Nanjing Vazyme Biotech Co Ltd

STAR Market Daily, August 27 — Vazyme has disclosed its 2026 interim report. The company's revenue returned to double-digit growth, and net profit swung from a loss to a slight profit, but net profit after deducting non-recurring items remained in the red. During the reporting period, the company achieved operating revenue of about 700 million yuan, up 15.54 percent year on year. Net profit attributable to the parent company was 10.9625 million yuan, up 250.31 percent year on year. Net profit attributable to the parent company after deducting non-recurring items was negative 24.9392 million yuan, narrowing the loss by 8.2033 million yuan year on year. Looking at the second quarter alone, revenue was 380 million yuan, up 18.2 percent year on year, and net profit attributable to the parent company was 6.78 million yuan, up 456.1 percent year on year, but the figure after deducting non-recurring items was still a loss of 10.94 million yuan. The gap between net profit attributable to the parent company and net profit after deducting non-recurring items mainly came from non-recurring gains and losses such as government subsidies, meaning the core business has not yet achieved stable profitability. In addition, financial expenses were about 13.65 million yuan, surging 857.60 percent year on year, mainly affected by exchange gains and losses. Net cash flow from operating activities was 24.3047 million yuan, up 1,052.10 percent year on year, while accounts receivable grew only 1.87 percent, indicating an improving collection structure. Vazyme is a biotechnology company with more than 1,300 genetically engineered recombinant enzymes and over 6,000 high-performance antigens and monoclonal antibodies as key raw materials, forming more than 3,000 end products. Looking back from 2023 to 2025, the company posted losses for three consecutive years. In 2023, revenue plunged from nearly 3.6 billion yuan to 1.286 billion yuan due to the decline in COVID-related business. In 2025, profit improvement was limited by the impact of value-added tax policy adjustments. 2026 is a critical year. The company is in the early stage of confirming an earnings inflection point and rebuilding its valuation, but profit after deducting non-recurring items has not yet turned positive, domestic competition is intense, and the sustainability of overseas business expansion still needs to be observed.