Wuhan YZY Biopharma (2496) H2 2025 earnings summary

Executive summary

• FY25 revenue fell to RMB66.9m from RMB107.8m; loss narrowed to RMB84.7m from RMB97.6m, while year-end equity turned negative at RMB53.0m.

• M701 remained the lead asset: the Phase III malignant ascites trial completed follow-up in March 2026, with data analysis underway; MPE Phase II enrollment was complete.

Financial highlights

• Revenue was RMB66.9m, down from RMB107.8m; R&D service income rose to RMB62.8m from RMB25.0m, while license fee income fell to RMB4.0m from RMB82.8m.

• Cost of revenue increased to RMB56.1m from RMB22.7m; gross profit declined to RMB10.7m from RMB85.1m.

• Loss before tax and net loss were RMB84.7m, versus RMB97.6m in FY24; P&L R&D expenses fell to RMB78.2m from RMB165.0m.

• Other income was RMB10.5m versus RMB11.1m; finance costs rose to RMB5.0m from RMB4.1m. No income tax expense was recorded in either year.

• Basic loss per share was RMB0.44, compared with RMB0.50 in FY24.

Outlook and guidance

• 2026 priorities: submit M701 domestic marketing application for malignant ascites, advance MPE into Phase III, and pursue overseas MPE trials and licensing partnerships.

• Plans include advancing selected preclinical candidates, prioritizing Y232, progressing promising candidates into clinical development, and pursuing global early-stage collaborations.

• Management expects sufficient working capital for 15 months from Dec. 31, 2025, based on financing, asset disposal, milestone-payment and cost-control measures.