Sipai Health Technology (0314) H2 2025 earnings summary

Executive summary

• 2025 revenue fell 54.6% YoY to RMB2.071bn, mainly reflecting strategic restructuring of Specialty Pharmacy and Hui Min Insurance; gross margin rose 6.5 percentage points to 15.0%.

• IFRS net loss narrowed 65.0% to RMB126.8m; normalized net loss narrowed 62.6% to RMB47.6m, excluding specified non-recurring and non-operational items.

• Strategy shifted toward corporate health insurance brokerage and broader corporate risk management, supported by healthcare resources, digital capabilities and pharmaceutical services.

Financial highlights

• Revenue was RMB2,070.984m versus RMB4,565.434m in 2024; gross profit was RMB311.325m versus RMB386.433m.

• Operating loss narrowed 60.7% to RMB93.619m; IFRS loss for the year was RMB126.778m versus RMB361.832m in 2024.

• Adjusted loss, a non-IFRS measure before further adjustments to normalized net loss, was RMB64.889m versus RMB271.913m in 2024.

• Operating cash flow was RMB6.355m, compared with an outflow of RMB59.447m in 2024.

Outlook and guidance

• Priorities include expanding enterprise health insurance, globalization, professional capabilities and diversified corporate risk management; the stated longer-term ambition is to benchmark against the world’s top three insurance brokers.

• A 2026 “Four-Wheel Growth Strategy” is built around organic growth, talent, AI and M&A; plans include applying AI to product innovation and precision risk control.

• Three new commercial insurance units launched in Q1 2026: Reinsurance, Large Commercial Risk and Life Sciences Insurance, widening service coverage across enterprise risks and pharmaceutical R&D.