Medtide (3880) H1 2025 earnings summary

Executive summary

• H1 2025 revenue rose 28.5% YoY to RMB253.8m; gross profit increased 44.3% to RMB155.0m and reported profit increased 101.7% to RMB102.0m.

• Adjusted net profit, excluding fair-value changes, share-based payment compensation and listing expenses, grew 14.9% to RMB104.1m; H-share listing completed on June 30, 2025.

• Ongoing projects totaled 1,463 at period-end, including 338 CDMO projects; production-line utilization remained high as facility expansions began.

Financial highlights

• Revenue was RMB253.767m, up 28.5% YoY; gross profit was RMB154.954m, up 44.3%, and profit before tax was RMB115.677m, up 97.7%.

• Reported profit was RMB101.999m versus RMB50.567m; growth reflected higher gross profit and an RMB18.463m fair-value gain versus a RMB21.683m loss in H1 2024.

• Adjusted net profit rose 14.9% to RMB104.058m from RMB90.565m; adjustments included fair-value changes, share-based compensation and listing expenses.

• Operating cash flow was RMB183.0m versus RMB42.7m; cash and cash equivalents reached RMB998.4m at June 30, 2025, versus RMB387.2m at year-end 2024.

• Other income and gains fell 60.4% to RMB17.0m, partly reflecting the one-off recognition of the remaining Bond-related Grant in H1 2024.

Outlook and guidance

• Rocklin equipment installation is planned for H2 2025, targeting up to 300kg annual U.S. production capacity; Qiantang expansion is expected to finish by year-end 2025, adding 500kg annual capacity and taking total capacity above 1,000kg.

• Longer term, plans include constructing or acquiring facilities to add several metric tons of annual API capacity; some projects, particularly GLP-1 pipelines, are expected to enter commercial production in three to five years.

• Pipeline at June 30 included nine NCE GLP-1 development projects with seven customers, spanning oral and/or injectable products.

• Planned R&D includes CMC work on GLP-1, PDC, RDC and POC drugs, selected generics, DMF submissions and greater production automation.