3SBio reports mixed interim results, net profit up 24.6%

For the six months ended June 30, 2025, 3SBio Inc. reported a slight revenue decrease of 0.8% to 4,355.5 million yuan compared to the same period in 2024. Gross profit also saw a decline of 2.1% to 3,715.8 million yuan, with the gross profit margin narrowing from 86.5% to 85.3%. Despite this, net profit attributable to owners of the parent surged by 24.6% to 1,358.2 million yuan.

The company's sales of TPIAO, its leading product, decreased by 4.2% to 2,371.2 million yuan, primarily due to lower sales volume. EPIAO and SEPO sales combined fell by 11.7% to 455.4 million yuan, impacted by both price and volume decreases. In contrast, sales from the alopecia area, including Mandi, increased by 23.8% to 689.9 million yuan, driven by market demand and promotional efforts. CDMO business revenue also grew significantly by 76.1% to 100.9 million yuan due to increased customer orders.

EBITDA for the period rose by 11.6% to 1,832.5 million yuan. The company's liquidity remained strong, with cash and cash equivalents, non-pledged time deposits, and pledged deposits totaling approximately 4,368.8 million yuan. The gearing ratio improved from 19.7% in December 2024 to 9.9%, largely due to the repayment of outstanding Panda Bonds.