Rainmed Medical (2297) H1 2025 earnings summary

Executive summary

• H1 revenue fell 61.3% YoY to RMB10.405m, driven by lower caFFR pressure-transducer and caIMR system sales; gross margin declined to 49.0%.

• Period loss narrowed to RMB33.291m from RMB42.728m; attributable loss was RMB32.169m, down 22.6% YoY.

Financial highlights

• Revenue was RMB10.405m versus RMB26.868m YoY; gross profit was RMB5.117m versus RMB18.653m.

• Operating loss narrowed to RMB33.238m from RMB44.666m; adjusted non-HKFRS attributable loss was RMB33.8m versus RMB40.2m.

• Basic and diluted loss per share was RMB0.02 versus RMB0.04; attributable loss was RMB32.169m versus RMB41.646m.

• R&D expenses fell 65.6% to RMB6.362m; selling expenses declined 49.0% to RMB15.090m, and G&A expenses fell 11.6% to RMB20.644m.

• Gross margin declined to 49.0% from 69.5%, primarily due to depreciation and amortization at the newly used principal manufacturing site.

Outlook and guidance

• H2 priorities include strengthening FFR and IMR competitiveness, expanding IVD coverage, developing overseas markets and deepening Mainland China penetration.

• caFFR indication expansion targets acute STEMI, acute NSTEMI and HFpEF; a China post-registration trial lists an expected interim closing in 2025.

• caIMR indication expansion targets STEMI immediately after successful revascularization; the pipeline lists clinical-trial initiation in 2025 Q2 and a 2028 milestone.

• Flash Robot Vascular Intervention Navigation Operation System remained at the research-improvement stage at June 30, 2025.