Beijing Airdoc Technology (2251) investor relations material

Executive summary

• H1 2026 revenue was RMB67.291m, down 19.6% YoY; the period swung to a RMB48.856m loss from a RMB0.443m profit.

• PBM-AI revenue rose 24.0%, while Retina-AI revenue declined 35.6%; tighter distributor selection and credit terms weighed on revenue.

• WanYu medical model development and three Agent businesses anchor the strategy, with plans to expand per-call and subscription revenue alongside project income.

Financial highlights

• Revenue was RMB67.291m, down 19.6% YoY; cost of sales fell 8.2% to RMB17.981m and gross profit declined to RMB49.310m.

• Net loss was RMB48.856m versus net profit of RMB0.443m; basic and diluted loss per share was RMB0.48.

• Other income and gains fell to RMB7.239m from RMB19.242m; other losses were RMB22.162m, including FX losses of RMB10.288m, fair-value losses of RMB5.960m and subsidiary deregistration loss of RMB5.914m.

• R&D expense fell 6.3% to RMB31.1m, selling and distribution expense rose 8.3% to RMB27.4m, and administrative expense fell 27.4% to RMB17.5m.

Segment performance

• PBM-AI revenue was RMB27.94m, up 24.0% YoY; active outlets reached 5,424, users served rose 441.9% to 27,000, and device sessions increased 61.8% to 4.551m.

• Retina-AI revenue was RMB36.9m, down 35.6% YoY; active service sites rose 18.7% to 8,523, while H1 screenings totaled 3.18m and average fee per test fell 28.0% to RMB11.6.

• Retina-AI medical-setting revenue fell 53.8% to RMB12.8m; general-health revenue declined 18.6% to RMB24.1m, despite 4,389 optometry service outlets, up 55.1%.

• Neuro-AI generated RMB0.4m revenue; Vision Training AI revenue fell 46.2% to RMB2.1m amid strategic resource reallocation.