Hong Kong-based company Raytech Holding Limited has pre-announced its financial results for the fiscal year ended March 31, 2024. The company reported a significant increase in revenue, with total sales of approximately HKD67.0 million, representing a growth of 47.1% compared to the previous fiscal year. Sales of personal care electrical appliances, including hairstyling series, trimmer series, eyelash curler, nail care series, and other personal care appliances, reported HKD60.0 million in revenue, a 41.5% year-over-year growth. Sales of tooling also grew by 123.4% to HKD7.0 million. Raytech Holding is expected to report an income from operation of about HKD11.3 million, a 57.9% increase from the previous year, and a net income of HKD9.9 million, a 57.9% increase from the 2023 fiscal year. The CEO and Chairman of the company, CHING Tim Hoi, expressed satisfaction with the strong revenue and profitability growth, attributing it to expanding the customer base and enhancing product offerings. The company remains focused on cost optimization and streamlining operations to improve profitability. The full-year results for the year ended March 31, 2024, will be announced in mid-July. [24e74f36]
In other news, Hong Kong-based medical device company Peijia Medical has announced the publication of its audited financial results for the year ended December 31, 2023. The company reported an operating revenue of RMB441.1 million, representing a 75.9% year-over-year increase. Peijia Medical achieved over 20% market share in the Chinese TAVR (Transcatheter Aortic Valve Replacement) market and expanded its product portfolio. The company's gross profit increased by 84.7% to RMB325.4 million, with a gross profit margin of 73.8%. Peijia Medical resumed trading on the Hong Kong Stock Exchange on June 17, 2024. The company aims to become a world-renowned medical device platform for structural heart and neurovascular diseases. [eaf58887]
In other financial news, Hong Kong-based insurance company AIA Group Limited (1299.HK) has reported a 31% increase in the value of new business (VONB) for the first quarter of 2024, reaching $1.3 billion. The VONB margin also improved to 54.2%. AIA China saw a 38% growth in VONB, while AIA Hong Kong recorded a 43% increase. Despite the suspension of new business from a broker under investigation, AIA Group remains confident and has announced a new $2 billion share buyback initiative as part of a larger $12 billion program. The company aims to maintain a shareholder capital ratio comfortably above 200% and has introduced underlying free surplus generation as a new metric in incentive programs. AIA Group is optimistic about its business in Mainland China and expects long-term growth in Hong Kong and Macau. The company also reported strong performance in AIA India, with more detailed information to be provided in the future. [473cdca1]
In other financial news, Hong Kong's TVB reduced its net loss by 5.5% year on year to HK$763 million in 2023. The company attributed the reduction in losses to cost-cutting measures amid a sluggish advertising market. TVB's total revenue, excluding e-commerce businesses, increased by 4% to HK$2.83 billion, driven by revenue growth in Hong Kong TV broadcasting and mainland China operations. However, e-commerce revenue shrank by 44% to HK$486 million due to a weak retail market and shifts in consumer habits. TVB implemented cost-cutting efforts, including layoffs, resulting in a 13% drop in headcount to 3,496 employees. TVB chairman Thomas Hui To expressed cautious optimism for the growth and recovery of the Hong Kong TV broadcasting business segment in 2024. The company expects to achieve positive Ebitda over the whole year of 2024 by optimizing its cost structure and closely monitoring content costs and general and administrative overheads. TVB experienced a strong recovery in its mainland Chinese operations in the second half of 2023 due to co-productions and dramas produced or aired under a deal with platforms Youku and Tencent Video. TVB has faced challenges such as plummeting viewer numbers and advertising revenues, exacerbated by the Covid-19 pandemic and issues stemming from the 2019 anti-government protests. However, TVB may benefit from Alibaba Group's plan to invest at least HK$5 billion in Hong Kong's culture and film industries over the next five years. TVB will continue to work with Youku to produce TV dramas and is set to release dramas such as Forensic Heroes VI: Redemption, Darkside of the Moon, The Queen of Castle, and The Queen of News 2. [108ca242]
China Medical System (CMS) released its 2023 annual results, recording a turnover of RMB8,013 million, a year-on-year decrease of 12.4%. Profit for the year was RMB2,384 million. The implementation of the National Volume Based Procurement (National VBP) affected the sales of three original products, resulting in a temporary decline in overall performance. However, the company's exclusive non-VBP products continued to grow. CMS has expanded its innovative product portfolio to 4 drugs, which have started large-scale clinical application. CMS has deployed approximately 30 innovative products, with 2 products under NDA review and over 10 undergoing clinical trials in China. CMS has reinforced its commercialization platform and promoted the independent operation of its three major business segments. The company has also accelerated international business development through collaborations and acquisitions. CMS announced the adoption of a Share Award Scheme to incentivize employees and accelerate the commercialization process of innovative products. Despite temporary turbulence, CMS is well-prepared for sustained and healthy growth in the future. [6538be6c]
BenQ Hospital has filed to list in Hong Kong, reporting its revenue rose 15% last year to 2.69 billion yuan. The hospital operator has two hospitals, Nanjing BenQ Hospital and Suzhou BenQ Hospital, with a total operating area of about 380,000 square meters and more than 900 doctors. BenQ's revenue has risen steadily over the last three years, from 2.22 billion yuan in 2021 to 2.69 billion yuan last year. The landscape for private hospitals in China is steadily improving, with the market expected to reach 16.2 trillion yuan in 2030. BenQ plans to use the IPO funds to expand and upgrade its existing facilities. However, the company lacks a major growth story beyond its two main hospitals to attract investors in the local stock market. [205631fd]