Net profit increased by 416%, Biocytogen Pharmaceuticals (02315) enters the commercialization phase.

In 2026, the innovative drug sector is experiencing multiple positive resonances, with a clear trend of industry recovery. On the policy front, the 2026 government work report for the first time included biopharmaceuticals in the category of emerging pillar industries, and more supportive policies are expected to be implemented; at the industry level, BD transactions have been booming recently, with the total transaction amount of Chinese innovative drug BD transactions exceeding 50 billion US dollars in only 1-2 months, close to 40% of the total for the previous year; at the market level, after a correction since October 2025, the valuation of the innovative drug sector is currently at a phase-wise low, and the certainty of bottoming out and rebounding in the future is increasing. At a time when the industry sentiment is improving, Biocytogen Pharmaceuticals (02315.HK, 688796.SH) released an impressive financial report: after turning losses into profits for the first time in 2024, the company achieved scalable profitability in 2025, with annual revenue of 1.379 billion yuan, a year-on-year increase of 40.63%; net profit attributable to shareholders increased by 416.37% to 173 million yuan, non-GAAP net profit increased by 405.39% to 116 million yuan, gross profit margin remained at 75.83%, operating cash flow reached 370 million yuan, indicating that the company has crossed the early stage of research and development investment and entered a period of continuous release of profit elasticity. High-growth financial data is a catalyst for short-term stock prices, but what is more worth paying attention to is the transformation of the company's valuation logic. Unlike simple model animal suppliers or pre-clinical CRO, Biocytogen Pharmaceuticals has grown into a platform-type biotech company with a complete innovative technology moat by building a full-chain technical system of model animals, antibody development, and pre-clinical CRO services. With a focus on the "urgent need" for new drug research and development, the real value is accelerating released.