Bayzed Health Group Inc released its annual results for the year ended 31 December 2025, reporting lower top-line growth but stronger adjusted profitability and cash generation.

Financial Performance • Revenue fell 5.8% to RMB1.12 billion, driven by softer demand in both hospital operations and medical supply sales. • Gross profit declined 8.4% to RMB190.81 million; gross margin eased to 17.0% from 17.5% a year earlier. • The company booked a net loss of RMB8.68 million, widening 141.7% year on year, mainly due to RMB26.62 million in listing expenses. • On a non-IFRS basis, adjusted net profit rose 43.2% to RMB17.94 million. • Adjusted EBITDA grew 10.6% to RMB144.36 million, lifting the adjusted EBITDA margin to 12.9% (2024: 11.4%).

Segment Highlights • Hospital services (six self-owned hospitals) generated RMB914.57 million, 81.7% of total revenue, down 3.9%. • Hospital management fees from two managed institutions contributed RMB34.00 million, down 14.1%. • Sales of pharmaceuticals, medical equipment and consumables slipped 11.3% to RMB169.06 million. • In its self-owned hospitals, outpatient and emergency visits reached 670,000, and surgeries totaled 11,021, with high-complexity (Level III–IV) procedures up 16.9% to 6,453.

Cash Flow & Balance Sheet • Net operating cash inflow jumped 31.9% to RMB222.34 million, marking a record high. • Cash and cash equivalents more than doubled to RMB616.0 million, bolstered by June 2025 IPO proceeds of HKD473.1 million. • The gearing ratio improved to 36.6% (2024: 46.9%), while net debt stood at RMB544.48 million. • Current and quick ratios rose to 1.7x and 1.6x respectively, from around 1.0x and 0.9x in 2024.

Cost & Efficiency • Cost of sales decreased 5.3% to RMB929.04 million, reflecting tighter procurement and supply-chain controls. • Selling expenses fell 9.3% to RMB10.73 million; general and administrative expenses declined 5.3% to RMB156.97 million amid staffing and budget optimisation. • Finance costs remained broadly stable at RMB21.58 million.

Capital Expenditure & Investments • FY2025 capex dropped 21.8% to RMB39.09 million as major equipment replacement cycles moderated. • Unused IPO proceeds of HKD439.4 million remain earmarked for oncology service expansion, hospital acquisitions, IT upgrades and other strategic projects through 2027.

Operational Footprint As at end-2025, Bayzed Health managed a network of eight oncology-focused hospitals across Beijing, Tianjin, Shanxi, Anhui and Henan, comprising six self-owned for-profit hospitals and two managed not-for-profit institutions.

Dividend The Board did not recommend a final dividend for FY2025.

Outlook Bayzed Health plans to deepen its full-cycle oncology model, enhance digital infrastructure and pursue asset-light expansion, supported by robust liquidity from its recent listing and stronger operating cash flows.