Exchange: HKSE | Sector: Healthcare | Industry: Medical Devices
Q2 2025
Published: Jun 30, 2025
Earnings Highlights
Revenue of $87.84M up 122.4% year-over-year
EPS of $-0.06 increased by 42.1% from previous year
Gross margin of 40.7%
Net income of -56.68M
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Shanghai MicroPort MedBot Group Co Ltd (2252.HK) QQ2 2025 Results: Revenue Recovery in a High-Rpend R&D Era with Persistent Profitability Challenges
Executive Summary
Shanghai MicroPort MedBot Group delivered a Q2 2025 top-line uptick, recording revenue of 87.84 million CNY and a gross margin of 40.7%. While the quarter shows meaningful YoY growth and a step-up in gross profits, the company remains loss-making on an EBITDA and net income basis, driven by a heavy investment cycle in research and development (R&D) and selling, general, and administrative (SG&A) expenses. EBITDA stood at -35.13 million CNY and net income at -56.68 million CNY, reflecting sustained reinvestment in product development and market expansion rather than near-term profitability.
Liquidity remains healthy on a standalone basis with a current ratio of 1.69, quick ratio of 1.45, and cash per share of 0.79 CNY. However, leverage is elevated (debt ratio 0.446; debt/equity 1.249) and operating cash flow is negative (-0.11 CNY per share), underscoring ongoing cash burn from ongoing R&D and commercialization efforts. Management has not disclosed explicit quarterly guidance in the provided data, leaving the investment thesis contingent on progress in productization, regulatory approvals, and monetization of the robot-assisted surgery pipeline. In the near term, value may hinge on converting revenue gains into durable earnings through efficiency gains, pricing/tolling dynamics, and scaling of commercial deployments.
Overall, the QQ2 2025 results reflect a capital-intensive growth story: revenue acceleration against a backdrop of high operating leverage and deliberate investment in a multi-product robotics platform. The balance of growth potential and profitability risk will be the key determinant for investors over the next 12–24 months.
Key Performance Indicators
Revenue
87.84M
QoQ: 100.00% | YoY:122.37%
Gross Profit
35.75M
40.70% margin
QoQ: 100.00% | YoY:264.76%
Operating Income
-55.39M
QoQ: -100.00% | YoY:9.26%
Net Income
-56.68M
QoQ: -100.00% | YoY:37.93%
EPS
-0.06
QoQ: -100.00% | YoY:42.11%
Revenue Trend
Margin Analysis
Key Insights
Revenue: 87,844,500; YoY growth 122.37%; QoQ growth 100.00% (Q2 2025 vs prior-year period inconsistencies notwithstanding, the metric is drawn from the provided data).
Revenue and profitability metrics (CNY):
- Revenue: 87,844,500; YoY growth 122.37%; QoQ growth 100.00% (Q2 2025 vs prior-year period inconsistencies notwithstanding, the metric is drawn from the provided data).
- Gross Profit: 35,753,000; Gross margin 40.70%; YoY margin expansion 264.76%; QoQ 100.00%.
- EBITDA: -35,132,000; EBITDA margin -40.0%; EBITDARatio -0.3999.
- Operating Income: -55,390,000; Operating margin -63.05%.
- Net Income: -56,675,500; Net margin -64.52%.
- Earnings per Share (EPS): -0.055 (diluted -0.055); Weighted average shares out 1,031,344,967.
Liquidity and leverage (end of quarter):
- Current ratio: 1.691; Quick ratio: 1.448; Cash ratio: 1.239.
- Debt ratio: 0.446; Debt/equity: 1.249; Long-term debt to capitalization: 0.288; Total debt to capitalization: 0.555.
- Cash per share: 0.791; Price to book: 28.41; Price to sales: 86.53; P/E: -33.53 (negative due to losses).
Cash flow and efficiency:
- Operating cash flow per share: -0.110; Free cash flow per share: -0.111; Capital expenditure coverage ratio: -78.08 (indicative of negative cash flow positioning).
- Receivables turnover: 1.275; Inventory turnover: 0.652; Payables turnover: 1.155; Cash conversion cycle: 130.74 days.
- Asset turnover: 0.117; Fixed asset turnover: 0.700; Net income per EBT: 0.986; EBT per EBIT: 1.037.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
87.84M
122.37%
100.00%
Gross Profit
35.75M
264.76%
100.00%
Operating Income
-55.39M
9.26%
-100.00%
Net Income
-56.68M
37.93%
-100.00%
EPS
-0.06
42.11%
-100.00%
Key Financial Ratios
currentRatio
1.69
grossProfitMargin
40.7%
operatingProfitMargin
-63.1%
netProfitMargin
-64.5%
returnOnAssets
-7.56%
returnOnEquity
-21.2%
debtEquityRatio
1.25
operatingCashFlowPerShare
$-0.11
freeCashFlowPerShare
$-0.11
priceToBookRatio
28.41
priceEarningsRatio
-33.53
Net Income vs. Revenue
Expense Breakdown
Management Commentary
Earnings call transcript not provided in the data. No management quotes or themes are available for extraction.
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Forward Guidance
No formal forward guidance was disclosed in the supplied dataset. Given the R&D-intensive model and product pipeline in surgical robotics, the key levers for future performance are: (1) conversion of revenue growth into sustainable profitability via scale and operational leverage, (2) regulatory approvals and product monetization in China and Europe, (3) cost control and optimization of SG&A and R&D spend, and (4) successful market adoption and pricing/tolling strategies for Toumai, DFVision, Honghu, ROne, iSRobot and related platforms. Investors should monitor quarterly revenue growth pace, cadence of new product introductions, acceptance by hospitals, reimbursement dynamics, and progression toward positive EBITDA and free cash flow.
Competitive Position
Company
Gross Margin
Operating Margin
Return on Equity
P/E Ratio
2252.HK Focus
40.70%
-63.10%
-21.20%
-33.53%
0853.HK
56.40%
0.94%
-7.48%
-9.88%
1302.HK
73.60%
9.51%
1.46%
36.52%
1858.HK
57.00%
24.40%
1.94%
30.98%
2235.HK
51.70%
-0.98%
-0.06%
-495.98%
Gross Profit Margin
Operating Profit Margin
Return on Equity
P/E Ratio Comparison
Investment Outlook
The stock represents a high-variance, growth-oriented investment in a capital-intensive frontier segment. The QQ2 2025 results show revenue growth and a healthy gross margin but underline a material profitability gap due to aggressive R&D and commercialization investments. The investment case hinges on successful monetization of the robotics platform, improvement in operating leverage, and eventual path to positive EBITDA and free cash flow. Investors should monitor: (1) progress in product commercialization and hospital adoption, (2) regulatory and reimbursement developments in target markets, (3) efficiency gains in R&D/sales channels, and (4) changes in leverage and working capital dynamics as R&D efforts mature.
Key Investment Factors
Growth Potential
Significant long-term growth potential in robotic-assisted surgery within China, with expansion opportunities in Europe. A broad product portfolio (Toumai, DFVision, Honghu, ROne, iSRobot, TAVR robotics, and more) supports multi-procedural adoption and cross-selling across hospital networks.
Profitability Risk
Key risks include ongoing losses and negative cash flow due to heavy R&D and commercialization investments, execution risk in scaling production and sales, regulatory and reimbursement uncertainties, intense competition in medical robotics, and macro headwinds affecting hospital capex and procurement cycles.
Financial Position
Solid liquidity indicators (current ratio 1.69, cash per share 0.791) support near-term liquidity. However, elevated leverage (debt ratio 0.446, debt/equity 1.249) and negative EBITDA/net income indicate a stressed profitability path; valuation metrics (P/S 86.53, P/B 28.41) imply a faith in future growth but limited near-term earnings visibility.
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