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医汇集团(08161) - 2024 - 年度财报
MEDINET GROUPMEDINET GROUP(HK:08161)2024-07-08 11:44

Financial Performance - The group's revenue for the fiscal year ending March 31, 2024, was approximately HKD 116.2 million, an increase of about 5.3% from HKD 110.4 million in the previous fiscal year[14]. - The loss attributable to the owners of the company for the fiscal year 2023/24 was approximately HKD 8.1 million, a significant reduction from HKD 24.9 million in the fiscal year 2022/23[14]. - Revenue from medical solutions provided to contract clients increased by 45.7%, from approximately HKD 27.7 million to HKD 40.4 million[15]. - Revenue from self-paying patients for medical services rose by 43.6%, from approximately HKD 17.5 million to HKD 25.2 million[15]. - Revenue from dental solutions provided to contract clients decreased by 22.3%, from approximately HKD 7.1 million to HKD 5.5 million[15]. - Revenue from self-paying patients for dental services also saw a decline of 22.2%, from approximately HKD 58.0 million to HKD 45.2 million[15]. - Other income decreased from approximately HKD 3.5 million in FY2022/23 to approximately HKD 561,000 in FY2023/24, mainly due to the absence of additional income from the Hong Kong government's employment support scheme[19]. - Medical and dental professional service expenses increased from approximately HKD 42.9 million in FY2022/23 to approximately HKD 50.3 million in FY2023/24, an increase of about 17.2%, consistent with the revenue growth[21]. - Employee costs slightly decreased from approximately HKD 37.8 million in FY2022/23 to approximately HKD 37.2 million in FY2023/24, a decline of about 1.6% due to a decrease in average employee salary levels[22]. - The company incurred financing costs of HKD 660,000, up from HKD 560,000, reflecting increased borrowing[199]. - Other income decreased significantly to HKD 561,000 from HKD 3,539,000, a decline of 84.1%[199]. Corporate Governance - The company emphasizes the importance of good corporate governance for long-term success and sustainable development[65]. - The board is committed to maintaining high corporate governance standards to enhance accountability and transparency, protecting shareholder interests[66]. - The company has adhered to the corporate governance code throughout the fiscal year ending March 31, 2024, with one exception regarding the separation of roles between the chairman and CEO[68]. - The company aims to provide satisfactory and sustainable returns to shareholders while managing overall business risks appropriately[67]. - The company has established a corporate governance framework and developed a series of policies and procedures to enhance governance practices[66]. - The board believes that the current structure of having the same individual serve as chairman and CEO is beneficial for implementing business strategies[68]. - The company will regularly review and improve its corporate governance practices in line with the latest developments[69]. - The board currently consists of five directors, including two executive directors and three independent non-executive directors[71]. - The board has complied with GEM listing rules by appointing at least three independent non-executive directors, representing at least one-third of the board[73]. - All independent non-executive directors have confirmed their independence in writing prior to their appointment[73]. - The board held a total of four meetings during the year, with all directors actively participating[79]. - The chairman, Mr. Chan, attended all board meetings and the annual general meeting[79]. - The company has adopted a standard code for regulating directors' securities transactions, ensuring compliance with GEM listing rules[78]. - The nomination committee is responsible for reviewing the board composition and evaluating the independence of non-executive directors[74]. - The board has established a governance policy and is satisfied with its performance[72]. - The company has established a governance framework with three committees: Audit Committee, Nomination Committee, and Remuneration Committee, primarily composed of independent non-executive directors[90]. - The Audit Committee is responsible for reviewing financial controls, internal monitoring, and risk management systems, ensuring adequate disclosure in financial reporting[93]. - The company has a policy in place to ensure board member diversity, considering various factors such as gender, age, and professional experience[86]. - The company’s chairman and CEO roles are held by the same individual, which the board believes provides strong and consistent leadership[84]. Shareholder Communication - The company has established a shareholder communication policy to ensure shareholder opinions and concerns are properly addressed[127]. - The company encourages shareholders to participate in annual general meetings and allows for proxy voting if they cannot attend[131]. - The company maintains effective communication with investors to enhance transparency and understanding of its business and developments[133]. - The company has multiple channels for ongoing communication with shareholders, including company announcements and its website[128]. Financial Position - The total assets of the group as of March 31, 2024, were approximately HKD 42.0 million, compared to approximately HKD 42.9 million in 2023[31]. - The current ratio as of March 31, 2024, was approximately 0.8 times, compared to approximately 0.9 times in 2023[32]. - The company has a distributable reserve of approximately HKD 3.6 million as of March 31, 2024[152]. - The company has no significant contingent liabilities, legal disputes, or potential lawsuits as of March 31, 2024[146]. - The company’s asset-liability ratio as of March 31, 2024, is approximately 4.39, a significant increase from 0.84 in 2023[149]. - The company has no assets pledged as collateral as of March 31, 2024[158]. - The company has sufficient financial resources to continue operations for the foreseeable future, adopting a "going concern" basis in preparing its consolidated financial statements[147]. - The company has no significant or material disputes with stakeholders in the 2023/24 fiscal year[140]. - The independent auditor's report confirms that the consolidated financial statements fairly reflect the group's financial position as of March 31, 2024[179]. Management and Leadership - Mr. Chan has over 35 years of experience in the corporate medical and dental solutions industry, having founded the group in 1994[46]. - Ms. Jiang has accumulated over 10 years of experience in business development and customer relationship management since joining the group in 2009[48]. - The company is focused on strategic planning and compliance under the leadership of its executive directors[46]. - The company has appointed Mr. Wu as a non-executive director of Luchai Culture Limited (formerly known as Jingji Smart Culture Holdings) since September 2023[59]. - The company has no internal audit department but will continue to assess the need for one annually, considering the cost-effectiveness of hiring external professionals[112]. - The company is committed to anti-corruption and anti-bribery initiatives, actively organizing training and investigations to foster a culture of integrity[112]. Revenue Recognition and Audit - The independent auditor's report emphasizes the importance of revenue recognition as a key audit matter due to the volume of transactions recorded in the business system[183]. - The auditor's procedures included testing the effectiveness of controls over data transfer from operational systems to the accounting system, ensuring the accuracy of recorded transactions[185]. - The company engaged an independent external valuer to assist in the valuation of goodwill, ensuring objectivity in the assessment process[184]. Future Outlook - The company aims to maintain close relationships with existing clients while exploring new business opportunities[9]. - Future focus will remain on providing medical and dental services to corporate clients and the general public[10]. - The company plans to enhance internal controls and address identified deficiencies to improve financial reporting and compliance[196].