Rainmed Medical (2297) H2 2025 earnings summary

Executive summary

• FY2025 revenue was RMB19.2m, down 51.8% YoY; gross profit fell to RMB9.0m and attributable loss narrowed to RMB77.1m.

• Adjusted non-HKFRS attributable loss was RMB78.1m versus RMB112.6m in 2024; basic and diluted loss per share improved to RMB0.06 from RMB0.10.

Financial highlights

• Revenue declined 51.8% YoY to RMB19.176m; gross profit fell 62.3% to RMB9.039m, with gross margin down to 46.9% from 60.1%.

• Net loss was RMB79.405m versus RMB115.542m in 2024; loss attributable to shareholders was RMB77.083m versus RMB113.496m.

• R&D expenses fell 61.1% to RMB13.8m, selling expenses declined 44.5% to RMB28.2m and G&A expenses decreased 8.7% to RMB42.9m.

• Government grant income decreased to RMB1.126m from RMB9.439m; other income was a key YoY reduction.

Outlook and guidance

• 2026 priorities include strengthening FFR and IMR competitiveness, expanding IVD coverage, overseas markets and mainland China penetration, and adjusting marketing strategy and structure.

• Management aims for healthy growth and higher-quality development in 2026 amid challenging industry conditions.

• Planned caFFR indication expansion covers acute STEMI, acute NSTEMI and HFpEF; caIMR expansion targets STEMI immediately after successful revascularization.