Lepu Medical 2025 Annual Report: Revenue of 6.483 Billion Yuan, Net Profit Attributable to Shareholders of the Parent Company Up 290% Year-on-Year [SOURCE] Lepu Medical's 2025 annual report …

Revenue: RMB 6.483 billion (+6.22%) / Net Profit Attributable to Shareholders of the Parent Company: RMB 962 million (+289.57%) / Revenue from Medical Devices Segment: RMB 3.254 billion

DentalGoodNews｜April 23, 2026 – Lepu Medical (300003.SZ) released its 2025 annual report. During the reporting period, the company achieved operating revenue of RMB 6.483 billion, a year-on-year increase of 6.22%; net profit attributable to shareholders of the parent company reached RMB 962 million, up 289.57% year-on-year.

In terms of financial data, the company's net profit attributable to shareholders of the parent company after deducting Non-recurring Gains and Losses in 2025 was RMB 842 million, a year-on-year increase of 280.48%. Net cash flow from operating activities was RMB 1.517 billion, a significant year-on-year increase of 106.48%. The company stated that through full supply chain cost control and organizational structure optimization, its core business ensured stable operations, providing sufficient financial support for strategic transformation.

Regarding asset structure, as of the end of 2025, the company's total assets stood at RMB 26.139 billion, up 6.37% year-on-year; net assets attributable to shareholders of the parent company were RMB 16.115 billion, up 6.01% year-on-year.

In terms of business structure, Lepu Medical officially initiated a comprehensive transformation from "basic VBP" to "innovation-driven (non-VBP)". During the reporting period, the Medical Devices segment achieved revenue of RMB 3.254 billion, a slight year-on-year decrease of 2.18%, mainly due to the contraction of surgical anesthesia and in-vitro diagnostics businesses. The pharmaceutical segment achieved revenue of RMB 2.165 billion, up 23.18% year-on-year, with Innovative drugs generating initial revenue of RMB 227 million through business development (BD) out-licensing. The medical services and health management segment posted revenue of RMB 1.063 billion, up 4.36% year-on-year.

According to previous reports by DENTALGOODNEWS (Leading Dental Industry Media, DGN), Lepu Medical experienced significant declines in both revenue and profit in 2024 due to VBP and pharmaceutical policy impacts, and recorded cumulative Goodwill Impairment of over 70% for its controlled dental orthodontics company Suzhou Bonsmile. In 2025, Lepu Medical continued to conduct systematic impairment tests on goodwill and assets showing signs of impairment, reducing specific Asset Impairment Loss to RMB 120 million for the year. As of the end of 2025, the company's goodwill book balance remained at RMB 3.879 billion, with a goodwill impairment provision balance of RMB 259 million. The recoverable amount of the Suzhou Bonsmile asset group exceeded its book value, and the annual report did not indicate any new goodwill impairment.

In terms of R&D, as of December 31, 2025, the company had filed a cumulative total of 2,369 patent applications, with over 600 products listed domestically and internationally. It held 695 NMPA-approved Class II and III Medical Device Registration Certificates, 35 FDA certifications, and 218 CE certifications. R&D investment in 2025 was RMB 1.089 billion, accounting for 16.80% of operating revenue; in 2024, it was RMB 1.165 billion, representing 19.09%.

The company's Chairman stated in the annual report that the company expects overall business to operate steadily in 2026, with the core business entering a medium-to-long-term stable development phase after 2026. Annual revenue fluctuations are projected to range from approximately -5% to +15%, while cash flow is expected to remain stable, providing sustained financial support for innovation transformation.