Sinocare Breaks Foreign CGM Monopoly with RMB 3.453 Billion Revenue in First Three Quarters, Accelerating Global Expansion and Filing IPO Prospectus

On the eve of United Nations Diabetes Day (November 14), Sinocare (300298.SZ), a leading enterprise in China’s blood glucose monitoring sector, held a Global Media Open Day under the theme “Global Nuovo, Shared Well-being,” systematically showcasing its breakthroughs in core areas such as continuous glucose monitoring (CGM) systems, digital management of chronic diseases, and artificial intelligence applications.

Meanwhile, Sinocare’s disclosed performance results for the third quarter of 2025 showed that its total operating revenue for the first three quarters reached RMB 3.453 billion, a year-on-year increase of 8.52%; net cash flow from operating activities amounted to RMB 537 million, a year-on-year increase of 33.25%; and R&D investment accounted for nearly 9% of revenue.

In the field of diabetes management, blood glucose monitoring is undergoing a critical transformation—upgrading from traditional “intermittent spot checks” to “continuous dynamic monitoring.” Data from the International Diabetes Federation shows that the global population of patients with diabetes continues to expand. Pain points associated with traditional blood glucose meters, such as monitoring blind spots and the discomfort of frequent blood sampling, have made continuous glucose monitoring (CGM) the core engine of growth in this sector. As a representative Chinese domestic enterprise, Sinocare is consolidating its core competitiveness through technological iteration, driving CGM from “import substitution” toward “global competition.”

Sinocare’s independently developed third-generation glucose sensor manufacturing technology has achieved breakthroughs in key performance metrics: In terms of accuracy, the MARD value (Mean Absolute Relative Difference, a core indicator for assessing CGM measurement accuracy, where a lower value indicates higher precision) has been further reduced, meeting mainstream international clinical standards; regarding stability, the sensor’s service life and continuous signal output capability have been significantly optimized; in terms of anti-interference, the impact of dietary carbohydrates and drug metabolites on monitoring results has been effectively minimized, resolving the issue of accuracy fluctuations in traditional CGMs under complex conditions.

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Meanwhile, AI technology is being deeply integrated into the entire process of chronic disease management. The company’s independently developed SinoGPT system, combined with the DeepSeek large language model, has established a digital closed loop of “blood glucose monitoring–data analysis–behavioral intervention.” After collecting users’ 24-hour blood glucose data via continuous glucose monitoring (CGM) devices, the system can automatically identify blood glucose fluctuation trends, issue alerts for hypo- and hyperglycemia risks, and generate personalized intervention recommendations based on users’ dietary and exercise habits. It can even integrate with physician platforms to provide remote diagnosis and treatment support. “CGM is not merely a technological upgrade of blood glucose meters; it is the core vehicle for Sinocare’s transformation from medical device manufacturing to digital diabetes management services,” emphasized Li Xinyi, Vice Chairman of Sinocare Biosensor.

To further strengthen its technological barriers, Sinocare’s Global R&D Center, with a total investment of 500 million yuan and a construction area of 70,000 square meters, will gradually become operational by the end of 2025. The center focuses on three core areas: iteration of biosensing technology (such as the development of next-generation CGM sensors), innovation in wearable devices (such as patch-type insulin pumps), and breakthroughs in high-end implantable medical devices (such as long-term implantable glucose monitoring systems). It is poised to become the “core brain” for the company’s global technology output.

To date, leveraging its technological expertise, Sinocare has emerged as the world’s fourth-largest blood glucose meter manufacturer, capturing over 50% of China’s retail market for blood glucose testing. With a global user base exceeding 25 million, its products and services are available in 187 countries and regions. Notably, its second-generation continuous glucose monitoring (CGM) system has obtained CE-MDR certification from the European Union, removing key regulatory barriers to entry into mainstream medical markets in Europe and the United States.

Under the dual-wheel drive strategy of “consolidating domestic existing stock while expanding overseas incremental growth,” Sinocare’s globalization process is accelerating and deepening. In the first half of 2025, the company’s overseas revenue reached RMB 997 million, accounting for 44.06% of total revenue and becoming the core engine of performance growth. From Africa to North America, the enterprise has established unique competitive advantages in different markets through a combination of “localized深耕 (deep cultivation) and differentiated strategies.”

Africa has emerged as a “star market” in Sinocare’s overseas expansion strategy. The company currently maintains stable monthly exports of 40,000 blood glucose monitoring devices to more than 40 countries, including Egypt, Nigeria, and Kenya, with sales in the region projected to exceed RMB 160 million in 2026. A decade ago, the prevalence of blood glucose monitoring in Africa was below 5%, with most patients able to test only once every six months. Today, thanks to Sinocare’s efforts, the health concept of “daily monitoring” is gradually gaining widespread acceptance.

Behind this shift is the company’s “customized solutions” for the African market: Considering the weak network infrastructure in some regions, Sinocare has innovatively developed a data transmission model featuring offline storage and scheduled uploads. Even during network outages, the devices can store blood glucose data for up to 15 days and automatically synchronize it to the cloud once connectivity is restored, ensuring uninterrupted continuous monitoring. Its “iCanSee” series of CGM products supports direct Bluetooth connection to a mobile app, generating 24-hour blood glucose curves. Users can interpret the data independently without guidance from professional medical personnel, significantly lowering the barrier to use.

The North American market serves as a key battleground for Sinocare’s “premiumization breakthrough.” Through its U.S. subsidiary, Trividia Health Inc., the company has achieved a “localized brand” upgrade—its TRUE-branded products now comprehensively cover online and offline channels such as Walmart and Amazon, and have successfully entered the chain pharmacy networks of Walgreens and CVS, cumulatively reaching 55,000 retail pharmacies and serving over 3 million out-of-pocket healthcare consumers in the United States.

To support its global operations, Sinocare has established nine R&D and manufacturing bases worldwide, located in Changsha, Shenzhen, and Dongguan in China; Hsinchu in Taiwan; and Fort Lauderdale and Indianapolis in the United States, forming an industrial pattern characterized by “R&D in Changsha, manufacturing globally.” This layout not only reduces tariffs and logistics costs through localized production but also enables rapid response to market demands in different regions, such as adjusting product designs to meet regulatory requirements in the North American market and optimizing cost structures for emerging markets.

Whether tackling technological challenges or expanding globally, Sinocare’s core logic has always centered on providing patients with diabetes and related chronic diseases with higher-quality management services. Looking ahead, Li Xinyi stated that Sinocare will continue to uphold its mission of “improving patients’ quality of life.” Through technological iteration and global strategic layout, the company aims to enable innovative medical technologies to transcend geographical and income barriers, further solidifying its competitiveness in the global blood glucose monitoring sector and driving a sustained increase in the international market share of Chinese-made continuous glucose monitoring (CGM) systems.