Vincent Medical Holdings Limited (VINCENT MED) reported FY2025 revenue of HK$932.80 million, up 16.5% year-on-year, driven primarily by a 39.8% jump in imaging disposable sales to HK$549.70 million. The imaging segment now contributes 58.9% of total revenue versus 49.1% in FY2024.

Gross profit expanded 25.9% to HK$327.44 million, lifting gross margin to 35.1% (FY2024: 32.5%) as higher volumes improved capacity utilisation. Operating profit increased 62.8% to HK$129.70 million, while profit for the year climbed 52.8% to HK$108.35 million, translating into an 11.6% net margin (FY2024: 8.9%). Basic earnings per share were HK16.18 cents (FY2024: HK10.75 cents).

Segment performance • Imaging disposables: Revenue HK$549.70 million; segment gross margin 34.8% (FY2024: 31.6%). • Respiratory products: Revenue HK$243.18 million, broadly flat; segment gross margin 39.3% (FY2024: 38.1%). • Healthcare, wellness & other products: Revenue HK$107.07 million, down 4.3%, reflecting softer export orders. • Orthopaedic & rehabilitation: Revenue HK$32.85 million, down 34.7%, with margin at 28.7% (FY2024: 31.7%).

Regional mix Sales to Spain grew 43.6% to HK$368.49 million, accounting for 39.5% of revenue. The United States contributed HK$298.14 million, or 32.0%, while mainland China delivered HK$75.52 million, or 8.1%.

Cost structure and expenses Selling and distribution expenses rose 9.5% to HK$42.99 million but fell to 4.6% of revenue (FY2024: 4.9%). Administrative expenses decreased 5.0% to HK$106.33 million, equal to 11.4% of revenue. R&D spending increased to HK$48.74 million, representing 5.2% of revenue (FY2024: 3.8%) as the company advanced rehabilitation and AIoT projects.

Balance sheet highlights Total assets reached HK$1.17 billion (31 Dec 2024: HK$919.69 million). Cash and bank balances stood at HK$250.87 million, supporting a current ratio of 2.0x. Total interest-bearing borrowings rose to HK$146.37 million, largely funding construction of a new Kaiping production facility, which is slated for trial operations in 2026. Capital commitments contracted but not provided amounted to HK$75.80 million.

Working capital efficiency improved: inventories declined to HK$154.65 million despite higher sales, and trade receivables increased to HK$194.76 million in line with revenue growth.

Dividends The Board proposed a final dividend of HK2.6 cents per share. Including the HK2.4 cents interim dividend, total FY2025 payout is HK5.0 cents per share, up from HK3.3 cents in FY2024.

Outlook Management targets deeper collaboration with its major imaging customer, continued product registration and regional expansion, and phased commercialisation of the new Kaiping facility to enhance capacity and efficiency while maintaining prudent financial discipline.