Adicon Holdings (9860) Investor presentation summary

2026 H1 performance

• Revenue RMB1.285bn, up 1.1% YoY; gross margin 37.9%, up 2.1 percentage points.

• Adjusted net profit RMB51.42m, up 19.6% YoY; adjusted EBITDA RMB184m, up 11.7% YoY.

Segment momentum

• Esoteric testing revenue grew 11.1% YoY and contributed 30% of revenue; growth excluding Yuande Youqin was highlighted separately.

• Co-construction revenue grew 17.4% YoY, contributed 14% of revenue, and newly signed orders rose 114% YoY.

• CRO revenue grew 34.9% in 2026 H1; revenue growth excluding GH was 35%, while new contract value increased 32%.

• Routine testing recorded 95.8% key-client retention; successful bid amount rose 100% YoY, and market-opportunity coverage reached 72%, up 22%.

Five-year growth plan

• Co-construction targets 100+ regional testing centers by 2031; 2026 H1 new contract value rose 114% YoY, revenue approached RMB180m, up 17%, and tertiary-hospital revenue rose 11%.

• Routine testing strategy centers on resilient volume growth, tender wins, outsourcing penetration and market consolidation amid healthcare cost-containment policies.

• Esoteric testing will prioritize 10+ flagship tests across hematology, infectious diseases, oncology and genetics; hematology and infectious diseases lead in 2026–2027, followed by oncology and genetics.

• Account strategy targets 800+ leading tertiary hospitals with a 50% share goal, using a 10,000+ routine-testing hospital base for cross-selling and account development.

• Service plans shift from test reports to disease-focused solutions, adding clinical interpretation, expert support, specialty co-construction and companion-diagnostic partnerships.