Shanghai MicroPort MedBot Group (2252) H1 2025 earnings summary

Executive summary

• Revenue surged 77% year-over-year to RMB175.7 million, driven by rapid commercialisation and 189% growth in overseas sales.

• Net loss narrowed by 59% year-over-year to RMB114.9 million, reflecting improved operational efficiency and cost controls.

• Overseas sales reached RMB102.4 million, with 30+ new overseas orders and 16 units installed abroad in 1H25.

• Flagship products, especially Toumai and SkyWalker, achieved global leadership and the world’s first approval for a remote surgical robot.

• Over 100 cumulative commercial installations of flagship products globally.

Financial highlights

• Gross profit increased 52% year-over-year to RMB71.5 million; gross margin was 41% (down from 47%).

• Adjusted net loss (non-HKFRS) was RMB97.1 million, down from RMB218.4 million year-over-year.

• Selling and marketing expenses decreased 13% to RMB80.4 million; administrative expenses fell 40% to RMB18.1 million; R&D costs dropped 46% to RMB88.6 million.

• Free cash outflow reduced by 43% year-over-year to RMB134.6 million, reflecting improved operational efficiency.

• Cash and cash equivalents increased to RMB815.8 million as of June 30, 2025.

Outlook and guidance

• Plans to strengthen the product portfolio, accelerate commercialisation, and expand global market penetration.

• Continued focus on R&D, product optimisation, and leveraging policy support for high-end medical devices.

• No interim dividend declared for the period.