Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 413,713 thousand, a decrease of 21.9% compared to RMB 529,779 thousand for the same period in 2023[1]. - Gross profit for the same period was RMB 159,659 thousand, down 15.4% from RMB 188,631 thousand, with a significant drop in net profit attributable to shareholders of 91.1%, from RMB 42,979 thousand to RMB 3,836 thousand[1][4]. - EBITDA decreased by 26.5% to RMB 114,132 thousand from RMB 155,321 thousand year-on-year, while adjusted EBITDA fell by 10.9% to RMB 149,058 thousand from RMB 167,309 thousand[1][5]. - The company reported a significant decrease in operating profit, which fell to RMB 15,378 thousand from RMB 73,079 thousand year-on-year[4]. - The adjusted net profit for the period was RMB 35,888 thousand, down 39.5% from RMB 59,280 thousand in the previous year[1][5]. - The company reported a profit of RMB 3,836 thousand for the six months ended June 30, 2024, compared to a loss of RMB 447,843 thousand in the previous period[10]. - Profit for the period decreased by 97.9% from approximately RMB 47.3 million for the six months ended June 30, 2023, to approximately RMB 1.0 million for the six months ended June 30, 2024, primarily due to macroeconomic slowdown and listing-related expenses[48]. - Adjusted net profit decreased by 39.5% from approximately RMB 59.3 million for the six months ended June 30, 2023, to approximately RMB 35.9 million for the six months ended June 30, 2024[49]. Capital and Assets - Total assets increased to RMB 2,178,977 thousand as of June 30, 2024, up from RMB 1,878,658 thousand as of December 31, 2023, representing a growth of approximately 16%[6]. - Current assets rose to RMB 821,573 thousand, compared to RMB 620,479 thousand at the end of 2023, marking an increase of about 32%[6]. - Total equity attributable to owners increased to RMB 1,524,316 thousand, up from RMB 1,292,627 thousand, reflecting a growth of approximately 18%[6]. - Cash and cash equivalents increased to RMB 305,535 thousand from RMB 188,835 thousand, representing a growth of approximately 62%[6]. - Total liabilities increased to RMB 615,873 thousand from RMB 543,544 thousand, reflecting a growth of approximately 13%[8]. - Non-current liabilities totaled RMB 242,420 thousand, an increase from RMB 227,360 thousand, indicating a rise of about 7%[8]. - Total borrowings as of June 30, 2024, amounted to approximately RMB 265.4 million, an increase from RMB 210.0 million as of December 31, 2023, with a debt-to-equity ratio of 17.0%[56]. IPO and Fund Utilization - The company successfully listed its H shares on the Hong Kong Stock Exchange on June 7, 2024, raising approximately HKD 183.48 million[3]. - The company completed its IPO on June 7, 2024, on the Hong Kong Stock Exchange, enhancing its capital base[11]. - The net proceeds from the global offering will be utilized in accordance with the plans disclosed in the prospectus[74]. - The company plans to utilize 50.0% of the net proceeds for expanding its medical imaging center network, amounting to HKD 91.73 million, with HKD 26.70 million already used and HKD 65.03 million remaining[75]. - 20.0% of the net proceeds, equating to HKD 36.70 million, will be allocated for seeking strategic partnerships and acquisitions in the medical imaging sector, with HKD 8.62 million already utilized and HKD 28.08 million remaining[75]. - Another 20.0% of the net proceeds, also HKD 36.70 million, is designated for expanding business into overseas markets with high growth potential, with HKD 2.15 million already used and HKD 34.55 million remaining[75]. - The company will allocate 10.0% of the net proceeds, totaling HKD 18.35 million, for working capital and general corporate purposes, with no amount utilized yet[75]. - The total net proceeds amount to HKD 183.48 million, with HKD 37.48 million already used and HKD 146.00 million remaining, expected to be fully utilized by December 31, 2025[75]. Operational Developments - During the reporting period, the company expanded its medical imaging center network by developing 12 new projects and operationalizing 9 centers, bringing the total to 105 centers across 17 provinces[3]. - The company established a standardized medical imaging examination project naming and coding standard, which was officially implemented on March 1, 2024, to enhance data standardization and service quality[3]. - The company continues to focus on expanding its market presence and enhancing service capabilities in response to government initiatives aimed at improving grassroots healthcare[2]. - The company aims to expand its medical imaging center network and enhance its imaging solution services to solidify its industry leadership[64]. - The company plans to strategically invest in regions with unbalanced medical resources to establish or acquire regional shared imaging centers[64]. - The company has established flagship and regional shared imaging centers to enhance the quality of imaging diagnostic services in grassroots medical institutions[71]. - The company is focused on developing specialized clinics for specific diseases, such as cardiovascular and epilepsy clinics, to better serve local patient needs[66]. Revenue Streams - The flagship imaging center service generated revenue of RMB 60,424 thousand, down 17.9% from RMB 73,607 thousand in the previous year[19]. - Revenue from imaging center services was approximately RMB 319.0 million, a year-on-year decrease of 5.9% compared to RMB 339.0 million for the six months ended June 30, 2023, but a quarter-on-quarter increase of RMB 19.9 million or 6.7% compared to RMB 299.0 million in the second half of 2023[33]. - Revenue from imaging solution services was approximately RMB 85.2 million, a year-on-year decrease of 54.3% compared to RMB 186.5 million for the six months ended June 30, 2023[35]. - Revenue from the Yimai Cloud service reached approximately RMB 9.6 million, representing a 123.3% increase from RMB 4.3 million for the six months ended June 30, 2023[36]. - Revenue from imaging center services was RMB 318.9 million, showing relative stability despite external pressures[40]. - The decline in revenue from imaging solution services was primarily due to a slowdown in procurement demand from medical institutions[40]. - The overall demand for imaging solution services remains relatively stable despite regulatory pressures in the healthcare industry[40]. Expenses and Costs - Employee benefit expenses for the six months ended June 30, 2024, were RMB 100,487 thousand, up 7.8% from RMB 93,385 thousand in the same period last year[21]. - Depreciation of property, plant, and equipment increased to RMB 79,424 thousand from RMB 73,543 thousand, reflecting a rise of 7.8%[21]. - Selling expenses decreased by 4.3% from approximately RMB 34.5 million for the six months ended June 30, 2023, to approximately RMB 33.0 million for the six months ended June 30, 2024, mainly due to reduced offline marketing activities[43]. - Administrative expenses increased by 37.0% from approximately RMB 81.1 million for the six months ended June 30, 2023, to approximately RMB 111.1 million for the six months ended June 30, 2024, primarily due to increased listing expenses as the global offering progressed[44]. - R&D expenses decreased by 3.4% from approximately RMB 5.9 million for the six months ended June 30, 2023, to approximately RMB 5.7 million for the six months ended June 30, 2024, due to cost control on travel expenses for R&D personnel[45]. - Net financial costs decreased by 7.5% from approximately RMB 10.7 million for the six months ended June 30, 2023, to approximately RMB 9.9 million for the six months ended June 30, 2024, mainly due to a reduction in the weighted average balance of bank loans and finance leases[46]. Compliance and Governance - The company has adhered to all applicable corporate governance codes since its listing date until June 30, 2024[76]. - The audit committee, consisting of three members, has reviewed the unaudited interim financial information for the six months ending June 30, 2024, confirming compliance with applicable accounting standards[78]. - The company has confirmed compliance with the standard code for securities transactions by directors and supervisors since its listing date until June 30, 2024[77]. - No interim dividend has been recommended for the reporting period[79]. - There have been no significant post-reporting period events up to the announcement date[78].
一脉阳光(02522) - 2024 - 中期业绩