Vincent Medical Holdings Limited (“Vincent Medical” or the “Company”, together with its subsidiaries, the “Group”, stock code: 1612), a global medical devices and solutions provider, is pleased to announce its interim results for the six months ended 30 June 2025 (“1H2025 or, the “Period”).
Despite heightened trade tensions, rising supply chain uncertainty, and growing conservatism among distributors and end customers, the Group continued to focus on its strengths, leveraging its expansive manufacturing capabilities and product portfolio, strong customer relationships, and excellent product and service quality to retain and acquire customers. With its proven value proposition and consistent strategy, the Group delivered a record-high performance in the post-COVID pandemic era.
During the Period, the Group achieved revenue growth of 18.1% year-on-year to HK$449.4 million (1H2024: HK$380.7 million), as a result of the increase in orders from its imaging disposable products. Benefitting from growing economies of scale, improved operating efficiency, and the decrease in allowance for inventories, gross profit rose by 33.4% to HK$159.0 million (1H2024: HK$119.2 million), with a notable enhancement in gross profit margin from 31.3% to 35.4%. Profit attributable to owners of the Company surged by 55.1% to HK$51.6 million (1H2024: HK$33.3 million) for the Period.
Considering the Group’s solid results, the Board resolved to declare an interim dividend of HK2.4 cents per share for the Period (1H2024: HK1.6 cents).
Imaging Disposable Products Segment
In 1H2025, the diagnostic imaging market continued to experience robust growth, driven by an expanding ageing population, increasing prevalence of chronic diseases, and growing awareness in early disease detection. Riding on the favourable development, the Group continued to work closely with its key customer, and has seen increasing order volume and an expanding project pipeline during the Period. Hence, revenue from the imaging disposable products segment reached HK$244.0 (1H2024: HK$189.7 million), representing a 28.6% increase year-on-year, accounting for 54.3% of the Group’s total revenue. Segment gross profit margin reported an increase from 30.2% to 34.8%, mainly attributable to growing economies of scale, and improving operating leverage and production efficiency.
Respiratory Products Segment
The respiratory products segment remains an essential pillar of the Group’s comprehensive product offering. Leveraging its strong product R&D and excellent manufacturing know-how, the Group was able to resume steady growth, with the segment reporting a 5.0% year-on-year growth in revenue to HK$126.4 million (1H2024: HK$120.4 million), accounting for 28.1% of total revenue. The increase was mainly due to increased sales of inspiredTM respiratory disposables to countries including Japan, United Kingdom, Canada, and Turkey. Segment gross profit also improved from 36.8% to 38.7%, attributable to the decrease in allowance for inventories and improvement in product mix.
Orthopaedic and Rehabilitation Products Segment
Despite the Group’s long-standing expertise in orthopaedic and rehabilitation solutions, the segment faced mounting challenges due to growing global trade uncertainties. Certain U.S. customers strategically scaled back overseas orders, placing pressure on the Group’s export-oriented business. As a result, segment revenue declined by 18.4% year-on-year to HK$19.3 million (1H2024: HK$23.6 million), accounting for 4.3% of total revenue. Segment gross profit margin remained stable at 30.3% (1H2024: 29.9%).
Other Products Segment
Leveraging the Group’s product innovation and manufacturing excellence, the Group continued to pursue a diversified strategy to capitalize on emerging market opportunities. Since 2023, the Group has extended its product offering to a broader range of medical devices and disposables, including healthcare and wellness products. During the Period, the Group received increasing enquiries and orders as it further expanded its customer reach, with the segment reporting a revenue increase of 27.1% year-on-year from HK$47.0 million to HK$59.7 million, representing 13.3% of total revenue. Gross profit margin also improved from 22.4% to 32.3%, attributable to growing economies of scale and improving revenue mix.
Outlook
Despite persistent global trade tensions and market uncertainties, the Group remains optimistic about its long-term development. The Group will continue to strengthen its strategic partnerships with key customers, expand production capacity to meet rising demand, and pursue new growth opportunities, particularly in the healthcare and wellness sector. Meanwhile, the Group remains committed to disciplined cost control, cash flow management, and operational excellence to enhance profitability and shareholder value.
Mr. Choi Man Shing, Chairman of Vincent Medical, said, “We are proud to report a strong set of interim results, reflecting the resilience and strength of our business. Our deepened collaboration with existing customers has been fundamental to this success, particularly in the imaging disposable products segment, where we remain highly confident about the long-term growth prospects. Looking ahead, in addition to strengthening collaboration, we will also maintain our diversified growth strategy by driving product registration and penetration of our respiratory products, while exploring new product categories or business opportunities that can realise our technical expertise and manufacturing know-how. With unwavering commitment and strategic focus, we firmly believe that we will reach even greater heights in the future.”
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