通策医疗(600763) - 2021 Q1 - 季度财报

Important Notice Board of Directors' Statement The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of this unaudited first-quarter report - All directors, supervisors, and senior management guarantee the report's truthfulness, accuracy, and completeness[3] - This company's first-quarter report is unaudited[3] Company Basic Information Key Financial Data and Operating Analysis The company achieved strong recovery in Q1 2021, with revenue and net profit significantly increasing compared to 2020 and sustained growth over 2019, maintaining stable profitability | Indicator | Q1 2021 | Q1 2020 (Adjusted) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 631.05 million yuan | 196.23 million yuan | 221.59% | | Net Profit Attributable to Shareholders of Listed Company | 164.44 million yuan | -19.06 million yuan | 962.95% | | Net Cash Flow from Operating Activities | 128.19 million yuan | -70.35 million yuan | 282.21% | | Basic Earnings Per Share (yuan/share) | 0.51 yuan | -0.06 yuan | 950.00% | | Weighted Average Return on Net Assets (%) | 7.37% | -1.07% | increase by 8.44 percentage points | - To objectively reflect growth, the company compared Q1 2021 with the same period in 2019, showing operating revenue growth of 57.23% and net profit attributable to shareholders growth of 69.58%, maintaining a continuous high-growth trend[5] - In Q1 2021, the single-quarter gross margin was 47.5% and net margin was 29.7%, remaining stable compared to the same periods in previous years[7] Medical Service Revenue Analysis Total medical service revenue reached 605.08 million yuan, with Zhejiang province contributing 89.93% (544.13 million yuan), growing 57.41% from 2019, while branch hospitals' revenue grew 76.63%, significantly outpacing the main hospital and becoming a core growth driver Medical Service Revenue by Region | Region | Q1 2021 Revenue (Million Yuan) | Revenue Share | Growth vs Q1 2019 | | :--- | :--- | :--- | :--- | | Zhejiang Province | 544.13 | 89.93% | 57.41% | | Outside Zhejiang Province | 60.95 | 10.07% | 44.37% | | Total | 605.08 | 100.00% | 55.99% | Medical Service Revenue by Zhejiang Hospital Type | Zhejiang Region Hospital Type | Q1 2021 Revenue (Million Yuan) | Revenue Share | Growth vs Q1 2019 | | :--- | :--- | :--- | :--- | | Regional Main Hospital (Hangzhou) | 172.33 | 31.67% | 27.48% | | Regional Branch Hospitals | 371.80 | 68.33% | 76.63% | | Total | 544.13 | 100.00% | 57.41% | Outpatient Volume Analysis Total outpatient volume reached 0.67 million visits, a 34.63% increase from 2019, with Zhejiang province accounting for 86.51%; branch hospitals' outpatient visits grew 46.76%, significantly contributing to overall business growth Outpatient Visits by Region | Region | Q1 2021 Outpatient Visits (Million) | Share | Growth vs Q1 2019 | | :--- | :--- | :--- | :--- | | Zhejiang Province | 0.58 | 86.51% | 35.26% | | Outside Zhejiang Province | 0.09 | 13.49% | 30.72% | | Total | 0.67 | 100.00% | 34.63% | Outpatient Visits by Zhejiang Hospital Type | Zhejiang Region Hospital Type | Q1 2021 Outpatient Visits (Million) | Share | Growth vs Q1 2019 | | :--- | :--- | :--- | :--- | | Regional Main Hospital (Hangzhou) | 0.18 | 30.34% | 14.63% | | Regional Branch Hospitals | 0.40 | 69.66% | 46.76% | | Total | 0.58 | 100.00% | 35.26% | Key Dental Treatment Business Analysis Core dental businesses experienced high growth compared to 2019, with pediatric services revenue surging 92.36% to 126.11 million yuan, becoming the largest segment, while implant and orthodontics also showed strong growth Dental Treatment Business Revenue | Business Type | Q1 2021 Revenue (Million Yuan) | Revenue Share | Growth vs Q1 2019 | | :--- | :--- | :--- | :--- | | Implant | 90.26 | 14.98% | 54.77% | | Orthodontics | 119.34 | 19.81% | 59.93% | | Pediatrics | 126.11 | 20.93% | 92.36% | | General | 266.71 | 44.28% | 43.09% | Shareholder Information As of the reporting period end, the company had 43,823 shareholders, with Hangzhou Baoqun Industrial Group Co., Ltd. as the largest shareholder at 33.75%, and top ten shareholders including prominent public funds, indicating strong institutional interest - As of the end of the reporting period, the total number of shareholders was 43,823 accounts[15] Top Five Shareholders | Shareholder Name | Number of Shares Held (Shares) | Shareholding Percentage (%) | | :--- | :--- | :--- | | Hangzhou Baoqun Industrial Group Co., Ltd. | 108,232,000 | 33.75 | | Bao Zhengliang | 14,544,800 | 4.54 | | Zhejiang Cunji Medical Education Foundation | 9,619,200 | 3.00 | | Zhong Ou Medical and Health Mixed Securities Investment Fund | 9,010,281 | 2.81 | | Hong Kong Securities Clearing Company Limited | 8,634,570 | 2.69 | Significant Matters Analysis of Significant Changes in Major Accounting Statement Items and Financial Indicators Several accounting items significantly changed due to business expansion and new lease standard adoption, including a 70.8% rise in accounts receivable, recognition of 492 million yuan in right-of-use assets and 468 million yuan in lease liabilities, a 182.6% increase in R&D expenses, and operating cash flow turning positive to 128 million yuan Balance Sheet Item Change Analysis Balance sheet changes reflect business growth and new lease standards, with accounts receivable up 70.8%, new recognition of 492 million yuan in right-of-use assets and 468 million yuan in lease liabilities, and a 57.39% decrease in employee compensation payable due to prior year bonus payments Balance Sheet Item Changes | Item | Change Percentage (%) | Reason for Change | | :--- | :--- | :--- | | Accounts Receivable | 70.80% | Increase in medical service revenue, accounts receivable from medical insurance and customers | | Prepayments | -37.26% | Adjustment of prepaid rent due to adoption of new lease standards | | Right-of-Use Assets | Not Applicable | Adjustment due to adoption of new lease standards | | Lease Liabilities | Not Applicable | Adjustment due to adoption of new lease standards | | Employee Compensation Payable | -57.39% | Payment of prior year's bonuses during the current period | Income Statement Item Change Analysis Income statement changes reflect business recovery and expansion, with operating revenue up 221.59%, R&D expenses up 182.6%, sales expenses up 142.5% for new clinics and promotions, and income tax expense increasing 1107.73% due to higher profits Income Statement Item Changes | Item | Change Percentage (%) | Reason for Change | | :--- | :--- | :--- | | Operating Revenue | 221.59% | Growth in medical service revenue and impact of prior period's epidemic | | Operating Cost | 90.66% | Costs increased in line with revenue growth | | Selling Expenses | 142.50% | Increased investment in new clinic openings and existing clinic dental care promotions | | Research and Development Expenses | 182.60% | Increased R&D investment | | Financial Expenses | 74.39% | Due to adoption of new lease standards | | Income Tax Expense | 1107.73% | Increased provision for income tax due to significant profit growth | Cash Flow Statement Item Change Analysis Net cash flow from operating activities significantly improved from -70 million yuan to 128 million yuan, a 282.21% increase, driven by higher cash receipts from sales and services, while financing cash outflow increased 175.55% due to reclassification of lease payments under new standards Cash Flow Statement Item Changes | Item | Change Percentage (%) | Reason for Change | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 282.21% | Increase in cash received from sales of goods and provision of services | | Net Cash Flow from Investing Activities | -58.71% | Increased expenditures for new clinic construction | | Net Cash Flow from Financing Activities | -175.55% | Payment of rent adjusted to financing cash flow due to adoption of new lease standards | Appendix Financial Statements This appendix contains the company's unaudited Q1 2021 financial statements, forming the basis for all financial data and analysis in this report, including consolidated and parent company balance sheets, income statements, and cash flow statements Consolidated Balance Sheet Presents the consolidated assets, liabilities, and owner's equity as of March 31, 2021 Parent Company Balance Sheet Presents the parent company's assets, liabilities, and owner's equity as of March 31, 2021 Consolidated Income Statement Details the consolidated income, costs, expenses, and profit for the first quarter of 2021 Parent Company Income Statement Details the parent company's income, costs, expenses, and profit for the first quarter of 2021 Consolidated Cash Flow Statement Reports the consolidated cash inflows and outflows from operating, investing, and financing activities for the first quarter of 2021 Parent Company Cash Flow Statement Reports the parent company's cash inflows and outflows from operating, investing, and financing activities for the first quarter of 2021 Explanation of Adjustments for First-Time Adoption of New Lease Standards The company adopted new lease standards from January 1, 2021, adjusting opening financial statements without restating 2020 comparable data, significantly impacting the consolidated balance sheet by recognizing 506.33 million yuan in right-of-use assets and 480.40 million yuan in lease liabilities - The company adopted the newly revised "Accounting Standard for Business Enterprises No. 21 – Leases" from January 1, 2021, without retrospective adjustment of comparable data for 2020[39] Consolidated Balance Sheet Adjustments for New Lease Standards | Consolidated Balance Sheet Adjustment Item | Adjustment Amount as of January 1, 2021 (Yuan) | | :--- | :--- | | Right-of-Use Assets | +506,333,868.79 | | Lease Liabilities | +480,396,759.99 | | Prepayments | -24,148,384.39 | | Long-term Deferred Expenses | -1,788,724.41 |