Medtide (3880) H1 2026 earnings summary

Executive summary

• H1 revenue fell 7.6% YoY to RMB234.5m, mainly from delayed delivery and revenue recognition of customer orders; profit fell 47.4% to RMB53.7m.

• Interim fluctuations were described as timing-related; a significant overseas order was secured in July, with H2 revenue recovery expected.

• Capacity expansion continued in China and the U.S.; ongoing projects rose to 1,740 from 1,463 YoY, including 20+ metabolic peptide programs.

Financial highlights

• Revenue RMB234.5m, down 7.6% YoY; gross profit RMB136.0m, down 12.3%; profit before tax RMB62.9m, down 45.6%.

• Net profit RMB53.7m, down 47.4% YoY; adjusted net profit, a non-IFRS measure, RMB55.7m, down 46.4%.

• Administrative expenses fell 27.7% to RMB29.3m, mainly on lower listing expenses; R&D expenses rose 32.5% to RMB16.8m.

• Other expenses increased to RMB23.0m from RMB1.7m, primarily due to foreign-exchange losses; the prior-year period included an RMB18.5m fair-value gain that did not recur.

Outlook and guidance

• Revenue performance is expected to recover in H2 2026 as certain delayed customer orders are partially recognized; the July overseas order further strengthened backlog.

• Rocklin expansion targets annual capacity of up to 300 kg by end-2026; China’s Qiantang facility had several metric tons of annual peptide API capacity and batches up to 100 kg by June 30.

• Additional production facilities are planned in coming years to add several metric tons of annual API capacity, with batch sizes up to hundreds of kilograms.

• Some GLP-1 projects are expected to reach commercial production within three to five years; Rocklin construction and equipment installation were progressing toward completion by end-2026.