Shanghai United Imaging Healthcare (688271) Q2 2025 earnings summary

Executive summary

• Achieved revenue of ¥6.02 billion for H1 2025, up 12.79% year-over-year; net profit attributable to shareholders was ¥998 million, up 5.03% year-over-year; adjusted net profit (excluding non-recurring items) was ¥966 million, up 21.01% year-over-year.

• Operating cash flow turned positive to ¥48.76 million from a negative ¥624.59 million in the prior year, reflecting improved sales collections.

• Board approved a cash dividend of ¥1.3 per 10 shares (pre-tax), totaling ¥106.6 million, representing 10.68% of H1 net profit.

Financial highlights

• Gross margin for the period was 47.93%.

• Service revenue grew 32.21% year-over-year to ¥816 million, with service gross margin above 60%.

• Overseas revenue rose 22.48% year-over-year to ¥1.14 billion, accounting for 18.99% of total revenue.

• R&D expenses were ¥766 million, representing 12.74% of revenue; total R&D investment (including capitalized) was ¥1.14 billion, or 18.95% of revenue.

• Basic and diluted EPS were ¥1.21; adjusted EPS (excluding non-recurring items) was ¥1.17.

• Weighted average ROE was 4.90%; adjusted ROE was 4.75%.

Outlook and guidance

• Management expects continued growth driven by domestic policy support for medical equipment upgrades and international expansion.

• Focus remains on high-end product innovation, global market penetration, and service business expansion.