PW Medtech Group (1358) H1 2026 earnings summary

Executive summary

• Operating revenue for H1 2026 was RMB394.1 million, down 4.9% year-over-year, mainly due to price declines in the Infusion Set Business from expanded centralized procurement.

• Gross profit fell 10.8% to RMB189.9 million, with gross margin at 48.2%, down from 51.3% a year earlier.

• Profit attributable to owners was RMB14.7 million, a 77.7% decrease year-over-year; adjusted profit attributable to owners was RMB31.3 million, down 62.5%.

• Interim dividend declared at HK1.1 cents per share, compared to HK4.4 cents last year.

Financial highlights

• Infusion Set Business revenue dropped 29.1% to RMB80.4 million due to price cuts from procurement policies.

• Blood Purification Business revenue rose 3.7% to RMB308.5 million, driven by domestic demand.

• Regenerative Medical Biomaterials Business revenue increased 46.3% to RMB5.2 million.

• Operating profit decreased 54.9% to RMB36.2 million.

• Net finance income fell 36.2% to RMB14.6 million.

Outlook and guidance

• Focus remains on innovation-driven growth, optimizing product mix, and expanding R&D investment.

• The Group aims to enhance competitiveness by targeting high-value products and expanding overseas, especially in blood purification.

• Continued adaptation to centralized procurement and cost optimization are strategic priorities.

• Will leverage technological leadership in regenerative biomaterials and expand sales network.