Hygeia Healthcare (6078) H1 2025 earnings summary

Executive summary

• Revenue for the six months ended June 30, 2025 was RMB1,989.7 million, down 16.5% year-over-year and 3.6% sequentially from the second half of 2024.

• Net profit was RMB245.8 million, a 36.2% decrease year-over-year but a 15.3% increase sequentially.

• Non-IFRS adjusted net profit was RMB262.5 million, down 34.5% year-over-year but up 30.1% sequentially.

• Free cash flow surged 1,611.2% year-over-year to RMB213.9 million.

• Patient visits remained stable at approximately 2.2 million, with a 97.4% patient satisfaction rate and a 2.3 percentage point increase in technical services revenue share.

Financial highlights

• Gross profit was RMB528.7 million, with a gross margin of 26.6%.

• EBITDA for the period was RMB461.3 million, down 28.7% year-over-year but up 0.5% sequentially.

• Basic earnings per share was RMB0.40, a 34.4% decrease year-over-year but up 17.6% sequentially.

• Net cash from operating activities was RMB455.7 million, up 29.9% year-over-year.

• Capital expenditure was RMB241.9 million, down 28.5% year-over-year.

Outlook and guidance

• National policies continue to support private medical institutions and oncology services, with new laws and reforms improving the business environment.

• Market demand for oncology services is projected to grow due to population aging, with the elderly population expected to exceed 400 million by 2035.

• The company plans to enhance academic discipline construction, improve technology and services, expand commercial insurance cooperation, and pursue M&A opportunities, including AI-driven healthcare.