Innocare Pharma Limited (Stock Code: 688428) has released its financial results for the year ended December 31, 2025. The report indicates the company achieved annual revenue of 23.75 billion yuan, a significant increase of 135.27% compared to 10.09 billion yuan in the previous year.
Pharmaceutical sales revenue for 2025 amounted to 14.42 billion yuan, up 43.43% from 10.06 billion yuan a year earlier. This growth was primarily driven by sustained increases in sales volume of orelabrutinib, new sales from tafasitamab, and revenue recognized from licensing agreements reached during the year.
The company reported a net profit of 642 million yuan for 2025, a notable turnaround from a net loss of 441 million yuan in the preceding year. After adjusting for non-recurring items, the net profit stood at 553 million yuan, compared to an adjusted net loss of 440 million yuan for the previous year.
For the fourth quarter of 2025, Innocare Pharma recorded revenue of 12.6 billion yuan, with a net profit of 707 million yuan. The adjusted net profit for the quarter was 689 million yuan.
As of December 31, 2025, HHLR, affiliated with Hillhouse Capital, and its parties acting in concert held an 11.8251% stake. Sunny View Holdings and the family of Renbin Zhao held 8.2066%, while Sunland BioMed Ltd and the family of Jisong Cui held a 7.1976% stake.
Other significant shareholders included the China Construction Bank - Fullgoal Precision Medical Flexible Allocation Mixed Securities Investment Fund holding 0.6888%, Chen Xiaofa holding 0.4226%, the China Construction Bank - ICBC Credit Suisse Frontier Healthcare Equity Securities Investment Fund holding 0.3967%, and the China Construction Bank - China Universal Innovative Pharmaceutical Theme Mixed Securities Investment Fund holding 0.3302%. China Merchants Bank - China Universal Healthcare Services Flexible Allocation Mixed Securities Investment Fund held 0.3269%, and Luo Genlong held 0.315%.
A comparison with the shareholding structure as of September 30, 2025, reveals that King Bridge Investments Limited and its parties acting in concert, who previously held a 6.9176% stake, are no longer listed among the top ten shareholders. Their current holding has fallen below 0.3%, indicating a likely complete divestment of their position.
At the close of A-share trading, Innocare Pharma's stock price was 29.68 yuan, giving the company a market capitalization of 52.4 billion yuan. Based on conservative estimates, King Bridge's exit may have realized proceeds exceeding 2 billion yuan.
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