Aesthetic Medical's 2023 Annual Report Scan

1. Historical ROE Indicator Meaning: ◇ ROE reflects the profitability of a company’s net assets. ◇ According to *The Little Book That Still Beats the Market*: assets with consistently >15% ROE are high-quality assets. ◇ Warren Buffett: companies with consistently >20% ROE are excellent. 2. Historical Debt Ratio Indicator Meaning: ◇ Debt ratio reflects a company’s operating leverage. ◇ Interest-bearing debt ratio strongly correlates with leveraged operations. ◇ A consistently low interest-bearing debt ratio ( 50%) in mature stages indicates that shareholder returns meet expectations. [Part II] Operational Characteristics: Six charts approximating the following metrics—cash flow as a percentage of net profit, gross margin vs. net profit margin, fixed assets as a percentage of net assets, accounts receivable as a percentage of operating revenue, fixed assets as a percentage of operating revenue, and changes in total share capital. 4. Historical Cash Flow as a Percentage of Net Profit Chart Meaning: ◇ When cash flow (actual cash) closely matches net profit (accounting figure), it inspires confidence. ◇ If cash flow persistently falls below net profit, caution is warranted; review the consolidated balance sheet to see whether various receivables are rising. ◇ The ratio shown in the chart remains consistently below 100%, which warrants caution. 5. Historical Comparison of Gross Margin and Net Profit Margin Chart Meaning: ◇ 1 − Gross margin reflects how hard a company works to earn profits. ◇ Generally, companies with gross margins 20% net profit margin merit attention. ◇ Gross profit and net profit differ mainly by taxes and expenses ([three major expenses: selling, general & administrative, and financial expenses] + [R&D expenses]). ◇ The closer gross margin and net profit margin are, the higher the management efficiency, the simpler the business model, and the lower the R&D or marketing expenditures required. 6. Historical Fixed Assets as a Percentage of Net Assets Chart Meaning: ◇ A low proportion of fixed assets relative to net assets indicates a light-asset business model. ◇ For example, many listed liquor companies maintain fixed assets at ~10% of net assets—a classic light-asset model. 7. Historical Accounts Receivable as a Percentage of Operating Revenue Chart Meaning: ◇ Accounts receivable: less is better. ◇ Collectibility of accounts receivable is difficult to assess. ◇ A steadily increasing ratio (as shown below) warrants caution. 8. Historical Fixed Assets as a Percentage of Operating Revenue Chart Meaning: ◇ I prefer companies whose operating revenue grows continuously while fixed assets remain stable. ◇ Minimal fixed asset investment typically yields stronger cash flow. ◇ Companies whose fixed assets keep increasing without corresponding growth in operating revenue generally hold limited investment value. ◇ A rising ratio (as shown below) warrants caution—could the company be engaging in inefficient operations? 9. Historical Total Share Capital Indicator Meaning: ◇ Changes in total share capital usually result from stock dividends/bonus issues (neutral impact), equity offerings, convertible bond issuances, share repurchases, or equity incentive plans. Monitoring share capital changes reveals traces of corporate capital operations. ◇ I prefer companies focused on core operations rather than capital maneuvers.

Summary of Learning on Cash Flow

● Free Cash Flow to the Firm (FCFF) = After-tax Operating Net Income − Change in Net Operating Assets ● Free Cash Flow to the Firm (FCFF) = After-tax Operating Net Income + Depreciation & Amortization − Increase in Working Capital − Capital Expenditure ● Derivation I ● After-tax Operating Net Income (EBIAT, i.e., EBIT after tax) ● After-tax Operating Net Income = EBIT × (1 − Tax Rate) ● Change in Net Operating Assets ● Change in Net Operating Assets = Net Increase in Operating Working Capital + Net Increase in Operating Long-term Assets ● Free Cash Flow to the Firm (FCFF) ● Derivation II ● Free Cash Flow to the Firm (FCFF) = Net Operating Cash Flow − Capital Expenditure ● Net Operating Cash Flow = Gross Operating Cash Flow − Net Increase in Operating Working Capital ● Gross Operating Cash Flow = After-tax Operating Net Income + Depreciation & Amortization ● Capital Expenditure = Net Increase in Operating Long-term Assets + Depreciation & Amortization Meaning: Cash outflows incurred during the period for acquiring operating long-term assets (i.e., payments made). ● Free Cash Flow to the Firm (FCFF) = Cash Flow to Debt Holders + Cash Flow to Equity Holders ● Cash Flow to Debt Holders ● Cash Flow to Debt Holders = After-tax Interest Expense − Change in Net Debt ● Interest Expense = Financial Expenses − Financial Income ● Change in Net Debt = Increase in Financial Liabilities − Increase in Financial Assets ● Cash Flow to Debt Holders = After-tax Interest Expense + Principal Repayments − New Interest-Bearing Borrowings

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