Biocytogen Pharmaceuticals (02315, 688796.SH) reported a 174% surge in net profit for the first three quarters! Both revenue and gross profit accelerated, highlighting its scaled profitability.

On October 29, Biocytogen Pharmaceuticals (02315, 688796.SH) released its Q3 2026 report. In the first three quarters, the company achieved operating revenue of RMB1.403 billion, up 49.09% year-on-year; gross profit of RMB1.095 billion, up 55.35% year-on-year; net profit attributable to shareholders of RMB312 million, up 173.77% year-on-year; and non-GAAP net profit attributable to shareholders of RMB235 million, up 307.62% year-on-year. Both revenue and profit achieved rapid growth, with profitability further enhanced. In terms of profit quality, the company's overall gross margin reached 78.06% in the first three quarters, up 3.14 percentage points from the same period last year. During the same period, operating costs rose 30.40% year-on-year, lower than the 49.09% growth in operating revenue, while gross profit growth also outpaced revenue growth, indicating that as the company expands its business scale, economies of scale and product mix optimization are gradually emerging. Cash flow performance was also strong. In the third quarter, net cash flow from operating activities was RMB160 million, up 170.13% year-on-year and 37% quarter-on-quarter; cumulative net cash flow from operating activities in the first three quarters reached RMB422 million, exceeding the RMB312 million net profit attributable to shareholders for the same period and also surpassing the full-year 2025 level. Continued improvement in cash flow provides further support for the company's business expansion and R&D investment. In terms of business layout, during the reporting period, the company's new animal facility in Haimen, Jiangsu, was gradually put into operation, further enhancing the supply capacity for animal models and pharmacology/efficacy services. The company continues to improve its production capacity layout across Beijing, Haimen, and Boston to meet growing business demand and provide capacity assurance for the subsequent development of its preclinical R&D services business. At the same time, the company continues to advance the integration of AI and antibody discovery technologies. In May 2026, the company launched RenSuper Workstation, combining real fully human antibody sequence data, AI-powered intelligent molecule screening, and an automated high-throughput intelligent manufacturing system to build a closed loop from model training to experimental validation, driving antibody discovery toward platformization and industrialization. Overall, Biocytogen Pharmaceuticals not only achieved simultaneous high growth in revenue and net profit in the first three quarters, but also improved gross margin and operating cash flow, reflecting parallel scale expansion and profitability enhancement. As the new Haimen facility gradually releases capacity and the AI-driven antibody discovery platform continues to iterate, the company's subsequent performance and the translation of R&D achievements are worth watching.