Cofoe Medical Technology (301087) Q4 2025 earnings summary

Executive summary

• FY2025 revenue rose 13.56% YoY to RMB3.387bn and net income attributable to shareholders rose 19.20% to RMB371.6m; Q4 revenue grew 34.79% and net income 86.17% YoY.

• Growth reflected gains across core product categories, sharply higher overseas sales and expanded operations following acquisitions; gross margin improved 131 bps to 53.16%.

Financial highlights

• Revenue was RMB3.387bn, up 13.56%; net income attributable to shareholders was RMB371.6m, up 19.20%; adjusted net income excluding non-recurring items was RMB298.0m, up 8.33%.

• Operating profit was RMB429.0m and total profit RMB425.8m; Q4 revenue reached RMB989.7m and attributable net income RMB111.4m.

• Operating cash flow was RMB695.7m, up 4.87%; year-end cash and cash equivalents were RMB1.295bn, while cash plus trading financial assets totaled RMB2.439bn.

• Sales and management expenses increased 18.99% and 42.57%, respectively; management expense growth included acquired businesses and higher share-based payment expense.

Outlook and guidance

• FY2026 priorities include scaling strategic products in respiratory support, hearing aids, posture correction and glucose monitoring, alongside product innovation and operating efficiency improvements.

• Plans include 1–2 flagship ventilator launches, advancing connected oxygen concentrators, expanding international registrations and integrating acquired overseas customer and channel networks.

• Plans also include launching Cofoe Large Model 1.0, testing an edge AI algorithm in ventilators, deepening the Philips partnership and pursuing an A+H capital platform.