LEPU ScienTech Medical Technology (2291) H1 2025 earnings summary

Executive summary

• H1 2025 revenue rose 32.4% YoY to RMB329.7m; net profit attributable to parent shareholders increased 29.8% to RMB182.0m, while operating cash flow rose 61.2% to RMB166.8m.

• Portfolio comprised 30 marketed products, four products under registration review or preparation, and 28 candidates in development; ScienCrown TAVR launched commercially in early 2025.

Financial highlights

• Revenue was RMB329.7m, up 32.4% YoY; gross profit rose 25.4% to RMB284.3m and operating profit was RMB210.8m versus RMB163.9m in H1 2024.

• Net profit attributable to parent shareholders increased 29.8% to RMB182.0m; basic and diluted EPS were both RMB0.5249, versus RMB0.4044 in H1 2024.

• Operating cash flow rose 61.2% to RMB166.8m; cash and cash equivalents reached RMB1,321.1m at June 30, up 17.8% from Dec. 31, 2024.

• Operating costs more than doubled to RMB45.4m; selling expenses rose 37.4% to RMB43.3m, R&D expenses increased 17.0% to RMB25.4m, and administrative expenses fell 20.7% to RMB14.6m.

Outlook and guidance

• Priorities include advancing structural-heart technologies, expanding biodegradable applications, strengthening product reliability and broadening treatment options; no numerical earnings guidance was stated.

• Oxide-coating PFO occluder NMPA application was expected in Q3 2025; clinical trials for the aortic-regurgitation TAVR candidate were planned by year-end 2025.

• TMVr-A/transapical mitral clip registration submission was expected in 2026; vascular closure device registration submission was expected in Q1 2026.

• Strategy includes expanding biodegradable occluders, valve products, mechanical circulatory support and overseas sales; third-generation oxide-coating occluders have CE certification.