BrainAurora Medical Technology (6681) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 79.91% YoY to RMB220.05m, while the reported net loss widened to RMB316.36m; adjusted net loss was RMB239.15m.

• Growth reflected wider hospital reach, stronger home-user activity and RMB49.78m in medical AI language-model solutions revenue.

• Product development advanced across clinical programs, AI capabilities and a broader integrated digital-health platform concept.

Financial highlights

• Revenue was RMB220.05m versus RMB122.31m in 2024; gross profit increased to RMB89.45m from RMB54.01m.

• Net loss was RMB316.36m versus RMB198.61m; adjusted net loss, excluding specified non-cash items, was RMB239.15m versus RMB161.96m.

• Basic loss per share was RMB0.27 versus RMB0.22; diluted loss per share was RMB0.27 versus RMB0.23.

• Other income increased to RMB15.94m from RMB1.71m, primarily reflecting higher interest income after the IPO proceeds were received.

• Cost of sales rose to RMB130.60m from RMB68.30m, while gross margin declined to 40.7% from 44.2%.

Outlook and guidance

• Registration documents for the cardiovascular cognitive-impairment program are planned for Q2 2026; approval is expected by end-2026 and commercialization in Q1 2027.

• Dyslexia recovery software is targeted for registration submission in Q1 2027, approval in Q3 2027 and commercialization by end-2027, following completion of enrollment for 43 subjects.

• Depression treatment software clinical research is planned to start in Q2 2026, with registration submission in Q1 2028 and commercialization targeted by end-2028.

• Bone trauma and pain DTx clinical research is planned for Q2 2026; registration submission is targeted for Q3 2027 and commercialization for Q1 2028.

• February 2026 subscription proceeds of HK$500.68m net were received; directors cited the financing and available resources in assessing 12-month working-capital sufficiency.