Tepao Bio: Net profit attributable to parent exceeds 1 billion yuan in 2025, with multiple R&D pipelines progressing simultaneously

CICC Securities Journal, CICC.com, news report (Reporter Fu Suying) Tebao Biotech recently released its 2025 annual report. The company achieved full-year operating revenue of RMB 3.696 billion, up 31.18% year over year; net profit attributable to shareholders was RMB 1.031 billion, up 24.61% year over year; and net cash flow from operating activities was RMB 729 million, up 69.37% year over year. The company’s performance growth logic is moving from relying on volume growth of a single product to a systematic development model of “a clearly defined cure pathway + a diversified product combination.”

In October 2025, the core product Pegbermin (nucleoside (acid)) analog for adult patients with chronic hepatitis B achieved approval for an expanded indication for increased clearance of HBsAg sustainedly, providing an anchor benchmark for future stratified treatment and combination optimization around different populations and different surface antigen levels. For years, Tebao has been continuously developing treatment plans for different patient populations infected with hepatitis B. In the future, it hopes to further expand the cornerstone drug role of Pegbermin in hepatitis cancer prevention and hepatitis B standardized treatment to the full hepatitis B population.

Tebao Biotech has developed its R&D pipeline around two major directions: “targeting the viral lifecycle” and “strengthening host immune control.” Among them, ACT201 is an innovative antisense oligonucleotide (ASO) that targets the viral lifecycle. It has completed preclinical studies and is expected to submit an IND application in the second quarter of 2026. ACT400, as an mRNA therapeutic vaccine, can induce strong, multi-target T-cell immune responses and plays an important role in breaking viral immune suppression and preventing relapse. It is currently in the preclinical research stage. ACT560 is an immune agonist targeting the ALPK1 target; it can address the problem of insufficient response to interferon treatment in some patients and provides a new path for treating hard-to-treat populations. The drug has completed preclinical studies such as candidate compound screening and non-clinical pharmacodynamic exploration.

While continuing to deepen its efforts in the immunology field, Tebao Biotech has successfully expanded into the metabolic disease sector. Its independently developed, National Class 1 innovative long-acting growth hormone “Yipainsheng” has become the company’s second engine for performance growth. In May 2025, Yipainsheng was approved for the indication of childhood growth hormone deficiency (GHD). That year, in December, it was included in medical insurance. Starting from January 1, 2026, it will be implemented nationwide.

At present, Tebao Biotech is actively advancing indication expansion for Yipainsheng. Among them, Turner syndrome (TS) has completed Phase II clinical studies, and preparations for Phase III are underway. Phase III clinical trials are being conducted for idiopathic short stature (ISS) and small for gestational age (SGA) related indications.

In addition, recombinant human growth hormone can also be used in adult areas such as growth hormone deficiency (AGHD), metabolic conditions, and anti-aging. For AGHD, Tebao Biotech has already completed Phase Ib safety and tolerability studies in elderly populations, and Phase IIa clinical research is currently being advanced.

In 2025, Tebao Biotech’s total R&D investment was RMB 423 million, with R&D investment accounting for 11.44% of operating revenue. Over the most recent three accounting years, its cumulative R&D investment exceeded RMB 1.0 billion. Currently, Tebao Biotech has core platforms including PEGylated recombinant protein modification, manufacturing of therapeutic protein drugs, nucleic acid drug modification and screening, and development of innovative drug delivery carriers. At the same time, it continues to deepen its efforts in areas such as mRNA, gene therapy, and small nucleic acid drugs, providing end-to-end technical support for the R&D of various innovative drugs.

【Source: China Securities Journal · CICC.com】