Today, United Imaging Healthcare released its preliminary financial results for 2025. The core indicators in the 2025 financial report are all positive, with revenue, net profit and other key indicators increasing by more than 30% .

01
Core Driver
Significant performance growth

Specifically, in 2025, United Imaging Healthcare's total revenue reached RMB 13.821 billion, a year-on-year increase of 34.18%, and its net profit attributable to the parent company was RMB 1.888 billion, a year-on-year increase of 49.60%. In addition, many indicators showed significant growth, among which the net profit excluding non-recurring items was RMB 1.788 billion, a substantial year-on-year increase of 77.01%.
Based on its outstanding performance in 2025, United Imaging Healthcare's stock price soared today, with trading volume and turnover skyrocketing. As of 9:40 a.m. today, the highest stock price reached 133.53 yuan, with a single-day increase of up to 5.64%, and a total market value of 108.5 billion yuan .
It is worth noting that in its preliminary report, United Imaging Healthcare disclosed several key drivers of its performance growth, mainly reflected in the emergence of innovative achievements, favorable policies, significant progress in the domestic substitution of the company's products, and growth in overseas business .

Looking ahead to 2025, large-scale medical equipment upgrade policies have entered a phase of normalized and professional implementation, with demand for high-end medical imaging, radiotherapy, and related equipment continuing to grow. According to data from Yaozhi Medical Devices, 1874 sales records for United Imaging Healthcare's medical equipment have been recorded, encompassing 244 products and covering 28 sourcing provinces .

With the coverage of centralized procurement, United Imaging Healthcare's market share in China has further increased. According to data from PharmNet Medical Devices, United Imaging Healthcare's market share for various product categories, such as linear accelerators, has steadily increased. In the first eight months of 2025, United Imaging Healthcare's market share in secondary and tertiary hospitals had already reached 18.20% . United Imaging Healthcare has achieved its leading position in the domestic high-end medical equipment market through continuous optimization of its product structure and innovative product iteration and upgrades.

While this preliminary report did not disclose specific growth figures for overseas business, United Imaging Healthcare's financial report for the first half of 2025 showed that its overseas revenue reached RMB 1.142 billion, accounting for 18.99% of its total revenue at that time, representing a significant year-on-year increase of 22.48% . The company's brand influence in the international market and its penetration rate in the high-end sector continued to improve, and its overseas market expansion accelerated.

02
Increase R&D efforts
Innovative achievements are evident

Technological innovation, as a core competitive advantage for enterprises, provides a new engine for corporate performance growth and serves as the core driving force and source of growth for the long-term development of medical device companies. In 2024, United Imaging Healthcare's R&D investment reached 2.261 billion yuan , ranking second among listed medical device companies in terms of R&D investment, an increase of 17.82% compared to 2023 .

Although United Imaging Healthcare's R&D investment was not disclosed in this 2025 preliminary report, its R&D investment in the first three quarters reached RMB 1.855 billion, an increase of 13.48% year-on-year . Based on this growth rate, United Imaging Healthcare's R&D investment and its proportion of revenue will continue to rise in 2025.

Thanks to its continuous investment in innovation and R&D, United Imaging Healthcare's innovative achievements are becoming increasingly apparent, forming a comprehensive product portfolio covering core areas such as CT, MR, MI, RT, and XR . According to data from Yaozhi Medical Devices, United Imaging Healthcare currently has 105 products on the market , including 8 innovative products under approval and 5 products under priority approval .

In terms of core technology breakthroughs, United Imaging Healthcare has achieved several major breakthroughs that are the first in China and the world : the world's first 5.0T superconducting magnetic resonance imaging system that can be widely used in whole-body imaging, uMR Jupite 5.0T, was approved in 2022; China's first photon counting spectral CT, uCT Ultima, was approved in 2025, etc.

Furthermore, United Imaging Healthcare also launched several groundbreaking products this year. The uCT SiriuX, China's first CT scanner using dual-source, dual-wide-body detector technology, was approved for market launch on January 23, and the world's first "camera-based" MRI, uMR Ultra, was released in February. These breakthroughs not only broke the foreign technology monopoly but also represent the rising status of China's high-end medical equipment in the global industrial chain.

Although foreign brands still dominate the high-end medical imaging field in my country, the overall market is undergoing structural changes due to favorable policies, accelerated centralized procurement, and innovation-driven development by medical device companies. The process of domestic substitution is expected to accelerate significantly.

03
Conclusion

In 2025, United Imaging Healthcare delivered an outstanding performance and further increased its R&D efforts. Driven by innovation, several high-end domestic technologies will usher in new changes.

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