完美医疗(01830) - 2025 - 年度业绩

Performance Highlights Full-Year Performance Summary Amidst a weak economy, the Group's FY2025 full-year performance declined, with revenue down 19.1% and profit attributable to owners down 34.5%, yet maintaining an 18.3% net profit margin and proposing a final dividend for over 100% annual payout ratio, continuing a decade-long high dividend record Full-Year Performance Summary (HKD millions) | Metric | FY2025 (HKD millions) | FY2024 (HKD millions) | YoY Change | | :--- | :--- | :--- | :--- | | Full-Year Revenue | 1,127.9 | 1,393.3 | -19.1% | | Profit Attributable to Owners | 206.9 | 315.8 | -34.5% | | Net Profit Margin | 18.3% | 22.7% | -4.4pp | - Performance decline primarily due to weak Hong Kong economy, outbound consumer spending, and intense price competition in mainland China market[2] - Proposed final dividend of 5.3 HK cents per share, with total annual dividend of 16.6 HK cents, achieving an annual payout ratio of 100.6%[2] - Since its 2012 listing, the Group has maintained an over 100% payout ratio for ten consecutive years, with cumulative dividends exceeding HKD 3.28 billion[2][38] Consolidated Financial Statements Consolidated Statement of Comprehensive Income For FY2025, Group revenue was HKD 1.128 billion, a 19.1% decrease year-on-year, with operating profit declining 34.2% to HKD 252 million as expense reductions could not fully offset the revenue drop, resulting in a 33.5% decrease in profit for the year to HKD 206 million and basic earnings per share of 16.5 HK cents Consolidated Statement of Comprehensive Income (HKD thousands) | Financial Metric | FY2025 (HKD thousands) | FY2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 1,127,863 | 1,393,339 | -19.1% | | Operating Profit | 251,636 | 382,381 | -34.2% | | Profit Before Income Tax | 252,549 | 383,723 | -34.2% | | Profit for the Year | 206,370 | 310,399 | -33.5% | | Profit Attributable to Owners of the Company | 206,895 | 315,800 | -34.5% | | Basic Earnings Per Share | 16.5 HK cents | 25.1 HK cents | -34.3% | Consolidated Statement of Financial Position As of March 31, 2025, the Group's total assets decreased to HKD 936 million from HKD 1.222 billion, and total equity declined to HKD 379 million from HKD 497 million, reflecting lower annual profit and dividend payouts, while maintaining a zero bank borrowing position Consolidated Statement of Financial Position (HKD thousands) | Balance Sheet Item | As of March 31, 2025 (HKD thousands) | As of March 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Assets | | | | Non-current Assets | 464,300 | 524,667 | | Current Assets | 471,608 | 697,145 | | Total Assets | 935,908 | 1,221,812 | | Equity and Liabilities | | | | Total Equity | 378,728 | 496,808 | | Non-current Liabilities | 157,938 | 208,184 | | Current Liabilities | 399,242 | 516,820 | | Total Liabilities | 557,180 | 725,004 | | Total Equity and Liabilities | 935,908 | 1,221,812 | - Cash and cash equivalents within current assets significantly decreased from HKD 567 million to HKD 249 million, primarily due to dividend payments and reduced operating cash flow[5] Notes to the Financial Statements Segment Information The Group operates primarily in Hong Kong and non-Hong Kong regions, with Hong Kong remaining the main revenue source at 79.2% of total revenue, though both regions experienced declines in revenue and profit, with non-Hong Kong revenue down 25.0% and Hong Kong revenue down 17.3% Revenue by Region (HKD thousands) | Revenue by Region | FY2025 (HKD thousands) | FY2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Hong Kong | 893,804 | 1,081,377 | -17.3% | | Non-Hong Kong Regions | 234,059 | 311,962 | -25.0% | | Total | 1,127,863 | 1,393,339 | -19.1% | Profit Before Tax by Region (HKD thousands) | Profit Before Tax by Region | FY2025 (HKD thousands) | FY2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Hong Kong | 179,188 | 256,664 | -30.2% | | Non-Hong Kong Regions | 73,361 | 127,059 | -42.3% | | Total | 252,549 | 383,723 | -34.2% | Dividends The Board proposed a final dividend of 5.3 HK cents per share, bringing the total FY2025 dividend to 16.6 HK cents per share, approximately HKD 209 million, representing a 100.6% payout ratio Dividend Details (Per Share) | Dividend Details (Per Share) | FY2025 (HK cents) | FY2024 (HK cents) | | :--- | :--- | :--- | | Interim Dividend | 11.2 | 13.2 | | Special Dividend | 0.1 | 1.0 | | Proposed Final Dividend | 5.3 | 11.9 | | Total Annual Dividend | 16.6 | 26.1 | - The proposed final dividend of approximately HKD 66.58 million is subject to approval at the Annual General Meeting[30] Trade Receivables At fiscal year-end, the Group's trade receivables significantly decreased by 54.8% to HKD 28.36 million from HKD 62.78 million, with most receivables aged within 60 days, and the Group identifies no significant credit concentration risk or impairment - Total trade receivables decreased from HKD 62.78 million to HKD 28.36 million, a 54.8% year-on-year reduction[29] - Trade receivables aged within 60 days accounted for 79.6% of the total (HKD 22.57 million)[29] - The Group considers overdue but not impaired trade receivables (approximately HKD 0.385 million) to be low risk, primarily from counterparties with high credit ratings and no default history[31] Management Discussion and Analysis Overview and Financial Performance In FY2025, the Group faced a challenging macroeconomic environment, including global trade tensions and weak consumer confidence, particularly in Hong Kong, leading to significant cost optimization measures like a reduction of 302 employees and store consolidation, which partially mitigated the 34.5% profit decline - Macroeconomic challenges include trade tensions, inflationary pressures, and insufficient consumer confidence, particularly impacting consumer-oriented industries[36] - To counter adversity, the Group implemented significant cost optimization measures in H2 FY2025, reducing total staff by 302 employees and consolidating stores to lower operating costs[37] Key Cost Items (HKD thousands) | Key Cost Items | FY2025 (HKD thousands) | FY2024 (HKD thousands) | Change % | | :--- | :--- | :--- | :--- | | Employee Benefit Expenses | 408,885 | 471,650 | (13.3%) | | Marketing and Promotion Expenses | 140,305 | 159,596 | (12.1%) | | Rental and Lease-related Expenses | 147,891 | 165,072 | (10.4%) | Key Performance Indicators (HKD millions) | Key Performance Indicators | FY2025 (HKD millions) | FY2024 (HKD millions) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 1,127.9 | 1,393.3 | -19.1% | | EBITDA | 319.1 | 461.3 | -30.8% | | Operating Profit | 251.6 | 382.4 | -34.2% | | Profit Attributable to Owners | 206.9 | 315.8 | -34.5% | Business Overview The Group's business is divided into Hong Kong and non-Hong Kong regions, with Hong Kong revenue down 17.3% due to consumer downgrading and cross-border competition, while non-Hong Kong operations also faced challenges, yet the Group strategically expanded in key cities and introduced 'Goku Spa' to the China market Hong Kong Operations Hong Kong operations faced intensified market competition, consumer downgrading, and increased outbound tourism, leading to a 17.3% year-on-year revenue decline, prompting the Group to enhance value-for-money services, strategically expand community stores, and significantly narrow losses in 'Goku Spa' sleep therapy services - Overall Hong Kong revenue decreased by 17.3% year-on-year, primarily due to consumers seeking higher value-for-money beauty services in Shenzhen and Korea[46] - The Group reduced costs by integrating operations, renegotiating leases, and optimizing human resources, while expanding its community store network to enhance customer loyalty[46] - Non-medical beauty service 'Goku Spa' significantly narrowed its operating loss during the year, indicating gradual business model improvement and growth potential[48] Non-Hong Kong Operations Non-Hong Kong operations in mainland China, Macau, Singapore, and Australia faced distinct macroeconomic challenges, with slow recovery in mainland China where the Group cautiously expanded and introduced 'Goku Spa', while Australia and Singapore struggled with high inflation, prompting a focus on operational efficiency - In the mainland China market, the Group adopted a cautious expansion strategy, introducing the 'Goku Spa' brand to southern and eastern markets in H2 FY2025[50] - Australia and Singapore operations experienced slow recovery due to high inflation and weak consumption, leading the Group to focus on enhancing operational efficiency[50] Financial Review The Group maintains a robust financial position with HKD 395 million in cash and bank balances, zero external bank borrowings, and a zero debt-to-asset ratio, generating HKD 333 million in net cash from operating activities, with sufficient internal funds for future expansion and operations - The Group's financial position is robust, with cash and bank balances of HKD 395 million, no external bank borrowings, and a zero debt-to-asset ratio[51] - Net cash generated from operating activities during the year was HKD 333 million, a decrease year-on-year (FY2024: HKD 497 million)[51] - Capital expenditure during the year amounted to HKD 33.5 million, primarily for leasehold improvements and equipment[52] Outlook and Strategy The Group anticipates a volatile economic environment and plans to implement key strategies including digital transformation with AI, strengthening international partnerships like the exclusive agreement with Korean aesthetic brand 'Oracle' for Hong Kong, and actively pursuing strategic M&A in Shenzhen to capture cross-border consumption opportunities, aiming to lay a solid foundation for future profit growth - A core strategy is to drive digital transformation, introducing AI and data-driven management tools to analyze vast customer data for personalized services and optimized marketing strategies[63] - The Group signed an exclusive cooperation agreement for the Hong Kong market with Korean aesthetic brand 'Oracle' in Q1 FY2026, aiming to introduce high-safety and high-repurchase Korean aesthetic technologies to accelerate sales growth[64] - The Group is actively seeking strategic M&A opportunities for aesthetic clinics with development potential in Shenzhen to capture the structural growth opportunity of cross-border aesthetic consumption by Hong Kong residents[64] - The Group will continue to uphold prudent financial management, leverage its zero-borrowing advantage, and maintain an attractive shareholder return policy[65] Dividends and Corporate Governance Dividend Policy The Board proposed a final dividend of 5.3 HK cents per share, bringing the total annual dividend to 16.6 HK cents per share, continuing the company's commitment to high shareholder returns - Proposed final dividend of 5.3 HK cents per share, with a total annual dividend of 16.6 HK cents per share[66] Corporate Governance The Group complied with the Corporate Governance Code, with one deviation where the roles of Chairman and CEO are combined under Dr. Ouyang Jiang, which the Board believes provides strong and consistent leadership beneficial to the Group's business, and the Audit Committee has reviewed the full-year results - A deviation from the Corporate Governance Code exists: the roles of Chairman and Chief Executive Officer are not separated, both held by Dr. Ouyang Jiang[69] - The Board believes that combining the roles of Chairman and Chief Executive Officer provides strong and consistent leadership for effective planning and execution of business decisions[69] - The Audit Committee, comprising four independent non-executive directors, has reviewed the Group's financial statements and full-year results[71]