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 annual results for the year ended 31 December 2025 (“the Year”).
During the Year, the global diagnostic imaging market continued to demonstrate resilient underlying demand, supported by increasing healthcare utilisation and growing awareness of preventive and diagnostic examinations. Against this backdrop, the Group continued to focus on its core strengths, leveraging its extensive manufacturing capabilities, diversified product portfolio, and long-standing customer relationship with its key customer to deliver solid business performance.
During the Year, the Group achieved revenue growth of 16.5% year-on-year to HK$932.8 million (2024: HK$801.0 million), primarily driven by the strong growth from its imaging disposable products segment. Gross profit increased by 25.9% to HK$327.4 million (2024: HK$260.0 million), with gross profit margin also rising by 2.6 percentage points to 35.1% (2024: 32.5%), as a result of expanding economies of scale and improving operating efficiency. Along with prudent cost control, profit attributable to owners of the Company reached HK$104.4 million (2024: HK$69.2 million), representing an increase of 50.9% year-on-year. Net profit margin further improved to 11.6% (2024: 8.9%), demonstrating the Group’s expanding profitability during the Year.
In view of the resilient results, the Board has resolved to declare a final dividend of HK2.6 cents (2024: HK1.7 cents) per share.
Imaging Disposable Products Segment
The Group manufactures and sells imaging disposable products on an OEM basis to one of the world’s leading diagnostic imaging solutions providers. As a long-term and trusted partner, the Group supports its key customer in the design and manufacturing of contrast media injectors and related disposables, including syringes and accessories for injection systems. During the Year, due to the increase in market demand and new product collaborations with its key customer, revenue from the imaging disposable products segment increased significantly from HK$393.3 million to HK$549.7 million, representing a growth of 39.8% and accounting for approximately 58.9% of the Group’s total revenue (2024: 49.1%).
Respiratory Products Segment
The respiratory products segment remains an important pillar of the Group’s diversified product portfolio. Leveraging the Group’s in-house R&D capabilities, proven product quality, manufacturing excellence, and extensive market reach, the Group continued to supply a broad range of respiratory devices and disposables to key markets worldwide. During the Year, revenue from the respiratory products segment remained broadly stable, reaching HK$243.2 million (2024: HK$245.5 million), representing approximately 26.1% of the Group’s total revenue (2024: 30.6%).
Healthcare and Wellness Products Segment and Other Products
During the Year, revenue from the healthcare and wellness products segment and other products slightly decreased by 4.3% to HK$107.1 million (2024: HK$111.9 million). While the Group has successfully acquired new customers, orders experienced a temporary slowdown amid the evolving tariff environment in 2025. The segment accounted for approximately 11.5% of the Group’s total revenue (2024: 14.0%).
Orthopaedic and Rehabilitation Products Segment
The orthopaedic and rehabilitation products segment continued to face challenges amid heightened global trade uncertainties and shifting supply chain dynamics. Certain customers, particularly from the United States, adopted more conservative sourcing strategies during the Year, resulting in reduced sales orders. As a result, revenue from the segment declined to HK$32.8 million (2024: HK$50.2 million), accounting for approximately 3.5% of the Group’s total revenue (2024: 6.3%).
Outlook
Looking ahead, the Group remains cautiously optimistic despite the evolving macroeconomic and geopolitical environment. Building on its long-term partnership with its key customer from the imaging disposable products segment, the Group is targeting to further establish its role in the key customer’s global strategy, capturing growing underlying demand. The Group will also drive product registration and regional market penetration for its products, maintaining its diversified growth strategy.
To support its growth strategies and further drive operational efficiency, the Group will continue to advance the development of its new research and development (“R&D”) and production facility in Kaiping City, with trial operations targeted to commence in 2026 following the completion of civil works in the fourth quarter of 2025.
Mr. Choi Man Shing, Chairman of Vincent Medical, said, “We are pleased to report solid growth in both revenue and profitability for 2025, driven by the deepening collaboration with our key customer in the imaging disposable products segment, along with stabilizing performances and new initiatives from our other segments. While the satisfactory results gave us optimism, we must also remember how quickly businesses can change, especially given the uncertain global dynamics. Hence, we will continue to strengthen strategic partnerships, invest in R&D, and drive the operations and customer acquisitions for our new production facility in Kaiping, in order to build a solid foundation for the future.”
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