MedBot FY2025: Revenue Doubles, Net Loss Slashed 61% as Overseas Sales Rise to 73%

Bulletin Express03-26

Shanghai MicroPort MedBot (Group) Co., Ltd. (MedBot, 02252) reported audited results for the year ended 31 December 2025.

Financial highlights • Revenue surged 114.20% year-on-year (YoY) to RMB 551.07 million, driven by rapid commercialisation of the core laparoscopic robot “Toumai”. • Overseas markets generated RMB 400.23 million, more than five times the 2024 level and accounting for 73% of total revenue (2024: 40%). • Gross profit jumped 209.20% to RMB 266.62 million; gross margin expanded to 48% (2024: 34%) on volume growth and cost efficiencies. • Net loss narrowed to RMB 254.12 million, a 60.70% reduction versus 2024; adjusted net loss fell 65.80% to RMB 164.99 million. • Basic and diluted loss per share improved to RMB 0.24 from RMB 0.66. • Free cash outflow dropped to RMB 63 million (2024: RMB 388 million); the Group achieved positive free cash flow in 2H 2025. • Cash and cash equivalents stood at RMB 636.32 million; total borrowings declined to RMB 389.05 million from RMB 634.54 million, lowering the debt-to-asset ratio to 70% (2024: 80%).

Operational highlights • Cumulative global orders for Toumai, SkyWalker and vascular/bronchoscopic systems reached nearly 300 units, with close to 200 installations worldwide. • Toumai secured more than 100 new overseas orders in 2025; total commercial installations exceeded 140 across 50+ countries. • SkyWalker orthopedic robot accumulated 65+ global orders and 50+ installations, covering five continents. • R-ONE vascular robot began commercial roll-out in leading PRC hospitals following late-2024 NMPA approval. • R&D spending fell 30.00% to RMB 215.98 million as projects shifted from development to commercialisation; selling and marketing expenses held flat at RMB 203.61 million despite the revenue surge, cutting the cost-to-sales ratio to 36.9% (2024: 80.8%).

Cash flow and capex • Net cash from the May 2025 H-share placement (HK$ 382 million) bolstered liquidity; proceeds are earmarked 70% for core business development and 30% for working capital, with utilisation planned by end-2027. • Capital expenditure was modest at RMB 2.60 million, mainly for R&D equipment.

Balance sheet • Net current assets improved to RMB 585.41 million (2024: RMB 353.09 million). • Inventories totalled RMB 131.69 million with a RMB 20.10 million impairment charge reflecting product upgrades.

Dividend • The Board does not recommend a final dividend for FY2025.

Compliance • The Company stated that it complied with all applicable Hong Kong Corporate Governance Code provisions during the year.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment