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With the annual reports for 2025 being disclosed one after another, A-share biopharmaceutical companies show mixed results, with significant performance differentiation.
As of the evening of April 6, a total of 112 biopharmaceutical companies in the A-share market have disclosed their annual reports, with 60 companies reporting year-on-year growth in net profit attributable to the parent company, of which 40 companies saw both revenue and net profit attributable to the parent company increase; 52 companies reported a year-on-year decline in net profit attributable to the parent company, with 29 companies experiencing declines in both revenue and net profit attributable to the parent company.
Some pharmaceutical companies have seen performance growth driven by the commercialization of innovative drugs and increased income from external licensing (BD), while others have faced performance pressure due to optimization and strategic adjustments for transformation; traditional Chinese medicine companies have similar situations, with increased product sales boosting performance, while operational pressures have the opposite effect; several medical consumables companies have achieved performance growth due to stable supply of centralized procurement products and expansion into international markets.
Industry insiders believe that the current pharmaceutical industry has shown distinct development characteristics: structural reforms on the payment side continue to deepen, with clearer cost control and value-based payment orientation in medical insurance; significant leaps in innovation capabilities on the supply side, with innovative research and development and industrial upgrading becoming core themes; health service models are accelerating reconstruction, with trends of online and offline integration and precision services becoming prominent; consumer demand is rapidly evolving towards diversification, personalization, and technological advancement.
Innovation + Going Global Drives Pharmaceutical Performance Growth
Among the 40 companies with both revenue and net profit attributable to the parent company increasing, 16 companies saw a net profit growth rate exceeding 50%, with 13 companies doubling their profits.
Among these 40 companies, the most are chemical formulation companies, with 8 in total. Notably, Innovent Biologics (688428.SH), MicroPort Scientific Corporation (688321.SH), and Livzon Pharmaceutical Group Inc. (002393.SZ) reported year-on-year net profit growth rates exceeding 100%.
This marks the first time Innovent Biologics has turned a profit since its listing in September 2022, leading the company to exit the Sci-Tech Innovation Growth sector. Innovent Biologics reported a revenue of 2.375 billion yuan for 2025, a year-on-year increase of 135.27%; the net profit attributable to the parent company was 642 million yuan, compared to a loss of 441 million yuan in the same period last year. The company stated that this was mainly due to the growth in drug sales revenue and the recognition of related income from licensing agreements achieved in 2025.
MicroPort Scientific Corporation also turned a profit in 2025, achieving an annual revenue of 910 million yuan, a year-on-year increase of approximately 38.32%; the net profit attributable to the parent company was 50.9592 million yuan, a year-on-year increase of 144.48%. The performance growth was mainly due to a significant increase in sales of the products Sidak and Sitagliptin. The company stated in its annual report that it continued to make breakthroughs in source innovation in 2025, enhanced its commercialization capabilities, actively expanded BD cooperation, and accelerated its global market layout.
Similar to the aforementioned two companies, the commercialization of innovative drugs and increased income from external licensing have become the dual engines driving the performance growth of innovative pharmaceutical companies
Innovative drug leader HengRui Medicine (600276.SH, 01276.HK) achieved record highs in both revenue and net profit attributable to shareholders in 2025. The company reported an annual operating income of 31.629 billion yuan, a year-on-year increase of 13.02%; net profit attributable to shareholders was 7.711 billion yuan, a year-on-year increase of 21.69%.
According to the annual report, HengRui Medicine's performance growth was driven by two core engines: first, innovative drug sales revenue reached 16.342 billion yuan, a year-on-year increase of 26.09%, accounting for 58.34% of total drug sales revenue; second, external licensing revenue was 3.392 billion yuan, a year-on-year increase of 25.62%. The company also stated that it aims for a growth rate of over 30% in innovative drug sales revenue by 2026.
Fosun Pharma (600196.SH) also stated that its performance growth stems from the deep coupling of innovative research and global operations. The company achieved an operating income of 41.662 billion yuan in 2025, a year-on-year increase of 1.45%; net profit attributable to shareholders was 3.371 billion yuan, a year-on-year increase of 21.69%. Among these, the proportion of innovative drug revenue in the pharmaceutical business increased to 33.16%, and the proportion of overseas business revenue in total operating income increased to 31.15%, achieving double growth in two core indicators.
Among the companies with double growth in performance, there are also many medical consumables companies, totaling seven. Among them, SINO Medical (688108.SH) had the largest year-on-year increase in net profit attributable to shareholders, reaching 3057.07%. The significant increase in total profit was mainly due to revenue growth, with the company achieving total operating income of 525 million yuan in 2025, a year-on-year increase of 14.53%. Among this, the operating income from coronary intervention business increased by 21.92% year-on-year, mainly due to the continuous growth in sales of two coronary stent products and coronary balloon products that entered the centralized procurement range; the operating income from neuro-intervention business increased by 5.30% year-on-year, mainly due to a significant increase in sales of related products despite a decrease in unit price.
Another medical consumables company, ChunLi Medical (688236.SH), also saw its net profit attributable to shareholders increase by more than 100% year-on-year, reaching 118.05%, with operating income increasing by 29.77% year-on-year. The company stated that this was mainly due to stable supply of centralized procurement products and deep expansion into international markets, driving sales growth; at the same time, internal cost reduction and efficiency enhancement strengthened core business competitiveness, steadily improving profitability and achieving continuous growth in net profit.
Other companies in the medical consumables field with double growth in performance include Huitai Medical (688617.SH), Weigao Orthopedics (688161.SH), Kewei Medical (301087.SZ), Xinmai Medical (688016.SH), and Kangtuo Medical (688314.SH). Among them, one major reason for Weigao Orthopedics' revenue growth is also the smooth overall execution of volume-based procurement, with the market share of leading domestic brands continuing to rise.
In the traditional Chinese medicine sector, Te Yi Pharmaceutical (002728.SZ) and WoHua Pharmaceutical (002107.SZ) also saw their net profit attributable to shareholders increase by over 100% year-on-year. According to the annual report, Te Yi Pharmaceutical's operating income steadily recovered, particularly driven by the significant rebound in sales of its core product &#34;Te Yi&#34; cough lozenges, leading to a noticeable improvement in operating profit
Wohua Pharmaceutical's performance growth is driven by increased revenue from cardiovascular system drugs, musculoskeletal system drugs, and antiviral respiratory system drugs.
In addition, WuXi AppTec (603259.SH), Boteng Co., Ltd. (300363.SZ), and Tigermed (300347.SZ), three medical research and development outsourcing companies, all saw their net profits attributable to shareholders double. Among them, WuXi AppTec stated that the performance growth is mainly due to the company's continued focus on and strengthening of the CRDMO business model, with continuous revenue growth, ongoing optimization of production processes and operational efficiency, as well as increased capacity efficiency brought about by the growth of late-stage clinical and commercialization projects, which improved overall profitability. The company's sale of part of its equity in the joint venture WuXiXDCCaymanInc. and the gains from divesting certain businesses also further enhanced profits.
Performance Under Pressure During Transformation
Among the 29 companies with declining revenue and net profit attributable to shareholders, chemical formulation companies still account for the most, with 9 companies experiencing performance declines. Among them, Fudan Zhangjiang (688505.SH) saw the largest decline in net profit attributable to shareholders, down 496.23%, mainly because the company's product, Ginkgo Biloba Extract Injection, was not selected in the tenth batch of national centralized drug procurement, while R&amp;D expenses increased by approximately 44 million yuan compared to the same period last year.
Next is Yuyuan Pharmaceutical (688658.SH), with a year-on-year decline in net profit attributable to shareholders of 312.09%, resulting in a loss of 262 million yuan. According to the annual report, this is mainly due to the company's adjustment of the price and sales strategy for the product &#34;Ginkgo Leaf Extract Injection&#34; at the end of 2024, which caused a temporary impact on performance; at the same time, R&amp;D expenses increased year-on-year.
Yuyuan Pharmaceutical stated that the performance fully reflects the profound changes and severe challenges faced by related enterprises in the current pharmaceutical industry. To cope with the adverse situation in the industry, the company continuously optimizes and adjusts its business strategy to improve operational efficiency.
It is understood that the current pharmaceutical industry is facing transformation and upgrading, with increasing operational pressure on enterprises that have low standardization, weak research capabilities, poor financial strength, and serious pollution. These enterprises will face transformation, seek mergers and acquisitions with leading companies, or be eliminated from the market. In contrast, companies with strong capabilities in generic and innovative drug R&amp;D, excellent sales capabilities, and outstanding product quality advantages will occupy a competitive position. The speed of industry consolidation is expected to accelerate in the future, and the concentration of the industry will also increase accordingly.
The traditional Chinese medicine sector also has 6 companies with declining performance. Among them, Huasheng Technology (000790.SZ) reported a net profit loss of 320 million yuan, with a year-on-year decline of 4689.37%. The company stated that the performance decline is due to three reasons: first, the core business is under pressure, with core drug prices being lowered; second, losses from asset disposals; and third, the impact of asset impairment provisions.
Xintian Pharmaceutical (002873.SZ), Kunming Pharmaceutical Group (600422.SH), Tongrentang (600085.SH), Darentang (600329.SH), and Jianmin Group (600976.SH) are also traditional Chinese medicine companies that saw declines in revenue and net profit attributable to shareholders.
Industry analysts point out that current policies have established a quality assurance and innovation-driven system for the traditional Chinese medicine industry from source to terminal. Enterprises must transform the spirit of the policies into specific measures for standardized production, intelligent manufacturing, compliant operations, and brand development to gain an advantage in the reshaping of the industry landscape
In addition, the net profit attributable to the parent company of Tuoxin Pharmaceutical (301089.SZ) also saw a significant decline, dropping by 250.32%, resulting in a loss of 69.661 million yuan. According to the annual report, the company's performance was mainly affected by two factors: first, the fluctuation in terminal demand and the downward trend in market prices for some raw material drug products, leading to a certain degree of decline in sales revenue and gross profit margin; second, due to the impact of operational development layout, after the completion of fundraising projects, the new production capacity is still in the gradual release phase, resulting in higher unit fixed costs. Additionally, the new products in the health sector are being launched in the market, and the small initial production scale has led to higher unit costs.
Borui Pharmaceutical (688166.SH) reported a year-on-year decline of 71.18% in net profit attributable to the parent company. The company stated that it is currently in a normal phase of expanding from generic drugs to innovative drugs, but in the absence of commercialization of new varieties, there is a risk of significant performance decline or losses due to product research and development and clinical trials aimed at achieving commercialization.
Medical device company Wandong Medical (600055.SH) is facing growing pains during its transformation, reporting its first annual loss in 29 years since its listing, with a net profit attributable to the parent company loss of 228 million yuan, a year-on-year decline of 244.81%. The company stated that it is promoting an overall adjustment of its marketing strategy, utilizing centralized procurement projects internally to seize and strive for market share in the mid-to-high-end market, and actively expanding international channels externally. However, due to the longer-than-expected delivery cycle of centralized procurement projects, domestic revenue has decreased compared to the same period last year.
(This article is from Yicai)

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As of April 6, 112 biopharmaceutical companies in the A-share market have disclosed their annual reports, with 60 companies showing a year-on-year increase in net profit attributable to shareholders, among which 40 companies experienced growth in both revenue and net profit. Some companies have seen growth due to increased commercialization of innovative drugs and revenue from external licensing, while others are facing pressure due to strategic adjustments. Currently, the development characteristics of the pharmaceutical industry are evident, with deepening reforms on the payment side, innovative leaps on the supply side, restructuring of health service models, and diversification of consumer demand. Among the 40 companies with dual growth, 16 have seen a net profit increase of over 50%

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China Universal CNI BIOMEDICINE ETF

SSE Health Care

GF Fund CSI Medical Service ETF

E Fund CSI Biotechnology Theme ETF

Hwabao WP CSI Medical Service ETF

Biomedicine Sector Performance Scan: 40 Companies with Double Growth, 29 Companies with Double Decline, Driven by "Innovation + Going Global"