CF PharmTech (2652) investor relations material

Executive summary

• H1 revenue rose to RMB210.15m from RMB205.88m YoY; gross profit increased to RMB161.50m, while net loss widened to RMB10.51m from RMB1.23m.

• Results reflected VBP procurement-cycle disruption and non-operating FX and fair-value losses; procurement and stocking began recovering from May 2026.

• H2 priorities include commercial execution, pipeline development, capacity expansion and internationalization; liquidity was supported by cash, investments, bank facilities and post-period placing proceeds.

Financial highlights

• Revenue was RMB210.15m, including RMB208.52m from product sales and RMB1.64m from technical services; stronger CF017 sales, supported by Middle East customer and market expansion, drove growth.

• Gross profit increased to RMB161.50m from RMB156.55m; gross margin improved to 76.8% from 76.0%, while cost of revenue declined to RMB48.66m from RMB49.33m.

• Net loss widened to RMB10.51m from RMB1.23m; loss before tax was RMB16.75m versus RMB8.27m, partly offset by a RMB6.25m income tax credit.

• Selling and distribution expenses fell 29.3% to RMB37.63m; administrative expenses rose 14.6% to RMB61.47m, while R&D expenses were broadly stable at RMB60.67m.

• Other expenses rose to RMB12.21m, mainly from FX losses on U.S. dollar proceeds and monetary assets; net other losses, income and gains shifted to a RMB0.86m loss from a RMB5.73m gain, including FVTPL losses.

Outlook and guidance

• H2 priorities include VBP-cycle execution, improved distribution efficiency, broader hospital, grassroots, retail and online coverage, compliant medical education and patient access; procurement recovery depends on provincial implementation.

• Advance budesonide nasal spray and tiotropium bromide inhalation powder NDA reviews; develop olopatadine/mometasone nasal spray and prepare commercialization subject to approval.

• Initiate clinical trials and patient enrollment for ICF004 and ICF001, prioritizing R&D against clinical, registration and commercialization milestones.

• Pursue overseas registrations, quality alignment, supply-chain development and commercial cooperation; maintain liquidity and monitor FX exposure.