Xunfei Healthcare Technology (2506) investor relations material

Executive summary

• H1 2026 revenue rose 49.4% YoY to RMB446.1m; gross profit increased 53.5% to RMB236.1m, while period loss narrowed 41.5% to RMB48.1m.

• Products and services reached 77,000+ primary-care institutions across 828 districts and counties in 31 provinces, plus 700+ graded hospitals.

• Spark Medical Model V3.5 launched in June; average performance across six core capabilities rose to 92.4%, with long-context inference throughput 4.5x higher.

Financial highlights

• Revenue rose 49.4% YoY to RMB446.1m; gross profit grew 53.5% to RMB236.1m, and gross margin expanded to 52.9% from 51.5%.

• Loss before tax narrowed 32.5% to RMB67.6m; period loss fell 41.5% to RMB48.1m, while net loss attributable to owners declined 20.0% to RMB59.3m.

• Adjusted net loss, excluding equity-settled share-based payments, narrowed to RMB42.9m from RMB66.2m; adjusted net loss margin improved to 9.6% from 22.2%.

• Cost of sales rose 45.1% to RMB210.0m; expected-credit-loss impairment increased 329.9% to RMB13.7m, while administrative expenses fell 19.0% to RMB38.4m.

Outlook and guidance

• Revenue growth is expected to continue with a relatively stable gross margin as the product portfolio expands and matures.

• Priorities include scaling General Practice CDSS through the Hefei pilot base and nationwide primary-care expansion, and extending specialty and hospital product coverage.

• Plans emphasize refined patient operations, broader top-tier hospital coverage, imaging, pan-imaging cloud and AI-SaaS, alongside recurring family-doctor, chronic-disease and post-discharge services.