Qing Song Health CoLtd (6931.TWO) Q4 2025 Earnings Report

Q4 2025 (calendar quarter ending 2025-12-31) delivered a clear step-up in profitability and cash generation for Qing Song Health CoLtd, underscoring improving operating leverage in Taiwan’s long‑term care segment. Revenue of 556.92M TWD rose sharply on a year-over-year basis, delivering a net income of 44.34M and an EPS of 0.67 TWD. YoY comparisons reflect a substantial base effect and the company’s ability to translate higher activity into earnings, with revenue up 118.74% YoY and net income up 479.33% YoY. EBITDA reached 143.69M with an EBITDA margin of 25.8%, while gross margin stood at 13.11% and net margin at 7.96%. QoQ changes show some seasonality and timing effects, with revenue and gross profit down modestly versus Q3 2025 and net income and EPS dipping ~6–7% intriquarterly.

The company generated solid operating cash flow of 175.52M and free cash flow of 126.42M, supporting a robust liquidity position alongside a total debt load of 1.203B and net debt of 804.93M. Cash and short‑term investments totaled 835.52M, but the cash balance declined to 398.39M from 639.61M at the prior period end, driven by foreign exchange movements (-312.12M) and financing activity (net 395.80M inflow) including equity issuances (common stock issued of 452.90M) and dividends paid (-39.69M).

Overall, the quarter reinforces Qing Song Health’s exposure to secular demand for long‑term care in Taiwan, supported by a favorable demographic backdrop, and demonstrates meaningful profitability and cash‑generating capacity. The key question for investors is the trajectory of leverage, occupancy/density of care services, wage pressures, and potential capex for expansion against the backdrop of policy and reimbursement dynamics in Taiwan’s healthcare system.