Revenue Performance - Revenue decreased by 13.6% to HKD 620.3 million compared to HKD 718.1 million in the same period last year, primarily due to reduced demand in Hong Kong and mainland China, as well as increased outbound travel affecting local retail consumption[13] - Revenue from Hong Kong accounted for 80.3% of total revenue, while revenue from outside Hong Kong accounted for 19.7%[17] - Revenue in mainland China decreased by 19.3% due to challenging business conditions, including a downturn in the real estate sector and weak consumer confidence[34] - The company's revenue for the six months ended September 30, 2024, was HK718.15 million in the same period last year[56] - Revenue from Hong Kong decreased to HKD 497.8 million in the six months ended September 30, 2024, compared to HKD 549.6 million in the same period last year[111] - Revenue from regions outside Hong Kong (including China, Macau, Australia, and Singapore) decreased to HKD 122.5 million in the six months ended September 30, 2024, compared to HKD 168.5 million in the same period last year[111] - Total revenue for the six months ended September 30, 2024, was HKD 620.3 million, down from HKD 718.1 million in the same period last year[111] Business Segments and Strategy - Medical aesthetics business contributed 73.3% of total sales, while non-medical aesthetics accounted for the remaining 26.7%[13] - The company implemented a multi-format store strategy, including flagship stores and smaller community stores, to better serve customers in their local areas[11] - The company's "integrated service approach" strategy combines non-invasive medical aesthetics services with non-medical aesthetics services, such as hair loss treatment, pain management, and sleep therapy, to meet a broader range of consumer needs[11] - The company's "dual-cycle" strategy, focusing on both medical and non-medical aesthetic services, is expected to drive sustainable growth[49] - The company aims to expand its high-end service portfolio and network in key regions, including the introduction of VIP lounges in major centers to attract affluent clients[49] Cost Management and Expenses - Employee benefits expenses decreased by 8.6% to HKD 217.6 million, reflecting efforts to maintain efficiency and reduce indirect costs[22] - Marketing expenses decreased by 9.6% to HKD 77.2 million due to strategic reductions in promotional spending[22] - Rental and leasing-related expenses decreased by 8.4% to HKD 76.2 million, driven by favorable renegotiations and optimized use of store space[22] - Key cost components decreased by 10.7% to 470,473 thousand HKD compared to 526,841 thousand HKD in the previous period[25] - Inventory and consumables costs decreased by 20.8% to 10,492 thousand HKD from 13,248 thousand HKD[26] - Employee benefits expenses decreased by 8.6% to 217,604 thousand HKD from 238,149 thousand HKD[26] - Government subsidies decreased to 832 thousand HKD in 2024 from 3,549 thousand HKD in 2023[116] - Current tax expense in Hong Kong was 19,743 thousand HKD in 2024, down from 21,494 thousand HKD in 2023[123] - Depreciation expenses for right-of-use assets (properties) were HKD 56,088 thousand for the six months ended September 30, 2024, compared to HKD 62,511 thousand for the same period in 2023[156] - Total lease cash outflows were HKD 57,800 thousand for the six months ended September 30, 2024, down from HKD 63,457 thousand for the same period in 2023[158] Profitability and Financial Performance - EBITDA decreased by 19.9% to 193.9 million HKD, with an EBITDA margin of 31.3% compared to 33.7% in the previous period[27] - Operating profit decreased by 21.5% to 158.5 million HKD, with an operating profit margin of 25.6% compared to 28.1% in the previous period[27] - Net profit attributable to shareholders decreased by 15.4% to 140.8 million HKD, with a net profit margin of 22.7% compared to 23.2% in the previous period[27] - The company's operating profit for the six months ended September 30, 2024, was HK201.93 million in the previous year[55] - The company's net profit attributable to equity holders for the six months ended September 30, 2024, was HK166.39 million in the same period last year[56] - Net profit for the six months ended September 30, 2024, was HK166.39 million in the same period last year, representing a decrease of 21.1%[58] - Total comprehensive income for the period was HK142.50 million in the previous year, an increase of 12.5%[58] - Profit attributable to equity holders of the company was 140,844 thousand HKD in 2024, compared to 166,393 thousand HKD in 2023[125] Cash Flow and Financial Position - The company maintained a strong financial position with bank and cash balances of 479.6 million HKD as of September 30, 2024, and no external bank borrowings[35] - Capital expenditures for the six months ended September 30, 2024, totaled 26.1 million HKD, primarily used for leasehold improvements and equipment for service network expansion[36] - Cash and cash equivalents dropped significantly to HK567.40 million, a decrease of 48.9%[70] - Net cash generated from operating activities was HK288.02 million in the previous year, a decrease of 29.4%[81] - Net cash used in investing activities was HK188.29 million in the prior year[81] - Net cash used in financing activities was HK278.40 million used in the previous year[81] - Cash and cash equivalents totaled HKD 289,808 thousand as of September 30, 2024, a decrease from HKD 567,401 thousand as of March 31, 2024[141] Assets and Liabilities - Total assets decreased to HK1,221.81 million, a reduction of 11.8%[69] - Property, plant, and equipment decreased to HK146.98 million, a reduction of 7.1%[63] - Right-of-use assets declined to HK260.75 million, a decrease of 12.9%[64] - Non-current assets in Hong Kong decreased to HKD 329.0 million as of September 30, 2024, compared to HKD 397.5 million as of March 31, 2024[115] - Non-current assets in regions outside Hong Kong increased to HKD 73.2 million as of September 30, 2024, compared to HKD 50.9 million as of March 31, 2024[115] - Total non-current assets decreased to HKD 402.3 million as of September 30, 2024, compared to HKD 448.5 million as of March 31, 2024[115] - Lease liabilities decreased to HKD 238,697 thousand as of September 30, 2024, from HKD 268,726 thousand as of March 31, 2024[153] - Trade payables increased to HKD 1,541 thousand as of September 30, 2024, from HKD 1,070 thousand as of March 31, 2024[161] - Capital commitments for property, plant, and equipment decreased to HKD 954 thousand as of September 30, 2024, from HKD 2,312 thousand as of March 31, 2024[162] Shareholder Information and Dividends - The company's basic earnings per share for the six months ended September 30, 2024, was 11.2 HK cents, down from 13.2 HK cents in the previous year[56] - The company declared an interim dividend of 11.2 HK cents per share and a special dividend of 0.1 HK cents per share for 2024[129] - The company proposed an interim dividend of 11.2 HK cents per share and a special dividend of 0.1 HK cents per share for the six months ended September 30, 2024[168] - The company will suspend share registration from December 16, 2024, to December 17, 2024, and shareholders must submit transfer documents by December 13, 2024, to be eligible for the interim dividend[170] - Basic earnings per share were 11.2 HK cents in 2024, down from 13.2 HK cents in 2023[125] Investments and Financial Instruments - The company held significant investments in listed equity securities, including an 80,000-share investment in a consumer-to-business platform, representing 0.0015% of the total equity, with a fair value of HK$13.76 million as of September 30, 2024[43] - Dividend income from financial assets at fair value through other comprehensive income was 1,160 thousand HKD in 2024, down from 1,247 thousand HKD in 2023[116] - Net exchange gain was 669 thousand HKD in 2024, compared to a net exchange loss of 289 thousand HKD in 2023[119] - Net financial income decreased to 1,442 thousand HKD in 2024 from 1,834 thousand HKD in 2023[120] - The weighted average effective interest rate for time deposits with original maturities exceeding three months was 3.48% as of September 30, 2024[135] - The weighted average effective interest rate for pledged bank deposits was 2.93% as of September 30, 2024, compared to 2.66% as of March 31, 2024[140] Employee and Operational Metrics - The company employed a total of 1,161 employees as of September 30, 2024, a decrease from 1,273 employees as of March 31, 2024[45] - The company plans to integrate AI-driven customer service tools into its operations to provide 24/7 automated customer support, aiming to enhance customer engagement and satisfaction[50] - The company is committed to sustainability, with efforts to reduce carbon emissions and implement sustainable practices in its facilities[52] - Total service area across Hong Kong and other regions reached 318,000 square feet as of September 30, 2024[16] - The company expanded its community store network in Hong Kong, increasing total service area to approximately 202,000 square feet, despite a 9.4% decline in overall revenue[30] Shareholder Structure and Governance - As of September 30, 2024, Dr. Ouyang Jiang holds 114,834,747 ordinary shares, representing 75.08% of the company's total shares[177] - Sure Sino Investments Limited holds 459,739,481 ordinary shares, representing 36.59% of the company's total shares[187] - Earlson Holdings Limited holds 208,306,511 ordinary shares, representing 16.58% of the company's total shares[187] - Perfect Medical Charity Foundation Limited holds 159,123,029 ordinary shares, representing 12.66% of the company's total shares[187] - Dr. Ouyang Jiang holds a 54.65% beneficial interest in Sure Sino Investments Limited[180] - Ms. Ouyang Hong holds a 22.68% beneficial interest in Sure Sino Investments Limited[180] - Ms. Ouyang Hui holds a 22.67% beneficial interest in Sure Sino Investments Limited[180] - The total number of shares issued by the company as of September 30, 2024, is 1,256,197,771[188] - No other major shareholders hold more than 5% of the company's shares or related interests as of September 30, 2024[190] - The total number of share options available for issuance under the Share Option Plan as of April 1, 2024, and September 30, 2024, is 114,090,339[191] - The closing price of the shares immediately before the grant date (December 11, 2023) was HKD 3.260[196] - The share options granted on December 12, 2023, will vest on the first anniversary of the grant date (December 12, 2024) with no performance targets attached[197] - The total number of share options held by key individuals as of September 30, 2024, is 3,768,000[193] - The company did not purchase, sell, or redeem any of its listed securities during the six months ended September 30, 2024[198] - The company's Articles of Association and Cayman Islands law do not contain provisions regarding pre-emptive rights[199] - The company has not separated the roles of Chairman and CEO, with Dr. Ouyang Jiang holding both positions, which the board believes is beneficial for the company's business prospects and management[200]
完美医疗(01830) - 2025 - 中期财报