Wuhan YZY Biopharma (2496) H1 2026 earnings summary

Executive summary

• H1 2026 revenue was RMB33.1m and net loss narrowed to RMB6.3m from RMB58.8m, mainly on lower cost of revenue and R&D spending.

• Four candidates were in clinical development and two in preclinical research; M701’s malignant-ascites NDA was accepted by China’s NMPA in May 2026.

Financial highlights

• Revenue was RMB33.1m vs RMB37.2m YoY; license income rose to RMB24.2m from RMB4.7m, while R&D service income fell to RMB8.9m from RMB32.5m.

• Gross profit was RMB25.3m vs RMB7.7m; cost of revenue declined to RMB7.9m from RMB29.5m.

• R&D expenses fell to RMB17.6m from RMB60.2m, mainly reflecting lower technical service fees; administrative expenses rose to RMB13.4m from RMB12.1m, including one-off severance payments.

• Net loss was RMB6.3m vs RMB58.8m; basic and diluted loss per share was RMB0.03 vs RMB0.30.

• Other income fell to RMB2.9m from RMB7.7m, mainly on lower local government fund receipts; other losses were RMB1.3m vs gains of RMB0.5m, mainly due to FX losses.

Outlook and guidance

• H2 priorities include advancing M701 domestic registration and overseas collaboration, continuing its MPE Phase II trial, completing Y225 Phase I enrollment and dosing, and progressing preclinical candidates.

• Y225 Phase I enrollment and dosing, plus production validation after a process change, were expected to be completed or initiated by end-2026.

• M701’s malignant-ascites NDA is under regulatory review; MPE end-of-Phase II submission awaits CDE feedback.