Cathay Biotech (688065) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 7.26% YoY to RMB937.7m and attributable net income rose 8.60% to RMB154.2m; 9M revenue grew 11.51% and attributable net income 16.93%.

• 9M operating cash flow increased 125.79% to RMB616.6m, primarily as revenue growth lifted customer collections.

Financial highlights

• 9M total profit reached RMB604.7m, up 20.13% YoY; net income attributable to shareholders was RMB527.0m, up 16.93%.

• 9M adjusted net income was RMB476.3m, up 11.13%; Q3 adjusted net income was RMB147.6m, up 11.70%.

• 9M operating revenue was RMB2,837.9m versus RMB2,545.0m a year earlier; operating costs were RMB2,280.9m versus RMB1,946.6m.

Key financial ratios and metrics

• Basic and diluted EPS were RMB0.21 for Q3, up 5.00%; 9M EPS was RMB0.73, up 8.96%.

• Weighted average ROE was 0.86% for Q3, up 0.05 percentage points; 9M ROE was 2.95%, up 0.06 percentage points.

• Q3 R&D spending rose 42.66% to RMB79.0m; 9M spending rose 15.17% to RMB205.7m.

• R&D spending was 8.42% of Q3 revenue, up 2.09 percentage points; the 9M ratio was 7.25%, up 0.23 percentage points.

• Total assets were RMB24.61bn at quarter-end, up 3.06% from year-end; parent shareholders’ equity was RMB17.92bn, up 1.25%.