Tianjin TEDA Biomedical Engineering Company Limited reported audited 2025 results showing a sharp top-line rebound but a much larger bottom-line loss, largely due to hefty asset write-downs in its fertiliser business.

Revenue and Margin • Group turnover rose 35.67% year-on-year to RMB 522.97 million, driven by new AI health & elderly care lines. • Gross profit increased to RMB 35.67 million, with gross margin edging up 1.57 percentage points to 6.82%.

Bottom-line Performance • Loss attributable to shareholders expanded to RMB 90.82 million (2024: RMB 27.80 million). • Key non-recurring charges included: – RMB 62.80 million impairment on prepayments – RMB 18.74 million impairment on property, plant & equipment – RMB 5.23 million impairment on right-of-use assets – RMB 20.96 million combined ECL provisions on trade and other receivables – RMB 8.22 million loss on disposal of subsidiaries

Segment Breakdown • Fertiliser products: revenue RMB 413.41 million; segment loss RMB 94.32 million following raw-material volatility and asset provisions. • AI health & elderly care products and services: revenue jumped to RMB 109.56 million (2024: RMB 0.64 million) and recorded a marginal profit of RMB 0.10 million. New contributions came from sales of elderly gold products (RMB 87.40 million) and chips/servers for healthcare solutions (RMB 21.74 million).

Cost Structure • Selling & distribution expenses fell 33.62% to RMB 9.24 million after tighter expense controls. • Administrative expenses increased 12.98% to RMB 22.98 million, reflecting business expansion. • R&D outlays quadrupled to RMB 4.14 million, mainly for the “Xihe No.1” medical large-model project. • Finance costs declined 17.29% to RMB 3.79 million on reduced borrowings and lower rates.

Balance Sheet and Liquidity • Total assets stood at RMB 264.84 million; total liabilities at RMB 262.11 million. • Net current liabilities were RMB 62.21 million; cash and cash equivalents were RMB 29.21 million. • Gearing (total liabilities/total assets) rose to 0.99 from 0.91. • Management highlighted material going-concern uncertainty but cited new credit facilities totaling RMB 90.00 million and ongoing equity financing plans.

Capital Movements • Two H-share placings in February and May 2025 issued 239.40 million new shares, raising net proceeds of roughly RMB 80.90 million to fund acquisition and development of an AI medical health software platform. • Year-end share capital increased to 2.134 billion shares; equity attributable to owners was RMB 12.22 million.

Dividend No dividend was declared for 2025.

Outlook The group will prioritise nationwide rollout of its AI medical large-model MaaS platform, while continuing to rationalise the fertiliser segment amid raw-material volatility and geopolitical uncertainties.