Shanghai HeartCare Medical Technology Corporation Limited (HeartCare Medical) reported first-half FY2026 revenue of RMB291.03 million, up 56.9% year-on-year. Gross profit climbed 64.3% to RMB207.99 million, lifting gross margin 3.3 percentage points to 71.5% on the back of a richer mix of high-margin innovative products and lower production costs.
Net profit attributable to shareholders rose 18.5% to RMB60.37 million, while adjusted net profit—excluding one-off investment gains and losses—more than doubled to RMB70.40 million, a 105.9% increase. Profit before tax reached RMB72.93 million, up 48.8% versus the prior-year period.
Cost discipline supported earnings expansion. Selling, distribution and administrative expenses grew 39.4% to RMB95.84 million, a slower pace than revenue growth, reducing the combined expense ratio to 32.9% from 37.0% a year earlier. R&D spending remained broadly flat at RMB20.97 million, representing a 1.7% uptick.
By segment, ischemic stroke solutions continued solid growth, buoyed by wider hospital adoption of the Aspiration Catheter suite (CATCH, CATCH EZ, CATCH Mini). Hemorrhagic stroke products were the fastest-growing contributors, led by the first-in-class Vascular Reconstruction Device and strong uptake of the Embolic Coil System and Flow Diverter Device. The Vascular Closure Device also maintained momentum, with cumulative implantations exceeding 130,000 units and first-half sales up roughly 80% year-on-year.
International expansion accelerated: the company has secured 72 product registrations across 16 jurisdictions and is pursuing approval for roughly 150 additional products in more than 30 markets. First-half overseas order value already surpassed FY2025’s total overseas revenue. CE certification for the Embolic Coil System is targeted for 3Q26.
Operationally, HeartCare Medical advanced its digitalisation and AI initiatives, trimmed manufacturing costs, and enhanced productivity at its Shanghai and Nanjing facilities. Cash and bank balances stood at RMB507.18 million as at 30 June 2026, down from RMB589.67 million at year-end 2025, reflecting investment in working capital and R&D. The company remains debt-free; the gearing ratio, comprising lease liabilities only, was 3.4%.
Capital expenditure reached RMB8.8 million. There were no significant acquisitions or disposals during the period. In June, HeartCare issued 1 million new domestic shares to raise RMB40.85 million gross and repurchased RMB17.64 million of H shares for its 2025 share incentive scheme. No interim dividend was declared.
Looking ahead, the company plans to file for an A-share listing on Shanghai’s STAR Market in 2H26 to complement its Hong Kong quotation and support further growth through R&D, overseas expansion, and potential M&A within the neuroscience device sector.