Shenzhen Salubris Pharmaceuticals (002294) Q4 2025 earnings summary

Executive summary

• Achieved steady growth in 2025 with revenue up 8.48% year-over-year to ¥4.35 billion, and net profit attributable to shareholders up 8.3% to ¥651.5 million.

• Innovation-driven transformation accelerated, with innovative drug revenue up 47.25% year-over-year, now exceeding 50% of pharmaceutical revenue.

• Multiple new products launched and included in the national medical insurance directory, strengthening the core product matrix.

• Strategic focus on CKM (cardio-renal-metabolic) chronic disease, aiming to become a sector leader and surpass ¥10 billion in revenue in the next five years.

Financial highlights

• Revenue: ¥4,352.7 million, up 8.48% year-over-year.

• Net profit attributable to shareholders: ¥651.5 million, up 8.3% year-over-year.

• Operating cash flow: ¥1,052.4 million, down 11.28% year-over-year.

• Basic and diluted EPS: ¥0.58, up 7.41% year-over-year.

• Gross margin for innovative drugs: 83.25%; overall pharmaceutical manufacturing margin: 75.48%.

Outlook and guidance

• Will continue to deepen CKM chronic disease focus, accelerate commercialization of innovative products, and pursue international expansion, including an H-share listing in Hong Kong.

• Plans to maintain high R&D investment and further strengthen supply chain and brand building.

• 2026 funding needs will be met through healthy operating cash flow, completed private placements, and planned H-share issuance.