BrainAurora Medical Technology (6681) H1 2026 earnings summary

Executive summary

• H1 2026 revenue rose 19.82% YoY to RMB119.88m; reported net loss widened to RMB134.58m, while adjusted net loss was RMB99.19m, excluding employee long-term incentive expenses.

• Growth accompanied broader system adoption, increased patient usage, pediatric business expansion and commercial launch of an AI digital health platform with Tokyo Lifestyle.

Financial highlights

• Revenue increased from RMB100.05m to RMB119.88m; gross profit rose 33.68% to RMB54.61m from RMB40.85m.

• Cost of sales grew 10.25% to RMB65.27m; selling and distribution expenses rose 19.38% to RMB36.35m and administrative expenses increased 15.26% to RMB53.03m.

• R&D expenses fell 6.90% to RMB63.45m, mainly as cloud and service fees decreased RMB4.53m, or 66.63%.

• Other income rose 69.78% to RMB12.36m; other expenses and net losses were RMB23.63m, including a RMB19.37m net FX loss and RMB4.00m donations.

• Operating cash outflow was RMB138.63m; net cash from financing was RMB399.50m, including placing proceeds of RMB458.85m.

Outlook and guidance

• Dyslexia recovery training trials are targeted for completion in Dec 2026, with registration filing in Q1 2027 and certificate expected in Q3 2027.

• Depression cognitive assessment approval is expected by end-Nov 2026; the depression treatment study is planned to start by end-Sep 2026, with approval expected in Jul 2028.

• Domestic digital health services are expected to launch in H2 2026; EU commercialization of cognitive impairment treatment software is expected to begin in 2026.

• Bone trauma and pain clinical research is planned from Q3 2026; registration filing is targeted for Q4 2027 and commercialization for Q2 2028, subject to clinical and regulatory progress.

• Strategy prioritizes domestic clinical and commercial expansion, AI and data development, and overseas rollout in Singapore, Malaysia, Macau and Hong Kong.