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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.
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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