BenQ BM Holding Cayman (2581) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 2.2% YoY to RMB2,718.3m, while profit for the year fell 12.8% to RMB94.9m and basic EPS declined to RMB0.38 from RMB0.44.

• Outpatient and inpatient visits each increased 1.2% YoY; gross margin contracted as Phase II of Nanjing BenQ Hospital began operating and medical staffing costs increased.

Financial highlights

• Revenue was RMB2,718.3m versus RMB2,659.0m; cost of revenue increased 5.4% to RMB2,294.3m.

• Gross profit fell 12.0% to RMB424.1m; gross margin declined to 15.6% from 18.1%.

• Operating profit decreased to RMB164.0m from RMB194.5m; profit before tax was RMB140.3m versus RMB168.0m.

• Net profit was RMB94.9m versus RMB108.9m; net margin declined to 3.5% from 4.1%, and basic and diluted EPS were RMB0.38 versus RMB0.44.

• Other net gain rose to RMB12.5m, including one-off litigation compensation of RMB7.7m and higher government subsidies.

Outlook and guidance

• Priorities include strengthening general healthcare capabilities and key specialties, improving operational management and patient experience, and developing medical talent.

• Planned work includes progressing hospital construction and equipment projects, expanding service capacity subject to regulations and market conditions, and strengthening regional medical cooperation and referrals.

• Development pace will be adjusted for macro policy, industry trends and market conditions, with a prudent focus on medical quality, business structure and compliance.