2025-11-12 10:05Financial Performance - Total revenue for Q3 2025 reached CNY 10,076,964 thousand, representing a 41.1% increase compared to the same period last year[4] - Net profit attributable to shareholders for the year-to-date period was CNY 1,138,596 thousand, with a significant increase driven by product revenue growth and improved operational efficiency[12] - Adjusted operating profit for the first three quarters of 2025 was CNY 5,543 million, a substantial increase from CNY 520 million in the same period last year[14] - Total revenue for the first three quarters of 2025 reached RMB 27,595,233 thousand, a 44.2% increase from RMB 19,135,857 thousand in the same period of 2024[23] - Operating profit for the first three quarters of 2025 was RMB 1,544,645 thousand, compared to a loss of RMB 3,410,742 thousand in the first three quarters of 2024[24] - Net profit for the first three quarters of 2025 was RMB 1,138,596 thousand, a significant recovery from a net loss of RMB 3,686,694 thousand in the same period of 2024[24] Earnings Per Share - The company reported a basic earnings per share of CNY 0.48 for Q3 2025, with a year-to-date basic earnings per share of CNY 0.81[4] - The diluted earnings per share for Q3 2025 was CNY 0.46, with a year-to-date diluted earnings per share of CNY 0.77[5] - The company reported a basic earnings per share of RMB 0.81 for the first three quarters of 2025, recovering from a loss of RMB 2.71 in the same period of 2024[24] Research and Development - Research and development expenses totaled CNY 3,881,607 thousand for the quarter, accounting for 38.5% of total revenue, a decrease of 1.9 percentage points from the previous year[5] - Research and development expenses for the first three quarters of 2025 were RMB 11,159,244 thousand, compared to RMB 10,165,926 thousand in the same period of 2024[23] Cash Flow - Cash flow from operating activities for the year-to-date period was CNY 4,281,906 thousand, reflecting increased cash inflow due to higher product revenue[12] - In the first three quarters of 2025, the cash inflow from operating activities reached CNY 29,314,279 thousand, a 48.5% increase compared to CNY 19,749,714 thousand in the same period of 2024[26] - The net cash flow from operating activities for the first three quarters of 2025 was CNY 4,281,906 thousand, a significant recovery from a net outflow of CNY -1,841,136 thousand in 2024[26] - Cash received from sales of goods and services was CNY 28,964,747 thousand in 2025, compared to CNY 19,425,796 thousand in 2024, marking a 49.2% increase[26] Assets and Liabilities - Total assets at the end of the reporting period were CNY 54,075,712 thousand, a 26.2% increase from the end of the previous year[5] - Total assets as of September 30, 2025, amounted to RMB 54,075,712 thousand, up from RMB 42,834,708 thousand at the end of 2024[22] - Total liabilities increased to RMB 24,740,766 thousand as of September 30, 2025, compared to RMB 18,659,486 thousand at the end of 2024[22] - The company’s total current assets reached RMB 40,103,859 thousand, up from RMB 28,906,961 thousand at the end of 2024[22] Shareholder Information - As of the end of the reporting period, the total number of ordinary shareholders was 36,172, with no preferred shareholders having restored voting rights[16] - The total number of circulating shares was 1,438,083,590, with 92% (1,323,028,330 shares) being foreign circulating shares and 8% (115,055,260 shares) being domestic RMB shares[15] - The largest shareholder, Amgen, held 246,269,426 shares, representing 17.12% of total shares[16] - Baker Brothers Life Sciences, L.P. and its affiliates held 115,666,055 shares, accounting for 8.04% of total shares[16] - Capital Research and Management Company and its affiliates owned 77,379,268 shares, which is 5.38% of total shares[16] - The top ten shareholders did not participate in margin financing or securities lending activities[20] - The company has not disclosed any related party relationships among the top shareholders[18] Risks and Challenges - The company emphasizes the high risks associated with the biopharmaceutical industry, including long R&D cycles and regulatory uncertainties[20] - The company’s ability to achieve commercial success for its drug candidates is contingent on various factors, including regulatory approvals and clinical trial outcomes[20] - The company warns investors about potential risks that could significantly impact its future business plans and financial performance[20] Investment Activities - Cash outflow for investment activities totaled CNY 10,625,977 thousand in 2025, compared to CNY 2,975,746 thousand in 2024, indicating a substantial increase in investment expenditures[26] - The company received CNY 1,310,443 thousand from investment in 2025, a significant increase from CNY 303,069 thousand in 2024[26] Financing Activities - The net cash flow from financing activities was CNY 6,400,313 thousand in 2025, up from CNY 1,192,649 thousand in 2024, reflecting increased financing efforts[26] - The company reported a cash inflow of CNY 6,288,368 thousand from other financing activities in 2025, indicating new financing sources[26] Cash and Cash Equivalents - Cash and cash equivalents rose to RMB 13,933,606 thousand from RMB 12,279,419 thousand year-over-year[22] - The total cash and cash equivalents at the end of Q3 2025 amounted to CNY 13,557,097 thousand, an increase from CNY 12,179,613 thousand at the end of Q3 2024[26] - The impact of exchange rate changes on cash and cash equivalents was CNY 95,540 thousand in 2025, compared to a negative impact of CNY -12,502 thousand in 2024[26]