Financial Performance - The group's revenue increased by 38.3% from RMB 990.0 million for the year ended December 31, 2022, to RMB 1,369.5 million for the year ended December 31, 2023[2]. - The group's profit before tax rose by 25.1% from RMB 239.1 million to RMB 299.2 million, with a profit margin decreasing from 24.2% to 21.8%[2]. - The net profit increased by 20.5% from RMB 183.2 million to RMB 220.7 million, with the net profit margin decreasing from 18.5% to 16.1%[2]. - The adjusted net profit under non-IFRS increased by 19.8% from RMB 186.2 million to RMB 223.1 million, with the adjusted net profit margin decreasing from 18.8% to 16.3%[2]. - The gross profit margin improved from 43.9% to 45.4%[4]. - The EBITDA under non-IFRS increased from RMB 307.2 million to RMB 377.3 million[4]. - The total gross profit for the group was RMB 621.1 million, representing a 42.9% increase compared to the previous year[13]. - The group’s profit before tax for 2023 was RMB 228,914,000, compared to RMB 187,752,000 in 2022, indicating an increase of 21.9%[100]. - The company reported a total comprehensive income of RMB 233,055 thousand for the year, slightly down from RMB 240,597 thousand in 2022[74]. Revenue Breakdown - Revenue from consumer ophthalmology services rose by 30.6% from RMB 542.9 million to RMB 709.2 million, driven by increased market expansion and promotional activities post-COVID-19[20]. - Revenue from basic ophthalmology services increased by 46.2% from RMB 447.2 million to RMB 654.0 million, attributed to enhanced marketing activities and improved patient service processes[21]. - The revenue from consumer ophthalmic services accounted for 51.8% of total revenue in 2023, a decrease of approximately 3.0 percentage points from the previous year[11]. - Inpatient services generated revenue of RMB 478,165 thousand in 2023, up from RMB 322,952 thousand in 2022, representing a 48.2% growth[88]. - Outpatient services revenue increased to RMB 788,210 thousand in 2023 from RMB 591,054 thousand in 2022, reflecting a 33.3% rise[88]. - Sales of optical products amounted to RMB 96,861 thousand in 2023, compared to RMB 76,038 thousand in 2022, marking a 27.4% increase[88]. Operational Expansion - The number of ophthalmology hospitals operated by the group increased from 24 to 31, and optical centers increased from 26 to 29[3]. - The group expanded its network to 31 ophthalmic hospitals and 29 optical centers across seven provinces and autonomous regions in China by December 31, 2023[7]. - The group successfully completed acquisitions of multiple ophthalmic facilities, enhancing its footprint in the North China region and interacting with markets in Inner Mongolia, Shanxi, and Ningxia[7]. - The group opened two new hospitals in 2023, further strengthening its service network in the North China region[6]. - The company plans to continue expanding its market presence and enhancing its service offerings in the ophthalmology sector[3]. Expenses and Costs - The total operating expenses increased significantly, with selling and distribution expenses rising from RMB 61.3 million to RMB 105.0 million[4]. - Selling and distribution expenses increased by 71.3% from RMB 61.3 million to RMB 105.0 million, primarily due to increased marketing expenses for newly built and acquired hospitals[25]. - Administrative expenses rose by 37.3% from RMB 162.0 million to RMB 222.5 million, driven by increased employee compensation and office expenses post-pandemic[26]. - The cost of sales rose to RMB 748,371,000 in 2023, up from RMB 555,347,000 in 2022, reflecting a 34.7% increase[93]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.2208 per share for the year ended December 31, 2023, compared to HKD 0.1738 per share for the previous year[3]. - The proposed final dividend for 2023 is HKD 22.08 per share, compared to HKD 17.38 per share in 2022, representing a 27.5% increase[98]. Employee and Workforce - The group employed a total of 1,428 full-time medical professionals, including 288 doctors, 616 nurses, and 524 other professionals as of December 31, 2023[14]. - As of December 31, 2023, the company has a total of 2,597 full-time employees, with 1,428 being hospital professionals, 94 optometry center professionals, and 1,075 administrative and financial staff[59]. - The company has established a systematic training and education program for its employees to ensure high-quality service delivery[62]. - The company has a performance-based bonus system and regularly evaluates employee performance for salary reviews and promotions[61]. Financial Position and Assets - Total assets as of December 31, 2023, were RMB 4,309,732 thousand, compared to RMB 4,093,600 thousand in 2022, indicating a growth of 5.3%[75]. - Non-current assets increased to RMB 1,193,141 thousand from RMB 908,023 thousand, a rise of 31.4% year-over-year[75]. - The company’s cash and cash equivalents decreased to RMB 463,437 thousand from RMB 944,727 thousand, a decline of 50.0%[75]. - The company’s total equity increased to RMB 2,378,425 thousand from RMB 2,298,473 thousand, reflecting a growth of 3.5%[76]. Risk Management - The group faces foreign exchange risks primarily related to fluctuations in the Hong Kong dollar, as it conducts business mainly in China[46]. - The group faces interest rate risk from interest-bearing borrowings, with fixed-rate borrowings exposing it to fair value interest rate risk and floating-rate borrowings exposing it to cash flow interest rate risk[47]. - The group has established credit policies and continuously monitors credit risks associated with counterparties unable to fulfill obligations[48]. - The company maintains strict control over outstanding receivables and has a credit risk management department to minimize credit risk[104]. Future Plans and Strategies - The company is focused on enhancing its brand positioning and market reputation in North China to increase its market share[16]. - The group plans to continue expanding its network in North China and aims to acquire more hospitals by 2024[16]. - The company is focused on expanding its operations and developing new strategies to adapt to changing market conditions[57]. Compliance and Governance - The audit committee, consisting of three independent non-executive directors, provides independent opinions on the effectiveness of the group's financial reporting, internal controls, and risk management systems[53]. - The company’s internal controls and financial reporting matters were reviewed and deemed compliant with applicable laws and regulations[64]. - The company has adopted the standards for directors' securities trading as per the listing rules and confirms compliance since January 1, 2023[52].
朝聚眼科(02219) - 2023 - 年度业绩