Beijing Luzhu Biotechnology (2480) H1 2026 earnings summary

Executive summary

• H1 2026 remained pre-revenue, with net loss narrowing 20.6% YoY to RMB61.622m as R&D spending declined; LZ901’s China BLA remained under NMPA review.

• Pipeline comprised two clinical-stage and six preclinical-stage candidates; LZ901 PRC commercialization was expected in H1 2027, subject to BLA review.

Financial highlights

• Revenue was nil; net loss and total comprehensive expense was RMB61.622m versus RMB77.570m in H1 2025, down 20.6% YoY.

• R&D expenses fell 39.7% YoY to RMB30.331m, while administrative expenses rose 9.6% to RMB28.289m.

• Finance costs rose 73.8% YoY to RMB4.737m, primarily as interest was expensed after construction-in-progress assets transferred to fixed assets.

• Other income rose 39.4% to RMB6.762m; net other losses widened 43.3% to RMB4.350m, mainly due to fair-value losses on U.S.-dollar funds.

• Basic and diluted loss per share were RMB0.31, versus RMB0.39 in H1 2025.

Outlook and guidance

• LZ901 PRC commercialization was expected in H1 2027, subject to completion of NMPA review of its BLA.

• China Phase I testing for the recombinant RSV vaccine was expected to start in late 2026 or early 2027; its IND was accepted by the NMPA in July 2026.

• K193 Phase I was expected to complete as early as 2027.

• Priorities included advancing LZ901 registration and commercialization, progressing other candidates, and expanding the pipeline through internal development or collaboration.