嘉涛(香港)控股(02189) - 2025 - 年度财报

Company Information Board Composition The company's Board of Directors comprises three executive and three independent non-executive directors, with Mr. Ngai Sze Shing serving as Chairman and CEO; board membership changes during the period included the appointments of Mr. Lau Kwok Wo and Mr. Wong Chun Kit, and the retirements/resignations of Ms. Lo Ning and Mr. Wong Yin Chi. - The Board of Directors comprises 3 executive directors and 3 independent non-executive directors[5] - Mr. Ngai Sze Shing serves as the Chairman and Chief Executive Officer[5] - Mr. Lau Kwok Wo was appointed as an Executive Director on April 2, 2024[5] - Mr. Wong Chun Kit was appointed as an Independent Non-Executive Director on December 13, 2024[5] - Ms. Lo Ning retired as an Independent Non-Executive Director on August 30, 2024[5] - Mr. Wong Yin Chi resigned as an Independent Non-Executive Director on December 13, 2024[5] Registered Office and Principal Place of Business in Hong Kong The company's registered office is in the Cayman Islands, with its principal place of business in Hong Kong located at 1/F, Eastway Tower, 3 Tsing Ling Path, Tuen Mun, New Territories. - Registered office: Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman, KY1-1111, Cayman Islands[5] - Principal place of business in Hong Kong: 1/F, Eastway Tower, 3 Tsing Ling Path, Tuen Mun, New Territories, Hong Kong[5] Board Committees The company has an Audit Committee, Remuneration Committee, and Nomination Committee, with changes in their chairpersons and members during the reporting period to accommodate Board adjustments. - The Audit Committee is chaired by Mr. Or Yin Fung[5] - Following Mr. Wong Yin Chi's resignation, Mr. Or Yin Fung assumed the chairmanship of the Remuneration Committee[5] - Following Ms. Lo Ning's retirement, Ms. Wu Wing Fong was appointed as the Chairwoman of the Nomination Committee[6] Other Key Information The company lists key information including its principal share registrar in the Cayman Islands, Hong Kong share registrar, Hong Kong legal counsel, auditor, and principal bankers. - Hong Kong share registrar is Union Registrars Limited[7] - The auditor is PricewaterhouseCoopers[7] Chairman's Statement Overview The Group, a long-established elderly care home operator in Hong Kong, provides comprehensive elderly care services, expanding to day and home care, operating 11 homes with 1,378 beds as of March 31, 2025, including two new ones in Lam Tin, and is an approved service provider under the Guangdong Residential Care Services Scheme with operations in Shenzhen and Foshan. - The Group is a long-established elderly care home operator in Hong Kong, providing comprehensive services including accommodation, professional nursing, nutritional management, medical care, physiotherapy, occupational therapy, psychological and social support, personalized care plans, and recreational activities[11] - As of March 31, 2025, the Group operates 11 elderly care homes with 1,378 beds, strategically located across six districts in Hong Kong[11] - During the year, two new elderly care homes in Lam Tin commenced operations, providing a total of 178 beds[11] - Since May 2020, the Group has expanded its service scope to community care services, including day care and home-based care services[11] - The Group has become an approved service provider under the Guangdong Residential Care Services Scheme, operating two elderly care homes in Shenzhen and Foshan through collaboration[12] Financial Performance The Group's revenue grew by 16.9% to approximately HK$317.1 million this year, but profit decreased by approximately 67.0% to HK$21.1 million, mainly due to fair value losses on investment properties and increased net finance costs. Key Financial Performance for FY2025 | Indicator | 2025 FY (million HKD) | 2024 FY (million HKD) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 317.1 | 271.3 | +16.9% | | Profit | 21.1 | 64.1 | -67.0% | - The decrease in profit was primarily due to a fair value loss of HK$23.3 million on investment properties (previous year: gain of HK$18.6 million)[13] - An increase in average borrowings during the year led to a HK$6.3 million increase in net finance costs[13] Outlook The company aims to consolidate its position in Hong Kong's elderly care home market and plans continuous network expansion, with new nursing homes in Lam Tin and Tsuen Wan expected to commence operations, and a new Yuen Long home by late 2026, while adapting business strategies to market changes and participating in community care programs. - The company's primary business objective is to consolidate its position in Hong Kong's private elderly care home market and enhance its market share in the nursing home business[14] - Phase 1 of the new nursing home in Lam Tin, with 76 beds, commenced operations in June 2024, and Phase 2, with approximately 146 beds, is expected to operate in Q3 2025[14] - Another new nursing home in Lam Tin, with 102 beds, commenced operations in September 2024[14] - The acquisition of the Tsuen Wan target company has been completed, and it will be converted into a new nursing home with approximately 192 beds, expected to operate in Q4 2025[14] - Four plots of land in Yuen Long will be used to construct a new nursing home with approximately 250 beds, expected to operate by the end of 2026[15] Acknowledgements The Chairman, on behalf of the Board, expresses sincere gratitude to all employees for their dedication and professionalism, especially frontline healthcare workers during the COVID-19 pandemic, and thanks shareholders, business partners, clients, and suppliers for their continued support. - Appreciation for the dedication, commitment, and professionalism of employees, especially frontline healthcare workers during the COVID-19 pandemic[16] - Gratitude to shareholders, business partners, customers, and suppliers for their continued support[16] Management Discussion and Analysis Business Review The Group primarily operates elderly care home services in Hong Kong, expanding into community and day care services for the elderly, as well as medical and laboratory services; as of March 31, 2025, its network grew to 11 homes with 1,378 beds and an average occupancy rate of 91.5%. Elderly Care Home Services The Group, a long-established elderly care home operator in Hong Kong, provides comprehensive elderly care services, operating 11 nursing homes with 1,378 beds and an average monthly occupancy rate of 91.5% as of March 31, 2025, serving both Social Welfare Department and self-paying individual clients. - As of March 31, 2025, the