Bio-Thera Solutions Ltd

Bio-Thera Solutions released its 2026 interim report, showing first-half operating revenue of 519 million yuan, up 17.35% year on year, but a net loss of 252 million yuan, with the loss widening from a year earlier. As of the end of the reporting period, net assets attributable to shareholders of the listed company stood at 124 million yuan, down 67.04% year on year, while the debt-to-asset ratio rose to 95%. First-half research and development spending totaled 468 million yuan, accounting for 90.34% of operating revenue. Bio-Thera Solutions' marketed products include adalimumab and bevacizumab, among others, with additional products in development or under regulatory review. The company's rising debt-to-asset ratio had already drawn attention in an inquiry letter regarding its 2025 annual report, when the ratio stood at 83.56% at the end of 2025. The company explained that the increase was mainly because licensing revenue was recorded as contract liabilities; excluding that item, the ratio was 46.18%.

Bio-Thera Solutions issued an announcement, projecting a net loss attributable to the parent company of between 230 million and 290 million yuan for the first half of 2026, an increase in loss of 105 million to 165 million yuan compared with the same period last year. After deducting non-recurring items, the net loss attributable to the parent is expected to be between 240 million and 300 million yuan, a year-on-year increase in loss of 68.8 million to 129 million yuan. The change in performance is mainly due to steady growth in sales of adalimumab injection and tocilizumab injection, with operating revenue rising by 60 million to 90 million yuan year-on-year, an increase of 13.58% to 20.37%, but research and development expenses are expected to increase by 100 million to 140 million yuan, a year-on-year rise of 28.67% to 40.14%, leading to a wider loss. In the first quarter of 2026, the company achieved revenue of 252 million yuan and a net loss attributable to the parent of 152 million yuan.