In 2025, 34 listed companies in the A-share biopharmaceutical industry will successively present their annual performance reports. A ranking of revenue and net profit quietly reveals the structural differentiation within the industry: against the backdrop of an overall average revenue of 1.775 billion yuan, leading enterprises can break through the 10 billion yuan threshold, while trailing companies have revenues that are merely a fraction of the industry; in terms of net profit, the gap is even more pronounced, ranging from nearly 2.9 billion yuan for leading companies to losses of several hundred million yuan for multiple firms.

The "Matthew Effect" in the industry is accelerating. Companies holding differentiated technologies and a global perspective are building higher competitive barriers; meanwhile, traditional leaders that cling to single products and rely on policy dividends face the risk of market share erosion. Mingyi Dadian analyzes the logic and implications behind the deep reshuffling of China's biopharmaceutical industry using five representative companies: Changchun Gaoxin, Sanofi, KHPG, Ganli Pharmaceutical, and Shenzhou Cell.

Revenue Pattern: The "Scissors Gap" Between 10 Billion Scale and Hundreds of Millions at the Tail

In 2025, Changchun Gaoxin continued to rank first in the A-share biopharmaceutical industry with a revenue of 12.083 billion yuan, followed by KHPG (4.585 billion yuan), Sanofi (4.199 billion yuan), and Ganli Pharmaceutical (4.052 billion yuan), with all four leading companies exceeding 4 billion yuan in revenue. The significant gap between the industry average of 1.775 billion yuan and the median of 999 million yuan indicates that leading companies occupy the vast majority of market share, while the scale of mid-tier and tail companies is gradually diminishing, with a few tail companies generating less than 300 million yuan in revenue.

In terms of revenue growth rate, Sanofi performed the most outstanding among the companies. In 2025, the company achieved a revenue of 4.199 billion yuan, a year-on-year increase of 251.81%, with fourth-quarter revenue reaching 3.083 billion yuan, a year-on-year growth of 1113.05%. However, in its revenue composition, the licensing business accounted for 3.113 billion yuan, or 74.14%, while the pharmaceutical manufacturing business contributed only 912 million yuan, or 21.71%, and the CDMO business accounted for 155 million yuan, or 3.70%. This indicates that the significant revenue growth during the period primarily relied on a one-time BD event rather than sustained growth from the core business itself.

Ganli Pharmaceutical also saw impressive revenue growth, achieving an annual revenue of 4.052 billion yuan, a year-on-year increase of 33.06%. The revenue growth of Ganli Pharmaceutical stems from the continuous expansion of domestic market sales, with domestic revenue reaching 3.513 billion yuan in 2025, a year-on-year increase of 39.56%, and domestic formulation sales revenue of 3.430 billion yuan, a year-on-year increase of 40.72%. The company has supplied over 90 million insulin formulations to medical institutions nationwide, a year-on-year increase of 31.71%, with market coverage expanding from 38,000 medical institutions nationwide to 48,000 KHPG achieved a revenue of 4.585 billion yuan in 2025, a year-on-year increase of 2.98%. In the revenue structure, biopharmaceuticals (Kangbaxipu) accounted for 2.495 billion yuan, or 54.42%; traditional Chinese medicine accounted for 1.496 billion yuan, or 32.64%; and chemical drugs accounted for 584 million yuan, or 12.74%. Although the overall growth rate is not remarkable, the diversification of the revenue structure ranks among the top in the industry.

Shenzhou Cell's revenue has significantly dropped from a high level. The company achieved an annual operating income of 1.56 billion yuan, a year-on-year decrease of 37.91%. The company's core product, Anjia, has undergone multiple price reductions due to the continuous deepening of medical insurance cost control policies, and new products are still in the market introduction phase, making it difficult to fill the revenue gap in the short term.

Profit Rankings: BD Drives to the Top, While Collective Procurement Crushes the "Reversal Drama"

The rankings of net profits for 34 biopharmaceutical companies in the A-share market in 2025 reveal profound changes in the industry's profit logic.

Sanofi Biopharmaceuticals topped the industry with a net profit attributable to shareholders of 2.899 billion yuan, followed by Tonghua Dongbao with 1.197 billion yuan, and KHPG with 1.163 billion yuan, with Ganli Pharmaceutical closely following at 1.144 billion yuan. The industry average net profit is 250 million yuan, with a median of only 53.0614 million yuan. Leading companies not only occupy high revenue positions but also demonstrate monopolistic profit performance far exceeding the industry average.

However, the profitability of Sanofi Biopharmaceuticals, ranked first, warrants scrutiny. In May 2025, the company reached a global exclusive licensing agreement with Sanofi and Pfizer for the PD-1/VEGF dual antibody SSGJ-707, receiving approximately 2.8 billion yuan in upfront licensing fees during the reporting period. This significant one-time BD income, once confirmed, accounts for more than two-thirds of the company's total revenue, raising questions about its reliability. After deducting non-recurring gains and losses, the company's net profit excluding non-recurring items is 2.766 billion yuan, an increase of 1024.98% compared to the same period last year. However, the extraordinary net profit margin of 68.87% in 2025 remains to be seen if it can be sustained in the long term.

Changchun Gaoxin's Cliff: A "Giant" in Revenue, a "Dwarf" in Profit

The most dramatic performance reversal in the biopharmaceutical industry in 2025 occurred with Changchun Gaoxin, which ranked first in revenue.

The company achieved an annual operating income of 12.083 billion yuan, firmly maintaining its industry lead; however, its net profit attributable to shareholders was only 155 million yuan, a sharp decline of 94% year-on-year, dropping its industry ranking to 26th. KHPG's net profit is 7.5 times that of Changchun Gaoxin, and the net profit growth of the third and fourth ranked companies exceeded 80%. Achieving 12 billion in revenue but only 155 million in net profit—a significant disparity of "scale without profitability" is quite rare in the A-share biopharmaceutical industry.

The reasons for the performance decline are multifaceted. The core subsidiary, Jinsai Pharmaceutical (growth hormone products), achieved revenue of 9.819 billion yuan, a year-on-year decrease of 7.98%, but its net profit attributable to shareholders plummeted by 81.83%. By the end of 2025, the company's long-acting growth hormone and other products were included in the national medical insurance catalog. To adapt to policy adjustments and market changes, the company proactively controlled the shipment rhythm of related products in the fourth quarter Another important subsidiary, Baike Biotech, achieved revenue of 605 million yuan in 2025, a year-on-year decrease of 50.77%, with a net loss of 263 million yuan. The main reasons were the decline in sales revenue from the shingles vaccine and the return of some confirmed revenue products due to expiration. The varicella vaccine was affected by the decline in newborn birth rates and intensified market competition, leading to a year-on-year decrease in sales and further pressure on revenue.

Net profit plummeted from 2.583 billion yuan in 2024 to 155 million yuan. The significant drop was also attributed to a year-on-year increase in R&D expenses of 14.11% to 2.472 billion yuan, reaching a historical high; sales expenses increased by 14.68% to over 5 billion yuan, with new product promotion investments far exceeding current returns; and substantial asset impairment losses due to inventory write-downs and impairments of fixed and intangible assets.

A deeper issue is that Changchun Gaoxin's revenue is highly concentrated in a single domestic market. In 2025, its foreign revenue accounted for only about 1%, far below the global allocation of similar companies. On the R&D side, although multiple innovative platforms such as long-acting multi-specific antibodies and ADCs have been established, most R&D projects are still in the early stages, making transformation a long-term challenge.

High Profit Disruption: The Authenticity of BD Dividends and Competitive Advantages

High-profit companies in the biopharmaceutical industry are following two distinctly different paths. One type, represented by Sanofi, is BD-driven, achieving explosive performance through one-time large licensing transactions but lacking a stable and predictable normalized foundation. The other type, represented by Ganli Pharmaceutical and KHPG, is product-driven, building more sustainable core competitiveness through sustainable factors such as core product volume growth, market share enhancement, and international expansion.

Ganli Pharmaceutical achieved a net profit attributable to the parent company of 780 million yuan in 2025, a year-on-year increase of 81.21%, with a gross margin of 75.84%, higher than the industry average of 70.69%. In terms of valuation, Ganli Pharmaceutical has a price-to-earnings ratio of 34.88 times, within the historical median range. The company has commercialized products in 21 countries globally, covering multiple regions including Europe, Asia, and Latin America. In 2025, it obtained 15 overseas registration approvals, with international sales revenue reaching 529 million yuan, a year-on-year increase of 36.59%. An important case is the key project in Brazil PDP, where the company signed a ten-year supply framework agreement with the Brazilian side, with a cumulative order amount of no less than 3 billion yuan over ten years.

Sanofi achieved a gross margin of 92.07% and a net margin of 68.87% in 2025, with gross margins far exceeding the industry average. The net cash flow from operating activities was 3.043 billion yuan, a year-on-year increase of 982.56%. However, starting in 2026, when large licensing income is removed from the profit and loss statement, how the company will perform remains a focus of market attention.

KHPG's Hidden Moat: Dual-Driven by Diversified Business and Gene Therapy Track

KHPG's performance in 2025 was not eye-catching—revenue was 4.585 billion yuan, a year-on-year increase of only 2.98%; net profit attributable to the parent company was 1.163 billion yuan, a slight year-on-year decrease of 2.37%. However, the company's diversified product structure, the value reconstruction of high-tech barrier products, and the long-term layout of the gene therapy platform are still worth noting The core product, Conbercept, generated annual revenue of 2.495 billion yuan, a year-on-year increase of 6.51%. In terms of competitive landscape, Conbercept holds a 40.55% market share in the domestic retinal disease drug market. The robust performance of both chemical drugs and traditional Chinese medicine provides a continuous source of funding for long-term R&D investment.

Kanghong Pharmaceutical has laid out three products in the AAV gene therapy track that have entered the clinical stage, covering gene therapy for ophthalmic macular degeneration and expansion therapies in the cardiovascular disease field. Analysts from Sinolink Securities pointed out that the company's gene therapy platform has successfully expanded from ophthalmology to the cardiovascular field, with the number and progress of its pipeline being in the top tier domestically. In 2026, Conbercept will face dual pressures: a decline in unit price due to medical insurance negotiations at the end of 2025, and an adjustment of the value-added tax rate for non-cancer biological products from a simplified collection rate of 3% to a general collection rate of 13%. The company's future operational data will test the efficiency and stability of its new and old momentum continuity.

Survival Dilemma at the End: The Contradiction of R&D Burnout and Lack of Commercialization

At the front of the revenue ranking, leading companies enjoy the dual dividends of scale and profit; at the end of the ranking, loss-making companies simultaneously bear the pain brought by multiple competitive pressures.

Shenzhou Cell achieved revenue of 1.56 billion yuan in 2025, a year-on-year decrease of 37.91%; the net profit attributable to the parent company was a loss of 565 million yuan, compared to a profit of 112 million yuan in the same period last year, marking a shift from profit to loss. The root cause of the loss lies in the continuous price pressure on core products and several products under research being in the late stages of development, with sustained high-intensity R&D investment affecting current profits, and the market introduction of newly approved products requiring additional expenses for support. The asset-liability ratio is 96.85%, far exceeding the industry average of 26.98%. Maintaining a balance between R&D expenditure and cash flow under high debt conditions is the biggest challenge currently facing Shenzhou Cell.

*ST Weiming achieved revenue of 275 million yuan in 2025, ranking 30th among 34 companies; net profit was -161 million yuan, also ranking 30th. The sharp decline in net profit for Changchun Gaoxin indicates that even the largest companies in terms of revenue may be dragged down by losses from a single product or subsidiary.

Comments from Mingyi Dadian: Under the Iceberg, Who is Swimming Naked, and Who has Armor?

Analyzing the performance pattern of the A-share biopharmaceutical industry in 2025, several deep trends are worth long-term attention.

Firstly, BD dividends cannot replace systematic product strength building. The explosive performance of 3SBio comes from a one-time BD event, which is essentially a phased result of years of R&D investment. For any company in a critical period of revenue growth, a robust product chain, controllable internationalization pace, and solid market foundation are the basis for creating sustained high growth. The unpredictability of large licensing agreements is the biggest risk. With the peak of pipeline transactions with Pfizer receding, the sustainability of 3SBio's performance requires new large milestones or the large-scale launch of new products to support it, which requires crossing a relatively long time cycle Secondly, the vulnerability of enterprises reliant on a single product has been further exposed. Changchun Gaoxin's "cutting off the wrist" and Shenzhou Cell's "turning from profit to loss" essentially reflect the same type of operational risk: once the core product hits the policy ceiling or competitive red line, the entire company's profit model will face a complete reconstruction. The operational fluctuations of these two major companies indicate that even leading enterprises with revenues in the tens of billions cannot "put all their eggs in one basket."

Thirdly, domestic innovative pharmaceutical companies have moved from "sloganeering" and "strategic layout" to a substantive phase of validating global competitiveness. Ganli Pharmaceutical's insulin has been approved for sale in Europe, and a global supply chain agreement has been established in Brazil—these facts indicate that some leading domestic pharmaceutical companies now possess the capability to engage in systematic product competition in high-end markets against multinational giants, rather than merely staying at the level of cost advantages and production efficiency. Both Ganli Pharmaceutical and KHPG have achieved product licensing in multiple overseas markets, constructing a second growth curve for their product portfolios from a global perspective.

Industry differentiation is testing each pharmaceutical company's adaptability amid intensified industry competition and the ongoing evolution of policy regulation. Under the multiple pressures of normalized centralized procurement, deepened medical insurance cost control, and the intensive competition period for new drug development, how to establish dual core capabilities based on R&D capacity and commercialization systems while ensuring financial sustainability will become the fundamental measure of whether a pharmaceutical company possesses long-term growth potential.

The ranking of the leading tier is based on the growth rate of performance data in the short term. However, from a medium to long-term perspective, what truly determines the competitive position of the product portfolio is the ability to realize innovative results under global market trials. The ranking of China's biopharmaceutical industry will still need to undergo multiple re-rankings in the future—each re-ranking reflects a comprehensive indicator of R&D pipeline efficiency, globalization layout, and business model resilience