REDCO HEALTHY(02370)

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力高健康生活(02370) - 2023 - 年度业绩
2024-04-24 14:54
Financial Performance - For the year ended December 31, 2022, the company's revenue was approximately RMB 437.1 million, an increase of about 23.4% compared to RMB 354.3 million for the year ended December 31, 2021[2] - The gross profit for the year ended December 31, 2022, was approximately RMB 142.9 million, reflecting a 23.4% increase from RMB 115.8 million for the previous year[2] - The net profit for the year ended December 31, 2022, was approximately RMB 10.0 million, a decrease of about 75.2% from RMB 40.1 million for the year ended December 31, 2021[2] - The operating profit for the year ended December 31, 2022, was RMB 16.0 million, down from RMB 57.5 million in the previous year[6] - The basic and diluted earnings per share for the year ended December 31, 2022, were RMB 1.70, a significant decrease from RMB 21.43 in the previous year[6] - The company reported a net profit of RMB 9,953,000 for the year, compared to a previous year's profit of RMB 16,037,000, reflecting a decrease of approximately 38.5%[48] - The company reported a net profit of RMB 40,133,000 for the year ended December 31, 2022, compared to RMB 59,271,000 in 2021, reflecting a decline of approximately 32.2%[50] Revenue Breakdown - Revenue from property management services was RMB 256,500,000 for 2022, up from RMB 202,099,000 in 2021, indicating a growth of about 27%[43] - The revenue from community value-added services increased to RMB 53,219,000 in 2022 from RMB 41,558,000 in 2021, marking a growth of approximately 28.5%[43] - IT and smart construction services generated revenue of RMB 15,035,000 in 2022, slightly up from RMB 14,860,000 in 2021[43] - The company identified three reportable segments: property management, wellness services, and others, with total segment revenues of RMB 418,870,000 for the year[48] - Revenue from major customers, including the Li Ka Shing Group, accounted for 26% of total revenue in 2022, down from 32% in 2021[54] Assets and Liabilities - The total assets less current liabilities as of December 31, 2022, amounted to RMB 341.8 million, compared to RMB 175.2 million as of December 31, 2021[10] - The total assets of the company as of December 31, 2022, amounted to RMB 586,699,000, with total liabilities of RMB 254,070,000[48] - Total liabilities increased to RMB 227,107,000 in 2022 from RMB 179,612,000 in 2021[50] - The total amount of bank and other borrowings increased from RMB 10,231,000 in 2021 to RMB 18,253,000 in 2022, representing an increase of approximately 78.5%[102] - The actual interest rate for bank and other borrowings as of December 31, 2022, was approximately 3.87%, up from 1.50% in 2021[103] Cash Flow and Working Capital - The group's net cash outflow from operations for the year ended December 31, 2022, was approximately RMB 31.38 million, compared to a net cash inflow of approximately RMB 35.03 million in 2021[19] - As of December 31, 2022, the group's cash and cash equivalents amounted to approximately RMB 149.1 million, an increase from RMB 123.7 million as of December 31, 2021[158] - The group's net current assets as of December 31, 2022, were approximately RMB 200.7 million, up from RMB 60.3 million as of December 31, 2021[166] Impairment and Provisions - Impairment losses on trade and other receivables increased significantly to RMB 69,151,000 in 2022 from RMB 3,487,000 in 2021[63] - The company recorded a provision for impairment of trade receivables amounting to RMB 54.48 million in 2022, compared to RMB 7.45 million in 2021[76] - The total impairment loss provision for trade and other receivables was RMB 54,973,000, an increase from RMB 3,894,000 at the beginning of 2021[88] Employee and Administrative Expenses - The total employee cost for the year ended December 31, 2022, was approximately RMB 175.0 million, compared to RMB 157.9 million for the year ended December 31, 2021[174] - The group had 2,449 full-time employees as of December 31, 2022, down from 2,676 employees as of December 31, 2021[174] - Administrative expenses increased by approximately 6.3% from about RMB 54.8 million to approximately RMB 58.2 million, mainly due to increased employee benefits and depreciation expenses[139] Dividends and Share Capital - The company did not declare a final dividend for the year ended December 31, 2022, consistent with the previous year[4] - The group did not recommend the declaration of a final dividend for the year ended December 31, 2022, compared to zero for the year ended December 31, 2021[179] - The company's capital increased from RMB 80,792,000 to RMB 81,108,000 between December 31, 2021, and December 31, 2022[107] Risk Management and Compliance - The company has established a written risk management policy and maintains a risk register to identify and assess major risks, with management required to submit risk assessment reports to the board at least annually[185] - The company adopted the standard code of conduct for securities trading for directors, confirming compliance for the year ending December 31, 2022[188] - The audit committee reviewed the accounting standards and policies adopted by the group for the year ending December 31, 2022, in conjunction with the external auditor[189] - The company appointed a new auditor, 永拓富信, effective June 30, 2023, following the resignation of 罗兵咸永道[190] Future Outlook - The company aims to expand its project portfolio through internal growth, strategic acquisitions, and partnerships with third-party developers[118] - The property management industry is expected to enter a phase of high-quality development and steady growth, which the company plans to align with[118]
力高健康生活(02370) - 2022 - 中期财报
2022-09-28 10:01
Financial Performance - Revenue for the six months ended June 30, 2022, was RMB 207,812,000, representing a 19.5% increase from RMB 173,944,000 in the same period of 2021[12]. - Gross profit for the same period was RMB 67,854,000, up 13.1% from RMB 60,001,000 year-on-year[12]. - Profit attributable to owners of the Company increased by 5.2% to RMB 18,192,000 compared to RMB 17,300,000 in the previous year[12]. - Profit for the six months ended 30 June 2022 was RMB 18.2 million, reflecting a period-on-period growth of 5.2%[19]. - Total comprehensive income for the period was RMB 25,479,000, up from RMB 17,459,000 in 2021, marking a significant increase of 46%[91]. - Basic and diluted earnings per share attributable to owners of the Company were 7.11 RMB cents, compared to 9.35 RMB cents in the previous year[88]. - Profit for the period was RMB 12,446,000, contributing to a total comprehensive income of RMB 149,560,000 for the year[98]. - The company reported a profit attributable to the owner of RMB 12,446,000 for the six months ended June 30, 2022, down from RMB 14,024,000 in the same period of 2021, a decrease of 11.3%[153]. Assets and Liabilities - Total assets as of June 30, 2022, reached RMB 529,597,000, a 36.0% increase from RMB 389,341,000 at the end of 2021[12]. - Total liabilities decreased by 17.6% to RMB 187,055,000 from RMB 227,107,000 at the end of 2021[12]. - Total equity surged by 111.1% to RMB 342,542,000 compared to RMB 162,234,000 at the end of 2021[12]. - Trade receivables increased from approximately RMB 129.4 million as of December 31, 2021, to RMB 173.0 million as of June 30, 2022, due to an increase in the number of projects under management[45]. - Cash and cash equivalents rose significantly to RMB 227,653,000 from RMB 123,652,000, marking an increase of 84%[93]. - Current liabilities decreased to RMB 174,692,000 from RMB 214,171,000, a reduction of 18%[96]. - Borrowings increased to RMB 14,011,000 from RMB 10,231,000, an increase of 37%[96]. Revenue Breakdown - Revenue from property management services increased by approximately 28.2% to RMB 121.4 million, primarily due to an increase in GFA under management and average property management fees[26]. - Revenue from community value-added services increased by approximately 28.8% to RMB 35.7 million, driven by increased revenue from carpark sales agency services and grocery sales[28]. - Revenue from value-added services to non-property owners decreased by approximately 1.7% to RMB 50.7 million, mainly due to a slight decrease in IT and intelligent construction services revenue[27]. - For the six months ended June 30, 2022, revenue from property management services was RMB 121,446,000, an increase from RMB 94,714,000 in the same period of 2021, representing a growth of 28.1%[135]. Expenses and Costs - Cost of services increased by approximately 22.8% from approximately RMB 113.9 million for the six months ended 30 June 2021 to approximately RMB 140.0 million for the six months ended 30 June 2022, primarily due to increased salary costs from a higher number of employees and increased subcontracting costs[34]. - Selling and marketing expenses increased to RMB 2.3 million for the six months ended 30 June 2022 from RMB 2.0 million for the same period in 2021, due to continuous business expansion[40]. - Administrative expenses increased from approximately RMB 30.3 million for the six months ended 30 June 2021 to approximately RMB 37.7 million for the six months ended 30 June 2022, primarily due to increased administrative staff costs[40]. - Total cost of sales, selling and marketing expenses, and administrative expenses amounted to RMB 179,943,000 for the six months ended June 30, 2022, up from RMB 146,234,000 in 2021, indicating an increase of 22.9%[142]. Corporate Governance and Compliance - The Company has complied with all applicable code provisions of the Corporate Governance Code from the Listing Date to 30 June 2022[58]. - The Board resolved not to declare any interim dividend for the six months ended 30 June 2022, consistent with the previous year[59]. - The Company intends to utilize the net proceeds for the purposes set out in the Prospectus[64]. - The Company has established an Audit Committee chaired by an independent non-executive Director to monitor compliance with applicable laws and regulations[59]. - The Company confirmed that all Directors complied with the Model Code for Securities Transactions during the reporting period[59]. Strategic Initiatives - The Company is focusing on market expansion and new product development to drive future growth[14]. - Management anticipates continued improvement in financial performance driven by strategic initiatives and operational efficiencies[14]. - The company aims to pursue selective strategic investments and acquisitions, focusing on property management companies, with a target of expanding its business scale and service offerings by 55.0%[66]. - The company plans to upgrade its information technology infrastructure, including enhancing smart community management systems, with an investment of 15.0% of its resources allocated for this purpose[66]. - The company is committed to enhancing operational efficiency through technology upgrades, with specific systems targeted for improvement by the end of 2024[66]. Employee and Staffing - The total staff costs for the six months ended June 30, 2022, were approximately RMB 90.5 million, compared to RMB 77.1 million for the same period in 2021[54]. - The Group had 2,489 full-time employees as of June 30, 2022, an increase from 2,430 employees as of June 30, 2021[54]. - Employee benefits expense increased to RMB 90,513,000 in the first half of 2022, compared to RMB 77,112,000 in the same period of 2021, reflecting a rise of 17.4%[142]. Financial Risks and Management - The Group faces various financial risks, including credit risk, liquidity risk, and market risk, with no changes in risk management policies since December 31, 2021[125]. - To manage liquidity risk, the Group maintains a level of cash and cash equivalents deemed adequate to finance operations and mitigate cash flow fluctuations[126]. - The Group's capital management aims to maintain an optimal capital structure to reduce the cost of capital and ensure ongoing operations[130].
力高健康生活(02370) - 2021 - 年度财报
2022-04-28 08:39
Financial Performance - In 2021, the Group recorded revenue of RMB354.3 million, representing a year-on-year growth of 59.9%[13] - Profit and total comprehensive income for the year was RMB40.5 million, with profit attributable to owners of the Company at RMB32.5 million[13] - Revenue increased by approximately 59.9% from approximately RMB 221.6 million in 2020 to approximately RMB 354.3 million in 2021[44] - Revenue from property management services rose approximately 48.7% from approximately RMB 136.0 million in 2020 to approximately RMB 202.1 million in 2021, primarily due to the acquisition of Wuhu Senlin Property Management Co., Ltd[44] - Revenue from value-added services to non-property owners increased by approximately 52.3% from approximately RMB 61.2 million in 2020 to approximately RMB 93.2 million in 2021, driven by IT service revenue from Zhongtian Yunlian and increased pre-sales management services[50] - Revenue from community value-added services surged by approximately 141.3% from approximately RMB 24.4 million in 2020 to approximately RMB 59.0 million in 2021, mainly due to contributions from Weiye and increased revenue from common area management services[52] - Gross profit increased by approximately 50.8% from approximately RMB 76.8 million in 2020 to approximately RMB 115.8 million in 2021, although the gross profit margin decreased from 34.7% to 32.7%[57] - Profit attributable to owners of the Company decreased from approximately RMB39.6 million in 2020 to approximately RMB32.5 million in 2021[75] Operational Metrics - As of December 31, 2021, the aggregate gross floor area (GFA) under management reached 15.8 million sq.m., a year-on-year growth of 17.5%[13] - The aggregate contracted GFA reached 24.5 million sq.m., representing a year-on-year growth of 21.9%[13] - GFA under management from independent third-party property developers accounted for approximately 41.1% of the total GFA under management as of 31 December 2021[32] - The aggregate GFA under management from Redco Properties Group was 9.2 million sq.m. for 51 projects, with an additional 5.7 million sq.m. from 30 contracted but undelivered projects[32] Strategic Focus - The Group focuses on a "Lifestyle + healthcare" dual butler service system to enhance community services[17] - The Group aims to deepen the cultivation of value-added services and integrate technology with healthcare business[16] - The company aims to enhance its competitive advantages and market position in economically developed regions through organic growth and strategic acquisitions[23] - The "lifestyle + healthcare" dual butler service system is a key strategy to provide comprehensive high-quality services and improve customer experience[23] - The company plans to further develop its IT business and upgrade its IT platform to maximize cost-effectiveness and enhance service quality[23] - The Group aims to enhance its market position in economically developed regions through organic growth, strategic acquisitions, and partnerships with third parties[101] Challenges and Opportunities - The property management industry faced both challenges and unprecedented opportunities in 2021, with a focus on service quality and brand influence[29] - The industry is expected to move towards a stage of high-quality development, and the company plans to keep pace with these changes[24] - The company recognizes the new customer requirements arising from the COVID-19 pandemic and is dedicated to providing better and more professional services[29] Financial Management - The Group maintains prudent financial strategies and effective cost control, ensuring healthy key financial indicators[15] - Administrative expenses rose by 175.8% from approximately RMB 19.9 million in 2020 to RMB 54.8 million in 2021, primarily due to increased staff costs and listing expenses of approximately RMB 13.8 million[65] - Selling and marketing expenses increased to RMB 3.9 million in 2021 from RMB 2.1 million in 2020, reflecting higher employee benefit expenses related to sales and marketing activities[64] - The net provision for impairment loss of financial assets increased from approximately RMB 1.4 million in 2020 to approximately RMB 3.5 million in 2021, due to higher trade receivables from increased revenue[66] - Cash and cash equivalents decreased from approximately RMB137.3 million as of December 31, 2020, to approximately RMB123.7 million as of December 31, 2021, primarily due to the acquisition settlement and repayment of bank borrowings[92] - The Group's current ratio improved from approximately 1.2 as of December 31, 2020, to approximately 1.3 as of December 31, 2021, indicating a stronger liquidity position[93] Corporate Governance - The Group emphasizes the importance of independent advice on operations and management, as provided by its independent non-executive directors[124] - The Company did not issue any debentures during the year ended 31 December 2021[189] - The Group has complied with all relevant laws and regulations impacting its business operations during the year ended December 31, 2021[179] - The Group maintained constant communication with suppliers and subcontractors to reinforce business partnerships[187] Leadership and Management - Mr. Huang has over 30 years of experience in the real estate industry in the PRC, having joined Redco Group in May 1994[113] - Mr. Tang has over 28 years of experience in the real estate industry in the PRC, joining Redco Group in August 2001[114] - Ms. Wong is primarily responsible for the operational management and development of the Group, having joined in September 2015[117] - The management team has received multiple awards for their contributions to the real estate sector, indicating strong industry recognition[154] - The Group's leadership is well-educated, with advanced degrees in business management and related fields, supporting informed decision-making[157] Shareholder Information - The Group's ordinary shares were listed on the Main Board of the Stock Exchange on 31 March 2022[173] - The Board did not recommend the payment of a final dividend for the year ended 31 December 2021, consistent with the previous year[173] - The declaration and payment of dividends are subject to the Group's operational results, working capital, cash position, and future business prospects[173] - The Group's principal activities are outlined in note 12 to the consolidated financial statements[173]