Financial Performance - The company's revenue for the year ended March 31, 2023, was RMB 1,473.7 million, a decrease of 9.2% compared to RMB 1,623.6 million for the previous year due to the impact of COVID-19[3] - Gross profit for the same period was RMB 247.1 million, with an adjusted operating profit of RMB 3.8 million and an adjusted net loss of RMB 29.2 million[3] - Revenue for the fiscal year ending March 31, 2023, decreased by 9.2% to RMB 1,473.7 million from RMB 1,623.6 million for the previous year[27] - The company reported a net loss of RMB 223,348 thousand for the year ended March 31, 2023, compared to a net loss of RMB 696,400 thousand for the previous year, reflecting an improvement of approximately 68.0%[67] - The annual loss decreased from RMB 696.4 million for the year ended March 31, 2022, to RMB 223.3 million for the year ended March 31, 2023[47] - The company’s gross margin for the year ended March 31, 2023, was approximately 16.8%, down from 20.7% in the previous year[66] - The group incurred a loss before tax of RMB 217,909 thousand for the year ended March 31, 2023, compared to a loss of RMB 709,911 thousand for the previous year[78] Operational Expansion - The total number of dental chairs increased by 18.8% to 1,442 chairs as of March 31, 2023, compared to the previous year[3] - The company expanded its operations by acquiring "Tongshan Dental," which includes 1 dental hospital and 8 clinics in Wuxi, Jiangsu Province[3] - During the reporting period, the company opened 4 new dental clinics and 1 dental hospital, adding 89 dental chairs, and upgraded 4 clinics involving 50 dental chairs[4] - The company operates a dual-brand strategy with "Ruili Dental" and "Ruitai Dental," managing a total of 123 clinics and hospitals across 15 cities in China[4] - The company plans to further penetrate existing markets and expand its network in targeted regions and cities in China[9] Patient Metrics - Total patient visits decreased from 1,558,947 in the year ended March 31, 2022, to 1,534,162 in the year ended March 31, 2023, representing a decline of 1.6%[12] - The loyalty patient revisit rate was 48.1% for the year ended March 31, 2023, compared to 48.6% for the year ended March 31, 2022[13] Revenue Breakdown - The revenue breakdown for dental services shows that general dentistry accounted for RMB 790.4 million (53.6%), orthodontics RMB 328.2 million (22.3%), and implants RMB 318.3 million (21.6%) for the year ending March 31, 2023[29] - Revenue from general dentistry recognized at a point in time was RMB 790,353,000, down 9.4% from RMB 872,586,000 in 2022[81] - Revenue from orthodontics recognized over time was RMB 328,238,000, a decline of 10.4% from RMB 366,264,000 in 2022[81] - Revenue from implantology recognized over time was RMB 318,330,000, down 9.8% from RMB 353,079,000 in 2022[81] Employee Metrics - As of March 31, 2023, the company had a total of 3,409 full-time employees, with 37.4% being nursing staff and 26.8% being dentists[18] - Over 46.4% of full-time dentists hold a master's degree or higher, with an average industry experience of 11.2 years[19] Cost and Expenses - Cost of sales decreased by 4.7% from RMB 1,287.0 million in 2022 to RMB 1,226.7 million in 2023, primarily due to reductions in employee benefits and dental materials[35] - Selling and distribution expenses increased by 17.2% from RMB 79.6 million in 2022 to RMB 93.3 million in 2023, attributed to the expansion of the marketing team[39] - Administrative expenses rose by 24.9% from RMB 276.1 million in 2022 to RMB 344.8 million in 2023, driven by increased share-based compensation and professional fees[40] - R&D expenses decreased by 43.7% from RMB 32.9 million in 2022 to RMB 18.5 million in 2023, reflecting reduced employee benefits in IT development[42] Financial Position - Total assets as of March 31, 2023, were RMB 3,061,636 thousand, an increase from RMB 2,990,347 thousand as of March 31, 2022, representing a growth of about 2.4%[68] - The company’s cash and cash equivalents decreased to RMB 621,860 thousand as of March 31, 2023, down from RMB 1,052,285 thousand as of March 31, 2022, indicating a decline of approximately 41.0%[69] - The company’s total equity increased to RMB 1,695,890 thousand as of March 31, 2023, compared to RMB 1,610,497 thousand as of March 31, 2022, reflecting an increase of about 5.3%[69] Corporate Governance - The audit committee consists of three independent non-executive directors, with Mr. Zhang as the chairman, ensuring compliance with financial reporting and internal controls[126] - The company confirmed compliance with applicable laws and regulations during the reporting period, including the Companies Ordinance and the Listing Rules[123] - The company has adopted a code of conduct for directors regarding securities trading, with all directors confirming adherence during the reporting period[122] - The company has maintained high standards of corporate governance to protect shareholder interests and enhance corporate value[121] Future Outlook - The company plans to enhance operational efficiency and market share through site expansions and local market densification strategies[21] - The company aims to strengthen its talent recruitment, training, and retention system to maintain a leading position in dental service quality[23] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[87]
瑞尔集团(06639) - 2023 - 年度业绩