Jiangsu Recbio Technology (2179) H2 2025 earnings summary

Executive summary

• Revenue reached RMB12.7m in 2025, mainly from licensing, while net loss widened to RMB610.4m from RMB561.9m in 2024.

• REC610 completed Phase III vaccination and its marketing application was submitted and accepted in Dec 2025; REC603 remains in Phase III and overseas licensing deals are in place.

• A domestic share placement raised net proceeds of RMB790.0m; a proposed reallocation of RMB315.5m in remaining funds requires shareholder approval.

Financial highlights

• Revenue was RMB12.726m versus nil in 2024; gross profit was RMB11.234m, with cost of sales of RMB1.492m.

• Net loss was RMB610.390m versus RMB561.897m; loss attributable to owners was RMB610.390m and basic and diluted loss per share was RMB1.15 versus RMB1.16.

• Other income and gains fell to RMB20.7m from RMB61.6m, mainly due to lower bank interest income, FX gains and government grants.

• R&D costs rose to RMB520.7m from RMB476.1m; selling and distribution expenses fell to RMB1.6m from RMB2.6m, and administrative expenses to RMB91.4m from RMB109.1m.

Outlook and guidance

• Priorities include advancing REC610 and REC603 toward commercialization, strengthening R&D and manufacturing, and expanding overseas business development and domestic marketing channels.

• Unused placement proceeds are still expected to be fully utilized by Dec 2026; proposed reallocation is subject to shareholder approval.