On the revenue front, weakness in the primary healthcare segment was partially offset by stronger dental equipment distribution sales to government hospitals and higher laboratory services revenue from Singapore.
Tang Kai Jie of UOB Kay Hian has initiated coverage on Aoxin Q&M Dental with a "buy" call and a target price of 36 cents, implying an upside of 38.5% from its current share price of 26 cents. Tang’s target price is pegged to an FY2027 P/E of 52.5 times and 2.5 standard deviations (s.d.) above historical averages, based on parent company Q&M Dental Group's P/E band.
In its FY2025 ended Dec 31, 2025 results, Aoxin delivered a significant earnings turnaround, swinging from a net loss of RMB8 million ($1.5 million) in FY2024 to a net profit of RMB7 million, driven primarily by a sharp narrowing of losses from its associate Acumen Diagnostics. Core net profit also grew 11.6% y-o-y to RMB7 million despite a 3.6% decline in revenue to RMB171 million, supported by improved cost discipline.
