Financial Performance - Revenue for the reporting period increased by 10.6% to RMB 2,041.9 million (2022: RMB 1,845.6 million) [5] - Profit for the reporting period increased by 246.0% to RMB 91.0 million (2022: RMB 26.3 million) [5] - Profit attributable to owners of the company increased by 102.8% to RMB 121.1 million (2022: RMB 59.7 million) [5] - Adjusted EBITDA increased by 35.0% to RMB 291.3 million (2022: RMB 215.8 million) [5] - The company's revenue for 2023 reached RMB 2,041,858 thousand, a 10.6% increase from RMB 1,845,633 thousand in 2022 [21] - Gross profit for the year was RMB 364,370 thousand, up from RMB 261,350 thousand, reflecting a significant improvement in profitability [21] - The net profit for the year amounted to RMB 91,023 thousand, compared to RMB 26,284 thousand in the previous year, indicating a substantial growth of 246.5% [21] - Basic and diluted earnings per share were both RMB 36.2, an increase from RMB 17.9 in 2022 [21] - The group reported a consolidated profit for the period of RMB 91.0 million, a significant increase of 246.0% compared to RMB 26.3 million in 2022 [92] - Adjusted EBITDA increased by 35.0% to RMB 291.3 million, up from RMB 215.8 million in 2022, indicating strong core business performance [93] Assets and Liabilities - Non-current assets totalled RMB 1,529.5 million, a decrease from RMB 1,594.8 million in the previous year [7] - Current assets totalled RMB 1,095.5 million, down from RMB 1,124.5 million in the previous year [7] - Current liabilities decreased to RMB 766.7 million from RMB 834.9 million in the previous year [7] - Net current assets increased to RMB 328.8 million from RMB 289.6 million in the previous year [7] - Non-current liabilities totaled RMB 360,760 thousand, slightly down from RMB 369,821 thousand in the previous year [22] - The company's net asset value was RMB 1,497,527 thousand, a decrease from RMB 1,514,528 thousand in 2022 [22] Dividends - The board does not recommend the payment of a final dividend for the reporting period [5] - The company has not declared or proposed any dividends for the year, consistent with the previous year [38] Operational Efficiency - The company continues to focus on expanding its healthcare services and enhancing operational efficiency [6] - The group has engaged Silver Mountain Capital for a 20-year management arrangement to enhance operational efficiency at Kangxin Hospital [199] Employee and Costs - Total employee costs increased to RMB 635,071,000 in 2023, up from RMB 624,332,000 in 2022, reflecting a growth of approximately 1.2% [61] - The company reported a decrease in administrative expenses to RMB 242,391 thousand from RMB 228,323 thousand [21] - Financing costs decreased to RMB 12,055 thousand from RMB 15,043 thousand, indicating improved cost management [21] - Administrative expenses increased by approximately 6.2% year-on-year to RMB 242.4 million, primarily due to a 47.2% rise in management and consulting fees to RMB 23.5 million [157] Service Segments - The group primarily operates in China, providing hospital services, rehabilitation, and elderly care services [23] - The group’s total revenue and performance analysis is segmented by the types of services provided, focusing on hospital services, rehabilitation, and elderly care [53] - The company operates three main business segments: hospital services, rehabilitation and other medical services, and elderly medical services, focusing on providing quality healthcare [85] - The elderly medical services segment includes a comprehensive elderly care center with 108 beds, aimed at addressing the growing demand for elderly care services in Dongguan, China [87] - The rehabilitation and related medical services segment recorded annual revenue of RMB 141.2 million, a year-on-year increase of 26.4% from RMB 111.7 million in 2022 [91] - Revenue from inpatient medical services reached RMB 1,079.6 million, a year-on-year increase of 16.5%, accounting for 52.9% of total revenue [179] - The hospital services segment recorded revenue of RMB 1,887.9 million, a 9.7% increase from RMB 1,721.5 million in 2022, marking the highest revenue since 2019 [117] Patient Statistics - Total inpatient visits increased to 74,337, a year-on-year growth of 17.9% from 63,053 in 2022 [94] - The overall bed occupancy rate rose to 71.9%, up from 62.2% in 2022, due to the increase in inpatient numbers [94] - The total number of outpatient visits increased to 1,530,169, reflecting a year-on-year increase of 5.1% from 1,456,072 in 2022 [94] - The total number of surgical procedures performed increased to 48,105, representing a year-on-year growth of 13.6% from 42,346 in 2022 [94] Strategic Developments - The company is focused on developing its large-scale healthcare concept business in response to the aging population in China, which presents significant growth potential in the healthcare and elderly care sectors [87] - The company is exploring reforms in medical insurance payment methods to improve efficiency and address low reimbursement rates [127] - The group is positioned to benefit from the increasing demand for high-quality medical services due to an aging population and expanding middle class in China [138] - The group is developing a new elderly healthcare complex in Dongguan, which began construction in 2021 to meet the growing medical service needs in Guangdong Province [141] Acquisitions - The group acquired 70% of Dongguan Kanghua Hemodialysis Medical Investment Management Co., Ltd. for RMB 7.7 million, with the acquisition completed on January 9, 2024 [111] - The acquisition of 40% equity in Kangxin Hospital for RMB 108.0 million, completed in November 2023, making it a wholly-owned subsidiary [145] - The acquisition of the Kanghua Hemodialysis Group is expected to create synergies and enhance profitability and efficiency for both entities [144] Future Outlook - The company aims to optimize medical services and enhance patient safety and quality management in 2024 [125] - The company plans to focus on high-quality, high-tech VIP medical services as a growth driver in 2024 [170] - The group plans to enhance service quality and aims for a five-star elderly care institution certification in 2024 [135] - The company plans to complete the first phase of the Kanghua Qingxi Hospital project by April 2024, with operations expected to commence by March 2025 [172]
康华医疗(03689) - 2023 - 年度业绩