Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 4,149,945, an increase from HKD 140,346 in 2023[2] - Gross profit decreased to HKD 35,680 in 2024 from HKD 38,474 in 2023, reflecting a decline of approximately 4.1%[2] - The annual loss for 2024 was HKD 115,575, compared to a loss of HKD 61,721 in 2023, representing an increase in losses of approximately 87.2%[2] - Total comprehensive loss for the year amounted to HKD 158,183, compared to HKD 152,867 in 2023, indicating a slight increase of about 3.5%[4] - The group reported a pre-tax loss of HKD 116,218,000 for the year, compared to a loss of HKD 61,882,000 in 2023, indicating a worsening financial performance[29] - The group experienced a net loss of HKD 45,773,000, compared to a loss of HKD 2,721,000 in 2023, highlighting significant financial challenges[21] Assets and Liabilities - Non-current assets decreased to HKD 1,398,050 in 2024 from HKD 1,484,646 in 2023, a reduction of approximately 5.8%[5] - Current assets decreased significantly to HKD 552,116 in 2024 from HKD 693,725 in 2023, a decline of about 20.4%[5] - Current liabilities decreased to HKD 138,011 in 2024 from HKD 148,733 in 2023, a reduction of approximately 7.5%[6] - The net asset value decreased to HKD 1,740,426 in 2024 from HKD 1,954,548 in 2023, reflecting a decline of about 10.9%[6] - The group held cash and cash equivalents of approximately HKD 77,865,000 as of December 31, 2024, down from HKD 153,324,000 on December 31, 2023, mainly due to the acquisition of a 12.7637% stake in Beijing Lugang International Logistics Co., Ltd. for approximately HKD 54,535,000[70] - As of December 31, 2024, the group had no interest-bearing bank borrowings, maintaining a current ratio of 4 times with net current assets of HKD 414,105,000[70] Revenue Sources - 100% of the group's revenue is generated from customers in mainland China, with over 92% of non-current assets located in the same region[14] - Revenue from a single customer amounted to approximately HKD 10,462,000, which includes sales to a group of entities under common control[14] - Revenue from product sales was HKD 135,907,000, up from HKD 128,620,000, while service revenue increased to HKD 14,038,000 from HKD 11,726,000[17] - The group recognized revenue of HKD 40,018,000 during the year, compared to HKD 41,676,000 in 2023, reflecting a decrease in contract liabilities[17] - Expected revenue to be recognized within one year is HKD 127,203,000, down from HKD 155,165,000 in 2023, indicating a potential decline in future revenue recognition[20] Elderly Care Business - As of December 31, 2024, the group managed six elderly care institutions with a total of 1,243 beds, achieving an occupancy rate of 72% and generating revenue of RMB 45.08 million, an 8% increase from RMB 41.81 million in 2023[36] - The elderly care business is expected to benefit from China's aging population, projected to exceed 300 million by 2025 and reach 420 million by 2035, with government support for the sector[34] - The group has established a strong competitive brand "Beikang Elderly Care" and operates multiple self-managed elderly care institutions with a stable cash flow[35] - The revenue from the elderly care institutions for the year reached RMB 45.08 million, with a year-on-year growth of 8%[36] - The occupancy rate of the Wuxi Liangxi District Guangyi Elderly Care Center reached 92% in 2024, maintaining stable revenue of RMB 20.74 million[38] Cost Management - The cost of sales increased by 12.2% to approximately HKD 114,265,000, which includes procurement costs, freight, installation fees, and labor costs[59] - Administrative expenses decreased by 9.8% to HKD 80,716,000 from HKD 89,476,000 in the previous year, attributed to effective cost-cutting measures[63] - Total financing costs were approximately HKD 228,000, a decrease of 39.4% from HKD 376,000 in the previous year, mainly due to a reduction in lease liabilities[66] Governance and Compliance - The company has adopted the corporate governance code and has been compliant with the listing rules throughout the year ending December 31, 2024[80] - The audit committee has reviewed the group's annual performance for the year ending December 31, 2024[85] - The board consists of five executive directors and four independent non-executive directors, ensuring a diverse governance structure[91] Future Plans and Investments - The company plans to open a new nursing home project in Wuxi with approximately 450 operational beds by 2025[52] - The company will utilize online platforms to provide integrated value-added services, enhancing service revenue[53] - The company will not increase investments in health industrial parks in China due to regulatory pressures and will seek suitable partners for project sales[54] - The Ovation project in Canada is expected to be completed and delivered in early 2024, contributing to overseas business expansion[54] - The group is actively expanding its elderly care facilities in economically strong regions, particularly in the Yangtze River Delta, to meet growing market demand[35]
北京健康(02389) - 2024 - 年度业绩