Sichuan Biokin Pharmaceutical Co (688506) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached RMB 187.33 million, up 9.43% year-over-year, while net loss attributable to shareholders widened to RMB -1.64 billion, mainly due to a 42.75% surge in R&D expenses as the company accelerated its global innovation pipeline.

• The company launched its first-in-class EGFR×HER3 bispecific ADC drug, achieving two new indications approved in China and marking its first year of innovative drug commercialization.

• Over 100 clinical trials are underway globally, with 15 innovative drugs in clinical stages and 4 in phase III; the company also initiated its first global phase III trial for a DLL3 ADC.

Financial highlights

• Operating income: RMB 187.33 million, up 9.43% year-over-year.

• Net loss attributable to shareholders: RMB -1.64 billion, compared to RMB -1.12 billion in H1 2025.

• R&D expenses: RMB 1.48 billion, up 42.75% year-over-year, representing 791.46% of revenue.

• Operating cash flow: RMB -1.54 billion, down from RMB -1.13 billion in H1 2025.

• Net assets: RMB 4.61 billion, down 30.38% from year-end 2025.

Outlook and guidance

• The company expects continued high R&D investment and potential ongoing losses as it advances its innovation pipeline and global clinical programs.

• Commercialization of innovative drugs, especially the EGFR×HER3 ADC, is expected to drive future revenue growth.