AIM Vaccine (6660) H2 2025 earnings summary

Executive summary

• FY2025 revenue fell 9.3% YoY to RMB1,165.7m; gross profit declined 20.3% to RMB760.2m and net loss widened to RMB743.7m.

• Loss expansion reflected substantial impairment charges on vaccine inventory, property and equipment, and development costs.

Financial highlights

• Revenue was RMB1,165.7m versus RMB1,285.0m; gross profit was RMB760.2m versus RMB953.5m.

• Gross margin was 65.2% versus 74.2%; excluding product impairment, gross margin was essentially flat YoY.

• Loss before tax was RMB766.6m versus RMB290.7m; net loss was RMB743.7m versus RMB278.5m.

• Loss attributable to owners was RMB675.5m versus RMB277.2m; basic and diluted loss per share were RMB0.55 versus RMB0.23.

• R&D costs declined 47.3% to RMB191.3m; selling and distribution expenses fell 2.8% to RMB527.5m, while administrative expenses fell 9.4% to RMB256.3m.

Outlook and guidance

• FY2026 priorities include accelerating commercialization and pre-launch preparation for iterative rabies vaccines, expanding international partnerships, and advancing mRNA RSV and herpes zoster candidates.

• Serum-free rabies vaccine marketing application was submitted to NMPA and completed on-site verification; high-potency human diploid rabies vaccine completed Phase III on-site work.

• PPSV23 Phase III unblinding and statistical analysis were completed, with the clinical study report obtained; PCV13 supplemental studies remain ongoing per CDE requirements.

• Post-year-end bank borrowing renewals of RMB134.6m and new borrowings of RMB176.2m were obtained; unused facilities stood at RMB643.8m at approval date.