Guanze Medical (02427) released its audited results for the year ended 31 December 2025, reporting a sharp swing to a net loss attributable to shareholders of RMB29.72 million from a profit of RMB17.20 million in 2024.

Revenue fell 43.2% to RMB88.45 million, driven by: • Medical imaging film sales down 35.9% to RMB75.52 million amid price cuts and lower volumes. • Software sales down 62.5% to RMB10.73 million. • Cloud-service income down 76.1% to RMB2.20 million.

Cost controls did not offset the top-line contraction. Gross profit dropped 64.8% to RMB22.13 million, squeezing the gross margin to 25.0% from 40.3%. Selling and distribution expenses rose 12.4% to RMB20.01 million, while administrative expenses edged up 3.4% to RMB14.21 million. The company booked impairment charges of RMB5.07 million on property, plant and equipment and RMB3.83 million on trade receivables.

Other highlights • Government grants contributed RMB6.37 million to other income (2024: RMB7.54 million). • R&D spending increased 42.3% to RMB5.79 million. • Finance costs declined 26.8% to RMB0.52 million. • Basic and diluted EPS turned to a loss of RMB0.03 from earnings of RMB0.02. No dividend was declared.

Balance-sheet snapshot • Cash and cash equivalents: RMB21.93 million (2024: RMB28.23 million). • Net current assets: RMB175.21 million (2024: RMB201.98 million). • Interest-bearing bank borrowings: RMB12.76 million, all short-term and fixed rate. • Gearing ratio improved to 5.5% from 6.8% on lower borrowings. • Equity attributable to owners of the company stood at RMB231.36 million.

Post-period event On 6 February 2026, FUNDE (Hong Kong) Investment Holdings completed the acquisition of 73.6% of Guanze Medical’s issued shares, making Mr. Cheung Chun the new ultimate controlling shareholder.

Outlook Management plans to rebuild growth by expanding its customer base across Shandong, upgrading cloud imaging offerings, and broadening product lines, while maintaining tight risk and cost controls. The company has earmarked the remaining RMB20.4 million of IPO proceeds—mainly for cloud-service enhancements—to be fully deployed by end-2027.