Hong Kong-listed Sihuan Pharmaceutical reported FY2025 revenue of RMB2.62 billion, up 37.7% year-on-year, driven mainly by a near-doubling of medical aesthetics sales to RMB1.49 billion.
Gross profit rose 45.1% to RMB1.80 billion, lifting the Group gross margin to 68.8% from 65.3%, helped by higher-margin regenerative materials and the first-time majority revenue contribution from medical aesthetics.
Segment performance • Medical aesthetics: Revenue RMB1.49 billion, +99.6%; segment profit RMB818.4 million, +226.0%. Flagship botulinum toxin Letybo® expanded coverage to 8,000 institutions, while newly launched PLLA, PCL fillers and L-carnosine revitalizer boosted growth. • Innovative and other medicines: Revenue RMB176.43 million, +206.3%, reflecting diabetes products at Huisheng Biopharm and initial sales from three approved Xuanzhu Biopharm drugs. • Generic medicines: Revenue RMB956.32 million, –13.0% as volume-based procurement pressure persisted.
Cost and expenses R&D spending fell 38.5% to RMB291.27 million as key pipelines moved into commercialisation. Distribution expenses increased 44.3% to RMB620.78 million to support aesthetic and diabetes launches, while administrative costs dropped 33.3% to RMB497.33 million on lower share-based charges and efficiency gains.
Earnings rebound Operating profit reached RMB607.12 million versus a RMB138.13 million loss a year earlier. After finance costs of RMB201.58 million and tax, net profit was RMB185.40 million, reversing the prior RMB471.55 million loss. Profit attributable to shareholders came in at RMB179.70 million, equal to basic EPS of RMB1.97 cents.
Balance sheet highlights As at 31 December 2025, cash, wealth management products, pledged and time deposits totaled RMB4.40 billion. Net current assets stood at RMB2.96 billion, while total interest-bearing bank borrowings were RMB886.75 million. The borrowings-to-equity ratio was 15.6%.
Dividend Having achieved a profit turnaround, the Board proposed a final cash dividend of RMB0.96 cents (HK1.09 cents) per share, subject to shareholder approval.
Outlook comments in the announcement framed 2025 as a “turning point” with the Group entering a “value realisation period” under its dual-engine strategy of medical aesthetics and innovative drugs.
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