KAISA HEALTH (00876) announced its annual results for the period ended December 31, 2025. The group recorded revenue of HK$139 million, a decrease of 24.95% compared to the previous year. The loss attributable to company shareholders was HK$46.678 million, widening by 0.7% year-on-year. The basic loss per share was 0.93 HK cents.
The company stated that the decrease in revenue was primarily due to the continued adverse impact of Chinese government policies, specifically centralized procurement price controls. This includes the establishment of price ceilings for dental products sold domestically, which led to a decline in the average selling price of these products.
The group's research and development direction has consistently adhered to the aesthetic restoration concept of "minimally invasive and non-damaging to teeth," aiming to reduce patient discomfort during cosmetic dental procedures. Since 2019, products launched under its brand, such as the Meijia Veneer XS, Meijia 3D Simulated Zirconia, Meijia EasyAlign transparent aligners, and removable dentures, have received significant recognition from technicians and dentists both domestically and internationally.
The group's business has always been committed to investing in research and specialized knowledge. Research and development expenses as of December 31, 2025, were approximately HK$16.9 million (2024: approximately HK$12.5 million). The continued investment in R&D expenses reflects management's determination and vision to invest in future technologies for the dental business.
On the other hand, government grants as of December 31, 2025, amounted to approximately HK$0.2 million (2024: approximately HK$0.9 million).
The group has continued to expand its team at the Sino-US dental implant R&D center. Applications for registration changes for implants in more sizes were approved by the National Medical Products Administration in July 2024. The group is also continuously improving and increasing its implant production capacity. It invested in the construction of an implant production factory in Chengdu - Beshiga (Chengdu) Medical Device Co., Ltd. (Beshiga). Beshiga obtained its business license in June 2024, received a Class III medical device operation license and a Class II medical device operation filing certificate in November 2024, passed ISO 13485 certification in August 2025, and obtained a Class II medical device production license in September 2025, commencing smooth production with continuously increasing capacity. This not only ensures stable supply for the public hospital market but also lays a solid foundation for the group's expansion into overseas markets.
Furthermore, the implant business has seen a significant increase in usage among clinical institutions. During the year, the group's implants entered more dental chain institutions in Shandong and Shanghai.
In 2025, the Shenzhen Prevention Medicine Association Sports and Health Branch, led by Peking University Shenzhen Hospital, was established. The Hejia sports rehabilitation brand became one of the first member units. The quality of Hejia rehabilitation medical services continues to receive industry recognition. Both the number of patients received by Hejia rehabilitation clinics and customer satisfaction increased compared to the previous year.