On behalf of the board (the “Board”) of directors (the “Directors”) of Perfect Medical Health Management Limited (the “Company”) together with its subsidiaries (the “Group”), I hereby present the annual results of the Group for the financial year ended 31 March 2024 (the “Year” or “FY2023/24”) together with the comparative figures for the financial year ended 31 March 2023 (“FY2022/23”).

In this year, we are pleased to present a set of sustainable performance once again, demonstrating our prudent yet growth-oriented approach throughout the last two decades. Amid the challenges posed by the post-pandemic period, the Group was able to achieve a sustained enhancement in its revenue performance, reaching HK$1,393.3 million for the year. Excluding the one-off government subsidies related to employment support scheme in the last fiscal year, the Company’s profit attributable to equity holders increased by 6.8% to HK$315.8 million, representing net profit margin of 22.7% this year. As one of the largest aesthetic medical service providers in Hong Kong, the Group now operates a total globally gross service area of 304,000 square feet as of March 2024.

ADAPTING TO A SHIFTING MARKET LANDSCAPE

The Group’s sustainable and adaptable approach has empowered to navigate challenging times with resilience. As the prolonged pandemic gradually fades, the global economy, particularly in Hong Kong and Mainland China, has now entered a new era of redevelopment, with both regions demonstrating a gradual return to normalcy. Despite this gradual return to normalcy, which has bolstered consumer confidence and spending, there are still various uncertainties that require prudent observation. In this context, the Group will continue to maintain a cautiously optimistic attitude, adhering to a steady development path as the foundation to create sustained value for shareholders and customers. Leveraging its strong market position, innovative service offerings, and disciplined execution, the Group is well-positioned for continued success. Investors and customers can be confident in the Group’s ability to capitalise on emerging opportunities as well as deliver sustainable and profitable growth in the years ahead.

STRATEGIC GROWTH IN KEY MARKETS

In light of these favorable economic conditions, we have strategically expanded our presence in the core markets in Hong Kong and Mainland China. Building upon our established foundation in aesthetic medical services, we have successfully opened eleven new shops in Hong Kong, including two flagship shops and nine residential shops. This strategy has allowed us to enhance our store coverage and increases market share, positioning us well for future growth. Furthermore, we have intensified our presence in Mainland China by reallocating our coverage in renowned areas within the Greater Bay Area and Eastern China region, significantly increasing our footprint and influence in these key markets.

COLLABORATION WITH A RENOWNED JAPANESE BRAND IN GREATER CHINA

We are proud to highlight a notable achievement from the past year — the establishment of our first joint venture in the Greater China region with the esteemed Japanese luxury brand, “Goku Spa” in January 2024. This collaboration has enabled us to introduce innovative sleep therapy treatments, addressing common urban discomforts such as stress and inadequate rest. The success of this venture not only fills gaps in our non-aesthetic health services but also opens up cross-selling opportunities, leveraging our scale advantage in the region.

ADVANCING SHOP EFFICIENCY AND OPERATIONAL EXCELLENCE

Our dedication to operational excellence continues to be a cornerstone of our strategy. This year, we have honed our business model by implementing a “Dual-Circulation” shop expansion strategy, encompassing both flagship and residential shops. This method has significantly boosted sales efficiency, heightened customer retention, and enhanced overall profitability as well as utilisation of our shops. By merging aesthetic and non-aesthetic medical services, we have crafted a comprehensive one-stop solution that effectively caters to the diverse needs of our customers.

LEVERAGING DIGITAL TRANSFORMATION THROUGH AI TECHNOLOGY

In line with current industry trends towards digital transformation, we have made substantial advancements in our digital capabilities. We increased our investments to use AI technology to accurately implement the marketing strategy. These initiatives have not only elevated our brand visibility but also expanded our customer base, ensuring a smooth and integrated customer experience across all digital platforms.

COMMITMENT TO OUR WORKFORCE

We recognize the critical role our employees play in our success, and we remain committed to their comprehensive development. We have continued to invest in extensive training programs and incentive schemes to boost employee satisfaction and productivity. Our workforce is integral to our progress, propelling the Group towards the realisation of our strategic objectives.

APPRECIATION

On behalf of the Board, I would like to express my deepest gratitude to members of our management team and all employees for their unwavering dedication and contributions throughout the year. I also extend my heartfelt thanks to our customers, business partners, and Shareholders for their continuous support and trust. Together, we will continue to navigate the dynamic market environment, seizing opportunities for sustainable growth and creating long-term value.

Chairman’s Statement

Looking ahead, we remain committed to our strategic initiatives, focusing on expanding our geographical presence, enhancing operational efficiency, and fostering innovation. With a robust foundation and a clear vision, Perfect Medical is well-positioned to lead the industry, bringing health, beauty, and wellness to our customers.