Cofoe Medical Technology (301087) Q2 2026 earnings summary

Executive summary

• H1 2026 revenue rose 38.51% YoY to RMB 2,071.8m; attributable net income increased 20.84% to RMB 202.3m and adjusted net income rose 26.73% to RMB 172.6m.

• Growth was led by respiratory support and traditional Chinese medicine therapy, while higher-value products and supply-chain efficiencies lifted gross margin by 3.4 percentage points to 55.89%.

• Overseas revenue more than doubled, and a May Hong Kong listing added a second capital platform; operating cash flow fell 25.33% YoY.

Financial highlights

• H1 revenue RMB 2,071.8m, +38.51% YoY; operating costs RMB 1,846.0m, +39.4% YoY, including sales expenses of RMB 762.8m, +58.83%.

• Attributable net income RMB 202.3m, +20.84%; excluding RMB 29.7m net non-recurring gains, adjusted attributable net income was RMB 172.6m, +26.73%.

• Basic/diluted EPS RMB 0.95/RMB 0.94, up 15.85%/16.05%; adjusted basic/diluted EPS RMB 0.81/RMB 0.80.

• Operating cash flow RMB 262.4m, down 25.33%; investing cash flow RMB 322.8m and financing cash flow RMB 486.3m, with investing inflows reflecting recovery of cash-management funds and financing inflows reflecting H-share proceeds.

• Total assets RMB 7,457.5m, +12.50% from year-end; attributable equity RMB 5,526.7m, +13.56%; cash and trading financial assets RMB 3,062m; debt-to-asset ratio 25.41%.

Outlook and guidance

• Strategic priorities include expanding AI-enabled home-health products from respiratory devices into monitoring, respiratory support and rehabilitation, alongside continued product innovation and commercialization.

• Plans emphasize domestic omnichannel growth, overseas registration and distribution, supply-chain digitalization, smart manufacturing and industry partnerships to support global expansion.

• The home medical-device market was forecast at RMB 221.2bn for 2026, +6.5% YoY, and above RMB 313.1bn by 2030; these are industry estimates, not company guidance.