C-MER Medical (3309) H2 2025 earnings summary

Executive summary

• Revenue increased by 1.8% year-over-year to HK$1,946.7 million, with gross profit up 14.4% to HK$603.7 million.

• Profit attributable to equity holders reached HK$100.4 million, reversing a loss of HK$135.2 million in 2024.

• Adjusted profit attributable to equity holders surged 81.5% to HK$137.9 million, excluding impairment and losses from the Mainland China other business segment.

• Final dividend of HK2.0 cents and special dividend of HK1.0 cent per share proposed, subject to approval.

• Cash flows from operations remained robust at HK$283.3 million.

Financial highlights

• Revenue: HK$1,946.7 million (+1.8% YoY); gross profit: HK$603.7 million (+14.4% YoY).

• Adjusted gross profit: HK$616.6 million (+3.3% YoY); adjusted profit: HK$152.2 million (+41.1% YoY).

• Gross profit margin improved to 31.0% (2024: 27.6%); adjusted gross profit margin at 32.0%.

• Net cash position maintained; gearing ratio not applicable.

• Current ratio at 1.43x; net current assets of HK$203.0 million.

Outlook and guidance

• Demand for ophthalmic services in Hong Kong remains strong; Mainland China faces subdued consumer spending and competition.

• Focus on core business segments, operational efficiency, and cross-border medical business expansion.

• Continued investment in innovation and new establishments, especially in Hong Kong and Shenzhen.