Hong Kong – 31 Aug 2026 – JIANGXI Institute of Biological Products Inc. (JIANGXI BIO, 06915) reported a softer first half following its 30 June 2026 Main Board debut, as heavier research spending, one-off listing expenses and tax policy changes weighed on earnings.

Financial highlights (six months to 30 June 2026): • Revenue fell 16.5 % year on year to RMB 83.29 million. • Gross profit slipped to RMB 60.26 million; margin eased to 72.3 % (1H 2025: 74.5 %). • Reported net profit dropped 61.0 % to RMB 14.37 million. • Excluding IPO costs and tax-rate adjustments, adjusted net profit declined 21.7 % to RMB 38.70 million. • R&D expenses rose 18.6 % to RMB 10.98 million, equating to 13.2 % of revenue. • Net cash from financing hit RMB 334.20 million, mainly from the HK$405.83 million (RMB 352.50 million) share offer; proceeds of approximately HK$377.80 million remain unutilised. • Cash and cash equivalents jumped to RMB 407.89 million (31 Dec 2025: RMB 73.83 million); gearing stayed low at 0.1 %. • Net current assets increased to RMB 535.17 million (31 Dec 2025: RMB 196.05 million).

Operational performance: Human tetanus antitoxin (Human TAT) remained the company’s core product, contributing RMB 77.54 million, or 93.1 % of total revenue. Total sales reached 9.58 million units, split between 5.91 million units in China and 3.67 million units overseas. Overseas contracted orders during the period totalled 6.86 million units, valued at RMB 27.40 million.

Cost drivers: Management attributed the earnings contraction to five factors: higher R&D outlays, changes in national tax policies, lower investment income, increased depreciation, and the one-off listing expenses of RMB 20.76 million.

Cash flow & capex: Operating activities generated RMB 15.99 million in net cash. Investment activities were broadly neutral (-RMB 16.13 million), reflecting continued spending on plant and equipment. Contracted capital commitments stood at RMB 38.66 million.

Balance sheet & capital: Total equity expanded to RMB 842.68 million post-IPO. The company issued 36.23 million new H shares at HK$11.20 each, lifting total issued share capital to 308.38 million shares.

Dividend: No interim dividend was declared.

Outlook: Management plans to leverage its newly raised funds to reinforce its full-chain antiserum platform, accelerate clinical programmes in snake antivenom, RSV and rabies antibodies, and scale production of both human and veterinary biologics, including the recently approved Veterinary TAT and upcoming PMSG launch.