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Public company info - New Century Healthcare Holding Co. Limited , 01518.HK
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New Century Healthcare Holding Co. Limited, 01518.HK - Company Profile
Chairman Jason ZHOU
Share Issued (share) 490,000,000
Par Currency U.S. Dollar
Par Value 1.0E-4
Industry Medical Equipment & Services
Corporate Profile Business Summary: The group is the leading private pediatric healthcare provider in Beijing, operating three medical institutions under the brand name “New Century Healthcare (新世紀醫療)”. Performance for the year: The Group recorded a revenue of RMB 729.4 million, representing a 18.4% YoY increase. The Group’s gross profit in 2019 amounted to RMB261.3 million, representing a YoY increase of 10.0%. The Group’s gross profit margin decreased slightly from 38.6% in 2018 to 35.8% in 2019. The Group’s loss attributable to the owners of the Company for the year ended December 31, 2019 amounted to RMB26.6 million, as compared to a net profit attributable to the owners of the Company of RMB41.5 million for the year ended December 31, 2018. Business Review： In 2019, the Group adhered to the development strategies established last year and continued to expand its medical institutions network and services coverage, so as to provide high quality medical treatment and health management services in the gynecologic and pediatric specialties for more families in Beijing and Chengdu and the adjacent regions. By adopting a regional tiered medical treatment model, the Group continued to enhance the operation efficiency of the existing medical institutions and the operation capability of the new medical institutions, thereby further strengthening the leading market position of New Century Healthcare brand in the pediatric specialty segment. In addition, leveraging on the brand name and medical resources gained through the Group’s operations over the years, the Group has had further breakthroughs in the obstetrics and gynecologic and pediatric specialties. In 2019, there were 285,106 outpatient visits, representing a 23.0% YoY increase. Among them, pediatric outpatient visits had a 18.5% YoY increase to 234,545 as compared to 198,003 in 2018, and obstetric and gynecologic outpatient visits had a 49.7% YoY increase to 50,561 as compared to 33,783 in 2018. There were also 11,234 inpatient visits, representing a 15.5% YoY increase. Among them, pediatric inpatient visits had a 10.6% YoY increase to 8,183 as compared to 7,401 in 2018. The number of obstetric and gynecologic inpatient visits amounted to 3,051, representing a 31.0% YoY increase as compared to 2,329 in 2018. In 2019, the Group achieved a stable growth of business revenue. The Group recorded a revenue of RMB 729.4 million, representing a 18.4% YoY increase, and the revenue from medical services amounted to RMB686.0 million, representing a 20.6% YoY increase. In particular, revenue from pediatric services and obstetric and gynecologic services recorded a 18.3% YoY increase to RMB551.9 million and a 30.9% YoY increase to RMB134.1 million respectively. The net profit of the Group for the year ended December 31, 2019 amounted to RMB4.5 million, representing a 93.9% YoY decrease. The Group recorded an EBITDA of RMB174.7 million for the year of 2019, representing a 15.9% YoY increase. After eliminating the effects of the New Institutions and other adjusted items, the adjusted EBITDA increased by 21.0% on a YoY basis. Adjusted EBITDA excluded RSA Scheme and exchange gains and losses. The loss attributable to the owners of the Company for the year ended December 31, 2019 amounted to RMB26.6 million, as compared to a net profit attributable to the owners of the Company of RMB41.5 million for the year ended December 31, 2018. This was primarily attributable to (i) the New Institutions are still at the ramp-up stage and have resulted in increased operating costs and expenses of the Group; and (ii) the impact due to early termination of certain leases and the adoption of HKFRS 16 Leases. See note 2.2 of the Notes to the Consolidated Financial Information for details. In 2019, the Group completed the business area adjustment and consolidation of its certain medical institutions in Beijing, so as to provide community medical services more efficiently. Meanwhile, it also completed the acquisition of Beijing Jiarun Yunzhong Health Technology Co., Ltd. and increased its provision of online healthcare services. In response to the Chinese central and local governments’ call for more intelligent healthcare services and digitalization of hospitals, the Group has accelerate review and optimization of the business processes of the Group’s existing different types of medical institutions. Prospects: The cumulative effect from the increased population and the shortage of medical resources continue to drive the growth of demand for pediatric healthcare services. The consumption upgrade of emerging customers and the increased awareness of health management result in a consistently strong demand for high-quality medical services. By 2022, the pediatric healthcare market is expected to reach RMB224 billion in terms of total revenue, with private medical institutions accounting for 6.1%. In particular, the pediatric healthcare market in Beijing is expected to reach RMB21.5 billion, with the proportion of private medical institutions increasing to 14.0%. Over recent years, residents’ awareness of health management is increasing. Meanwhile, the aging population also drives the continuous growth in demand for quality medical resources. To better meet the medical needs of people, the Chinese central and local governments continue to deepen and advance the “Internet + Healthcare” model, launch various policy, guidance and standards for online healthcare services, and incorporate online consultation and treatment into the social insurance system, thereby encouraging and supporting the development of online healthcare sector. For example, the government made it clear that health technology is a strategic area of development for China. It also features heavily in both the 13th Five-Year Plan (2016-2020) and its Healthy China 2030 strategy. In April 2018, the Chinese State Council also issued new guidelines to promote internet-based healthcare, encouraging medical institutions to leverage internet-based technologies to improve the efficiency of medical services. Leveraging on its decade-long experience in healthcare services, the Group intend to grasp the industry opportunities by implementing the following measures: • Accelerating the application of internet clinic and internet hospital licenses for Group’s medical institutions so as to fully promote the provision of internet-based healthcare services. • Promoting digital healthcare services supported by an integrated online and offline membership system by upgrading the Group’s membership system as well as utilizing a combination of internet-based and physical healthcare services. • Optimizing its management organization structure and personnel structure in accordance with the Group’s development strategy.

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