ALI HEALTH(00241)2024-05-27 13:04Financial Performance - Total revenue for the fiscal year ended March 31, 2024, was RMB 27,026.6 million, a slight increase of 1.0% year-on-year[2]. - Net profit reached RMB 883.1 million, representing a significant year-on-year growth of 64.6%[2]. - The self-operated business revenue for the reporting period was RMB 23,739.2 million, a slight increase of 0.6% year-on-year, despite the high comparison base from the pandemic[11]. - Revenue from personal care, health, and massage equipment industries under the self-operated business grew by over 50%, while revenue from protective equipment increased by 68.3% year-on-year[12]. - The company's pharmaceutical self-operated business generated revenue of RMB 23,739,246,000, a year-on-year increase of 0.6%[22]. - Revenue from the pharmaceutical e-commerce platform business reached RMB 2,329,471,000, representing a growth of 4.1%[23]. - The medical health and digital services business reported revenue of RMB 957,838,000, an increase of 2.6% year-on-year[24]. - The company's revenue for the fiscal year 2024 reached RMB 27,026,555,000, an increase of RMB 263,539,000 or 1.0% compared to RMB 26,763,016,000 in the previous year[21]. - Gross profit amounted to RMB 5,895,321,000, reflecting a growth of RMB 193,987,000 or 3.4%, with a gross margin of 21.8%, up from 21.3% in the previous year[25]. - The total comprehensive income for the year was RMB 1,130.1 million, compared to RMB 852.2 million in the previous year, reflecting an increase of 32.6%[50]. User Engagement and Growth - The number of annual active users on the Tmall Health platform reached 300 million, with over 35,000 merchants served, a year-on-year increase of 28%[2]. - Cumulative membership for online self-operated stores grew to 77 million, with average revenue per user (ARPU) increasing by over 17% year-on-year[2]. - The average daily consultation volume (excluding prescriptions) increased to 11,045, with over 220,000 licensed healthcare professionals providing online health consultation services[2][6]. - The treatment duration (DOT) for chronic disease users increased by 7.6% year-on-year, indicating improved user experience[6]. - As of March 31, 2024, Tmall Health Platform has reached 300 million annual active users, with over 35,000 merchants served, representing a year-on-year growth of 28%[9]. Strategic Initiatives and Innovations - The company completed the acquisition of advertising operation rights for Tmall Health category merchants, enhancing its commercial service capabilities and significantly improving profitability[3][8]. - The company is focused on optimizing the "Internet + healthcare" service model, supported by national policies to enhance health service consumption[5][6]. - The company aims to leverage leading digital technologies and operational capabilities to provide accessible and efficient healthcare services[7]. - The company is committed to continuous innovation in the healthcare sector, aligning with government initiatives to explore new models in health management and primary care[6]. - The company successfully launched the first domestically produced GLP-1 drug, Liraglutide injection, for type 2 diabetes patients, enhancing treatment accessibility[12]. - The company has developed a self-researched large model for medical applications, significantly improving user satisfaction and accuracy in customer service[16]. Financial Position and Cash Flow - Cash and cash equivalents at the end of the reporting period were RMB 9,553,110,000, down from RMB 10,917,171,000 a year earlier[37]. - Net cash flow from operating activities was RMB 1,079,832,000, a substantial increase from RMB 255,690,000 in the previous year[38]. - Net cash used in investing activities was RMB 4,880,900,000, primarily due to an increase in time deposits with maturities over three months[40]. - Net cash used in financing activities was RMB 1,982,395,000, mainly due to cash outflows for the acquisition of jointly controlled subsidiaries[41]. - As of March 31, 2024, the company had no outstanding borrowings, resulting in a capital-to-debt ratio of zero[42]. - The company maintained a strong liquidity position, closely monitoring its cash flow to meet ongoing funding needs[43]. Expenses and Cost Management - Fulfillment expenses decreased by RMB 493,925,000 or 17.0%, totaling RMB 2,413,212,000, with fulfillment costs accounting for 10.2% of the pharmaceutical self-operated business revenue[26]. - Administrative expenses were reduced by RMB 19,507,000 or 5.1%, amounting to RMB 359,980,000, due to cost control measures[28]. - Product development expenses increased by RMB 27,560,000 or 4.1%, totaling RMB 705,382,000, driven by investments in technology research and development[29]. Governance and Compliance - The company has maintained compliance with corporate governance codes throughout the reporting period, ensuring shareholder interests are protected[81]. - The audit committee reviewed the annual performance, confirming that the financial statements align with the reported figures for the period[84]. - The company has adopted a securities trading code for directors and certain employees, ensuring compliance with insider trading regulations[82]. Leadership Changes - The new CEO, Shen Difan, was appointed effective November 28, 2023, following the resignation of the previous CEO, Zhu Shunyan[81].