Revenue Growth - Revenue increased by 17.9% to RMB 2,124.84 million in the first half of 2024 compared to RMB 1,802.56 million in the same period of 2023[5] - In-hospital solutions revenue increased by 20.2% to RMB 1,688.11 million in the first half of 2024 from RMB 1,404.03 million in the same period of 2023[6] - Out-of-hospital solutions revenue increased by 9.6% to RMB 436.73 million in the first half of 2024 from RMB 398.53 million in the same period of 2023[6] - P2M solutions revenue increased by 67.0% to RMB 107.91 million in the first half of 2024 from RMB 64.61 million in the same period of 2023[6] - Total revenue for the first half of 2024 reached RMB 2,124.8 million, a year-on-year increase of 17.9%[9] - P2M solutions generated total revenue of RMB 107.9 million, with a significant increase of 67.0% compared to the same period in 2023[11] - Revenue from value-added solutions increased by 34.8% to RMB 1,439.3 million[13] - Revenue increased by 17.9% from RMB 1,802.6 million in the first half of 2023 to RMB 2,124.8 million in the first half of 2024, driven by steady growth in both in-hospital and out-of-hospital solutions[22] - In-hospital solutions revenue grew by 20.2% from RMB 1,404.0 million in the first half of 2023 to RMB 1,688.1 million in the first half of 2024, primarily due to increased hospital SaaS penetration and strong growth in P2M solutions[22] - Out-of-hospital solutions revenue increased by 9.6% from RMB 398.5 million in the first half of 2023 to RMB 436.7 million in the first half of 2024, driven by increased SaaS subscriptions and new API sales[22] - Revenue for the six months ended June 30, 2024, was RMB 2,124.8 million, a 17.9% increase from RMB 1,802.6 million in the same period in 2023[68] - Revenue from the "In-Hospital Value-Added Solutions" segment increased to RMB 1,439,278 thousand in 2024 from RMB 1,067,424 thousand in 2023, a growth of 34.8%[87] - Revenue from the "Out-of-Hospital Subscription Solutions" segment rose to RMB 360,295 thousand in 2024 from RMB 297,104 thousand in 2023, an increase of 21.3%[87] - Revenue from the "Patient-to-Manufacturer (P2M)" solutions increased to RMB 107,910 thousand in 2024 from RMB 64,609 thousand in 2023, a significant growth of 67.0%[87] Profitability and Losses - Gross profit decreased by 7.7% to RMB 436.99 million in the first half of 2024 from RMB 473.57 million in the same period of 2023[5] - Operating loss improved by 33.3% to RMB 102.85 million in the first half of 2024 from RMB 154.31 million in the same period of 2023[5] - Net loss improved by 25.5% to RMB 118.94 million in the first half of 2024 from RMB 159.58 million in the same period of 2023[5] - Adjusted net loss (non-IFRS) improved by 44.1% to RMB 32.90 million in the first half of 2024 from RMB 58.86 million in the same period of 2023[5] - Net loss narrowed by 25.5% to RMB 118.9 million, with non-IFRS adjusted net loss narrowing by 44.1% to RMB 32.9 million[9] - Gross margin for P2M solutions decreased by 8.0 percentage points to 74.1%[13] - Gross profit margin decreased from 26.3% in the first half of 2023 to 20.6% in the first half of 2024, mainly due to a shift in revenue mix towards lower-margin solutions[24] - In-hospital solutions gross margin dropped from 30.2% in the first half of 2023 to 21.8% in the first half of 2024, influenced by changes in revenue mix between subscription and value-added solutions[24] - Out-of-hospital solutions gross margin improved from 12.3% in the first half of 2023 to 15.6% in the first half of 2024, driven by higher-quality growth in value-added solutions[24] - Operating loss decreased by 33.3% from RMB 154.3 million in the first half of 2023 to RMB 102.9 million in the first half of 2024, due to stable revenue growth and improved operating leverage[25] - Net loss decreased by 25.5% from RMB 159.6 million in the first half of 2023 to RMB 118.9 million in the first half of 2024, primarily due to revenue growth and operating leverage[27] - Adjusted net loss (non-IFRS measure) decreased to RMB 32.9 million in the first half of 2024 from RMB 58.9 million in the same period of 2023[28] - Adjusted net loss rate (non-IFRS measure) improved to -1.5% in the first half of 2024 from -3.3% in the first half of 2023[29] - Gross profit for the six months ended June 30, 2024, was RMB 437.0 million, a decrease of 7.7% from RMB 473.6 million in the same period in 2023[68] - Operating loss for the six months ended June 30, 2024, was RMB 102.9 million, an improvement from RMB 154.3 million in the same period in 2023[68] - Net loss for the six months ended June 30, 2024, was RMB 118.9 million, compared to RMB 159.6 million in the same period in 2023[68] - Basic and diluted loss per share for the six months ended June 30, 2024, was RMB 0.20, compared to RMB 0.29 in the same period in 2023[68] - The company reported a net loss of RMB 156,002 thousand for the six months ended June 30, 2024[76] - The company's total equity as of June 30, 2024, was RMB 1,724,707 thousand, with a net loss of RMB 115,838 thousand for the six-month period[78] - The company's total comprehensive loss for the six months ended June 30, 2024, was RMB 115,434 thousand, including other comprehensive income of RMB 404 thousand[78] - The company's basic loss per share was RMB 116 million for the six months ended June 30, 2024, compared to RMB 156 million for the same period in 2023[96] Expenses and Costs - Sales and marketing expenses decreased by 15.7% from RMB 454.9 million in the first half of 2023 to RMB 383.6 million in the first half of 2024, reflecting economies of scale and refined expense management[25] - R&D expenses increased slightly from RMB 40.4 million in the first half of 2023 to RMB 41.8 million in the first half of 2024, with the R&D-to-revenue ratio decreasing from 2.0% to 1.7%[25] - Employee costs for the six months ended June 30, 2024, were RMB 280,169 thousand, slightly down from RMB 283,592 thousand in 2023[91] - Government grants decreased to RMB 14,953 thousand in 2024 from RMB 25,068 thousand in 2023[89] - Interest income dropped to RMB 782 thousand in 2024 from RMB 1,226 thousand in 2023[89] - The company's inventory costs increased to RMB 1,663,377 thousand in 2024 from RMB 1,261,046 thousand in 2023, reflecting a 31.9% rise[93] - The company's income tax expense for the six months ended June 30, 2024, was RMB 1,829 thousand, compared to a tax benefit of RMB 1,174 thousand in 2023[94] - The company's inventory sold during the six months ended June 30, 2024, had a book value of RMB 1,663.38 million, up from RMB 1,261.05 million in the same period in 2023[101] - The company's cash outflow for the purchase of property, plant, and equipment and intangible assets was RMB 55,984 thousand for the six months ended June 30, 2024[80] - The company acquired property, plant, and equipment worth RMB 48 million in the six months ended June 30, 2024, compared to RMB 16 million in the same period in 2023[98] Cash Flow and Financial Position - Cash and cash equivalents decreased to RMB 224.2 million as of June 30, 2024, from RMB 243.4 million as of December 31, 2023[31] - Bank and other loans increased to RMB 366.0 million as of June 30, 2024, from RMB 235.0 million as of December 31, 2023[31] - The company's debt-to-asset ratio increased to 36.8% as of June 30, 2024, from 33.2% as of December 31, 2023, primarily due to increased bank loans[35] - Operating cash outflow for the six months ended June 30, 2024, was RMB 195,536 thousand, compared to RMB 54,349 thousand in the same period in 2023[80] - Net cash inflow from financing activities for the six months ended June 30, 2024, was RMB 132,863 thousand, primarily due to bank and other loan proceeds of RMB 257,925 thousand[82] - Cash and cash equivalents decreased by RMB 19,404 thousand to RMB 224,181 thousand as of June 30, 2024, compared to RMB 243,375 thousand at the beginning of the year[82] - The company's capital reserves increased by RMB 236,924 thousand due to the vesting and delivery of restricted share units during the period[78] - Non-controlling interests increased by RMB 3,793 thousand due to the acquisition of a subsidiary during the six-month period[78] - The company's investment activities resulted in a net cash inflow of RMB 43,269 thousand, driven by proceeds from the sale of financial assets at fair value through profit or loss of RMB 96,899 thousand[80] - The company's share-based payment reserve increased by RMB 79,422 thousand due to equity-settled share-based payments during the period[78] - Restricted bank deposits increased to RMB 43,329 thousand as of June 30, 2024, from RMB 23,700 thousand as of December 31, 2023, primarily due to frozen bank deposits[108] - Trade payables decreased to RMB 212,479 thousand as of June 30, 2024, from RMB 233,249 thousand as of December 31, 2023, indicating a reduction in outstanding trade liabilities[109] - Other payables and accrued expenses increased to RMB 391,814 thousand as of June 30, 2024, up from RMB 361,514 thousand as of December 31, 2023, driven by higher flexible workforce payments and other liabilities[111] - The company repurchased 2,282,700 ordinary shares at a cost of RMB 12.7 million under the post-IPO share incentive plan during the six months ended June 30, 2024[115] - Restricted share units (RSUs) granted to employees under the share-based payment plan totaled 8,801,042 shares as of June 30, 2024, compared to 7,765,000 shares in the same period in 2023[120] - The expected credit loss provision for other receivables increased to RMB 13.9 million as of June 30, 2024, from RMB 9.3 million as of December 31, 2023, reflecting higher credit risk assessments[107] - The company's issued and fully paid ordinary shares remained unchanged at 587,038,219 shares as of June 30, 2024, with a total share capital of RMB 391 thousand[114] - The company did not declare or pay any dividends for the six months ended June 30, 2024, consistent with the same period in 2023[112] - The fair value of non-listed equity instruments as of June 30, 2024, was RMB 40,000 thousand, classified under Level 3 valuation[123] - The fair value of wealth management products as of June 30, 2024, was RMB 46,740 thousand, classified under Level 3 valuation[123] - The fair value of fund management products as of June 30, 2024, was RMB 207,340 thousand, classified under Level 3 valuation[123] - A 10% increase/decrease in the fair value of non-listed equity instruments would result in a RMB 4,000,000 increase/decrease in pre-tax profit for the six months ended June 30, 2024[125] - A 0.5% increase/decrease in the weighted average expected return rate would result in a RMB 741,650 decrease/increase in pre-tax loss for the six months ended June 30, 2024[125] Business Expansion and Partnerships - The company is the largest digital chronic disease management solution provider in China based on hospital and pharmacy SaaS deployments and online prescriptions issued through its services as of December 31, 2023[8] - The number of hospitals using Zhiyun Medical SaaS reached 2,732, an increase of 74 hospitals or 2.8% compared to the same period in 2023[12] - The company signed contracts with 41 pharmaceutical companies, a 13.9% increase compared to the same period in 2023[11] - Number of hospitals deploying the company's hospital SaaS increased to 2,732, up 2.8% from 2,658[14] - Number of pharmaceutical companies collaborating on subscription solutions rose to 41, a 13.9% increase from 36[14] - Number of SKUs marketed through digital marketing services grew to 50, up 11.1% from 45[14] - Registered users reached 33.2 million, an 11.8% increase from 29.7 million[18] - Online prescriptions surged to 116.1 million, a 43.9% year-over-year growth[16] - Number of pharmacies using the company's SaaS platform increased to 228,331, covering approximately 35% of pharmacies in China[16] - The company secured an exclusive sub-license for the development and marketing of Iloprost Injection in China, targeting a market with a projected 30% CAGR over the next five years[15] - The company launched Haonuoxin® Sevelamer Carbonate Dry Suspension, addressing patient compliance issues in phosphate binder therapy[20] - The company invested RMB 200 million in Anhui Zhiyi Huiyun Technology Co., Ltd., acquiring a 4.26% stake in the subsidiary[33] - The company acquired 70% equity of Beijing Jiarun Oude Technology Co., Ltd. for RMB 9 million, contributing RMB 19.7 million in revenue and RMB 0.84 million in comprehensive profit for the period ended June 30, 2024[129] - The company entered into a contract to acquire exclusive rights for the manufacture and distribution of pharmaceutical products in China, with a commitment of RMB 178,170 thousand as of June 30, 2024[130] - The company's wholly-owned subsidiary, Hangzhou Zhiyun Huiyi Medical Technology Co., Ltd., was established on December 30, 2020[134] - Chengdu Zhiyun Internet Hospital Co., Ltd., a subsidiary of the company, was registered on June 18, 2021[134] - The consolidated affiliated entities include Hangzhou Kangming, Chengdu Zhiyun Internet Hospital, and Tianjin Zhiyun, whose financial accounts are consolidated under contractual arrangements[134] - The company's global offering includes the Hong Kong public offering and international offering as described in the prospectus[135] - The company's consolidated affiliated entity, Tianjin Zhiyun Comprehensive Clinic Co., Ltd., was established on March 26, 2021[136] Shareholder and Equity Information - Mr. Kuang, a director, holds approximately 23.14% of the company's issued shares, including 135,841,185 shares through controlled entities and direct ownership[54] - Hengtai Trust (Hong Kong) Limited holds 98,624,566 shares, representing approximately 16.80% of the company's issued share capital[58] - Data Vantage Development Limited and HaoYuan Health Limited each hold 94,571,580 shares, representing approximately 16.11% of the company's issued share capital[58] - Jeffrey Steven Yass and related entities collectively hold 31,570,783 shares, representing approximately 5.38% of the company's issued share capital[58] - Global offering proceeds amounted to approximately HKD 425.7 million, with 60% allocated to business expansion, 25% to enhancing medical knowledge and technological capabilities, 5% to strategic partnerships and acquisitions, and 10% to working capital and general corporate purposes[63] - As of June 30, 2024, the company had utilized HKD 70.4 million of the global offering proceeds, leaving HKD 215.1 million unutilized[63] - The company's trustee purchased 2,282,700 shares on the Hong Kong Stock Exchange for a total consideration of approximately RMB 12.7 million during the reporting period[64] - The company's shares are listed on the Main Board of the Hong Kong Stock Exchange[136] - The company's shares have a par value of $0.00001 per share[136] - The company's founder, executive director, chairman, and CEO is Mr. Kuang Ming[135] - The reporting period for the interim report is the six months ended June 30, 2024[136] - The last practicable date for determining certain information in the interim report
智云健康(09955) - 2024 - 中期财报