Suzhou Ribo Life Science (6938) H2 2025 earnings summary

Executive summary

• Revenue rose 4.1% year-over-year to RMB148.5 million, driven by collaboration/licensing and nucleoside monomer sales.

• Gross profit increased 3.3% to RMB135.0 million, with gross margin slightly down to 90.9% due to product mix.

• Net loss widened to RMB288.5 million, mainly due to higher listing and administrative expenses.

• R&D expenses remained stable at RMB280.5 million, reflecting ongoing investment in pipeline development.

• Major pipeline progress includes multiple siRNA drug candidates advancing through global clinical trials, with strategic partnerships expanding reach.

Financial highlights

• Revenue: RMB148.5 million (+4.1% YoY); Gross profit: RMB135.0 million (+3.3% YoY).

• Gross margin: 90.9% (down 0.8pp YoY); Administrative expenses: RMB118.4 million (+28.0% YoY).

• Net loss: RMB288.5 million (vs. RMB281.5 million prior year); Loss per share: RMB2.11.

• Cash and cash equivalents: RMB406.7 million (up from RMB167.9 million); Borrowings: RMB522.4 million.

• Gearing ratio improved to 120.6% (from 134.6%); Net current liabilities reduced to RMB84.4 million.

Outlook and guidance

• Plans to accelerate global development and commercialization of leading drug candidates, including Vortosiran and RBD7022.

• Targeting 2–4 new clinical-stage programs annually, with focus on expanding extra-hepatic delivery platforms.

• Strategic collaborations and dual-pronged commercialization strategy to maximize product value.