Revenue Growth - The group's revenue increased by 6.0% from RMB 692.7 million in the same period of 2023 to RMB 734.3 million for the six months ended June 30, 2024[2]. - The group's revenue increased by 6.0% from RMB 692.7 million for the six months ended June 30, 2023, to RMB 734.3 million for the six months ended June 30, 2024, primarily due to acquisitions of ophthalmology hospitals and optical centers[8]. - Revenue from consumer ophthalmology services rose by 4.3% from RMB 361.1 million to RMB 376.5 million, driven by market expansion and the introduction of new hospitals and optical centers[21]. - Revenue from basic ophthalmology services increased by 7.7% from RMB 331.6 million to RMB 357.2 million, supported by enhanced marketing activities and improved patient service processes[22]. - Revenue for the six months ended June 30, 2024, was RMB 734,287 thousand, an increase of 6.0% compared to RMB 692,688 thousand for the same period in 2023[67]. - Revenue from outpatient services was RMB 436,163,000 for the six months ended June 30, 2024, compared to RMB 399,816,000 in 2023, reflecting an increase of 9.1%[87]. Profitability - Gross profit rose by 4.1% from RMB 322.9 million to RMB 336.0 million, with a gross margin decrease from 46.6% to 45.8%[2]. - Profit before tax decreased from RMB 184.6 million to RMB 179.6 million, resulting in a profit margin decline from 26.6% to 24.5%[2]. - Net profit fell by 9.1% from RMB 146.9 million to RMB 133.6 million, with a net profit margin decreasing from 21.2% to 18.2%[2]. - Basic earnings per share decreased from RMB 0.21 to RMB 0.20[3]. - Non-IFRS adjusted net profit increased by 6.1% from RMB 136.5 million to RMB 144.8 million, with an adjusted net profit margin of 19.7%[4]. - The total profit attributable to equity holders of the parent company for the six months ended June 30, 2024, was RMB 136,453,000, a decrease of 9.4% from RMB 150,613,000 for the same period in 2023[94]. Operational Metrics - The number of ophthalmology hospitals operated by the group increased from 26 to 31[3]. - Outpatient visits increased to 571,087 in the six months ended June 30, 2024, compared to 531,714 in the same period of 2023, representing a growth of approximately 7.4%[7]. - Inpatient visits increased to 35,814 in the six months ended June 30, 2024, compared to 32,922 in the same period of 2023, marking a growth of approximately 8.7%[7]. - The optical center customer visits totaled 51,774 in the six months ended June 30, 2024, down from 58,317 in the same period of 2023, a decline of approximately 11.8%[7]. - The group operates a network of 31 ophthalmology hospitals and 29 optical centers across seven provinces and municipalities in China as of June 30, 2024[6]. Cost and Expenses - The group's cost of sales grew by 7.7% from RMB 369.8 million to RMB 398.3 million, primarily due to fixed costs and expenses related to new hospital openings and renovations[23]. - Sales and distribution expenses increased by 22.8% from RMB 51.3 million for the six months ended June 30, 2023, to RMB 63.0 million for the six months ended June 30, 2024, primarily due to increased marketing and advertising costs associated with new hospital acquisitions and existing hospital activities[26]. - Administrative expenses decreased by 3.8% from RMB 110.6 million for the six months ended June 30, 2023, to RMB 106.4 million for the six months ended June 30, 2024, mainly due to cost control measures[27]. - The gross profit from consumer ophthalmic services was RMB 183.0 million, a decrease of 1.6% compared to RMB 185.9 million for the same period in 2023, primarily due to a 10.4% increase in costs[14]. - The gross profit from basic ophthalmic services for the same period was RMB 152.9 million, an increase of 11.6% compared to RMB 137.0 million in 2023, driven by a 7.7% increase in revenue and cost allocation[14]. Cash Flow and Liquidity - For the six months ended June 30, 2024, the net cash flow from operating activities was RMB 174.5 million, a decrease from RMB 194.8 million in the same period of 2023[38]. - The net cash flow used in investing activities was RMB (18.8) million, significantly improved from RMB (589.4) million year-on-year[38]. - The net cash flow used in financing activities was RMB (224.3) million, compared to RMB (153.8) million in the previous year, primarily due to dividend payments[38]. - The company’s main sources of liquidity include cash generated from operations and financing through debt and equity[37]. - The company reported a net cash outflow from financing activities of RMB 224,348,000, compared to RMB 153,764,000 in the previous year, indicating increased financing costs[74]. Market and Strategic Outlook - The Chinese ophthalmic medical services market is expected to reach RMB 223.1 billion by 2024, with the North China market projected to grow to RMB 33.7 billion[18]. - The company aims to enhance management capabilities through systematic, standardized, professional, refined, and intelligent development over the next decade[18]. - The group plans to continue expanding its network in North China and strengthen its market position in key regions like the Yangtze River Delta[19]. - The company aims to acquire hospitals in new markets with high demand for ophthalmic services, allocating HKD 716.35 million, which is 44.80% of the total proceeds[58]. - The company is investing RMB 50 million in R&D for new ophthalmic technologies, aiming to launch two innovative products by Q4 2024[102]. Employee and Talent Management - The group employed a total of 1,458 medical professionals as of June 30, 2024, up from 1,316 in 2023, including 302 doctors, 622 nurses, and 534 other professionals[15]. - The company emphasizes talent acquisition and retention, focusing on the development of young professionals to strengthen its talent pool[18]. - The company has granted a total of 13,396,724 shares under its share incentive plan to 224 employees, with 57,613,831 shares available for future grants as of June 30, 2024[62]. - The company has not experienced any significant labor disputes or strikes that would impact operations as of June 30, 2024[64]. Dividends and Shareholder Returns - The board declared an interim dividend of HKD 0.1307 per share[3]. - The interim dividend declared for each ordinary share was 13.07 HK cents, totaling approximately HKD 92,444,000, compared to no interim dividend for the same period in 2023[92]. - The company declared a final dividend of HKD 142,256,000 for the year ended December 31, 2023, compared to HKD 111,523,000 for the previous year[91]. Compliance and Governance - The independent auditor has reviewed the interim financial results, confirming compliance with applicable accounting standards and regulations[65]. - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and internal controls[56]. - The company has adopted a standard code for securities trading by directors, confirming compliance since January 1, 2024[55].
朝聚眼科(02219) - 2024 - 中期业绩