Fujian Haixi Pharmaceuticals (Haixi Pharma) reported solid full-year results for 2025, underpinned by robust growth in its generic drug portfolio and strengthened by fresh capital from its October Hong Kong IPO.
Revenue and Earnings • Revenue rose 24.79% year on year to RMB 582.36 million, driven chiefly by higher sales of cardiovascular therapy Haihuitong (amlodipine + atorvastatin) and pro-kinetic agent Anbili (mosapride), which together contributed 78.23% of product turnover. • Net profit advanced 30.09% to RMB 177.03 million, outpacing revenue growth on the back of a marginally higher gross margin (83.38% vs 82.97% in 2024). • Basic earnings per share climbed 26.24% to RMB 2.55.
Cost Structure • Cost of sales increased 21.78% to RMB 96.80 million, broadly in line with topline expansion. • Distribution and selling expenses grew 19.30% to RMB 197.66 million, reflecting intensified marketing to defend and extend market share for key products. • R&D spending rose 8.85% to RMB 73.50 million as the company accelerated clinical programmes, notably oncology candidate C019199 and oral retinal-disease drug HXP056. • Administrative costs edged up to RMB 22.13 million, while finance costs fell 20.55% to RMB 5.74 million due to lower borrowing-related charges.
Segment Performance • Generic Drugs generated revenue of RMB 582.36 million and segment profit of RMB 272.16 million. • The Innovative Drugs division, still in clinical-stage investment mode, recorded a segment loss of RMB 48.95 million.
Balance Sheet and Liquidity • Haixi Pharma’s October 2025 listing raised HK$993.60 million (gross), expanding share capital to 78.71 million shares. Net proceeds of HK$940.13 million bolstered cash resources. • Cash and cash equivalents surged to RMB 645.05 million (2024: RMB 38.28 million). Including short-term deposits and fair-value investments, liquid funds exceeded RMB 1.33 billion. • Net current assets jumped to RMB 1.21 billion, lifting the current ratio to 6.31 (2024: 1.9). • Total borrowings rose to RMB 103.75 million, but the gearing ratio remained low at 4.93% (2024: 3.29%).
Capital Allocation • As of 31 December 2025, 7.95% (HK$74.66 million) of IPO proceeds had been deployed, mainly toward R&D (HK$16.85 million) and commercial expansion (HK$33.29 million). Remaining funds (HK$865.47 million) are earmarked for ongoing R&D, capacity enhancement, market expansion and working capital through 2027. • No dividend was declared for 2025.
R&D Pipeline Highlights • C019199, a multi-target CSF-1R/DDR1/VEGFR2 inhibitor, completed Phase Ia in China; Phase Ib/II trials in osteosarcoma and tenosynovial giant cell tumour are under way, with a Phase III osteosarcoma study slated for 1H 2026. • HXP056, positioned as a first-in-class oral therapy for wAMD/DME/RVO, showed encouraging safety and efficacy signals in Phase I; a Phase II expansion study launched in late 2025. • The company holds 39 granted patents worldwide and plans further IND filings to broaden its innovative portfolio.
Outlook Management reaffirmed its “fast-follow plus innovation” strategy, emphasising accelerated clinical development, manufacturing scale-up at the new Changle facility, and selective global partnerships. With enhanced liquidity post-IPO and a growing revenue base from VBP-listed generics, Haixi Pharma targets sustained R&D investment and expanded commercial reach while maintaining a conservative leverage profile.