Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 87,201,000, a decrease of 14,409,000 compared to HKD 101,610,000 in the same period of 2023[7] - The loss for the period narrowed to HKD 18,569,000 from HKD 20,019,000, showing an improvement of HKD 1,450,000[7] - Adjusted loss for the period was HKD 11,272,000, down from HKD 20,019,000, reflecting a reduction of HKD 8,747,000[7] - Operating loss before depreciation and impairment was HKD 4,016,000, significantly improved from HKD 15,922,000 in the previous year, indicating a positive change of HKD 11,906,000[7] - The company aims to maintain financial discipline and optimize cost structure despite rising operational expenses due to inflation[10] - The company is committed to delivering high-quality healthcare services as a core operational focus, believing that strategic adjustments will drive sustainable growth[10] - The group recorded a loss of approximately HKD 18.6 million for the six months ended September 30, 2024, compared to a loss of HKD 20.0 million for the same period in 2023[48] - The company recorded a total comprehensive loss of HKD 18,577,000 for the six months ended September 30, 2024[82] Revenue Breakdown - Revenue from refractive surgery, the largest revenue source, decreased from approximately HKD 58.0 million to approximately HKD 52.0 million, a decline of 10.3%[22] - Revenue from SMILE surgeries decreased from approximately HKD 31.0 million to approximately HKD 24.0 million, a decline of 22.6%[22] - Revenue from multifocal intraocular lens replacement surgeries decreased from approximately HKD 18.0 million to approximately HKD 10.8 million, a decline of 40%[22] - Revenue from implantable contact lens procedures increased by approximately HKD 9.1 million or 116.7% to about HKD 16.9 million for the six months ending September 30, 2024, compared to approximately HKD 7.8 million for the same period in 2023[23] - Revenue from other eye treatment procedures decreased by approximately HKD 7.6 million or 25.2% to about HKD 22.5 million for the six months ending September 30, 2024, from approximately HKD 30.1 million for the same period in 2023[24] - Revenue from diagnostic and examination services increased by approximately HKD 0.6 million or 9.8% to about HKD 6.7 million for the six months ending September 30, 2024, compared to approximately HKD 6.1 million for the same period in 2023[25] - Revenue from pediatric myopia prevention services decreased by approximately HKD 0.7 million or 22.6% to about HKD 2.4 million for the six months ending September 30, 2024, from approximately HKD 3.1 million for the same period in 2023[28] Operational Efficiency and Strategy - The management discussed plans for market expansion and potential new product developments in the upcoming quarters[9] - The company is focusing on enhancing operational efficiency to improve financial performance moving forward[9] - There are ongoing efforts to explore strategic partnerships and potential acquisitions to bolster growth[9] - The management remains optimistic about future revenue growth despite current challenges in the market[9] - The company aims to leverage new technologies in its product offerings to enhance competitiveness[9] - The group plans to acquire equity interests in ophthalmology clinics and hospitals in China to expand its "Clear" brand business[64] - The group plans to identify suitable partners for collaboration and expansion in the ophthalmology sector[64] Cost Management - Cost of used inventory increased from approximately HKD 19.1 million to about HKD 18.7 million, representing 21.4% of revenue for the six months ending September 30, 2024, up from 18.8% for the same period in 2023[30] - Consultant fees decreased to approximately HKD 30.2 million for the six months ending September 30, 2024, from about HKD 41.1 million for the same period in 2023, representing a decrease in percentage of total revenue from 40.5% to 34.6%[32] - Employee benefit expenses decreased to approximately HKD 24.0 million for the six months ending September 30, 2024, from about HKD 29.2 million for the same period in 2023, representing 27.5% of revenue[33] - Other expenses decreased from approximately HKD 20.6 million for the six months ended September 30, 2023, to approximately HKD 14.9 million for the same period in 2024, representing 20.3% and 17.1% of revenue, respectively[39] - Business development expenses significantly decreased from approximately HKD 8.9 million to HKD 2.8 million, primarily due to reduced promotional activities in the interim period[43] Cash Flow and Financial Position - The net cash flow from operating activities for the six months ended September 30, 2024, was HKD 1.9 million, compared to a net cash outflow of HKD 7.6 million for the same period in 2023[68] - As of September 30, 2024, the group had cash and cash equivalents of HKD 122.4 million, down from HKD 141.4 million as of March 31, 2024[67] - The current ratio as of September 30, 2024, was 3.84, compared to 4.4 as of March 31, 2024[67] - Total equity as of September 30, 2024, was HKD 174,027,000, down from HKD 189,522,000 as of March 31, 2024, reflecting a decrease of 8.1%[79] - The company’s total liabilities increased to HKD 44,487,000 as of September 30, 2024, compared to HKD 38,333,000 as of March 31, 2024[76] Share Incentive Plan - The company adopted a share incentive plan on November 23, 2022, aimed at rewarding contributions to growth and attracting suitable talent[128] - The total number of shares that can be issued under the share incentive plan is capped at 10% of the issued shares as of the adoption date, equating to 52,177,500 shares[129] - As of September 30, 2024, there are 24,217,195 shares available for grant under the incentive plan, accounting for about 4.6% of the total issued share capital[140] - During the six months ending September 30, 2024, a total of 3,892,125 shares vested, with no new grants or cancellations made[139] - The fair value of the incentive shares is calculated based on the market price of the company's shares at the grant dates, with expenses recognized amounting to HKD 1,352,000 for the six months ending September 30, 2024[141] Taxation and Compliance - The estimated taxable profit for the period was subject to a 16.5% tax rate, with a tax credit of approximately HKD 3.3 million recorded for the six months ended September 30, 2023, due to estimated pre-tax losses of approximately HKD 23.3 million[46] - Deferred tax expense for the period was HKD 900,000, compared to a tax credit of HKD 3,276,000 in the same period last year[107] - The review of the interim financial data did not reveal any matters that would lead to a belief that the data was not prepared in accordance with Hong Kong Accounting Standards[170] Shareholder Information - The company has issued a total of 528,917,125 ordinary shares, which is used to calculate the approximate percentage of equity ownership[172] - Dr. Xie Weiye holds 77,784,630 shares, representing 14.71% of the company's equity[171] - Innovative Vision Inc. owns 153,385,966 shares, accounting for 29.00% of the total equity[176] - Clear Lead Ventures Limited has a stake of 58,404,950 shares, which is approximately 11.04% of the company's equity[176] - The company did not declare an interim dividend for the six months ended September 30, 2024[61]
清晰医疗(01406) - 2025 - 中期财报