BenQ BM Holding Cayman Corp. (stock code: 02581) released its first post-listing annual results for the year ended 31 December 2025.

Financial highlights • Revenue rose 2.2% year-on-year (YoY) to RMB2.72 billion, driven mainly by a 4.0% increase in in-patient services to RMB1.43 billion; out-patient services grew 0.4% to RMB1.25 billion.

• Gross profit declined 12.0% YoY to RMB424.07 million, and the gross margin contracted to 15.6% from 18.1%, reflecting higher staff costs, depreciation and utilities following the opening of Nanjing BenQ Hospital Phase II in February 2025.

• Net profit fell 12.8% to RMB94.94 million; net margin slipped to 3.5% (2024: 4.1%). Basic and diluted EPS decreased to RMB0.38 from RMB0.44.

Operating metrics • Out-patient visits increased 1.2% to approximately 2.17 million, while in-patient admissions also grew 1.2% to 87,276.

• Average spending per in-patient rose to RMB16,430 (+2.7%), whereas average out-patient spending eased to RMB536 (-1.1%).

Cost and expenses • Cost of revenue climbed 5.4% to RMB2.29 billion, mainly reflecting a 5.8% rise in staff costs to RMB959.19 million and additional depreciation of RMB21.6 million.

• Administrative expenses fell 5.7% to RMB267.29 million as listing-related costs tapered.

• Net finance costs surged to RMB10.71 million (2024: RMB3.09 million) due to lower interest income and the cessation of interest capitalisation.

Balance-sheet snapshot • Cash and cash equivalents jumped to RMB649.80 million (2024: RMB116.88 million), supported by IPO net proceeds of approximately RMB543.22 million.

• Net current liabilities narrowed to RMB294.84 million from RMB795.24 million a year earlier; current ratio improved to 0.79x (2024: 0.39x).

• Gearing (interest-bearing debt/total assets) eased to 17.43% from 21.89%.

Capital activities • The company issued 67 million new shares at HK$9.34 each upon its Hong Kong Main Board listing on 22 December 2025, raising gross proceeds of HK$625.78 million (about RMB567.40 million).

• No dividend was declared for FY2025.

Use of IPO proceeds Approximately HK$554.5 million in net proceeds remains earmarked for expansion and upgrade of Nanjing and Suzhou hospitals (74.3%), M&A opportunities (16.0%), smart-hospital upgrades (8.0%), and working capital (1.8%). All funds were unutilised as at year-end and are expected to be deployed by end-2028 according to the disclosed timetable.

Outlook commentary Management plans to strengthen multidisciplinary capabilities, continue facility expansion, and deepen regional collaboration, while maintaining a prudent development strategy amid ongoing healthcare reforms in China.