Shanghai United Imaging Healthcare (688271) Q4 2025 earnings summary

Executive summary

• Achieved record revenue and profit growth in 2025, with revenue up 33.98% and net profit up 48.14% year-over-year, driven by innovation, global expansion, and strong domestic demand.

• Maintained industry leadership in China, with top market share in multiple imaging and radiotherapy segments, and significant breakthroughs in high-end and international markets.

• Accelerated global expansion, with overseas revenue up 51.39% year-over-year, now accounting for 24.86% of total revenue, and product presence in over 100 countries.

• Continued high R&D investment, launching several industry-first products and expanding the patent portfolio to over 10,000 applications.

Financial highlights

• 2025 revenue reached RMB 13.8 billion, up 33.98% year-over-year; net profit attributable to shareholders was RMB 1.87 billion, up 48.14%.

• Operating cash flow turned positive to RMB 2.68 billion from a negative RMB 619 million in 2024.

• Gross margin for core medical equipment sales was 46.56%, and overall gross margin was 48.61%.

• Basic and diluted EPS were RMB 2.28, up 48.05% year-over-year.

• R&D expenses were RMB 1.84 billion, 13.35% of revenue, with a slight decrease in R&D ratio due to scale effects.

Outlook and guidance

• Management expects continued robust growth in both domestic and international markets, supported by ongoing product innovation, digital transformation, and global supply chain optimization.

• Plans to further expand high-end product lines, accelerate AI and digital health integration, and deepen global market penetration.

• 2026 will focus on next-generation product launches, supply chain resilience, and sustainable development initiatives.