KINDSTAR GLOBAL (09960) has released its annual results for the period ending December 31, 2025. The group reported revenue of 934 million yuan, representing a slight increase of 0.65% compared to the previous year. The net loss was 55.149 million yuan, a reduction of 9.12% year-on-year, with a loss per share of 5.92 fen.
The announcement stated that against the macroeconomic backdrop of the third-party medical testing industry undergoing a deep adjustment period, ongoing healthcare cost containment policies and the accelerated mutual recognition of test results have placed temporary pressure on both the volume and pricing of traditional testing services. In response to these industry changes, the group maintained its strategic focus on "specialized testing + precision medicine."
On one hand, leveraging its technological barriers, core specialty businesses such as hematology maintained a stable foundation. On the other hand, through strategic acquisitions, the company quickly entered the emerging market for early solid tumor screening, driving a significant 106.2% revenue growth in its oncology segment. Concurrently, the company actively expanded its research services and Contract Research Organization (CRO) segment, which saw a 33.4% year-on-year revenue increase during the reporting period.
The improvement in performance primarily reflects the recovery of the operational foundation and an increase in gains from fair value changes, partially offset by strategic investment costs and credit risk provisions. Operational efficiency measures were actively implemented, with continuous optimization of the business structure showing gradual results and leading to a stabilizing and improving operational trend. Gains from fair value changes of the company's invested funds increased significantly compared to the same period last year. An expected credit loss provision on accounts receivable was newly recognized during the reporting period. To proactively respond to external environmental changes, the company accelerated the expansion of new business segments, incurring integration costs related to the acquisition of Guangzhou BaseCare Medical Corporation Limited and Guangzhou Kang Cheng Wei Ye Biotechnology Co., Ltd. (together referred to as the "acquired subsidiaries" or "BaseCare Medical"), as well as phased investments during the CRO segment's expansion. Under the combined influence of these factors, the net loss for the reporting period decreased compared to the previous year.