Hygeia Healthcare Holdings (Hygeia) released its 2025 annual results. Revenue slid 9.8% year-on-year to RMB4.01 billion, while net profit fell 73.0% to RMB161.53 million, mainly after a RMB283.32 million impairment on the goodwill of Etern Group Ltd.

Non-IFRS adjusted net profit, which excludes the impairment, share-based compensation and other one-off items, declined 24.4% to RMB455.48 million.

Operating cash flow reached a record RMB950.00 million, up 34.4%. Free cash flow surged 407.0% to RMB466.40 million as capital expenditure dropped 21.4% to RMB483.60 million, marking a second annual decline.

Balance-sheet metrics improved: interest-bearing liabilities fell 12.3% to RMB2.44 billion and the gearing ratio eased 7.4 percentage points to 28.9%. Cash, cash equivalents and liquid investments totalled RMB740.70 million at year-end.

Hygeia repurchased 3.37 million shares during the year for RMB39.94 million and in December launched a new open-market buy-back programme of not less than RMB300 million. No final dividend was declared.

Operationally, the Group handled approximately 4.6 million patient visits across 17 owned or managed hospitals, with oncology contributing 44.3% of revenue. One Class III hospital remains under construction.

Gross profit amounted to RMB1.02 billion, giving a gross margin of 25.5%. Selling and administrative expenses were trimmed by 12.0% and 3.4%, respectively.

Post-period, Hygeia repurchased an additional 0.94 million shares in February 2026 for HK$12.79 million, held as treasury shares. No other material events occurred after the reporting date.