3SBio (1530) H1 2026 earnings summary

Executive summary

• Revenue rose 3.9% year-over-year to RMB4,526.0 million, driven by licensing and CDMO growth despite a decline in biopharmaceutical sales.

• Net profit attributable to equity shareholders fell 15.6% to RMB1,146.6 million, but adjusted net profit (excluding non-operating items) increased 26.5% to RMB1,436.3 million.

• EBITDA dropped 17.7% to RMB1,508.7 million, while adjusted EBITDA rose 11.7% to RMB1,798.3 million.

• The group advanced its R&D pipeline, with 25 key product candidates, several new drug approvals, and launches such as Yisaituo and NuPIAO in H1 2026.

• Gross profit margin decreased to 83.8% from 85.3% year-over-year.

Financial highlights

• Revenue: RMB4,526.0 million (+3.9% YoY); biopharmaceutical sales down 19.3% to RMB3,443.0 million.

• Out-license income: RMB851.6 million (vs. nil YoY), mainly from Pfizer milestone payments.

• CDMO revenue: RMB231.4 million (+160.9% YoY).

• Gross profit: RMB3,794.6 million (+2.1% YoY); gross margin decreased to 83.8% (from 85.3%).

• Basic EPS: RMB0.45 (vs. RMB0.57 YoY).

Outlook and guidance

• Policy support for innovative pharmaceuticals in China is strengthening, with faster reimbursement inclusion and expanded payment capacity.

• The group will focus on commercialization, R&D, and external collaboration, aiming for new product launches and pipeline advancement in H2 2026.

• Continued investment in AI-assisted drug discovery and next-generation technology platforms.