December 2023 is 69,017,600, representing approximately 9.49% of the company's issued share capital[163] - The remaining life of the Post-IPO Share Option Scheme is approximately 7.5 years as of 31 December 2023[161] - The Pre-IPO Share Option Scheme has a remaining life of approximately 2.5 years as of 31 December 2023[165] - The total number of shares that may be issued upon exercise of all Pre-IPO Share Options granted under the Pre-IPO Share Option Scheme must not exceed 26,754,000 shares, representing 3.68% of the company's issued share capital and 3.71% of the weighted average number of shares in issue during the year ended 31 December 2023[165] - The exercise price per share for Pre-IPO Share Options is RMB 0.38, determined based on the company's net asset value and historical financial performance prior to listing[165] - Pre-IPO share options totaling 26,754,000 shares, representing 3.68% of the issued share capital, were granted to 62 grantees on 2 April 2021[166] - The weighted average closing price of shares before the exercise of Pre-IPO share options during 2023 was HK$7.39[168] - The Share Award Scheme, effective from 24 December 2021, allows for the issuance of up to 69,517,600 shares, representing approximately 9.56% of the total issued shares as of 31 December 2023[170] - The grant price for share awards under the Share Award Scheme is US$0.00001 per share, with vesting conditions including a minimum holding period of one year and up to 10 years[169] - The Share Award Scheme Mandate Limit can be refreshed with shareholder approval, and no individual participant can be granted awards exceeding 1% of the issued shares in a 12-month period without shareholder approval[170] - The Share Award Scheme has a remaining life of approximately 8 years as of 31 December 202

Revenue Growth - Revenue increased by 31.2% to RMB 412,004 thousand in 2023 compared to RMB 314,054 thousand in 2022[2] - Revenue from precision marketing and enterprise solutions increased by 29.3% to RMB 372,687 thousand in 2023 from RMB 288,177 thousand in 2022[3] - Revenue from intelligent patient management solutions surged by 70.2% to RMB 23,176 thousand in 2023 from RMB 13,616 thousand in 2022[3] - The company's revenue for 2023 reached approximately RMB 412.0 million, a year-on-year increase of 31.2%[7] - Revenue from precision marketing and enterprise solutions grew by 29.3% to RMB 372.7 million in 2023[8] - Revenue increased by 31.2% from RMB 314.1 million in 2022 to RMB 412.0 million in 2023, primarily driven by growth in precision marketing and enterprise solutions[22] - Precision marketing and enterprise solutions revenue grew by 29.3% from RMB 288.2 million in 2022 to RMB 372.7 million in 2023, supported by user growth and engagement[23] - Medical knowledge solutions revenue increased by 31.6% from RMB 12.3 million in 2022 to RMB 16.1 million in 2023, due to expanded product offerings and new membership marketing methods[24] - Intelligent patient management solutions revenue surged by 70.2% from RMB 13.6 million in 2022 to RMB 23.2 million in 2023, driven by the success of the single-disease patient management platform[25] - Total revenue for 2023 reached RMB 412.00 million, a 31.2% increase compared to RMB 314.05 million in 2022[61] - Revenue from precision marketing and enterprise solutions grew to RMB 372.69 million in 2023, up from RMB 288.18 million in 2022, a 29.3% increase[65] - Revenue from medical knowledge solutions increased to RMB 16.14 million in 2023, up from RMB 12.26 million in 2022, a 31.6% growth[65] - Revenue from intelligent patient management solutions rose to RMB 23.18 million in 2023, up from RMB 13.62 million in 2022, a 70.2% increase[65] Profit and Margin Performance - Gross profit rose by 18.1% to RMB 251,335 thousand in 2023 from RMB 212,741 thousand in 2022[2] - Net profit attributable to owners of the company surged by 106.5% to RMB 242,301 thousand in 2023 from RMB 117,321 thousand in 2022[2] - Non-HKFRS adjusted net profit grew by 86.8% to RMB 271,093 thousand in 2023 from RMB 145,155 thousand in 2022[2] - Net profit for 2023 was RMB 251.8 million, a significant increase of 99.1% compared to 2022[7] - The net profit margin increased by 20.8 percentage points to 61.1% in 2023[7] - Adjusted net profit for 2023 was RMB 271.1 million, an increase of 86.8% compared to 2022[7] - Gross profit rose by 18.1% from RMB 212.7 million in 2022 to RMB 251.3 million in 2023, with a gross margin decline from 67.7% to 61.0%[27] - Profit before tax surged by 87.5% from RMB 135.0 million in 2022 to RMB 253.1 million in 2023[33] - Net profit for the year increased by 99.1% from RMB 126.4 million in 2022 to RMB 251.8 million in 2023, with net profit margin rising from 40.3% to 61.1%[35][36] - Adjusted net profit increased by 86.8% from RMB 145.2 million in 2022 to RMB 271.1 million in 2023, with adjusted net profit margin rising from 46.2% to 65.8%[37] - Gross profit for 2023 was RMB 251,335 thousand, up from RMB 212,741 thousand in 2022[48] - Net profit for 2023 was RMB 251,760 thousand, more than double the RMB 126,421 thousand in 2022[48] - Basic earnings per share increased to RMB 242,301 thousand in 2023 from RMB 117,321 thousand in 2022, reflecting strong profit growth[79] User and Engagement Metrics - Registered user base grew to 6.8 million in 2023, up from 6.2 million in 2022[4] - Registered physician users increased to 4.0 million in 2023, covering 87% of Chinese practicing physicians[4][5] - Average monthly active users reached 2.40 million in 2023, up from 2.05 million in 2022[4] - Paid clicks increased to 9.7 million in 2023 from 7.2 million in 2022[4] - The number of clients for the precision marketing and enterprise solutions increased by 40.0% to 182 in 2023[8] - The number of products covered by the precision marketing and enterprise solutions increased from 284 in 2022 to 386 in 2023[8] - The number of registered physician users who participated in paid clicks increased from 627,000 in 2022 to 774,000 in 2023[8] - Paid clicks increased from 7.2 million in 2022 to 9.7 million in 2023[8] - The company's chronic disease management platform accumulated approximately 377,000 users and 105,000 participating physicians by the end of 2023[15] Technology and Innovation - The company successfully commercialized generative AI technology, exemplified by the Medlive 3.0 intelligent medical consultant system[6] - The company's clinical research team has expanded significantly, with project management, clinical operations, and data statistics growing rapidly, leveraging digital clinical trial systems to enhance efficiency in clinical research[10] - The company launched a remote intelligent clinical trial system (DCT), patient digital follow-up system, and AI-based journal selection tools, improving efficiency in patient recruitment, data collection, and quality control[10] - The company launched the "e研通" platform to enhance physician research efficiency and upgraded the "论文通" platform with AI-powered SCI journal selection services to improve publication success rates[14] - The company plans to strengthen cross-departmental collaboration using AI and big data to improve service efficiency[19] - The company plans to invest HKD 374.2 million in developing and expanding technology applications, particularly in machine learning, natural language processing, knowledge graphs, and user understanding, with HKD 56.7 million utilized and HKD 317.5 million remaining, expected to be used by December 2027[97] Strategic Investments and Acquisitions - The company plans to continue strategic investments and acquisitions to expand its customer base and enhance technological capabilities[46] - The company acquired 60% equity in Beijing Medicon Information Consulting Co., Ltd. for RMB 100,253,400, with payments made in four installments[44] - The company acquired 50% equity in Shicheng Medical Consulting Co., Ltd. for RMB 65,000,000, with a profit guarantee of RMB 58,080,000 over four years[45] - The company acquired 60% equity in Lingbo Consulting (Shanghai) Co., Ltd. for RMB 33,930,000, with a profit guarantee of RMB 21,720,000 over four years[45] - The company has set aside HKD 2,338.6 million for strategic investments or acquisitions, with HKD 195.8 million utilized and HKD 2,142.8 million remaining[97] Financial Position and Expenses - Other income and gains increased significantly from RMB 75.7 million in 2022 to RMB 188.5 million in 2023, mainly due to higher bank interest income and government subsidies[28] - Sales and distribution expenses grew by 13.4% from RMB 28.9 million in 2022 to RMB 32.8 million in 2023, primarily due to an increase in sales personnel[29] - Administrative expenses increased by 18.0% from RMB 122.4 million in 2022 to RMB 144.5 million in 2023, primarily due to increased platform maintenance and upgrade costs for the medical vertical and higher R&D expenses[30][31] - Financing costs decreased from RMB 0.5 million in 2022 to RMB 0.4 million in 2023, mainly due to reduced lease liability interest[32] - Income tax expenses decreased by 84.1% from RMB 8.6 million in 2022 to RMB 1.4 million in 2023, largely due to increased stock option exercises and tax deductions[34] - Cash and cash equivalents increased to RMB 4,358.3 million in 2023 from RMB 4,187.3 million in 2022, with 36.4% denominated in HKD, 10.5% in RMB, and 53.1% in USD[40] - The company has no short-term or long-term bank borrowings as of December 31, 2023, except for lease liabilities of RMB 8.2 million[41] - The company's asset-liability ratio was zero as of December 31, 2023, with no borrowings[42] - Capital expenditures for 2023 amounted to approximately RMB 88.2 million, a significant increase from RMB 46.0 million in 2022, primarily due to acquisitions and IT equipment expenses[43] - The company had 742 full-time employees as of December 31, 2023, with total employee costs of approximately RMB 159.2 million for the year[47] - Exchange rate differences amounted to 69,317 thousand RMB, with other comprehensive income for the year (after tax) at 63,056 thousand RMB, and total comprehensive income for the year reaching 314,816 thousand RMB[50] - Non-current assets totaled 321,228 thousand RMB, with property, plant, and equipment at 2,620 thousand RMB, and goodwill increasing to 192,525 thousand RMB from 111,518 thousand RMB in the previous year[51] - Current assets amounted to 4,572,588 thousand RMB, with trade receivables at 109,871 thousand RMB and cash and cash equivalents at 4,358,255 thousand RMB[51] - Current liabilities totaled 189,772 thousand RMB, with trade payables at 14,771 thousand RMB and accrued expenses at 135,238 thousand RMB[51] - Non-current liabilities amounted to 58,842 thousand RMB, with contingent consideration payable at 47,663 thousand RMB and deferred tax liabilities at 7,536 thousand RMB[52] - Total equity reached 4,645,202 thousand RMB, with equity attributable to owners of the parent company at 4,597,369 thousand RMB and non-controlling interests at 47,833 thousand RMB[53] - The cost of services provided increased to RMB 160,481 thousand in 2023, up from RMB 101,132 thousand in 2022, representing a 58.7% increase[72] - R&D expenses rose to RMB 54,255 thousand in 2023, compared to RMB 46,231 thousand in 2022, a 17.4% increase[72] - Employee benefits expenses, excluding directors and top executives, totaled RMB 149,102 thousand in 2023, up from RMB 139,470 thousand in 2022, a 6.9% increase[72] - The company's effective tax rate for 2023 was 0.54%, significantly lower than the statutory rate of 25% due to preferential tax rates and other adjustments[76] - Trade receivables increased to RMB 109,871 thousand in 2023 from RMB 95,079 thousand in 2022, with a corresponding increase in impairment allowance to RMB 1,319 thousand[80][82] - The company's total tax expense for 2023 was RMB 1,372 thousand, significantly lower than the RMB 8,616 thousand in 2022 due to various tax adjustments and preferential rates[75] - The expected credit loss rate for trade receivables aged 1 to 2 years and overdue increased from 38.7% in 2022 to 40.3% in 2023, while the total expected credit loss increased from RMB 814,000 in 2022 to RMB 1,319,000 in 2023[84][85] - The total trade receivables increased from RMB 95,893,000 in 2022 to RMB 111,190,000 in 2023, with the highest expected credit loss rate of 100% for receivables aged over 3 years and overdue[84][85] - Trade payables increased significantly from RMB 2,709,000 in 2022 to RMB 14,771,000 in 2023, with the majority (RMB 12,722,000) aged less than three months[86] Dividends and Share Repurchases - The company proposed a final dividend of RMB 12.48 cents per share for 2023, up from RMB 6.54 cents per share in 2022[76] - The company repurchased 100,000 shares at a total cost of HKD 744,945 (approximately RMB 683,000) in October 2023, with the highest price paid per share being HKD 7.48[94] - The company proposed a final dividend of RMB 0.1248 per share (equivalent to HKD 0.1375), payable in HKD to shareholders on the register as of June 3, 2024[91] IPO Proceeds Allocation - The company plans to allocate HKD 280.7 million to improve its medical knowledge solutions and enrich its platform's medical knowledge information and tools, with HKD 36.2 million already utilized and HKD 244.5 million remaining, expected to be used by December 2027[96] - HKD 187.1 million is allocated to enhance patient care services, with HKD 33.7 million utilized and HKD 153.4 million remaining, expected to be used by December 2027[96] - The company has allocated HKD 140.3 million to improve intelligent clinical research solutions, with HKD 36.8 million utilized and HKD 103.5 million remaining, expected to be used by December 2027[96] - HKD 467.7 million is allocated for talent recruitment and collaboration with experts, with HKD 83.6 million utilized and HKD 384.1 million remaining, expected to be used by December 2027[97] - HKD 93.6 million is allocated to establish data centers and enhance IT infrastructure computing and storage capabilities, with HKD 19.1 million utilized and HKD 74.5 million remaining, expected to be used by December 2027[97] - HKD 467.7 million is allocated for general working capital and other corporate purposes, with HKD 106.0 million utilized and HKD 361.7 million remaining[97] - The total IPO proceeds allocated amount to HKD 4,677.3 million, with HKD 640.4 million utilized and HKD 4,036.9 million remaining[97] - The company has not used any IPO proceeds for purchasing or subscribing to financial products, and the unused funds are deposited with licensed financial institutions[97] Geographic Revenue Breakdown - Revenue from mainland China increased to RMB 402.13 million in 2023, up from RMB 296.89 million in 2022, representing a 35.5% year-over-year growth[61] - Overseas revenue decreased to RMB 9.87 million in 2023, down from RMB 17.17 million in 2022, a 42.5% year-over-year decline[61] Other Financial Metrics - Bank interest income surged to RMB 183.88 million in 2023, compared to RMB 66.24 million in 2022, a 177.6% year-over-year growth[70] - Total other income and gains reached RMB 188.48 million in 2023, up from RMB 75.74 million in 2022, a 148.9% increase[70] - The company's remaining performance obligations (unfulfilled or partially unfulfilled) as of December 31, 2023, amounted to RMB 182.30 million, with RMB 114.95 million expected to be recognized within one year and RMB 67.35 million expected to be recognized after one year[69] - The company's subsidiaries primarily engage in precision marketing, enterprise solutions, medical knowledge solutions, and intelligent patient management solutions[54] - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards (HKFRS) and the disclosure requirements of the Hong Kong Companies Ordinance, using the historical cost convention[55] - The consolidated financial statements include the financial statements of the company and its subsidiaries for the year ended December 31, 2023, with subsidiaries being entities directly or indirectly controlled by the company[56] - The company evaluates control over investees by considering contractual arrangements, rights arising from other contractual arrangements, and voting rights, with changes in control reassessed based on facts and circumstances[57] - The company's subsidiaries in China benefited from preferential tax rates, with some qualifying for a 15% rate as high-tech enterprises and others for a 5% rate as small and micro enterprises[74] - The company's trade receivables are primarily on credit terms of up to 180 days, with overdue balances regularly reviewed by senior management[80]