Kangfang Biotech(09926.HK)2025 Annual Revenue: 3.056 billion yuan; Annual Loss: 1.141 billion yuan

Gelonghui March 26丨Kangfang Biotech (09926.HK) announced its annual results. For the year ended December 31, 2025, the Group’s total annual revenue was RMB 3,056.3 million, compared with RMB 2,123.9 million for the year ended December 31, 2024, representing a year-on-year increase of 43.90%. The Group’s revenue composition includes commercial sales revenue and commercial licensing revenue. For the year ended December 31, 2025, commercial sales revenue was RMB 3,033.1 million, compared with RMB 2,002.4 million for the year ended December 31, 2024, representing a year-on-year increase of 51.48%. This was mainly attributable to the significant sales contribution from the first inclusion of the indications of two tumor immunotherapy bispecific antibodies, Kaitanini® (Cadonili, PD-1/CTLA-4) and Yidafang® (Ivoxi, PD-1/VEGF), in the National Reimbursement Drug List, as well as the important sales contribution from newly approved major first-line indications during the reporting period. For the year ended December 31, 2025, commercial licensing revenue was RMB 23.2 million.

As of December 31, 2025, the Group’s annual loss was RMB 1,140.8 million, which includes: certain non-cash items under IFRS financial measurement, including (a) the loss share recognized for the long-term equity investment collaboration partner SUMMIT, RMB 324.8 million; (b) share-based compensation expense, RMB 157.0 million; and © foreign exchange loss, RMB 74.3 million. Therefore, the adjusted Non-IFRS loss for 2025 was RMB 584.7 million, and the adjusted Non-IFRS EBITDA loss for 2025 was RMB 191.9 million.