Jenscare Scientific (9877) H1 2026 earnings summary

Executive summary

• H1 2026 revenue rose 377.7% YoY to RMB64.131m, with an 86.5% gross margin; adjusted non-IFRS loss narrowed 73.2% to RMB24.586m.

• Commercialization expanded across structural-heart products, led by Ken-Valve domestic sales and advances in overseas paid implants and registrations.

Financial highlights

• Revenue was RMB64.131m versus RMB13.426m; gross profit was RMB55.481m versus RMB11.827m.

• Net loss fell to RMB48.763m from RMB170.289m; loss attributable to parent owners was RMB48.690m versus RMB169.565m.

• Adjusted non-IFRS loss was RMB24.586m versus RMB91.756m, excluding share-based compensation of RMB19.021m and net FX differences of RMB5.156m.

• R&D expense declined to RMB52.576m from RMB88.885m, while selling and distribution expense increased to RMB22.470m from RMB3.844m.

• Administrative expense fell to RMB33.626m from RMB57.433m; other expenses declined to RMB5.163m, mainly due to no cooperation termination payments in H1 2026.

Outlook and guidance

• Priorities include deeper domestic channel coverage, continued global commercialization and moving overseas implants from individual sites toward broader rollout.

• LuX-Valve Plus U.S. pivotal trial enrollment and implants are underway, while China NMPA review continues; JensClip domestic and CE applications remain under review.

• Ken-Valve Pro and next-generation LuX-Valve products remain in development; R&D priorities include new polymer materials, simulation and AI robotics.