HealthyWay Inc. (2587) H1 2025 earnings summary

Executive summary

• H1 2025 revenue fell 15.3% YoY to RMB517.9m; net profit was RMB7.0m versus a RMB57.3m loss, with the prior-year comparison including a RMB63.0m redemption-liability charge that did not recur after listing.

• Registered users reached 211.8m, physicians 905,000 and connected hospitals 12,161 by 30 June 2025.

Financial highlights

• Gross profit was RMB161.7m versus RMB183.7m; gross margin rose to 31.2% from 30.0%.

• Operating profit increased to RMB12.0m from RMB2.5m; profit before tax was RMB10.5m versus a RMB63.2m loss.

• Basic and diluted EPS was RMB0.01 versus a loss of RMB0.08 per share; income tax expense was RMB3.5m versus a RMB5.9m credit.

• Cost of sales declined 16.8% to RMB356.1m; selling, administrative and R&D expenses were RMB87.2m, RMB26.3m and RMB37.4m, respectively, while finance costs fell to RMB1.4m.

Outlook and guidance

• Priorities include monetizing pharmaceutical sales, content and IT services, deepening physician relationships and integrating more medical services on-platform.

• Expanding physician cooperation is intended to increase access to real-world clinical data and support RWS growth; outlook remains cautiously optimistic amid challenging conditions, with no numerical guidance stated.