Hangzhou Jiuyuan Genetic Biopharmaceutical (2566) H2 2025 earnings summary

Executive summary

• FY2025 revenue decreased 4.6% YoY to RMB1,306.3 million; profit attributable to owners was broadly flat at RMB138.4 million.

• Gross margin improved to 80.7% from 79.0%, while basic EPS declined to RMB0.56 from RMB0.68.

• Strategy centers on innovative drugs and biopharmaceutical-device combinations in orthopedics and metabolism, supported by generic products and international expansion.

Financial highlights

• Revenue was RMB1,306.3 million versus RMB1,369.2 million in 2024; gross profit was RMB1,054.1 million versus RMB1,081.7 million.

• Profit before tax declined to RMB161.5 million from RMB168.6 million; profit for the year was RMB138.4 million versus RMB138.6 million.

• Selling and marketing expenses rose to RMB727.3 million from RMB720.0 million; administrative expenses fell to RMB58.5 million from RMB88.4 million.

• R&D costs increased to RMB123.7 million from RMB108.9 million, with R&D-to-revenue rising to 9.5% from 8.0%.

Outlook and guidance

• 2026 strategy prioritizes metabolic innovation, including amylin analogs, GLP-1-related drugs and FGF21 analogs, alongside orthopedic products and selected high-barrier generics.

• JY54’s IND application was filed in February 2026 and accepted for review; JY54-2 is expected to submit an IND application in H2 2026.

• JY43-2 is planned to submit an IND application in Q4 2026; JY47 and JY43 are in Phase I clinical studies.

• International plans include advancing overseas registration and commercialization, prioritizing emerging markets and pursuing licensing, joint registration and CDMO collaborations.