Financial Performance - Revenue for the six months ended June 30, 2023, was HK$78,038,000, a decrease of 15% compared to HK$91,807,000 in the same period of 2022[6]. - Gross profit for the period was HK$18,724,000, down 26% from HK$25,254,000 in 2022[6]. - Loss before tax was HK$19,500,000, improved from a loss of HK$35,673,000 in the prior year[6]. - Loss for the period was HK$18,032,000, a reduction of 48% compared to HK$34,387,000 in 2022[7]. - Total comprehensive loss for the period was HK$62,151,000, down from HK$127,904,000 in the same period last year[8]. - Basic and diluted loss per share attributable to ordinary equity holders was HK(0.26) cents, compared to HK(0.54) cents in 2022[8]. - Other income and gains, net, amounted to HK$21,352,000, slightly decreasing from HK$22,851,000 in the previous year[6]. - Administrative expenses decreased to HK$41,603,000 from HK$55,951,000, reflecting a 26% reduction[6]. - Finance costs were reduced to HK$263,000 from HK$602,000, indicating a 56% decrease[6]. - The company reported a net other comprehensive loss of HK$44,119,000 for the period, compared to HK$93,517,000 in 2022[7]. Assets and Liabilities - Total non-current assets decreased from HK$1,775,609,000 as of December 31, 2022, to HK$1,543,146,000 as of June 30, 2023, representing a decline of approximately 13.1%[10]. - Current assets increased from HK$639,822,000 as of December 31, 2022, to HK$760,584,000 as of June 30, 2023, reflecting an increase of about 18.8%[10]. - Net current assets improved significantly from HK$457,481,000 as of December 31, 2022, to HK$622,212,000 as of June 30, 2023, marking an increase of approximately 36%[10]. - Total current liabilities decreased from HK$182,341,000 as of December 31, 2022, to HK$138,372,000 as of June 30, 2023, a reduction of about 24.1%[10]. - Net assets decreased from HK$2,143,660,000 as of December 31, 2022, to HK$2,080,592,000 as of June 30, 2023, indicating a decline of approximately 2.9%[11]. - Total equity attributable to the owners of the parent decreased from HK$2,037,238,000 as of December 31, 2022, to HK$1,980,304,000 as of June 30, 2023, a decrease of about 2.8%[11]. - Cash and cash equivalents decreased from HK$193,726,000 as of December 31, 2022, to HK$140,075,000 as of June 30, 2023, representing a decline of approximately 27.7%[10]. - Trade and bills receivables increased from HK$18,655,000 as of December 31, 2022, to HK$26,934,000 as of June 30, 2023, an increase of about 44.4%[10]. - Inventories decreased from HK$45,363,000 as of December 31, 2022, to HK$27,733,000 as of June 30, 2023, reflecting a decline of approximately 38.9%[10]. Comprehensive Loss and Reserves - The company reported a loss for the period of HK$16,014,000, contributing to a total comprehensive loss of HK$62,151,000 for the first half of 2023[13]. - The fair value reserve for financial assets at fair value through other comprehensive income decreased by HK$42,414,000 during the period[13]. - The accumulated losses increased to HK$973,341,000 as of June 30, 2023, compared to HK$941,363,000 at the beginning of the year[13]. - The statutory reserve remained stable at HK$1,773,257,000, with no changes reported during the period[13]. - The share premium account was reported at HK$1,211,754,000, unchanged from the beginning of the year[13]. - The company declared a dividend of HK$917,000 to a non-controlling shareholder during the period[13]. - The exchange differences on translation of foreign operations resulted in a loss of HK$41,566,000 for the period[13]. - The company’s total comprehensive income for the period included a gain of HK$1,594,000 from changes in fair value of designated equity investments[13]. Revenue Breakdown - For the six months ended June 30, 2023, the Group's total revenue from contracts with customers was approximately HK$78,038,000, a decrease of 15% compared to HK$91,807,000 for the same period in 2022[45]. - Revenue from sales of goods was HK$74,786,000, down from HK$88,126,000 in the previous year, reflecting a decline of approximately 15%[45]. - Revenue from rendering of services was HK$3,252,000, compared to HK$3,681,000 in the prior year, indicating a decrease of about 12%[45]. - 100% of the Group's revenue was generated from customers in Mainland China during the reporting period[40]. Geriatric Care Business - The Group's geriatric care business is expanding, with the aging population in China expected to exceed 300 million by 2025 and 420 million by 2035[137]. - The demand for elderly beds in China is projected to increase from 7.5 million currently to 9 million by 2025 and 15 million by 2035[137]. - The Group operates a number of self-operated nursing institutions, maintaining a full occupancy rate for geriatric care beds throughout the year[138]. - The Group has established the "Beikang Medical and Geriatric Care" brand, focusing on integrated medical and geriatric care services[138]. - The average occupancy rate across all institutions improved significantly post-pandemic, indicating a recovery in demand for geriatric care services[142]. Investment and Development Projects - The Group signed a cooperative agreement for the investment and operation of Changzhou Luoxi Geriatric Care Center, covering a total area of 15,000 sq.m. with 152 beds[165]. - The Group plans to renovate the Luoxi Geriatric Care Center to create a smart and garden-like nursing home, enhancing geriatric and medical services[166]. - As of June 30, 2023, the Group participated in six projects in Beijing, Shanghai, Dali, and Canada, with a total site area of over 400,000 sq.m.[172]. - The Group's projects are positioned in line with market demand, expected to have considerable potential for appreciation in commercial value[173]. Market Conditions and Future Outlook - Market demand and competitive pressures have increased following the full release of the pandemic in China in 2023[180]. - The Group's order backlog has decreased due to the semi-closure in China during the second half of 2022, impacting revenue carry-forward[197]. - The Group's strategy includes reinforcing its market presence in the geriatric care industry, leveraging strong consumer demand in economically robust regions[190].
北京健康(02389) - 2023 - 中期财报