Luye Pharma (02186) reported 2025 revenue of RMB6.31 billion, a 4.1% year-on-year increase. Net profit rose 9.4% to RMB705.70 million, while profit attributable to shareholders advanced 31.1% to RMB618.75 million. Basic earnings per share grew to RMB0.1588 from RMB0.1254 in 2024.

EBITDA expanded 12.7% to RMB2.47 billion and profit before tax improved 12.6% to RMB944.64 million. Gross profit climbed 2.9% to RMB4.16 billion, translating to a gross margin of 66.0% (2024: 66.7%).

Segment performance • Oncology revenue rose 10.2% to RMB2.30 billion, driven by products such as Lipusu, Boyounuo and newly launched Zepzelca. • Central nervous system sales surged 25.7% to RMB2.03 billion, supported by Seroquel, Ruoxinlin and the launch of Erzofri and Rykindo. • Cardiovascular revenue fell 30.6% to RMB1.15 billion, while metabolism products dropped 10.3% to RMB348.76 million. • Other therapeutic areas generated RMB482.05 million, up 53.2%.

Cost structure Selling and distribution expenses were largely flat at RMB1.83 billion, lowering to 28.9% of revenue (2024: 30.0%). Administrative expenses increased 16.8% to RMB679.64 million, reflecting higher staff and consulting costs. R&D outlays fell to RMB413.92 million from RMB498.59 million, and finance costs rose 22.2% to RMB686.60 million on higher interest expenses.

Cash and balance sheet Cash and equivalents stood at RMB4.49 billion, supplemented by RMB1.00 billion in time deposits. Net current assets increased to RMB5.30 billion (2024: RMB2.54 billion), lifting the current ratio to 1.53. Total interest-bearing debt was RMB9.42 billion; the gearing ratio eased to 45.5% from 52.7% a year earlier.

Capital allocation The board proposed no dividend for 2025.

Operational highlights During the year the company secured multiple product approvals, including Mimeixin (opioid-related pain), Boyouping (dulaglutide biosimilar) and Boyoujing (aflibercept biosimilar). Overseas, Rotigotine Luye patches launched in the UK, and Erzofri entered the U.S. market.

Looking ahead, management highlighted plans to pursue additional regulatory filings—particularly for two denosumab biosimilars in the U.S. and UK—and to drive commercial uptake of recently launched products while maintaining a focused pipeline investment strategy.