Meihao Medical 2025 Annual Report: Revenue Exceeds 100 Million, Year-on-Year Growth of 36.2%, Pre-tax Loss Narrows by Approximately 46.5%

Image source: Meihao Group 2025 Annual Performance Announcement

Net Profit Attributable to Shareholders of the Parent Company Loss Narrows / Full-Year Revenue Up 36.2% YoY / Implant Dentistry Revenue Up 125.8% YoY

DentalGoodNews | On March 30, 2026, Meihao Group (1947.HK) released its 2025 annual results announcement. The report shows that the Group achieved total revenue of approximately RMB 101.7 million in the 2025 fiscal year, a 36.2% increase from RMB 74.68 million in 2024. The loss attributable to owners of the parent company narrowed to RMB 14.341 million from RMB 32.424 million in the previous year. The loss before tax was approximately RMB 16.10 million, narrowing by about 46.5% from RMB 30.10 million in 2024. Previously, Meihao Group had issued a profit warning, stating that the loss would narrow by 39.3% to 59.8%, with the final figure falling in the mid-range of this forecast.

Image source: Meihao Group 2025 Annual Performance Announcement

By business line, Implant Dentistry became the strongest growth segment this fiscal year. In 2025, this segment achieved revenue of RMB 20.10 million, a significant increase of 125.8% from RMB 8.90 million in 2024. According to a previous report by DGN, Meihao Group's implant revenue growth in the first half of 2025 was 75.6% year-on-year. The Group stated that the growth in Implant Dentistry revenue was primarily driven by the release of demand following the implementation of the VBP policy for dental implants, combined with pricing optimization, maturation of new hospital areas and network expansion, as well as enhancements in the medical team and digital capabilities, which collectively promoted the implant business to achieve rapid recovery through volume-for-price strategies.

Furthermore, the Prosthodontics department also recorded a year-on-year revenue growth of 43.6%, reaching RMB 23.40 million. The financial report pointed out that revenue generated from Prosthodontics accounted for 23.1% of its total revenue, up from 21.8% in the same period of 2024.

In terms of profitability, the Group's gross profit increased by 47% year-on-year to RMB 39.761 million, with the gross profit margin improving from 36.1% to 39.1%. The recovery in profit margins mainly benefited from the dilution of fixed costs due to economies of scale and a decrease in administrative expenses resulting from improved operational efficiency. The financial report shows that administrative expenses in 2025 decreased from RMB 36.986 million to RMB 27.975 million, a reduction of 23.7%, primarily due to a significant decrease in share-based payments expenses, optimized staffing structure, and the continued implementation of refined management.

Image source: Meihao Group 2025 Annual Performance Announcement

At the level of medical institution operations, Meihao Group currently operates 6 private dental hospitals and 1 outpatient clinic in the Wenzhou area. Overall revenue increased from RMB 74.68 million in 2024 to RMB 102 million in 2025. Specifically, Lucheng Hospital's revenue increased significantly from RMB 11.699 million to RMB 28.504 million; Wenzhou Stomatology Hospital's revenue grew from RMB 15.448 million to RMB 21.389 million; Ruian Branch's revenue rose from RMB 3.094 million to RMB 5.560 million; Yueqing Hospital's revenue increased from RMB 1.910 million to RMB 5.612 million; Ouhai Jielaiya Outpatient Clinic's revenue grew from RMB 3.450 million to RMB 5.025 million; Longgang Hospital's revenue slightly increased from RMB 3.861 million to RMB 4.185 million, while Wenzhou Hospital's revenue decreased from RMB 35.218 million to RMB 31.413 million. Additionally, the Group's total number of active patients increased from 61,800 to 66,800, an increase of 8.2%.

Strategically, Meihao Group has recently sought new growth points through international expansion. In January this year, the Group announced its subscription to Class B ordinary shares of Deepcare Medical, a Thai assisted reproductive services company. The financial report indicates that this strategic investment aims to leverage the experience of Thailand's medical tourism market to explore cross-regional synergy models for high-end medical services, thereby smoothing potential volatility risks associated with a single market and a single business area.