On March 26, Unisound (09678.HK) released its audited annual results for the year ended December 31, 2025. The company’s first annual report demonstrates strong growth momentum and continuous optimization of its financial structure.

Optimized Revenue Structure with Accelerated Growth in the Second Half

In 2025, Unisound achieved total revenue of RMB 1.21 billion, representing a year-on-year increase of 29%. Revenue in the second half of the year grew 33% year on year to RMB 810 million.

Revenue from the company’s large model business reached RMB 610 million for the full year, representing more than a tenfold year-on-year increase. In the second half of the year, the business contributed approximately RMB 500 million in revenue, five times the first-half scale, demonstrating strong commercialization and scaling capabilities.

Significantly Reduced Losses with a Clearer Path Toward Profitability

In the second half of 2025, Unisound’s net loss narrowed by 84% year on year, while adjusted loss narrowed by 92%, approaching the breakeven point. This reflects continued improvements in cost control and operational efficiency.

The adjusted operating expense ratio decreased by 10 percentage points year on year. Selling expenses declined despite revenue growth, accounting for only 5.4% of revenue. Revenue per employee reached RMB 2.52 million in 2025, up 25% from RMB 2.02 million in 2024.

Dual-Engine Strategy Delivers Results: Smart Healthcare and Smart Living Advance Together

Unisound continued to strengthen its “strong foundation models + deep applications” strategy, enhancing its multimodal technology foundation and expanding the influence of its proprietary large model portfolio across healthcare, speech, OCR, and other fields.

The smart living business generated revenue of RMB 968 million, up 30.8% year on year. Smart transportation grew by nearly 40%, with AI agent applications powered by the Shanhai large model deployed in more than 10 cities. Cumulative AI chip shipments exceeded 110 million units.

The smart healthcare business generated revenue of RMB 244 million, up 22.3%, with average customer spending increasing by 53.2%. More than 85% of partner hospitals were Grade III hospitals, and over one-third of customers maintained cooperation for more than three consecutive years.

Healthcare large-model-based medical record products achieved tenfold annual growth at a leading Grade III hospital campus. The commercial insurance AI agent platform increased case processing volume by 37 times year on year. Cooperation with leading insurance groups improved cost control efficiency to approximately 20%.

Continued R&D Investment Strengthens Technology Moat

In 2025, Unisound’s R&D expenses exceeded RMB 380 million, accounting for 75% of adjusted operating expenses, with R&D personnel representing 69% of employees.

In the MedBench 4.0 evalsuation, Unisound ranked first in three categories: Medical AI Agents, Medical Large Language Models, and Medical Multimodal Large Models, achieving a “Triple Crown” in medical AI technology.

Future Outlook: Deepening Technology Foundations and Expanding Application Boundaries

Unisound will continue deepening its “strong foundation models + deep applications” strategy. The company will increase strategic investment in foundation models and accelerate commercialization through MaaS (Model-as-a-Service) and large-scale AI agent expansion.

The company is also exploring recurring revenue models based on API access and Token-based pricing, while developing consumer-facing products as a second growth curve.

From Q2 to Q3 2026, Unisound plans to launch native AI agent foundation models for programming and office scenarioses, driving breakthroughs in intelligence density and Token production efficiency.