Jiangxi Institute of Biological Products (6915) investor relations material

Executive summary

• Revenue for H1 2026 was RMB83.3 million, down 16.5% year-over-year, mainly due to tax policy adjustments and global geopolitical impacts on deliveries.

• Gross profit reached RMB60.3 million with a margin of 72.3%.

• Adjusted net profit (excluding one-off items) was RMB38.7 million, down 21.7% year-over-year; reported net profit was RMB14.4 million, down 61.0%.

• Human Tetanus Antitoxin (Human TAT) accounted for 93.1% of revenue, with 9.58 million units sold globally and strong domestic and overseas sales.

• The company completed a successful listing on the Hong Kong Stock Exchange, raising HK$377.8 million (RMB352.5 million).

Financial highlights

• Revenue: RMB83.3 million (down 16.5% YoY).

• Gross profit: RMB60.3 million; gross margin: 72.3%.

• Adjusted net profit: RMB38.7 million (down 21.7% YoY); reported net profit: RMB14.4 million (down 61.0% YoY).

• R&D expenses: RMB11.0 million (13.2% of revenue, up 18.6% YoY).

• Cash and cash equivalents: RMB407.9 million as of June 30, 2026, up from RMB73.8 million at year-end 2025.

Outlook and guidance

• Plans to leverage the AEPC Platform for digital and intelligent full-industry-chain integration.

• Focus on expanding Human TAT market coverage, accelerating R&D and commercialization of antiserum and veterinary products, and deepening global market penetration.

• Continued investment in technology upgrades, AI, mRNA, advanced purification, intelligent manufacturing, and digital twin systems.

• No interim dividend declared for H1 2026.