希玛眼科(03309) - 2023 - 年度财报

Financial Performance - Revenue for the year ended December 31, 2023, reached HK$1,923,964,000, an increase of 11.1$1,731,903,000 in 2022[6]. - Core medical service revenue increased by 32.9% year-on-year to HK$1,904,531,000, marking a record high since the company's listing[13]. - Gross profit rose to HK$618,962,000, reflecting a 38.3% increase from HK$447,697,000 in the previous year[7]. - Profit before income tax was HK$124,269,000, a significant recovery from a loss of HK$11,227,000 in 2022[7]. - Net profit for the year was HK$86,335,000, compared to a loss of HK$46,225,000 in the prior year[7]. - Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 52.4$343,491,000 from HK$225,351,000[8]. - The gross profit margin improved to 32.2$1,924.0 million in 2023, compared to HK$1,731.9 million in 2022, despite a significant drop in COVID-19 related medical consumables revenue[33]. Business Segments - The Group's ophthalmic business achieved a record revenue of HK$1.43 billion, representing a year-on-year growth of 15.7%[13]. - Core medical business revenue reached HK$1.9 billion, a year-on-year increase of 32.9$1.43 billion, representing a year-on-year growth of 15.7%[15]. - Dental business revenue surged to HK$428.1 million, reflecting a year-on-year increase of 161.3$380 million, marking a year-on-year growth of 208%[18]. - Revenue from the Mainland China ophthalmic and dental services increased by 54.9% to HK$972.4 million in 2023, compared to HK$627.9 million in 2022, with a 62.8% increase in RMB terms[49]. Market Expansion and Strategy - The Group plans to establish the Aikangjian Fukang Hospital in Luohu Port, covering an area of over 10,000 sq.m., focusing on ophthalmic and dental services, with operations commencing in phases from the second half of 2024[25][26]. - The Group aims to integrate Hong Kong's medical services with Mainland China, enhancing the quality of cross-border medical services and supporting Hong Kong residents seeking medical care in the Mainland[27]. - The Group aims to establish or acquire eye hospitals and dental clinics in Hong Kong, Shenzhen, and selected cities in Mainland China, leveraging favorable policies in the medical industry[112]. - The Group is actively seeking strategic partners for the development and distribution of myopia control products[115]. Operational Highlights - Shenzhen CKJ registered over 240,000 patient visits in 2023, with approximately 50% from Hong Kong[18]. - The average revenue per dental chair at Shenzhen CKJ reached HK$1.75 million in 2023[18]. - The Group operates a comprehensive ophthalmic services network in Hong Kong, including five day surgery centres and eight satellite clinics, under the brand "C-MER Dennis Lam"[34]. - The Group's operational adjustments and focus on core business segments have ensured a robust balance sheet amid challenging macroeconomic conditions[35]. Financial Management - The Group's strategy includes prudent management of working capital to maintain a healthy balance sheet while focusing on core business segments[33]. - The income tax expense for 2023 was HK$37.9 million, an increase of 8.3% from HK$35.0 million in 2022, primarily due to higher tax expenses from operations in Mainland China[93]. - The Group's credit risk is limited as cash and cash equivalents are held with high-credit-quality financial institutions[105]. - The current ratio improved to 1.85 times as of December 31, 2023, compared to 1.63 times in 2022, indicating better short-term financial health[117]. Shareholder Returns and Capital Management - The Board does not recommend the payment of a final dividend for the year ended December 31, 2023[178][181]. - The Group has adopted a dividend policy aimed at maintaining sufficient operating capital while providing stable and sustainable returns to shareholders[179]. - The company repurchased a total of 10,998,000 ordinary shares at an aggregate consideration of HK$41,631,058 during the year[194]. - The share repurchases were intended to enhance the net asset value per share and/or earnings per share of the company[195]. Management and Governance - Dr. Lin Shun Chao, the founder and CEO, has led the company for over ten years since its establishment[146]. - The company has expanded its management team with experienced professionals in ophthalmology and healthcare management[152]. - The Group's Chief Financial Officer, Mr. Chan Wa Ping, has over 10 years of financial and accounting experience and oversees finance, compliance, mergers and acquisitions, and investor relations[172]. - The management team has a strong academic background, with members holding advanced degrees in medicine and business administration[149][152]. Risks and Compliance - Key risks include reputation risk, customer risk, regulatory risk, price risk, and talent risk, which could materially affect the Group's operations and financial condition[184][185]. - The company complied with all relevant laws and regulations in Hong Kong, Mainland China, and the Cayman Islands in all material aspects during 2023[192]. - The company has established systems for environmental protection, ensuring compliance with environmental laws and regulations[192].