证券研究报告：医药生物 | 公司点评报告 2024年3月26日 股票投资评级 海吉亚医疗（6078.HK） 医院业务高速增长，持续提升医疗服务网络覆盖广 买入|首次覆盖 度和深度 个股表现  业绩符合预期，收入利润快速增长 3月26日，公司发布2023年报：公司实现营收40.77亿元人民 海吉亚医疗 医药生物 币（+27.6%，后均为人民币），剔除核酸检测一次性影响后收入同比 10.00% 增长34.0%；净利润6.85亿元（+42.1%），剔除核酸检测一次性影响 0.00% -10.00% 后净利润同比增长63.6%；经调整净利润7.13亿（+17.5%），剔除核 -20.00% -30.00% 酸检测一次性影响后经调整净利润同比增长31.1%。公司营收、净利 -40.00% -50.00% 润增长符合我们的预期。同时公司公告称，根据未经审核管理账目， -60.00% -70.00% 公司于2024年取得了良好的开局和可喜的成绩，2024年1~2月的收 入较去年同期增长超过40%，实现高速增长。  医院业务高速增长，医疗技术水平持续提升，核心优势 资料来源：Wind，中邮证券研究所 持续加强 截至202 ...

高基数下凸显经营韧性，新院整合进展顺利 海吉亚医疗（6078.HK）/医疗服务 证券研究报告/公司点评 2024年03月26日 [Table_Industry] [评Ta级ble：_T买itle入] (维持) [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：26.3 HKD 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 3195.6 4076.7 5126.6 6270.1 7489.3 分析师：祝嘉琦 增长率yoy% 38.0% 27.6% 25.8% 22.3% 19.4% 执业证书编号：S0740519040001 净利润（百万元） 476.8 682.9 907.6 1106.5 1383.5 电话：021-20315150 增长率yoy% 8.0% 43.2% 32.9% 21.9% 25.0% 每股收益（元） 0.68 0.89 1.19 1.45 1.81 Email：zhujq@zts.com.cn 每股现金流量 0.98 1.23 1.27 2.01 2.19 分析师：孙宇瑶 净资产收益率 9.7% 10.9% 16.8% 17.0% 1 ...

业绩简评 2024年 3月 26 日，公司发布 23 年年度业绩公告。公司 2023年实 现收入40.77 亿元（同比+28%），剔除核酸检测一次性影响后收入 同比+34%；净利润 6.85 亿元（同比+42%），剔除核酸检测一次性影 响后净利润同比+64%；经调整净利润 7.13 亿元（同比+18%），剔除 核酸检测一次性影响后经调整净利润同比+31%； 拆分来看，2023H2 公司实现收入23.17 亿元（同比+39%），净利润 3.50 亿元（同比+38%），经调整净利润3.67 亿元（同比+20%）。 经营分析 医院业务良性增长，肿瘤特色进一步增强。2023 年，公司医院业 务实现收入38.90 亿元（同比+29%)，剔除核酸检测一次性影响后 港币(元) 成交金额(百万元) 同比+35%。其中门诊收入13.51 亿元（同比+23%），剔除核酸检测 66.00 1,200 一次性影响后同比+43%；住院业务收入25.39 亿元（同比+32%）， 59.00 1,000 住院业务收入高增主要系公司旗下医院积极拓展诊疗项目（特别 52.00 800 45.00 600 是肿瘤类项目）。2023 年，公司肿瘤 ...

Financial Performance - The company's revenue increased by 27.6% to RMB 4,076.7 million for the year ended December 31, 2023, compared to RMB 3,195.6 million for the previous year[2]. - Net profit rose by 42.1% to RMB 684.9 million for the year ended December 31, 2023, up from RMB 481.9 million in the prior year[2]. - Basic earnings per share increased by 40.3% to RMB 1.08 for the year ended December 31, 2023, compared to RMB 0.77 for the previous year[2]. - The adjusted net profit under non-IFRS measures was RMB 713.4 million, a 17.5% increase from RMB 607.0 million in the previous year[9]. - The company's total revenue for the year ended December 31, 2023, was RMB 4,076.7 million, a 27.6% increase from RMB 3,195.6 million in 2022[17]. - Revenue from the oncology business was RMB 1,778.4 million, accounting for 43.6% of total revenue, while non-oncology business revenue was RMB 2,298.2 million, accounting for 56.4%[17]. - The gross profit from the core hospital business reached RMB 1,179.2 million, a 26.8% increase year-on-year, with a 39.3% increase when excluding the one-time impact of nucleic acid testing[17]. - The gross profit increased by 25.1% from RMB 1,028.6 million to RMB 1,286.3 million, with a 36.0% year-on-year growth after excluding the one-time impact of nucleic acid testing[58]. - The net profit attributable to the owners of the company was RMB 682,928,000, compared to RMB 476,784,000 in the previous year, marking a significant increase of 43.2%[130]. Hospital Operations - The hospital business revenue reached RMB 3,890.3 million, a 28.5% increase, with inpatient services revenue growing by 31.6% to RMB 2,538.9 million[13]. - Outpatient services revenue was RMB 1,351.4 million, reflecting a 23.1% increase, with a 43.2% growth when excluding one-time impacts from nucleic acid testing[13]. - The company completed 83,770 surgeries, a 34.6% increase from the previous year, with a higher proportion of complex and interventional surgeries[13]. - Revenue from hospital operations accounted for 95.4% of total revenue, rising by 28.5% from RMB 3,027.3 million to RMB 3,890.3 million, with a 35.4% year-on-year growth after excluding the one-time impact of nucleic acid testing[55]. Acquisitions and Expansion - The group has expanded its medical service network with three new hospitals under construction: Dezhou Haijia Hospital (1,000 beds), Wuxi Haijia Hospital (800-1,000 beds), and Changshu Haijia Hospital (800-1,200 beds) with completion expected in 2024 and 2025[29][30]. - The group has acquired 89.2% of Yixing Haijia Hospital, which has the potential to upgrade to a tertiary hospital and will enhance the group's tumor medical service revenue and market share in the Yangtze River Delta region[33][35]. - The acquisition of Chang'an Hospital, which has an average of 630,000 patient visits from 2020 to 2022 and 1,000 registered beds, will further expand the group's medical service network in Northwest China[36]. - The group has announced the acquisition of Qufu Chengdong Hospital, which will improve operational efficiency and diagnostic capabilities through standardized management practices[37]. - The company aims to expand its business scale through new hospital projects and acquisitions of quality hospital targets to meet the growing demand for oncology services[51]. Employee and Talent Management - The number of medical professionals increased to 7,483, up by 2,356 from the previous year, including 1,188 senior technical personnel, an increase of 380[26]. - The group continues to enhance its talent acquisition and training mechanisms, focusing on building a competitive workforce in the healthcare sector[24]. - Employee compensation expenses totaled RMB 1,335.9 million for the year ending December 31, 2023, an increase from RMB 1,049.8 million for the previous year[107]. Financial Position and Cash Flow - Cash and cash equivalents as of December 31, 2023, totaled RMB 549.7 million, with structured deposits and financial products amounting to RMB 206.2 million[70]. - Net cash inflow from operating activities increased by 14.2% to RMB 782.8 million for the year ended December 31, 2023, due to an overall increase in revenue[71]. - Net cash used in investing activities surged by 669.6% to RMB 2,863.5 million for the year ended December 31, 2023, primarily due to increased payments for acquisitions of subsidiaries[72]. - The total assets of the company increased by 48.2% from RMB 7,241.9 million as of December 31, 2022, to RMB 10,734.6 million as of December 31, 2023[77]. - The total liabilities rose by 94.6% from RMB 2,301.9 million as of December 31, 2022, to RMB 4,479.7 million as of December 31, 2023, primarily due to new hospital acquisitions[77]. Corporate Governance and ESG Initiatives - The company has established a robust corporate governance structure to enhance accountability and protect shareholder interests[118]. - The group emphasizes the protection of stakeholders' rights, including patients, shareholders, and employees, while continuously improving its governance and operational efficiency[40]. - The company is committed to enhancing its ESG initiatives, focusing on environmental management and corporate governance to protect stakeholder interests[51]. - The group is committed to improving its environmental performance by setting targets for greenhouse gas emissions, water resource usage, and energy consumption by 2030[42]. Community Engagement and Brand Image - The group actively participates in community health initiatives, including free blood donation and cancer screening programs, enhancing its brand image and social influence[40]. - The company established multiple tumor screening centers and conducted health seminars, enhancing early detection and treatment capabilities for cancer patients[21]. Stock Options and Shareholder Matters - The company has adopted a stock option plan on October 15, 2021, allowing the issuance of up to 18,540,000 shares, representing 3% of the total issued shares as of that date[108]. - The board has decided not to declare any final dividend for the year ending December 31, 2023[96]. - The total fair value of stock options granted to employees during the reporting period was HKD 153,656,830, with 6,738,000 options granted[113].

Financial Performance - The company's revenue for the six months ended June 30, 2023, was RMB 1,759.5 million, an increase of 15.3% compared to the same period last year[7]. - Gross profit for the same period was RMB 570.8 million, reflecting a 14.7% increase year-on-year[7]. - Net profit reached RMB 334.9 million, marking a significant increase of 46.8% compared to the previous year[7]. - Adjusted net profit under non-IFRS was RMB 346.7 million, up 15.3% year-on-year[7]. - Excluding the one-time impact of nucleic acid testing, revenue growth was 21.1% and net profit growth was 67.5% year-on-year[14]. - The group's hospital business revenue for the six months ended June 30, 2023, was RMB 1,681.8 million, an increase of 16.3% compared to RMB 1,445.6 million in the same period of 2022[16]. - Inpatient service revenue reached RMB 1,138.5 million, up 22.1% from RMB 932.2 million year-on-year, driven by the expansion of treatment projects, particularly in oncology[16]. - Outpatient service revenue was RMB 543.2 million, a 5.8% increase from RMB 513.3 million, impacted by a COVID-19 patient surge in Q1 2023[16]. - Oncology-related business revenue grew by 18.7% to RMB 797.8 million, accounting for 45.3% of total revenue, compared to 44.0% in the previous year[18]. - The gross profit for the hospital business was RMB 524.8 million, a 16.4% increase from RMB 450.7 million, maintaining a gross margin of 31.2%[20]. Assets and Liabilities - Total current assets increased by 38.2% to RMB 2,418.4 million compared to December 31, 2022[8]. - Total equity increased by 19.3% to RMB 5,895.0 million as of June 30, 2023[8]. - Total assets increased by 23.7% to RMB 8,960.9 million as of June 30, 2023, from RMB 7,241.9 million at the end of 2022[65]. - Total liabilities rose by 33.2% to RMB 3,065.8 million as of June 30, 2023, compared to RMB 2,301.9 million at the end of 2022[65]. - Trade receivables increased by 7.5% from RMB 594.6 million to RMB 639.2 million due to the expansion of existing hospital revenue[67]. - Non-current asset prepayments for property, plant, and equipment rose by 38.5% from RMB 78.5 million to RMB 108.7 million, driven by new hospital acquisitions and business development needs[68]. - Intangible assets increased by 7.7% from RMB 2,383.9 million to RMB 2,568.5 million, primarily due to goodwill from the acquisition of Yixing Haijia Hospital and Subang Pharmacy amounting to RMB 160.4 million[69]. - Other payables surged by 73.8% from RMB 344.6 million to RMB 599.0 million, mainly due to increased dividend payables of RMB 94.7 million and hospital construction payables of RMB 81.8 million[70]. Operational Developments - The company managed or operated 13 hospitals across 10 cities in 7 provinces in China as of June 30, 2023[14]. - The group completed 35,753 surgeries during the reporting period, a 20% increase year-on-year, with a rising proportion of complex surgeries[21]. - The establishment of new radiotherapy departments in Suzhou Yongding Hospital and Hezhou Guangji Hospital marks the entry into precision radiotherapy, enhancing oncology services[22]. - The group is increasing efforts in early cancer screening, establishing screening centers and conducting public health activities, including free screenings for eligible women[23]. - The introduction of advanced imaging technology, such as the GE Revolution 256-slice CT, enhances capabilities in early cancer detection and diagnosis[24]. - The group has increased its medical professionals to 5,917, an increase of 790 from December 31, 2022, including 773 chief and deputy chief physicians, up by 84[26]. - The group published a total of 55 papers in domestic and international journals related to oncology during the reporting period[25]. Acquisitions and Expansion - The acquisition of 89.2% stake in Yixing Haijia Hospital aligns with the company's development strategy, targeting the underserved oncology medical resources in Yixing, Jiangsu Province, which had a GDP exceeding RMB 220 billion in 2022[34]. - The acquisition of Datang Medical Co., which holds a 70% stake in Chang'an Hospital, will expand the company's medical service network in Xi'an, a city with a population of 13 million and a GDP of RMB 1.15 trillion as of the end of 2022[35]. - The company aims to enhance its oncology service revenue and market share through these acquisitions, establishing a solid foundation for a tertiary medical network in the Yangtze River Delta and Northwest China regions[34][35]. - The company plans to complete the Dezhou Haijia Hospital by the end of 2023, with a capacity of 600 to 800 beds[29]. - The company has signed investment intention agreements for new hospital construction in Qufu, Shandong, to enhance medical services in the region[33]. Employee and Governance - The company has 6,659 full-time employees as of June 30, 2023, with 1,821 physicians and 3,623 other healthcare professionals[85]. - Employee compensation, excluding certain contributions and benefits, amounted to approximately RMB 512.9 million for the six months ended June 30, 2023[86]. - The company has adopted a corporate governance code to enhance accountability and protect shareholder interests[88]. - The audit committee has reviewed the interim financial results and confirmed compliance with applicable accounting standards and regulations[92]. - The company has established a structured procedure to ensure effective management and oversight of its operations[89]. Market and Strategic Focus - The company continues to focus on expanding its core oncology business and providing comprehensive treatment services[10]. - The company aims to address the significant demand for oncology services in non-first-tier cities in China[10]. - The oncology medical service market in China is projected to reach RMB 700 billion by 2025, with a compound annual growth rate of approximately 11.5% from 2021 to 2025[40]. - The company emphasizes the importance of patient satisfaction and has implemented various patient-centered services, such as "family ward" services and "e-nursing" services, to improve the healthcare experience[37]. - The company is committed to enhancing its ESG initiatives, focusing on protecting the rights of patients, shareholders, and employees while promoting social welfare activities[37][39]. Financial Management - The company maintains a close monitoring of its financial status to manage liquidity risk and aims to maintain sufficient cash and cash equivalents[83]. - The board believes there is no significant credit risk associated with other receivables due to close supervision of repayments[82]. - The company has confirmed that Mr. Zhu and Ms. Zhu will continue to act in concert regarding voting at shareholder meetings[105]. - The company has a share incentive plan approved on July 17, 2019, which has since been terminated with no shares or restricted share units issued post-IPO[108]. - The company has established performance targets that may affect the granting of stock options to eligible participants[111].

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，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 Hygeia Healthcare Holdings Co., Limited 海 吉 亞 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：6078） 截至二零二三年六月三十日止六個月 中期業績公告 財務摘要 本集團的收入由二零二二年同期的人民幣1,526.2百萬元增加15.3%至截至二零 二三年六月三十日止六個月的人民幣1,759.5百萬元。 本集團淨利潤由二零二二年同期的人民幣228.2百萬元增加46.8%至截至二零 二三年六月三十日止六個月的人民幣334.9百萬元。 本集團每股基本盈利由二零二二年同期的人民幣0.36元增加47.2%至截至二零 二三年六月三十日止六個月的人民幣0.53元。 董事會決議暫不建議宣派截至二零二三年六月三十日止六個月之任何股息。 ...

Financial Performance - Total revenue for 2022 reached RMB 3,195,648 thousand, a 38% increase from RMB 2,315,349 thousand in 2021[8] - Gross profit for 2022 was RMB 1,028,553 thousand, representing a gross margin of 32.2%[8] - Net profit for 2022 amounted to RMB 481,876 thousand, with a net profit margin of 15.1%[8] - The adjusted net profit for 2022 was RMB 607,013 thousand, reflecting a significant increase from RMB 450,606 thousand in 2021[10] - The company achieved a revenue of RMB 3.196 billion in 2022, representing a year-on-year growth of 38.0%[15] - Adjusted net profit for the year was RMB 607 million, an increase of 34.7% compared to the previous year[15] - The hospital business revenue amounted to RMB 3.027 billion, reflecting a growth of 40.8% from the previous year[19] - Revenue from hospital operations accounted for 94.7% of total revenue, rising 40.8% from RMB 2,150.2 million in 2021 to RMB 3,027.3 million in 2022[46] - Gross profit increased by 35.8% from RMB 757.5 million in 2021 to RMB 1,028.6 million in 2022, with a slight decrease in gross margin from 32.7% to 32.2%[49] - Net profit increased by 6.3% from RMB 453.2 million in 2021 to RMB 481.9 million in 2022, with adjusted net profit rising 34.7% to RMB 607.0 million[56] Operational Highlights - The company operates a network of 12 oncology-focused hospitals across nine cities in seven provinces in China[13] - The number of patients served reached approximately 3.25 million, marking a 41.6% increase year-on-year[15] - Outpatient service revenue was RMB 1.098 billion, up 48.1% year-on-year, while inpatient service revenue was RMB 1.930 billion, increasing by 37.0%[19] - A total of 62,237 surgeries were performed during the reporting period, with improvements in the volume of advanced surgeries and first consultations[23] - The group established tumor screening centers and conducted various tumor screening services, enhancing early diagnosis and treatment capabilities[24] - The company has established a standardized management system that supports both organic and external growth[14] - The company aims to enhance patient satisfaction and operational efficiency while expanding its oncology treatment offerings[19] Expansion and Growth Strategy - The company plans to accelerate its acquisition pace to enhance its oncology service network in 2023[16] - The company aims to provide comprehensive treatment services for oncology patients in non-first-tier cities, addressing a significant service gap[13] - The company is positioned to expand its operational network and diversify services in response to government policies encouraging social healthcare provision[43] - New hospitals in Wuxi and Changshu are under construction, with Wuxi Haijia Hospital expected to open in 2024 and Changshu Haijia Hospital in 2025, both with 800 to 1,200 planned beds[30] - The company plans to expand its business scale and enhance its tumor medical service capabilities through new hospital projects and acquisitions[44] Financial Position - The total current assets as of December 31, 2022, were RMB 1,749,474 thousand, compared to RMB 1,720,772 thousand in 2021[9] - Non-current assets totaled RMB 5,492,471 thousand in 2022, up from RMB 4,966,166 thousand in 2021[9] - The total assets as of December 31, 2022, rose by 8.3% to RMB 7,241.9 million from RMB 6,686.9 million in 2021[65] - The total liabilities increased by 4.2% to RMB 2,301.9 million as of December 31, 2022, compared to RMB 2,209.2 million in 2021[65] - Cash flow from operating activities increased by 60.8% to RMB 685.4 million for the year ended December 31, 2022, up from RMB 426.3 million in 2021[61] Employee and Governance - The company has implemented various employee welfare programs, including birthday celebrations and training initiatives, to enhance staff engagement and retention[41] - The group had a total of 5,816 full-time employees, with 5,732 in owned hospitals and 84 at the headquarters[85] - Total employee compensation, including director remuneration, amounted to RMB 1,049.8 million for the year ended December 31, 2022, up from RMB 718.6 million in the previous year, representing an increase of approximately 46%[86] - The company achieved a 100% coverage rate for anti-corruption training by the end of 2022, emphasizing its commitment to integrity and compliance[37] - The company aims to strengthen its ESG initiatives and improve corporate governance to protect stakeholder interests[44] Market and Industry Outlook - The company aims to meet the increasing demand for oncology services, with the market projected to reach RMB 700 billion by 2025, growing at a compound annual growth rate of approximately 11.5%[42] - The elderly population in China is expected to rise significantly, with over 26.4 million people aged 60 and above, driving demand for healthcare services[42] - The company continues to accelerate the national layout of its oncology business to meet the growing demand from cancer patients in China[29] Risks and Compliance - The company faces significant risks including regulatory reforms in China's healthcare sector, which could adversely affect operations and future development[106] - A substantial portion of the company's revenue comes from providing medical services to patients covered by public health insurance, which may impact financial performance if payment delays occur[106] - The company has confirmed no serious violations of applicable laws and regulations during the reporting period[109] - The company has implemented internal policies for environmental protection and has complied with all relevant environmental laws and regulations during the reporting period[108] Shareholder and Stock Information - The company proposed a final dividend of RMB 0.15 per share, totaling approximately RMB 94.7 million, subject to shareholder approval[84] - The company’s board members and senior executives held a total of 281,424,815 shares, representing approximately 45.63% of the issued share capital as of December 31, 2022[135] - The company’s management team and major shareholders purchased nearly 1 million shares of the company stock from December 2021 to January 2022, reflecting confidence in the company's value[40] - The company repurchased and canceled 1.2758 million shares between January and March 2022, enhancing shareholder value[40] Contractual Arrangements and Related Party Transactions - The company operates through contractual arrangements with variable interest entities in China, which allows it to control hospitals and conduct business operations[178] - The company has established contractual arrangements to control the financial and operational policies of its variable interest entity hospitals[161] - The independent non-executive directors confirmed that the transactions conducted during the year were in accordance with the contractual arrangements and were fair and reasonable to the company and its shareholders[183] - The company confirmed compliance with pricing principles for related party transactions during the reporting period[195]

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，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 Hygeia Healthcare Holdings Co., Limited 海 吉 亞 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：6078） 截至二零二二年十二月三十一日止年度 全年業績公告 財務摘要 本集團的收入由截至二零二一年十二月三十一日止年度的人民幣2,315.3百萬 元增加38.0%至截至二零二二年十二月三十一日止年度的人民幣3,195.6百萬元。 本集團的毛利由截至二零二一年十二月三十一日止年度的人民幣757.5百萬 元增加35.8%至截至二零二二年十二月三十一日止年度的人民幣1,028.6百萬元。 非國際財務報告準則經調整毛利(1)由截至二零二一年十二月三十一日止年度 的人民幣764.8百萬元增加38.5%至截至二零二二年十二月三十一日止年度的 人民幣1,058.9百萬元。 本集團淨利潤由截至二零二一年十二月三十一日止年度的人民幣453.2百萬 元增 ...

Financial Performance - Revenue for the six months ended June 30, 2022, reached RMB 1,526,232 thousand, representing a 63.8% increase compared to RMB 931,701 thousand in the same period of 2021[11] - Gross profit for the same period was RMB 497,816 thousand, up 58.0% from RMB 314,977 thousand year-on-year[11] - Operating profit increased by 20.0% to RMB 314,631 thousand, compared to RMB 262,150 thousand in the previous year[11] - Net profit for the six months ended June 30, 2022, was RMB 228,164 thousand, reflecting an 11.2% increase from RMB 205,151 thousand in 2021[11] - The adjusted net profit for the six months ended June 30, 2022, was RMB 300,776 thousand, a 46.6% increase from RMB 205,160 thousand in the previous year[11] - The company's revenue increased by 63.8% from RMB 931.7 million in the same period of 2021 to RMB 1,526.2 million for the six months ended June 30, 2022[48] - Revenue from hospital operations rose by 69.9% from RMB 850.8 million in 2021 to RMB 1,445.6 million for the six months ended June 30, 2022, driven by business expansion and acquisitions[49] - The company reported a profit of RMB 224,209 thousand for the period, compared to the previous year's profit, reflecting a positive performance[139] Assets and Liabilities - The total current assets as of June 30, 2022, amounted to RMB 1,757,425 thousand, a 2.1% increase from RMB 1,720,772 thousand at the end of 2021[12] - Total non-current assets increased by 3.7% to RMB 5,150,021 thousand from RMB 4,966,166 thousand[12] - Total assets increased by 3.3% from RMB 6,686.9 million as of December 31, 2021, to RMB 6,907.4 million as of June 30, 2022[70] - Total liabilities increased by 0.4% from RMB 2,209.2 million as of December 31, 2021, to RMB 2,218.0 million as of June 30, 2022[70] - Trade receivables increased from RMB 445.2 million as of December 31, 2021, to RMB 567.7 million as of June 30, 2022, due to expanded revenue scale[72] - Cash and cash equivalents amounted to RMB 888.4 million, with financial products and certificates of deposit totaling RMB 116.5 million as of June 30, 2022[64] Operational Highlights - The company operates or manages 12 oncology-focused hospitals across nine cities in seven provinces in China[16] - The hospital business revenue reached RMB 1,445.6 million, up 69.9% year-on-year, with outpatient services increasing by 88.8% to RMB 513.3 million and inpatient services rising by 61.0% to RMB 932.2 million[21] - The number of patient visits increased by 115.8% to 1,618,083 during the same period[21] - The group completed 29,717 surgeries during the reporting period, with improvements in the volume of advanced surgeries and first consultations[28] - The group actively expanded tumor screening initiatives and conducted various public health activities to enhance early detection and treatment of tumors[28] Strategic Initiatives - The company aims to provide comprehensive treatment services for cancer patients in non-first-tier cities, addressing the significant demand for oncology services[16] - The company is committed to developing a standardized management model to support both organic and external growth[16] - The company plans to continue expanding its business scale through both organic growth and acquisitions, focusing on enhancing brand influence nationwide[47] - The company has plans for market expansion by acquiring hospitals in new markets with high demand for medical services[98] Research and Development - The group published 31 research papers in the field of oncology and received 4 utility model patents from the National Intellectual Property Administration[30] - The group is focused on strengthening multidisciplinary comprehensive diagnosis and treatment models for tumors and enhancing academic exchanges and collaborations[27] Human Resources - The group has increased its medical professionals to 4,707, up by 412 from December 31, 2021, including 589 chief and deputy chief physicians, an increase of 56[31] - The company employs 5,466 full-time employees, with 5,385 working in its own hospitals[88] Financial Management - The company maintains a close monitoring of its financial status to manage liquidity risk[87] - The company has established a credit policy to monitor and manage credit risk effectively[86] - The company has adopted corporate governance codes to enhance accountability and protect shareholder interests[91] Shareholder Information - The company does not recommend a dividend distribution for the six months ended June 30, 2022[88] - The company raised approximately HKD 2,391.9 million from the global offering after deducting underwriting fees and related expenses[97] - As of June 30, 2022, the company has utilized HKD 2,281.4 million of the raised funds, leaving a remaining balance of HKD 110.5 million[98] Risk Management - The company has no fixed or floating interest rate hedging instruments in place to manage interest rate risk[85] - The company has floating-rate bank borrowings of approximately RMB 1,045,371,000, which constitutes 81% of total borrowings as of June 30, 2022[162] - The company maintains a policy of regularly monitoring liquidity risk and ensuring sufficient cash and cash equivalents to meet liquidity needs[172]

Financial Performance - Total revenue for 2021 reached RMB 2,315,349 thousand, a 65% increase from RMB 1,401,764 thousand in 2020[9] - Gross profit for 2021 was RMB 757,499 thousand, up 57.7% from RMB 480,043 thousand in 2020[9] - Net profit for 2021 increased to RMB 453,203 thousand, compared to RMB 177,061 thousand in 2020, representing a 156.5% growth[9] - Adjusted net profit for 2021 was RMB 450,606 thousand, a 42.5% increase from RMB 316,082 thousand in 2020[9] - The company's gross margin for 2021 was 32.7%, slightly down from 34.2% in 2020[9] - Revenue increased by 65.2% from RMB 1,401.8 million in 2020 to RMB 2,315.3 million in 2021[50] - The net profit surged by 155.9% from RMB 177.1 million for the year ended December 31, 2020, to RMB 453.2 million for the year ended December 31, 2021, with a net profit margin increase from 12.6% to 19.6%[61] - Non-IFRS adjusted net profit increased by 42.5% from RMB 316.1 million for the year ended December 31, 2020, to RMB 450.6 million for the year ended December 31, 2021[61] Assets and Liabilities - Total current assets as of December 31, 2021, were RMB 1,720,772 thousand, a decrease from RMB 2,922,341 thousand in 2020[10] - Total non-current assets increased significantly to RMB 4,966,166 thousand in 2021 from RMB 1,778,964 thousand in 2020[10] - Total current liabilities rose to RMB 854,607 thousand in 2021, compared to RMB 280,952 thousand in 2020[10] - The total equity increased to RMB 4,477,712 thousand in 2021 from RMB 4,341,377 thousand in 2020[10] - Total assets rose by 42.2% from RMB 4,701.3 million in 2020 to RMB 6,686.9 million in 2021, largely due to bank loans of RMB 1,186.9 million from acquisitions[70] - Total liabilities surged by 513.8% from RMB 359.9 million in 2020 to RMB 2,209.2 million in 2021, primarily due to bank loans related to acquisitions[70] Market Expansion and Strategy - The company plans to continue expanding its market presence and investing in new technologies and products[4] - The company is expanding its oncology service network, focusing on non-first-tier cities to address healthcare resource gaps[15] - The company emphasizes a dual growth strategy of organic growth and external acquisitions to enhance service breadth and depth[14] - The company aims to enhance its market presence by expanding its medical service network through self-built hospitals, aligning with the growing demand for oncology services in China[32] Employee and Management - The group employed 4,295 medical professionals, an increase of 1,735 from the previous year, including 533 senior physicians, up by 234[29] - Employee compensation expenses for the year ended December 31, 2021, totaled RMB 718.6 million, an increase from RMB 407.8 million in the previous year[89] - The company has a strong leadership team with members holding advanced degrees in relevant fields, including engineering and business administration[95][97] - The management team includes experienced professionals, with the CEO having over 10 years of experience in the group[94] Acquisitions and Investments - The company completed acquisitions of two hospitals, enhancing operational efficiency and team integration[14] - The group announced the acquisition of approximately 17.62% and 0.82% equity in Dan County Haijia Hospital, making it a wholly-owned subsidiary[39] - The group completed the acquisition of 100% equity in Etern Group Ltd., indirectly holding 98% of Suzhou Yongding Hospital, which has the potential to upgrade to a tertiary hospital and expand its oncology services[40] - The group acquired 99% equity in Hezhou Guangji Hospital, a private tertiary comprehensive hospital, to enhance oncology services in a region with high demand for cancer treatment, particularly radiotherapy[41] Community Engagement and Social Responsibility - The company actively participates in community health initiatives and pandemic response efforts, reinforcing its social responsibility[17] - The group conducted 119 training sessions to develop high-quality medical talent, enhancing the overall service capabilities of its hospitals[30] - The group’s hospitals conducted 1,136 free medical consultations and organized 236 public welfare lectures, receiving high recognition from various levels of government and the public[44] Regulatory and Compliance - The company is committed to strict compliance with industry regulations and enhancing operational standardization to ensure medical safety and brand credibility[49] - The company has maintained compliance with all significant laws and regulations affecting its business operations during the reporting period[110] - The company faces significant risks from regulatory reforms in China's healthcare sector, which could adversely affect operations and future development[106] Research and Development - The company has implemented a stock option plan for over 560 employees to enhance engagement and commitment[17] - The group has expanded its tumor screening initiatives, including two cancer screenings and five cancer screenings, enhancing early detection and diagnosis capabilities with advanced imaging equipment like Philips Iqon Spectral CT and Ingenia 3.0T MRI systems[27] - A total of 163 papers related to oncology have been published by the group's hospitals and medical professionals, with 98 in international and national journals, and 57 in provincial journals, alongside 5 new utility model patents granted[28] Financial Management - Financial income rose from RMB 0.5 million to RMB 2.2 million, while financial costs decreased by 52.1% from RMB 48.2 million to RMB 23.1 million, reflecting improved financial management[59] - The company recorded a net other income of RMB 69.8 million for the year ended December 31, 2021, compared to a net loss of RMB 21.5 million for the year ended December 31, 2020, marking a significant turnaround[58] Corporate Governance - The company has adopted the corporate governance code as per the listing rules, ensuring compliance with all applicable provisions for the year ended December 31, 2021[195] - The board of directors consists of five executive directors and three independent non-executive directors as of the report date[199] - The company emphasizes the importance of good governance and sustainability in maintaining business health and enhancing shareholder value[196]