Asymchem Laboratories (Tianjin) (002821) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 reached ¥1.80 billion, up 16.91% year-over-year; constant currency growth was 19.54%.

• Net profit attributable to shareholders was ¥304 million, down 6.82% year-over-year, mainly due to higher forex losses versus gains last year.

• Adjusted net profit (excluding forex and non-recurring items) was ¥423 million, up 27.91% year-over-year.

• Order backlog continued to grow, with strong momentum in both core and emerging businesses.

Financial highlights

• Operating cash flow was ¥527 million, up 17.21% year-over-year.

• Gross margin improved to 43.02% (44.27% at constant currency); small molecule CDMO margin rose to 46.81%, up 1.64 percentage points.

• Total assets at quarter-end were ¥20.70 billion, up 2.11% from year-end 2025.

• Shareholders’ equity was ¥17.95 billion, up 1.80% from year-end 2025.

• Basic and diluted EPS were ¥0.84, down from ¥0.89 year-over-year.

Outlook and guidance

• CDMO industry remains robust, with leading players benefiting from strategic opportunities.

• Focus remains on efficiency, shifting from cost reduction to cost control and profit improvement.

• Continued investment in R&D and capacity for peptides, oligonucleotides, and ADCs.