Meihao Medical (1947) H1 2025 earnings summary

Executive summary

• H1 revenue rose 28.9% YoY to RMB43.568m; attributable loss narrowed to RMB10.007m from RMB15.074m, while active patients increased 38.3% to 40,456.

• Six hospitals and one clinic operated in Wenzhou and nearby cities; increased advertising and promotion supported patient growth.

Financial highlights

• Revenue was RMB43.568m versus RMB33.797m; gross profit rose to RMB16.018m from RMB12.348m, and gross margin increased to 36.8% from 36.5%.

• Loss before tax narrowed to RMB8.719m from RMB14.432m; net loss was RMB9.935m versus RMB15.136m, including income tax expense of RMB1.216m versus RMB0.704m.

• Selling expenses increased 21.6% to RMB13.6m, while administrative expenses fell 33.6% to RMB11.6m; other income and gains fell 43.1% to RMB1.6m.

• Operating cash outflow was RMB0.164m versus RMB6.746m; cash and cash equivalents were RMB73.026m at 30 June 2025, down from RMB78.494m at year-end 2024.

Outlook and guidance

• Priorities include reducing costs, improving efficiency, strengthening supply-chain procurement, maintaining service quality, and tailoring service packages as collective procurement expands.

• Plans include developing diversified businesses, exploring cross-border cooperation and investment opportunities, and pursuing ecosystem operations and sustainable growth.