AIM Vaccine (6660) H1 2025 earnings summary

Executive summary

• H1 2025 revenue was RMB514.7 million, down 4.2% YoY; net loss narrowed 6.4% to RMB136.0 million, mainly as R&D spending fell.

• Pipeline progress included PCV13 and serum-free rabies vaccine marketing applications, alongside initial African and Central American market entries.

Financial highlights

• Revenue was RMB514.7 million versus RMB537.2 million YoY; Class I vaccine revenue rose to RMB55.9 million from RMB54.1 million, while Class II revenue fell to RMB458.8 million from RMB483.1 million.

• Cost of sales rose 16.5% to RMB173.4 million; gross profit declined 12.1% to RMB341.2 million, mainly due to inventory impairment.

• Net loss was RMB136.0 million versus RMB145.3 million; loss attributable to owners was RMB131.1 million versus RMB139.3 million.

• R&D costs fell 37.1% to RMB107.0 million, primarily because H1 2024 included overseas clinical-trial spending; selling and distribution expenses were RMB232.1 million.

• Inventory write-downs were RMB40.4 million, versus RMB3.1 million in H1 2024; gross margin fell to 66.3% from 72.3%, but increased slightly excluding the provision.

Outlook and guidance

• H2 priorities include accelerating commercialization of PCV13, serum-free rabies vaccine and PPSV23, while advancing RSV and herpes zoster vaccine development.

• PCV13 marketing application was submitted and on-site verification completed; serum-free rabies application was submitted, while PPSV23 completed Phase III serology testing.

• High-potency human diploid cell rabies vaccine Phase III trials are expected to finish by end-2025, with a marketing application planned for 2026.

• Overseas registration is progressing for MPSV4 in Central Asia, HBV in Southeast Asia and HAV in South Asia; MPSV4 local launch in Central Asia is expected next year.