Financial Performance - Total revenue for the year ended December 31, 2023, was HKD 4,140,346 thousand, a significant increase from HKD 166,484 thousand in 2022, representing a growth of approximately 2,388%[2] - Gross profit for the same period was HKD 38,474 thousand, down from HKD 46,512 thousand in 2022, indicating a decrease of about 17%[2] - The net loss for the year was HKD 61,721 thousand, an improvement compared to a net loss of HKD 98,805 thousand in 2022, reflecting a reduction of approximately 37.5%[3] - The company reported a pre-tax loss of HKD 68,778 thousand, which is a decrease from HKD 102,696 thousand in the previous year, showing an improvement of about 33%[2] - Other comprehensive loss for the year was HKD 91,146 thousand, compared to HKD 177,334 thousand in 2022, indicating a reduction of approximately 48%[4] - The company incurred financial asset impairment losses of HKD 15,163 thousand, which increased from HKD 10,109 thousand in 2022, representing a rise of about 50%[2] - The company’s share of losses from joint ventures was HKD 5,728 thousand, down from HKD 18,828 thousand in 2022, reflecting a decrease of approximately 69%[2] - The basic and diluted loss per share for the year was HKD 1.01, an improvement from HKD 1.61 in 2022[4] - The company reported a significant foreign exchange loss of HKD 21,057 thousand, compared to HKD 141,525 thousand in the previous year, indicating a decrease of about 85%[3] - The total comprehensive loss for the year amounted to HKD 152,867 thousand, down from HKD 276,139 thousand in 2022, reflecting a reduction of approximately 44.5%[4] Assets and Liabilities - Non-current assets decreased from HKD 1,775,609 thousand in 2022 to HKD 1,484,646 thousand in 2023, a decline of approximately 16.4%[6] - Current assets increased from HKD 639,822 thousand in 2022 to HKD 693,725 thousand in 2023, an increase of about 8.4%[6] - Total liabilities decreased from HKD 271,771 thousand in 2022 to HKD 223,823 thousand in 2023, a reduction of approximately 17.6%[8] - Net asset value decreased from HKD 2,143,660 thousand in 2022 to HKD 1,954,548 thousand in 2023, a decline of about 8.8%[8] - Cash and cash equivalents decreased from HKD 193,726 thousand in 2022 to HKD 153,324 thousand in 2023, a decrease of approximately 20.9%[6] - Trade payables increased from HKD 21,745 thousand in 2022 to HKD 29,050 thousand in 2023, an increase of about 33.5%[8] - Other payables and accrued expenses decreased from HKD 129,043 thousand in 2022 to HKD 116,017 thousand in 2023, a reduction of approximately 10.1%[8] - The company reported a total equity of HKD 1,954,548 thousand in 2023, down from HKD 2,143,660 thousand in 2022, reflecting a decrease of about 8.8%[8] - The company’s investment properties decreased from HKD 150,720 thousand in 2022 to HKD 136,716 thousand in 2023, a decline of approximately 9.3%[6] - The company’s goodwill remained unchanged at HKD 79,979 thousand for both 2022 and 2023[6] Revenue Breakdown - Total revenue for the year was approximately HKD 17,431,000, a decrease from HKD 37,197,000 in the previous year, representing a decline of 53%[16] - Revenue from customer contracts for the year was HKD 140,346,000, down from HKD 166,484,000 in the previous year, indicating a decrease of 16%[19] - Revenue from sales of goods was HKD 128,620,000, a decrease from HKD 157,854,000 in the previous year, representing a decline of 18%[19] - Revenue from services provided increased to HKD 11,726,000 from HKD 8,630,000, marking a growth of 36%[19] - The group recognized contract liabilities related to sales of goods amounting to HKD 41,676,000, an increase from HKD 36,325,000 in the previous year, reflecting a growth of 9%[21] - Expected revenue to be recognized within one year from remaining performance obligations is HKD 155,165,000, down from HKD 164,696,000 in the previous year, a decrease of 6%[23] Elderly Care Services - The elderly population in China is projected to exceed 300 million by 2025 and reach 420 million by 2035, driving demand for elderly care services[42] - The government plans to increase the number of elderly care beds from 7.5 million currently to 9 million by 2025 and 15 million by 2035[42] - The group operates 5 elderly care institutions with a total of 1,075 beds, achieving an average occupancy rate of over 75%[44] - In 2023, the group's elderly care business generated revenue of RMB 41.81 million, a year-on-year increase of 9.71% from RMB 38.11 million in 2022[44] - The newly opened Changzhou Xuejia Caring Nursing Home has an occupancy rate exceeding 70% and has achieved positive cash flow[46] - The Wuxi Guangyi Elderly Care Center achieved revenue of RMB 20.81 million in 2023, a 7.49% increase from RMB 19.36 million in 2022, with an occupancy rate of 83%[50] - The Wuxi Wuhe Elderly Care Center reported revenue of RMB 5.93 million, a decrease of 8.91% from RMB 6.51 million in 2022, with an occupancy rate of 75%[51] - Xuejia Love Nursing Center achieved revenue of RMB 9.64 million, a year-on-year increase of 22.96%, with an occupancy rate of 75%[54] - Huifeng Nursing Center reported revenue of RMB 1.22 million, a year-on-year increase of 19.61%, with an occupancy rate of 70%[55] - Wuhu Jintaiyang Nursing Center generated revenue of RMB 4.21 million, a year-on-year increase of 24.56%, with a full occupancy rate of 100%[56] Future Plans and Developments - The group is expanding its elderly care facilities in economically strong regions, particularly in the Yangtze River Delta area, to meet growing market demand[43] - The company signed an investment and operation cooperation agreement for Changzhou Luoxi Nursing Center, which covers a total area of 15,000 square meters and has 152 combined medical and nursing beds planned[58] - The company secured operational rights for the Guhunhe Cultural Creative Building Nursing Project, which plans to have approximately 400 combined medical and nursing beds, with an expected average monthly income of RMB 7,000 per bed[59] - As of December 31, 2023, the company is involved in six projects across Beijing, Shanghai, Dali, and Canada, covering over 400,000 square meters[62] - The company plans to upgrade the Luguang project in Beijing, which covers 87,607 square meters, with a shareholding ratio of 82.24%[63] - The Haidong New District project in Dali, covering 275,181 square meters, is currently on hold due to a suspension of approvals by the Yunnan provincial government[65] - The company is preparing for land development procedures for the Urban Health Apartment project in Canada, which covers 10,588 square meters and has a shareholding ratio of 47.47%[65] - The Ovation project in Canada has sold approximately 80% of its available area and is expected to be delivered to buyers in early 2024[65] Operational Efficiency - The group provided a total of 232 training sessions for employees in 2023, focusing on nursing and safety training[46] - The group aims to increase its elderly care bed capacity by 500 to 1,000 beds next year, following the signing of two new projects that secured 552 new beds[70] - The group plans to explore suitable acquisition targets to enhance its business and create greater shareholder value[73] - The group will not increase investments in health industry parks in China due to regulatory pressures and will seek suitable partners for timely project sales[72] - The group is focused on expanding its overseas business, particularly in Canada, with the Ovation project expected to be completed in 2023 and units delivered in early 2024[72] Corporate Governance and Shareholder Relations - The board of directors does not recommend the payment of a final dividend for the year ending December 31, 2023, believing it is necessary to balance shareholder returns with future growth investments[108] - The audit committee has reviewed the group's full-year performance for the year ending December 31, 2023[110] - The external auditor, Ernst & Young, has confirmed that the financial figures in the preliminary announcement are consistent with the draft consolidated financial statements for the year[111] - The annual report for the year ending December 31, 2023, will be sent to shareholders and published on the Hong Kong Stock Exchange and the company's website at an appropriate time[112] - The board expresses sincere gratitude to shareholders, customers, suppliers, and employees for their continued support[113] - Forward-looking statements in the announcement are based on current beliefs, assumptions, and expectations, which may differ significantly due to risks and uncertainties[115]
北京健康(02389) - 2023 - 年度业绩