Meihao Medical (1947) H1 2026 earnings summary

Executive summary

• H1 revenue rose 32.3% YoY to RMB57.638m; gross profit increased 35.2% to RMB21.657m and net loss narrowed to RMB9.500m from RMB9.935m.

• Implant and reparative dentistry led growth; active patients rose 9% to 44,087 across six hospitals and one clinic.

• Cost of sales grew more slowly than revenue, supporting gross-margin improvement and a focus on operating efficiency.

Financial highlights

• Revenue was RMB57.638m vs RMB43.568m; cost of sales was RMB35.981m vs RMB27.550m; gross profit was RMB21.657m vs RMB16.018m.

• Loss before tax was RMB8.635m vs RMB8.719m; net loss was RMB9.500m vs RMB9.935m, including RMB9.401m attributable to owners vs RMB10.007m.

• Selling expenses rose 30.2% to RMB17.764m; administrative expenses increased 7% to RMB12.402m.

• Income tax expense was RMB0.9m vs RMB1.2m; other income and gains declined 36.2% to RMB1.0m, mainly reflecting exchange gains and losses.

• Basic and diluted loss per share was RMB1.61 cents vs RMB1.79 cents.

Outlook and guidance

• Priorities include growing the patient base, developing synergies across six hospitals and one clinic, supporting growth facilities, and improving patient acquisition and retention.

• Plans include expanding medical-insurance designation, adapting the service mix to policy changes, and maintaining medical quality while improving gross margin.

• Cost initiatives include centralized procurement, tighter inventory management, digitized clinical workflows and staff development; no numerical financial guidance was stated.