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Public company info - Harmonicare Medical Holdings Ltd. , 01509.HK
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Harmonicare Medical Holdings Ltd., 01509.HK - Company Profile
Chairman Lin Yuming
Share Issued (share) 758,000,000
Par Currency Hong Kong Dollar
Par Value 0.001
Industry Medical Equipment & Services
Corporate Profile Business Summary: The Group is principally engaged in provision of specialized hospital services, especially in obstetrics and gynecology and supply chain business in the PRC. Performance for the year: Total revenue for the year ended 31 December 2019 amounted to approximately RMB826 million, representing a decrease of 18.6% as compared with that of RMB1,015 million for the year ended 31 December 2018. The net loss attributable to owners of the Company was approximately RMB334 million for the year ended 31 December 2019, as compared with the net loss attributable to owners of the Company of RMB725 million for the year ended 31 December 2018. Basic loss per share for the year ended 31 December 2019 amounted to RMB46.36 cents (2018: basic loss per share of RMB98.18 cents). Business Review: In 2019, affected by the slowdown in economic growth and weakening economic efficiency, the disposable income of residents showed a downward trend. As economic pressure continues to increase and the concept of fertility changes, childbirth preferences of population of the right age continue to weaken. According to data released by the National Bureau of Statistics, the number of newborns in 2019 reached a new low at 14,650,000. In addition, as the number of public and private medical institutions has increased year by year, the pressure of competition in the obstetrics and gynecology industry has further increased. By the end of 2019, the Group established a total of 13 mid to high-end ob-gyn and pediatrics specialty hospitals with 768 beds in 8 tier-1 and tier-2 cities in China, among which the construction of Wuxi HarMoniCare Hospital and Zhengzhou HarMoniCare Hospital has been completed and these two hospitals are currently under acceptance and pending operation. In addition, the Group’s Xiamen HarMoniCare Hospital is still under construction. In 2019, the Group focused on asset optimization, hospital upgrades and cost management. In the year, the number of outpatient services provided by the Group’s hospitals in operation was 556,740, representing a year-on-year decrease of 16.6% over 2018. The number of inpatient hospital services provided was 18,296, representing a year-on-year decrease of 28.7% over last year. Average charge per diagnosis and treatment was RMB1,366.5, representing a year-on-year decrease of 3% over last year. The number of newborns was 7,482, representing a year-on-year decrease of 31.1% over 2018. The Group recorded revenue of RMB826 million, representing a year-on-year decrease of 18.6% over last year; and net loss of RMB425 million, representing a decrease in loss of 46% over the year ended 31 December 2018. The decline in operating results and revenue of the Group in 2019 was mainly due to the following: (i) the decrease in the number of hospitals as the Group disposed of Shenzhen HarMoniCare Gynecology and Paediatrics Hospital, ChongQing Dushi Liren Hospital and Chongqing Wanzhou Hospital in 2019; (ii) Guangzhou Woman Hospital, Fuzhou Modern Hospital and Nantong Hemeijia Hospital, the key hospitals under the Group, were required to be demolished and relocated by the government. The impatient departments of two hospitals in Guangzhou and Fuzhou were no longer able to accept new patients. Nantong Hemeijia Hospital moved to the transitional operation site, and the inpatient department was closed from April 2019 due to area restrictions; and (iii) the Group planned to sell Wuhan Modern Hospital, which have a certain impact on hospital operations and staff stability. Wuxi HarMoniCare Hospital co-established by the Group in 2019 with a gross floor area of approximately 11,500 square meters operated 50 registered beds, and the self-built Zhengzhou HarMoniCare Hospital with a gross floor area of approximately 14,800 square meters operated 150 registered beds. The preparation of these two new hospitals has been completed and the opening has been delayed due to funding issue. The above-ground of the main building of the new Nantong Hemeijia Hospital had topped out and it is expected to start trial operation in 2021. The hospital has a planned gross floor area of approximately 80,000 square meters and 400 beds. It is planned to be built as a tertiary hospital of obstetrics and gynecology with standards of Joint Commission International (“JCI”) as the standards of preparation for construction. Prospects: In recent years, the comprehensive second-child and maternity protection policies implemented by China have failed to effectively promote the growth of the number of newborns. Affected by changes in fertility concepts and increased living costs, the national birth rate decline in the future may continue. However, as customers’ demand for treatment experience continues to escalate, the Group remains optimistic about the mid to high-end medical service market. Although the spread of COVID-19 will have a certain impact on the Group’s performance in the first half of 2020, the Group will continue to embrace challenges with a positive attitude and continuously improve the medical quality and service of the subordinate hospitals, to consolidate brand reputation and differentiated advantages and enhance the Group’s market competitiveness.

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