Biopharmaceuticals Top 100 Stocks Performance Scan: 40 Double-Increase, 29 Double-Decrease, "Innovation + Going Global" Drives Growth

As the 2025 annual reports are gradually disclosed, A-share biotech and pharmaceutical companies are experiencing mixed fortunes, with significant performance differentiation.

As of the evening of April 6, a total of 112 biotech and pharmaceutical companies listed on the A-share market have disclosed their annual reports, with 60 reporting year-on-year growth in net profit attributable to parent company, including 40 with both revenue and net profit attributable to parent company increasing; 52 reporting declines in net profit attributable to parent company, including 29 with both revenue and net profit decreasing.

Some pharmaceutical companies have driven performance growth through commercialization of innovative drugs and increased income from external licensing (BD); others have faced pressure due to strategic optimization and transformation efforts. Traditional Chinese medicine companies show similar patterns, with increased product sales boosting performance, while operational pressure is evident in others. Several medical consumables companies have also seen growth due to stable supply of centralized procurement products and expansion into international markets.

Industry insiders believe that the current pharmaceutical industry exhibits distinct development features: ongoing structural reforms at the payment end, with clearer directions toward medical insurance cost control and value-based payment; significant leaps in innovation capabilities at the supply end, with innovation R&D and industrial upgrading as core themes; accelerated reconstruction of health service models, with trends toward online-offline integration and precise services; and rapidly evolving consumer demand toward diversification, personalization, and technological advancement.

Innovation + Overseas Expansion Drive Pharmaceutical Performance Growth

Among the 40 companies with both revenue and net profit attributable to parent company increasing, 16 saw net profit growth exceeding 50%, with 13 doubling.

Within these 40 companies, chemical formulation companies are the most numerous, with 8. Notably, Nuocheng Jianhua (688428.SH), Microport Biomedicine (688321.SH), and Lisheng Pharmaceutical (002393.SZ) all saw their net profit attributable to parent increase by more than double year-on-year.

This marks the first time since its listing in September 2022 that Nuocheng Jianhua has turned profitable, leading to its exit from the Sci-Tech Innovation Growth tier. In 2025, Nuocheng Jianhua’s revenue reached 2.38B yuan, up 135.27% year-on-year; net profit attributable to parent was 642 million yuan, compared to a loss of 441 million yuan in the same period last year. The company states that this is mainly due to increased drug sales revenue and income from licensing agreements recognized in 2025.

Microport Biomedicine also turned profitable in 2025, with full-year revenue of 910 million yuan, up approximately 38.32%; net profit attributable to parent was 50.95 million yuan, up 144.48%. The performance growth is mainly driven by significant increases in sales of Xidabine and Siglitazone sodium. The company states in its annual report that in 2025, core innovation breakthroughs continued, commercialization capabilities improved, BD collaborations expanded, and global market deployment accelerated.

Similar to the above two companies, increased commercialization of innovative drugs and income from external licensing are the dual engines driving growth for innovative drug companies.

Leading innovative drug company Hengrui Medicine (600276.SH, 01276.HK) achieved record highs in both revenue and net profit attributable to parent in 2025. The company’s full-year revenue was 31.63B yuan, up 13.02%; net profit attributable to parent was 7.71B yuan, up 21.69%.

According to the annual report, Hengrui’s performance growth is driven by two core engines: first, sales of innovative drugs totaling 16.34B yuan, up 26.09%, accounting for 58.34% of drug sales revenue; second, income from external licensing of 3.39B yuan, up 25.62%. The company also aims for more than 30% growth in innovative drug sales revenue in 2026.

Fosun Pharma (600196.SH) also states that its performance growth stems from the deep coupling of innovation R&D and global operations. In 2025, the company achieved revenue of 41.66B yuan, up 1.45%; net profit attributable to parent was 3.37B yuan, up 21.69%. Among these, revenue from innovative drugs increased to 33.16% of the pharmaceutical business, and overseas business accounted for 31.15% of total revenue, with both core indicators growing simultaneously.

Among companies with double growth in performance, many medical consumables firms are also present, with 7 such companies. Notably, Sino Medical (688108.SH) had the largest increase in net profit attributable to parent, soaring 3057.07%. The significant profit increase is mainly due to revenue growth; in 2025, total revenue was 525 million yuan, up 14.53%. Revenue from coronary intervention business grew 21.92% year-on-year, mainly driven by continuous growth in sales of two coronary stent products and balloon products within centralized procurement scope; neurointervention revenue increased 5.30%, mainly due to a surge in product sales despite a slight decrease in unit price.

Spring Medical (688236.SH), another medical consumables company, also saw net profit attributable to parent increase by over 100%, reaching 118.05%, with revenue up 29.77%. The company states that this is mainly due to stable supply of centralized procurement products, deep expansion into international markets, and internal cost reduction and efficiency improvements, all contributing to steady profit growth.

Other companies in the medical consumables sector with performance double growth include Huitai Medical (688617.SH), Weigao Orthopedics (688161.SH), Kefu Medical (301087.SZ), Xinmai Medical (688016.SH), and Kangtuo Medical (688314.SH). Among these, Weigao Orthopedics’ revenue growth is also attributed to steady execution of volume-based procurement and increasing market share of leading domestic brands.

In the traditional Chinese medicine sector, Teyi Pharmaceutical (002728.SZ) and Wohuayao (002107.SZ) also saw their net profits attributable to parent increase by over 100%. According to the annual report, Teyi Pharmaceutical’s revenue has steadily recovered, especially driven by a significant rebound in sales of its core product “Teyi” brand cough tablets. Wohuayao’s performance growth is driven by increased revenue from cardiovascular, musculoskeletal, and antiviral respiratory medicines.

Additionally, three medical R&D outsourcing companies—WuXi Kinde (603259.SH), Boteng Co., Ltd. (300363.SZ), and Tigermed (300347.SZ)—all doubled their net profits attributable to parent. WuXi Kinde states that its growth is mainly due to continuous focus and strengthening of the CRDMO business model, sustained revenue growth, ongoing optimization of manufacturing processes and operational efficiency, and increased capacity utilization from late-stage clinical and commercialization projects; proceeds from divestment of some equity in WuXi XDCCayman Inc. and other business disposals further boosted profits.

Performance Under Pressure During Transformation

Among the 29 companies with both revenue and net profit attributable to parent decreasing, chemical formulation companies remain the most numerous, with 9 experiencing declines. Fudan Zhangjiang (688505.SH) saw the largest drop, with net profit attributable to parent decreasing by 496.23%, mainly due to the company’s product Bado not being selected in the tenth batch of national centralized procurement, and a roughly 44 million yuan increase in R&D expenses compared to the previous year.

Next is Yuekang Pharmaceutical (688658.SH), with a 312.09% decline in net profit attributable to parent, recording a loss of 262 million yuan. The annual report indicates this is mainly due to adjustments in pricing and sales strategies for the product “Ginkgo Leaf Extract Injection” at the end of 2024, causing a temporary impact on performance; R&D expenses also increased year-on-year.

Yuekang Pharmaceutical states that performance fully reflects the profound changes and severe challenges faced by related enterprises in the current pharmaceutical industry. To cope with adverse industry conditions, the company continues to optimize and adjust operational strategies to improve efficiency.

It is understood that the current industry faces increasing pressure from low levels of transformation and upgrading, weak research capabilities, limited capital, and severe pollution, leading to risks of transformation, acquisition by leading firms, or market淘汰. Companies with strong capabilities in generic and innovative drug R&D, excellent sales, and high product quality will have competitive advantages. The pace of industry consolidation is expected to accelerate, and industry concentration will increase.

In the Chinese medicine sector, six companies also experienced double declines. Among them, Huashen Technology (000790.SZ) reported a net loss of 320 million yuan, a 4689.37% decrease. The company states that the decline is due to three reasons: pressure on core operations, including price reductions for key medicines; losses from asset disposals; and impacts from asset impairment provisions.

Xintian Pharmaceutical (002873.SZ), Kunming Pharmaceutical (600422.SH), Tongrentang (600085.SH), Daren Tang (600329.SH), and Jianmin Group (600976.SH) also saw declines in revenue and net profit attributable to parent.

Industry analysts point out that current policies have established a quality assurance and innovation-driven system from source to terminal for the Chinese medicine industry. Only by transforming policy principles into standardized production, intelligent manufacturing, compliant operations, and branding strategies can companies gain an advantage amid reshaping industry patterns.

Additionally, in the raw material drug sector, Tuoxin Pharmaceutical (301089.SZ) experienced a significant decline of 250.32% in net profit attributable to parent, recording a loss of 69.66M yuan. The annual report indicates this is mainly due to fluctuations in demand and falling market prices for some raw material drugs, leading to decreased sales revenue and gross margins; and the impact of ongoing development and capacity release from newly completed projects, resulting in higher unit fixed costs. The launch of new products in the health sector also contributed to higher unit costs due to small initial production scales.

Borei Pharmaceutical (688166.SH) saw a 71.18% decrease in net profit attributable to parent. The company states that this is a normal stage of expansion from generic to innovative drugs, but without commercialization of new varieties, ongoing R&D and clinical trials pose risks of significant profit decline or losses.

Medical device company Wandong Medical (600055.SH) is experiencing the pains of transformation, reporting its first annual loss in 29 years listed, with net loss attributable to parent of 228 million yuan, down 244.81%. The company states that it is adjusting its overall marketing strategy, utilizing centralized procurement projects internally to capture mid-to-high-end market share, and actively expanding international channels. However, delays in delivery of centralized procurement projects have led to a decrease in domestic revenue compared to the previous year.

(This article is from First Financial)