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Hua Medicine (2552) investor relations material

Hua Medicine H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary29 Aug, 2025

Executive summary

  • Net sales for HuaTangNing/dorzagliotin surged 112% year-over-year to RMB 217.4 million in H1 2025, with sales volume up 108% to 1.764 million packs, driven by full self-commercialization and expanded hospital coverage.

  • Achieved first half-year profit of RMB 1.18 billion, supported by a one-time release of RMB 1.24 billion in deferred income after the Bayer agreement termination.

  • Gross profit margin improved to 54.2% from 46.5% year-over-year, reflecting increased production scale and efficiency.

  • Inclusion in China's NRDL and expanded reimbursement coverage accelerated patient adoption, especially in Tier 2 and Tier 3 hospitals.

  • Advanced clinical and real-world studies, expanded patent portfolio, and filed dorzagliatin registration in Hong Kong, supporting global ambitions.

Financial highlights

  • Gross profit rose 147% year-over-year to RMB 117.8 million, with gross margin at 54.2% and selling expenses reduced as a percentage of sales.

  • Administrative expenses dropped to RMB 53.1 million, and R&D expenses fell to RMB 65.8 million for H1 2025.

  • Net profit reached RMB 1.18 billion, mainly due to the one-time deferred income release.

  • Cash and cash equivalents stood at RMB 1,022.8 million as of June 30, 2025, supporting future R&D and commercialization.

  • Profit before tax was RMB 1,183.9 million, up 932% year-over-year; total comprehensive income was RMB 1,184.1 million, up 934%.

Outlook and guidance

  • Confident in achieving or exceeding RMB 1 billion in annual sales by 2027, with 40% year-over-year growth expected.

  • Focus on disciplined commercial execution, expanding R&D for dorzagliatin and 2nd generation GKA, and pursuing new indications in metabolic disorders.

  • Registration of dorzagliatin in Hong Kong and expansion into Southeast Asia, Portuguese-speaking countries, and Belt and Road nations underway.

  • Continued investment in digital platforms and AI to enhance branding and operational efficiency.

  • R&D spending expected to rise above last year's level, leveraging stable sales growth.

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Frequently asked questions

Hua Medicine is a China-based biopharmaceutical company focused on the discovery, development, and commercialization of innovative therapies for the treatment of metabolic diseases. The company specializes in drug candidates targeting type 2 diabetes and related conditions, leveraging internal research and clinical development capabilities. Hua Medicine conducts both domestic and international clinical trials and collaborates with academic and industry partners to advance its pipeline. The company is headquartered in Shanghai, China, and its shares are listed on the HKEX.

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