Financial Performance - For the six months ended June 30, 2025, the company's revenue decreased by 9.2% to RMB 185.8 million from RMB 204.5 million for the same period in 2024[8]. - Net profit decreased by 2.2% to RMB 28.6 million for the six months ended June 30, 2025, from RMB 29.2 million for the same period in 2024[8]. - The company reported a revenue of RMB 185,798 thousand for the six months ended June 30, 2025, a decrease of 9.1% compared to RMB 204,549 thousand in the same period of 2024[77]. - The company’s net profit for the period was RMB 28,602 thousand, slightly down from RMB 29,245 thousand in the previous year[77]. - The pre-tax profit for the six months ended June 30, 2025, was RMB 31,603,000, down from RMB 33,851,000 in 2024, reflecting a decline of 6.7%[84]. - Cash flow from operating activities for the six months ended June 30, 2025, was RMB 35,607,000, compared to RMB 45,434,000 in 2024, indicating a decrease of 21.8%[84]. - The company's income tax expense for the six months ended June 30, 2025, was RMB 3,001,000, a decrease of 34.8% from RMB 4,606,000 for the same period in 2024[97]. Profitability Metrics - The gross profit margin increased to 37.8% for the six months ended June 30, 2025, compared to 36.6% for the same period in 2024[8]. - The net profit margin improved to 15.4% for the six months ended June 30, 2025, up from 14.3% for the same period in 2024[8]. - Gross profit for the same period was RMB 70,268 thousand, down from RMB 74,849 thousand, reflecting a gross margin of approximately 37.8%[77]. - Adjusted net profit increased by 13.9% from RMB 30.2 million for the six months ended June 30, 2024, to RMB 34.4 million for the six months ended June 30, 2025[38]. Revenue Breakdown - Comprehensive dental services generated RMB 102.0 million, accounting for 54.9% of total revenue, down from RMB 110.8 million (54.2%) in the previous period[27]. - Implant services revenue fell by 10.5% to RMB 53.6 million, representing 28.8% of total revenue, compared to RMB 59.8 million (29.3%) previously[28]. - Orthodontic services revenue decreased by 10.9% to RMB 30.2 million, making up 16.3% of total revenue, down from RMB 33.9 million (16.5%) in the prior period[29]. Market Overview - The Chinese dental service market is projected to grow from RMB 147.2 billion in 2024 to RMB 200.4 billion by 2029, at a CAGR of 6.4%[19]. - The Central China dental service market is expected to reach RMB 40 billion by 2029, growing at a CAGR of 6.9% from 2024[19]. - The private dental service market in Central China is anticipated to grow from RMB 16.8% of the total private dental service market in 2024 to RMB 25.3 billion by 2029, with a CAGR of 7.8%[19]. - The company holds a market share of approximately 2.4% among all private dental service providers in Central China as of 2024[19]. Operational Developments - The company opened 8 new dental clinics during the six months ended June 30, 2025, expanding its market presence[8]. - The total number of dental chairs increased by 3.6% to 717 as of June 30, 2025, from 692 as of June 30, 2024[8]. - The total number of patient visits reached 355,181, with 151,998 being new patients during the six months ended June 30, 2025[9]. - The company operates a total of 92 dental institutions, including 4 profit-making dental hospitals and 80 dental clinics, across 8 cities in Hubei and Hunan provinces[11]. - The company focuses on providing comprehensive dental services, including preventive care, treatment of common oral diseases, and orthodontic services[12]. Cost Management - Sales cost decreased by 10.9% from RMB 129.7 million for the six months ended June 30, 2024, to RMB 115.5 million for the six months ended June 30, 2025[30]. - Other income and gains decreased by 64.4% from RMB 3.2 million for the six months ended June 30, 2024, to RMB 1.2 million for the six months ended June 30, 2025[32]. - Selling and distribution expenses decreased by 28.5% from RMB 22.9 million for the six months ended June 30, 2024, to RMB 16.3 million for the six months ended June 30, 2025[33]. - Administrative expenses increased by 14.7% from RMB 14.5 million for the six months ended June 30, 2024, to RMB 16.6 million for the six months ended June 30, 2025[34]. - Financial costs decreased by 12.1% from RMB 2.8 million for the six months ended June 30, 2024, to RMB 2.4 million for the six months ended June 30, 2025[35]. Employee and Shareholder Information - As of June 30, 2025, the company has 1,115 employees, a decrease from 1,164 employees as of December 31, 2024, with employee benefits expenses amounting to RMB 75.4 million for the six months ended June 30, 2025[52]. - The company confirmed RMB 0.9 million in share-based payment expenses under the employee incentive plan for the six months ended June 30, 2025[52]. - The company has adopted a pre-IPO restricted share plan to incentivize senior staff, with a total of 5,750,740 restricted shares reserved for this purpose[53]. - As of June 30, 2025, the total issued shares amount to 49,379,042, including 17,026,140 H shares and 32,352,902 non-listed shares[57]. - Mr. Yao holds 31,324,102 non-listed shares, representing 63.44% of the total issued shares, and has a beneficial interest in 475,800 non-listed shares[55]. Corporate Governance - The company did not declare any interim dividends during the reporting period[69]. - The audit committee, consisting of three independent non-executive directors, reviewed the interim financial performance for the six months ending June 30, 2025[71]. - The company has complied with applicable laws and regulations during the reporting period, including the Hong Kong Companies Ordinance and the Listing Rules[68]. - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[67].
大众口腔(02651) - 2025 - 中期业绩