3SBio (1530) investor relations material

Executive summary

• Revenue for the six months ended 30 June 2025 was RMB4,355.5 million, down 0.8% year-over-year, with gross profit at RMB3,715.8 million and gross margin at 85.3%.

• Net profit attributable to owners rose 24.6% to RMB1,358.2 million, driven by fair value gains and lower finance costs; adjusted net profit increased 2.1% to RMB1,135.8 million.

• EBITDA grew 11.6% to RMB1,832.5 million, but adjusted EBITDA fell 3.2% to RMB1,610.1 million.

• Major licensing deal with Pfizer for anti-VEGF/PD-1 BsAb (707 Injection) brought a record USD1.25 billion upfront payment, with potential total payments up to USD6.05 billion.

• Pfizer subscribed to 31.1 million new shares, raising HKD785 million for R&D and corporate purposes.

Financial highlights

• Revenue decreased by RMB33.9 million (0.8%) year-over-year; gross profit dropped by RMB81.6 million (2.1%), with gross margin declining to 85.3%.

• Net profit attributable to owners increased by RMB268.3 million (24.6%); adjusted net profit rose by RMB23.4 million (2.1%).

• EBITDA increased by RMB191.0 million (11.6%), but adjusted EBITDA decreased by RMB53.8 million (3.2%).

• Basic EPS was RMB0.57, up 26.7% year-over-year.

• Operating cash flow was RMB969.6 million, down 11.3% year-over-year.

Outlook and guidance

• Focus on accelerating early discovery, R&D, and clinical development in oncology, autoimmune, and nephrology.

• Plans to enhance commercialization of new products, expand global partnerships, and leverage a dual-track strategy of internal R&D and external collaborations.

• Capital expenditure over the next three years estimated at RMB800–1,000 million, mainly for facility maintenance and production expansion, funded by internal and external sources.