Medtide 2025 Results: Revenue Reaches RMB570.09 Million, Net Profit Soars 267.3%

Medtide Inc. released its audited results for the year ended 31 December 2025. Revenue increased 28.9% year-on-year to RMB570.09 million, driven mainly by strong growth in CDMO services. Net profit jumped 267.3% to RMB217.37 million, lifting the net margin to 38.1% from 13.4% a year earlier.

Gross profit rose 44.8% to RMB361.61 million, with gross margin expanding to 63.4% (2024: 56.5%) as cost of sales grew only 8.3%. Fair-value movements on financial liabilities contributed an RMB18.46 million gain, reversing a loss of RMB83.39 million in 2024.

Service mix • CDMO revenue increased 30.5% to RMB430.61 million, accounting for 75.5% of total turnover. • CRO revenue rose 24.6% to RMB139.48 million. • By billing model, fee-for-service (FFS) generated RMB530.82 million (+24.8%), while full-time-equivalent (FTE) income more than doubled to RMB39.27 million.

Operating metrics • Ongoing projects at year-end grew to 1,614 from 1,549, with CRO projects at 1,286 and CDMO projects at 328. • Cost structure: materials (RMB83.17 million), staff compensation (RMB66.12 million) and depreciation (RMB17.32 million) were the largest cost components.

Liquidity and balance sheet • Cash and cash equivalents surged to RMB887.65 million (2024: RMB387.18 million), supported by operating cash flow and proceeds from the June 2025 Hong Kong listing. • Gearing ratio dropped sharply to 12.6% from 72.8%, reflecting conversion of redemption liabilities and higher equity. • Outstanding bank borrowings stood at RMB30.00 million.

Capacity and regulatory milestones During 2025 the company: 1. Expanded the Qiantang site with 3,000-litre SPPS reactors and 50-inch purification columns, boosting annual peptide API capacity to over one metric ton. 2. Advanced the Rocklin, California site, targeting 300 kg annual output upon completion. 3. Secured ISO 22716 certification, Chinese approvals for Goserelin Acetate and Linaclotide APIs, and inclusion of Semaglutide API on the U.S. FDA Import Alert 66-80 Green List.

Industry context and outlook Management highlighted continuing demand for GLP-1 and other TIDES therapeutics. Nine NCE GLP-1 development projects were active across seven customers at year-end. Planned investments include additional production lines in China (operational 1Q 2026) and further U.S. capacity to meet late-stage and commercial-scale demand.

Dividend The board did not recommend a final dividend for 2025.

Significant post-period event On 9 March 2026, conversion of 68.20 million unlisted shares into H shares was completed.

No other material events were reported after the balance-sheet date.