Beijing Luzhu Biotechnology (2480) H2 2025 earnings summary

Executive summary

• FY2025 net loss narrowed 10.6% YoY to RMB150.4m; no revenue was recorded, and LZ901 remained under NMPA review.

• Pipeline comprised 3 clinical-stage and 6 preclinical-stage candidates; the main near-term catalyst is potential LZ901 commercialization in China in H2 2026, subject to approvals.

Financial highlights

• Net loss was RMB150.4m vs RMB168.2m in 2024; basic and diluted loss per share were RMB0.75 vs RMB0.83.

• Other income fell 48.4% to RMB11.0m, mainly on lower government grants and bank interest income; it included RMB3.4m from immunoassay kit sales.

• R&D expenses declined 28.6% to RMB96.5m, and administrative expenses fell 20.1% to RMB51.8m; finance costs rose to RMB6.6m from RMB0.8m.

• Net other gains and losses shifted to a RMB4.2m loss from an RMB11.8m gain, including RMB5.9m of PPE impairment in 2025.

Outlook and guidance

• LZ901 commercialization in China is currently expected in H2 2026, contingent on BLA approval and batch release approval.

• Beijing manufacturing facility trial operation is expected as early as H2 2026; K3 Phase III in China is expected no earlier than 2027.

• The Phase I trial of K193 is expected to complete no earlier than 2027; HSV-2 vaccine may enter pre-IND as early as H2 2026, and HSV-1 as early as 2027.

• Global Offering proceeds are expected to be fully utilized by end-2027; remaining proceeds were primarily allocated to LZ901, K3 and manufacturing projects.