Haitai Biological faced intense questioning from investors at its earnings briefing, as the company has now recorded four consecutive years of losses with the deficit widening. In 2025, revenue reached 541 million yuan, down 16.57 percent year-on-year, while the net loss attributable to shareholders was 231 million yuan, compared with a loss of 69.35 million yuan a year earlier. In the first quarter of 2026, revenue came in at 159 million yuan, up 1.52 percent year-on-year, with a net loss attributable to shareholders of 23.05 million yuan, versus a loss of 13.93 million yuan in the same period last year. Investors repeatedly pressed on whether the company can return to profit this year and how much profit its main product, Eprinomectin, can generate. The company responded that its core business operations are steadily improving and it will make every effort to drive operational improvements and strive to turn profitable as soon as possible. Eprinomectin production capacity became the focal point of the meeting, with multiple investors asking in succession why the previously mentioned capacity release in 2026 had disappeared. The company clarified that the newly designed capacity is 1.2 million units, with the additional capacity expected to come on stream in the second half of next year, and that there is no scenario of capacity being released ahead of schedule in 2026. It stressed that the product has been included in the national medical insurance scheme and that in 2026 it will basically achieve full production and full sales. The subsidiary Jingmen Hanrui continues to be a drag on the listed company. Investors questioned whether the CDMO layout was a mistake and why the CRO referral ratio is too low. The company said Hanrui is mainly engaged in the production and sale of active pharmaceutical ingredients and intermediates, and it will push for continued loss reduction at the unit. In addition, investors expressed concern over the single-product pipeline. The company disclosed that in oncology it is advancing research on a new indication for Eprinomectin in chondrosarcoma, while in the neurology field its recombinant human nerve growth factor eye drop project is in clinical phase Ib, and it is simultaneously building multiple technology platforms. In the secondary market, as of the close on July 10, Haitai Biological shares rose 5.28 percent to 25.92 yuan per share, giving it a total market capitalisation of about 3.393 billion yuan. The stock has fallen about 6.53 percent so far this year.
Wuhan Hiteck Biological Pharma Co LtdFour consecutive years of widening losses, revenue decline, and investor concerns about profitability and capacity delays.