MediKai: Net profit loss of 155 million yuan in 2025.

Medike released its performance report, achieving annual operating revenue of 664 million yuan in 2025, a year-on-year increase of 36.84%; net loss of 155 million yuan, compared to a loss of 102 million yuan in the same period last year. Due to the implementation of a stock incentive plan, the company recognized share-based payment expenses of 43.2056 million yuan in 2025, an increase of 38.0502 million yuan from the previous year. The company increased borrowing due to the large scale of fixed asset investment, leading to a corresponding increase in interest expenses. As projects gradually enter the mass production stage, the company's personnel needs in production, technology, and other aspects have increased, resulting in a corresponding increase in labor costs. The company continues to increase its research and development investment in new technologies and products.