Keymed Biosciences (2162) H1 2026 earnings summary

Executive summary

• H1 2026 revenue was RMB617.1m, up 24% YoY; IFRS profit was RMB1,217.6m versus a RMB78.8m loss, largely reflecting the Ouro-related gain and Kangyueda growth.

• The dual-engine model combines domestic commercialization with overseas licensing and development partnerships; cash, time deposits and investments totaled RMB3,241.6m at 30 June 2026.

Financial highlights

• Product revenue was RMB392.7m, up 132% YoY; collaboration revenue was RMB224.4m, including RMB220m recognized from an AstraZeneca milestone payment of US$31.5m.

• Gross profit was RMB498.3m, up 7% YoY; cost of sales rose to RMB118.7m from RMB33.5m, mainly on higher Kangyueda sales.

• R&D expense fell 6% YoY to RMB338.7m; selling and distribution expense rose to RMB218.4m from RMB137.6m as commercialization expanded.

• Other income and gains were RMB1,706.0m versus RMB75.5m; a RMB1,639.5m fair-value gain primarily reflected full divestment of the Ouro Medicines interest.

• Adjusted profit was RMB1,242.8m versus an adjusted loss of RMB62.6m; income tax expense was RMB290.2m, including RMB266.8m of US withholding tax.

Outlook and guidance

• Priorities include expanding Kangyueda sales, advancing global clinical programs, deepening licensing and co-development partnerships, and broadening first-in-class pipeline development; no numerical financial guidance was stated.

• A further 24,000-litre stainless-steel production line is undergoing process validation following equipment validation, with capacity expansion supporting expected commercialization and pipeline demand.

• Contracted manufacturing-plant capital commitments were RMB192m at 30 June 2026.