Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of approximately RMB 846.5 million, a decrease of 9.3% compared to RMB 933.1 million for the fiscal year ending December 31, 2023[4]. - Outpatient medical service revenue was RMB 481.1 million, down 15.8% from RMB 571.2 million, with outpatient visits decreasing by 17.2% to 279,396[3]. - Inpatient medical service revenue increased by 1.0% to RMB 304.3 million, with inpatient visits remaining relatively stable at 9,088[3]. - The company recorded a profit before tax of approximately RMB 141.5 million, down from RMB 166.1 million, primarily due to a decrease in demand for pediatric services[4]. - Basic and diluted earnings per share were RMB 0.10, compared to RMB 0.17 in the previous year[8]. - The total comprehensive income for the year was RMB 94.6 million, down from RMB 131.9 million[8]. - The company reported a net profit of RMB 93,782,000 for the year ended December 31, 2024, down from RMB 132,089,000 in 2023, reflecting a decline of approximately 29.0%[22]. - The total operating profit before tax for the year ended December 31, 2024, was RMB 141,544,000, compared to RMB 166,142,000 in 2023, indicating a decrease of about 14.8%[22]. - The company's profit attributable to owners for the year ended December 31, 2024, was RMB 47.4 million, a decrease of 43.7% from RMB 84.2 million in 2023[33]. - Basic earnings per share for the year ended December 31, 2024, were RMB 0.10, down from RMB 0.17 in 2023, reflecting a decline of 41.2%[33]. Revenue Breakdown - The pediatric services segment generated revenue of RMB 735,843,000, while the obstetrics and gynecology segment contributed RMB 101,499,000, and other services brought in RMB 9,154,000 for the year ended December 31, 2024[21]. - Revenue from medical services for the year ended December 31, 2024, was RMB 837.3 million, down 9.3% from RMB 922.8 million in 2023, accounting for 98.9% of total revenue[33]. - Pediatric service revenue decreased by 10.1% to RMB 735.8 million for the year ended December 31, 2024, with outpatient visits dropping by 17.8% to 237,986[34]. - Obstetrics and gynecology service revenue decreased by 2.4% to RMB 101.5 million for the year ended December 31, 2024, despite inpatient revenue increasing by 5.3% to RMB 49.7 million[35]. - The company recorded a significant decline in pediatric internal medicine revenue, down RMB 58.1 million compared to the previous year, impacting overall performance[36]. - The contribution of commercial insurance clients to pediatric service revenue increased from 35.8% in 2023 to 39.7% in 2024, indicating a growing reliance on this segment[36]. Assets and Liabilities - Total assets decreased slightly to RMB 939.1 million from RMB 944.4 million[9]. - Total liabilities decreased to RMB 430.3 million from RMB 492.6 million, indicating improved financial stability[10]. - Total assets as of December 31, 2024, amounted to RMB 939,134,000, a slight decrease from RMB 944,393,000 in 2023[22]. - The total liabilities as of December 31, 2024, were RMB 430,258,000, compared to RMB 492,634,000 in 2023, showing a reduction of about 12.7%[22]. Expenses and Costs - The gross profit for 2024 was RMB 345.0 million, a decrease of 15.3% year-on-year, primarily due to a reduction in outpatient visits[51]. - The gross profit margin decreased from 43.6% in 2023 to 40.8% in 2024[51]. - The cost of revenue for medical services in 2024 was RMB 490.8 million, a decrease of 4.7% year-on-year, mainly due to reduced drug costs[50]. - Sales expenses for 2024 were RMB 67.4 million, a slight decrease of 1.3% compared to the previous year[52]. - Administrative expenses for 2024 were RMB 125.4 million, a decrease of 3.5% compared to RMB 129.9 million in 2023, primarily due to cost reduction measures and improved operational efficiency[53]. - R&D expenses for 2024 amounted to RMB 4.1 million, down 30.5% from RMB 5.9 million in 2023, mainly due to reduced R&D activities[54]. - Financial asset impairment losses for 2024 were RMB 5.8 million, a decrease of 34.8% from RMB 8.9 million in 2023, attributed to trade receivables and amounts due from related parties[55]. - Income tax expenses rose to RMB 47.8 million in 2024 from RMB 34.1 million in 2023, with effective tax rates of 33.8% and 20.5% respectively[58]. Strategic Focus and Future Outlook - The company continues to focus on pediatric and obstetric specialty services, along with hospital consulting and online medical services in China[11]. - The company has implemented strategies to enhance clinical deployment and service promotion in pediatric specialties, aiming to improve customer engagement and service quality[34]. - The company plans to leverage national policies aimed at improving women's and children's health to address challenges in service resource allocation and quality[37]. - The company plans to enhance brand promotion among high-end commercial insurance institutions to increase coverage of high-income target customers[40]. - The company will expand its pediatric health management services in key cities, leveraging its strengths in pediatric services[40]. - Future outlook includes strategic initiatives aimed at increasing user engagement and revenue growth[90]. Corporate Governance - The board believes that the current arrangement of having the same person serve as both Chairman and CEO is beneficial for the group's business prospects and strategic direction[78]. - The company has adopted a strict code of conduct for securities trading, ensuring compliance among all directors and employees[80]. - The audit committee, consisting of two independent non-executive directors and one non-executive director, has reviewed and recommended the approval of the annual performance for the year ending December 31, 2024[82]. - The financial figures in the preliminary announcement for the year ending December 31, 2024, have been verified against the audited financial statements by PwC[83]. - There are no significant post-reporting period events to disclose as of the announcement date[84]. - The annual performance announcement and report will be published on the Stock Exchange and the company's website[85]. - The company will continue to evaluate the separation of the roles of Chairman and CEO as appropriate in the future[78]. - The board of directors includes executive directors Jason ZHOU, Xin Hong, and Xu Han, along with non-executive directors and independent non-executive directors[90].
新世纪医疗(01518) - 2024 - 年度业绩