LEPU ScienTech Medical Technology (2291) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 11.9% to RMB527.9m, while net profit attributable to shareholders fell 2.4% to RMB239.7m as operating costs and selling expenses grew faster than gross profit.

• ScienCrown TAVR commercialization added RMB54.2m in revenue; biodegradable occluders and a broad structural-heart pipeline remain central growth drivers.

• The Board recommended a final dividend of RMB0.50 per share, subject to shareholder approval.

Financial highlights

• Revenue increased 11.9% YoY to RMB527.9m; gross profit rose 5.4% to RMB447.0m.

• Net profit attributable to shareholders decreased 2.4% to RMB239.7m; basic and diluted EPS were RMB0.69, versus RMB0.71 in 2024.

• Operating costs rose 70.1% to RMB81.0m, primarily due to higher materials costs and heart-valve product commercialization; selling expenses increased 50.2% to RMB106.8m.

• R&D expenses were broadly stable at RMB58.1m (+0.3%); administrative expenses fell 21.2% to RMB28.1m.

Outlook and guidance

• Management expects FY2026 revenue to grow at a relatively high rate, with metal occluders facing a slight impact from procurement pricing and biodegradable occluders expected to gain implantation volume.

• The interventional left ventricular support system is planned to enter clinical trials in H2 2026; the biodegradable PFO occluder and ScienCrown TAVR are targeted for further commercialization and market expansion.

• The MemoCarna oxide-coating PFO occluder is expected to receive its registration certificate in Q4 2026; the ultrasound contrast injection device is expected to enter clinical trials in Q2 2026.

• Priorities include developing structural-heart products, expanding domestic and overseas sales channels, and advancing CE registration and clinical work for innovative occluders and valve products.