AKESO Loss Doubles to RMB 11.1B on R&D, Writedowns

Edgen Stock·Mar 26 2026, 16:48

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Key Takeaways

AKESO announced strong 2025 revenue growth of 43.9% to RMB 30.56 billion, but this was overshadowed by a net loss that more than doubled to RMB 11.13 billion. The increased losses stem from heavy R&D investment and a significant impairment charge on an equity investment, raising concerns about the company's path to profitability.

Revenue Growth: Annual revenue increased 43.9% year-over-year to RMB 30.56 billion.
Widening Losses: Net loss expanded to RMB 11.13 billion, more than double the RMB 5.15 billion loss from the previous year.
Key Drivers: The deficit was fueled by a RMB 3.87 billion increase in R&D spending and a RMB 2.56 billion impairment loss on its Summit Therapeutics investment.

Revenue Climbs 43.9% to RMB 30.56 Billion

AKESO (09926.HK) announced a 43.9% increase in annual revenue for 2025, reaching RMB 30.56 billion. The growth reflects strong commercial execution, with gross profit rising by 31% to RMB 24.04 billion for the year. This top-line performance indicates healthy demand for the company's products.

Net Loss More Than Doubles to RMB 11.13 Billion

Despite the strong revenue performance, the company's profitability deteriorated significantly. The net loss for 2025 expanded to RMB 11.13 billion, a sharp increase from the RMB 5.15 billion loss reported in the previous year. This translates to a loss per share of RMB 1.23, signaling deep financial pressures that overshadowed operational gains.

R&D Spending and Impairment Charges Erase Gains

The widening deficit was primarily driven by two key factors: a RMB 3.87 billion surge in research and development expenses and a substantial RMB 2.56 billion impairment loss recorded on its equity investment in Summit Therapeutics. These two items alone accounted for over RMB 6.4 billion in charges. In a move to preserve capital, the company also declared no final dividend for the year, highlighting concerns over its near-term cash burn and path to profitability.