Meihao Medical (1947) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 36.2% to RMB101.7m; loss before tax narrowed to RMB16.1m from RMB30.1m, and loss attributable to owners fell to RMB14.3m from RMB32.4m.

• Operations covered six private dental hospitals and one clinic in Wenzhou; active patients increased 8.2% YoY to 66,840.

Financial highlights

• Revenue was RMB101.688m vs RMB74.680m; gross profit was RMB39.761m vs RMB26.976m.

• Loss before tax was RMB16.139m vs RMB30.146m; net loss was RMB14.150m vs RMB32.624m.

• Loss attributable to owners was RMB14.341m vs RMB32.424m; basic and diluted loss per share was RMB2.46 cents vs RMB5.57 cents.

• Administrative expenses declined to RMB27.975m from RMB36.986m; selling expenses rose to RMB32.441m from RMB22.801m.

Outlook and guidance

• 2026 priorities include refining consumables cost management, competitive pricing, and strengthening high-value implant, orthodontic and restoration services.

• Planned digital upgrades include imaging, CAD/CAM, AI-assisted diagnosis and treatment, and data-driven management of appointments, clinical pathways and consumables.

• Talent plans include a dental training center, physician recruitment and development, professional certification, and incentive and promotion programs.

• Management aims to integrate the Thailand assisted-reproductive-services investment and develop cross-regional medical-service synergies, subject to risk control.