Xunfei Healthcare Technology (2506) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 24.7% YoY to RMB915.0m; gross profit increased 14.2% to RMB461.6m, while net loss narrowed 52.2% to RMB65.8m.

• Growth reflected expansion across regional, hospital and patient-management services, supported by broader deployments of medical AI products.

Financial highlights

• Revenue was RMB915.0m vs RMB734.0m in 2024; gross profit was RMB461.6m vs RMB404.1m.

• Loss before tax narrowed to RMB96.0m from RMB172.0m; net loss was RMB65.8m vs RMB137.6m, and parent-attributable net loss was RMB64.8m vs RMB132.6m.

• Adjusted net loss, excluding equity-settled share-based payments and listing expenses, was RMB39.0m vs RMB44.8m; adjusted net loss margin improved to 4.3% from 6.1%.

• Cost of sales rose 37.4% to RMB453.3m; impairment losses under the expected credit loss model increased 164.9% to RMB35.5m.

Outlook and guidance

• Strategy prioritizes R&D, independent innovation, software-hardware integration and GBC full-scenario products; no quantified FY2026 guidance was stated.

• Management expects rapid revenue growth with a relatively stable gross margin as the product portfolio expands and matures.

• The National AI Application Pilot Base for primary healthcare is being implemented with Hefei support, targeting improved primary-care services, public-health efficiency and family-doctor services.