Haisco Pharmaceutical Group (002653) Q4 2025 earnings summary

Executive summary

• Revenue grew 17.91% year-over-year to ¥4.39 billion, driven by strong sales of innovative drugs and expanded market penetration.

• Net profit attributable to shareholders fell 34.36% year-over-year to ¥259.58 million, mainly due to a significant decrease in government subsidies compared to the previous year.

• Adjusted net profit (excluding non-recurring items) rose 26.33% year-over-year to ¥167.01 million, reflecting improved core profitability.

• Operating cash flow increased 77.81% year-over-year to ¥786 million, supported by higher sales and improved collections.

• Four innovative drugs—HSK3486 (环泊酚), HSK16149 (苯磺酸克利加巴林), HSK7653 (考格列汀), and HSK21542 (安瑞克芬)—drove over 50% sales growth and are now key revenue contributors.

Financial highlights

• Revenue: ¥4.39 billion, up 17.91% year-over-year.

• Net profit attributable to shareholders: ¥259.58 million, down 34.36% year-over-year.

• Adjusted net profit (excluding non-recurring items): ¥167.01 million, up 26.33% year-over-year.

• Basic and diluted EPS: ¥0.23, down 34.29% year-over-year.

• Gross margin: 71.33%, down 0.29 percentage points year-over-year.

• R&D expenses: ¥804.29 million, up 28.87% year-over-year; R&D investment accounted for 24.72% of revenue.

• Operating cash flow: ¥786 million, up 77.81% year-over-year.

• Total assets: ¥7.01 billion, up 3.12% from the previous year-end.

• Net assets attributable to shareholders: ¥4.29 billion, up 1.82% from the previous year-end.

Outlook and guidance

• 2026 revenue is expected to grow over 20%, with innovative drugs projected to contribute more than 50% of total sales.

• Continued focus on R&D investment, especially in biologics and international clinical trials.

• Multiple new drug applications and clinical trial initiations planned across anesthesia, pain, respiratory, autoimmune, oncology, and metabolic diseases.

• Strategic goal to become a leading international pharmaceutical innovator, leveraging academic marketing and full-channel sales.