New Ray Medicine International Holding Limited reported a marked turnaround in its 2025 results, with revenue rising 38.9% year-on-year to HK$130.37 million. The improvement stemmed mainly from the launch of a new chemical reagent in late-2024 and a new drug product in 2025.

Gross profit increased 40.0% to HK$16.15 million, pushing gross margin up slightly to 12.4%. Selling and distribution expenses fell 42.8% to HK$9.13 million, reflecting lower promotion, marketing service fees and amortisation of distribution rights.

Net loss attributable to shareholders narrowed to HK$20.07 million from HK$31.01 million in 2024. Key drivers were: • The absence of the HK$13.11 million inventory impairment booked a year earlier. • A combined HK$5.80 million reduction in promotion costs, marketing fees and amortisation of distribution rights. • These gains were partially offset by a HK$7.89 million impairment on trade and other receivables (2024: HK$5.71 million) and a HK$4.18 million fair-value loss on financial assets (2024: HK$3.93 million gain).

Segment performance • Distribution & Trading of Pharmaceutical Products: Revenue climbed 44.2% to HK$127.93 million, accounting for 98.1% of group turnover. Segment profit reached HK$6.98 million versus a HK$12.08 million loss the prior year. • Marketing & Promotion Services: Revenue fell 53.8% to HK$2.44 million, contributing 1.9% of turnover and generating HK$1.29 million segment profit (2024: HK$4.75 million).

Financial position • Cash and bank balances stood at HK$29.42 million (2024: HK$64.26 million). • The group remains debt-free, leaving the gearing ratio at zero. • Total equity was HK$424.22 million, down from HK$470.96 million, chiefly reflecting a HK$44.30 million fair-value loss on equity instruments at FVTOCI. • Net asset value per share (post-reorganisation) was approximately HK$2.11.

Capital moves • A capital reorganisation became effective on 22 July 2025, consolidating shares, reducing par value and subdividing authorised but unissued shares. • On 23 December 2025, a placing of 33.43 million new shares at HK$0.225 each raised gross proceeds of HK$7.52 million (net: HK$7.41 million), earmarked for additional distribution rights.

Dividend The board proposed no final dividend for 2025 (2024: Nil).

Outlook Management expects ongoing pricing pressure from China’s national volume-based procurement programme but intends to offset this through product diversification, expanded distribution and potential M&A opportunities.