Sichuan Biokin Pharmaceutical Co (688506) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 was RMB 67.44 million, a 98.77% decrease year-over-year due to the absence of large intellectual property licensing income recognized in the prior year.

• Net loss attributable to shareholders was RMB 531.44 million, compared to a net profit of RMB 5.01 billion in Q1 2024.

• R&D investment nearly doubled year-over-year, reflecting accelerated pipeline development.

Financial highlights

• Operating cash flow was negative RMB 489.84 million, down 109.11% year-over-year.

• Basic and diluted EPS were both -1.33, compared to 12.48 in Q1 2024.

• Gross margin and operating profit declined sharply due to lower revenue and higher R&D expenses.

• Total assets at quarter-end were RMB 7.44 billion, up 4.23% from year-end 2024.

• Shareholders’ equity decreased 13.24% from year-end 2024.

Outlook and guidance

• Management attributes the revenue and profit decline to the lack of one-time IP licensing income and ongoing high R&D investment, aiming to accelerate product launches.