Company ProfilePremiumNov 11, 2026

Water Oasis Group Limited

Company Profile Analysis

Ticker: 1161.HK奧思集團有限公司

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Year Founded & Workforce

1998

853 Employees

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Water Oasis Group Limited Overview

Water Oasis Group is a founder-controlled, Hong Kong-centric operator of beauty, spa and medical-aesthetic service centres that has deliberately transformed itself from a skincare-distribution business into a high-gross-margin services platform. In FY2025, treatment services generated 90.3% of HK$981.3 million revenue, and in H1 FY2026 the share rose to 91.8%. Its portfolio spans mass-to-premium price points through the Oasis family (Oasis Beauty, Oasis Spa, Oasis Medical Centre, Oasis Homme, Oasis Hair Spa, Oasis Dental), the self-owned Swiss-origin Glycel brand, phMedic+ (ex-Millistrong) and the traditional-Chinese-medicine brand InMedic launched in May 2025. The model is funded by customer prepayments: contract liabilities reached HK$752.2 million at March 2026 against HK$917.0 million of cash and zero bank debt. With a stagnant Hong Kong consumer, the equity story rests on margin discipline, cash yield and optional consolidation of a fragmenting local industry.

What the company does

Water Oasis operates beauty-service centres and sells skincare products in Hong Kong, Macau and Mainland China. The company describes its principal subsidiaries as engaged in treatment services — beauty salons, spas and medical beauty centres — together with distribution of skincare products in those three territories [IR H1 FY2026, Note 1]. In its FY2025 Annual Report, the company characterises itself as a leading Hong Kong beauty-services provider and beauty-product retailer, founded in 1998 and listed in 2002, which has evolved from a product-led company into a services-led group while retaining a portfolio of self-owned and licensed product brands [AR FY2025, Corporate Profile; paraphrased].

Business model and revenue model

Revenue stream	FY2025 revenue (HKD Mn)	% of FY2025 revenue	H1 FY2026 revenue (HKD Mn)	% of H1 FY2026 revenue	Recognition basis
Provision of treatment services (Service segment)	886.6	90.3	473.6	91.8	Over time, as treatments are delivered [FRA FY2025 Note 3; IR H1 FY2026 Note 5]
Sales of skincare products (Product segment)	94.7	9.7	42.2	8.2	At a point in time [FRA FY2025 Note 3; IR H1 FY2026 Note 5]
Total	981.3	100.0	515.8	100.0	—

Mix characterisation (independent). The model is overwhelmingly a service-delivery business monetised through prepaid treatment packages (customers buy courses of treatments in advance, recorded as contract liabilities and recognised as services are consumed). There is no subscription, licensing or royalty revenue disclosed. The product line is a mix of self-owned brands (Glycel, Eurobeauté, DermaSynergy, O~KO!) and a licensed brand (Erno Laszlo), increasingly sold inside beauty centres and online rather than through standalone retail.

Key economics (derived from FRA FY2025):

Gross margin (revenue less purchases and changes in inventories): 92.8% in FY2025, versus 90.2% in FY2023 and 87.8% in FY2022 — the company itself reports the rise from 87.8% (FY2022) to 90.2% (FY2023) to 91.6% (FY2024) [FRA FY2023; FRA FY2024], and 93.4% in H1 FY2026 [IR H1 FY2026].
The true cost base is people and premises: staff costs were 46.0% of revenue in FY2025; rental expenses 14.5%; bank (card) charges 4.5%; marketing 2.7% [FRA FY2025 MD&A and Note 5; derived].
Prepayment float: contract liabilities of HK$669.2 million (30 Sep 2025) equal roughly 249 days of revenue (derived), giving the group negative working capital and a structurally cash-generative profile.

Value-chain position

Water Oasis sits at the consumer-facing, service-delivery end of the beauty value chain. It does not manufacture devices or (with limited exceptions) formulate products itself; it procures aesthetic devices and injectables from third-party manufacturers (the FY2025 ESG report lists 62 major suppliers: 23 in Hong Kong, 2 in Mainland China, 37 overseas [AR FY2025, ESG]) and converts them into branded treatment experiences delivered by beauticians, therapists, registered doctors (Oasis Medical) and accredited Chinese medicine practitioners (InMedic). Its Glycel products are described as Swiss-developed cellular/anti-ageing formulations acquired in 2010 with worldwide distribution rights [AR FY2025].

Customer types and end-markets

Dimension	Description	Source
Customer type	Individual retail consumers (B2C); predominantly female; male served via Oasis Homme	AR FY2025 Corporate Profile and Corporate Governance Report
Price tiers	High-end (Oasis Spa, Glycel Skinspa), mid-range (Oasis Beauty), mass (product retail/online)	FRA FY2023 Prospects; AR FY2025
Service categories	General facial/body beauty; slimming/body contouring; medical aesthetics (energy devices, injectables); hair/scalp; dental/cosmetic dental; TCM-based beauty (acupuncture-based)	AR FY2025; FRA FY2025
End-markets	Hong Kong (core), Macau, Beijing	FRA FY2025 Note 3
Customer acquisition	Digital/KOL marketing across Facebook and YouTube; celebrity endorsements (e.g., Joey Yung for Oasis Medical; Coffee Lam for Glycel; Mirror members Jeremy and Stanley for Glycel's 40th anniversary)	AR FY2025 CEO's Statement; IR H1 FY2026

Independent characterisation

Water Oasis is best understood as a mature, cash-yielding, local consolidator in a structurally challenged market. Revenue has been flat at HK$976–983 million for three consecutive fiscal years (FY2023–FY2025) [FRAs], yet the company has repeatedly widened core margins by (i) migrating mix from low-margin product retail to high-margin services, (ii) closing ~14 stores in FY2024 and absorbing new concepts (InMedic) into existing premises rather than signing new leases, and (iii) negotiating rents downward in a soft Hong Kong retail property market [FRA FY2025; IR H1 FY2026]. Reported net profit has been volatile because of non-cash items — investment-property revaluation losses (HK$33.0M in FY2024, HK$42.3M in FY2025), a HK$11.4M goodwill impairment on exiting the HABA Mainland distributorship (FY2024), and a HK$33.4M receivable derecognition on settling the Millistrong acquisition dispute (FY2022). Stripping these out, core operating profit has risen steadily. The business model's distinctive risk is that its large cash balance is substantially matched by prepaid customer obligations.

Strategy

Stated strategy themes (paraphrased from AR FY2025, FRA FY2025, IR H1 FY2026)

Quality and premium positioning as a defence against northbound consumption — management argues that professional standards and service reliability differentiate it from cheaper Greater Bay Area alternatives, and sees affluent Mainland visitors to Hong Kong as a potential future market [IR H1 FY2026 Outlook].
Continued mix shift to beauty services, with products repositioned as in-centre/online complements and an entry route into services [FRA FY2025].
Disciplined cost control — rent negotiation, shared-brand premises, lower depreciation, while protecting staff quality [IR H1 FY2026].
Digital and KOL-led marketing — monthly production of professional marketing videos with leading Hong Kong KOLs across social platforms [AR FY2025 CEO's Statement].
Technology-led treatment innovation — management attends international fairs and sometimes procures customised equipment directly from manufacturers [FRA FY2023].
Network optimisation, not expansion — no current plans to open new centres for existing brands; optimum footprint reached [IR H1 FY2026].
M&A optionality — as a cash-rich leader, the group will evaluate acquisitions of exiting smaller players with a rigorous "fit" process [FRA FY2025; IR H1 FY2026].
Prudent dividends and liquidity preservation — stable returns while keeping cash available for acquisitions [IR H1 FY2026].

Initiatives announced in the last 24 months

Initiative	Date	Description	Status / metrics	Source
Exit of HABA Mainland distributorship	Effective 31 Mar 2025	Strategic refocus on Hong Kong	Completed; HK$11.4M goodwill impairment (FY2024); Mainland revenue −49.9% in H1 FY2026	FRA FY2024; IR H1 FY2026
InMedic TCM beauty brand	May 2025	TCM-based treatments, practitioners accredited, partnership with PuraPharm	5 centres, all in existing premises; "performed steadily"	FRA FY2025; IR H1 FY2026
New treatment rollouts	FY2025–H1 FY2026	SKINVIVE, Ultherapy PRIME, SYLFIRM X, Coolfase, Profhilo	Award-winning treatments promoted online	FRA FY2025; IR H1 FY2026
Glycel 40th anniversary programme	FY2025	Pure Collagen capsule launch with Mirror members at Festival Walk	Completed	FRA FY2025
Celebrity campaigns	H1 FY2026	Joey Yung (Oasis Medical), Coffee Lam (Glycel)	Advertising rose to 3.6% of revenue	IR H1 FY2026
Capex step-up	Guided for 2026	"Considerable" increase: store renovations and substantial equipment purchases	H1 FY2026 capex only HK$2.9M (vs HK$4.4M H1 FY2025); capital commitments rose to HK$3.3M	FRA FY2025; IR H1 FY2026
M&A screening	Ongoing	Opportunistic consolidation	No transaction announced as of 17 Oct 2026	IR H1 FY2026
Energy Saving Charter	FY2025	Signed Environment and Ecology Bureau / EMSD charter	Commitments on 24–26°C indoor temperature etc.	AR FY2025 ESG

Medium-term targets / guidance

The company does not publish medium-term financial targets or numerical guidance. Qualitative guidance: increased capex in 2026; prudent dividends; M&A readiness; InMedic as a growth driver [FRA FY2025]. The only quantitative forward-looking disclosure in the past 18 months was the 18 May 2026 positive profit alert (H1 FY2026 profit HK$68–72M).

Products & Services

Service segment — brand-by-brand

Brand	Description & capabilities	Target customer	Launch / latest	Footprint (31 Mar 2026)	Named flagship offerings	Pricing model
Oasis Beauty	Full-service beauty centres combining advanced equipment with Eurobeauté products; facial, body and slimming treatments	Middle-class women	Early 2000s; latest treatments FY2024–FY2025	18 HK centres; 1 Macau Oasis Beauty Store; 3 Beijing centres [IR H1 FY2026]	"Royal Poland" Bio-Rejuvenating series (Jan 2024); "Milan" reshaping therapy (May 2024); Push-Up/Tone-Up/Slim-Up range (Sep 2024); 4D Pump; HI-Frush RF [FRA FY2023; FRA FY2024]	Prepaid treatment packages; not publicly disclosed
Oasis Spa	High-end spa and slimming experiences with world-class machines in luxury surroundings	High-end customers	Early 2000s	3 HK [IR H1 FY2026]	Located e.g. at The Gateway 10/F, Harbour City [FRA FY2022]	—
Oasis Medical Centre	Medical aesthetics under full-time registered doctors and therapists; energy-based devices and injectables	Aesthetic-medicine customers across tiers	Medical beauty business launched under Alan Tam (date not disclosed); Soundwill Plaza flagship Oct 2022	9 HK [IR H1 FY2026]	SYLFIRM X dual-wave RF microneedling; Ultherapy PRIME; SKINVIVE; Profhilo; Coolfase monopolar RF; HIFU Gold; Plasonic Exosome regeneration; AestheFill; SEYO-TDA oxygen infusion [FRA FY2023; FRA FY2024; FRA FY2025; IR H1 FY2026]	—
Oasis Homme	One-stop facial and body treatments for men	Male customers	Early 2000s	2 HK [IR H1 FY2026]	—	—
Oasis Hair Spa	Premium hair-growth and scalp treatments operated inside Oasis Beauty premises	Men and women	2,019	4 HK [IR H1 FY2026]	—	—
Oasis Dental	Dental and cosmetic dental services; JV with an experienced (unnamed) dental group	Existing Oasis customers seeking one-stop service	Apr 2022 (Royal Park Hotel, Shatin)	1 HK [IR H1 FY2026]	—	—
Glycel (Skinspa)	Self-owned brand; Swiss-developed cellular/anti-ageing skincare plus high-end device treatments in spas	Upper-middle to high-end	Brand origin 1985 (40th anniversary in 2025); acquired 2010	14 HK beauty centres; 1 Macau Skinspa [IR H1 FY2026]	GLYCEL PowerFirm (3-mode RF); Youthful Reveal; Cellu M6; i-Yoga series; 6D extra treatments; Pure Collagen capsules (anniversary launch) [FRA FY2023; FRA FY2024; FRA FY2025]	Packages plus product sales
phMedic+ (formerly spa ph+)	Full-range spa services using internationally renowned skincare brands, staffed by qualified therapists	Mid-to-high tier	Acquired with Millistrong, Jun 2021	4 HK [IR H1 FY2026]	—	—
AesMedic Clinic	Medical beauty centre (ex-Millistrong) at World Trade Centre, Causeway Bay	Medical-aesthetic customers	Acquired Jun 2021	1 HK at 30 Sep 2024; not separately listed in FY2025/H1 FY2026 disclosures [FRA FY2024]	—	—
InMedic	TCM-based beauty treatments (e.g., acupuncture-based) delivered by accredited Chinese medicine practitioners; treatments developed with PuraPharm	Customers seeking non-Western aesthetic modalities	May 2025; centres opened May 2025–Jan 2026 inside existing premises	5 HK [IR H1 FY2026]	—	—
Oasis Mom	Treatments tailored to new and expectant mothers	Mothers	—	—	—	—
Oasis Florist	Floristry adjunct service	Lifestyle	—	—	—	—
Oasis Health / Oasis Nail	Smaller Oasis lifestyle services named in FY2024	Lifestyle	—	—	—	—

Product segment — brand-by-brand

Brand	Ownership	Description	Channels (latest)	Notes
Glycel	Self-owned (worldwide rights, acquired 2010)	Swiss-made cellular therapy / anti-ageing skincare; 6D Magic Mask, Pure Collagen	Glycel Skinspas, online [FRA FY2025]	Glycel sold across 14 brand locations in HK and Macau [IR H1 FY2026]
Eurobeauté	Self-owned	Home-care skincare complementing Oasis Beauty salon treatments	Online and within Oasis Beauty; no longer standalone retail [FRA FY2024; FRA FY2025]	Macau outlet opened Nov 2021 [FRA FY2022]
DermaSynergy	Self-owned	Post-medical-treatment dermatological skincare system	Mainly Oasis Medical Centres [AR FY2025]	—
O~KO!	Self-owned (per listing in IR)	Skincare range	—	Named in IR H1 FY2026 only
Erno Laszlo	Licensed/distributed (since Oct 2013)	Premium skincare; Sensitive Collection (SensCalm3 complex)	1 retail store in Hong Kong [IR H1 FY2026]	Store count 4 (FY2022) → 3 (FY2023) → 1 (FY2025)
HABA	Distributed (Japanese brand, via Millistrong from Jun 2021)	Squalane-based skincare and supplements	Mainland wholesale ended 31 Mar 2025; HK stores rationalised	HK$11.4M goodwill impairment FY2024 [FRA FY2024]
H2O+	Former distribution	Marine-based skincare	Ceased PRC/Taiwan (Jan 2012) and Hong Kong (Nov 2022)	Historical
JM Makeup	Former self-owned	Make-up brand launched FY2010	Not currently disclosed	Historical
32°C	Ex-Millistrong shop brand	Retail concept	1 outlet as of FY2023; not disclosed thereafter	Historical

Financial Narrative

All figures HK$ million unless stated; fiscal years end 30 September. Primary sources: FRA FY2022 (FY2021 comparatives), FRA FY2023, FRA FY2024, FRA FY2025; cash-flow data from S&P Global Market Intelligence via StockAnalysis (consistent with company-disclosed capex of HK$51.4M FY2021, HK$90.4M FY2022, HK$29.0M FY2023 [FRA FY2022; FRA FY2023]).

Income statement

Notes: EBIT (reported) derived as PBT + finance costs. Core operating profit derived as EBIT plus goodwill impairment, investment-property fair-value loss and receivable derecognition. EBITDA derived as EBIT + depreciation (property & equipment and right-of-use assets) + amortisation of intangibles (FY2021 1.6; FY2022 3.5; FY2023 0.7; FY2024 0.7; FY2025 0.7 [Note 5 in each FRA]); under HKFRS 16 it includes rent-equivalent right-of-use depreciation (FY2025: HK$100.8M [FRA FY2025 Note 7]), so it overstates cash earnings before rent. FY2023 IP loss was originally included in "other gains or losses" and re-presented in FRA FY2024. Diluted EPS equals basic: no potential ordinary shares. Company-stated FY2025 "underlying net profit" excluding the IP loss: ~HK$123M [AR FY2025].

Margins and growth (%)

Derived from FRAs; company-stated ratios from MD&A of FRA FY2022–FY2025. FY2021 rent ratio not disclosed in the documents reviewed (cell set to 0 for chart compatibility; treat as not disclosed). FY2021 revenue growth versus FY2020 revenue of HK$531.4M [FRA FY2020].

Revenue CAGR: FY2021–FY2025 4-year CAGR 4.3%; FY2022–FY2025 3-year CAGR 5.2% (derived). Essentially all growth was the FY2023 post-COVID reopening step-up; FY2023–FY2025 revenue was flat (+0.5% cumulative).

Balance sheet (as at 30 September)

Source: Statements of financial position in FRA FY2022, FY2023, FY2024, FY2025; totals and net debt derived (negative net debt = net cash). Gearing (mortgage loan / equity) was 1.8% (FY2021), 1.1% (FY2022) and nil thereafter [FRA FY2022; FRA FY2023]. At 31 Mar 2026: cash HK$917.0M; lease liabilities HK$158.1M (current 85.7, non-current 72.3); contract liabilities HK$752.2M; total equity HK$410.2M; working capital -HK$24.9M [IR H1 FY2026].

Cash flow

Source: S&P Global Market Intelligence via StockAnalysis (updated 29 May 2026); dividends paid cross-checked to FRA notes (FY2022 HK$112.3M; FY2023 HK$98.7M; FY2024 HK$71.5M; FY2025 HK$37.4M); no repurchases in FY2021–FY2025 [FRAs, "Purchase, Sale or Redemption" sections]. H1 FY2026: operating cash flow HK$232.5M (H1 FY2025: 213.5); capex HK$2.9M; lease principal HK$48.7M; dividends HK$17.0M [IR H1 FY2026].

Returns, leverage and efficiency ratios

All derived from FRA statements. ROIC on a net-operating-capital basis is not meaningful for FY2024–FY2025 because invested capital (equity + lease debt − cash) is negative (FY2025: 353.9 + 170.2 − 746.5 = −222.4); S&P Global (via StockAnalysis, Oct 2026) reports a trailing ROIC of 19.7% using its own methodology — sources therefore diverge by construction. The conventional cash conversion cycle is misleading for this business: it is computed on a small product COGS base and ignores the prepaid-package float (contract liabilities ≈ 249 days of revenue), which makes the economic cycle strongly negative.

Half-year bridge

Source: IR H1 FY2026. A positive profit alert on 18 May 2026 had guided H1 FY2026 profit of HK$68–72 million [MarketScreener/Reuters summary of company announcement]; the outturn (HK$70.8M) landed mid-range.

Commentary on trends, inflections and drivers

Revenue. FY2021 was a partial-COVID year boosted by the Millistrong acquisition (completed June 2021); FY2022 absorbed 104 days of mandatory beauty-salon closures (vs. 70 days in FY2021) but was offset by a full year of Millistrong [FRA FY2022]. FY2023 delivered the reopening step-up (+16.0%). Since then, revenue has plateaued despite ~14 store closures in FY2024 and the exit from HABA Mainland — i.e., same-store service productivity rose enough to offset shrinking product sales and outlet count. H1 FY2026 (+4.8%) is the first meaningful growth in three years, driven by service revenue (+9.6%) while Mainland revenue halved after HABA ended.

Margins. The single most important inflection is the cost reset of FY2024–FY2025: rental expense fell from 20.5% of revenue (FY2022) to 14.5% (FY2025) and 13.4% (H1 FY2026); depreciation fell as the large FY2022 renovation programme (HK$90.4M capex) became fully depreciated and capex was cut to ~HK$15M a year. These savings were partly reinvested in staff (46.0% of revenue, reflecting commissions on higher service sales and labour-market pressure) and marketing (2.7% → 3.6%). Core operating margin therefore rose from 15.4% (FY2023/FY2024) to 16.9% (FY2025), with H1 FY2026 indicating further improvement.

Below-the-line volatility. Reported profit understates core earnings in FY2022 (Millistrong settlement), FY2024 (HABA goodwill, IP loss) and FY2025 (IP loss of HK$42.3M). Cumulative investment-property write-downs FY2023–H1 FY2026 total HK$81.3M (derived: 1.0 + 33.0 + 42.3 + 5.0), reducing carrying value from HK$227.9M (FY2021) to HK$170.9M (Mar 2026). The effective tax rate has drifted to ~30% because the IP losses and goodwill impairment are not tax-deductible (inferred; not stated by the company).

Balance sheet and cash. Cash more than tripled from HK$234.3M (FY2022) to HK$917.0M (Mar 2026) as operating cash flow doubled and capex and dividends fell. Two drivers dominate operating cash flow: rising contract liabilities (+HK$88.2M in FY2024, +HK$89.3M in FY2025 per S&P) and higher profitability. The rising prepayment balance is a positive demand signal but also an obligation; cash covers contract liabilities 1.22x at March 2026 (derived), up from 0.48x at September 2022.

Dividend policy. Payouts were cut from 14.0 HK cents (FY2023) to 5.5 cents (FY2024) amid profit warnings, then lifted to 6.0 (FY2025) and to an interim of 5.0 (H1 FY2026 vs 3.5). Management frames the policy as "prudent", explicitly to preserve liquidity for acquisitions [FRA FY2025; IR H1 FY2026]. FY2025 cash dividend of HK$40.8M represented only ~14% of post-lease free cash flow (derived).

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Financial Detail

Segment Overview

Segment	Definition	Contents (brands/operations)
Service segment	Provision of treatment services in beauty salons, spas and medical beauty centres	Oasis Beauty, Oasis Spa, Oasis Medical Centre, Oasis Homme, Oasis Hair Spa, Oasis Dental, Glycel Skinspa treatments, phMedic+ (formerly spa ph+), AesMedic Clinic (as last disclosed), InMedic, Oasis Mom, Beijing Oasis Beauty, Macau Oasis Beauty Store
Product segment	Sales of skincare products	Glycel products, Eurobeauté, DermaSynergy, O~KO!, Erno Laszlo (licensed), HABA (distribution — Mainland ended 31 Mar 2025)

Revenue by Segment

Segment	FY2021	FY2022	FY2023	FY2024	FY2025
Service segment revenue (HKD Mn)	704.7	671.8	823.8	853.1	886.6
Product segment revenue (HKD Mn)	125.2	170.1	152.8	130.1	94.7
Total revenue (HKD Mn)	829.9	841.9	976.6	983.2	981.3

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Results by Segment

Segment	FY2021	FY2022	FY2023	FY2024	FY2025
Service segment result (HKD Mn)	257.6	180.3	212.0	219.6	241.7
Product segment result (HKD Mn)	15.8	16.8	17.7	11.9	6.2
Total segment result (HKD Mn)	273.5	197.1	229.8	231.4	247.9
Central administrative costs (HKD Mn)	-76.8	-88.4	-88.2	-96.6	-101.5

Segment Margins & Growth (%) and Revenue by Segment (%)

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Service segment margin on segment revenue (%)	36.6	26.8	25.7	25.7	27.3
Product segment margin on total segment revenue incl. inter-segment (%)	10.9	8.2	9.8	7.8	5.6
Service revenue YoY growth (%)	0	-4.7	22.6	3.6	3.9
Product revenue YoY growth (%)	0	35.9	-10.2	-14.9	-27.2
Service share of revenue (%)	84.9	79.8	84.4	86.8	90.3
Product share of revenue (%)	15.1	20.2	15.6	13.2	9.7

Revenue by Segment and Segment Margins & Growth (%)

Segment	H1 FY2025	H1 FY2026
Service revenue (HKD Mn)	432.3	473.6
Product revenue (HKD Mn)	59.9	42.2
Service segment result (HKD Mn)	118.8	144.3
Product segment result (HKD Mn)	5.4	4.0
Service segment margin (%)	27.5	30.5

Income Statement and Per-Share Data

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue (HKD Mn)	829.9	841.9	976.6	983.2	981.3
Purchases & changes in inventories (HKD Mn)	-64.3	-103.0	-95.7	-83.0	-71.1
Gross profit (HKD Mn)	765.6	738.9	880.9	900.2	910.3
Other income (HKD Mn)	19.8	28.7	10.3	17.1	20.7
Staff costs (HKD Mn)	-305.3	-326.3	-426.9	-448.6	-451.2
Depreciation (HKD Mn)	-133.2	-163.9	-160.6	-155.4	-138.2
Other expenses (HKD Mn)	-130.4	-140.0	-151.9	-161.3	-174.4
Goodwill impairment (HKD Mn)	0	0	0	-11.4	0
Investment property fair-value loss (HKD Mn)	0	0	-1.0	-33.0	-42.3
Derecognition on receivable (HKD Mn)	0	-33.4	0	0	0
Operating profit / EBIT, reported (HKD Mn)	216.4	100.3	149.0	107.0	123.7
Core operating profit excl. non-cash items (HKD Mn)	216.4	133.7	150.0	151.4	166.0
EBITDA, reported (HKD Mn)	351.2	267.7	310.3	263.1	262.6
Finance costs (HKD Mn)	-6.5	-6.7	-9.0	-9.2	-7.9
Profit before tax (HKD Mn)	209.8	93.6	140.0	97.8	115.7
Taxation (HKD Mn)	-39.8	-26.8	-29.7	-29.7	-34.9
Profit for the year (HKD Mn)	170.0	66.9	110.2	68.1	80.9
Profit attributable to owners (HKD Mn)	170.3	67.4	110.3	68.3	81.3
Basic EPS (HK cents)	25.0	9.9	16.2	10.0	11.9
Diluted EPS (HK cents)	25.0	9.9	16.2	10.0	11.9
Dividend per share declared (HK cents)	22.0	7.5	14.0	5.5	6.0

Margin Analysis (%)

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue growth YoY (%)	56.2	1.4	16.0	0.7	-0.2
Gross margin (%)	92.2	87.8	90.2	91.6	92.8
EBIT margin, reported (%)	26.1	11.9	15.3	10.9	12.6
Core operating margin (%)	26.1	15.9	15.4	15.4	16.9
EBITDA margin, reported (%)	42.3	31.8	31.8	26.8	26.8
Net margin (%)	20.5	7.9	11.3	6.9	8.2
Effective tax rate (%)	19.0	28.6	21.2	30.4	30.1
Staff costs / revenue (%)	36.8	38.8	43.7	45.6	46.0
Rental expenses / revenue, company-stated (%)	0	20.5	16.9	16.2	14.5
Advertising / revenue, company-stated (%)	2.2	1.8	1.7	2.1	2.7
Bank charges / revenue (%)	3.5	3.0	3.6	4.3	4.5

Balance Sheet

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Total assets (HKD Mn)	1,358.2	1,261.2	1,222.8	1,246.1	1,431.1
Bank balances and cash (HKD Mn)	369.7	234.3	271.8	485.2	746.5
Bank borrowings — secured mortgage, short-term (HKD Mn)	3.4	3.2	0	0	0
Bank borrowings — secured mortgage, long-term (HKD Mn)	3.2	0	0	0	0
Lease liabilities — current (HKD Mn)	103.9	101.5	104.0	83.8	84.3
Lease liabilities — non-current (HKD Mn)	126.1	184.9	159.2	88.0	85.9
Total debt incl. leases (HKD Mn)	236.6	289.5	263.2	171.8	170.2
Net debt incl. leases (HKD Mn)	-133.1	55.2	-8.6	-313.4	-576.3
Contract liabilities (HKD Mn)	590.5	490.2	491.6	579.9	669.2
Total equity (HKD Mn)	358.8	302.0	312.9	311.6	353.9
Equity attributable to owners (HKD Mn)	352.4	301.1	312.1	311.0	353.6
Goodwill (HKD Mn)	29.7	29.7	29.7	18.2	18.2
Intangible assets (HKD Mn)	79.1	75.4	74.7	74.2	73.5
Investment properties (HKD Mn)	227.9	226.1	225.0	192.0	175.9
Current assets (HKD Mn)	599.4	412.9	426.2	620.1	879.2
Current liabilities (HKD Mn)	851.1	751.2	735.4	830.7	974.1
Working capital (HKD Mn)	-251.7	-338.3	-309.3	-210.7	-94.8

Cash Flow

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow (HKD Mn)	121.8	184.8	280.1	403.0	403.2
Capital expenditure (HKD Mn)	-51.4	-90.4	-29.0	-16.3	-14.8
Free cash flow, pre-lease (HKD Mn)	70.4	94.4	251.1	386.7	388.4
Lease principal payments (HKD Mn)	-94.8	-97.2	-107.2	-105.8	-95.1
Free cash flow after leases (HKD Mn)	-24.4	-2.8	143.9	280.9	293.3
Dividends paid (HKD Mn)	-37.4	-112.3	-98.7	-71.5	-37.4
Share buybacks (HKD Mn)	0	0	0	0	0
Net change in cash (HKD Mn)	-48.9	-135.4	37.5	213.4	261.3

Returns & Leverage Ratios (%) and Financial Ratios (x)

Ratio	FY2021	FY2022	FY2023	FY2024	FY2025
ROE, attributable profit / year-end attributable equity (%)	48.3	22.4	35.3	22.0	23.0
ROA, profit / year-end total assets (%)	12.5	5.3	9.0	5.5	5.7
ROCE, EBIT / (total assets − current liabilities) (%)	42.7	19.7	30.6	25.8	27.1
Current ratio (x)	0.70	0.55	0.58	0.75	0.90
Debt incl. leases / equity (x)	0.66	0.96	0.84	0.55	0.48
Net debt incl. leases / EBITDA (x)	-0.38	0.21	-0.03	-1.19	-2.19
Interest coverage, EBIT / finance costs (x)	33.1	15.0	16.5	11.7	15.6
Asset turnover, revenue / year-end assets (x)	0.61	0.67	0.80	0.79	0.69
Inventory days (on purchases)	370	256	178	198	182
Receivable days	12.1	7.8	8.9	6.1	6.7
Payable days (on purchases)	22.2	7.5	14.4	9.0	17.3
Conventional cash conversion cycle (days)	360	256	172	195	171
Contract liabilities in days of revenue	260	213	184	215	249

Income Statement and Margin Analysis (%)

Metric	H1 FY2025	H1 FY2026
Revenue (HKD Mn)	492.2	515.8
Gross profit (HKD Mn)	453.1	481.5
Gross margin (%)	92.0	93.4
Staff costs (HKD Mn)	227.3	237.4
Depreciation (HKD Mn)	70.8	61.6
Other expenses (HKD Mn)	89.3	92.6
Investment property fair-value loss (HKD Mn)	0	5.0
Profit before tax (HKD Mn)	71.2	92.6
Profit for the period (HKD Mn)	55.5	70.8
Basic EPS (HK cents)	8.2	10.4
Interim DPS (HK cents)	3.5	5.0
Rental costs / revenue (%)	14.4	13.4
Advertising / revenue (%)	2.6	3.6

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Revenue by Region

Region	FY2021	FY2022	FY2023	FY2024	FY2025
Hong Kong and Macau revenue (HKD Mn)	774.1	748.2	904.4	922.6	931.5
Mainland China revenue (HKD Mn)	55.8	93.8	72.2	60.6	49.8
Total revenue (HKD Mn)	829.9	841.9	976.6	983.2	981.3

Region Margins & Growth (%) and Revenue by Region (%)

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Hong Kong and Macau YoY growth (%)	0	-3.4	20.9	2.0	1.0
Mainland China YoY growth (%)	0	68.1	-23.0	-16.1	-17.8
Hong Kong and Macau share of revenue (%)	93.3	88.9	92.6	93.8	94.9
Mainland China share of revenue (%)	6.7	11.1	7.4	6.2	5.1

Capital Markets

Measure	Value	As of	Source
Last verified close	HK$1.285	2 Oct 2026	S&P via StockAnalysis; MarketScreener
Year-to-date change	+38.2%	2 Oct 2026	MarketScreener
52-week change (≈1-year)	+39.7%	3 Oct 2026	S&P via StockAnalysis
1-year change (alternative date)	+53.4%	24 Aug 2026	MarketScreener (AU)
3-year change	−7.8%	24 Aug 2026	MarketScreener (AU)
52-week high / low	HK$1.37 (31 Jul 2026) / HK$0.83 (5 Aug 2025)	Oct 2026	CNBC
50-day / 200-day moving average	HK$1.30 / HK$1.10	Oct 2026	S&P via StockAnalysis
Beta (5-year)	0.81	Oct 2026	S&P via StockAnalysis
20-day average volume	~123,100 shares	Oct 2026	S&P via StockAnalysis

Valuation Multiples

Multiple	Water Oasis	Basis / source
P/E (TTM)	9.1x	TTM attributable profit HK$96.5M (derived: 81.3 − 55.7 + 70.9); EPS 14.2c
P/E (FY2025 reported)	10.8x	EPS 11.9c [FRA FY2025]
P/B	2.1x	Equity attributable HK$410.1M [IR H1 FY2026]
EV (market cap − cash + lease liabilities)	HK$115.6M	Derived; S&P shows HK$115.69M
EV/EBITDA (TTM, reported EBITDA HK$275.0M)	0.4x	Derived
EV/Sales (TTM revenue HK$1,004.9M)	0.12x	Derived
Adjusted EV including contract liabilities	HK$867.8M	Derived: 874.5 − 917.0 + 158.1 + 752.2
Adjusted EV/EBITDA	3.2x	Derived
Dividend yield (trailing 12m paid: 2.5c + 5.0c)	5.8%	Derived
Dividend yield (FY2025 declared 6.0c)	4.7%	Derived
FCF yield (TTM pre-lease FCF HK$408.9M)	46.8%	S&P via StockAnalysis

Per-Share Data and Returns & Leverage Ratios (%)

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Interim DPS (HK cents)	5.5	0	7.0	3.5	3.5
Final DPS (HK cents)	16.5	7.5	7.0	2.0	2.5
Total DPS declared (HK cents)	22.0	7.5	14.0	5.5	6.0
Payout ratio on basic EPS (%)	88	76	86	55	50
Cash dividends paid in year (HKD Mn)	37.4	112.3	98.7	71.5	37.4

Capital Markets — Buyback authorisation

Item	Status	Source
Buyback authorisation	General mandate to repurchase up to 10% of issued shares, approved 20 Jan 2026	AGM poll results
Last buyback	2018 conditional cash offer (up to 88M shares at HK$0.80)	Company announcements 2018
Credit ratings (Moody's / S&P / Fitch)	Not rated	No rating disclosed
Bank borrowings	Nil since FY2023	FRA FY2023 onward
Lease liability maturity (31 Mar 2026)	HK$85.7M within 12 months; HK$72.3M beyond 12 months	IR H1 FY2026
Capital commitments	HK$3.3M	IR H1 FY2026

Analyst Conclusions

Management guidance

No numerical guidance. Qualitative: Hong Kong conditions expected to remain flat with discretionary-spending pressure; continued focus on marketing, branding (including InMedic), innovative treatments and cost control; no new centres for existing brands; prudent dividends; cash preserved for M&A; capex expected to increase considerably in calendar 2026 [FRA FY2025; IR H1 FY2026].

Consensus expectations

Not available (no consensus estimates published). Illustrative arithmetic only: if H2 FY2026 merely repeats H2 FY2025 attributable profit (HK$25.6M, derived from FY2025 less H1 FY2025, which included the HK$42.3M IP loss), FY2026 attributable profit would be ~HK$96.5M (EPS ~14.2c); absent a comparable H2 property write-down, the outcome would be materially higher. This is a scenario, not a forecast.

Bull case (grounded in data above)

Cash-adjusted valuation is extreme: net cash (HK$917.0M) exceeds market capitalisation (HK$874.5M); even after treating all contract liabilities as debt-like, EV/EBITDA is ~3.2x on a business generating ~HK$290M of annual post-lease FCF.
Core earnings momentum: core operating profit rose each year FY2022–FY2025 and H1 FY2026 net profit grew 27.6% with gross margin at a record 93.4%.
Consolidation optionality: a cash-rich incumbent in a market where smaller rivals are exiting, with a precedent of buying assets at ~3x earnings (Millistrong).

Bear case (grounded in data above)

No organic growth engine: revenue flat for three years; Hong Kong demand structurally leaking to the GBA; closest listed peer's revenue fell 14.7%.
Cash is not all surplus: HK$752.2M of prepaid treatment obligations, net current liabilities and ~HK$95M of annual lease payments mean distributable excess cash is much smaller than headline net cash.
Governance and capital-allocation discount: family control (~70%), long-tenured INEDs, a ~50% payout despite surging cash, unused buyback mandate, and a history of non-core property losses (HK$81.3M since FY2023) and a disputed acquisition.

Key catalysts and monitorables (next 12 months)

Catalyst / monitorable	Expected timing	What to watch
FY2026 final results and final dividend	Mid-to-late Dec 2026	Full-year revenue growth, H2 IP revaluation, total DPS vs 6.0c
Capex step-up execution	FY2026–FY2027	Whether "considerable" capex materialises (H1 FY2026 only HK$2.9M)
M&A announcement	Any time	Size, price multiple, fit; disclosure-threshold transactions
Contract liabilities trend	Each half	Continued growth = demand health; decline = warning
Staff cost ratio	Each half	Sustainability of 46% of revenue
InMedic contribution	FY2026–FY2027	Disclosure of revenue/margin
INED refresh	FY2026–FY2028	Board renewal under the HKEX nine-year INED tenure regime
Use of buyback mandate	Through Jan 2027 AGM	Any repurchases
Hong Kong property values	Ongoing	Further investment-property write-downs
Mainland visitor flows	Ongoing	Evidence of tourist demand for HK beauty services

Analyst verdict

Water Oasis Group is a paradox: a business whose market has stopped growing, yet whose economics have rarely looked better. Revenue has hovered around HK$980 million for three years, but management has used that plateau to rebuild the cost base — rent down to 13.4% of revenue, depreciation shrinking after the FY2022 renovation cycle, and a mix now 92% services at a 93% gross margin. Core operating profit has climbed every year since FY2022, and the first half of FY2026 delivered 27.6% net-profit growth with no help from the top line beyond a modest 4.8% rise.

The balance sheet is the centrepiece. HK$917 million of cash, no bank debt and a market capitalisation below the cash pile would ordinarily signal deep value. The correct framing, however, is more nuanced: the cash is customer float. Contract liabilities of HK$752 million represent prepaid treatments that must be delivered with real labour and real rent. Treating them as quasi-debt still leaves the shares on roughly 3x EBITDA and a double-digit post-lease free-cash-flow yield — undemanding for a debt-free operator with a 25-year record — but it explains why the market has never awarded full credit for the cash.

The investment debate therefore turns on capital allocation rather than operations. A family that controls ~70% of the equity has chosen a ~50% payout, an unused buyback mandate and an open-ended M&A posture in a contracting market; its last significant acquisition ended in a dispute and a HK$33 million write-off, and non-core property has cost HK$81 million in write-downs since FY2023. If the board converts surplus liquidity into higher distributions or disciplined, cheap consolidation, the re-rating that began in 2025 has room to run. If cash simply accumulates while Hong Kong demand erodes, the valuation discount is likely to persist. On balance: operationally resilient, financially over-capitalised, governance-constrained — an income-oriented hold with event-driven upside tied to capital deployment.

Appendix — Primary sources consulted

Water Oasis Group, Interim Report 2026 (six months to 31 Mar 2026), HKEXnews 29 May 2026: https://www.hkexnews.hk/listedco/listconews/sehk/2026/0529/2026052900990.pdf
Water Oasis Group, Final Results Announcement FY2025 (15 Dec 2025): https://www.wateroasis.com.hk/ir_portal/announcement-and-circulars/upload/0c4cfb55fab3810f48d993a1b37a2a6e-0.76562700%201765798048.pdf
Water Oasis Group, Annual Report 2025: https://wateroasis.com.hk/ir_portal/annual-and-interim-report/upload/9d33f3192441d2eeab5a66b50f409dbc-0.44602300%201766051355.pdf
Water Oasis Group, Final Results Announcement FY2024 (16 Dec 2024): https://wateroasis.com.hk/ir_portal/announcement-and-circulars/upload/f9df62ca4ef31980d3df0fee2e1aac07-0.42594200%201734353770.pdf
Water Oasis Group, Final Results Announcement FY2023 (15 Dec 2023): https://www1.hkexnews.hk/listedco/listconews/sehk/2023/1215/2023121500950.pdf
Water Oasis Group, Final Results Announcement FY2022 (16 Dec 2022): https://www1.hkexnews.hk/listedco/listconews/sehk/2022/1216/2022121601252.pdf
Water Oasis Group, Final Results Announcement FY2020: https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0226/2021022602167.pdf
Water Oasis Group, Interim Results Announcement H1 FY2025: https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0528/2025052800966.pdf
Water Oasis Group, Discloseable Transaction — Acquisition of a Beauty Company (29 Mar 2021): https://wateroasis.com.hk/wp-content/uploads/2021/03/E-DT-Ann-final-E.pdf
Water Oasis Group, Investor Relations announcement archive: https://wateroasis.com.hk/investor-relations/
Water Oasis Group, Final Results Announcement FY2010: https://www1.hkexnews.hk/listedco/listconews/sehk/2010/1217/ltn20101217571.pdf
S&P Global Market Intelligence via StockAnalysis — cash flow and statistics (accessed Oct 2026): https://stockanalysis.com/quote/hkg/1161/financials/cash-flow-statement/ ; https://stockanalysis.com/quote/hkg/1161/statistics/
MarketScreener quote pages (Aug and Oct 2026); CNBC quote page; TipRanks; Simply Wall St; Yahoo Finance profile; Investing.com dividend page
Perfect Medical Health Management, Annual Report 2025/26: https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0715/2026071500340.pdf
Sa Sa International Holdings, Annual Report 2025/26 (consolidated income statement): https://doc.irasia.com/listco/hk/sasa/annual/2026/ar2026_16.pdf
ManpowerGroup Greater China, Annual Report 2025 (biography of former Water Oasis CEO Stevie Wong): https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0424/2026042402731.pdf
GlobalData, Health and Beauty Retailing in Hong Kong databook (market sizing, forecast)

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Executive Leadership

Board of Directors

Name	Title	Board tenure	Age (AR FY2025)	Education	Prior roles / notes
Yu Kam Shui, Erastus	Executive Director; co-founder; performs chairman's duties (no formal Chairman title); Chairman of Disclosure Committee; member of Investment Advisory Committee	Founder director (since listing)	75	BBA, University of Hawaii	Trading career in the US from 1993; founded the Taiwan operation (1999); responsible for business development; brother of Yu Lai Chu; husband of Lai Yin Ping
Tam Siu Kei (Alan Tam)	Executive Director and Chief Executive Officer	CEO since 15 Mar 2017; ED since 1 Feb 2019; joined group 1999	48	BA, Contemporary English Language	Launched medical beauty services; participated in Glycel acquisition and Erno Laszlo licence; developed operations in Mainland, Macau, Taiwan, Singapore; Beijing Chaoyang District CPPCC member; son of Yu Lai Chu
Yu Lai Chu, Eileen	Executive Director; co-founder; member of Nomination Committee (from 16 Jun 2025)	Founder director	73	—	Realty agency (1984), jewellery retail, cosmetics distribution (1993); spa business emphasis; largest shareholder; mother of Tam Siu Kei
Lai Yin Ping	Executive Director; co-founder	Founder director	70	BA (Economics major)	Co-founded US trading business (1993); responsible for strategic planning; wife of Yu Kam Shui
Prof. Wong Lung Tak, Patrick, B.B.S., J.P.	INED; Chairman of Audit Committee	Since 2001	77	PhD in Business	Practising CPA, >50 years; INED of Galaxy Entertainment, Winox, Cross-Harbour, Guangzhou Baiyunshan Pharmaceutical
Wong Chun Nam, Duffy, B.B.S., J.P.	INED; Chairman of Remuneration Committee	Since 2001	72	Solicitor qualifications	Practising solicitor since 1982; consultant at K B Chau & Co.; INED of Shing Chi Holdings
Dr. Wong Chi Keung	INED; Chairman of Investment Advisory and Nomination Committees	Since 2004	70	Doctorate in Business	Deputy chairman & ED of C C Land Holdings; ED of The Cross-Harbour (Holdings); property-sector executive background
Dr. Chan Chi Kau, Johnnie Casire, S.B.S., B.B.S., J.P.	INED	Since 5 Sep 2022	70	Doctorate in Business; Master's in Housing Management	Member of Hong Kong Housing Authority; numerous public-service roles
Wong Hei Pui, Andy	Company Secretary	Since Dec 2023 change of company secretary	1971 birth year (Yahoo Finance)	CPA (Aust.) (Yahoo Finance)	Full-time employee [AR FY2025]
Au Yeung Ka Yee	PR & Corporate Communications Director	—	1973 birth year (Yahoo Finance)	—	Third-party listing only

“—” = not publicly disclosed.

Directors' Remuneration

Item	Amount	Period	Source
Key management compensation — total	HK$15.98M	H1 FY2026	IR H1 FY2026 Note 17
of which directors' fees	HK$0.50M	H1 FY2026	IR H1 FY2026
of which basic salaries	HK$4.56M	H1 FY2026	IR H1 FY2026
of which bonuses	HK$10.92M	H1 FY2026	IR H1 FY2026
of which retirement benefits	HK$0.01M	H1 FY2026	IR H1 FY2026
Key management compensation — total	HK$14.50M	H1 FY2025	IR H1 FY2026 Note 17
CEO (Tam Siu Kei) total compensation	~HK$9.1M (salary ~61% of total)	FY2025	Simply Wall St (third-party); Yahoo Finance shows US$1.16M
Each other executive director (Yu Kam Shui, Yu Lai Chu, Lai Yin Ping)	~US$374k each (~HK$2.9M)	FY2025	Yahoo Finance (third-party)
INED fees	~HK$0.25M each p.a. (derived from HK$0.5M half-year fees across four INEDs)	FY2026 run-rate	Derived from IR H1 FY2026
Share-based compensation	Nil — no share option scheme	Current	IR H1 FY2026

Directors' Remuneration by Attribute

Attribute	Status	Source
Board size	8 (4 executive, 4 INEDs); 50% independent	AR FY2025
Gender	6 male, 2 female (25% female); no measurable diversity target set	AR FY2025 CG Report
Chair/CEO separation	No director holds the "Chairman" title; Yu Kam Shui performs chairman's duties; Tam Siu Kei is CEO — the company treats this as compliant with code provision C.2.1	AR FY2025 CG Report
Family concentration	All four executive directors are family members (siblings, spouses, son/nephew)	AR FY2025
Audit Committee	4 INEDs; chaired by Prof. Wong Lung Tak (CPA); 2 meetings in FY2025	AR FY2025
Remuneration Committee	4 INEDs; chaired by Wong Chun Nam; 1 meeting in FY2025	AR FY2025
Nomination Committee	4 INEDs + Yu Lai Chu; chaired by Dr. Wong Chi Keung	AR FY2025
Investment Advisory Committee	4 INEDs + Yu Kam Shui; chaired by Dr. Wong Chi Keung	AR FY2025
Disclosure Committee	Yu Kam Shui (chair) + 4 INEDs; no formal meeting in FY2025	AR FY2025
Board meetings / attendance	5 meetings in FY2025; INEDs 5/5; Yu Lai Chu and Lai Yin Ping 4/5	AR FY2025
INED tenure	Three of four INEDs have served 21–25 years (appointed 2001, 2001, 2004)	AR FY2025
Auditor fees	Statutory audit HK$1.853M; non-audit HK$0.670M (FY2025)	AR FY2025

Board & Management Changes

Date	Change	Source
15 Dec 2023	Change of Company Secretary and Authorised Representative	Company announcement
16 Jun 2025	Yu Lai Chu, Eileen appointed member of Nomination Committee; Nomination Committee terms of reference revised	Company announcements 16 Jun 2025
20 Jan 2026	AGM re-elects Yu Lai Chu, Dr. Wong Chi Keung, Dr. Chan Chi Kau; BDO re-appointed	AGM poll results; AR FY2025

Major Shareholders

Holder	Shares	% of issued	Relationship	Source
Yu Lai Chu, Eileen (incl. 155,333,760 via Zinna Group Limited)	186,813,760	27.45	Co-founder, ED	IR H1 FY2026
Yu Lai Si	166,113,760	24.41	Co-founder (former CEO); sister of Yu Kam Shui and Yu Lai Chu	IR H1 FY2026
Lai Yin Ling (via Advance Favour Holdings and Billion Well Holdings)	99,885,760	14.68	Sister of Lai Yin Ping	IR H1 FY2026
of which Billion Well Holdings Limited	67,794,880	9.96	Controlled by Lai Yin Ling	IR H1 FY2026
Tam Siu Kei (incl. 2,294,000 held by spouse)	14,798,000	2.17	CEO, ED	IR H1 FY2026
Yu Kam Shui, Erastus (Lai Yin Ping deemed interested in the same shares)	10,166,000	1.49	Co-founder, ED	IR H1 FY2026
Prof. Wong Lung Tak, Patrick	1,396,000	0.21	INED	IR H1 FY2026
Wong Chun Nam, Duffy (joint with spouse)	1,110,000	0.16	INED	IR H1 FY2026
Public float (derived residual)	~200.3M	~29.4	—	Derived; S&P float 200.27M

Competitive Landscape

Key Competitors

#	Competitor	Listing	Segment overlap	Latest revenue (period)	Positioning vs Water Oasis	Source
1	Perfect Medical Health Management	HKEX: 1830	Beauty/medical-aesthetic services (HK, Mainland, Macau, Australia, Singapore)	HK$962.3M (FY to 31 Mar 2026, −14.7%)	Closest listed peer; higher margins and 100%+ payout, but revenue shrinking; HK revenue HK$386.8M in six months to Sep 2025	Perfect Medical AR 2025/26; interim results Nov 2025
2	Modern Healthcare Technology Holdings (formerly Modern Beauty Salon Holdings)	HKEX: 919	Beauty & wellness services; skincare products (HK, PRC, Singapore, Australia)	—	—	Third-party profile (dividend.watch)
3	Miricor Enterprises Holdings	HKEX: 1827	Premium non-surgical medical aesthetics (CosMax+, VITAE, XOVĒ)	—	Niche premium medical-aesthetic competitor to Oasis Medical	Company profile; FY2023 press release
4	Sa Sa International Holdings	HKEX: 178	Beauty product retail (HK/Macau, SE Asia, online)	HK$4,382.6M (FY to 31 Mar 2026, +14.2%)	Dominant beauty retailer; tourist-driven; competes with WO's shrinking product segment	Sa Sa AR 2025/26
5	Natural Beauty Bio-Technology	HKEX: 157	Beauty salons and skincare (Mainland, Taiwan)	—	Franchise-led beauty salon brand; limited HK overlap	—
6	Beauty Farm Medical and Health Industry	HKEX: 2373	Beauty & medical aesthetic chain (Mainland)	—	Mainland scale player; relevant if WO expands to GBA	—
7	Shenzhen / GBA medical-aesthetic clinics (various)	Mostly private	Cross-border substitute for HK beauty services	—	Price-competitive "northbound consumption" threat cited by WO	FRA FY2025 MD&A
8	Independent HK beauty/medical-aesthetic chains (e.g., Neo Derm, DR REBORN)	Private	Beauty and medical aesthetics	—	Fragmented private competition; some smaller players exiting per WO	IR H1 FY2026 (exits, unnamed)
9	A.S. Watson (Watsons) and DFI Retail (Mannings)	Subsidiaries of listed groups	Mass skincare retail	—	Mass channel competition for skincare products	General market knowledge
10	Department-store and international prestige skincare brands' own counters/spas	Various	Premium skincare and spa	—	Competes with Erno Laszlo/Glycel retail	General market knowledge

“—” = not publicly disclosed.

Peer Comparison FY2025

Metric	Water Oasis (FY to 30 Sep 2025)	Perfect Medical (FY to 31 Mar 2026)	Sa Sa International (FY to 31 Mar 2026)
Revenue (HKD Mn)	981.3	962.3	4,382.6
Revenue growth YoY (%)	-0.2	-14.7	14.2
Operating profit (HKD Mn)	123.7 reported; 166.0 core	213.0	251.9
Operating margin (%)	12.6 reported; 16.9 core	22.1	5.7
Net profit attributable (HKD Mn)	81.3	178.7	200.5
Net margin (%)	8.2	18.6	4.6
Cash / bank debt	HK$746.5M / nil	HK$294.9M / nil	—
Dividend payout	~50% of FY2025 EPS (6.0/11.9)	≥100% (11th consecutive year)	~100%

Recent Developments

Next scheduled catalyst: FY2026 results, estimated mid-to-late December 2026 (third-party estimates range 15–21 Dec 2026) [StockAnalysis; TipRanks].

Company Snapshot

$126M

Revenue

853

Employees

1998

Founded

Causeway Bay, Hong Kong

Headquarters

SWOT Analysis

Strengths

Fortress liquidity: HK$917.0M cash and nil bank borrowings at 31 Mar 2026, equal to ~105% of market capitalisation at HK$1.285 [IR H1 FY2026; derived].
Very high gross margin: 93.4% in H1 FY2026, up from 87.8% in FY2022 [IR H1 FY2026; FRA FY2022].
Strong cash generation: operating cash flow HK$403.2M in FY2025 and post-lease FCF HK$293.3M (29.9% of revenue) [S&P via StockAnalysis; derived].
Demonstrated cost agility: rent ratio cut from 20.5% (FY2022) to 13.4% (H1 FY2026) [FRA FY2022; IR H1 FY2026].
Multi-tier, multi-modality brand portfolio: Oasis family, Glycel, phMedic+, InMedic across 55 HK operations [IR H1 FY2026].
Growing customer prepayments: contract liabilities up from HK$490.2M (FY2022) to HK$752.2M (Mar 2026), evidencing forward demand [FRA FY2022; IR H1 FY2026].
Core profit growth in a weak market: core operating profit HK$133.7M (FY2022) → HK$166.0M (FY2025) (derived).

Weaknesses

Top-line stagnation: revenue HK$976.6M (FY2023) vs HK$981.3M (FY2025) [FRAs].
Geographic concentration: 97.1% of H1 FY2026 revenue from Hong Kong & Macau [IR H1 FY2026; derived].
Labour intensity: staff costs rose from 36.8% (FY2021) to 46.0% (FY2025) of revenue (derived).
Investment-property drag: HK$81.3M cumulative fair-value losses FY2023–H1 FY2026 on non-core assets (derived).
Governance concentration: all four executives from one family; three INEDs serving 21–25 years [AR FY2025].
No disclosed R&D or patents; competitive edge relies on procured technology [AR FY2025 ESG; FRAs].
Product segment erosion: product revenue −44% FY2022–FY2025; segment margin 5.6% (derived).

Opportunities

Consolidation: management flags exits by small players and explicit M&A readiness [IR H1 FY2026]; precedent Millistrong deal priced at ~3.2x historical P/E [DTA 29 Mar 2021].
InMedic scaling within existing premises at minimal incremental rent [IR H1 FY2026].
Affluent Mainland visitors identified as a potential target market [IR H1 FY2026].
Capital return headroom: 10% buyback mandate renewed Jan 2026 and unused [AGM results; monthly returns].
Higher-ticket medical aesthetics: award-winning treatments (SYLFIRM X, Profhilo) support pricing [IR H1 FY2026].
Interest income on cash: HK$8.3M in H1 FY2026, an earnings cushion [IR H1 FY2026].

Threats

Northbound consumption structurally diverting HK beauty spend to the GBA [FRA FY2025].
Peer deterioration as a sector signal: Perfect Medical revenue −14.7% in FY to Mar 2026 [Perfect Medical AR 2025/26].
Regulatory tightening of medical-aesthetic devices/procedures and prepaid-package practices in Hong Kong (no specific pending action disclosed by the company).
Wage inflation in a tight HK labour market [FRA FY2025].
Further HK property price declines triggering additional IP write-downs (HK$5.0M already in H1 FY2026) [IR H1 FY2026].
Reputational incidents in medical aesthetics or package redemption could rapidly impair trust-based prepaid sales (industry-wide risk; no incident disclosed).

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Key Developments

Date	Event	Significance
31 Mar 2025	HABA Mainland distributorship ends FRA FY2024; IR H1 FY2026	Completes Mainland product exit; Mainland revenue halves in H1 FY2026
2 Apr – 2 Jun 2025	Monthly returns: share capital unchanged at 680,552,764 Company announcements	Routine; no dilution
12 May 2025	Board meeting date notice for interim results Company announcement	Routine
23 May 2025	Positive profit alert for H1 FY2025 Company announcement	Signalled recovery after FY2024 warnings
May 2025	InMedic TCM beauty brand set up with PuraPharm partnership FRA FY2025	New growth vector at minimal incremental rent
28 May 2025	H1 FY2025 results: revenue −2.2% to HK$492.2M; profit HK$55.5M vs HK$40.1M; cash HK$632.5M IRA H1 FY2025	Earnings recovery on cost control and absence of impairments
28 May 2025	Interim dividend 3.5 HK cents (unchanged) IRA H1 FY2025	Stable payout
16 Jun 2025	Yu Lai Chu appointed to Nomination Committee; revised terms of reference; updated list of directors Company announcements	Governance housekeeping; family representation on nomination
5 Aug 2025	52-week low of HK$0.83 CNBC quote data	Trough before re-rating
30 Sep 2025	FY2025 year-end: 899 staff; cash HK$746.5M; debt-free FRA FY2025	Balance-sheet strength
FY2025 (Oct, per AR)	Glycel 40th anniversary; Pure Collagen launch with Mirror members at Festival Walk FRA FY2025	Brand activation
19 Nov 2025	Board meeting date notice for final results Company announcement	Routine
15 Dec 2025	FY2025 final results: revenue HK$981.3M (−0.2%); net profit HK$80.9M (+18.8%); underlying profit ex-IP loss ~HK$123M FRA FY2025; AR FY2025	Core earnings growth despite flat sales
15 Dec 2025	Final dividend 2.5 HK cents (FY2025 total 6.0 vs 5.5) FRA FY2025	First dividend increase since FY2023
15 Dec 2025	Guidance: "considerable" capex increase in 2026; M&A focus FRA FY2025	Strategic signalling
18 Dec 2025	Annual Report 2025 published; AGM circular (general mandates; re-election of three directors) Company website	Routine
May 2025 – Jan 2026	Five InMedic centres opened inside existing premises IR H1 FY2026	Capital-light rollout
20 Jan 2026	AGM: all resolutions passed by poll; 20% issue mandate and 10% buyback mandate renewed; BDO re-appointed AGM poll results announcement	Shareholder support; buyback capacity available
2 Feb / 2 Mar 2026	Final dividend ex-date / payment (HK$17.0M) Investing.com; IR H1 FY2026	Cash return
16 Mar 2026	Shares at HK$0.93 (market cap ~HK$633M) StockInvest.us	Pre-results level
13 May 2026	Board meeting date notice for interim results Company announcement	Routine
18 May 2026	Positive profit alert: H1 FY2026 profit expected HK$68–72M Company announcement; Reuters via MarketScreener	Pre-announced acceleration
26 May 2026	H1 FY2026 results: revenue +4.8% to HK$515.8M; net profit +27.6% to HK$70.8M; gross margin 93.4%; cash HK$917.0M IR H1 FY2026	Strongest half-year earnings since H1 FY2023
26 May 2026	Interim dividend raised to 5.0 HK cents (from 3.5); HK$34.0M IR H1 FY2026	43% increase in interim DPS
26 May 2026	HK$5.0M non-cash investment-property revaluation loss; staff reduced to 853 IR H1 FY2026	Continued property drag; leaner workforce
29 May 2026	Interim Report 2026 published HKEXnews	Routine
12 Jun / 3 Jul 2026	Interim dividend ex-date / payment CNBC; IR H1 FY2026	Cash return
31 Jul 2026	52-week high of HK$1.37 CNBC quote data	Re-rating peak
2 Jul – 2 Oct 2026	Monthly returns: no change in issued shares Company website	No buybacks executed under mandate
2 Oct 2026	Close HK$1.285; YTD +38.2%; 52-week +39.7% MarketScreener; S&P via StockAnalysis	Strong relative performance

Financial Performance

Explore key financial metrics, segmented revenue, balance sheet health, and performance trends.

Revenue

7 charts

Income Statement: Revenue & Gross Profit: Revenue rose from HKD 829.9 Mn in FY2021 to HKD 981.3 Mn in FY2025.

Water Oasis Group Limited — Income Statement: Revenue & Gross Profit
Series (HKD Mn)	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	829.9	841.9	976.6	983.2	981.3
Gross profit	765.6	738.9	880.9	900.2	910.3

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About the Author

Wantstats Research Team

Wantstats' research desk profiles Water Oasis Group Limited as part of our ongoing coverage of the industry sector, drawing on public company data, filings, and market intelligence.

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Water Oasis Group Limited

Company Profile Analysis

Year Founded & Workforce

Water Oasis Group Limited Employee Contacts

Water Oasis Group Limited Overview

What the company does

Business model and revenue model

Value-chain position

Customer types and end-markets

Independent characterisation

Strategy

Stated strategy themes (paraphrased from AR FY2025, FRA FY2025, IR H1 FY2026)

Initiatives announced in the last 24 months

Medium-term targets / guidance

Products & Services

Service segment — brand-by-brand

Product segment — brand-by-brand

Financial Narrative

Income statement

Margins and growth (%)

Balance sheet (as at 30 September)

Cash flow

Returns, leverage and efficiency ratios

Half-year bridge

Commentary on trends, inflections and drivers

Financial Detail

Segment Overview

Revenue by Segment

Results by Segment

Segment Margins & Growth (%) and Revenue by Segment (%)

Revenue by Segment and Segment Margins & Growth (%)

Income Statement and Per-Share Data

Margin Analysis (%)

Balance Sheet

Cash Flow

Returns & Leverage Ratios (%) and Financial Ratios (x)

Income Statement and Margin Analysis (%)

Revenue by Region

Region Margins & Growth (%) and Revenue by Region (%)

Capital Markets

Valuation Multiples

Per-Share Data and Returns & Leverage Ratios (%)

Capital Markets — Buyback authorisation

Analyst Conclusions

Management guidance

Consensus expectations

Bull case (grounded in data above)

Bear case (grounded in data above)

Key catalysts and monitorables (next 12 months)

Analyst verdict

Appendix — Primary sources consulted

Executive Leadership

Board of Directors

Directors' Remuneration

Directors' Remuneration by Attribute

Board & Management Changes

Major Shareholders

Competitive Landscape

Key Competitors

Peer Comparison FY2025

Recent Developments

Company Snapshot

SWOT Analysis

Strengths

Weaknesses

Opportunities

Threats

Key Developments

Financial Performance

Revenue

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