, the company’s gross margin has been widen from 33% of revenue in 1Q’18 to 36% in 1Q’19. The improved margin was not only attributed by the increase of fixed income from social security revenue and

revenue increase. As a result, gross margin improved to 33% in this quarter from 28% yoy. This improvement was contributed by the increase of social security payment rate and more revenue contribution from

from non-social security patients which generated high margin and the increase of social security payment rate in the first half of year 2018. Moreover, the efficient cost management such as medicine

to 72% in 2Q18. The improved margin was not only attributed by the increase of fixed income from SW revenue and higher revenue per visit of non-SW category but also from the efficient cost control of

from each insurer. Cost of Hospital Operations Cost of hospital operations in 3Q19 increased by 7% yoy slightly below the increase of revenue. As such, gross margin has improved from 31.2% to 31.6%. The

investment of ward renovation and medical equipment while revenue contracted. However, percent of medicine & supplies and doctor’s fee cost to revenue decreased on back of fewer number of SW patients visit

result, gross margin improved from 28% in 9M16 to 30% yoy and from 30% in 3Q16 to 33% yoy. This improvement was not only contributed by the increase of bill amount and social security payment rate but also

more revenue contribution from IPD which generated highest margin comparing to other categories. Moreover, the efficient cost management such as medicine & medical supplies as well as the benefit from

security patients which generated high margin and effect of increase of social security payment rate in 1H’18. Moreover, the efficient cost management such as medicine & medical supplies as well as the

Statement year ended December 31, 2019 Both of return on assets and return on equity of 4Q19 improved yoy. driven by the sustainable profit and higher dividend payout ratio. From the financial risk