C-MER MEDICAL (03309) announced its full-year 2025 results on March 27. During the reporting period, the company achieved revenue of HK$1.947 billion, demonstrating continuous improvement in operational quality. It successfully returned to profitability, with net profit attributable to shareholders reaching HK$100 million, indicating a significant recovery in earnings capacity.
Leveraging policy benefits from Shenzhen-Hong Kong integration and the ongoing release of cross-border healthcare demand, the company's growth model, centered on ophthalmology, supported by dental services, and driven by cross-border activities, has been fully implemented. Coupled with stable dividend returns, its investment value is becoming increasingly apparent.
In 2025, C-MER MEDICAL adhered to its strategic layout of "consolidating its Hong Kong foundation, expanding deeply in mainland China, and integrating cross-border services." It continued to optimize operational efficiency and strictly control its cost structure, driving a fundamental turnaround in performance.
As personnel movement within the Guangdong-Hong Kong-Macao Greater Bay Area becomes more convenient and northbound medical trips by Hong Kong residents normalize, the company, utilizing its口岸院区, Shenzhen flagship center, and multi-location network in Hong Kong, has seen steady growth in cross-border patient flow. The business structure for high-margin services such as essential ophthalmology treatments, premium refractive surgery, and dental implants has been continuously optimized, leading to simultaneous improvements in both gross and net profit margins.
While its financial fundamentals continue to strengthen, the company is actively rewarding shareholders, proposing a final dividend and a special dividend totaling 3 HK cents per share. This demonstrates robust operating cash flow and strong confidence in its long-term development.
From a growth perspective, C-MER MEDICAL has established three key engines for growth. Firstly, its core ophthalmology business has deep competitive barriers, with technical and brand advantages in key specialties like cataracts, refractive surgery, and fundus diseases, leading to increases in both total patient volume and average spending per customer. Secondly, cross-border dental services continue to scale up, forming a second growth curve and contributing stable revenue and profit. Thirdly, the Shenzhen-Hong Kong cross-border healthcare service loop has taken shape, with ongoing policy support. Cross-border patients exhibit high repeat visit rates and strong payment ability, supporting long-term, steady growth.
Looking ahead, the company will continue to deepen its presence in the Greater Bay Area, advancing specialized, standardized, and chain-based expansion to further enhance its market share and operational efficiency. With its performance back on a growth trajectory and its profit structure continuously improving, C-MER MEDICAL is entering a new phase of high-quality development, further unlocking its long-term growth potential.
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