LEPU ScienTech Medical Technology (2291) H1 2026 earnings summary

Executive summary

• H1 2026 revenue fell 5.9% YoY to RMB310.1m; net profit attributable to shareholders declined 19.5% to RMB146.5m as procurement pressured traditional occluders and valve sales.

• Cardioembolic stroke prevention revenue grew 50.6% to RMB122.9m, led by biodegradable PFO occluders, partly offsetting declines elsewhere.

• At June 30, 2026, 32 products were marketed, 3 were in registration review or preparation, and 27 were in R&D stages.

Financial highlights

• Revenue was RMB310.1m, down 5.9% YoY; gross profit was RMB254.5m, down 10.5%.

• Operating profit fell to RMB170.3m from RMB210.8m; net profit attributable to shareholders was RMB146.5m versus RMB182.0m.

• Selling expenses rose 29.2% to RMB55.9m; administrative expenses fell 37.8% to RMB9.1m and R&D expenses declined 22.9% to RMB19.5m.

• Basic and diluted EPS were RMB0.4226, versus RMB0.5249 in H1 2025; cost of sales rose 22.8% to RMB55.7m.

Outlook and guidance

• Management expects metal occluder and related pathway-product performance to stabilize in H2 2026 as procurement implementation progresses; biodegradable occluders are expected to support a return to revenue growth.

• MemoCarna oxide-coating PFO occluder approval is expected in Q4 2026; Bio-Lefort biodegradable LAA occluder filing is expected in H2 2026 and approval in 2027.

• Aortic embolisation occluder enrollment is expected to finish by end-2026 and biodegradable aortic occluder enrollment by end-2027.

• Biodegradable vascular plug clinical entry is expected in Q4 2026; transapical mitral clip enrollment is expected to finish in H2 2026.

• Priorities include overseas registration and commercialization, sales-channel expansion, and new products across valves, aortic and peripheral interventions, and mechanical circulatory support.