Financial Performance - Revenue for the first half of 2024 decreased by 21.9% year-on-year to RMB 413.713 million[5] - Gross profit for the first half of 2024 decreased by 15.4% year-on-year to RMB 159.659 million[5] - Net profit attributable to the company's owners for the first half of 2024 decreased by 91.1% year-on-year to RMB 3.836 million[5] - Adjusted EBITDA for the first half of 2024 decreased by 10.9% year-on-year to RMB 149.058 million[5] - Revenue from imaging center services was RMB 319.0 million, a 5.9% decrease compared to the same period in 2023 but a 6.7% increase compared to the second half of 2023[9] - Revenue from imaging solutions services was approximately RMB 85.2 million, a year-on-year decrease of 54.3% compared to RMB 186.5 million in the first half of 2023, and a quarter-on-quarter decrease of 7.3% compared to RMB 91.9 million in the second half of 2023[12] - Revenue from Yimai Cloud services was approximately RMB 9.6 million, a year-on-year increase of 123.3% compared to RMB 4.3 million in the first half of 2023, and a quarter-on-quarter increase of 17.1% compared to RMB 8.2 million in the second half of 2023[14] - The company's total revenue for the reporting period was approximately RMB 413.7 million, a year-on-year decrease of 21.9% compared to RMB 529.8 million in the first half of 2023, but a quarter-on-quarter increase of 3.7% compared to the second half of 2023[18] - Revenue from flagship imaging centers was RMB 60.4 million, a decrease from RMB 73.6 million in the first half of 2023[18] - Revenue from regional shared imaging centers was RMB 182.7 million, slightly down from RMB 184.7 million in the first half of 2023[18] - Revenue from specialty medical consortium imaging centers was RMB 54.0 million, down from RMB 59.2 million in the first half of 2023[18] - Revenue from cloud platform services was RMB 5.6 million, an increase from RMB 4.3 million in the first half of 2023[18] - Gross profit decreased by 15.3% from RMB 188.6 million in the first half of 2023 to RMB 159.7 million in the first half of 2024, primarily due to reduced inspection volumes at imaging centers caused by macroeconomic slowdown and market changes[21] - Gross margin increased from 35.6% in the first half of 2023 to 38.6% in the first half of 2024, driven by higher revenue contribution from imaging center services and improved cost control measures[22] - Sales expenses decreased by 4.3% from RMB 34.5 million in the first half of 2023 to RMB 33.0 million in the first half of 2024, mainly due to reduced offline marketing activities[23] - Administrative expenses increased by 37.0% from RMB 81.1 million in the first half of 2023 to RMB 111.1 million in the first half of 2024, primarily due to higher listing-related expenses as the global offering progressed[24] - R&D expenses decreased by 3.4% from RMB 5.9 million in the first half of 2023 to RMB 5.7 million in the first half of 2024, mainly due to cost control on travel expenses for R&D personnel[25] - Net finance costs decreased by 7.5% from RMB 10.7 million in the first half of 2023 to RMB 9.9 million in the first half of 2024, primarily due to reduced weighted average balances of bank borrowings and finance leases[26] - Net profit decreased by 97.9% from RMB 47.3 million in the first half of 2023 to RMB 1.0 million in the first half of 2024, mainly due to macroeconomic slowdown and listing-related expenses[28] - Adjusted EBITDA decreased by 10.9% from RMB 167.3 million in the first half of 2023 to RMB 149.1 million in the first half of 2024, reflecting the impact of macroeconomic conditions and listing-related costs[29][31] - Adjusted net profit for the reporting period was RMB 35.9 million, a decrease of 39.5% compared to RMB 59.3 million in the same period last year[32] - Revenue for the six months ended June 30, 2024, was RMB 413,713 thousand, a decrease from RMB 529,779 thousand in the same period in 2023[89] - Gross profit for the six months ended June 30, 2024, was RMB 159,659 thousand, down from RMB 188,631 thousand in the same period in 2023[89] - Operating profit for the six months ended June 30, 2024, was RMB 15,378 thousand, significantly lower than RMB 73,079 thousand in the same period in 2023[89] - Net profit attributable to the company's owners for the six months ended June 30, 2024, was RMB 3,836 thousand, compared to RMB 42,979 thousand in the same period in 2023[89] - Basic earnings per share were RMB 0.011 for the six months ended June 30, 2024, compared to RMB 0.127 in the same period in 2023[126] - The company's basic and diluted earnings per share for the six months ended June 30, 2024, were both RMB 0.011, down from RMB 0.127 in the same period in 2023[89] Imaging Center Operations - The company added 12 new imaging center projects and put 9 new imaging centers into operation during the reporting period[7] - As of June 30, 2024, the company's medical imaging center network covered 17 provinces, autonomous regions, and municipalities in China, with a total of 105 operational imaging centers[7] - The company developed 12 new imaging centers in the first half of 2024, bringing the total number of developed imaging centers to 119[9] - As of June 30, 2024, the company operated 105 imaging centers, including 9 flagship centers, 25 regional shared centers, 54 specialized medical alliance centers, and 17 operation management centers[10] - There were 14 imaging centers under construction as of June 30, 2024, expected to begin operations in the second half of 2024[10] - The company launched specialized imaging examinations for conditions such as scoliosis, cardiovascular diseases, Alzheimer's disease, and rectal cancer, contributing to high-value income[11] - The company organized 375 clinical academic exchanges to promote new technologies and examinations, supporting the development of specialized clinics[11] - The company's total revenue for the reporting period was RMB 413.7 million, primarily from imaging center services, imaging solution services, and Yimai Cloud services[8] - Revenue from imaging center services for the six months ended June 30, 2024, was RMB 318,953 thousand, a decrease from RMB 339,025 thousand in the same period in 2023[116] - The company's flagship imaging centers generated revenue of RMB 60,424 thousand in 2024, down from RMB 73,607 thousand in 2023, while regional shared imaging centers remained stable at RMB 182,677 thousand[116] - The company's equipment maintenance services, introduced in 2024, contributed RMB 628 thousand to revenue, a new addition compared to the previous year[116] Strategic Initiatives and Future Plans - The company successfully listed on the Hong Kong Stock Exchange on June 7, 2024, raising net proceeds of approximately HKD 183.48 million[7] - The company established the "Medical Imaging Examination Project Name and Coding Standard" to standardize and unify medical imaging data, which was officially released on January 1, 2024, and implemented on March 1, 2024[7] - The company plans to expand its medical imaging center network and imaging solution services, focusing on regions with imbalanced medical resources and government support[45] - The company plans to further develop specialized medical alliances and operational management imaging centers to extend and expand medical imaging services, aiming to increase market penetration and achieve market expansion[46] - The company intends to establish or acquire more flagship imaging centers in high-tier cities with large populations, high consumption levels, and significant demand differentiation[46] - The company plans to provide diversified medical imaging services and strategically select regions with strong development potential, offering imaging solutions and Yimai Cloud services for rapid business expansion[46] - The company aims to expand overseas by establishing or acquiring imaging centers in countries with value gaps, medical demand, and policy support[46] - The company focuses on disease-specific imaging services, such as cardiovascular and epilepsy clinics, to better serve targeted patient needs[47] - The company promotes imaging empowerment in disease prevention, leveraging imaging in areas like sudden death prevention, tumor early screening, and cardiovascular health[48] - The company plans to strengthen data standardization and build data application platforms for imaging examination process standardization, big data management, and precision medical quality control[50] - The company will invest in AI and deep learning technologies to develop tools for patient consultation, medical guidance, and report interpretation, enhancing diagnostic and operational efficiency[50] - The company aims to enhance talent cultivation through the Yimai Imaging Academy, focusing on training professionals with both medical and management expertise[51] - The company plans to collaborate with universities to establish medical imaging internship bases and professional talent development programs[51] - The company plans to deepen strategic cooperation with upstream and downstream industry stakeholders, including equipment providers, maintenance companies, medical imaging AI service providers, and industry associations, to enhance operational efficiency and consolidate its industry position[52] - The company aims to attract more medical imaging AI service providers to integrate their products into its AI platform, enriching its AI offerings and improving service capabilities[52] - The company is actively tracking acquisition or investment opportunities in the medical imaging services sector to expand service coverage and capabilities[52] - The company is interested in investing in or incubating health management companies to create a medical imaging service platform for commercial and individual clients, broadening its business scope[53] - The company is exploring investments in cloud services, AI, and big data applications to complement its existing business[53] - The company is considering investments in companies with advanced technology or R&D capabilities to develop medical imaging hardware, software, or services for commercial use[53] - The company has benefited from favorable government policies aimed at deepening healthcare reform and promoting the healthy development of the medical industry[54] - The company has extended its business network from first- and second-tier cities to county-level administrative regions, providing high-quality imaging diagnostic services to grassroots medical institutions[55] - The company is leveraging digital and intelligent technologies to drive operational efficiency and product innovation in medical imaging services[56] - The company is focusing on technological innovation, particularly in AI, to enhance medical imaging diagnostic capabilities and participate in state-owned enterprise reforms[56] - The company completed a global offering on June 7, 2024, issuing 17,816,000 H shares at HKD 14.98 per share, with net proceeds of approximately HKD 183.48 million[58] - 50% of the net proceeds (HKD 91.73 million) will be used to expand the medical imaging center network, with HKD 26.70 million already utilized as of June 30, 2024[58] - 20% of the net proceeds (HKD 36.70 million) will be allocated for strategic collaborations and acquisitions in the medical imaging field, with HKD 8.62 million already utilized[58] - Another 20% of the net proceeds (HKD 36.70 million) will be used to expand business into overseas regions with limited medical resources, with HKD 2.15 million already utilized[58] - 10% of the net proceeds (HKD 18.35 million) will be used for working capital and general corporate purposes, with none utilized as of June 30, 2024[59] - The company expects to fully utilize the remaining net proceeds (HKD 146.00 million) by December 31, 2025[59] Corporate Governance and Shareholding - The company has complied with all applicable corporate governance code provisions since its listing date until June 30, 2024[60] - No interim dividend was recommended for the reporting period[65] - As of June 30, 2024, the company's CEO, Chen Chaoyang, holds 18,213,291 H shares (5.11% of total issued shares) and 40,875,297 unlisted shares (11.47% of total issued shares) through controlled entities[69] - Xu Ke, Chairman and Executive Director, holds a 5% beneficial interest in Liaoning Yimai Sunshine Medical Imaging Diagnostic Center with a registered capital of RMB 500,000[71] - Nanchang Yimai holds 18,213,291 shares, representing 5.11% of the total issued shares and 9.21% of the relevant share class[72] - Beijing Gaosheng Advisory Co., Ltd. holds 30,882,270 H shares, representing 8.67% of the total issued shares and 15.61% of the relevant share class[72] - Goldman Sachs Holding (Mauritius) Limited holds 30,882,270 H shares, representing 8.67% of the total issued shares and 15.61% of the relevant share class[72] - Beijing Renbao Health Pension Industry Investment Fund holds 19,289,403 H shares, representing 5.41% of the total issued shares and 9.75% of the relevant share class[73] - Ningbo Meishan Bonded Port Area Baishan Investment Management Partnership holds 17,647,051 unlisted shares, representing 4.95% of the total issued shares and 11.13% of the relevant share class[73] - Ganjiang New Area Innovation Industry Investment Co., Ltd. holds 14,558,319 unlisted shares, representing 4.09% of the total issued shares and 9.19% of the relevant share class[73] - Gu Junjun holds 9,758,849 unlisted shares, representing 2.74% of the total issued shares and 6.16% of the relevant share class[74] - Wang Shihe holds 9,755,070 unlisted shares, representing 2.74% of the total issued shares and 6.15% of the relevant share class[74] - JD Health International Inc. holds 8,175,910 unlisted shares, representing 2.29% of the total issued shares and 5.16% of the relevant share class[74] - Total issued shares as of June 30, 2024: 356,311,832 shares (including 158,495,832 unlisted shares and 197,816,000 H-shares)[75] - Employee incentive platform (Nanchang Yimai) holds 59,088,588 shares (18,213,291 H-shares and 40,875,297 unlisted shares) as of June 30, 2024[75] - Goldman Sachs Holdings (Mauritius) Limited indirectly holds 30,882,270 H-shares through Beijing Gaosheng Advisory Co., Ltd. as of June 30, 2024[75] - PICC Health Pension Industry Investment Fund indirectly holds 19,289,403 H-shares as of June 30, 2024[75] - Ningbo Meishan Bonded Port Area Baishan Investment Management Partnership indirectly holds 17,647,051 unlisted shares as of June 30, 2024[76] - Ganjiang New Area Innovation Industry Investment Co., Ltd. indirectly holds 14,558,319 unlisted shares as of June 30, 2024[77] - JD Health International Inc. indirectly holds 8,175,910 unlisted shares through Suqian JD Yingzheng Enterprise Management Consulting Co., Ltd. as of June 30, 2024[77] - The 2021 Share Incentive Plan holds 20,000,001 shares, representing approximately 5.61% of the total issued shares as of June 30, 2024[79] - The 2021 Share Incentive Plan aims to recognize and retain key employees, with rewards subject to conditions determined by the Board Office[80] - Participants in the 2021 Share Incentive Plan are entitled to dividends from the date of grant until the vesting date[83] - The company awarded a total of 20,000,001 shares to 20 participants under the incentive plan, with all awards vested as of June 30, 2024[88] Financial Position and Cash Flow - Cash and cash equivalents increased to RMB 305.5 million as of June 30, 2024, up from RMB 188.8 million at the end of 2023, primarily due to proceeds from the global offering[35] - Operating cash flow decreased to RMB 34.1 million for the six months ended June 30, 2024, compared to RMB 97.4 million in the same period last year, mainly due to reduced receivables from imaging center and imaging solution services[35] - Total borrowings increased to RMB 265.4 million as of June 30, 2024, up from RMB 210.0 million at the end of 2023, with a debt-to-equity ratio of 17.0%, up from 15.7%[36] - Net current assets increased by 47.3% to RMB 448.1 million as of June 30, 2024, compared to RMB 304.3 million at the end of 2023, driven by proceeds from the global offering and increased trade receivables[37] - Capital expenditures for the reporting period totaled RMB 180.3 million, primarily used for purchasing equipment and intangible assets such as software[41] - Total assets as of June 30, 2024, were RMB 2,178,977 thousand, up from RMB 1,878,658 thousand as of December 31, 2023[91] - Cash and cash equivalents as of June 30, 2024, were RMB 305,535 thousand, an increase from RMB 188,835 thousand as of December 31, 2023[91] - Total non-current assets as of June 30, 2024, were RMB 1,357,404 thousand, up from RMB 1,258,179 thousand as of December 31, 2023[91] - Total current assets as of June 30, 2024, were RMB 821,573
一脉阳光(02522) - 2024 - 中期财报