QingSong Health (2661) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 32.9% YoY to RMB1,255.9m; adjusted net profit increased 9.0% to RMB92.0m, while IFRS continuing-operations loss was RMB379.7m, mainly due to preferred-share fair value changes.

• Healthcare-related services became the main growth engine, contributing 73.7% of revenue; the December 2025 listing strengthened liquidity and converted preferred shares into ordinary shares.

Financial highlights

• Revenue increased 32.9% to RMB1,255.9m; gross profit rose 20.3% to RMB435.1m.

• Gross margin declined to 34.6% from 38.3%, reflecting a greater revenue mix from lower-margin healthcare-related services.

• Continuing-operations net loss was RMB379.7m versus profit of RMB9.0m in 2024; 2025 included RMB404.4m preferred-share fair value changes and RMB55.0m listing expenses.

• Adjusted net profit, excluding preferred-share fair value changes, share-based compensation and listing expenses, increased 9.0% to RMB92.0m from RMB84.4m.

• Operating cash flow was RMB82.1m; cash and cash equivalents, including term deposits, reached RMB861.9m at year-end, up from RMB362.6m.

Outlook and guidance

• 2026 priorities: deepen Alcare AI applications, expand digital marketing and integrated health services, strengthen real-world research and clinical-trial support, and improve operating efficiency.

• Strategy targets continued development of the “Health + AI” model; no quantified 2026 financial guidance was stated.