On March 26, Ge Longhui | Huayi Tencent Entertainment (00419.HK) announced that for the year ended December 31, 2023, Medicinuo's revenue increased sharply by 56% to about HK$944 million, accounting for 70% of the Group's revenue (2022:38%). The number of contracted pharmaceutical companies and registered doctors continued to increase, reaching 245 and 40,070 respectively, an increase of 53% and 55% over the end of 2022. All registered physicians have registered with their real names, uploaded qualification materials, and passed the review.
Medical Intelligence and Katke Health both reduced their losses by about half during the year. Coupled with the Entertainment and Media Division turning losses into profits during the year, the Group's annual loss narrowed sharply to HK$125 million, a decrease of more than 60% over the previous year.
In addition to continuing to expand its core business, the Group is also actively expanding financing channels, laying an important foundation for future development. In March 2024, the Group signed a HK$120 million convertible bond subscription agreement with Hongyi Investment. Proceeds from the capital increase will be used as the Group's working capital to support the development of its core business. Hongyi Investment is a leading domestic investment management group, with a total management capital of over RMB 120 billion. Its investments cover digital technology, cultural technology, and consumer services.
Looking forward to the future, Medicinuo will continue to expand its existing business, accelerate the application of artificial intelligence technology, and enhance the value and quality of customer production. At the same time, Medicinuo will continue to strengthen core barriers and carry out the following important tasks: establish doctors' review and certification channels and standards to ensure the reliability and professionalism of doctors' qualifications; establish a comprehensive service evaluation system covering doctors and operators, doctors and patients, and physicians to ensure the high quality and customer satisfaction of medical services; establish a digital operation service standard system covering prices, content standards (digital assets) and compliance procedures to provide standardized and efficient operating services; cooperate with universities to apply for the establishment of the Medical Intelligence Research Institute and take the lead in applying for the establishment of a joint construction of China Medical village public welfare organization to promote the development of medical research and social welfare undertakings.