Financial Performance - Revenue for the six months ended September 30, 2022, was HK$1,893,186, representing a 31.1% increase from HK$1,443,680 in 2021[10] - EBITDA for the same period was HK$269,857, down 16.6% from HK$323,427 in the previous year[10] - Profit before tax decreased by 46.3% to HK$124,394 from HK$231,718 in 2021[10] - Profit for the period was HK$105,207, a decline of 46.3% compared to HK$196,065 in the prior year[10] - Profit attributable to owners of the Company was HK$80,046, down 50.0% from HK$160,208 in 2021[10] - Basic earnings per share dropped to 6.8 HK cents, a decrease of 52.1% from 14.2 HK cents in the previous year[10] - Net profit after tax decreased by 46.3% YoY to HK$105.2 million, with a net profit margin decline of 8.0 percentage points to 5.6%[18] - Total comprehensive income for the period was HK$106,108, compared to HK$195,622 in the previous year, indicating a decrease of 45.4%[146] Revenue Breakdown - The Group reported revenue of HK$1,893.2 million, an increase of 31.1% YoY, with sales volume rising by 18.3% to HK$1,812.4 million[18] - Organic revenue grew by 22.8% YoY to HK$1,773.7 million, accounting for 93.7% of total revenue, driven by effective sales strategies[18] - The medical segment revenue increased by 47.5% YoY to HK$1,174.8 million, remaining the key growth driver for the Group[18] - Revenue from aesthetic medical and beauty and wellness services decreased by 2.0% YoY to HK$607.4 million, accounting for approximately 32.1% of total revenue[31] - Revenue from the medical services segment represented 62.1% of the Group's total revenue, increasing by 47.5% from HK$796.3 million to HK$1,174.8 million[48] - Revenue from other services increased by 301.9% YoY to HK$111.0 million, representing 5.8% of total revenue, primarily due to M&A expansion into the veterinary sector[32] Assets and Liabilities - Total assets as of September 30, 2022, increased by 7.3% to HK$5,216,260 from HK$4,860,608 as of March 31, 2022[10] - Total liabilities rose by 11.9% to HK$2,807,850 from HK$2,510,052[10] - Net assets increased by 2.5% to HK$2,408,410 from HK$2,350,556[10] - Non-current assets increased to HK$3,744,998 as of September 30, 2022, from HK$3,344,980 as of March 31, 2022, showing a growth of 11.9%[148] - Current liabilities decreased to HK$1,278,886 from HK$1,363,431, a reduction of 6.2%[148] - Net current assets improved to HK$192,376 from HK$152,197, an increase of 26.4%[148] Operational Highlights - The total valuation of M&A transactions executed during the interim period was HK$219.3 million, enhancing the Group's medical service offerings[18] - The number of unique customers increased to 122,883, with a repurchase rate of 93.7%[21] - The total number of service points reached 154, with a total aggregate gross floor area increasing by 24.1% YoY to approximately 557,000 sq. ft.[29] - The percentage of existing customers contributing to total revenue rose to 71.6% from 69.7% YoY[21] Expenses and Costs - Cost of inventories and consumables increased by 64.8% to HK$258.2 million, with its proportion to total revenue rising from 10.9% to 13.6%[52] - Registered Practitioner expenses increased by 67.4% to approximately HK$500.8 million, representing 26.5% of total revenue[52] - Employee benefit expenses were approximately HK$476.7 million, representing 25.2% of total revenue, an increase of 38.9% compared to the same period last year[58] - Marketing and advertising expenses for the same period were approximately HK$96.7 million, representing 5.1% of total revenue, with a 31.9% increase from HK$73.3 million in the previous year[58] Strategic Initiatives - The Group remains optimistic about a prudent recovery outlook despite potential recessionary market headwinds and persistent global inflationary pressures[37] - The Group plans to temporarily pause expansion in Mainland China due to limited signs of fundamental change in the stringent anti-pandemic policy[38] - The Group aims to enhance operational excellence through digital transformation and improve talent productivity via a unique corporate culture[39] - Strategic partnerships with key players in technology, telecom, insurance, property, and pharmaceuticals are being expanded to build a healthcare ecosystem[40] - The Group will continue to diversify its services portfolio within the medical and beauty sectors through accretive M&A growth[44] Shareholder Information - The Board declared an interim dividend of 5.8 HK cents per share, payable to shareholders on January 20, 2023[97] - Directors and chief executives held a total of 722,204,610 shares, representing approximately 61.18% of the total issued share capital of the Company[101] - The total number of issued shares as of September 30, 2022, was 1,180,377,267 shares[1] Corporate Governance - The Company has complied with all code provisions of the Corporate Governance Code during the Reporting Period, except for the deviation from code provision C.2.1[136] - The roles of chairman and chief executive officer have been performed by Mr. Tang, which is a deviation from the Corporate Governance Code, but the Board believes it provides strong leadership[136] - The Audit Committee reviewed the unaudited interim condensed consolidated financial statements and confirmed they were prepared in accordance with relevant accounting standards[139] Cash Flow and Investments - For the six months ended September 30, 2022, net cash generated from operating activities was HK$167,966,000, a decrease from HK$384,316,000 in the same period of 2021[159] - Net cash used in investing activities was HK$459,581,000, compared to HK$278,403,000 in the prior year, indicating increased investment outflows[159] - Cash and cash equivalents at the end of the period were HK$709,535,000, down from HK$1,471,447,000 at the end of September 2021[159]
医思健康(02138) - 2023 - 中期财报