Beijing Airdoc Technology (2251) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 10.8% YoY to RMB173.26m; gross margin increased 18.5pp to 73.9%, and net loss narrowed 90.8% to RMB24.36m.

• AI use expanded across products: myopia-control usage increased 58.8% to 6.39m sessions, while enterprise model calls reached 890,000 for the year.

Financial highlights

• Revenue was RMB173.26m in FY2025, up 10.8% YoY from RMB156.37m in FY2024.

• Gross profit rose to RMB127.96m from RMB86.68m; gross margin improved to 73.9% from 55.4%.

• Net loss narrowed to RMB24.36m from RMB265.07m, a 90.8% reduction; basic loss per share was RMB0.23.

• Overseas revenue reached RMB19.17m, up 100% YoY, and represented 11.1% of total revenue in FY2025.

• Reported cost and expense reductions included cost of sales down 35.0%, R&D down 42.9%, selling expenses down 27.4%, and administrative expenses down 57.7%.

Outlook and guidance

• Strategic shift from bundled solution sales toward AI subscriptions and usage-based fees, intended to support recurring revenue, customer retention, and margin improvement.

• Global expansion priorities include Southeast Asia, commercial deployments in Saudi Arabia, UAE, and Oman, and new market development in Brazil and Mexico.

• ZEISS collaboration combines AI refraction and product-selection tools, with China as the pilot market and plans to extend the solution globally.