路透社10月2日发表的一篇文章表示，支持以技术驱动的"智能经济"、实现产品和服务的不断创新，以及灵活的政策制定，保护了中国经济发展，并有助于 为中国的经济转型奠定坚实的基础。 这篇文章的作者是法国巴黎银行证券前亚太股票研究主管马尼什·雷乔杜里。雷乔杜里在文章中表示，得益于政府的新政策和现行政策，中国八月份经济不 乏亮点。 作者在文章中指出，北京为支持包括人工智能、半导体和其他先进制造业在内的中国"智能经济"所做的努力，使得信息技术和商业服务行业的发展，自2024 年初以来，超过了其他许多行业，并且这一趋势还将持续下去，因为中国正在大力投资工业机器人和人形机器人，以提升生产力。过去三年，全球超过一半 的工业机器人安装在中国。 路透社文章援引国际机器人联合会显示在中国安装的工业机器人比例不断上升 此外，中国政府的定向政策也为零售业提供了支撑。自2024年底实施以旧换新政策以来，零售业增长最快的领域——家用电器、家具、通讯和办公设备都从 这一政策中受益。今年前八个月，中国零售业销售额实现小幅增长。 作者认为，中国经济增长的另一个驱动力是消费者偏好的转变。中国千禧一代和 Z 世代正涌向新型国内产品和服务，那些可以促进 ...

Core Insights - The aging economy in Japan is experiencing explosive growth despite overall economic challenges, highlighting a significant opportunity in the elder care sector [1][3][5] - The demand for various elder care services and products is increasing, with a notable rise in the need for professional caregivers and elder apartments, indicating a shift in consumer spending towards elder care [3][5][6] Industry Trends - Various elder care service institutions are emerging rapidly, and sales of elder-related products are consistently rising, showcasing a robust market despite economic downturns [3][5] - Families are increasingly allocating a significant portion of their income towards enhancing the quality of elder care, reflecting a societal shift in spending priorities [3][5] Company Focus - The "Colorful Sixty" retirement happiness club is gaining traction and showing growth in a challenging economic environment by focusing on the essence of elder care rather than luxury facilities [5][6][7] - The club emphasizes personalized services tailored to individual needs, contrasting with competitors that prioritize extravagant amenities, thus enhancing the quality of life for the elderly [6][7] Service Philosophy - The club's approach is centered on understanding the actual needs of the elderly, providing targeted activities and services that genuinely improve their well-being, rather than merely increasing the quantity of offerings [6][7] - The focus on quality service and meeting specific needs is positioned as a more effective strategy in the elder care market, especially in a time of economic uncertainty [7]

Financial Data and Key Metrics Changes - Revenue from services increased to $1,161 million, up 15% from the prior corresponding period [17] - Underlying EBITDA rose to $125.8 million, a 17% increase [17] - Underlying net profit after tax reached $53.4 million, up 37% [17] - Net operating cash flow improved to $306.1 million, a 21% increase [17] - The company ended the year with a net cash position of $192.5 million, a 197% increase from the prior year [26] Business Line Data and Key Metrics Changes - Average occupancy in mature homes increased to 95.6%, up from 94.1% in the prior period [18] - Total average care minutes per resident per day increased from 210.5 minutes to 226.7 minutes [18] - Staff costs increased by $113 million or 15%, primarily due to additional direct care hours and wage increases [23] Market Data and Key Metrics Changes - 26.5% of Australians aged 85 and over accessed residential aged care during FY24 [6] - An estimated 9,300 net new beds are needed each year for the next 20 years to meet demand [6] - Only 6,546 net new beds were added across the four years to FY24, well below the required growth [6] Company Strategy and Development Direction - The company aims to reach a target of 10,000 residential aged care beds by FY28, up from approximately 7,600 beds [46] - The strategy includes disciplined acquisitions, greenfield and brownfield developments, and refurbishment of existing homes [41] - The company plans to open two to three greenfield developments per year over the medium term [7] Management Comments on Operating Environment and Future Outlook - The management highlighted the importance of the New Aged Care Act, expected to commence on 01/2025, which aims to improve funding and care standards [13] - The company is well-positioned to meet the increasing demand for aged care services due to demographic trends and government support [57] - Management expressed confidence in the value of current service packages and the ability to transition to new funding models [60] Other Important Information - The company completed the acquisition of four premium homes from Rockpool, adding 600 beds to its portfolio [3] - The average incoming room price increased by over 12% during the year, reflecting adjustments to the new maximum rates [31] - The company has a robust governance structure with a majority independent board and established liquidity management policies [15] Q&A Session Summary Question: Transition to health from extra services - Management expressed confidence in the value of current packages and plans to transition most services into bundles while ensuring the value exceeds the price [60] Question: Expectations for RAD prices - Management noted that the recent increase in RAD prices was a correction due to the lifting of the soft cap and indicated potential for further increases, estimating mid to high single-digit growth in the next year [62][66] Question: Occupancy expectations for FY26 - Management indicated that while they aim for occupancy above 95%, achieving 100% is not feasible due to operational constraints [69] Question: Staff expenses as a percentage of revenue - Management expects staff expenses to increase slightly in FY26, influenced by government funding decisions [71] Question: CapEx expectations for FY26 - Management projected CapEx around $100 million for FY26, reflecting ongoing investments in greenfield developments and refurbishments [72] Question: Resident profile and RAD penetration - Management anticipates stability in the resident profile, with the Rockpool acquisition expected to increase the number of RAD-paying residents [80]