Recently, United Imaging Healthcare released its Q3 2026 financial report, showing continued revenue growth and a rapid recovery in profitability.
Restore double growth
Overseas markets are growing rapidly.
From a revenue perspective, United Imaging Healthcare's revenue performance continued to improve in the first three quarters of 2026, showing a significant quarter-on-quarter upward trend, with a cumulative revenue of RMB 10.58 billion. Among them, the revenue in the third quarter alone reached RMB 3.529 billion, with a year-on-year increase of 24.12%.
A horizontal comparison of the first two quarters (Q1 revenue of RMB 2.908 billion, up 17.34% year-on-year; Q2 revenue of RMB 4.144 billion, up 17.13% year-on-year) shows that the revenue growth rate in Q3 accelerated significantly , and the overall revenue curve maintained a steady upward trend.
On the profit front, there were stronger signs of marginal improvement, with net profit attributable to the parent company reaching RMB 138 million in the third quarter, a year-on-year increase of 13%. Looking back at the first half of the year, United Imaging Healthcare's profit performance was basically characterized by increased revenue but decreased profit. Specifically, net profit in Q1 was RMB 399 million, a year-on-year increase of 7.78%, while net profit in Q2 was RMB 498 million, a year-on-year decrease of 20.67%.
In contrast, Q3 profits not only successfully reversed the downward trend seen in previous quarters, but also saw a further expansion of year-on-year growth compared to Q1. This indicates that United Imaging Healthcare's profitability is rapidly recovering , and revenue growth is effectively translating into actual profits.
It is worth mentioning that the "Investor Relations Activity Record" disclosed the regional structural development of United Imaging Healthcare, showing a dual-engine growth model and structural differentiation in both domestic and overseas markets. In the first three quarters, domestic revenue reached RMB 7.585 billion, a year-on-year increase of 10.47%; while overseas revenue surged to RMB 2.996 billion, a year-on-year increase of 50.30% , accounting for 28.31% of total revenue.
While both domestic and international markets are on a growth trajectory, overseas growth is five times that of the domestic market, and this high growth shows strong sustainability. In the first half of the year, domestic revenue growth was 8.49%, while overseas growth reached 54.46%. Overseas growth continued its high-growth trend in the third quarter, further confirming that the rapid development of overseas growth is not a short-term fluctuation but rather the realization of a globalization strategy. However, domestically, driven by the implementation of equipment upgrade policies and the introduction of high-end new products, revenue growth has shown signs of recovery.
While the regional structure of overseas growth was not disclosed in this quarterly report, data from United Imaging Healthcare's first-half financial report shows that revenue in the Asia-Pacific region reached RMB 1.009 billion, a surge of 148.54% year-on-year, accounting for 57.15% of overseas revenue and serving as the absolute engine of current overseas growth. European revenue reached RMB 266 million, a year-on-year increase of 49.37%, with continued strong growth in the high-end market. Furthermore, in overseas markets, new orders continue to concentrate on high-end and innovative product lines, and the penetration of high-end equipment in mature overseas markets is accelerating, indicating a profound shift in the product growth structure.
Increased R&D investment
Market share ramp-up for high-end products
Another highlight of United Imaging Healthcare's third-quarter report is its continued growth in R&D investment.
In the third quarter, United Imaging Healthcare's R&D investment reached 847 million yuan, a year-on-year increase of 18.52%, accounting for a significant 24% of its revenue. This single quarter's investment already exceeded half of the total R&D investment of 1.383 billion yuan in the first half of the year. This high level of R&D investment is continuously translating into momentum for performance growth.
From a business structure perspective, equipment and services constitute the dual engines driving United Imaging Healthcare's growth. In the first three quarters, equipment revenue reached RMB 8.682 billion, a year-on-year increase of 22.79%, remaining the main driver of revenue. Service revenue reached RMB 1.51 billion, a year-on-year increase of 21.50%, with overseas service revenue surging by 60.90%, potentially becoming a new growth driver. Equipment sales determine short-term revenue growth, while service revenue ensures long-term profits and customer loyalty. The synergistic development of both is propelling United Imaging Healthcare into a period of structural transformation in its growth model.
A robust product portfolio is undoubtedly the cornerstone of its performance. According to data from PharmNet Medical Devices, United Imaging Healthcare currently has 128 products on the market in China and 348 products on the market in the United States. Judging from its initial product registration trend in China, United Imaging Healthcare is operating at full capacity. From 2022 to 2026, its approval rate has generally shown a steady upward trend, reaching its peak this year, setting a new five-year high and entering a period of explosive growth in technology commercialization.
In the realm of high-end products, United Imaging Healthcare has launched a formidable offensive. Cutting-edge products such as the photon counting spectral CT, dual-wide-body dual-source CT, and "camera-like" MRI have been successively introduced. Among these, the dual-wide-body dual-source CT has already obtained EU CE certification, demonstrating the comprehensive success of its product portfolio both domestically and internationally.
Based on this, all five core product lines achieved growth in the first three quarters , with molecular imaging, XR and radiotherapy businesses growing faster. Under this trend, United Imaging Healthcare's position in multiple market segments is also continuing to rise.
According to United Imaging Healthcare, its overall market share in China increased by 2.2 percentage points , with even greater increases in high-end segments. For example, its market share in ultra-high field MRI has exceeded 80%; its market share in MI increased by 7.8 percentage points year-on-year; and its market share in both PET/CT and PET/MR exceeded 60%. Its market share in wide-body dual-source CT increased by more than 10% year-on-year.
Although the domestic market was affected by factors such as the high base of bidding and structural adjustments, and its overall performance was not as rapid as that of the overseas market, United Imaging Healthcare still achieved expansion against the trend in an environment where the overall industry volume was under pressure.
Conclusion
Overall, United Imaging Healthcare reversed its declining profit growth in Q3, turning positive. Meanwhile, strong performance in overseas markets also injected robust growth momentum. Looking ahead, high-end products are rapidly penetrating domestic and international markets, with new orders continuing to concentrate on high-end and innovative product lines. With these multiple factors combined, United Imaging Healthcare's growth quality, profit structure, and globalization capabilities are expected to upgrade significantly.
Source: https://news.yaozh.com/archive/49320.html