B&K Corporation Limited (2386) H2 2025 earnings summary

Executive summary

• R&D-focused biopharmaceutical business with 10 pipeline candidates across 14 indications, including two core PDGF products: Pro-101-1 for thermal burns and Pro-101-2 for diabetic foot ulcers.

• FY2025 loss narrowed to RMB209.0 million from RMB212.3 million; revenue doubled to RMB522,000, driven by a one-off sale outside the core business.

• Listed on the Hong Kong Stock Exchange on 22 December 2025; net IPO proceeds of HK$599.8 million strengthened liquidity.

Financial highlights

• Revenue RMB522,000, up 100.0% YoY; gross profit RMB481,000, up 99.6%, with gross margin 92.1% versus 92.3% in 2024.

• Loss before tax and net loss were RMB209.0 million, down 1.5% YoY; basic and diluted loss per share improved to RMB2.08 from RMB2.15.

• Administrative expenses rose 1.5% to RMB118.6 million, partly due to listing costs; R&D expenses fell 2.1% to RMB89.4 million.

• Other income and gains rose to RMB2.4 million, including RMB1.4 million in R&D grants; finance costs fell 80.0% to RMB1.2 million, mainly on lower pre-IPO redemption liability interest.

• Other expenses increased to RMB2.7 million, mainly from asset disposal losses and FX losses on IPO proceeds; listing expenses were RMB26.4 million versus RMB21.2 million in 2024.

Outlook and guidance

• Strategy is to advance the core products toward commercialization, build production and commercial capabilities, expand R&D pipelines, and pursue overseas business opportunities; no numerical financial guidance was stated.

• Pro-101-1 is being prepared for Phase IIIa in China following Phase IIb completion; Pro-101-2 is in Phase II in China, with its first patient enrolled in December 2024.

• Pro-101-1 Japan clinical-trial application preparation and research into U.S. and Japan trial requirements for Pro-101-2 support international development plans.