Financial Performance - The group's revenue increased by 38.3% from RMB 990.0 million for the year ended December 31, 2022, to RMB 1,369.5 million for the year ended December 31, 2023[2]. - The group's profit before tax rose by 25.1% from RMB 239.1 million to RMB 299.2 million, with a profit margin decreasing from 24.2% to 21.8%[2]. - The net profit increased by 20.5% from RMB 183.2 million to RMB 220.7 million, with the net profit margin decreasing from 18.5% to 16.1%[2]. - The adjusted net profit under non-IFRS increased by 19.8% from RMB 186.2 million to RMB 223.1 million, with the adjusted net profit margin decreasing from 18.8% to 16.3%[2]. - The gross profit margin improved from 43.9% to 45.4%[4]. - The EBITDA under non-IFRS increased from RMB 307.2 million to RMB 377.3 million[4]. - The total gross profit for the group was RMB 621.1 million, representing a 42.9% increase compared to the previous year[13]. - The group’s profit before tax for 2023 was RMB 228,914,000, compared to RMB 187,752,000 in 2022, indicating an increase of 21.9%[100]. - The company reported a total comprehensive income of RMB 233,055 thousand for the year, slightly down from RMB 240,597 thousand in 2022[74]. Revenue Breakdown - Revenue from consumer ophthalmology services rose by 30.6% from RMB 542.9 million to RMB 709.2 million, driven by increased market expansion and promotional activities post-COVID-19[20]. - Revenue from basic ophthalmology services increased by 46.2% from RMB 447.2 million to RMB 654.0 million, attributed to enhanced marketing activities and improved patient service processes[21]. - The revenue from consumer ophthalmic services accounted for 51.8% of total revenue in 2023, a decrease of approximately 3.0 percentage points from the previous year[11]. - Inpatient services generated revenue of RMB 478,165 thousand in 2023, up from RMB 322,952 thousand in 2022, representing a 48.2% growth[88]. - Outpatient services revenue increased to RMB 788,210 thousand in 2023 from RMB 591,054 thousand in 2022, reflecting a 33.3% rise[88]. - Sales of optical products amounted to RMB 96,861 thousand in 2023, compared to RMB 76,038 thousand in 2022, marking a 27.4% increase[88]. Operational Expansion - The number of ophthalmology hospitals operated by the group increased from 24 to 31, and optical centers increased from 26 to 29[3]. - The group expanded its network to 31 ophthalmic hospitals and 29 optical centers across seven provinces and autonomous regions in China by December 31, 2023[7]. - The group successfully completed acquisitions of multiple ophthalmic facilities, enhancing its footprint in the North China region and interacting with markets in Inner Mongolia, Shanxi, and Ningxia[7]. - The group opened two new hospitals in 2023, further strengthening its service network in the North China region[6]. - The company plans to continue expanding its market presence and enhancing its service offerings in the ophthalmology sector[3]. Expenses and Costs - The total operating expenses increased significantly, with selling and distribution expenses rising from RMB 61.3 million to RMB 105.0 million[4]. - Selling and distribution expenses increased by 71.3% from RMB 61.3 million to RMB 105.0 million, primarily due to increased marketing expenses for newly built and acquired hospitals[25]. - Administrative expenses rose by 37.3% from RMB 162.0 million to RMB 222.5 million, driven by increased employee compensation and office expenses post-pandemic[26]. - The cost of sales rose to RMB 748,371,000 in 2023, up from RMB 555,347,000 in 2022, reflecting a 34.7% increase[93]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.2208 per share for the year ended December 31, 2023, compared to HKD 0.1738 per share for the previous year[3]. - The proposed final dividend for 2023 is HKD 22.08 per share, compared to HKD 17.38 per share in 2022, representing a 27.5% increase[98]. Employee and Workforce - The group employed a total of 1,428 full-time medical professionals, including 288 doctors, 616 nurses, and 524 other professionals as of December 31, 2023[14]. - As of December 31, 2023, the company has a total of 2,597 full-time employees, with 1,428 being hospital professionals, 94 optometry center professionals, and 1,075 administrative and financial staff[59]. - The company has established a systematic training and education program for its employees to ensure high-quality service delivery[62]. - The company has a performance-based bonus system and regularly evaluates employee performance for salary reviews and promotions[61]. Financial Position and Assets - Total assets as of December 31, 2023, were RMB 4,309,732 thousand, compared to RMB 4,093,600 thousand in 2022, indicating a growth of 5.3%[75]. - Non-current assets increased to RMB 1,193,141 thousand from RMB 908,023 thousand, a rise of 31.4% year-over-year[75]. - The company’s cash and cash equivalents decreased to RMB 463,437 thousand from RMB 944,727 thousand, a decline of 50.0%[75]. - The company’s total equity increased to RMB 2,378,425 thousand from RMB 2,298,473 thousand, reflecting a growth of 3.5%[76]. Risk Management - The group faces foreign exchange risks primarily related to fluctuations in the Hong Kong dollar, as it conducts business mainly in China[46]. - The group faces interest rate risk from interest-bearing borrowings, with fixed-rate borrowings exposing it to fair value interest rate risk and floating-rate borrowings exposing it to cash flow interest rate risk[47]. - The group has established credit policies and continuously monitors credit risks associated with counterparties unable to fulfill obligations[48]. - The company maintains strict control over outstanding receivables and has a credit risk management department to minimize credit risk[104]. Future Plans and Strategies - The company is focused on enhancing its brand positioning and market reputation in North China to increase its market share[16]. - The group plans to continue expanding its network in North China and aims to acquire more hospitals by 2024[16]. - The company is focused on expanding its operations and developing new strategies to adapt to changing market conditions[57]. Compliance and Governance - The audit committee, consisting of three independent non-executive directors, provides independent opinions on the effectiveness of the group's financial reporting, internal controls, and risk management systems[53]. - The company’s internal controls and financial reporting matters were reviewed and deemed compliant with applicable laws and regulations[64]. - The company has adopted the standards for directors' securities trading as per the listing rules and confirms compliance since January 1, 2023[52].

朝聚眼科（2219.HK） 2024-2-28 星期三 | --- | --- | |------------|-------------| | | | | 目标价： | 7.43 港元 | | 现 价： | 3.86 港元 | | 预计升幅 : | 92% | | --- | --- | |--------------------------------|---------------| | | | | 日期 | 2024-2-28 | | 收盘价（港元） | 3.86 | | 总股本（亿股） | 7.08 | | 总市值（亿港元） | 27 | | 净资产（亿元） | 23 | | 总资产（亿元） | 28.3 | | 52 周高低（港元） | 6.05/3.50 | | 每股净资产（元） | 3.25 | | 数据来源： Wind 、国元证券经纪 | ( 香港 ) 整理 | ➢ 公司业绩快速增长： 公司是华北眼科龙头公司，成立于 1988 年，于 2010 年之后，不断拓展新的 区域，业绩快速增长，23 年中期营业额约为人民币 6.92 亿元，同比增加 30%，净利润为 1.47 亿元，同比增长 44. ...

Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 692.7 million, representing a 30.0% increase from RMB 532.7 million in 2022[6]. - Gross profit for the same period was RMB 322.9 million, up 32.2% from RMB 244.3 million in 2022[6]. - Net profit increased by 44.4% to RMB 146.9 million compared to RMB 101.8 million in the previous year[6]. - The gross margin improved to 46.6% from 45.9% in the previous year, while the net profit margin increased to 21.2% from 19.1%[6]. - The group's revenue increased by 30% from RMB 532.7 million for the six months ended June 30, 2022, to RMB 692.7 million for the six months ended June 30, 2023, driven by the recovery in ophthalmic service demand and increased patient visits[14]. - The group reported a gross profit margin for the first half of 2023, with specific figures to be detailed in the financial breakdown[26]. - Gross profit increased by 32.2% from RMB 244.3 million to RMB 322.9 million, with a gross margin improvement from 45.9% to 46.6%[37]. - Other income and gains surged by 107.7% from RMB 19.5 million to RMB 40.5 million, primarily due to increased interest income[38]. - Net profit increased by 44.3% from RMB 101.8 million to RMB 146.9 million, with a net profit margin rising from 19.1% to 21.2%[44]. - The company reported a total comprehensive income of RMB 164,608 thousand for the period, compared to RMB 130,253 thousand in the previous year, reflecting a 26% growth[102]. - The company reported a net profit of RMB 150,613,000 for the six months ended June 30, 2023, compared to RMB 103,598,000 for the same period in 2022, representing an increase of approximately 45.3%[105]. - Total comprehensive income for the period was RMB 168,309,000, up from RMB 130,253,000 in the previous year, indicating a growth of about 29.2%[107]. Operational Highlights - Outpatient visits increased to 531,714 in the first half of 2023, up from 439,780 in the same period of 2022, representing a growth of approximately 20.9%[12]. - Inpatient visits increased significantly to 32,922, up from 22,510, reflecting a growth of approximately 46.4%[12]. - The group's consumer ophthalmic services accounted for 52.1% of total revenue, while basic ophthalmic services made up 47.9%[15]. - The introduction of the TECNIS SYNERGY™ intraocular lens has shown positive results, enhancing patient conversion rates and retention for further treatments[17]. - The group operates a network of 26 ophthalmic hospitals and 27 optical centers across six provinces and regions in China, expanding its reach and service capabilities[11]. - The group has expanded its optical center network based on market research and existing customer demographics[23]. - The group operates hospitals classified by the National Health Commission, with the highest level being Class III hospitals[21]. - The group has strategically placed optical centers near hospitals to provide vision screening services[23]. - The company operates primarily in China, with no single customer contributing 10% or more to total revenue, indicating a diversified customer base[117]. Strategic Initiatives - The company plans to focus more on consumer eye care services, leveraging its competitive advantages in advanced technology and equipment[9]. - Chaoju Eye Care Holdings Limited aims to enhance brand recognition and customer loyalty through its capability in producing proprietary medications[9]. - The company operates a cluster model to improve market penetration, operational efficiency, and profitability[9]. - Chaoju Eye Care Holdings Limited is positioned to capitalize on the growing demand for eye care services in China[9]. - The company aims to enhance its market position in key regions such as Zhejiang Province and develop specialty ophthalmology hospitals[32]. - The company plans to strengthen its management and communication with regulatory bodies to enhance corporate governance[32]. - The company continues to explore new strategies for market expansion and product development in the healthcare sector[23]. - The company is expanding its market presence in Eastern China, with plans to open three new clinics by the end of 2023[167]. - A strategic acquisition of a local ophthalmology clinic is in progress, expected to be finalized in Q4 2023, which will enhance service capacity[166]. - Research and development efforts are focused on innovative glaucoma treatments, with clinical trials expected to commence in early 2024[168]. Financial Position - Total assets as of June 30, 2023, reached RMB 2,832.3 million, a 4.0% increase from RMB 2,723.2 million at the end of 2022[6]. - The company reported a cash and cash equivalents balance of RMB 413.9 million, down 56.2% from RMB 944.7 million[6]. - Trade receivables increased by 41.2% from RMB 466 million as of December 31, 2022, to RMB 658 million as of June 30, 2023, primarily due to growth in basic ophthalmic services[47]. - Cash and cash equivalents decreased by RMB 530.8 million for the six months ended June 30, 2023, primarily due to net cash outflows from investing activities of RMB 589.4 million[50]. - The total capital commitments as of June 30, 2023, amounted to approximately RMB 72.6 million, significantly up from RMB 10.0 million as of December 31, 2022[54]. - The company is in a net cash position as of June 30, 2023, making the debt-to-equity ratio not applicable[55]. - The company's capital structure consists of 17.9% debt and 82.1% equity, compared to 15.6% debt and 84.4% equity as of December 31, 2022[71]. - The company has a total of 1,316 full-time medical professionals, including 262 physicians, 598 nurses, and 456 other professionals[28]. - The company reported a foreign exchange gain of RMB 179,000, contrasting with a loss of RMB 991,000 in the previous year, indicating a positive shift in foreign exchange impact[108]. Employee and Governance - The company has implemented adequate internal control procedures to ensure that the purchase of structured deposit products does not affect its operating capital or business operations[58]. - The company has adopted a share incentive plan to attract and retain talent, effective from May 10, 2022[64]. - The company has implemented a systematic training and education program for employees to ensure high-quality service delivery[64]. - The company has complied with all applicable corporate governance code provisions, except for the separation of the roles of Chairman and CEO[66]. - The total compensation for key management personnel for the six months ended June 30, 2023, was RMB 3,688,000, a decrease of 2.6% from RMB 3,788,000 in the same period of 2022[152]. - The performance bonus for key management personnel increased to RMB 909,000, up 31.8% from RMB 690,000 in the previous year[152]. - The company aims to enhance employee motivation through a domestic employee shareholding platform established in April 2020[134]. Future Outlook - The company expects a revenue growth of 20% for the full year 2023, driven by increased demand for ophthalmic services[167]. - The company plans to invest HKD 100 million in technology upgrades over the next two years to enhance service delivery and operational efficiency[168].

Financial Performance - The group's revenue increased by 30.0% from RMB 532.7 million in the same period of 2022 to RMB 692.7 million for the six months ended June 30, 2023[2]. - Gross profit rose by 32.2% from RMB 244.3 million in 2022 to RMB 322.9 million, with a gross margin improvement from 45.9% to 46.6%[2]. - Profit before tax increased by 40.7% from RMB 131.2 million to RMB 184.6 million, with a profit before tax margin rising from 24.6% to 26.6%[2]. - Net profit grew by 44.3% from RMB 101.8 million to RMB 146.9 million, with a net profit margin increasing from 19.1% to 21.2%[2]. - Adjusted net profit under non-IFRS increased by 32.1% from RMB 103.25 million to RMB 136.5 million, with an adjusted net profit margin rising from 19.4% to 19.7%[2]. - Basic earnings per share increased by 40.0% from RMB 0.15 to RMB 0.21[2]. Operational Growth - The number of ophthalmology hospitals operated by the group increased from 18 to 26, and optical centers increased from 25 to 27[2]. - Outpatient visits rose to 531,714 in the first half of 2023, compared to 439,780 in the same period of 2022, representing a growth of approximately 20.9%[7]. - Inpatient visits increased significantly from 22,510 to 32,922, marking a growth of approximately 46.2%[7]. - The optical center customer visits increased to 58,317, up from 55,339, indicating a growth of approximately 5.6%[7]. - The group expanded its network to 26 hospitals and 27 optical centers across six provinces or autonomous regions in China as of June 30, 2023[6]. Revenue Breakdown - The consumption ophthalmology services accounted for 52.1% of total revenue, amounting to RMB 361.1 million, while basic ophthalmology services contributed 47.9% with RMB 331.6 million[9]. - Revenue from consumer ophthalmology services rose by 24.1% from RMB 291.1 million to RMB 361.1 million, driven by increased marketing efforts and improved customer management[22]. - Revenue from basic ophthalmology services surged by 37.2% from RMB 241.7 million to RMB 331.6 million, attributed to enhanced marketing activities and improved patient service processes[23]. Cost and Expenses - The group's sales cost increased by 28.2% from RMB 288.4 million for the six months ended June 30, 2022, to RMB 369.8 million for the same period in 2023, primarily due to business expansion and additional costs related to newly built and acquired hospitals and optical centers[24]. - Sales and distribution expenses increased by 95.1% from RMB 26.3 million to RMB 51.3 million, primarily due to increased marketing expenses for newly built and acquired hospitals[27]. - Administrative expenses rose by 19.3% from RMB 92.7 million to RMB 110.6 million, mainly due to increased employee salaries and travel expenses following the easing of pandemic restrictions[28]. Investment and Financing - The group has a total of 1,316 full-time medical professionals, including 262 doctors, 598 nurses, and 456 other professionals as of June 30, 2023[15]. - The company issued 137,500,000 shares at HKD 10.60 per share, raising a net amount of approximately HKD 1.599 billion from the global offering[56]. - 35.8% of the net proceeds (HKD 572.4 million) will be used for establishing new hospitals and upgrading existing ones, expected to be utilized by June 2024[57]. - 44.8% of the net proceeds (HKD 716.4 million) is allocated for acquiring hospitals in new markets with high demand for ophthalmic services, also expected to be used by June 2024[57]. Market Outlook - The Chinese ophthalmic medical service market is expected to grow from RMB 730 billion in 2015 to RMB 2,231 billion by 2024, with a compound annual growth rate of 15.0%[17]. - The North China ophthalmic medical service market is projected to increase from RMB 132 billion in 2015 to RMB 337 billion by 2024, with a compound annual growth rate of 12.5%[17]. - The group plans to enhance marketing efforts and optimize customer management to increase market share and customer loyalty[11]. - The group aims to strengthen its market position in key areas such as Zhejiang Province and develop specialized ophthalmology hospitals[19]. Corporate Governance and Compliance - The company has adopted the standard code of conduct for securities trading by directors and confirmed compliance since January 1, 2023[54]. - The group has established credit policies to monitor and manage credit risks effectively[51]. - The group is focused on establishing a robust ESG framework to contribute positively to society[20]. Cash Flow and Liquidity - Cash and cash equivalents decreased by RMB 530.8 million, with net cash inflow from operating activities at RMB 194.8 million and net cash outflow from investing activities at RMB 589.4 million[38]. - The net cash flow from investing activities was negative RMB 589.4 million, mainly due to the purchase of financial assets and fixed deposits[38]. - The group has maintained a sufficient level of cash and cash equivalents to meet its debt obligations and future capital expenditures[52].

Financial Performance - The company's revenue for 2022 was RMB 990,044,000, a slight decrease from RMB 997,787,000 in 2021[21] - Gross profit for 2022 was RMB 434,697,000, resulting in a gross margin of 43.9%, down from 45.0% in 2021[21] - Net profit for 2022 increased to RMB 183,196,000, with a net profit margin of 18.5%, compared to 15.8% in 2021[21] - The adjusted net profit for 2022 was RMB 186,174,000, reflecting a stable performance compared to RMB 185,902,000 in 2021[21] - The total gross profit for the group was RMB 434.7 million, a decrease of 3.1% compared to the previous year[51] - Net profit increased by 16.2% from RMB 157.6 million to RMB 183.2 million, with the net profit margin rising from 15.8% to 18.5%[69] - Other income and gains increased significantly by 236.9% from RMB 14.9 million to RMB 50.2 million, mainly due to increased interest income[63] - Selling and distribution expenses rose by 30.1% from RMB 47.1 million to RMB 61.3 million, driven by increased marketing and advertising costs[64] - Administrative expenses decreased by 8.6% from RMB 177.3 million to RMB 162.0 million, mainly due to the absence of non-recurring listing expenses[65] Assets and Equity - Total assets as of December 31, 2022, were RMB 2,723,150,000, up from RMB 2,506,514,000 in 2021[22] - The total equity as of December 31, 2022, was RMB 2,298,473,000, an increase from RMB 2,128,406,000 in 2021[22] - As of December 31, 2022, the company's cash and structured deposits amounted to approximately RMB 1.8 billion, with a net asset value of about RMB 2.3 billion[29] - Cash and cash equivalents, along with financial assets at fair value, totaled approximately RMB 1,763,100,000 as of December 31, 2022[74] Market Strategy and Expansion - The company plans to focus more on consumer eye care services, leveraging its competitive advantages in the market[24] - The company aims to increase its market penetration and operational efficiency through a cluster operation model[24] - The company plans to open a new eye hospital in Zhangjiakou in the second quarter of 2023, aiming to enhance service capacity[33] - The company plans to accelerate mergers and acquisitions to enhance its market share and competitiveness over the next two years[31] - The group plans to continue expanding its network, with new hospitals expected to open in Zhangjiakou and other locations in 2023[56] - The group aims to strengthen its market position in key regions such as the Yangtze River Delta while developing specialty ophthalmic hospitals[56] Patient Services and Operations - The total number of patient visits to the company's hospitals was approximately 990,000, while the optical centers had around 100,000 visits[29] - In 2022, the company provided over 250,000 medical services nationwide, including 980,000 vision health screenings for school students[32] - The number of outpatient visits increased to 944,523 in 2022 from 887,335 in 2021, representing a growth of approximately 6.4%[36] - The company implemented various measures to optimize patient care and increase operational capacity during the pandemic[28] - The group has increased outpatient surgery ratios and bed turnover rates to address delayed patient visits due to pandemic restrictions[40] Revenue Breakdown - Revenue from consumer ophthalmic services and basic ophthalmic services was approximately RMB 540 million and RMB 450 million, respectively[29] - Revenue from consumer ophthalmic services reached RMB 542.9 million, accounting for 54.8% of total revenue in 2022, up from 51.8% in 2021[38] - Revenue from basic ophthalmic services decreased by 6.8% from RMB 479.7 million to RMB 447.2 million, primarily due to pandemic-related restrictions affecting patient treatments[60] Investments and Acquisitions - The company successfully acquired controlling stakes in four hospitals in Tangshan, Hebei, enhancing its market presence in the eastern region of Hebei[30] - The company invested RMB 100 million in a healthcare industry fund, which focuses on non-listed equity in high-growth innovative companies[31] - The group acquired Tangshan Jidong Hospital, Luanzhou Jidong Hospital, Luanan Jidong Hospital, and Yutian Jidong Hospital in November 2022, adding significant capacity to its operations[45] Employee and Management - The group has a total of 1,182 full-time medical professionals, including 242 physicians, 520 nurses, and 420 other professionals[52] - The group had 2,162 full-time employees, including 1,182 hospital professionals and 82 optical center professionals[138] - The management team has over 30 years of combined experience in the healthcare sector, ensuring strong leadership and strategic direction[107] Corporate Governance and Compliance - The audit committee has reviewed the financial reporting and internal controls, confirming that the annual performance for the year ending December 31, 2022, complies with applicable accounting standards and regulations[167] - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and risk management[166] - The independent non-executive directors confirmed their independence for the period from January 1, 2022, to December 31, 2022[149] Social Responsibility and Community Engagement - The company conducted 45 free medical consultations in the Hangzhou community and provided free glasses to underprivileged students[32] - The company aims to continue providing high-quality medical services to disadvantaged families, adhering to the principle of early detection, diagnosis, and treatment[32] - The company made charitable donations totaling approximately RMB 6.2 million for the year ended December 31, 2022[200] Risks and Challenges - The company faces risks including price controls under public health insurance plans and potential patient complaints leading to legal disputes[113] - The company may experience short-term financial fluctuations due to the opening of new hospitals or optical centers[113] - The company is subject to potential regulatory changes that could impact the future operations of the variable interest entity hospitals[184] Future Outlook - The company has set a future outlook with a revenue guidance of $600 million for the next fiscal year, indicating a projected growth of 20%[107] - New product launches are expected to contribute an additional $50 million in revenue, with a focus on innovative eye care solutions[108] - The company aims to improve operational efficiency, targeting a 5% reduction in operational costs through streamlined processes[109]

Financial Performance - The group's revenue decreased by 0.8% from RMB 997.8 million in the year ended December 31, 2021, to RMB 990.0 million in the year ended December 31, 2022[2]. - The group's profit before tax increased by 13.5% from RMB 210.6 million in the year ended December 31, 2021, to RMB 239.1 million in the year ended December 31, 2022, with a profit margin of 24.2%[2]. - The group's net profit rose by 16.2% from RMB 157.6 million in the year ended December 31, 2021, to RMB 183.2 million in the year ended December 31, 2022, with a net profit margin of 18.5%[2]. - The adjusted net profit under non-IFRS increased by 0.2% from RMB 185.9 million in the year ended December 31, 2021, to RMB 186.2 million in the year ended December 31, 2022, with an adjusted net profit margin of 18.8%[2]. - Basic earnings per share increased by 3.8% from RMB 0.26 in the year ended December 31, 2021, to RMB 0.27 in the year ended December 31, 2022[2]. Revenue Breakdown - Revenue from consumer ophthalmic services reached RMB 542.9 million, accounting for 54.8% of total revenue in 2022, up from 51.8% in 2021[11]. - Revenue from basic ophthalmic services was RMB 447.2 million, representing 45.2% of total revenue, down from 48.1% in the previous year[11]. - Revenue from consumer ophthalmic services increased by 5.0% from RMB 517.2 million to RMB 542.9 million, primarily due to an increase in patient volume during non-restricted periods of the COVID-19 pandemic[26]. - Revenue from basic ophthalmic services decreased by 6.8% from RMB 479.7 million to RMB 447.2 million, mainly due to pandemic prevention measures that limited patient access to treatments[27]. Operational Expansion - The number of ophthalmology hospitals operated by the group increased from 24 as of December 31, 2021, to 26 as of December 31, 2022[2]. - The group expanded its network by adding five new physical entities, including hospitals and optical centers, in 2022[6]. - The group completed the acquisition of four hospitals in Tangshan, enhancing its presence in the North China region and facilitating synergy with existing facilities[7]. - As of December 31, 2022, the group operated a network of 24 hospitals and 26 optical centers across five provinces and regions in China[8]. - The group plans to continue expanding its network, with hospitals expected to open in Zhangjiakou and other locations in 2023[22]. Customer Engagement and Services - Customer visits at optical centers decreased to 101,956 in 2022 from 119,040 in 2021[9]. - The average spending per outpatient visit decreased from RMB 647 in 2021 to RMB 626 in 2022[9]. - The average spending per inpatient visit decreased from RMB 7,415 in 2021 to RMB 7,244 in 2022[9]. - The average selling price at optical centers increased from RMB 692 in 2021 to RMB 746 in 2022[9]. Cost and Expenses - Selling and distribution expenses rose by 30.1% from RMB 47.1 million to RMB 61.3 million, attributed to increased marketing and advertising expenses in key regions[31]. - Administrative expenses decreased by 8.6% from RMB 177.3 million to RMB 162.0 million, mainly due to the absence of non-recurring listing expenses in the current year[32]. - The group's gross profit decreased by 3.1% from RMB 448.7 million to RMB 434.7 million, with the gross profit margin declining from 45.0% to 43.9%[29]. Employee and Workforce - As of December 31, 2022, the group has a total of 1,182 full-time medical professionals, including 242 doctors, 520 nurses, and 420 other professionals[17]. - The employee distribution includes 242 doctors (11.19%), 520 nurses (24.05%), and 420 other professionals (19.43%) as of December 31, 2022[70]. - The group has a total of 2,162 full-time employees as of December 31, 2022, with 1,182 being hospital professionals[69]. Financial Position and Assets - The group's cash and bank balances are essential for funding operations and expansion plans, including upgrading existing ophthalmology hospitals and constructing new ones[42]. - The net cash flow from operating activities for the year ended December 31, 2022, was RMB 273.4 million, while the net cash flow from investing activities was RMB (464.8) million[43]. - The company's total equity rose to RMB 2,298,473 thousand in 2022, up from RMB 2,128,406 thousand in 2021, indicating an increase of 8%[86]. - The company's inventory increased to RMB 52,415 thousand in 2022 from RMB 34,900 thousand in 2021, a growth of 50%[84]. Governance and Compliance - The company emphasizes the importance of corporate governance and compliance with international financial reporting standards[118]. - The audit committee consists of three independent non-executive directors, providing independent opinions on financial reporting and internal controls[63]. - The company established an Environmental, Social, and Governance (ESG) committee to enhance its governance standards and social recognition[76]. Future Outlook - The company anticipates that the negative impact of COVID-19 on its business will begin to diminish in the first quarter of 2023 as control measures are lifted[19]. - The company is focused on expanding its market presence and enhancing its product offerings in the ophthalmology sector[116]. - The company is actively pursuing new strategies for growth, including potential mergers and acquisitions in the healthcare industry[117].

Financial Performance - Revenue for the six months ended June 30, 2022, was RMB 532,742,000, representing a 6.5% increase from RMB 500,171,000 in 2021[18]. - Gross profit for the same period was RMB 244,336,000, up 7.4% from RMB 227,350,000 in 2021[18]. - Profit before tax increased by 23.8% to RMB 131,211,000 compared to RMB 106,011,000 in the previous year[18]. - Net profit rose by 29.4% to RMB 101,761,000 from RMB 78,671,000 in 2021[18]. - The total comprehensive income for the period was RMB 130,253,000, compared to RMB 78,690,000 in the previous year, reflecting a growth of 65.7%[106]. - The group’s profit before tax for the six months ended June 30, 2022, was RMB 103,598,000, compared to RMB 80,940,000 for the same period in 2021, representing an increase of 28%[128]. - The total tax expense for the period was RMB 29,450,000, compared to RMB 27,340,000 in the previous year, reflecting an increase of 7.7%[126]. - Net profit increased by 29.4% to RMB 101.8 million, with a net profit margin rising from 15.7% to 19.1%[55]. Assets and Equity - Total assets as of June 30, 2022, were RMB 2,598,662,000, a 3.7% increase from RMB 2,506,514,000 at the end of 2021[19]. - Total equity increased by 3.2% to RMB 2,197,414,000 from RMB 2,128,406,000[19]. - Cash and cash equivalents reached RMB 1,414,424,000, reflecting a 12.5% increase from RMB 1,257,136,000[19]. - Non-current assets totaled RMB 676,020,000 as of June 30, 2022, compared to RMB 592,083,000 at the end of 2021, marking a growth of 14.2%[107]. - The company’s total equity attributable to owners of the parent increased to RMB 735,475,000 as of June 30, 2022, from RMB 763,545,000 as of January 1, 2021[110]. Operational Highlights - The company operates a network of 18 eye hospitals and 25 optical centers across five provinces and autonomous regions in China[23]. - The company plans to focus more on consumer eye care services while maintaining its advantages in basic eye care services[21]. - The company has recently opened new facilities, including the Hohhot Second Hospital in January 2022 and Hangzhou Chaoju Optical Glasses Co., Ltd. in May 2022[23]. - The total number of outpatient visits increased to 439,780 in the first half of 2022 from 412,974 in the same period of 2021[26]. - The total number of inpatient visits rose to 22,510 in the first half of 2022, compared to 21,998 in the first half of 2021[26]. - The group operates a network of 25 optical centers strategically located in five major regions, including 11 in Inner Mongolia and 8 in Eastern Mongolia[36]. Revenue Breakdown - Consumer ophthalmic services accounted for 54.6% of total revenue in the first half of 2022, up from 53.3% in the same period of 2021, with revenue of RMB 291.1 million[27][28]. - Basic ophthalmic services represented 45.4% of total revenue in the first half of 2022, with revenue of RMB 241.7 million, showing a stable growth compared to RMB 233.0 million in the first half of 2021[27][29]. - Revenue from consumer ophthalmic services rose by 9.2% from RMB 266.5 million for the six months ended June 30, 2021, to RMB 291.1 million for the six months ended June 30, 2022[46]. - Revenue from basic ophthalmic services increased by 3.7% to RMB 241.7 million for the six months ended June 30, 2022, compared to RMB 233.0 million for the same period in 2021[47]. Expenses and Costs - Selling and distribution expenses increased by 28.9% to RMB 26.3 million, attributed to the expansion of the sales and marketing team and increased marketing activities in North and East China[50]. - Administrative expenses decreased by 0.6% to RMB 92.7 million, mainly due to the absence of non-recurring listing expenses recognized in the previous period[51]. - Financial asset impairment losses rose by 23.4% to RMB 5.8 million, primarily due to increased non-recurring impairment losses on receivables[52]. - Financing costs increased by 24.4% to RMB 5.6 million, driven by lease liabilities from new hospitals opened or to be opened in 2022[53]. Cash Flow and Investments - The net cash flow from operating activities for the six months ended June 30, 2022, was RMB 156,703,000, compared to RMB 127,250,000 for the same period in 2021, indicating a growth of 23.2%[63]. - Cash and cash equivalents increased by RMB 157,288,000 for the six months ended June 30, 2022, driven by net cash inflows from operating and investing activities[63]. - The company incurred a loss of RMB 85,032,000 for the acquisition of property, plant, and equipment during the six months ended June 30, 2022, compared to RMB 15,777,000 in the same period of 2021[112]. - The company reported a net cash inflow from investing activities of RMB 71,990,000 for the six months ended June 30, 2022, compared to a net outflow of RMB 14,377,000 in the same period of 2021[112]. Shareholder Information - Major shareholders include Zhang Bozhou, Zhang Xiaoli, and Zhang Junfeng, each holding 40.48% of the shares[93]. - Zhang Wenwen holds 5.15% of the shares, indicating a significant concentration of ownership among key executives[93]. - The company reported a total of 286,457,000 shares held by Zhang Bozhou and his spouse, representing 40.48% of the total equity[99]. Future Outlook - The Chinese ophthalmic medical services market is expected to grow from RMB 1,275 billion in 2019 to RMB 2,231 billion by 2024, with a compound annual growth rate of 15.0%[43]. - The company expects a compound annual growth rate (CAGR) of 20% over the next five years, driven by market expansion and new service offerings[156]. - Future guidance suggests a revenue target of HKD 2.5 billion for the full year 2022, reflecting continued growth momentum[156]. Compliance and Governance - The independent review report confirmed that the interim financial data was prepared in accordance with International Accounting Standard 34[104]. - The review was conducted by Ernst & Young, ensuring compliance with relevant accounting standards[104]. - The company reported no significant impact on financial position or performance from the recent accounting policy changes[117].

Financial Performance - Total revenue for the year 2021 reached RMB 997.8 million, a 25.7% increase from RMB 794.3 million in 2020[8] - Gross profit for 2021 was RMB 448.7 million, representing a gross margin of 45.0%, compared to 44.0% in 2020[8] - Net profit for 2021 was RMB 157.6 million, up 30.8% from RMB 120.5 million in 2020, with a net profit margin of 15.8%[8] - The group's operating revenue reached RMB 998 million for the year ended December 31, 2021, representing a year-on-year growth of 25.6%[14] - Gross profit for the same period was RMB 449 million, an increase of 28.4% year-on-year, with an adjusted net profit of RMB 186 million, up 31.8% year-on-year, resulting in an adjusted net profit margin of 18.6%[14] - Revenue from consumer ophthalmic services grew by 40.0%, accounting for 51.8% of total revenue, while revenue from basic ophthalmic services increased by 13.6%, making up 48.1% of total revenue[14] - The gross profit from consumer ophthalmic services reached RMB 276.5 million, an increase of 48.3% compared to the previous year, driven by a 40.0% increase in revenue from these services[39] - The gross profit from basic ophthalmic services was RMB 172.0 million, reflecting a 6.5% increase year-on-year, primarily due to a 13.6% rise in revenue[39] - The company reported a net amount of approximately HKD 1.599 billion from the global offering after deducting underwriting fees and other expenses[120] Assets and Cash Flow - The total assets of the company as of December 31, 2021, amounted to RMB 2,506.5 million, significantly higher than RMB 1,089.0 million in 2020[8] - Cash and cash equivalents increased to RMB 1,257.1 million in 2021, compared to RMB 413.2 million in 2020[8] - As of December 31, 2021, the group's cash and structured deposits amounted to RMB 1,777.2 million (approximately HKD 2,173.7 million), indicating strong cash flow and reserves[14] - The net cash inflow from operating activities for the year ended December 31, 2021, was RMB 249.4 million, compared to RMB 248.7 million in 2020, representing a slight increase[66] - The net cash outflow from investing activities was RMB 578.5 million, significantly higher than RMB 35.5 million in 2020, primarily due to the purchase of structured deposit products[66] - The net cash inflow from financing activities was RMB 1,186.9 million, a substantial increase from a net outflow of RMB 39.6 million in 2020, mainly due to proceeds from a global offering[66] Operational Strategy - The company plans to focus more on consumer eye care services, leveraging its existing strengths in basic eye care services[10] - The company aims to improve market penetration and operational efficiency through its cluster operation model[10] - The management believes that its centralized and standardized management system allows for scalable and replicable business models[10] - The group plans to expand its business network, with the second hospital in Hohhot set to officially open in February 2022, and aims to strengthen its market position in Inner Mongolia and surrounding areas[15] - The group has adopted a cluster operation model and a standardized management system to ensure efficient operation and rapid development of its ophthalmic hospitals and vision centers[19] Market Presence and Growth - The company operates a network of 17 ophthalmic hospitals and 24 optical centers across five provinces and autonomous regions in China[21] - The company has successfully established and acquired 11 additional hospitals in various regions, enhancing its market presence[29] - The company aims to strengthen its market position in key regions like North China and Zhejiang, while developing specialized ophthalmic hospitals[44] - The Chinese ophthalmic medical services market is projected to grow from RMB 730 billion in 2015 to RMB 2,231 billion by 2024, indicating a compound annual growth rate of 15.0%[44] Employee and Management - The group employed 1,788 full-time employees as of December 31, 2021, including 986 hospital professionals and 87 optical center professionals[133] - The company has a team of 986 full-time medical professionals, including 197 doctors, 439 nurses, and 350 other specialists, enhancing its service capabilities[40] - The group has implemented systematic training and education programs for employees to ensure high-quality service delivery, including regular internal and external training sessions[82] - The management team includes experienced professionals with over 20 years of expertise in their respective fields, ensuring strong leadership[99][101][102] Corporate Governance - The board consists of 4 executive directors, 4 non-executive directors, and 4 independent non-executive directors, maintaining a balanced governance structure[198] - The company has confirmed compliance with the requirement of having at least three independent non-executive directors and that they constitute at least one-third of the board[199] - The board believes that continuing the lease agreement is commercially viable due to the comparable market rent and potential costs of relocating the hospital[184] - The company has adopted the revised Corporate Governance Code effective from January 1, 2022, ensuring compliance with all applicable provisions since its listing date[195] Social Responsibility - The group actively participates in social responsibility initiatives, providing free cataract surgeries for over 6,300 impoverished patients in Inner Mongolia during the reporting period[18] - The group made charitable donations totaling approximately RMB 5.9 million during the year ended December 31, 2021[189] - The company is committed to social responsibility, employee welfare, and sustainable growth[109] Risks and Compliance - The company faces inherent risks related to patient complaints, medical disputes, and legal claims that could lead to significant costs and impact its reputation and financial performance[106] - The company acknowledges the impact of price controls and coverage limits under public health insurance plans on its service and product pricing[106] - Future changes in laws and regulations may impact the legality and effectiveness of the company's contractual arrangements, posing significant risks[175] - The company emphasizes the importance of compliance with the Foreign Investment Law to avoid adverse impacts on its business operations and share trading[174]

(於開曼群島註冊成立的有限公司) 股份代號: 2219 Chaoju Eye Care Holdings Limited 朝聚眼科醫療控股有限公司 中期報告 2021 (Incorporated in the Cayman Islands with limited liability) Stock code: 2219 Chaoju Eye Care Holdings Limited 朝聚眼科醫療控股有限公司 INTERIM REPORT 2021 INTERIM REPORT 20 21 中期報 告 Chaoju Eye Care Holdings Limited 朝聚眼科醫療控股有限公司 目錄 | 公司資料 | 2 | | --- | --- | | 財務摘要 | 4 | | 公司概況 | 5 | | 管理層討論及分析 | 6 | | 其他資料 | 21 | | 獨立審閱報告 | 28 | | 中期簡明綜合損益表 | 29 | | 中期簡明綜合全面收益表 | 30 | | 中期簡明綜合財務狀況表 | 31 | | 中期簡明綜合權益變動表 | 33 | | 中期簡明綜合現金流量表 | 35 | | 中期簡明 ...