Financial Performance - The company's revenue increased by 1.5% from RMB 1,777.3 million for the year ended December 31, 2023, to RMB 1,804.5 million for the year ended December 31, 2024[2]. - Gross profit rose by 8.7% from RMB 997.2 million in 2023 to RMB 1,084.2 million in 2024, with a gross margin improvement from 56.1% to 60.1%[2]. - Net loss narrowed by 58.6% from RMB 546.7 million in 2023 to RMB 226.6 million in 2024[2]. - The company recorded a loss before interest, tax, depreciation, and amortization of RMB 183.6 million in 2023, turning to a profit of RMB 141.0 million in 2024[2]. - Basic loss per share improved from RMB 1.08 in 2023 to RMB 0.45 in 2024[3]. - The group reported a total comprehensive loss of RMB 226.6 million for the year ended December 31, 2024, compared to RMB 546.7 million in 2023[6]. - The adjusted EBITDA for 2024 was RMB 141.0 million, a significant improvement from an adjusted EBITDA loss of RMB 183.6 million in 2023, reflecting a year-on-year increase of RMB 324.6 million[73]. - Net loss decreased from RMB 546.7 million in 2023 to RMB 226.6 million in 2024, with the net loss margin improving from 30.8% to 12.6%[77]. Assets and Liabilities - Total assets decreased from RMB 2,444.6 million in 2023 to RMB 1,726.2 million in 2024[7]. - Total liabilities decreased from RMB 1,502.3 million in 2023 to RMB 1,012.4 million in 2024[8]. - The company's total debt decreased to RMB 667.1 million as of December 31, 2024, from RMB 1,095.6 million in 2023[85]. - The capital debt ratio as of December 31, 2024, was 7.0%, down from 16.2% in 2023[93]. Revenue Breakdown - Revenue from hair transplant medical services was RMB 1,330,693,000 in 2024, a slight decrease of 1.7% from RMB 1,354,191,000 in 2023[21]. - Revenue from hair transplant medical services accounted for 73.7% of total revenue in 2024, amounting to RMB 1,330.7 million, down from 76.2% in 2023[63]. - Revenue from medical maintenance services increased to RMB 445.8 million in 2024, representing 24.7% of total revenue, up from 21.8% in 2023[63]. - Revenue from medical rehabilitation services increased by 14.8% to RMB 445.8 million in 2024, driven by a 17.0% increase in per capita spending, despite a 1.9% decrease in the number of patients[65]. Operational Efficiency - The company operated 66 hair transplant medical institutions across 63 cities in China as of December 31, 2024, down from 75 institutions in 2023[38]. - The company strategically closed and integrated inefficient stores, enhancing operational efficiency and resource allocation[39]. - Total costs for the year 2024 were RMB 720.3 million, down 7.7% from RMB 780.1 million in 2023, with employee costs decreasing due to store closures and optimization of the medical team structure[67]. - General and administrative expenses decreased to RMB 285.3 million in 2024 from RMB 374.3 million in 2023, attributed to improved management efficiency and organizational restructuring[71]. - Sales and marketing expenses for 2024 were RMB 902.4 million, down from RMB 1,044.4 million in 2023, primarily due to optimized resource allocation and refined marketing strategies[72]. Patient Services - The number of patients receiving hair transplant services was 59,655, with an average spending of RMB 22,306 per patient, reflecting a 16.3% increase in the number of patients using the "Yongxiang" service compared to the previous year[42][43]. - The number of hair transplant patients decreased from 61,071 in 2023 to 59,655 in 2024, while the average spending per patient increased from RMB 22,174 to RMB 22,306[64]. - The company’s medical maintenance service revenue was RMB 445.8 million, representing 24.7% of total revenue, with an average spending of RMB 5,773 per patient, a 17.0% increase from RMB 4,934 in 2023[44][46]. - The repurchase rate for medical maintenance services increased to 28.4% from 23.4% in the previous year[46]. Research and Development - Research and development expenses decreased from RMB 29.3 million in 2023 to RMB 21.3 million in 2024[5]. - The company plans to enhance its one-stop hair treatment capabilities and optimize female department construction to meet the growing demand in the female market[57]. - The company aims to improve operational efficiency and medical service capabilities through digitalization and intelligent applications, targeting a more personalized service experience[60]. - The introduction of new medical care products for early-stage hair loss patients is expected to reduce treatment cycles and enhance customer satisfaction[57]. Digital Transformation and Innovation - The company completed its digital transformation in 2024, focusing on data-driven and intelligent collaboration to enhance operational efficiency and customer experience[53]. - The proprietary chain medical system "He Fan" was fully implemented, achieving a closed-loop management of five key processes, which greatly improved operational efficiency[54]. - The introduction of an AI-driven hair health self-assessment tool significantly improved user conversion rates, showcasing the effectiveness of digital marketing strategies[51]. Corporate Governance - The company has established an audit committee to oversee financial reporting and internal controls[110]. - The audit committee reviewed the consolidated financial statements for the year ended December 31, 2024, ensuring compliance with applicable accounting standards[111]. - The company adheres to the corporate governance code as per the listing rules[114]. - The board of directors includes both executive and independent non-executive members[116]. Shareholder Information - The board has decided not to declare any dividends for the year ended December 31, 2024[4]. - The company did not declare any final dividend for the year ended December 31, 2024[96]. - The company issued 94,424,000 shares at HKD 15.80 each during the global offering, raising a net amount of approximately HKD 1,526.2 million after deducting underwriting fees and expenses[103]. - The board believes that the changes in the use of proceeds will enhance the company's profitability and align with the interests of shareholders[104].
雍禾医疗(02279) - 2024 - 年度业绩