Xikang Cloud Hospital (9686.HK) Releases 2025 Financial Report, Home Care Service Volume Exceeds 500,000, Growth Logic Continues to Materialize

On March 20, Xikang Cloud Hospital (9686.HK) released its 2025 full-year performance report. By divesting non-core loss-making businesses and disposing of inefficient offline assets, the company has focused resources on core businesses such as home healthcare, resulting in steady improvement in financial quality and continuous optimization of operational efficiency.

The financial report shows that in 2025, the company achieved revenue of 464 million yuan, with a net loss of 38.55 million yuan, narrowing by 53.9% year-over-year. Adjusted net loss was 19 million yuan, a reduction of 74.8% year-over-year, indicating ongoing recovery in profitability. Operating cash flow from operating activities reached 40.55 million yuan, an 88% increase year-over-year, significantly improving cash flow health. Meanwhile, accounts receivable turnover efficiency improved year-over-year, with a substantial reduction in turnover days, forming a sustainable development cycle of “scale growth, efficiency improvement, quality optimization, and value increase.”

Core Nursing Business Leads Growth, Scale Effects Fully Manifest

As a leading domestic operator of “Internet + Nursing Services” platforms, Xikang Cloud Hospital achieved leapfrog growth in its core nursing business in 2025. During the reporting period, the company’s home healthcare service volume reached 504,000 visits, a significant increase of 51.6% year-over-year, becoming the main growth engine. Nursing consultation services served 386,000 visits, up 19.1% year-over-year. Both core nursing services saw steady and high growth, with user demand and market recognition continuing to rise.

Building on the successful and replicable experience of the first city cloud hospital in Ningbo, during the reporting period, the company expanded its operations in Zhejiang and Henan provinces, adding several municipal-level official nursing platforms such as Changshang Nursing in Changzhou and Pengcheng Home Care in Xuzhou. The business now covers multiple provinces and cities across East China, North China, South China, and Southwest China, reaching over 200 million people. The standardized replication model’s scale effects are fully evident.

“City Cloud Hospital Platform” Unlocks Efficiency, Healthcare Resources Barriers Continue to Strengthen

Xikang Cloud Hospital’s core competitiveness stems from its “City Cloud Hospital Platform” business model, which is also the company’s key differentiator from ordinary internet healthcare platforms. The company focuses on government cooperation, deeply integrating regional medical and health service systems, connecting regional healthcare resource networks, and building a compliant, highly credible platform barrier, avoiding homogeneous competition in market-driven internet healthcare.

The continuous expansion of high-quality medical and nursing resources is a critical support for this model. As of December 31, 2025, over 37,000 medical institutions were connected to the Xikang Cloud Hospital platform, including 3,642 partner hospitals, a 22.0% increase year-over-year. The platform also hosts 151,000 experienced nurses (with over 5 years of clinical experience), up 16.3%, and 149,000 doctors, up 5.5%. The massive, compliant, high-quality medical and nursing resource reserve provides a solid professional foundation for platform expansion and nationwide deployment, creating a resource “moat” that competitors find difficult to replicate.

Deep Integration of AI Technology, Business Chain Layout Continues to Improve

In 2025, Xikang Cloud Hospital leveraged AI and big data as core technological engines, building a dedicated AI intelligent platform that fully integrates data intelligence into all scenarios of healthcare, nursing, and health management, significantly improving service efficiency and user experience.

In terms of business layout, the company focuses on “Medical + Nursing + Health Management” three major sectors, creating a comprehensive health service ecosystem covering the entire lifecycle. Relying on vast health data, it promotes data value-driven operations and constructs an industry ecosystem of “Medical + Payment + Supply Chain + Data.” It also collaborates with pharmaceutical companies, medical device providers, insurance firms, and other partners to build a closed-loop ecosystem of “Medical, Medicine, Nursing, Testing,” further expanding business boundaries and long-term profitability.

Looking ahead, as Xikang Cloud Hospital continues to uphold its core positioning of “home-based medical and nursing services,” promotes the replication of the “City Cloud Hospital Platform,” deepens the integration of AI technology with core medical and nursing services, and explores the value of platform data assets, it is accelerating its transformation into a comprehensive health value integrator.