AIM Vaccine (6660) H1 2026 earnings summary

Executive summary

• H1 2026 revenue fell 31.9% YoY to RMB350.6 million; net loss narrowed 4.6% to RMB129.8 million, while attributable loss narrowed 6.3% to RMB122.8 million.

• Revenue was pressured by the VAT rate increase from 3% to 13%, hepatitis B program suspensions, rabies vaccine competition and delayed Class I tendering.

• Late-stage pipeline includes two rabies vaccine marketing applications submitted and completed Phase III unblinding and analysis for PPSV23.

Financial highlights

• Gross margin rose to 70.1% from 66.3%, mainly due to lower inventory impairment provisions and a smaller share of lower-margin Class I shipments.

• R&D expense declined 55.1% to RMB48.0 million, partly reflecting capitalization of Phase III rabies vaccine development costs; selling and distribution expense fell 24.0% to RMB176.5 million, while administrative expense rose 6.1% to RMB134.0 million.

• Operating cash flow was RMB1.0 million generated, versus RMB96.8 million used in H1 2025; investing cash outflow was RMB70.7 million.

• Basic and diluted loss per share were RMB0.10, versus RMB0.11 in H1 2025.

Outlook and guidance

• H2 priorities include commercialization preparations for iterative rabies vaccines, overseas partnerships and registrations, and continued development of mRNA RSV and herpes zoster vaccines.

• Serum-free rabies vaccine marketing application is in final review after on-site verification; the high-potency diploid-cell rabies application was submitted to NMPA, with production facilities and process validation complete.

• PPSV23 Phase III unblinding and statistical analysis are complete; PCV20 has clinical approval and PCV24 completed preclinical research.