Shanghai MicroPort MedBot Group (2252) H2 2025 earnings summary

Executive summary

• Revenue reached RMB551.1 million in 2025, up 114% year-over-year, driven by robust overseas growth, product sales mix optimization, and rapid commercialization of the Toumai laparoscopic robot, with overseas sales accounting for 73% of total revenue.

• Net loss narrowed significantly to RMB254.1 million, a 61% reduction year-over-year, with adjusted net loss at RMB165 million, down 66%, reflecting higher gross profit and reduced operating expenses.

• Free cash outflow improved by 84% year-over-year, with positive cash inflow achieved in the second half of 2025 and cash and equivalents at RMB636.3 million.

• Maintained leadership in clinical operations and remote surgery, with over 800 remote surgeries completed, approvals in 60+ countries, and global installations exceeding 140 units.

• Strong R&D momentum with new product launches and breakthroughs in remote and autonomous surgery technologies.

Financial highlights

• Revenue: RMB551.1 million (+114% YoY); overseas revenue grew 287% to RMB400 million, now 73% of total revenue.

• Gross profit margin improved to 48% (up from 34%); gross profit rose to RMB266.6 million (+209.2% YoY).

• Net loss narrowed to RMB254.1 million from RMB647.1 million in 2024; adjusted net loss at RMB165 million.

• Free cash outflow reduced to RMB63 million, an 84% improvement year-over-year.

• R&D expenses declined 30% year-over-year to RMB216.0 million; S&M and G&A expenses also decreased.

Outlook and guidance

• Positioned for continued financial improvement through cost reduction, efficiency initiatives, and global expansion.

• Focus on multi-specialty surgical platforms, training centers, and partnerships with top hospitals and research institutions worldwide.