Ningbo Sanxing Medical Electric Co (601567) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 was ¥14.36 billion, down 1.64% year-over-year; net profit attributable to shareholders was ¥1.27 billion, down 43.62% year-over-year.

• The company operates two main segments: smart power distribution/electricity solutions and rehabilitation-focused medical services.

• Overseas business expansion continued, with new market breakthroughs and increased overseas orders, especially in power distribution.

• The company maintained industry leadership in global smart meter sales for the fifth consecutive year.

Financial highlights

• Operating income: ¥14.36 billion (down 1.64% YoY); net profit: ¥1.27 billion (down 43.62% YoY).

• Operating cash flow: ¥1.77 billion (down 3.53% YoY).

• Gross margin for manufacturing: 27.08% (down 7.73 percentage points YoY); medical services: 28.84% (down 5.46 percentage points YoY).

• R&D expenses: ¥607 million, 4.23% of revenue.

• Major non-recurring losses: goodwill impairment of ¥356 million.

Outlook and guidance

• Plans to accelerate overseas production and sales, focusing on localization and expansion in Europe, Middle East, and Latin America.

• Domestic strategy emphasizes strengthening core power grid business and expanding into new energy, petrochemical, and data center markets.

• Medical segment to focus on quality improvement, digital upgrades, and specialty rehabilitation chain development.