Beijing Airdoc Technology (2251) H1 2025 earnings summary

Executive summary

• H1 revenue was RMB83.713m, down 10.7% YoY; gross margin rose to 76.6% from 60.3%, and net profit was RMB0.443m versus a loss of RMB81.488m.

• Global revenue grew 123.9% YoY to RMB10.32m, contributing 12.3% of total revenue.

• Active service sites reached 7,180, up 20.7% YoY; SaMD and health-risk solutions supported 3.3m detections, up 11.4%.

Financial highlights

• Revenue was RMB83.713m versus RMB93.710m; cost of sales declined to RMB19.610m from RMB37.246m, lifting gross profit to RMB64.103m from RMB56.464m.

• R&D expense fell 32.2% to RMB33.2m, selling and distribution expense fell 33.8% to RMB25.3m, and administrative expense fell 42.6% to RMB24.1m.

• Net impairment reversal was RMB1.319m versus net charges of RMB24.817m in H1 2024; it included a RMB2.455m trade-receivables reversal and RMB1.136m other-receivables charge.

• Operating cash outflow was RMB18.1m versus RMB68.4m; cash and cash equivalents stood at RMB599.2m at 30 June 2025.

Outlook and guidance

• Revenue model is shifting toward AI subscriptions alongside pay-per-use and solution sales; ARR reached ~RMB48m at 30 June 2025.

• Priorities include expanding Airdoc-AIFUNDUS 2.0 adoption, scaling myopia prevention and visual-training products, and commercialising stress-assessment solutions in new settings.

• International expansion continues with compliance approvals across Southeast Asia, the Middle East and Africa; development of Wanyu LLM and its integration into AI services are also planned.