Financial Performance - Revenue for the six months ended September 30, 2022, was approximately HKD 107.7 million, a decrease of 8.4% from HKD 117.5 million for the same period in 2021[10]. - Profit for the period was HKD 7.9 million, down 24.5% from HKD 10.5 million in the previous year[10]. - Adjusted net profit decreased by 59.9% to HKD 7.9 million from HKD 19.7 million year-on-year[10]. - The adjusted net profit margin was 7.3%, compared to 16.8% in the previous year[10]. - Total revenue for the period was HKD 107.7 million, down from HKD 117.5 million, reflecting a decrease of HKD 9.8 million[20]. - Operating profit for the same period was HKD 10.6 million, down 27.5% from HKD 14.7 million in the previous year[72]. - Net profit for the six months ended September 30, 2022, decreased to approximately HKD 7.9 million, a decline of 24.8% from HKD 10.5 million in the same period of 2021, with a net profit margin dropping from 8.9% to 7.3%[46]. - For the six months ended September 30, 2022, the profit attributable to the company's owners was HKD 7,912,000, a decrease of 24.5% compared to HKD 10,482,000 for the same period in 2021[112]. - The basic earnings per share for the six months ended September 30, 2022, was HKD 0.015, down from HKD 0.028 in the previous year, reflecting a decline of 46.4%[112]. Revenue Breakdown - Revenue from refractive surgery was approximately HKD 71.1 million, accounting for 66.0% of total revenue, a decrease of HKD 6.1 million or 7.9% from HKD 77.2 million in the same period last year[25]. - Revenue from SMILE surgeries rose by approximately HKD 4.9 million or 11.7% to HKD 46.8 million, driven by the increase in the number of procedures[27]. - Revenue from multifocal intraocular lens replacement decreased by approximately HKD 11.3 million or 33.5% to HKD 22.4 million due to a reduction in the number of procedures performed[27]. - Revenue from other eye treatments was approximately HKD 27.9 million, a decrease of HKD 2.8 million or 9.1% from HKD 30.7 million in the previous year[28]. - Revenue from diagnostic and examination services decreased by approximately HKD 0.4 million or 7.1% to HKD 5.2 million, attributed to a decline in patient visits[29]. - Revenue from the sale of prescription drugs and others was approximately HKD 3.5 million, a decrease from HKD 4.0 million, accounting for 3.3% of total revenue[30]. - Ophthalmology service revenue was HKD 104,169 thousand, down 8.3% from HKD 113,538 thousand year-on-year[100]. Operational Developments - The company signed a non-binding memorandum of understanding with Ren Ai Hospital for collaboration in ophthalmic and medical auxiliary services in Hong Kong[15]. - A three-year lease agreement was signed to expand the existing medical center in Mong Kok, increasing the total floor area to approximately 5,966 square feet, expected to commence operations by the end of this year[16]. - A new medical center in Tsim Sha Tsui is planned, with a total floor area of approximately 13,674 square feet, expected to start operations in the first or second quarter of 2023[16]. - The total floor area of the company's medical centers will increase from approximately 16,936 square feet to about 36,576 square feet following the expansions[16]. - The company aims to strengthen its service network and consolidate its leadership position in the ophthalmic industry in Hong Kong through these expansions[16]. - The company plans to expand its market presence in Hong Kong by establishing new medical centers and through acquisitions[62]. - Future plans include acquiring equity interests in ophthalmology clinics and hospitals in China to expand the "Clear" brand business[62]. Cost and Expenses - For the six months ended September 30, 2022, the cost of used inventory was approximately HKD 19.4 million, accounting for 18.0% of revenue, compared to HKD 19.0 million and 16.1% in the same period of 2021[34]. - Consultant fees for the six months ended September 30, 2022, were approximately HKD 31.1 million, representing 28.9% of total revenue, slightly up from HKD 32.9 million and 28.0% in the prior year[35]. - Employee benefit expenses increased to approximately HKD 23.7 million for the six months ended September 30, 2022, accounting for 22.0% of revenue, up from HKD 19.2 million and 16.3% in 2021, due to increased salaries and headcount[36]. - Depreciation of right-of-use assets was approximately HKD 7.3 million for the six months ended September 30, 2022, accounting for 6.8% of revenue, compared to HKD 7.8 million and 6.6% in the previous year[37]. - Other expenses rose to approximately HKD 15.8 million for the six months ended September 30, 2022, representing 14.7% of revenue, up from HKD 11.8 million and 10.0% in 2021[40]. Cash Flow and Financial Position - Net cash position maintained as of September 30, 2022, with cash and cash equivalents totaling HKD 233.6 million, compared to HKD 241.3 million as of March 31, 2022[65]. - The company reported a decrease in cash generated from operating activities to HKD 17.7 million for the six months ended September 30, 2022, down from HKD 25.4 million in the previous year[66]. - Cash used in investing activities for the six months ended September 30, 2022, was HKD 205.4 million, significantly higher than HKD 0.2 million for the same period in 2021[68]. - The current ratio as of September 30, 2022, was 7.7 times, down from 10.3 times as of March 31, 2022[65]. - Total non-current assets increased to HKD 68,593,000 as of September 30, 2022, compared to HKD 40,552,000 as of March 31, 2022, representing a growth of 68.9%[74]. - Current assets totaled HKD 256,295,000 as of September 30, 2022, up from HKD 249,592,000 as of March 31, 2022, indicating a 2.8% increase[74]. - Total liabilities increased to HKD 54,652,000 as of September 30, 2022, compared to HKD 34,693,000 as of March 31, 2022, marking a rise of 57.5%[74]. - The company's total equity reached HKD 270,236,000 as of September 30, 2022, compared to HKD 255,451,000 as of March 31, 2022, showing an increase of 5.8%[77]. - Cash and cash equivalents decreased to HKD 53,634,000 as of September 30, 2022, from HKD 64,754,000 as of September 30, 2021, a decline of 17.2%[85]. Shareholder Information - The company issued 125,000,000 shares at an issue price of HKD 1.6 per share, raising a total of HKD 200,000,000 before expenses during the share offering completed on February 18, 2022[89]. - The total number of shares held by directors and key executives as of September 30, 2022, included 107,505,880 shares, representing approximately 20.61% of the company's equity[161]. - Clear Lead Ventures Limited holds 165,775,126 shares, representing approximately 31.77% of the total shares[169]. - Ultimate Bliss Limited owns 107,505,880 shares, accounting for about 20.61% of the total shares[169]. - A total of 28,125,000 options have been granted under the pre-IPO share option plan, representing approximately 5.40% of the issued share capital as of the report date[174]. - 21,775,000 shares, or about 4.17% of the issued share capital, have been exercised under the pre-IPO share option plan[174]. - 6,350,000 shares, or approximately 1.22% of the issued share capital, remain unexercised under the pre-IPO share option plan[174]. Stock Option Plan - The company adopted a share incentive plan on November 23, 2022, aimed at recognizing and rewarding contributions to the group's growth and development[153]. - The stock option plan was adopted on January 26, 2022, to align the interests of eligible participants with the company's goals[184]. - The maximum number of shares that can be issued under the stock option plan is capped at 10% of the total issued shares, equivalent to 50,000,000 shares[192]. - The exercise price for any shares under the stock option plan will not be less than the higher of the closing price on the grant date or the average closing price over the five trading days preceding the grant date[191]. - The stock options granted under the plan are non-transferable and cannot be sold or mortgaged by the grantee[196]. - The vesting schedule remains applicable even if the grantee's employment status changes[197]. - The board can decide on the forfeiture of unvested stock options at its discretion[199]. Management and Governance - The company’s board approved the interim financial statements on November 28, 2022, ensuring compliance with relevant accounting standards[155]. - The company has no significant events after the reporting period that would impact the financial statements[160]. - The group did not recognize any single customer contributing more than 10% of total revenue during the reporting period[100]. - The group has not experienced any impact from the early application of revised accounting standards on its financial position or performance[94][95][99].
清晰医疗(01406) - 2023 - 中期财报