3D Medicines (1244) H2 2025 earnings summary

Executive summary

• 2025 revenue fell 20.1% to RMB356.1m as Qingdao litigation-related bank account freezes disrupted inventory supply; accounts were unfrozen in July and sales data was recovering.

• Strategic priorities shifted toward preventing tumor metastasis and recurrence, supported by RDC, AI-driven mRNA/LNP and in vivo CAR platforms; four globally owned programs advanced toward clinical studies.

• Total comprehensive loss narrowed to RMB184.9m from RMB199.4m, reflecting cost reductions and improved efficiencies.

Financial highlights

• Revenue was RMB356.1m versus RMB445.6m in 2024; all sales came from Envafolimab in China.

• Gross profit was RMB327.9m versus RMB409.1m; gross margin was 92.1%, up from 91.8%.

• R&D expense decreased 13.6% to RMB156.1m; selling and marketing expense fell 21.5% to RMB185.2m.

• Loss before tax was RMB184.9m; total comprehensive loss was RMB184.9m, including a RMB55,000 tax credit.

• Adjusted total comprehensive loss, excluding share-based payment expenses, was RMB160.1m versus RMB166.7m.

Outlook and guidance

• Aim to maintain stable revenue while achieving key R&D milestones; sales are expected to recover and grow steadily as new indications are approved.

• Priorities include accelerating clinical development and commercialization, expanding overseas with partners, and developing mRNA therapies and radiopharmaceuticals.

• An NDA for Envafolimab plus GEMOX as first-line treatment for unresectable or metastatic biliary tract cancer was accepted by NMPA on January 9, 2026.

• NMPA accepted a supplemental application on February 9, 2026, seeking regular approval for domestically produced Envafolimab.