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Human Health Announces 2024 Annual Results

Optimised Operational Effectiveness and Efficiency

(Hong Kong, 25 September 2024) – Human Health Holdings Limited (“Human Health” or the “Company”, together with its subsidiaries, the “Group”; stock code: 1419), a leading private integrated healthcare service provider in Hong Kong, announces its consolidated results for the year ended 30 June 2024 (“FY2024”).
FY2024 was the first full financial year for the post-pandemic period. During FY2024, the anticipated U-shaped economic recovery had not occurred but a cautiously wait-and-see attitude spread across most commercial sectors. In response to such a uncertain market, the Group displayed sturdy resilience and adaptability in a challenging business environment. While facing various headwinds, the Group has made significant strides in upgrading its operational effectiveness and efficiency.

The Group’s revenue for FY2024 was approximately HK$590.8 million, representing a decrease of approximately 41.0% as compared with that for FY2023. The decrease was mainly due to the decrease in revenue generated from COVID-19 related preventive, testing, vaccination and outreach services of approximately HK$509.0 million. After the exclusion of revenue generated from such services, the Group’s revenue increased by approximately 19.9% as compared with that for FY2023. Both general practice segment (after exclusion of the revenue generated from pandemic related services) as well as the specialties segment demonstrated growth in term of revenue, reflecting the Group’s ability to meet medical needs and capitalise on market opportunities.

The Group’s profit attributable to owners of the Company for FY2024 was approximately HK$24.2 million, representing a decrease of approximately HK$156.6 million or 86.6% as compared with that for FY2023. After the exclusion of non-recurring impairments of non-financial assets and property, plant and equipment, the Group’s profit attributable to owners of the Company was approximately HK$38.1 million, representing a decrease of approximately $204.5 million or 84.3% as compared with that for FY2023.

Mr. Chan Kin Ping, BBS, JP said, “Throughout FY2024, the Group focused on optimising operational effectiveness and efficiency by implementing cost management measures and streamlined processes to maintain a solid financial position. Investments in upgrading its IT infrastructure and digital capabilities enhanced operational efficiency and improved the overall customer experience, which positioned the Group well to adapt to evolving customer expectations and leverage technology for better healthcare delivery. Meanwhile, collaboration and strategic partnerships contributed to the Group’s continuous success. Through further fostering strong relationships with the Hong Kong Government and other partners, the Group succeeded in expanding its market reach and leveraging growth opportunities.”

Strong Tenacity in General Practice Segment
The Group’s general practice segment demonstrated concrete growth and improvement in various key aspects such as revenue stream, service quality, customer base, and market opportunity capturing capability. This positive trajectory reflects the Group’s ability to effectively address the evolving healthcare needs of patients in a challenging environment. Notably, the number of patient visits for general practice services recorded an increase of approximately 20.6% for FY2024 as compared to FY2023, showcasing the segment’s resilience in catering to prevalent healthcare concerns.

Besdies, the Group continued to expand its medical centre network, reinforcing its position as an integrated medical service platform. FY2024 saw the successful establishment of two new medical centres, strategically located in Lam Tin and Ngau Tau Kok. The additions further extended the Group’s reach and accessibility, enabling a broader patient population to benefit from its comprehensive healthcare services.

Strategic Expansion in Specialties and Dental Segments
During FY2024, the Group’s specialties services experienced steady growth, while the dental segment maintained stability despite the challenge from other dental service providers in Greater Bay Area. The Group witnessed an increased in awareness of medical, healthcare, and dental services in the post pandemic era and thus had expanded its teams and enhanced facilities to deliver comprehensive and personalised care to its patients.

During FY2024, with the POLYEYE eye care centre officially commenced business, as an addition to its comprehensive healthcare offerings, the Group strategically expanded its eye healthcare services at its onestop healthcare centre Healthy Square H2, by introducing ophthalmology services as a core revenue driver within the specialties segment, to address eye conditions such as Cataract, Dry Eye Syndrome, Macular Diseases and Retinal Diseases as well as Vision Correction services such as SMILE and SMILE PRO vision correction, LASIK, Implantable Collamer Lens and Presbyopia. During FY2024, a new dental centre under the name of POLYDENTAL officially commenced business at Healthy Square H2. By prioritising excellence in dental care and embracing innovation, the Group aimed to further strengthen its position in the dental services market and meet the evolving needs of its patients.

Thriving Developments in Rehabilitation Services

During FY2024, the Group’s rehabilitation services continued to exhibit thriving growth and strategic developments. With the expansion of the “Pilot Rehabilitation Programme for Employees Injured at Work” launched by the Labour Department of Hong Kong, the Group embraced the opportunity to support a broader range of industries not only the construction industry but also the catering and hotel industry, as well as the transportation and logistics industry.

Leveraging a strategic partnership with CUHK Medical Centre Limited, the Group excelled in providing professional rehabilitation and case management services to injured employees covered by the Pilot Rehabilitation Programme. This collaboration not only streamlined the Group’s service offerings but also ensured the delivery of personalised rehabilitation solutions tailored to each individual’s needs.

In addition, as part of its corporate social responsibility, the Group remains fully dedicated to cooperating with the Hong Kong Government and actively engaging in various public-private partnership programmes. Through these partnerships, the Group aims to facilitate the sustainability of the healthcare system while continuously providing reliable medical services to the public. Embracing its role as a responsible healthcare provider, the Group remains steadfast in its commitment to delivering exceptional care and making a lasting difference in the lives of individuals in need.

Optimisation of Stakeholders Engagement and Formation of Medical and Wellness Ecosystem

Leveraging on the effective strategy of establishing collaboration with partners who share similar vision and values and establishment of a mega health hub, Healthy Square H2 located at Star House in Tsim Sha Tsui, as a premier destination for comprehensive health-care services, the Group managed to provide Hong Kong citizens with diversified and comprehensive professional medical and wellness services during the past year.

Regarding the B2B collaborations, the strategic partnership with UMP Healthcare Holdings Limited (“UMP Healthcare”) has shown promising progress through the investment in ProCare Integrated Medical Imaging and Laboratory Centre in Tsim Sha Tsui, which offers integrated imaging and laboratory services. By leveraging the resources, networks, and professional expertise of both entities, this collaboration has reinforced the Group’s business operations and bolstered its presence in the healthcare industry. In addition, the Group made a strategic investment in BioMed Technology Holdings Limited (“BioMed”) to focus on the development of gut microbiome technology based on precision medicine. The collaboration between the Group and BioMed has progressed well, with joint efforts in co-brand marketing and promotion of gut microbiome products.

The collaborations and partnerships with UMP Healthcare and BioMed, along with the establishment of the mega health hub Healthy Square H2, position the Group for sustainable growth and solidify its leading posture in the formation of a medical and wellness ecosystem. By continuously updating and advancing its offerings, the Group targets to capitalise on the benefits and synergies generated through these strategic alliances, driving value for its stakeholders, strengthening the diversion of customers by different means and multifold channels and contributing to the overall development of the healthcare sector.

Outlook for FY2025
Stepping into FY2025, notwithstanding the existing economic uncertainties, coupled with the evolving customer needs, the Group has outlined a strategic plan to further enhance its healthcare services and expand its offerings in a prudent way. The key focus areas for the upcoming year include the expansion of network by establishment of new medical centres or strategic acquisition, provision of a more comprehensive range of eye care services, the improvement of the efficiency and utilisation rate of the day procedure centre, and the engagement of more professionals for the specialties services.

Overall, the Group’s business outlook for FY2025 reflects its commitment to continuousimprovement, customer-centered approach, and the delivery of comprehensive healthcare solutions. The Group is poised to further enhance its position as a premier destination for exceptional and personalised healthcare experiences as well as to deliver sustainable value to its stakeholders.

About Human Health Holdings Limited
Human Health, listed on the Main Board of the Hong Kong Stock Exchange (Stock Code: 1419), is one of the largest medical groups in Hong Kong. Having been serving the community since 1997, the Group operates almost 60 medical centres, with more than 800 professional team members and staff. With an aim to ”Elevate Your Health Values, Elevate Your Life", Human Health provides comprehensive medical services network including general practice services, specialties, dental, eye care services, physiotherapy, diagnostics & imaging, day procedure and endoscopy, medical aesthetics, Chinese medicine, outreach, rehabilitation and case management, wellness and retail services to provide professional and person-centered care medical and wellness services in Hong Kong.

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