Perfect Medical Health Management (1830) H2 2025 earnings summary

Executive summary

• Revenue declined 19.1% year-over-year to HK$1,127.9 million, with profit attributable to equity holders down 34.5% to HK$206.9 million amid economic weakness and subdued consumer sentiment.

• The Group maintained a high net profit margin of 18.3% and a 100.6% dividend payout ratio, distributing HK16.6 cents per share for the year.

• Cost optimization included a 13.3% reduction in employee benefit expenses and a 12.1% decrease in marketing expenses, with headcount reduced by 302.

• The Group focused on high value-for-money Korean medical beauty services and strengthened its membership loyalty program to stimulate sales.

Financial highlights

• EBITDA fell 30.8% to HK$319.1 million, with an EBITDA margin of 28.3%.

• Operating profit dropped 34.2% to HK$251.6 million, and net profit margin was 18.3%.

• Basic earnings per share were HK16.5 cents, down from HK25.1 cents the previous year.

• Cash and bank balances stood at HK$394.6 million, with no external bank borrowings.

• Net cash from operating activities was HK$332.9 million.

Outlook and guidance

• The Group anticipates continued economic volatility in FY2026, with geopolitical risks and changing consumer behavior posing ongoing challenges.

• Plans include optimizing high value-for-money services in Hong Kong, cautious expansion in Mainland China, and operational efficiency improvements in Australia and Singapore.

• Strategic partnerships, such as with Korean brand "Oracle," and M&A in Shenzhen are expected to drive future growth.