2025年第四季度净亏损高于预期速报

Global Markets Research25 January 2026 MGI Tech688114.SS 688114 CH EQUITY: HEALTH CARE & PHARMACEUTICALS Net loss came in higher than expectation for 4Q25Quick Note On 25 January night (HKT), MGI announced its FY25 preliminary results: managementexpects the company to record a net loss in the range of CNY273-221mn (narrowing by55%~63% y-y) for FY25E. It attributed the narrowing of the loss in the quarter to thecompany’s: (1) enhanced opex control, (2) higher y-y gain on FX change, and (3) reversal Research Analysts China Health Care &Pharmaceuticals However, the net loss figure was higher than the Bloomberg consensus estimate for a netloss of CNY116mn (our estimate suggested a net profit of CNY53mn) in FY25, indicatingthat the net loss in 4Q25 actually widened vs 3Q25 levels. In details, the company wouldrecord a net loss in the range of CNY101-153mn (vs. net loss of CNY137mn/16mn in4Q24/3Q25) in 4Q25. On a recurring base, the net loss attributable to shareholders came Jialin Zhang, CFA, CPA - NIHKjialin.zhang@nomura.com+852 2252 6134 We think the weak bottom line was dragged by subdued procurement demand. Wesuggest that investors keep monitoring its bottom line performance in the coming quarters. Appendix A-1 This report has been produced by Nomura International (Hong Kong) Ltd. (NIHK), Hong Kong.SeeDisclaimersfor Nomura Group entity details. Analyst Certification I, Jialin Zhang, hereby certify (1) that the views expressed in this Research report accurately reflect my personal views about any or all of thesubject securities or issuers referred to in this Research report, (2) no part of my compensation was, is or will be directly or indirectly related tothe specific recommendations or views expressed in this Research report and (3) no part of my compensation is tied to any specific investment Issuer Specific Regulatory Disclosures The terms "Nomura" and "Nomura Group" used herein refer to Nomura Holdings, Inc. and its affiliates and subsidiaries, including NomuraSecurities International, Inc. ('NSI') and Instinet, LLC ('ILLC'), U. S. registered broker dealers and members of SIPC. Materially mentioned issuers Valuation MethodologyWe derive our target price of CNY84.98 based on DCF model, assuming WACC of 10.5% and terminalgrowth rate of 4.5%. The benchmark index for the stock is CSI300 Index.Risks that may impede the achievement of the target priceDownside risks include: 1) geopolitical risk 2) reliance on relatedparties. Upside risks include: 1) higher business opportunities in domestic market 2) stronger overseas sales. Important Disclosures Online availability of research and conflict-of-interest disclosures Nomura Group research is available onwww.nomuranow.com/research, Bloomberg, Capital IQ, Factset, LSEG.Important disclosures may be read athttp://go.nomuranow.com/research/m/Disclosuresor requested from Nomura Securities International, Inc. The analysts responsible for preparing this report have received compensation based upon various factors including the firm's total revenues, aportion of which is generated by Investment Banking activities. Unless otherwise noted, the non-US analysts listed at the front of this report arenot registered/qualified as research analysts under FINRA rules, may not be associated persons of NSI, and may not be subject to FINRA Rule Nomura Global Financial Products Inc. (NGFP) Nomura Derivative Products Inc. (NDP) and Nomura International plc. (NIplc) are registered withthe Commodities Futures Trading Commission and the National Futures Association (NFA) as swap dealers. NGFP, NDPI, and NIplc are Distribution of ratings (Nomura Group) The distribution of all ratings published by Nomura Group Global Equity Research is as follows: 56% have been assigned a Buy rating which, for purposes of mandatory disclosures, are classified as a Buy rating; 36% of companies with thisrating are investment banking clients of the Nomura Group*. 0% of companies (which are admitted to trading on a regulated market in the EEA) 42% have been assigned a Neutral rating which, for purposes of mandatory disclosures, is classified as a Hold rating; 56% of companies withthis rating are investment banking clients of the Nomura Group*. 0% of companies (which are admitted to trading on a regulated market in the 2% have been assigned a Reduce rating which, for purposes of mandatory disclosures, are classified as a Sell rating; 0% of companies with thisrating are investment banking clients of the Nomura Group*. 0% of companies (which are admitted to trading on a regulated market in the EEA) As at 31 December 2025.*The Nomura Group as defined in the Disclaimer section at the end of this report. Definition of Nomura Group's equity research rating system and sectors The rating system is a relative system, indicating expected performance against a specific benchmark identified for each individual stock,subject to limited management discretion. An analyst’s target price is an assess