Yuekang Pharmaceutical will incur a loss of 2.62B yuan in 2025, will change its fundraising focus, and concentrate on nucleic acid drug development.

Zhongfang Network Data
Yuekang Pharmaceutical Group Co., Ltd. convened its 2025 annual shareholders’ meeting on April 10, 2026. The meeting materials show that the company’s business performance in 2025 faced challenges, with full-year operating revenue of RMB 2.45B, a year-on-year decrease of 35.30%; net profit attributable to shareholders of listed companies was a loss of RMB 2.62B, a year-on-year decline of 312.09%. Despite the pressure on its performance, the company’s R&D spending reached RMB 457 million, accounting for 18.67% of revenue, a year-on-year increase of 7.51 percentage points, and it also newly obtained 101 patents.

This shareholders’ meeting will review multiple key proposals. Regarding profit distribution, given that net profit for 2025 is negative, the company plans not to distribute cash dividends, not to issue bonus shares, and not to convert capital reserve funds into share capital for 2025. Regarding the auditing firm, the company plans to reappoint RSM China Certified Public Accountants for the 2026 audit. Regarding the compensation system, the company will formulate a new 《Remuneration Management System for Directors and Senior Management Personnel》, and set the 2026 remuneration for independent directors at RMB 300k per year (including tax). The remuneration for non-independent directors and senior management personnel will be paid according to the positions they hold.

An important decision involves changes to the use of proceeds from fundraising. The company plans to terminate certain sub-projects under the “R&D Center Construction and Innovative Drug R&D Project,” and use the remaining raised funds from that project—together with the surplus raised funds from projects such as the “High-end Production Line Construction Project for Solid Oral Preparations and Small-Volume Water Injection Preparations”—to fund the addition of the “R&D Project for Small Nucleic Acid Drugs and mRNA Vaccines” and the permanent replenishment of working capital. This indicates that the company’s R&D strategic resources are further tilting toward cutting-edge technology platforms such as small nucleic acids and mRNA.

Progress in the R&D pipeline shows that in the field of innovative traditional Chinese medicine, the company has three Category 1 new drugs (injection of Hydroxysafflower Yellow A, Tongluo Jiannao tablets, and Zihua Wenfei Zhike granules). Their上市 applications are currently under review. At the same time, the company has built six major technology platforms, including small nucleic acid drug R&D, mRNA vaccine R&D, and AI drug R&D. Among them, the peptide drug YKYY017 for nebulized inhalation, designed based on the AI platform, has obtained approval for clinical trials in China and the United States.

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