Asymchem Laboratories (Tianjin) (002821) Q4 2025 earnings summary

Executive summary

• Achieved revenue of RMB 6.67 billion in 2025, up 14.91% year-over-year; net profit attributable to shareholders reached RMB 1.13 billion, up 19.35% year-over-year.

• Adjusted net profit was RMB 1.25 billion, up 22.01% year-over-year; basic and diluted EPS both RMB 3.16, up 17.47% year-over-year.

• Fourth quarter revenue was RMB 2.04 billion, up 41.53% sequentially and 22.59% year-over-year.

• Orders in hand (excluding recognized revenue) reached USD 1.385 billion, up 31.65% year-over-year.

• Over 300 new customers added in 2025; overseas revenue grew 14.85% year-over-year, domestic revenue up 15.09%.

Financial highlights

• Gross margin for small molecule CDMO was 46.83%; new business gross margin improved by 8.45 percentage points to 30.12%.

• Operating cash flow was RMB 1.41 billion, up 12.22% year-over-year.

• Total assets at year-end were RMB 20.28 billion, up 5.13% from prior year; net assets attributable to shareholders were RMB 17.64 billion, up 4.69%.

• Major non-recurring items: government grants (RMB 57.36 million), fair value gains (RMB 74.14 million), and asset disposal losses (RMB -11.55 million).

Outlook and guidance

• 2026 revenue growth expected at 19–22%, with accelerated growth in chemical and biological macromolecule businesses.

• Focus on expanding new business segments and improving profitability through operational efficiency.