Financial Performance - Revenue increased by 0.7% to RMB 2,055.7 million compared to RMB 2,041.9 million in 2023[4] - Profit decreased by 88.5% to RMB 10.5 million from RMB 91.0 million in 2023[4] - Profit attributable to owners decreased by 87.3% to RMB 15.3 million from RMB 121.1 million in 2023[4] - Adjusted EBITDA decreased by 21.2% to RMB 229.6 million from RMB 291.3 million in 2023[4] - Basic earnings per share decreased by 87.3% to RMB 0.046 from RMB 0.362 in 2023[4] - The group recorded a consolidated profit of RMB 10.5 million, down 88.5% from RMB 91.0 million in the previous year, primarily due to a decline in revenue from self-owned hospitals[63] - Adjusted EBITDA for 2024 was RMB 229,636,000, down from RMB 291,309,000 in 2023, indicating a decline of approximately 21.2%[125] Dividends - The board proposed a final dividend of RMB 0.15 per share, compared to no dividend in 2023[4] - The company proposed a final dividend of RMB 0.15 per share for the year ending December 31, 2024, totaling approximately RMB 50,159,000, compared to no dividend in 2023[28] - The board has proposed a final dividend of RMB 0.15 per share for the year ending December 31, 2024, subject to shareholder approval[169] Assets and Liabilities - Non-current assets increased to RMB 1,631.1 million from RMB 1,529.5 million in 2023[7] - Current liabilities increased to RMB 873.6 million from RMB 766.7 million in 2023[7] - Total assets less current liabilities increased to RMB 1,867.9 million from RMB 1,858.3 million in 2023[7] - Cash and cash equivalents decreased to RMB 242.6 million from RMB 305.2 million in 2023[7] - Non-current liabilities increased to RMB 405,610,000 in 2024 from RMB 360,760,000 in 2023, representing an increase of approximately 12.4%[8] - Total equity decreased to RMB 1,462,347,000 in 2024 from RMB 1,497,527,000 in 2023, reflecting a decline of about 2.3%[8] - The company's net assets stood at RMB 1,462,347,000 in 2024, down from RMB 1,497,527,000 in 2023, indicating a decrease of approximately 2.3%[8] - The company's total equity attributable to owners increased slightly to RMB 1,439,522,000 in 2024 from RMB 1,424,185,000 in 2023, showing a growth of about 1.1%[8] Revenue Segments - Hospital services generated revenue of RMB 1,838,532,000 in 2024, compared to RMB 1,887,888,000 in 2023, indicating a decrease of about 2.6%[21] - The blood dialysis services segment reported revenue of RMB 75,770,000 in 2024, marking the introduction of this service following the acquisition of Dongguan Kanghua Dialysis Medical Investment Management Co., Ltd.[19] - The revenue from rehabilitation and other medical services was RMB 128,449,000 in 2024, a decrease from RMB 141,243,000 in 2023, representing a decline of approximately 9.0%[21] - The hospital services segment generated revenue of RMB 1,838.5 million, a decrease of 2.6% from RMB 1,887.9 million in 2023, with a slight decline of 0.9% in overall patient visits[64] - The rehabilitation and other medical services segment recorded revenue of RMB 128.4 million, down 9.1% from RMB 141.2 million in 2023, mainly due to a decrease in patient admissions and average spending[65] Operational Metrics - Total inpatient visits increased to 76,968, a year-on-year increase of 3.5% compared to 74,337 in 2023[69] - Average expenditure per inpatient decreased to RMB 14,114.3, a year-on-year decrease of 2.8% from RMB 14,523.2 in 2023[69] - Overall bed utilization rate rose to 74.3%, up from 71.9% in 2023 due to the increase in inpatient numbers[69] - Total outpatient visits decreased to 1,499,016, a year-on-year decrease of 2.0% from 1,530,169 in 2023[69] - Total health check visits increased to 181,661, a year-on-year increase of 7.1% from 169,651 in 2023[69] - Total surgical procedures increased to 53,871, a year-on-year increase of 12.0% from 48,105 in 2023[69] Employee Costs - The total employee costs rose to RMB 691,120,000 in 2024, up from RMB 635,071,000 in 2023, representing an increase of approximately 8.8%[26] - The total employee cost for the reporting period, excluding directors' remuneration, is approximately RMB 686.6 million, compared to RMB 631.8 million in 2023[163] - The group has a total of 4,320 full-time employees as of December 31, 2024, an increase from 3,946 in 2023[163] Investments and Acquisitions - The company agreed to acquire 70% of Kanghua Hemodialysis Group for RMB 7,700,000, completed on January 9, 2024, with recognized goodwill amounting to RMB 114,224,000[48] - The group plans to sell 55% of its stake in Kangxin Hospital for RMB 34.9 million, with the sale agreement signed on January 9, 2025[134] - The group has classified Kangxin Hospital's assets and liabilities as held for sale as of December 31, 2024[133] Financial Position - The group continues to maintain a strong financial position with sufficient liquidity to meet operational funding needs for at least the next twelve months[137] - The group’s debt-to-equity ratio as of December 31, 2024, is 15.7%, down from 21.3% in 2023[162] Future Outlook - The company aims to expand its "big health" business model in response to the rapidly aging population in China, which presents substantial growth potential in the healthcare sector[59] - The group plans to enhance healthcare accessibility by increasing community health centers and strengthening telemedicine, particularly in rural and underserved areas[97] - By 2030, China's medical expenditure is expected to reach RMB 20.5 trillion, with the board maintaining an optimistic outlook for the healthcare industry in 2025 despite recent challenges[96] Compliance and Governance - The audit committee has reviewed the annual performance for the fiscal year ending December 31, 2024, confirming compliance with applicable accounting standards[174] - The preliminary announcement of the consolidated financial statements for the year ending December 31, 2024, has been verified by the auditors, ensuring consistency with the audited financial figures[175] - The company expresses gratitude to the management team and employees for their contributions and to shareholders and business partners for their continued support[177]
康华医疗(03689) - 2024 - 年度业绩