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Public company info - Golden Meditech Holdings Ltd. , 00801.HK

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Golden Meditech Holdings Ltd., 00801.HK - Company Profile
Chairman FENG Wen
Share Issued (share) 2,917,000,000
Par Currency Hong Kong Dollar
Par Value 0.2
Industry Medical Equipment & Services
Corporate Profile Business Summary: The Group is principally engaged in five main operating segments including (i) the development, manufacture and sale of medical devices and related medical accessories; (ii) the provision of hospital management service and hospital operation; (iii) the provision of medical insurance administration service; (iv) the research and development, manufacture and sale of Chinese herbal medicines; and (v) the provision of cells and tissues storage and genetic testing services. Performance for the year: During the Year, the Group recorded revenue of HK$307,141,000, representing a decrease of 2.7% year-on-year. Loss attributable to equity shareholders of the Company was HK$261,364,000 for the Year. Business Review: (a) Business Performance and Future Developments The Group’s business performance, analysis of major financial performance indicators and discussion on future developments are set out in the section headed “Management Discussion and Analysis”. Such discussion forms a part of this annual report. (b) Principal Risks and Uncertainties The Group has identified the principal risks and uncertainties in the industries in which the Group operates. These risks and uncertainties may affect the performance and operations of the Group. The key risks include but not limited to: 1. Industry policies and regulations Medical device and healthcare service industries are governed by various local, regional and national regulatory regimes, including permits, licencing and certification requirements, operating and safety standards, as well as environmental protection regulations. The Group is required to obtain and maintain different licences, approvals and permits, include, without limitation, medical device manufacturing permit, and practicing licence for a medical institution. If the Groupcannot renew such licences and certificates in time, the Group’s ability to conduct its business could be materially impaired. The Group monitors closely the changes in policies and regulatory developments and, where necessary, adjust its business strategies as well as obtain expert legal advice to ensure compliance with the regulations. 2. Brand and Reputation The Group’s image may be adversely affected by negative publicity as physicians or other medical staff working in the Group may from time to time be subject to complaints, allegations or legal actions regarding the medical disputes. Failure to maintain and enhance its reputation may harm the business, results of operations and financial condition of the Group. The Group has developed a set of standard operation procedures at each of the medical institutions so as to minimise the chance of medical negligence. Additionally, the Group also has the customer service department to accept, analyse, follow up and resolve customer complaints on timely basis. 3. Reliance on Talents Each and every day the Group’s professional team plays a leading role in helping its customers access to high quality healthcare services and stable doctor-patient relationship. If the Group is unable to attract, train and retain a sufficient number of qualified physicians, management staff and other hospital personnel (particularly hematology, obstetrics and gynecologic specialists), its hospital operations could be materially and adversely affected. The professional team is one of the Group’s valuable resources and the Group retains talented employees and attracts quality new talents to join the professional team through its reputation, competitive compensation package, safe working environment and attractive career advancement and training. (b) Principal Risks and Uncertainties (continued) 4. Regional economies The hospital management business operated by the Group is affected by regional economic factors. Currently, the Group only operates hospital management business in Beijing and Shanghai regions, as a result, the geographical regions of its business are relatively concentrated. Therefore, revenue will be affected by factors such as changes in patient preferences, disposable income level and local economic conditions. Responding to the fast-changing regional economy, the Group actively looks for diversification opportunities in other regions as part of its risk mitigation strategy. 5. Cooperation relationships with third parties The Group establishes certain long-term cooperation relationships with third parties, such as people’s hospitals and scientific research institutions, which enable it to enhance the quality of its healthcare services, strengthen its reputation, and grow its business. If the Group fails to maintain cooperation arrangements with these third parties when they expire or if these parties form relationships with its competitors, the Group’s business, reputation and results of operations may be adversely affected. Regular communication and consultation with these stakeholders are in place to ensure the Group maintains good relationship with them. 6. Market competition Competition in the medical devices industry in which the Group operates has been intensifying. If competition further intensifies, prices will fall as a result, and the market share and gross profit margin of the Group’s medical devices business will be affected. The Group monitors and analyses the competition situation and market information to estimate adverse changes in advance and adopts corresponding measures. The Group takes appropriate measures to enhance its branding and maintains steady development of its business. In addition, the Group continues to improve product quality and increase product competitiveness by reducing production costs. 7. Preferential tax treatment Beijing Jingjing Medical Equipment Co., Ltd. (北京京精醫療設備有限公司) (“Jingjing”), a subsidiary of the Company, is a High and New Technology Enterprise (“HNTE”) enjoying a preferential tax rate of 15% which is lower than the standard tax rate of 25% for the calendar years from 2017 to 2019. Jingjing is in the process of renewing its HNTE certificate which, upon approval, will enable it to continue to enjoy the preferential income tax rate of 15% for the calendar years from 2020 to 2022. The Group actively coordinates with various departments in relation to the renewal of HNTE qualification and the management is confident that the Group will continue to enjoy the relevant preferential tax treatment. (c) Key relationship with employees, customers and suppliers The Group’s key relationship with employees, customers and suppliers are set out in the sections headed “Employee Care” and “Operation Management”. Such discussion forms a part of the “Environmental, Social and Governance Report”. (d) Environmental protection policy and performance The Group’s environmental protection policy and performance are set out in the section headed “Environmental Protection”. Such discussion forms a part of the “Environmental, Social and Governance Report”. (e) Compliance with laws and regulations The Group and its activities are subject to requirements under various laws which are set out in the sections headed “Environmental Protection”, “Employee Care” and “Operation Management”. Such discussion forms a part of the “Environmental, Social and Governance Report”. On the listed company level, the Group is also subject to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”), the Codes on Takeovers and Mergers and Share Buy-backs, the Companies Ordinance (Chapter 622 of the Laws of Hong Kong), the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) (“SFO”) and/or the laws, rules and regulations of the jurisdictions where the Group companies are incorporated. The Company seeks to ensure compliance with these requirements through various measures such as internal controls, trainings and oversight of various business units at different levels of the Group. The Group highly values the importance of ensuring compliance with applicable legal and regulatory requirements. To the best of Directors’ knowledge, information and belief, the Group has complied with the relevant laws and regulations which have major impact on the operations of the Group. Prospects: Looking ahead, the Group will promote its industrial upgrade and innovations in the healthcare sector by seizing the opportunities arising from the healthcare industry and keeping abreast with the latest development trend of the industry. The Group will further integrate its resources and strengthen the synergetic effect among various business segments. With respect to healthcare services, the Group will continue to build the predominant disciplines of its hospitals, strive to establish its brand image, and fully tap into the market potential of the premium healthcare services, with an aim to improve its operating results and profitability. At the same time, the Group will fully utilise the longterm competitiveness underpinned by its nationwide sales network to expand the sales channels and sales volume of medical devices. As a leading integrated healthcare enterprise in China, the Group will keep pace with the national healthcare reforms and is committed to offer its patients with the highest quality services and products, while creating sustainable and favourable returns for the shareholders of the Company

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