Vazyme(SH:688105) Ge Long Hui A P P·2026-02-26 09:09Core Viewpoint - The company reported its 2025 annual performance, showing stable revenue but a net loss, primarily impacted by tax rate changes and performance-related adjustments [1] Financial Performance - The company achieved operating revenue of 1.378 billion yuan, which is approximately flat compared to the same period last year [1] - The net profit attributable to the parent company was a loss of 16.97 million yuan, while the net profit after deducting non-recurring gains and losses was a loss of 79.36 million yuan, both showing a reduction in losses compared to the previous year [1] Tax and Financial Adjustments - The VAT rate for the company's biological products increased from 3% to 13%, significantly adversely affecting overall revenue and profitability [1] - Due to not meeting the performance assessment targets for the 2023 restricted stock incentive plan, the company reversed previously accrued share-based payment expenses at the end of the reporting period [1] - The company also reversed part of the previously recognized deferred tax assets based on a principle of prudence, leading to an increase in income tax expenses [1] Operational Factors - The company actively expanded its innovative business and overseas markets, resulting in a year-on-year increase in related sales expenses [1] - The company continued to strengthen budget management, improving research and operational efficiency, with a slight year-on-year decrease in research and management expenses after excluding the impact of reversed share-based payment expenses [1]