LifeTech Scientific Corporation reported FY 2025 revenue of RMB 1.37 billion, a 5.1% increase year on year, driven chiefly by a 19.9% rise in stent-graft sales within its peripheral vascular diseases segment. Mainland China remained the largest market, contributing 71.1% of total sales, but the strongest momentum came from overseas, where revenue expanded 14.4%.

Gross profit advanced 3.8% to RMB 1.02 billion, translating into a gross margin of 74.4% (-0.9 ppt). Operating profit held broadly steady at RMB 184.71 million (-0.9% YoY).

Core net profit (excluding non-recurring items) rose 24.9% to RMB 353.40 million, but higher share-based payment expenses (RMB 224.10 million, +44.3% YoY), a sharp drop in fair-value gains on financial assets, and a RMB 18.45 million fair-value loss on redeemable shares of subsidiary Biotyx Medical compressed statutory net profit to RMB 112.38 million (-33.3% YoY). Profit attributable to shareholders fell 33.5% to RMB 147.83 million.

Segment performance: • Peripheral vascular diseases revenue reached RMB 844.63 million (+12.4%), offsetting a 3.0% decline in structural heart diseases sales to RMB 511.68 million and a 46.0% contraction in cardiac pacing and electrophysiology revenue to RMB 13.48 million.

Cost discipline was mixed. Selling and distribution expenses rose 18.3% to RMB 401.78 million, and administrative costs climbed 25.9% to RMB 207.24 million, partly reflecting higher personnel and depreciation charges. R&D spend fell 19.9% to RMB 242.66 million, with an additional RMB 86.29 million capitalised.

LifeTech closed the year with cash and cash equivalents of RMB 719.32 million (+8.0% YoY) and no interest-bearing debt, keeping the gearing ratio at zero. The current ratio declined to 1.57 (FY 2024: 2.86) after reclassifying certain redeemable shares of Biotyx Medical as current financial liabilities (RMB 576.78 million). Capital expenditure amounted to RMB 162.40 million, mainly for ongoing investment in the Lifetech Industry Park.

The Board proposed no final dividend for FY 2025 (FY 2024: nil).

Strategic developments during the year included regulatory approvals in China for multiple vascular products, CE MDR certification for the Ankura™ IIc TAA Stent Graft System, and the first-stage RMB 100 million investment for a 22.22% stake in electrophysiology specialist Affector Medtech.