Akeso (9926) investor relations material

Executive summary

• Commercial sales surged 49.2% year-over-year to RMB1.402 billion in 1H 2025, driven by expanded NRDL coverage, new product launches in oncology and non-oncology, and strong pipeline progress with global clinical milestones.

• Revenue reached RMB1.412 billion, up 37.75% year-over-year, with gross profit rising to RMB1.121 billion; net loss widened to RMB588.3 million due to higher R&D, equity investment losses, and increased equity incentive costs.

• Major product approvals and expanded indications in oncology, autoimmune, and metabolic diseases supported commercial growth and international expansion, including the first US FDA approval for a self-developed biologic.

• Two core bispecific antibodies included in NRDL, with coverage in over 2,000 hospitals and ~85% hospital access.

• New launches in metabolic and autoimmune therapeutics broadened the portfolio beyond oncology.

Financial highlights

• 2025H1 revenue was RMB1.412 billion, up 37.75% year-over-year; commercial sales at RMB1.402 billion, up 49.2% year-over-year.

• Gross profit reached RMB1.121 billion, a 24.9% increase; net loss widened to RMB588.3 million, mainly due to higher R&D and investment losses.

• Cash and short-term financial assets totaled RMB7.14 billion as of June 30, 2025.

• Adjusted EBITDA for 2025H1 was RMB -178.3 million.

• R&D expenses were RMB731.2 million, with a R&D-to-sales ratio of 52.17%, down from 63.27% last year.

Outlook and guidance

• Targeting further expansion in hospital coverage and NRDL inclusion for additional products, leveraging new indications for rapid market access.

• Continued focus on commercialization of new indications and pipeline assets, including global launches and clinical development of key assets.

• Ongoing investment in R&D and manufacturing capacity, including next-generation IO and ADC platforms.