HBM (2142) H1 2025 earnings summary

Executive summary

• Achieved record-breaking financial results in H1 2025, driven by major global collaborations, out-licensing deals, and platform expansion with AstraZeneca, Otsuka, and Windward Bio.

• Advanced multiple late-stage clinical and preclinical assets in immunology, oncology, metabolic, and CNS diseases, including global Phase II trials for HBM9378 (TSLP) and HBM7022 (CLDN18.2xCD3).

• Expanded platform-based collaborations and incubated ventures in innovative therapeutic areas.

• Nona Biosciences shortlisted for the 2025 Prix Galien Award, with research and technology licensing revenue up 165% year-over-year.

• Launched Élancé Therapeutics for obesity therapies and advanced NK Cell-Tech investment.

Financial highlights

• Revenue rose 327.5% year-over-year to US$101.3 million (RMB 725 million) in H1 2025, mainly from molecule license and research & technology fees.

• Net profit surged to US$73.0 million (RMB 523 million), a 51-fold increase year-over-year.

• Cash and cash equivalents reached US$320.7 million (RMB 2.291 billion) as of June 30, 2025, up 92% from year-end 2024.

• R&D expenses increased to US$18.0 million (RMB 129 million), up 37% year-over-year.

• Basic and diluted EPS were US$0.09.

Outlook and guidance

• Expectation of robust growth with abundant catalysts over the next 12 months, including multiple clinical trial readouts and new IND submissions.

• Strategic focus on expanding global partnerships, advancing AI-driven drug discovery, and investing in next-gen modalities such as in vivo CAR-T and radiopharmaceuticals.

• Plans to accelerate clinical trials for key assets and expand the platform into immunology and inflammation.

• Long-term collaboration with AstraZeneca to provide stable cash flow and recurring revenue.

• Confident in continued global expansion and value realization through innovation and partnerships.