ClouDr Group (9955) H2 2025 earnings summary

Executive summary

• Revenue fell 53.5% YoY to RMB1,623.2m as strategic restructuring reduced low-margin value-added business; gross margin rose to 47.8% from 24.7%.

• Operating cash flow turned positive at RMB66.8m, versus an outflow of RMB148.4m in 2024; P2M revenue reached RMB504.5m and was profitable at year-end.

• IFRS net loss widened to RMB968.5m, including substantial disposal-related losses and a one-off provision; adjusted net loss was RMB182.1m.

Financial highlights

• Revenue was RMB1,623.2m, down 53.5% YoY; cost of sales fell 67.7% to RMB848.1m as low-margin sales made up less of the mix.

• Gross profit declined 10.0% to RMB775.1m, while gross margin increased to 47.8% from 24.7%.

• Operating loss widened 126.9% to RMB853.3m; net loss increased 97.1% to RMB968.5m.

• Adjusted net loss, a non-IFRS measure, was RMB182.1m versus RMB116.1m; adjusted net loss margin was 11.2% versus 3.3%.

• Basic and diluted loss per share was RMB1.52, versus RMB0.89 in 2024.

Outlook and guidance

• Near-term priorities are P2M growth, healthier cash flow and profitability; longer-term plans include data-asset monetization and connected chronic-condition management.

• Strategy calls for continued investment in AI hospital and pharmacy platforms, medical AI innovation, patient and doctor users, and proprietary P2M products.

• Hospital plans include deepening network partnerships and monetizing infrastructure through targeted marketing and P2M; pharmacy plans include platform expansion, broader services and more P2M sales.

• Iloprost Infusion for Injection received Greater Bay Area sales approval in December 2025; a six-month real-world study is planned, with conditional national approval targeted by end-2027.