希玛眼科(03309) - 2022 - 年度财报

Financial Performance - The Group's revenue for the year ended December 31, 2022, reached HK$1,731,903,000, representing a 55.7$1,112,577,000 in 2021[6]. - Gross profit for the same period was HK$447,697,000, up 25.0$358,228,000 in 2021[6]. - The Group reported a loss of HK$11,227,000 for the year, an improvement from a loss of HK$46,225,000 in the previous year[6]. - Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 22.5% to HK$225,351,000 from HK$183,976,000 in 2021[6]. - The gross profit margin for the year was 25.9%, a decrease from 32.2% in 2021, reflecting a 6.3 percentage point drop[6]. - Revenue from the core medical business reached HK$1,433.6 million, up 28.9$1,074.3 million in 2022, up 16.8% from HK$920.0 million in 2021, driven by a higher number of surgeries and increased average surgery fees in Hong Kong[41]. - Revenue from dental and other medical services surged to HK$198.3 million in 2022, a remarkable increase of 279.9% from HK$52.2 million in 2021, primarily due to the integration of the newly acquired Shenzhen CKJ business[41]. - Revenue from operations in Mainland China increased by 10.4$627.9 million, with ophthalmic business revenue at HK$502.9 million and new dental services contributing HK$125.0 million[19]. - Revenue from medical services in Hong Kong increased by 48.1% to HK$805.7 million, up from HK$543.9 million in 2021[31]. Business Expansion and Acquisitions - The Group expanded its ophthalmic services in the Greater Bay Area (GBA) by adding three new eye centers and five optometry centers during 2022[9]. - The acquisition of Shenzhen C-MER Aikangjian Dental Group Co., Ltd. positioned the Group as one of the largest private medical groups in Shenzhen[8]. - The acquisition of Shenzhen CKJ, a major dental service group, was completed in 2022, establishing the Group as one of the largest private medical groups in Shenzhen[16]. - The Group's ophthalmic hospitals in operation increased to nine, covering five key cities in the GBA, with the opening of two new hospitals in 2022[10]. - The Group expanded its ophthalmic service network in Mainland China, establishing nine eye hospitals and two eye centres, with the ninth and tenth hospitals commencing operations in Guangzhou and Jieyang in April and August 2022, respectively[27]. - The Group plans to establish or acquire eye hospitals and dental clinics in Hong Kong, Shenzhen, and selected Mainland China cities to expand its service offerings[71]. - The Group completed the acquisition of Shenzhen CKJ, becoming the largest ophthalmic service provider in Hong Kong and one of the largest private medical service groups in Shenzhen[71]. Market Outlook and Recovery - The Group anticipates strong recovery in the consumer medical market following the resumption of cross-border travel between Mainland China and Hong Kong in early 2023[8]. - The ophthalmic business in Hong Kong experienced a rapid rebound in the second half of 2022, strengthening its leading position in the local market[9]. - The Group's dental business in Shenzhen has recovered to pre-pandemic levels, showing stable and positive growth momentum[17]. - The Group is well positioned to capture opportunities in the fast-growing consumer healthcare market in Shenzhen post-pandemic[17]. - The Group experienced a significant rebound in business in 2023 following the relaxation of COVID-19 measures, driven by strong economic and consumption activities in Mainland China[71]. Operational Highlights - Approximately 91% of the revenue from medical services in Shenzhen and other parts of Mainland China is derived from privately-paid medical services[17]. - The proportion of revenue from consumer eye services reached 72% of the Group's Mainland China ophthalmic business[17]. - The Group's core medical business achieved record high revenue, marking a significant milestone in its 10-year development[11]. - The Group's efforts in developing the GBA have been fruitful, marking a significant milestone in its 10th anniversary[8]. - The preliminary preparation for Foshan Eye Hospital is largely completed, expected to commence service within the year, increasing the number of hospitals in the GBA to six[10]. Financial Position and Capital Management - As of December 31, 2022, the Group reported cash and cash equivalents of HK$644.7 million, short-term bank deposits of HK$31.3 million, and bank borrowings of HK$34.3 million[72]. - The effective interest rate of borrowings increased to 5.49$179.4 million in 2021 to HK$34.3 million in 2022[73]. - The current ratio as of December 31, 2022, was 1.63 times, down from 1.83 times in 2021, indicating a slight decrease in liquidity[74]. - Net cash generated from operating activities increased to HK$164.9 million in 2022, up from HK$144.4 million in 2021, attributed to an increase in business scale[74]. - The Group's diversified portfolio of businesses remained resilient despite challenges faced during the pandemic[23]. Governance and Management - The Company has a strong management team with members holding various prestigious qualifications and awards in the field of ophthalmology[106][107]. - The Company has maintained a stable executive team with no changes in directorship in the past three years[110][114]. - The Group emphasizes the importance of employee relationships and has implemented competitive compensation packages and training programs to retain key staff[135]. - The Group's remuneration policy is based on merit, qualifications, and performance, with discretionary bonuses linked to profitability[183]. Risks and Challenges - The Group's operations are significantly influenced by reputation risk, which can adversely affect market recognition and trust in services[134]. - Customer risk is a concern as the Group provides mid- to high-end medical services, making it sensitive to changes in patient preferences and economic conditions[134]. - Regulatory risk may impact the Group's operations in Hong Kong and Mainland China due to changes in government policies and regulations[134]. - Talent risk is critical, as the ability to attract and retain qualified medical professionals directly affects hospital and clinic operations[135]. Shareholder and Dividend Policy - The Board does not recommend the payment of a final dividend for the year ended December 31, 2022[132]. - The Company has adopted a dividend policy aimed at maintaining sufficient operating capital and providing stable returns to shareholders[133]. - Factors considered for dividend recommendations include the Group's financial results, liquidity position, and future operations[133]. Related Party Transactions - The Company has complied with the disclosure requirements under Chapter 14A of the Listing Rules regarding connected transactions[195]. - The independent non-executive Directors confirmed that the continuing connected transactions did not exceed their respective annual caps for the year ended 31 December 2022[194]. Strategic Initiatives - The Group aims to solidify its leadership position in the ophthalmology sector in Hong Kong through market share expansion and medical team growth[198]. - The Group's financial position was strengthened through the 2022 Placing and First Subscription, raising capital for working capital and expansion[88].