HBM (2142) H2 2025 earnings summary

Executive summary

• Achieved record-breaking 2025 performance with revenue of $158M (up 315% YoY) and net profit of $92.22M (up 33x YoY), driven by platform innovation, global partnerships, and pipeline progress.

• Entered Phase 3.0 strategic era, focusing on global platform-based collaborations, maximizing asset value, and expanding innovative pipelines.

• Strategic alliances with AstraZeneca, BMS, Otsuka, and Pfizer validated the business model and secured significant upfront and milestone payments.

• Advanced multiple clinical and preclinical programs in immunology, oncology, obesity, and CNS diseases.

Financial highlights

• 2025 revenue reached $158M (+315% YoY); net profit $92.22M (+33x YoY); adjusted net profit $101M.

• Cash & cash equivalents at year-end: $404M (+142% YoY); operating cash flow $81.33M (+165% YoY).

• R&D expense rose to $39.8M (+89% YoY), supporting pipeline advancement.

• Net assets increased to $367.11M (+196% YoY).

• No final dividend recommended for 2025.

Outlook and guidance

• 2026 revenue guidance: $221–237M (40–50% YoY growth); recurring revenue to exceed RMB 1B by 2028.

• Maintain >50% revenue CAGR in 2026 and >80% external revenue CAGR.

• Target 2+ major out-licensing deals annually, each >$50M upfront and $1B in potential milestones.

• Strategic focus on advancing 3–5 programs to IND annually and accelerating late-stage pipeline globally.

• Aims to become a global leading platform-based biopharmaceutical group by 2028.