Jenscare Scientific (9877) H2 2025 earnings summary

Executive summary

• First commercialization year generated RMB90.6m revenue, driven by structural heart intervention product sales; Ken-Valve launched in China and overseas registrations advanced.

• Adjusted non-IFRS loss narrowed to RMB162.4m from RMB183.0m, while IFRS net loss widened to RMB272.7m from RMB185.8m, largely amid sharply higher share-based compensation and other expenses.

Financial highlights

• Revenue was RMB90.6m versus nil in 2024; gross profit was RMB82.5m and gross margin was 91.1%.

• Other income and gains fell to RMB16.6m from RMB41.6m, reflecting lower government grants, fair-value gains and FX gains.

• R&D expense rose to RMB183.6m from RMB142.6m; selling and distribution expense was RMB29.0m, while administrative expense increased to RMB99.4m from RMB68.2m.

• Operating cash outflow declined to RMB75.0m from RMB217.6m, attributed to revenue growth, improved operating efficiency and tighter cost controls.

Outlook and guidance

• Revenue is expected to grow steadily and rapidly as international operations develop; domestic Ken-Valve coverage and overseas rollout are planned to expand.

• LuX-Valve Plus commercialization preparations are complete across key markets; JensClip commercialization is expected to advance as domestic NMPA and overseas CE reviews progress.

• Continued R&D, pipeline expansion, process improvements and operational efficiency initiatives are intended to support long-term global growth.