BrainAurora Medical Technology (6681) H1 2025 earnings summary

Executive summary

• H1 revenue rose 92.81% YoY to RMB100.05m, driven by higher System adoption and RMB24.78m in medical AI large language model solutions; period loss widened to RMB126.88m.

• Reimbursement-list coverage reached 30 provinces, and more than 200 hospitals had established cognitive centers.

Financial highlights

• Revenue rose from RMB51.89m to RMB100.05m; gross profit increased from RMB24.52m to RMB40.85m.

• Cost of sales rose 116.30% to RMB59.20m, including RMB23.01m of hardware procurement for AI solutions and higher cognitive-center operating and construction costs.

• Period loss widened from RMB114.39m to RMB126.88m; loss attributable to owners was RMB126.37m, and basic and diluted loss per share was RMB0.11.

• Adjusted net loss was RMB114.39m versus RMB78.84m; other income rose to RMB7.28m, including higher interest income following listing proceeds.

• Listing expenses were RMB2.67m versus RMB8.59m; loss before tax was RMB125.21m versus RMB114.39m.

Outlook and guidance

• Dyslexia recovery software completed R&D; clinical trial enrollment was expected by end-Q3 2025, with registration applications targeted by end-Q3 2026.

• Clinical data and report writing for three cognitive DTx studies involving 649 patients were finalized; registration applications are planned for 2026.

• Depression treatment software trials are planned for 2026; quantitative depression cognitive assessment targets a Q4 2025 registration filing and 2026 commercialization.

• EU commercialization of cognitive impairment treatment software is expected in 2026; U.S. assessment and treatment products are in development for Section 510(k) filings.

• Priorities include indication expansion, faster commercialization, stronger R&D and AI, international expansion, and selective M&A.