Jinhai Medical Technology Limited (Jinhai Medical, 02225) reported a sharp rebound in topline performance for the six months ended 30 June 2026, with revenue leaping 134.2% year on year (YoY) to S$34.02 million, driven by a four-fold increase in sales of minimally invasive surgery solutions and related medical products in mainland China.
Revenue Mix and Operating Performance • Medical products & services: Sales rose 301.5% to S$25.43 million, accounting for 74.7% of group turnover (1H 2025: 43.6%). • Manpower outsourcing & ancillary services: Revenue slipped 1.2% to S$6.37 million amid softer construction-related demand in Singapore. • Dormitory services: Turnover climbed 38.5% to S$1.91 million on stronger rental rates. • Overall gross profit increased to S$6.62 million (1H 2025: S$2.08 million), lifting gross margin to 19.5% from 14.3%.
Cost Structure and Profitability • Administrative expenses fell 20.4% to S$9.96 million, reflecting lower equity-settled share-based payments. • Finance costs declined 36.1% to S$0.22 million. • Other income and gains expanded to S$0.75 million (1H 2025: S$0.20 million), aided by foreign-exchange gains. • As a result, net loss narrowed to S$3.63 million versus a S$10.80 million deficit a year earlier; basic and diluted loss per share improved to 0.08 Singapore cent from 0.20 Singapore cent.
Balance Sheet and Liquidity • Cash and time deposits totalled S$28.74 million at period-end (S$35.59 million cash plus S$10.52 million time deposits). • Borrowings and lease liabilities stood at S$14.21 million, trimming the gearing ratio to 25.5% (31 Dec 2025: 28.7%). • Net current assets increased to S$30.99 million (31 Dec 2025: S$29.42 million), while net assets reached S$55.72 million.
Capital Management • No interim dividend was declared. • Of the HK$82.60 million IPO proceeds, HK$1.90 million remains unutilised. • From the October 2023 placing, HK$7.00 million is yet to be deployed for expanding manpower outsourcing and ancillary services, targeted for use by December 2026. • From the August 2025 placing, HK$146.30 million remains earmarked for healthcare M&A, R&D and general working capital, with a utilisation horizon to end-2026.
Operational Developments • In January 2026, the Group set up Jinhai Biomedical Technology (Shanghai) Co., Ltd., 51%-owned via subsidiary Jinhai Technology Development (Shanghai) Co., Ltd., to strengthen its medical products platform. Registered capital was raised to RMB25 million in February 2026. • Listed equity investments at fair value stood at S$0.54 million (31 Dec 2025: S$1.19 million). • The Group maintained a workforce of 472 employees, with staff costs of S$10.56 million, down from S$11.83 million in 1H 2025.
Outlook Management expects continued momentum in China’s healthcare market to support further sales growth of minimally invasive surgery products in 2H 2026, while monitoring potential headwinds for Singapore-based labour outsourcing amid shifts in government investment priorities. The Group has initiated stricter cost controls and aims to deploy outstanding capital earmarked for strategic expansion by end-2026.
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