Beijing Luzhu Biotechnology (2480) H1 2025 earnings summary

Executive summary

• H1 2025 revenue was nil; loss narrowed 29.4% to RMB77.6 million from RMB109.9 million YoY, and loss per share improved to RMB0.39 from RMB0.54.

• Pipeline comprised three clinical-stage candidates, including LZ901, and six preclinical candidates as of June 30, 2025.

• LZ901’s China BLA was accepted by the NMPA in February 2025; commercialization is expected in 2026, subject to regulatory review, inspections and approvals.

Financial highlights

• Loss and total comprehensive expense were RMB77.6 million versus RMB109.9 million in H1 2024; basic and diluted loss per share improved to RMB0.39 from RMB0.54.

• R&D expense fell 37.5% to RMB50.3 million, mainly on lower LZ901 China Phase III trial costs; administrative expense fell 42.6% to RMB25.8 million, mainly due to no share-based payment fee amortization in 2025.

• Finance costs rose to RMB2.7 million from RMB0.4 million, primarily due to additional bank borrowings; other income fell 50.2% to RMB4.9 million, mainly on lower government grants.

• Other net gains declined 61.6% to RMB2.4 million as fair-value and foreign-exchange gains fell; RMB5.441 million of equipment impairment was recognized.

Outlook and guidance

• LZ901 China commercialization is expected in 2026, subject to NMPA technical evaluation, clinical-trial and production-site inspections, BLA approval and batch release approval.

• LZ901’s U.S. Phase I trial is expected to complete in Q3 2025; K193’s China Phase I is expected to complete in 2026, and K3’s China Phase III is expected no earlier than H2 2026.

• Priorities include advancing LZ901 and other candidates, preparing for commercialization in China and abroad, and expanding the pipeline through internal development or collaboration.