大家都在高喊消费降级，购物车从天猫换成拼多多，喝的咖啡从星巴克变成瑞幸，甚至海底捞都开始摆摊卖串串之时，有一个领域却如狂风暴雨中的稳舟， 任凭风云变幻，它自闲庭信步，那便是在这个时代逆袭的享老行业。 在日本，随着人口老龄化的加剧，尤其是在经济发展面临诸多挑战的阶段，养老经济却呈现出爆发式增长。曾经，日本经济在经历一系列波动后，许多传统 行业发展受阻。制造业订单减少，企业扩张受限；零售业因消费市场萎缩，门店纷纷关闭；就连旅游业也因国内外各种因素，游客数量大幅下滑。然而，养 老行业却在此期间异军突起。 消费降级浪潮中的"逆行者"：享老行业为何坚挺 各类养老服务机构如雨后春笋般涌现，养老相关产品的销售额也持续攀升。以老年护理服务为例，专业护理人员的需求不断增加，护理培训学校的报名人数 激增。老年公寓的建设更是供不应求，从基础型到高端豪华型，各种档次的老年公寓都吸引了大量老年群体。而且，与养老相关的康复器材、保健食品等市 场也异常火爆。这一现象揭示出一个经济规律：当整体经济面临困境时，养老作为关乎民生基本需求与精神慰藉的领域，反而更容易获得发展契机。人们意 识到，在不确定性增加的经济环境中，为老年生活提供稳定、高质量 ...

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]