Adicon Holdings Ltd

09860: XHKG (HKG)

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China Independent Clinical Laboratories' Results Miss, but Our Long-Term View Is Unchanged

Yurou Zheng

Aug 25, 2025

Adicon's first-half revenue declined 13.3% and KingMed's declined 22.8%. Consequently, Adicon's adjusted operating margin of 7.1% and KingMed's 5.0% are both around 600 basis points less than last year due to lower average selling prices and operating leverage.

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Adicon Holdings Ltd

China Independent Clinical Laboratories' Results Miss, but Our Long-Term View Is Unchanged

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