Research Express | Yingkang Life receives visits from 31 institutions including Pudong Development Bank Ansheng; expects 28.5% growth in net profit after deducting non-recurring gains and losses in 2025; tumor business revenue accounts for over 40%

On March 30, Yikang Life Technology Co., Ltd. (hereinafter referred to as “Yikang Life”) accepted research and interviews from 31 institutional investors, including Puyuan Ansheng Fund, Chuangjin Hexin Fund, Xinda Aoyin Fund, and others, via a telephone conference. Attendees included Ning Xiao, CEO of Medical Services; Zhao Yuanyi, CEO of Medical Devices; Yu Hongjuan, COO of Medical Devices; Jiang Lan, Financial Controller; and Liu Zelin, Secretary of the Board of Directors, who held in-depth discussions with institutional investors on core issues such as the company’s operating performance in 2025, the development of the medical services and medical devices segments, AI empowerment, and future strategic planning.

Basic Information on Investor Event

2025 Performance Overview: Revenue Growth Exceeds 20%; Non-GAAP Net Profit Up 28.5% YoY

During the research, the company first disclosed its core operating figures for 2025. According to the financial report, in 2025 the company achieved operating revenue of RMB 1.89B, up 20.93% year over year. The gross margin improved by 1.2 percentage points year over year, mainly benefiting from an optimized revenue mix driven by a higher contribution from the tumor revenue of the medical services segment.

With respect to net profit, due to the performance commitment fulfilled at the time of the acquisition of San Nuo (which increased the transaction consideration) resulting in this one-time non-recurring item, the company’s net profit attributable to shareholders of listed companies was RMB 68.5407 million, down 40.62% year over year. If this item and other non-recurring gains and losses are excluded, the net profit after deducting non-recurring gains and losses reached RMB 107 million, up 28.50% year over year, highlighting the strong growth momentum of the main business.

In terms of cash flows, in 2025 the net cash flow from operating activities was RMB 341 million, up 31.47% year over year, providing solid funding support for the company’s sustainable development. Meanwhile, the company strengthened lean management through AI empowerment; the expense ratio (including selling, administrative, R&D, and financial expenses) was optimized by 1.2 percentage points compared with the same period, with operating efficiency improving steadily.

Medical Services Segment: Tumor Strategy Shows Notable Results; Proportion of Tiers 3 & 4 Surgeries Rises to 78%

Medical services are the core segment of Yikang Life. In 2025, this segment generated revenue of RMB 1.5B. The company’s self-operated hospitals provided services to a cumulative 604.1k patients, up 11% year over year. Outpatient volume grew 10% year over year, inpatient admissions grew 23% year over year, and the business structure continued to improve. Surgery volume increased sharply by 71% year over year. The proportion of tier 3 & 4 surgeries—which represent high-difficulty technical capabilities—reached 78%, up 7 percentage points from the same period, with discipline strength significantly enhanced.

Tumor Business Becoming a Growth Engine; Layout in Central China Further Improves

In 2025, the company completed a strategic acquisition of Changsha KeXin Tumor Hospital, filling the gap in the company’s footprint in the Central China region. Through resource integration and synergistic empowerment, tumor business revenue reached RMB 622 million, and the share of tumor revenue in medical services revenue increased to 41.5%, becoming the core driver of segment growth. After Changsha KeXin Tumor Hospital was consolidated into the financial statements, operating performance was impressive: patient volume increased 64% year over year (outpatient volume +95%, inpatient admissions +16%), surgery volume grew 38%, and the hospital has now achieved full bed utilization. The hospital also passed the national Tier 3 hospital evaluation; the Interventional Department was approved as a key municipal-level specialty; and it introduced the 5th-generation TOMO-C precision radiotherapy system, further strengthening its capabilities in precision treatment.

Dual-Track Drivers: Discipline Development and AI Empowerment

During the reporting period, the company added 20 key disciplines and 19 centers of various disciplines. Yuncheng Hospital completed the construction of a national-level trauma center and officially opened it. Research capabilities improved in parallel: 13 papers were published throughout the year, including 12 SCI papers, and 13 specialty alliances were newly added. In terms of AI applications, “Yikang Brain” was deeply embedded in diagnostic and treatment workflows: pre-operative planning time was shortened by about 80%, the incidence rate of intra-operative complications decreased by about 10%, and the average length of post-operative hospital stays for patients was reduced by 1.5 days. Five categories of “AI employees” (such as AI health management specialists and AI imaging doctors, etc.) went live, enabling 24/7 service, with patients’ net recommendation score (NPS) reaching 93%, outperforming the industry average.

Medical Devices Segment: Consolidation Shows Significant Results; Overseas Revenue Growth Exceeds 20%

In 2025, the medical devices segment achieved revenue of RMB 380 million, up 14.30% year over year, mainly driven by the synergistic advancement of three strategies: merger-and-acquisition integration, overseas expansion, and innovation-driven science and technology (科创化).

Merger-and-Acquisition Subsidiaries Exceed Performance Commitments

The performance commitments of acquired subsidiaries—San Nuo Medical and Uni Devices—over the three-year period were both completed beyond target: San Nuo Medical cumulatively achieved net profit of RMB 87.4047 million, with a performance commitment completion rate of 127.47%; Uni Devices cumulatively achieved net profit of RMB 87.6865 million, with a completion rate of 184.76%. San Nuo Medical advanced technological iterations around core products such as infusion pumps and high-pressure injectors; Uni Devices, meanwhile, perfected a closed-loop scenario for high-pressure infusion’s “device + consumables,” forming business synergy with San Nuo.

Overseas Market Expansion Gains Speed

The company adheres to an overseas strategy of “one country, one policy; one order, one negotiation.” In 2025, overseas revenue for medical devices reached RMB 104 million, up 20.24% year over year. In 2026, the company will focus on advancing EU MDR registration for products including infusion pumps, high-pressure injectors, and related consumables, and will also proceed with localized registrations in multiple countries, further increasing global market share.

Key Breakthroughs in Innovation-Driven Science and Technology

During the reporting period, multiple company products completed intelligent upgrades: for the Discovery D series CT high-pressure injectors, a new body-weight mode and dose intelligent early-warning functions were added; a next-generation infusion pump supporting the TCI function obtained Class III registration approval; the third-generation 3D digital mammography machine obtained EU MDR certification and entered the European market; and the high-end Navigator Advance series received approval domestically, further enriching the product line.

Selected Q&A: Focus on AI Tumor Management, Brain-Computer Interface Applications, and the Expansion Plan

Progress of building AI agents for whole-cycle tumor management?

The company stated that the AI agent for whole-cycle tumor management is the “an active health ecosystem platform empowered by AI” as the core strategic carrier. It has already completed the foundational capability build-out and is currently in the stage of internal testing and functional iteration. The company is committed to realizing a closed-loop coverage from in-hospital diagnosis and treatment to home health management. This business is still in an early exploration phase and does not have a major impact on short-term performance; there are uncertainties including technological iteration and market promotion.

Status of the brain-computer interface project application?

Focusing on five major diseases including Parkinson’s disease and Alzheimer’s disease, the company introduced national Changping Laboratory technical achievements. Sichuan Friendship Hospital and Qingdao Yinghai Hospital were selected as nationwide cooperative medical institutions for the SCAN loop stimulation therapy for Parkinson’s disease. Friendship Hospital was also挂牌 (titled) as the Southwest Clinical Application Base for Professor Liu He (Heping?)’s brain disease precision technology. As of the date disclosed in the report, 20 patient visits/treatments have been conducted, and the business is still at an early stage.

Application of real-world data and layout of algorithm models?

The company has built a unified data lake to enable centralized governance of multi-source medical data and provide a data foundation for AI model development. The “Yikang Brain” and the IncGPT large-model algorithm have completed dual filings for the “domestic deep synthesis services algorithm” and “generative artificial intelligence services.” Relying on its computing power center and open-source model deployments, it is steadily advancing research, development, and application of tumor AI models.

Utilization of inpatient beds at key hospitals and business status?

Sichuan Friendship Hospital’s bed utilization rate is about 90%. Suzhou Genci Tumor Hospital’s Phase II ramp-up period utilization rate is about 80%. Changsha KeXin Tumor Hospital has been operating with full beds year-round. Changsha KeXin’s Phase II construction has already obtained land-use rights. In its planned design, once completed, the bed capacity will reach 800 beds.

Plans for External Expansion in 2026?

For medical services external expansion, the company will focus on targets that complement the existing system in terms of regional layout, discipline capabilities, profitability, and synergy. For medical devices external expansion, it will focus on four main scenarios: imaging enhancement, tumor treatment, life support, and blood circulation. The company will select targets with capabilities in innovative R&D, potential for domestic substitution, and globalized layouts. The company has already established a project reserve mechanism.

Summary

In 2025, Yikang Life achieved stable growth in both medical services and medical devices segments. Its tumor business and AI empowerment have become core highlights. The institutional research focused on the company’s plans in innovative areas such as AI medical care and brain science, as well as its overseas expansion strategy. The company stated it will continue to push technological innovation and resource integration, while also noting that some businesses are still in an early stage and face certain uncertainties. In the future, as the tumor specialty hospital network continues to improve and the global strategy deepens, the company is expected to further strengthen its competitiveness in the industry.

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