Keymed Biosciences (2162) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 67% to RMB716.3m; Kangyueda sales reached RMB314.8m, while the annual loss was RMB522.6m.

• One product was commercialized and 12 candidates were in development, with more than 30 clinical trials underway; Kangyueda’s launched indications and both forms entered China’s reimbursement list in Jan 2026.

Financial highlights

• Revenue was RMB716.3m versus RMB428.1m; gross profit was RMB628.3m versus RMB415.9m, and cost of sales was RMB88.0m versus RMB12.2m.

• R&D expenses fell to RMB723.5m from RMB735.2m; selling and distribution expenses rose to RMB322.0m from RMB110.9m, reflecting Kangyueda’s commercialization.

• Loss for the year was RMB522.6m versus RMB514.9m; adjusted loss, excluding share-based payment expenses, was RMB494.8m versus RMB480.6m.

• Other income and gains were RMB159.2m, including RMB67.4m interest income, RMB51.8m government grants and RMB30.9m fair-value gains on FVTPL assets.

Outlook and guidance

• Priorities are expanding Kangyueda commercialization, advancing clinical programs in China and globally, pursuing value-accretive partnerships, and expanding cGMP manufacturing capacity.

• The additional 24,000-litre stainless-steel production line was installed and commissioned and was ready for operation; planned capacity expansion aims to support rising production needs.

• CM355’s partner expects to start an international Phase I/II systemic sclerosis study in Q2 2026 and additional studies for B-cell-driven autoimmune diseases during 2026.