PW Medtech reported 1H 2026 revenue of RMB 394.06 million, down 4.9% year-on-year, as nationwide volume-based procurement sharply reduced prices in its core infusion-set segment.
Gross profit fell 10.8% to RMB 189.90 million, and group gross margin narrowed to 48.2% from 51.3%. Profit attributable to shareholders tumbled 77.7% to RMB 14.69 million; adjusted profit attributable declined 62.5% to RMB 31.27 million.
Segment performance diverged:
• Infusion Set Business revenue dropped 29.1% to RMB 80.42 million as price cuts outweighed higher volumes, driving segment gross margin down to 39.3%.
• Blood Purification Business grew 3.7% to RMB 308.45 million, supported by rising domestic dialysis demand; segment gross margin improved to 50.3%.
• Regenerative Medical Biomaterials Business rose 46.3% to RMB 5.18 million, with gross margin advancing to 63.4%.
Operating profit contracted 54.9% to RMB 36.19 million, while net finance income slipped 36.2% to RMB 14.64 million amid lower deposit rates and a reduced loan-receivable balance. Selling and marketing expenses edged down 2.7% to RMB 42.58 million; general and administrative costs rose 12.0% to RMB 93.45 million, including higher professional-service fees.
PW Medtech closed the half with cash and cash equivalents of RMB 1.83 billion and a single RMB 15.00 million bank loan, keeping gearing at 0.31%. Net assets stood at RMB 4.76 billion.
Capital deployment included RMB 40.05 million used to repurchase 38.81 million shares; 30.73 million of these have been cancelled. The board declared an interim dividend of HK 1.1 cents per share, sharply lower than the previous year’s HK 4.4 cents, payable on 2 December 2026.
R&D spending increased 14.3% to RMB 25.71 million, with new product registrations in infusion care, blood purification and regenerative biomaterials progressing as planned. The group held 61 product registration certificates and 182 patents as of end-June.
Post-period, subsidiary Sichuan Ruijian Medical repurchased 25.67 million of its own shares for RMB 200.34 million, lifting PW Medtech’s stake from 48.65% to 53.10%.
Management highlighted continued focus on “low-cost, high-quality” manufacturing, accelerated product upgrades and overseas expansion to offset domestic pricing headwinds.