Jenscare Scientific (9877) H1 2025 earnings summary

Executive summary

• H1 revenue was RMB13.426m as Ken-Valve commercialization began in China; reported net loss widened to RMB170.289m, while adjusted non-IFRS loss narrowed to RMB91.756m.

• LuX-Valve Plus and JensClip advanced through clinical and regulatory milestones, alongside broader structural-heart product development.

Financial highlights

• Revenue was RMB13.426m versus nil in H1 2024; gross profit was RMB11.827m and gross margin 88.1%.

• Other income and gains fell to RMB12.144m from RMB16.950m, mainly due to lower fair-value and foreign-exchange gains.

• Reported net loss widened to RMB170.289m from RMB105.765m; basic and diluted loss per share was RMB0.41 versus RMB0.25.

• Adjusted non-IFRS loss, excluding share-based compensation and net FX differences, narrowed to RMB91.756m from RMB94.159m.

• R&D expenses were RMB88.885m and administrative expenses RMB57.433m; share-based compensation drove much of their reported increases.

Outlook and guidance

• Ken-Valve commercialization is expected to contribute considerable revenue by year-end; plans target coverage of over 100 key hospitals in China in 2025, with regional expansion and physician training in H2.

• Strategic priorities include global LuX-Valve expansion, pipeline development, faster revenue growth, breakeven as soon as possible and strict cost control.

• LuX-Valve Plus six-month TRINITY follow-up data was scheduled for presentation at the U.S. TCT conference in October 2025.