3SBio (1530) H2 2025 earnings summary

Executive summary

• Revenue surged 94.3% year-over-year to RMB17,695.7 million in 2025, driven by a major out-licensing deal with Pfizer for PD-1/VEGF BsAb 707, contributing RMB9,425.9 million in licensing income.

• Net profit attributable to owners rose 305.8% to RMB8,482.2 million, with adjusted net profit up 264.6% to RMB8,454.2 million.

• EBITDA increased 248.6% to RMB11,063.4 million, with adjusted EBITDA up 224.4% to RMB11,035.4 million.

• Strategic collaboration with Pfizer included significant upfront and milestone payments, and Pfizer subscribed for 31.1 million new shares, raising HKD785 million.

• Expanded commercialization of new products in nephrology, hematology/oncology, and autoimmune segments.

Financial highlights

• Gross profit increased 108.8% to RMB16,347.3 million, with gross margin at 92.4%.

• Revenue reached CNY 17.7 Bn in 2025, up 8.6% year-over-year.

• EPS reached 3.51 RMB/share; final dividend of HKD0.25/share proposed.

• R&D costs rose 14.6% to RMB1,520.4 million, reflecting accelerated project activity.

• Finance costs dropped 60% to RMB76.4 million due to changes in borrowing structure.

Outlook and guidance

• Revenue momentum expected to continue with new launches and ongoing Pfizer collaboration.

• Focus on leveraging capital and resources for innovation in oncology, autoimmune, and nephrology.

• Plans to accelerate market access and academic promotion for new products and seek global partnerships.

• Estimated capital expenditure of RMB1,200–1,500 million over the next three years for facility maintenance and expansion.