Zhengye Biotechnology Sees 37.6% Revenue Drop to RMB116.4M, RMB83M Loss
Zhengye Biotechnology’s FY2025 revenue fell 37.6% to RMB116.4 million with gross profit margin contracting to 20.5%, resulting in a net loss of RMB83.0 million. The company held RMB50.3 million in cash at year-end and secured approvals for three National Category new veterinary drugs.
1. Fiscal Year 2025 Results
Zhengye’s net revenue dropped 37.6% to RMB116.4 million in FY2025 from RMB186.4 million, driven by a downturn in swine vaccine demand due to low hog prices and macro-control policies. Gross profit fell to RMB23.9 million, yielding a 20.5% margin, and the company recorded a net loss of RMB83.0 million.
2. R&D Achievements
Research and development remained core to Zhengye’s strategy, achieving approval of two National Category I New Veterinary Drugs and one Category III New Veterinary Drug from the Ministry of Agriculture and Rural Affairs. The company also secured new product approvals across swine, poultry, cattle and sheep, boosting sales of sheep vaccines and diversifying its revenue mix.
3. Cash Position and Outlook
Zhengye ended FY2025 with RMB50.3 million in cash, strengthened by its Nasdaq listing, to support R&D and portfolio expansion. International expansion advanced with vaccine registrations in Egypt, Pakistan and Vietnam, and the company expects a potential swine market price inflection around mid-2026 to drive vaccine demand.