Contents目录 KeyMilestones 主要里程碑 2 FinancialHighlightsandFiveYearSummary 财务摘要及五年概要 4 ECHealthcareAtAGlance 医思健康一览 6 GeographicalCoverage 地域覆盖 7 One-Stop,Multi-BrandEcosystem 一站式多品牌生态系统 8 Chairman’sStatement 主席报告 9 BiographyofDirectorsandSeniorManagement 董事及高级管理人员简历 13 ManagementDiscussionandAnalysis 管理层讨论及分析 20 SustainabilityApproach 可持续发展方针 36 Co-Owners 持股管理人 39 AwardsandRecognitions 奖项及嘉许 46 InvestorRelationsReport 投资者关系报告 48 CorporateGovernanceReport 企业管治报告 51 ReportoftheDirectors 董事会报告 66 IndependentAuditor’sReport 独立核数师报告 95 ConsolidatedStatementofProfitorLoss 综合损益表 102 ConsolidatedStatementofComprehensiveIncome 综合全面收益表 103 ConsolidatedStatementofFinancialPosition 综合财务状况表 104 ConsolidatedStatementofChangesInEquity 综合权益变动表 106 ConsolidatedStatementofCashFlows 综合现金流量表 107 NotestotheFinancialStatements 财务报表附注 110 CorporateInformation 公司资料 262 Definitions 释义 264 ThisAnnualReportisprintedonenvironmentallyfriendlypaper 本年度报告以环保纸张印刷 KeyMilestones 主要里程碑 2023 APR 四月 Acquisitionofmedicalaestheticsequipmentdistributionbusiness 收购医美仪器分销业务 StrategicCollaborationwithJiangxiRimagGroupCo.,Ltd. 与江西一脉阳光集团股份有限公司达成战略合作 2023 MAY 五月 AwardedtwoISOcertifications 荣获两项ISO认证 SignedSustainability-LinkedSyndicatedFacility 订立可持续发展表现挂钩银团贷款 StrategicCollaborationwithKerryLogisticsNetworkLimited 与嘉里物流联网有限公司达成战略合作 2023 NOV 十一月 2023 DEC 十二月 Acquisitionoflaboratoryequipmentdistributionbusiness 收购实验室设备分销业务 KeyMilestones 主要里程碑 MultipleawardsforBestManagementTeaminAsia2023fromInstitutionalInvestor 荣获《机构投资者》2023亚洲区最佳管理团队多个奖项 2023 JUN 六月 2023 OCT 十月 AwardedHERA“HongKongESGReporting2023” 荣获HERA“2023年香港ESG报告大奖” HongKongHeadquartersrelocatedtoQuarryBay,HongKongIsland 香港总部迁至香港岛鲗鱼涌 2024 FEB 二月 FinancialHighlightsandFiveYearSummary 财务摘要及五年概要 Yearended31March 截至三月三十一日止年度 2024 2023 2022 2021 2020(8) 二零二四年 二零二三年 二零二二年 二零二一年 二零二零年(8) HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 Revenue 收入 4,211,034 3,875,377 2,919,500 2,080,403 1,948,501 EBITDA(1) 息税折旧及摊销前之盈利(1) 388,132 430,270 536,364 397,354 460,414 Profitbeforetax 除税前溢利 16,874 136,189 321,411 265,896 360,523 Profitfortheyear 年内溢利 15,695 107,027 270,503 225,593 310,272 Profitattributabletoownersof theCompany 本公司拥有人应占 溢利 (18,947) 69,654 197,501 192,865 286,576 Basicearningspershare(HKcents) 每股基本盈利(港仙) (1.6) 5.9 17.1 18.8 29.1 Asat31March 于三月三十一日 2024 2023 2022 2021 2020(8) 二零二四年 二零二三年 二零二二年 二零二一年 二零二零年(8) HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 Totalassets 资产总值 5,373,054 5,513,330 4,860,608 3,790,481 2,555,269 Totalliabilities 负债总额 2,970,283 3,142,385 2,510,052 2,159,695 1,385,736 Netassets 资产净值 2,402,771 2,370,945 2,350,556 1,630,786 1,169,533 FinancialMetrics 财务指标 EBITDAMargin(2) 息税折旧及摊销前 之盈利率(2) 9.2% 11.1% 18.4% 19.1% 23.6% Netprofitmargin(3) 净溢利率(3) 0.4% 2.8% 9.3% 10.8% 15.9% Currentratio(4) 流动比率(4) 0.92x 0.85x 1.11x 1.07x 0.98x Quickratio(5) 速动比率(5) 0.85x 0.80x 1.04x 1.04x 0.93x Debt/EBITDA 债务╱息税折旧及 摊销前之盈利 2.4x 1.7x 0.4x 1.4x 0.7x Gearingratio 资产负债比率 38.3% 30.3% 10.1% 34.5% 25.9% Returnonequity(6) 股本回报率(6) 0.7% 4.5% 11.5% 13.8% 26.5% Returnonaveragetotalassets(7) 平均总资产回报率(7) 0.6% 2.1% 6.3% 7.1% 12.7% Dividendpershare(HKcents) 每股股息(港仙) 0.5 10.0 14.4 15.9 23.0 FinancialHighlightsandFiveYearSummary 财务摘要及五年概要 Notes: 1.EBITDAequalsearningsbeforeinterests,taxation,depreciation-ownedproperty,plantandequipmentandamortisation.EBITDAisnotastandardmeasureunderHKFRS.TheCompany’smanagementbelievesthatEBITDA,asaproxyofoperatingcashflowgeneratedbytheGroup’sbusinesses,provideinvestorswithusefulsupplementaryinformationtoassesstheperformanceoftheGroup. Yearended31March 截至三月三十一日止年度 2024二零二四年HK$’000千港元 Profitbeforetax 除税前溢利 16,874 Financecosts 财务成本 100,837 Depreciation-ownedproperty,plantandequipment 折旧—自有物业、厂房及设备 177,073 Amortisationofintangibleassets 无形资产摊销 108,921 Less:Bankandotherinterestincome(note6tothefinancialstatements) 减:银行及其他利息收入(财务报表附注6) (15,573) EBITDA 息税折旧及摊销前之盈利 388,132 ThefollowingtablesetsoutthereconciliationoftheEBITDAandprofitbeforetaxfortheperiodsindicated: 2.EBITDAMarginequalsearningsbeforeinterests,taxation,depreciation-ownedproperty,plantandequipmentandamortisationovertotalrevenueofthefinancialyear. 3.Netprofitmarginequalsprofitfortheyeardividedbyrevenueforthesameperiod. 4.Currentratioequalscurrentassetsdividedbycurrentliabilitiesasattheendofthefinancialyear. 5.Quickratioequalscurrentassetslessinventoriesdividedbycurrentliabilitiesasattheendofthefinancialyear. 6.Gearingratioequalstotaldebt(totaldebtreferstotheaggregatesumofbankborrowingsandconvertiblebondsexcludingleaseliabilitiesrelatingtopropertiesleasedforownuse)dividedbytotalequity. 7.Returnonequityequalsprofitfortheyeardividedbytheendingbalanceoftotalequityofthefinancialyear. 8.Returnonaveragetotalassetsequalsprofitfortheyeardividedbythearithmeticmeanofthebeginningandendingbalancesoftotalassetsofthefinancialyear. 9.TheGrouphasinitiallyappliedHKFRS16,Leaseson1April2019usingthemodifiedretrospectiveapproach.Accordingly,thefiguresforeachoftheyearsended31March2018and2019arenotrestatedandt