Meihao Group in the First Half of 2026: Revenue of 57.638 Million Yuan, Up 32.3%, Dental Implant Business Drives Narrowing Losses

Source: Meihao Group 2026 Interim Report

DentalGoodNews｜On September 24, 2026, Meihao Medical Group Co., Ltd. (hereinafter referred to as "Meihao Group") released its 2026 interim report. Data showed that during the reporting period, the Group achieved revenue of approximately RMB 57.638 million, an increase of approximately 32.3% compared with RMB 43.568 million in the same period of 2025; net profit attributable to shareholders of the parent company was -RMB 9.401 million (compared with -RMB 10.007 million in the same period last year), with the loss narrowing by approximately 6.06% year on year.

The report noted that against the backdrop of policy adjustments in the dental medical industry and intensifying market competition, the Group achieved an increase in gross margin from 36.8% in the same period last year to 37.6% through optimizing its service structure and cost control. The dental implant business achieved growth amid market demand released by the VBP policy: during the reporting period, revenue from dental implant services was RMB 15.200 million, an increase of 100% compared with RMB 7.600 million in the same period of 2025, and its share of the Group's total revenue rose from 22.8% to 30.4%. The Group stated that it attracted patients by launching dental implant service packages, and the number of dental implant cases increased.

Performance across other business segments was mixed. Revenue from the dental restoration department was RMB 16.100 million, an increase of 76.9% compared with RMB 9.100 million in the same period last year, with its revenue share rising from 20.9% to 28%, mainly due to an increase in the number of active patients. Revenue from the orthodontics department was approximately RMB 8.600 million, an increase of approximately 4.9% compared with RMB 8.200 million in the same period of 2025, while its revenue share decreased from 18.8% to 14.9%. By contrast, revenue from the general dental treatment department was RMB 15.400 million, a year-on-year decrease of approximately 5.5%, with its revenue share falling from 37.5% to 26.7%, mainly due to a decline in average spending per patient.

According to previous reports by DGN, Meihao Group's loss in the first half of 2025 also showed a narrowing trend, when revenue from the dental implant department increased by 75.6% year on year. Comparing the latest financial report data, Meihao Group's growth momentum in the dental implant field has further accelerated. For the full year of 2025, Meihao Group's revenue exceeded RMB 100 million.

Source: Meihao Group 2026 Interim Report

The scale of active patients continued to expand. For the six months ended June 30, 2026, the Group's total number of active patients was 44,087 cases, an increase of 9% compared with 40,456 cases in the same period of 2025. Among them, the number of active patients at Lucheng Dental Hospital in the main urban area of Wenzhou increased from 7,165 cases to 13,044 cases.

Performance across regional hospitals was mixed. Lucheng Hospital contributed revenue of RMB 20.717 million during the reporting period, accounting for approximately 35.9%, becoming the Group's largest source of revenue. Wenzhou Hospital contributed RMB 13.813 million, a decrease of approximately 11.4% compared with RMB 15.599 million in the same period last year, with its revenue share falling from 35.8% to 24.0%. Other branches, such as Ruian Branch, achieved revenue of RMB 3.308 million, a year-on-year increase of 66.9%.

Cost control results became evident. During the reporting period, cost of sales increased by 30.6% to approximately RMB 36.000 million, a growth rate lower than the 32.3% increase in operating revenue. The increase in costs was mainly due to higher consumption of medical consumables driven by business growth, as well as higher employee costs resulting from the expansion of the medical and nursing team.

As of June 30, 2026, Meihao Group had a total of 547 employees, all located in mainland China. Employee benefit expenses were RMB 26.300 million, an increase of RMB 4.500 million compared with RMB 21.800 million in the same period of 2025. The Group continued to strengthen its talent pipeline through the Meihao Education Center and implemented share option and share award schemes to incentivize core employees.

Source: Meihao Group 2026 Interim Report

In terms of financial position, as of June 30, 2026, the Group's cash and cash equivalents were approximately RMB 81.937 million. In addition, during the reporting period, the Group completed the subscription of Class B ordinary shares of Deepcare Medical Holdings Limited, accounting for approximately 2% of its equity on a fully diluted basis, for a consideration of USD 2 million.

Looking ahead, Meihao Group's financial report stated that the national "15th Five-Year Plan" may include basic dental treatment in the scope of medical insurance payment, and access for items such as dental implants is also accelerating. The Company will use this opportunity to consolidate its market position in the Wenzhou region. The Group plans to promote full coverage of designated medical insurance institution qualifications across all hospitals and optimize the business structure of high-value-added services such as dental implants and orthodontics to enhance overall profitability.