Medtide (3880) H2 2026 earnings summary

Executive summary

• FY2025 delivered record results: revenue rose 28.9% YoY to RMB570.1m, net profit climbed to RMB217.4m, and gross margin expanded to 63.4%.

• Hong Kong listing completed June 30, 2025; year-end footprint spanned 50+ countries and regions, with 1,614 ongoing projects and 566 employees.

• Expanded Qiantang manufacturing capacity to over 1 metric ton annually and over 50 kg per batch; U.S. Rocklin expansion targets 300 kg annual capacity.

Financial highlights

• Revenue RMB570.1m, up 28.9% YoY; gross profit RMB361.6m, up 44.8%; profit for the year RMB217.4m versus RMB59.2m in 2024.

• Adjusted net profit, a non-IFRS measure, rose 28.9% to RMB221.7m; adjusted net profit margin was 38.9%, unchanged YoY.

• Operating cash flow was RMB267.4m versus RMB120.5m; investing cash outflow RMB173.4m and financing cash inflow RMB421.2m.

• Other income and gains fell 36.6% to RMB37.4m, partly reflecting a one-off bond-related grant recognized in 2024; 2025 also included RMB18.5m fair value gains on financial liabilities.

Outlook and guidance

• Qiantang expansion lines were expected to enter operation in Q1 2026, taking total API capacity above 1 metric ton annually; Rocklin is planned for up to 300 kg annually and 20 kg batches.

• Further facilities in China or elsewhere are intended to add several metric tons of annual API capacity, with batch capacity reaching hundreds of kilograms; GLP-1 programs may reach commercial production in 3–5 years.

• Priorities include capacity expansion, green chemistry, advanced R&D, automated manufacturing, and development of GLP-1, PDC, RDC and POC candidates.