Livzon Pharmaceutical (000513) Q4 2025 earnings summary

Executive summary

• Achieved revenue of RMB 12.02 billion in 2025, up 1.76% year-over-year; net profit attributable to shareholders was RMB 2.02 billion, down 1.84% year-over-year; adjusted net profit (excluding non-recurring items) grew 1.51% year-over-year.

• R&D investment reached RMB 1.06 billion, accounting for 8.79% of revenue; 40 projects in pipeline, with 12 in registration, 4 in phase III, and 6 in phase II.

• Overseas revenue rose 11.97% year-over-year, accounting for 16.06% of total revenue.

• Major product launches and regulatory approvals in digestive, reproductive, CNS, and autoimmune fields.

Financial highlights

• Revenue: RMB 12.02 billion (+1.76% YoY); net profit attributable to shareholders: RMB 2.02 billion (-1.84% YoY); adjusted net profit: RMB 2.01 billion (+1.51% YoY).

• Operating cash flow: RMB 3.15 billion (+5.58% YoY); total assets: RMB 23.99 billion (-1.92% YoY); net assets: RMB 13.89 billion (+0.19% YoY).

• Basic/diluted EPS: RMB 2.27 (+1.34% YoY); gross margin for chemical drugs: 81.06%.

• R&D capitalization rate increased to 13.67%.

Outlook and guidance

• 2026 focus: innovation-driven growth, global expansion, digital transformation, and quality management.

• Continued investment in AI-enabled R&D, expansion in digestive, reproductive, CNS, and chronic disease areas.

• Overseas business to further increase as a share of revenue; ongoing integration of Vietnam IMP acquisition.