Revenue and Profitability - For the year ended December 31, 2023, the total revenue generated from medical services accounted for 98.9% of the company's total revenue, with pediatric services contributing 87.8% and obstetric services contributing 11.1%[9]. - Total revenue for the year ended December 31, 2023, was RMB 922.8 million, up from RMB 629.8 million in 2022, representing a year-on-year increase of approximately 46.5%[16]. - The company recorded a profit of RMB 132.1 million for the year ended December 31, 2023, a significant recovery from a loss of RMB 291.6 million in the previous year, primarily due to improved business performance in pediatric services[11]. - The group reported a net profit of RMB 132,089,000 for the year, compared to a net loss of RMB 291,573,000 in the previous year[38]. - The company reported a profit attributable to shareholders of RMB 84.2 million in 2023, compared to a loss of RMB 297.7 million in 2022, resulting in a basic earnings per share of RMB 0.17[132]. - The company achieved a profit before tax of approximately RMB 166.1 million for the year ended December 31, 2023, compared to a loss before tax of approximately RMB 289.9 million for the previous year, primarily due to a gross profit increase of RMB 205.0 million or 101.4%[91]. Revenue Breakdown - Revenue from obstetric services increased by 6.8% year-on-year to RMB 104.0 million, despite a 5.9% decrease in inpatient visits to 1,665 and a 7.6% decrease in inpatient medical service revenue to RMB 47.2 million[10]. - In pediatric services, inpatient visits increased to 9,097, with an average spending per inpatient of RMB 33,109, compared to 7,156 visits and RMB 29,434 in the previous year[37]. - Outpatient visits rose to 337,351, with an average spending per outpatient of RMB 1,693, up from 239,767 visits and RMB 1,556 in 2022[37]. - Outpatient medical service revenue reached RMB 571.2 million, a growth of 53.1% from RMB 373.2 million in the previous year, with outpatient visits increasing by 40.7% to 337,351[92]. - Inpatient medical service revenue was RMB 301.2 million, up 43.0% from RMB 210.6 million, with inpatient visits increasing by 27.1% to 9,097[92]. - Pediatric services revenue increased by 53.8% from RMB 532.4 million in 2022 to RMB 818.8 million in 2023, with inpatient visits rising by 38.0% to 7,432[116]. Financial Position - The total assets as of December 31, 2023, amounted to RMB 944,393,000, with total liabilities of RMB 492,634,000[38]. - Total liabilities decreased to RMB 492.6 million as of December 31, 2023, from RMB 540.0 million in the previous year[88]. - Total equity increased to RMB 451.8 million as of December 31, 2023, compared to RMB 361.4 million in the previous year[96]. - Non-current assets totaled RMB 500.9 million as of December 31, 2023, down from RMB 557.7 million in the previous year[96]. - The company maintained cash and cash equivalents of RMB 304,300,000 as of December 31, 2023, compared to RMB 226,100,000 in the previous year[51]. Expenses and Costs - The gross profit for the year ended December 31, 2023, was RMB 407.8 million, with a gross margin of 44.2%, compared to a gross profit of RMB 203.6 million and a gross margin of 32.3% in 2022[16]. - The cost of revenue for medical services was RMB 514.9 million in 2023, representing a year-on-year increase of 20.8%[124]. - The sales expenses for 2023 were RMB 68.3 million, up 9.6% year-on-year, primarily due to increased personnel costs and miscellaneous expenses[126]. - The administrative expenses decreased by 1.4% year-on-year to RMB 129.9 million, attributed to the closure of loss-making clinics and optimization of personnel structure[127]. - Research and development expenses for the year were RMB 5,930,000, a decrease from RMB 7,695,000 in 2022[38]. Corporate Governance and Compliance - The company has complied with all applicable corporate governance code provisions for the year ended December 31, 2023, except for the separation of the roles of Chairman and CEO[61]. - The audit committee consists of two independent non-executive directors and one non-executive director, ensuring oversight of financial reporting[64]. - The company has established strict guidelines for securities trading by directors and employees, confirming compliance for the year ended December 31, 2023[62]. - The company is committed to maintaining high corporate governance standards as per the applicable principles of the corporate governance code[78]. Future Plans and Strategy - The company plans to continue optimizing its strategy and increasing the reserve of quality medical expert resources in 2024[12]. - The focus will be on sub-specialty development and establishing a product and service chain around customer medical and health needs, leveraging multi-disciplinary collaboration in pediatric and obstetric services[13]. - The company plans to expand its market presence in pediatric ophthalmology, pediatric healthcare, endocrinology, and dental services[140]. Shareholder Information - The company proposed a final dividend of HKD 0.0378 per share for the year ended December 31, 2023, totaling HKD 18,523,000, compared to no dividend for the previous year[58]. - The final dividend is subject to approval at the annual general meeting and is expected to be paid on or before July 2, 2024, if approved[75]. - The annual general meeting is scheduled for May 22, 2024, with the share register closing from May 17 to May 22, 2024, for voting eligibility[59]. Miscellaneous - The company has no significant investments, acquisitions, or disposals during the year ended December 31, 2023[160]. - The company has no significant events to disclose after the reporting period as of the annual performance announcement date[191]. - The company is a non-wholly owned subsidiary established in China, specifically Beijing New Century Children's Hospital, registered in December 2002[194]. - The company was incorporated in the Cayman Islands on July 31, 2015, and its shares are listed on the main board of the Hong Kong Stock Exchange[194].
新世纪医疗(01518) - 2023 - 年度业绩