Beijing Biostar Pharmaceuticals (2563) H1 2025 earnings summary

Executive summary

• H1 revenue fell 55.4% YoY to RMB14.787m amid Utidelone Injection marketing-strategy changes; net loss narrowed 23.4% to RMB54.041m.

• R&D progressed across injection and oral Utidelone programs; the pipeline had 19 projects and one commercialized product.

Financial highlights

• Gross profit was RMB13.747m, down 51.5%; cost of sales fell 78.3% to RMB1.040m from RMB4.793m.

• Net loss narrowed from RMB70.560m to RMB54.041m; basic loss per share improved from RMB0.20 to RMB0.15.

• R&D expense fell 24.3% to RMB41.343m; selling expense fell 44.6% to RMB19.537m and administrative expense fell 35.6% to RMB14.234m.

• Gross margin rose to 93.0% from 85.5%, reflecting lower unit sales costs after production-process optimization.

• Operating cash outflow was RMB99.208m versus RMB69.462m; investing cash inflow was RMB101.638m, and cash and cash equivalents ended at RMB457.288m.

Outlook and guidance

• Planned to complete the Utidelone Capsule/capecitabine pivotal breast-cancer trial and submit a pre-NDA application to NMPA in Q4 2025.

• Targeted full enrollment in the Utidelone Injection neoadjuvant breast-cancer Phase III study in H2 2025; two-thirds of the target cohort was enrolled at period-end.

• Planned to start enrollment in the Utidelone Capsule gastric-cancer Phase II/III study in Q3 2025; enrollment was underway in the TNBC adjuvant Phase III study.

• Priorities include advancing global trials and overseas partnerships, progressing Utidelone ADC, expanding Baheal commercialization and upgrading production capacity to cGMP standards.