完美医疗(01830) - 2025 - 年度财报

Company and Financial Overview This section presents the company's core information and key financial performance, highlighting the significant decline in FY2025 results Company Information This chapter provides core company information for Perfect Medical Health Management Limited, including board members, key officers, and basic share details - The company's Board of Directors comprises Executive Directors Dr. Au Yeung Kong (Chairman and CEO), Ms. Au Yeung Wai, Ms. Au Yeung Hung, Mr. So Hin Lung, and four Independent Non-executive Directors[6] - The company's auditor is PricewaterhouseCoopers, with stock code 1830 and board lot size of 1,000 shares[7] Financial Overview This chapter presents the company's key performance and financial position for the past five fiscal years, showing a significant decline in revenue and profit in FY2025 Five-Year Performance Overview (As of March 31) | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | 2023 (HKD thousands) | 2022 (HKD thousands) | 2021 (HKD thousands) | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 1,127,863 | 1,393,339 | 1,389,261 | 1,349,971 | 1,089,768 | | Operating Profit | 251,636 | 382,381 | 396,064 | 392,502 | 365,892 | | Profit attributable to equity holders | 206,895 | 315,800 | 315,638 | 305,245 | 284,634 | Five-Year Financial Position Overview (As of March 31) | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | 2023 (HKD thousands) | 2022 (HKD thousands) | 2021 (HKD thousands) | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 935,908 | 1,221,812 | 1,296,294 | 1,281,199 | 1,480,368 | | Total Liabilities | 557,180 | 725,004 | 684,021 | 786,933 | 795,521 | Financial Highlights This chapter details the significant year-on-year decline in the company's FY2025 financial performance, with double-digit percentage drops in key metrics and weakening profitability ratios FY2025 vs FY2024 Financial Data Comparison | Financial Highlights (HKD thousands) | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,127,863 | 1,393,339 | (19.1%) | | Operating Profit | 251,636 | 382,381 | (34.2%) | | Profit for the year attributable to equity holders of the Company | 206,895 | 315,800 | (34.5%) | | EBITDA | 319,127 | 461,280 | (30.8%) | | Basic Earnings Per Share (HK cents) | 16.5 | 25.1 | - | | Operating Profit Margin | 22.3% | 27.4% | - | | Net Profit Margin | 18.3% | 22.7% | - | | Return on Equity | 54.6% | 63.6% | - | Chairman's Statement Chairman Dr. Au Yeung Kong highlights a challenging FY2025 due to economic slowdown and changing consumer patterns, outlining strategies like international partnerships, M&A, and technology investment to build long-term competitiveness while maintaining a high dividend payout and zero debt - The company faced severe challenges from global economic slowdown and weak consumer confidence, particularly in Hong Kong and mainland China, leading to cautious and cross-border consumer spending for value-for-money services[29] - Despite declining profits, the Group is committed to maintaining a stable dividend culture with a payout ratio exceeding 100% for ten consecutive years and upholding a zero-debt financial discipline[31] - Future innovation strategies include an exclusive partnership with Korean aesthetic medical chain 'Oracle' in Hong Kong to introduce Korean medical aesthetic technology, and actively seeking strategic M&A opportunities for aesthetic clinics in Shenzhen to capture cross-border consumption opportunities[32] - The Group will accelerate digital transformation, leveraging AI for personalized marketing, operational automation, and data-driven decision-making to enhance efficiency and customer experience[33] Management Discussion and Analysis This section provides an in-depth analysis of the company's financial performance, operational highlights across different regions, and future strategies, emphasizing cost optimization and strategic expansion amidst challenging market conditions Overview and Financial Performance Amid global economic uncertainty and weak local consumption, the company's FY2025 revenue declined 19.1% to HKD 1.128 billion and net profit fell 34.5% to HKD 207 million, prompting significant cost optimization measures while maintaining a high dividend payout ratio - Hong Kong's economy faced severe challenges with low consumer sentiment and increased cross-border spending in Shenzhen, contributing to a 7.3% year-on-year decline in total retail sales in 2024[36] Revenue by Geographical Region | Region | 2025 (HKD millions) | % of Total | 2024 (HKD millions) | % of Total | | :--- | :--- | :--- | :--- | :--- | | Hong Kong | 893.8 | 79.2 | 1,081.4 | 77.6 | | Outside Hong Kong | 234.1 | 20.8 | 311.9 | 22.4 | | Total | 1,127.9 | 100.0 | 1,393.3 | 100.0 | Changes in Key Cost Components | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Employee Benefit Expenses | 408,885 | 471,650 | (13.3%) | | Marketing Expenses | 140,305 | 159,596 | (12.1%) | | Rental and Lease-related Expenses | 147,891 | 165,072 | (10.4%) | - The Board recommended a final dividend of HK 5.3 cents per share, bringing the total annual dividend to HK 16.6 cents per share with an aggregate payout ratio of 100.6%, including interim and special dividends[46] Business Overview This chapter reviews business performance across key markets, noting a 17.3% revenue decline in Hong Kong, while non-medical aesthetic services like 'Goku Spa' showed improved performance, and the company cautiously expanded in strategic cities outside Hong Kong - Hong Kong operations were impacted by intensified market competition, consumption downgrade, and increased outbound travel, prompting the company to strengthen core products, enhance operational efficiency, and optimize its product portfolio[48][50] - Within non-medical aesthetic services, the 'Goku Spa' sleep treatment service, a collaboration with a Japanese brand, received positive market response and significantly narrowed its operating loss during the year, demonstrating its commercial potential[53] - Operations outside Hong Kong saw slow recovery in mainland China, where the company cautiously expanded in strategically valuable cities (Greater Bay Area, East China), while Australia and Singapore businesses continued to be affected by high inflation and weak consumer sentiment[56] Financial Review, Human Resources and Outlook This section outlines the company's robust financial position with zero external debt and ample cash flow, a reduced workforce of 971 employees, and a future outlook focused on optimizing Hong Kong operations, cautious mainland expansion, and growth driven by technology innovation and international partnerships - The company maintained a robust financial position with HKD 395 million in bank and cash balances as of March 31, 2025, no external bank borrowings, and a zero debt-to-asset ratio[58] - As of March 31, 2025, the Group employed 971 employees, a significant reduction from 1,273 in the prior year, reflecting the company's cost optimization measures[65] - Key future growth strategies include international cooperation and M&A: an exclusive partnership agreement signed with Korean aesthetic medical brand 'Oracle' for Hong Kong, and active pursuit of M&A opportunities for aesthetic clinics in Shenzhen to capture cross-border consumption[69] Significant Investments This section discloses the company's significant listed equity securities investments, totaling approximately HKD 95.51 million in fair value, including Hong Kong blue-chip stocks and technology giants like Tencent, Meituan, and NVIDIA Listed Equity Securities Investment Portfolio (As of March 31, 2025) | Investment Name | Number of Shares | Investment Cost (HKD thousands) | Fair Value (HKD thousands) | % of Group's Total Assets | | :--- | :--- | :--- | :--- | :--- | | Hang Seng Bank | 50,000 | 8,113 | 5,270 | 0.56% | | MTR Corporation | 200,000 | 9,172 | 5,090 | 0.54% | | HKEX | 40,000 | 19,053 | 13,792 | 1.47% | | Tencent Holdings | 110,000 | 53,607 | 54,670 | 5.84% | | Meituan | 80,000 | 21,301 | 12,464 | 1.33% | | NVIDIA | 5,000 | 5,216 | 4,227 | 0.45% | | Total | - | 116,462 | 95,513 | - | Directors, Governance and Reports This section details the company's board of directors and senior management, outlines its corporate governance framework, and provides the statutory directors' report, including dividend policy, share option scheme, and major shareholder interests Biographies of Directors and Senior Management This chapter introduces the backgrounds and experiences of the company's executive and independent non-executive directors, highlighting the core management team's extensive experience in the medical aesthetic industry - Key members of the Executive Director team include: Founder Dr. Au Yeung Kong (Chairman and CEO), responsible for overall management and strategy; Ms. Au Yeung Wai, responsible for daily operations; Ms. Au Yeung Hung, responsible for service center operations management; and Mr. So Hin Lung, serving as Chief Financial Officer and Company Secretary[78][79] Corporate Governance Report This report outlines the company's corporate governance structure, confirming compliance with most code provisions, detailing the board and its committees, risk management, internal controls, and shareholder communication, while noting the combined roles of Chairman and CEO - The company reported compliance with the Corporate Governance Code, with one deviation: the roles of Chairman and Chief Executive Officer are combined and held by Dr. Au Yeung Kong, which the Board believes provides strong leadership[85] - The company has three Board Committees: Audit, Remuneration, and Nomination, all chaired by Independent Non-executive Directors, which regularly convene to fulfill their duties[105][108][112] - The company has established an enterprise risk management framework, adopting a 'three lines of defense model,' and appointed an external independent professional (Zhihui Enterprise Management Professionals Limited) to conduct annual reviews of its risk management and internal control systems[126][128][129] - During the year, the company held 130 meetings with over 398 institutional investors and research analysts to maintain effective communication with the investment community[139] Directors' Report This statutory report covers the company's principal business, annual results, dividend policy, key risks, share capital changes, and directors' and major shareholders' interests, reiterating the proposed final dividend of HK 5.3 cents per share - The Directors recommended a final dividend of HK 5.3 cents per share, bringing the total annual dividend to HK 16.6 cents per share, including interim and special dividends[145] - As of the year-end, the top five suppliers accounted for 46.9% of total purchases, with the largest supplier at 23.6%, indicating high supplier concentration, while the top five customers accounted for only 0.78% of total sales, indicating a diversified customer base[160] Changes in Directors' Interests Under Share Option Scheme (As of March 31, 2025) | Director Name | Balance at Beginning of Year | Granted During Year | Exercised During Year | Balance at End of Year | | :--- | :--- | :--- | :--- | :--- | | Dr. Au Yeung Kong | 1,256,000 | 1,256,000 | — | 2,512,000 | | Ms. Au Yeung Wai | 1,256,000 | 1,256,000 | — | 2,512,000 | | Ms. Au Yeung Hung | 1,256,000 | 1,256,000 | — | 2,512,000 | | Total | 3,768,000 | 3,768,000 | — | 7,536,000 | - Major shareholder Sure Sino Investments Limited and its concert parties (Dr. Au Yeung Kong, Ms. Au Yeung Wai, Ms. Au Yeung Hung) collectively hold approximately 75.18% of the company's shares, indicating high equity concentration[188][191][193] Audit and Financial Statements This section includes the independent auditor's report, which provides an unqualified opinion on the consolidated financial statements, and presents the core financial statements along with detailed notes, highlighting the significant decline in FY2025 performance Independent Auditor's Report The auditor, PricewaterhouseCoopers, issued an unqualified opinion on the consolidated financial statements, identifying 'revenue recognition from sales of treatment services' as a key audit matter due to significant management judgment in estimating unused entitlements - The auditor issued an unqualified opinion on the consolidated financial statements, deeming them to present a true and fair view of the Group's financial position and performance[213] - A key audit matter identified in the report is 'revenue recognition from sales of treatment services,' which the auditor focused on due to the subjectivity and significant management judgment involved in estimating customers' unused treatment entitlements (unused rights), and the substantial amount of related revenue[219][222] Consolidated Financial Statements This section contains the core financial statements, including the consolidated statement of comprehensive income, statement of financial position, statement of changes in equity, and cash flow statement, along with detailed notes, reflecting a significant decline in FY2025 revenue and profit Consolidated Statement of Comprehensive Income In FY2025, the company's revenue was HKD 1.128 billion, a 19.1% decrease from HKD 1.393 billion last year, with profit attributable to equity holders falling 34.5% to HKD 207 million and basic earnings per share at HK 16.5 cents Consolidated Statement of Comprehensive Income Summary | Metric (HKD thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 1,127,863 | 1,393,339 | | Operating Profit | 251,636 | 382,381 | | Profit before income tax | 252,549 | 383,723 | | Profit for the year | 206,370 | 310,399 | | Profit attributable to equity holders of the Company | 206,895 | 315,800 | Consolidated Statement of Financial Position As of March 31, 2025, total assets were HKD 936 million, a decrease from HKD 1.222 billion last year, with total liabilities at HKD 557 million and total equity at HKD 379 million, maintaining a stable financial position despite asset reduction Consolidated Statement of Financial Position Summary | Metric (HKD thousands) | As of March 31, 2025 | As of March 31, 2024 | | :--- | :--- | :--- | | Non-current assets | 464,300 | 524,667 | | Current assets | 471,608 | 697,145 | | Total assets | 935,908 | 1,221,812 | | 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 | Consolidated Statement of Cash Flows In FY2025, net cash from operating activities was HKD 333 million, but significant cash outflows from investing (HKD 172 million) and financing (HKD 478 million, mainly dividends) led to a net decrease of HKD 317 million in cash and cash equivalents, with an ending balance of HKD 249 million Consolidated Statement of Cash Flows Summary | Metric (HKD thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Net cash generated from operating activities | 332,878 | 497,123 | | Net cash (used in) / generated from investing activities | (171,928) | 162,564 | | Net cash used in financing activities | (477,951) | (520,970) | | Net (decrease) / increase in cash and cash equivalents | (317,001) | 138,717 | | Cash and cash equivalents at March 31 | 249,074 | 567,401 | Notes to the Consolidated Financial Statements This section provides detailed supplementary information to the financial statements, highlighting that revenue primarily originates from Hong Kong (79.2%) and treatment services, with significant dividend payments totaling HKD 359 million and deferred revenue of HKD 200 million representing a key future income source - Revenue recognition policy: Revenue from medical aesthetic services is recognized when services are rendered; advance payments for treatment packages are recorded as deferred revenue, with management estimating customers' unused entitlements (unused rights) based on historical data and recognizing revenue proportionally[289] - Segment information indicates that the Hong Kong market contributed 79.2% of revenue (HKD 894 million), while regions outside Hong Kong contributed 20.8% (HKD 234 million)[331] - Total dividends paid during the year amounted to HKD 359 million, comprising final and special dividends for FY2024 and interim and special dividends for FY2025[343][428]