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 而 產 生 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 Chaoju Eye Care Holdings Limited 朝聚眼科醫療控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2219） 須予披露交易 認購結構性存款產品 認購結構性存款產品 茲提述本公司日期為二零二四年八月十二日及二零二四年九月二十七日的 公 告，內 容 分 別 有 關 認 購 本 金 總 額 為 人 民 幣 20 百 萬 元（「八月存款產品」）及 人 民 幣 240 百 萬 元（「九月存款產品」）的 中 國 銀 行 結 構 性 存 款 產 品。 董 事 會 宣 佈，於 二 零 二 四 年 十 二 月 九 日，朝 聚 醫 療 科 技（本 公 司 的 間 接 全 資 附 屬 公 司）進 一 步 認 購 本 金 總 額 為 人 民 幣 150 百萬元的中國銀行結 ...

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 734,287,000, representing a 6.0% increase from RMB 692,688,000 in the same period of 2023[18]. - Gross profit for the same period was RMB 335,974,000, up 4.0% from RMB 322,922,000 year-on-year[18]. - Net profit decreased by 9.0% to RMB 133,620,000 from RMB 146,912,000 in the previous year[18]. - The adjusted net profit under non-IFRS was RMB 144,753,000, a 6.0% increase from RMB 136,539,000 in the prior year[18]. - Total comprehensive income for the period was RMB 137,972,000, down from RMB 164,608,000 in the previous year[103]. - The company's total equity as of June 30, 2024, was RMB 2,341,006,000, a decrease from RMB 2,378,425,000 at the end of 2023[105]. - The basic earnings per share for the period was RMB 0.20, unchanged from the previous year[102]. - The company reported a net profit of RMB 136,453,000 for the six months ended June 30, 2024, compared to RMB 150,613,000 for the same period in 2023, representing a decrease of approximately 9.4%[107]. Assets and Liabilities - Total assets as of June 30, 2024, were RMB 2,835,653,000, down 3.0% from RMB 2,922,806,000 at the end of 2023[19]. - Total liabilities were RMB 494,647,000, a decrease of 9.1% from RMB 544,381,000[19]. - Cash and cash equivalents decreased by 14.6% to RMB 395,734,000 from RMB 463,437,000[19]. - Trade receivables increased by 21.2% from RMB 55.7 million to RMB 67.5 million, primarily due to growth in basic ophthalmic services leading to higher medical insurance receivables[50]. - Trade payables increased by 13.0% from RMB 55.4 million as of December 31, 2023, to RMB 62.6 million as of June 30, 2024, driven by business expansion[54]. Revenue Breakdown - Revenue from consumer ophthalmology services rose by 4.3% from RMB 361.1 million to RMB 376.5 million, driven by market expansion through new hospital and optical center establishments and acquisitions[37]. - Revenue from basic ophthalmology services increased by 7.7% from RMB 331.6 million to RMB 357.2 million, attributed to enhanced marketing activities and improved patient service processes[38]. - Consumer ophthalmic services accounted for 51.3% of total revenue, a decrease of approximately 0.8 percentage points from the previous year[28]. - Basic ophthalmic services represented 48.6% of total revenue, an increase of about 0.7 percentage points compared to the previous year[29]. Operational Highlights - Outpatient visits increased to 571,087 in the six months ended June 30, 2024, from 531,714 in the same period of 2023, representing a growth of approximately 7.4%[24]. - The average spending per outpatient visit rose to RMB 764, up from RMB 752, indicating an increase of about 1.6%[24]. - The number of inpatient visits increased to 35,814, compared to 32,922 in the previous year, reflecting a growth of approximately 8.6%[24]. - The company expanded its network to 31 ophthalmology hospitals and 29 optical centers across seven provinces and municipalities in China as of June 30, 2024[23]. Strategic Initiatives - The company aims to focus more on consumer eye care services while maintaining its advantages in basic eye care services[21]. - The company believes its advanced technology and equipment will enhance brand recognition and customer loyalty, contributing to competitive advantages in myopia prevention[21]. - The company aims to strengthen its leading position in North China and enhance its market presence in key areas like the Yangtze River Delta through new hospital constructions and acquisitions[34]. - The group plans to implement a centralized management model focused on regional center hospitals to improve resource efficiency[35]. Cost and Expenses - The group's sales cost increased by 7.7% from RMB 369.8 million for the six months ended June 30, 2023, to RMB 398.3 million for the six months ending June 30, 2024, primarily due to fixed costs and expenses related to new hospital openings and upgrades[39]. - Sales and distribution expenses increased by 22.8% from RMB 51.3 million to RMB 63.0 million, driven by marketing and advertising costs associated with new acquisitions and existing hospitals[42]. - Administrative expenses decreased by 3.8% from RMB 110.6 million to RMB 106.4 million, primarily due to cost control measures[43]. Cash Flow and Investments - The net cash flow from operating activities for the six months ended June 30, 2024, was RMB 174.5 million, a decrease from RMB 194.8 million in the same period of 2023[53]. - The net cash outflow from investing activities was RMB 18.8 million, significantly improved from RMB 589.4 million in the previous year[53]. - The net cash outflow from financing activities was RMB 224.3 million, compared to RMB 153.8 million in the prior year, primarily due to dividend payments[53]. Shareholder Information - The company declared an interim dividend of HKD 0.1307 per share for the six months ending June 30, 2024, compared to no dividend for the same period in 2023[63]. - The company has 2,648 full-time employees as of June 30, 2024, including 1,458 hospital professionals and 101 optical center professionals[71]. - The company has established an audit committee to oversee financial reporting and risk management systems[66]. Future Outlook - The company plans to acquire hospitals in new markets with high demand for ophthalmic services, allocating 44.80% of the net proceeds for this purpose[68]. - Future guidance indicates a projected revenue growth of 20% for the full year 2024[162]. - The company aims to enhance its outpatient services, expecting a 25% increase in patient visits by mid-2025[162].

Revenue Growth - The group's revenue increased by 6.0% from RMB 692.7 million in the same period of 2023 to RMB 734.3 million for the six months ended June 30, 2024[2]. - The group's revenue increased by 6.0% from RMB 692.7 million for the six months ended June 30, 2023, to RMB 734.3 million for the six months ended June 30, 2024, primarily due to acquisitions of ophthalmology hospitals and optical centers[8]. - Revenue from consumer ophthalmology services rose by 4.3% from RMB 361.1 million to RMB 376.5 million, driven by market expansion and the introduction of new hospitals and optical centers[21]. - Revenue from basic ophthalmology services increased by 7.7% from RMB 331.6 million to RMB 357.2 million, supported by enhanced marketing activities and improved patient service processes[22]. - Revenue for the six months ended June 30, 2024, was RMB 734,287 thousand, an increase of 6.0% compared to RMB 692,688 thousand for the same period in 2023[67]. - Revenue from outpatient services was RMB 436,163,000 for the six months ended June 30, 2024, compared to RMB 399,816,000 in 2023, reflecting an increase of 9.1%[87]. Profitability - Gross profit rose by 4.1% from RMB 322.9 million to RMB 336.0 million, with a gross margin decrease from 46.6% to 45.8%[2]. - Profit before tax decreased from RMB 184.6 million to RMB 179.6 million, resulting in a profit margin decline from 26.6% to 24.5%[2]. - Net profit fell by 9.1% from RMB 146.9 million to RMB 133.6 million, with a net profit margin decreasing from 21.2% to 18.2%[2]. - Basic earnings per share decreased from RMB 0.21 to RMB 0.20[3]. - Non-IFRS adjusted net profit increased by 6.1% from RMB 136.5 million to RMB 144.8 million, with an adjusted net profit margin of 19.7%[4]. - The total profit attributable to equity holders of the parent company for the six months ended June 30, 2024, was RMB 136,453,000, a decrease of 9.4% from RMB 150,613,000 for the same period in 2023[94]. Operational Metrics - The number of ophthalmology hospitals operated by the group increased from 26 to 31[3]. - Outpatient visits increased to 571,087 in the six months ended June 30, 2024, compared to 531,714 in the same period of 2023, representing a growth of approximately 7.4%[7]. - Inpatient visits increased to 35,814 in the six months ended June 30, 2024, compared to 32,922 in the same period of 2023, marking a growth of approximately 8.7%[7]. - The optical center customer visits totaled 51,774 in the six months ended June 30, 2024, down from 58,317 in the same period of 2023, a decline of approximately 11.8%[7]. - The group operates a network of 31 ophthalmology hospitals and 29 optical centers across seven provinces and municipalities in China as of June 30, 2024[6]. Cost and Expenses - The group's cost of sales grew by 7.7% from RMB 369.8 million to RMB 398.3 million, primarily due to fixed costs and expenses related to new hospital openings and renovations[23]. - Sales and distribution expenses increased by 22.8% from RMB 51.3 million for the six months ended June 30, 2023, to RMB 63.0 million for the six months ended June 30, 2024, primarily due to increased marketing and advertising costs associated with new hospital acquisitions and existing hospital activities[26]. - Administrative expenses decreased by 3.8% from RMB 110.6 million for the six months ended June 30, 2023, to RMB 106.4 million for the six months ended June 30, 2024, mainly due to cost control measures[27]. - The gross profit from consumer ophthalmic services was RMB 183.0 million, a decrease of 1.6% compared to RMB 185.9 million for the same period in 2023, primarily due to a 10.4% increase in costs[14]. - The gross profit from basic ophthalmic services for the same period was RMB 152.9 million, an increase of 11.6% compared to RMB 137.0 million in 2023, driven by a 7.7% increase in revenue and cost allocation[14]. Cash Flow and Liquidity - For the six months ended June 30, 2024, the net cash flow from operating activities was RMB 174.5 million, a decrease from RMB 194.8 million in the same period of 2023[38]. - The net cash flow used in investing activities was RMB (18.8) million, significantly improved from RMB (589.4) million year-on-year[38]. - The net cash flow used in financing activities was RMB (224.3) million, compared to RMB (153.8) million in the previous year, primarily due to dividend payments[38]. - The company’s main sources of liquidity include cash generated from operations and financing through debt and equity[37]. - The company reported a net cash outflow from financing activities of RMB 224,348,000, compared to RMB 153,764,000 in the previous year, indicating increased financing costs[74]. Market and Strategic Outlook - The Chinese ophthalmic medical services market is expected to reach RMB 223.1 billion by 2024, with the North China market projected to grow to RMB 33.7 billion[18]. - The company aims to enhance management capabilities through systematic, standardized, professional, refined, and intelligent development over the next decade[18]. - The group plans to continue expanding its network in North China and strengthen its market position in key regions like the Yangtze River Delta[19]. - The company aims to acquire hospitals in new markets with high demand for ophthalmic services, allocating HKD 716.35 million, which is 44.80% of the total proceeds[58]. - The company is investing RMB 50 million in R&D for new ophthalmic technologies, aiming to launch two innovative products by Q4 2024[102]. Employee and Talent Management - The group employed a total of 1,458 medical professionals as of June 30, 2024, up from 1,316 in 2023, including 302 doctors, 622 nurses, and 534 other professionals[15]. - The company emphasizes talent acquisition and retention, focusing on the development of young professionals to strengthen its talent pool[18]. - The company has granted a total of 13,396,724 shares under its share incentive plan to 224 employees, with 57,613,831 shares available for future grants as of June 30, 2024[62]. - The company has not experienced any significant labor disputes or strikes that would impact operations as of June 30, 2024[64]. Dividends and Shareholder Returns - The board declared an interim dividend of HKD 0.1307 per share[3]. - The interim dividend declared for each ordinary share was 13.07 HK cents, totaling approximately HKD 92,444,000, compared to no interim dividend for the same period in 2023[92]. - The company declared a final dividend of HKD 142,256,000 for the year ended December 31, 2023, compared to HKD 111,523,000 for the previous year[91]. Compliance and Governance - The independent auditor has reviewed the interim financial results, confirming compliance with applicable accounting standards and regulations[65]. - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and internal controls[56]. - The company has adopted a standard code for securities trading by directors, confirming compliance since January 1, 2024[55].

Summary of the Conference Call Industry Overview - The overall ophthalmology industry has returned to a relatively stable growth rate, with first-quarter revenue growth in the high single digits [1] Company Performance - The company's ophthalmology revenue growth is estimated to be at or above the industry average, indicating strong performance relative to peers [1]

Summary of Conference Call Transcript Industry Overview - The overall ophthalmology industry has returned to a relatively stable growth rate, with first-quarter revenue growth in the high single digits [1]

Financial Performance - Revenue for 2023 reached RMB 1,369,505 thousand, a 38.3% increase from RMB 990,044 thousand in 2022[23] - Gross profit for 2023 was RMB 621,134 thousand, representing a gross margin of 45.4%, up from 43.9% in 2022[23] - Net profit for 2023 increased to RMB 220,735 thousand, with a net profit margin of 16.1%, compared to 18.5% in the previous year[23] - The adjusted net profit under non-IFRS for 2023 was RMB 223,105 thousand, with an adjusted net profit margin of 16.3%[23][25] - EBITDA grew by 22.6%, reaching RMB 380 million, despite an increase in sales, distribution, and administrative expenses by approximately 46.7%[33] - The total gross profit for the group was RMB 621.1 million, reflecting a 42.9% increase year-over-year[57] - Gross profit increased by 42.9% from RMB 434.7 million to RMB 621.1 million, with the gross profit margin rising from 43.9% to 45.4%[70] Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 2,922,806 thousand, an increase from RMB 2,723,150 thousand in 2022[24] - Total equity for 2023 was RMB 2,378,425 thousand, up from RMB 2,298,473 thousand in 2022[24] - The company reported a total liability of RMB 544,381 thousand for 2023, compared to RMB 424,677 thousand in 2022[24] - Trade receivables rose by 19.5% from RMB 466 million to RMB 557 million, driven by growth in basic ophthalmic services[80] - Other receivables and prepayments increased by 40.9% from RMB 545 million to RMB 768 million, mainly due to increased amounts payable to third parties[81] Market Expansion and Strategy - The company aims to expand its market presence in Northern China, leveraging advanced medical technology and personalized services[27] - The company is strategically focusing on consumer ophthalmic services to leverage the growing demand in the Chinese market[28] - The company plans to expand its network in the North China region and acquire more hospitals by 2024, while also enhancing its presence in the Yangtze River Delta region[61] - The company aims to enhance service quality and patient experience by expanding its medical network and strengthening partnerships with domestic and international collaborators[37] - The company is committed to fulfilling social responsibilities and actively participating in public welfare, focusing on environmental protection and sustainable development[37] Operational Efficiency and Patient Care - The company continues to focus on developing new ophthalmic technologies and services to enhance patient care[27] - The company successfully integrated newly built and acquired hospitals, improving operational efficiency and patient treatment outcomes[32] - The number of patients treated in hospitals exceeded 1.1 million, while the number of patients treated in optical centers reached approximately 120,000[32] - Outpatient visits rose to 1,128,719 in 2023 from 944,523 in 2022, with the average revenue per visit increasing from RMB 626 to RMB 698[39] - Inpatient visits increased significantly from 44,581 in 2022 to 67,258 in 2023, with the average revenue per inpatient visit slightly decreasing from RMB 7,244 to RMB 7,109[39] Employee and Management Structure - The group has a total of 1,428 full-time medical professionals, including 288 physicians, with 252 registered as professional ophthalmologists[58] - The group has implemented a share incentive plan since May 10, 2022, granting a total of 13,396,724 shares to 224 employees, with 51,630 shares lapsing during the reporting period[101] - The group emphasizes systematic training and education programs for employees to maintain high service quality, including internal and external mandatory training[101] - The company has a strong board of independent directors, including Ms. Guo Hongyan and Mr. Li Jianbin, who have extensive experience in law, tax consulting, and investment matters[113][115] - The management team is expected to drive the company's strategic initiatives and financial performance moving forward[116] Corporate Governance and Compliance - The company is focused on enhancing its corporate governance and compliance through the appointment of experienced professionals in key management roles[116] - The audit committee, consisting of three independent non-executive directors, is responsible for providing independent opinions on the effectiveness of the financial reporting process, internal controls, and risk management systems[180] - The company has adopted the standard code of conduct for securities trading by directors and confirmed compliance since January 1, 2023[178] - The company has not reported any significant violations of applicable laws and regulations as of December 31, 2023[126] Shareholder and Capital Structure - The board proposed a final dividend of HKD 0.2208 per share and a special dividend of HKD 0.0767 per share for the year ended December 31, 2023, subject to shareholder approval[95] - The capital structure as of December 31, 2023, consists of 18.6% debt and 81.4% equity, compared to 15.6% debt and 84.4% equity as of December 31, 2022[144] - The company has a gender diversity ratio of approximately 40% female employees and 60% male employees as of December 31, 2023[131] - The company has not established any arrangements for directors to benefit from purchasing shares or debt securities of the company or any other entity[170] Risks and Challenges - The company faces risks including price controls under public health insurance plans, potential patient complaints, and regulatory uncertainties in the ophthalmic service industry[122] - The implementation of the Foreign Investment Law in China may impact the legality and effectiveness of the company's contractual arrangements, posing potential risks[198] - The company has identified several risks associated with its contractual arrangements, including potential penalties from the Chinese government if deemed non-compliant with applicable laws[199] Variable Interest Entities (VIEs) - The variable interest entities (VIEs) generated revenue of RMB 1,110,198 thousand, accounting for 81.1% of total revenue for the year ended December 31, 2023[197] - The company holds a 70% equity interest in the VIE hospitals and controls the remaining equity through contractual arrangements[196] - The total assets of the VIEs amounted to RMB 858,925 thousand, representing 29.4% of total assets as of December 31, 2023[197]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 1,369.5 million RMB in 2023, representing a year-on-year growth of 38.3%, with a pre-tax net profit of 299.2 million RMB, up 25.1% year-on-year [1] - The company’s overall gross margin improved to 45.40%, an increase of 1.50 percentage points year-on-year, while the operating cash flow net amount reached 372 million RMB, reflecting a year-on-year growth of 36.26% [1] - The company operates 31 ophthalmology hospitals and 29 optical centers across 7 provinces, with a strong recovery in demand post-pandemic [1] Financial Summary - Revenue for 2023 was 1,370 million RMB, with projections of 1,642 million RMB for 2024, 1,961 million RMB for 2025, and 2,313 million RMB for 2026, indicating growth rates of 20%, 19%, and 18% respectively [3] - The net profit attributable to the parent company for 2023 was 229 million RMB, with forecasts of 269 million RMB for 2024, 308 million RMB for 2025, and 354 million RMB for 2026, showing year-on-year growth of 17%, 15%, and 15% respectively [3] - The company’s return on equity (ROE) is projected to improve from 9.70% in 2023 to 10.77% by 2026 [3] Operational Insights - The company’s ophthalmology services revenue reached 709 million RMB in 2023, growing by 30.64%, with core ophthalmology services revenue at 654 million RMB, up 39.54% [1] - The number of outpatient visits increased significantly to 11.287 million in 2023 from 9.445 million in the previous year, while inpatient visits rose to 67,258 from 44,600 [1] - The company has successfully acquired several hospitals, enhancing its operational capacity and revenue potential [1]

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].