Financial Performance - For the six months ended December 31, 2023, the group's revenue was approximately HKD 295.2 million, a decrease of about HKD 386.1 million or 56.7% compared to the same period in 2022[6]. - The gross profit for the same period was approximately HKD 140.5 million, a decrease of about HKD 327.3 million or 70.0%, with the gross profit margin dropping from approximately 68.7% to 47.6%[6]. - The profit attributable to the company's owners for the six months ended December 31, 2023, was approximately HKD 20.0 million, a decrease of about HKD 248.1 million or 92.5% compared to the previous year[6]. - Basic earnings per share for the period were approximately HKD 5.3, down from HKD 70.6 in the same period last year[6]. - The total comprehensive income for the period was HKD 17.1 million, significantly lower than HKD 267.6 million in the same period last year[4]. - Adjusted profit before tax for the six months ended December 31, 2023, was HKD 23,934,000, significantly lower than HKD 325,092,000 for the same period in 2022, indicating a decline of approximately 92.6%[20]. - The group reported a net profit of HKD 20,033,000 for the six months ended December 31, 2023, compared to HKD 268,112,000 for the same period in 2022, reflecting a decrease of about 92.5%[20]. - The group’s income tax expense for the six months ended December 31, 2023, was HKD 3,483,000, compared to HKD 55,745,000 for the same period in 2022, indicating a significant decrease of approximately 93.8%[20]. - The net profit for the first half of FY2024 decreased by approximately 92.5% to about HKD 20.0 million from approximately HKD 268.1 million in the first half of FY2023, resulting in a net profit margin decline from about 39.4% to approximately 6.8%[66]. Revenue Breakdown - Total revenue for the six months ended December 31, 2023, was HKD 295,190,000, a decrease from HKD 681,274,000 for the same period in 2022, representing a decline of approximately 56.6%[22]. - The revenue breakdown shows general medical services at HKD 198,929,000, specialist medical services at HKD 65,152,000, and dental services at HKD 31,109,000 for 2023[22]. - The group's revenue from primary healthcare services decreased by approximately HKD 389.6 million or 66.2% to about HKD 198.9 million for the interim period of fiscal year 2024, primarily due to a reduction in revenue from COVID-19 related prevention, testing, vaccination, and outreach services by approximately HKD 453.4 million[56]. - Revenue from specialized medical services increased by approximately HKD 7.3 million or 12.5% to about HKD 65.2 million in the interim period of fiscal year 2024, driven by an increase in patient visits and average spending per visit[84]. - The revenue from dental services decreased by approximately HKD 3.8 million or 10.8% to about HKD 31.1 million for the interim period of fiscal year 2024, mainly due to a decrease in patient visits[57]. - The revenue from general medical services increased by approximately 47.3% compared to the interim period of FY2023, excluding revenue from COVID-19 related services[111]. Cost and Expenses - The cost of services provided decreased by approximately HKD 58.8 million or 27.5% to about HKD 154.7 million for the interim period of fiscal year 2024, primarily due to a reduction in other direct costs such as contracted professional personnel[59]. - The gross profit decreased by approximately HKD 327.3 million or 70.0% to about HKD 140.5 million for the interim period of fiscal year 2024, with the gross profit margin declining from approximately 68.7% in the interim period of fiscal year 2023 to about 47.6%[60]. - Employee benefits expenses (excluding director remuneration) amounted to HKD 58.33 million in the first half of FY2024, down from HKD 67.93 million in the same period of FY2023[72]. - The administrative expenses decreased by approximately HKD 14.7 million or 10.8% from about HKD 136.7 million in the interim period of FY2023 to approximately HKD 122.0 million in the interim period of FY2024[129]. Assets and Liabilities - The group's total equity as of December 31, 2023, was HKD 764.6 million, down from HKD 808.2 million as of June 30, 2023[9]. - The group’s total non-current assets amounted to HKD 459,267,000 as of December 31, 2023, down from HKD 466,495,000 as of June 30, 2023[30]. - Current assets totaled HKD 612,697,000 as of December 31, 2023, compared to HKD 796,991,000 as of June 30, 2023, indicating a decrease of approximately 23.1%[30]. - The group’s total liabilities as of December 31, 2023, were HKD 220,028,000, compared to HKD 349,177,000 as of June 30, 2023, showing a reduction of approximately 37%[30]. - The group’s total assets less current liabilities amounted to HKD 851,936,000 as of December 31, 2023, down from HKD 914,309,000 as of June 30, 2023[30]. - As of December 31, 2023, the group's net current assets amounted to approximately HKD 392.7 million, down from HKD 447.8 million as of June 30, 2023[167]. - The group's cash and cash equivalents, along with pledged deposits, totaled approximately HKD 485.4 million as of December 31, 2023, compared to HKD 642.3 million as of June 30, 2023[167]. - The group's interest-bearing bank borrowings were approximately HKD 33.3 million as of December 31, 2023, a decrease from HKD 36.5 million as of June 30, 2023[167]. - The capital debt ratio was approximately 4.2% as of December 31, 2023, slightly down from 4.3% as of June 30, 2023[168]. Strategic Initiatives - The company plans to expand its recovery services into other sectors, leveraging its expertise to promote comprehensive development in the healthcare service area[1]. - The group aims to explore new business opportunities continuously, focusing on the recovery sector's medical services[1]. - The company aims to maintain a healthy financial position and has actively implemented various strategies to enhance operational efficiency and effectiveness[68]. - The group has rapidly adjusted its operational strategy to capture new opportunities and meet the evolving healthcare needs of patients[69]. - The group continues to prioritize digitalization and automation to optimize operational efficiency and effectiveness[166]. - The group aims to explore new business opportunities to meet changing customer demands despite challenges in primary healthcare service revenues due to COVID-19[164]. - The group is committed to enhancing market share, improving operational efficiency, and increasing stakeholder engagement to maintain its leading position in the healthcare industry[164]. - The group plans to implement a prudent expansion strategy, ensuring that each acquisition is carefully evaluated and aligns with its strategic framework[138]. - The group is actively seeking suitable acquisitions that align with its long-term business objectives to meet diverse business needs[148]. - The group has made significant progress in its strategic objectives during the fiscal year 2024, focusing on cost management and operational efficiency[130]. Operational Developments - The company expanded its ophthalmology medical and health services under the brand "Sheng Kang Hui H2," which is expected to contribute to core revenue growth in the specialized medical services segment[98]. - The company actively participated in the "Injury Employee Rehabilitation Pilot Program," which provided a stable income source and reinforced its commitment to delivering excellent rehabilitation services[99]. - The company opened a new medical center in Lam Tin as part of its strategy to establish a comprehensive network of strategic medical centers[96]. - The company operates 107 service points, including 54 medical centers, 1 day surgery center, 3 retail centers, and 1 community pharmacy as of December 31, 2023[103]. - The group maintained a stable performance in its flagship medical center, with an expanded service range including advanced ophthalmic medical and health procedures[126]. - The group has established a strategic partnership with the Chinese University of Hong Kong to provide professional rehabilitation and case management services for injured employees[116]. - The group remains optimistic about the potential of the rehabilitation market in Hong Kong and sees opportunities to expand its service offerings[116]. - The group continues to strengthen its collaboration with the Hong Kong government to support the development of primary healthcare systems, recognizing the growing demand for private healthcare services[151]. Workforce and Team Management - The group has reduced its workforce, with 386 full-time employees as of December 31, 2023, down from 541 a year earlier, and 403 part-time employees, down from 1,137[160]. - The group is committed to optimizing its healthcare team to ensure the provision of quality medical services and to retain top talent in a competitive healthcare industry[150]. - The healthcare professional team consists of 462 members, ensuring comprehensive and patient-centered medical and healthcare services[135]. Compliance and Governance - The company has adopted the standard code of conduct for securities trading by directors as per the listing rules, confirming compliance throughout the fiscal year 2024[177]. - The audit committee and management have reviewed the unaudited interim results for the fiscal year 2024, discussing internal controls and financial reporting matters[182]. - The company or any of its subsidiaries did not purchase, sell, or redeem any listed securities during the fiscal year 2024 interim period[183]. - There were no significant events affecting the company or its subsidiaries after the end of the fiscal year 2024 interim period[180]. Future Outlook - The group is cautiously optimistic about business growth and financial performance for the second half of fiscal year 2024, despite ongoing global economic challenges[137]. - The group is confident in its ability to achieve sustainable growth and provide long-term returns to shareholders[166].
盈健医疗(01419) - 2024 - 中期业绩