CSPC Innovation Pharmaceutical (300765) Q4 2025 earnings summary

Executive summary

• Net loss attributable to shareholders was RMB -241.13 million for 2025, mainly due to increased R&D investment, lower gross margin in caffeine products, and expanded loss impact from the acquisition of additional equity in Jushi Biotech.

• Revenue grew 8.93% year-over-year to RMB 2.16 billion, with significant progress in biopharmaceuticals and functional ingredients.

• R&D expenses rose 23.01% year-over-year to RMB 1.04 billion, supporting a robust pipeline in biologics, ADCs, and mRNA vaccines.

Financial highlights

• Revenue: RMB 2.16 billion, up 8.93% year-over-year.

• Net loss attributable to shareholders: RMB -241.13 million, compared to a profit of RMB 53.73 million last year.

• Gross margin: 38.50%, down 3.76 percentage points year-over-year.

• R&D expenses: RMB 1.04 billion, 48.02% of revenue.

• Operating cash flow: RMB -195.69 million, improved from RMB -1.24 billion last year.

• Basic and diluted EPS: RMB -0.1731.

Outlook and guidance

• Focus on advancing ADC and mRNA vaccine pipelines, with continued high R&D investment.

• Plans to strengthen global commercialization and expand product portfolio in both biopharma and functional ingredients.

• No cash dividend, stock dividend, or capital reserve transfer for 2025 due to net loss.