希玛眼科(03309) - 2024 - 中期财报

Financial Performance - For the six months ended June 30, 2024, the core medical service revenue was HK$922.5 million, a slight decrease of 0.9$930.8 million in the same period last year[11]. - Profit attributable to equity holders of the Company increased by 3.4% to HK$30.8 million in 1H2024, up from HK$29.8 million in the same period last year[10]. - Excluding the profit from the sales of medical consumables segment, profit from core medical services increased by 31.7% to HK$30.8 million in 1H2024 compared to HK$23.4 million last year[10]. - Gross profit margin for 1H2024 was 31.3%, a decrease of 0.3 percentage points from 31.6% in 1H2023[8]. - Adjusted profit for the period attributable to equity holders of the Company was HK$48.6 million, representing a 54.0$31.6 million in the previous year[8]. - EBITDA for 1H2024 was HK$181.8 million, an increase of 11.8$162.6 million in 1H2023[8]. - The profit for the period was HK$48.6 million, a significant increase from HK$19.4 million in the same period last year, marking a 100% growth[8]. - Total revenue for 1H2024 was HK$922.5 million, a decrease of 2.9$950.3 million in the same period of 2023[24]. - Total revenue for the six months ended June 30, 2024, was HK$922,501,000, a decrease of 2.4$950,263,000 in 2023[79]. - Profit for the period for the six months ended June 30, 2024, was HK$30,763,000, compared to HK$37,997,000 for the same period in 2023, reflecting a decrease of approximately 19.3%[88]. Revenue Breakdown - Revenue from dental services in Shenzhen increased due to cross-border consumption trends among Hong Kong citizens[11]. - Revenue from the sales of COVID-19 related medical consumables dropped to zero in 1H2024 from HK$19.4 million in the same period last year due to relaxed testing requirements[15]. - Revenue from Hong Kong medical business decreased by 9.0$427.1 million in 1H2024 from HK$469.5 million in 1H2023[28]. - Revenue from Mainland China ophthalmic services and dental services increased by 7.4$495.4 million in 1H2024 from HK$461.4 million in 1H2023[29]. - Revenue from ophthalmic services in Mainland China decreased by 7.5$270.8 million in 1H2024 from HK$292.8 million in the same period last year[30]. - Revenue from dental services increased by 28.0$246.4 million in 1H2024 from HK$192.5 million in the same period last year[35]. - Revenue from sales of medical consumables was absent in 1H2024 compared to HK$19.4 million in the same period last year[35]. - Revenue generated by operations in Hong Kong accounted for 46.3% of total revenue in 1H2024, down from 51.4% in the same period last year[38]. - Revenue from Mainland China increased to 53.7% of total revenue for 1H2024, up from 48.6% in 1H2023, driven by a 33.3% growth in dental services revenue[39]. Cost and Expenses - Total cost of revenue decreased by 2.6% from HK$650.1 million in the first half of 2023 to HK$633.4 million in the first half of 2024[54]. - Gross profit for the first half of 2024 was HK$289.1 million, a decrease of 3.7$300.2 million in the same period last year, with a gross profit margin of 31.3%[57]. - Selling expenses decreased by 12.2% from HK$69.1 million in the first half of 2023 to HK$60.6 million in the first half of 2024, representing 6.6% of total revenue[58]. - Administrative expenses totaled HK$159.4 million in the first half of 2024, down 10.8$178.7 million in the same period last year[58]. - Employee costs rose to HK$266.0 million in 1H2024 from HK$244.2 million in the same period last year, despite a decrease in the number of employees from 2,221 to 2,192[66]. Cash Flow and Financial Position - Cash and cash equivalents stood at HK$465.3 million, with short-term deposits of HK$33.7 million and borrowings of HK$1.2 million as of June 30, 2024[69]. - Net cash generated from operating activities was HK$135.4 million in 1H2024, a decrease from HK$195.4 million in the same period of 2023, primarily due to increased working capital requirements[72][74]. - Net cash used in investing activities amounted to HK$73.4 million in 1H2024, down from HK$168.2 million in 1H2023, with approximately HK$84.0 million spent on property, plant, and equipment[73][74]. - Net cash used in financing activities was HK$103.7 million in 1H2024, slightly up from HK$102.3 million in 1H2023, including HK$32.7 million for share purchases and HK$71.8 million for lease payments[73][74]. - The Group maintained a net cash position as of June 30, 2024, with total borrowings of HK$1.2 million, down from HK$13.0 million in 2023, and an effective interest rate of 2.75%[72][74]. Strategic Developments - The company signed a strategic agreement for a "Hong Kong-style" private hospital near Shenzhen's Luohu port, expected to commence operations by the end of 2024[23]. - The new hospital will have a gross floor area of over 10,000 sq. m. and will include multiple medical departments[24]. - The Group operates a network of ten eye hospitals and multiple clinics in Mainland China, optimizing organizational structure and management[17]. - The Group's investment in Shenzhen C.K.J has positioned it to capitalize on the robust demand for quality dental services in the region[18]. - The Group plans to focus on expanding ophthalmic services in Hong Kong and Mainland China, while also enhancing cross-border medical services in Shenzhen[76][77]. Shareholder Information - The Group did not recommend the payment of an interim dividend for the six months ended June 30, 2024, consistent with the previous year[143]. - The company paid dividends amounting to HK$200,000 during the period[86]. - The weighted average number of ordinary shares in issue decreased to 1,239,070,639 in 2024 from 1,258,860,726 in 2023, a decline of 1.6$33,910,000) on June 30, 2023, to 22,822,000 shares (HK$79,318,000) on June 30, 2024, reflecting significant repurchases during the period[180]. Regulatory and Compliance - The interim condensed consolidated financial information has not been audited and is presented in Hong Kong Dollar (HK$), rounded to the nearest thousand (HK$'000)[92]. - The Group's financial risk management policies have not undergone any significant changes since December 31, 2023[99][101]. - The Group is assessing the financial impact of new and amended standards effective for the financial year beginning on or after January 1, 2025, but is not yet in a position to determine substantial changes[98].