Biocytogen Pharmaceuticals Beijing (2315) H2 2025 earnings summary

Executive summary

• FY2025 revenue was RMB1,378.8m, up 40.6% YoY; net profit reached RMB173.2m, up 416.4%, with operating cash inflow of RMB370.3m.

• The December 2025 STAR Market listing advanced the dual-market strategy and strengthened the capital base; management described a transition to scaled profitability.

Financial highlights

• Revenue rose from RMB980.5m in 2024 to RMB1,378.8m in 2025, driven mainly by animal-model sales and pre-clinical pharmacology and efficacy evaluation.

• Gross profit increased 37.3% to RMB1,045.6m; operating profit was RMB281.3m versus RMB164.4m, and profit before tax was RMB188.0m versus RMB42.9m.

• R&D expense rose 35.2% to RMB438.1m; selling and marketing expense increased 42.2% to RMB132.2m, and G&A increased 22.8% to RMB268.2m.

• Net profit was RMB173.2m versus RMB33.5m; basic and diluted EPS was RMB0.43 versus RMB0.08.

Outlook and guidance

• 2026 priorities include expanding animal-model coverage, enriching RenMice and the antibody library, and developing pre-clinical PCC molecules for out-licensing and collaboration.

• The AI workstation is planned for launch in H1 2026; external licensing is intended to create a new commercial opportunity. Automation platform development is also planned to scale antibody research workflows.

• Global sales-network expansion, lean management and continued R&D investment are intended to support higher profitability and sustainable growth; no numeric FY2026 guidance was stated.