SBP Group (Stock code: 01177) reported revenue of RMB 19.44 billion for the six months ended 30 June 2026, a 10.6% year-on-year increase, powered by rapid uptake of newly launched innovative medicines and robust out-licensing income.

Profit attributable to shareholders under HKFRS inched up 1.4% to RMB 3.43 billion. Stripping out non-cash and non-core items, underlying profit rose 8.1% to RMB 3.34 billion. Excluding dividend income from Sinovac LS, underlying profit expanded 92.3% to RMB 3.34 billion, underscoring stronger operating leverage despite lower investment-related gains.

Innovative drugs and out-licensing remained the growth engine, generating RMB 8.79 billion—up 44.3%—and accounting for 45.2% of total revenue (H1 2025: 34.7%). Pure innovative drug sales advanced 29.2% to RMB 7.81 billion, while out-licensing income surged to RMB 0.98 billion.

By therapeutic area, oncology contributed RMB 8.06 billion (41.4% of revenue), liver/cardiometabolic medicines RMB 3.38 billion (17.4%), surgery/analgesia RMB 3.21 billion (16.5%) and respiratory/autoimmune RMB 1.36 billion (7.0%).

R&D spending totalled RMB 3.29 billion, or 16.9% of revenue, reflecting continued pipeline investment. The group highlighted four new Class 1/2 drug launches and two high-value out-licensing deals: a US $1.53 billion global licence for JAK/ROCK dual inhibitor Rovadicitinib with Sanofi and a potential US $1.90 billion ex-China licence for inhaled PDE3/4 inhibitor TQC3721 with AstraZeneca.

Liquidity remained solid. Cash, bank deposits and wealth-management products reached RMB 34.58 billion, with net cash of RMB 17.41 billion. The gearing ratio stayed broadly stable at 44.4%.

An interim dividend of HK 7 cents per share was declared, up from HK 5 cents a year earlier. The book-closure period for dividend entitlement is 3–4 September 2026, with payment scheduled for 24 September 2026.