Xunfei Healthcare released its audited 2025 results. Revenue rose 24.70% year-on-year to RMB 914.99 million, supported by broader product uptake across governments, hospitals and individual users. Gross profit increased 14.20% to RMB 461.64 million, but the gross margin slipped 4.6 percentage points to 50.5% as regional solution margins tightened.

Net loss attributable to shareholders narrowed 51.10% to RMB 64.79 million; total loss for the year fell 52.20% to RMB 65.77 million. Loss before tax contracted to RMB 95.99 million from RMB 172.02 million. Adjusted (non-IFRS) net loss was RMB 38.98 million, versus RMB 44.78 million in 2024, with the margin improving to –4.3%.

Segment performance • Primary solutions: revenue RMB 262.86 million (+10.90%), margin 52.2%. • Regional solutions: revenue RMB 205.93 million (+33.90%), margin 34.2%. • Hospital solutions: revenue RMB 173.14 million (+31.10%), margin 48.5%. • Patient management services: revenue RMB 273.06 million (+29.30%), margin 62.3%.

Technology investment remained high. Total R&D spending (expense plus capitalised) reached RMB 316.30 million, 34.6% of revenue, with core-technology investment up 64.20% to RMB 134.70 million. During the year the company released successive iterations of its Spark Medical Model, expanded coverage of its General Practice CDSS to 77,000 primary healthcare institutions and more than 600 graded hospitals, and won the National AI Application Pilot Base project for primary healthcare.

Cash and debt • Cash and cash equivalents fell to RMB 123.64 million (2024: RMB 676.75 million) after RMB 526.46 million of investing outflows, mainly fixed deposits and an associate investment. • Bank borrowings increased to RMB 276.80 million; gearing (total liabilities/total assets) rose to 59.0% (2024: 52.8%). • Unutilised committed banking facilities totalled approximately RMB 1.05 billion.

No dividend was proposed for 2025.

Looking forward, Xunfei Healthcare targets continued product iteration, large-scale deployment of its medical large models and further commercial expansion, while maintaining high R&D intensity and seeking full utilisation of proceeds from its December 2024 Hong Kong listing.