CK Life Sciences International (Holdings) Inc. (00775.HK) reported a loss attributable to shareholders of HK$186.80 million for the year ended 31 December 2025, expanding by HK$60.20 million from the 2024 loss. The deterioration was driven by a HK$66.50 million rise in R&D expenses to HK$320.60 million and several non-cash items, notably a HK$185.80 million post-tax fair-value decline in the vineyard portfolio and HK$147.79 million in goodwill impairment.
Revenue fell 2.0% to HK$5.41 billion, weighed by softer performance in both core commercial segments: • Nutraceutical sales dipped 2.3% to HK$3.37 billion. • Agriculture-related revenue slipped 1.6% to HK$2.04 billion.
Excluding one-offs, net profit after tax from commercial operations rose to HK$130.80 million, up HK$42.60 million year on year.
Segment performance • Agriculture-related operating profit shrank to HK$25.33 million (2024: HK$302.58 million) after vineyard revaluation losses. • Nutraceutical operations recorded an operating loss of HK$50.85 million versus a HK$292.51 million profit a year earlier. • Pharmaceuticals & Diagnostics R&D posted a HK$373.31 million profit, reflecting a HK$693.92 million gain from the seviprotimut-L asset transaction with Nasdaq-listed TransCode Therapeutics.
No final dividend was declared (2024: Nil).
Balance-sheet highlights • Total assets: HK$11.84 billion • Cash and deposits: HK$603.07 million • Bank borrowings: HK$6.03 billion, all on floating rates • Net debt-to-capital ratio: 58.52% • Net assets: HK$3.85 billion, or HK$0.40 per share • Capital commitments: HK$51.40 million
Strategic reorganisation During 2025 the group re-structured its R&D platform: 1. TransCode Therapeutics (RNAZ) acquired late-stage melanoma vaccine seviprotimut-L for US$125.00 million in stock; CK Life Sciences simultaneously invested US$25.00 million in TransCode preferred shares. 2. Dogwood Therapeutics (DWTX) now 83%-owned after preferred-to-common conversion; Halneuron® Phase 2b interim analysis showed improved responder rates in chemotherapy-induced neuropathic pain. 3. Sequencio Therapeutics launched as a wholly owned cancer-vaccine subsidiary; pre-clinical TROP2 circRNA and fusion-protein candidates achieved complete tumour inhibition in murine models, with patent filings in Hong Kong and the U.S.
Other developments • Liquid biopsy investee Pharus Inc. enhanced OncoSweep™ accuracy for early lung-cancer detection. • Lipa Pharmaceuticals won its ninth Complementary Medicines Australia “Manufacturer of the Year” award. • Australian Agribusiness recommissioned storm-water treatment plant and began accruing Australian Carbon Credit Units on newly acquired farmland.
Outlook Management expects operating uncertainty amid geopolitical and macroeconomic volatility but believes the sharpened R&D focus, Nasdaq financing access via TransCode and Dogwood, and steady cash flow from commercial businesses underpin long-term scientific and financial resilience.