JILIN, China, April 28, 2026 /PRNewswire/ -- Zhengye Biotechnology Holding Limited (Nasdaq: ZYBT) (the "Company" or "Zhengye"), a veterinary vaccine manufacturer that encompasses research, development, manufacturing, and sales of veterinary vaccines, with a focus on livestock vaccines in China, today announced its financial results for the fiscal year ended December 31, 2025.
Mr. Songlin Song, co-chief executive officer of Zhengye, remarked, "Fiscal year 2025 was a year of resilience for Zhengye. While the broader hog market experienced low and volatile price fluctuations and government macro-control policies contributed to near-term pressure on swine vaccine demand, we remained focused on executing our strategy and driving long-term value creation. We are encouraged by the continued growth in our other vaccines segment, particularly vaccines for sheep, which contributed to improving our revenue mix. On the international front, we made progress in advancing vaccine registrations in certain overseas markets, including Egypt, Pakistan, and Vietnam, supporting our long-term expansion strategy."
"We continued to prioritize research and development as a core driver of our future growth. In 2025, we achieved several regulatory milestones, including the approval of two National Category I New Veterinary Drugs and one National Category III New Veterinary Drug from the Ministry of Agriculture and Rural Affairs. We also secured new product approvals across multiple animal species, including swine, poultry, cattle, and sheep, further broadening our commercial offerings. We believe these achievements reflect our ongoing innovation efforts and support our long-term growth strategy."
Mr. Aiden Han, co-chief executive officer of Zhengye, added, "With our Nasdaq listing, we further strengthened our capital base and financial position, providing a foundation to support our strategic priorities. We ended the year with a stronger cash position of RMB50.3 million, representing an increase from the prior year, which is expected to enhance our ability to invest in research and development, expand our product portfolio, and support future growth initiatives."
"Looking ahead, we are encouraged by early signs of a gradual recovery in China's swine market, with industry expectations pointing to a potential price inflection point around mid-year in 2026. We aim to deepen strategic customer engagement, strengthen our product portfolio, expand our customer service ecosystem, and selectively pursue opportunities in the companion animal sector as a new growth driver. We believe these initiatives, together with our operational foundation, will support our ability to navigate industry cycles. We are grateful for the support of our shareholders, customers, and partners, and remain committed to building on our progress as we navigate this period and lay a foundation for Zhengye's long-term growth."
Fiscal Year 2025 Financial Summary
- Net revenue was RMB116.4 million (US$16.6 million) in the fiscal year ended December 31, 2025, compared to RMB186.4 million in the fiscal year ended December 31, 2024.
- Gross profit was RMB23.9 million (US$3.4 million) in the fiscal year ended December 31, 2025, compared to RMB91.3 million in the fiscal year ended December 31, 2024.
- Gross profit margin was 20.5% in the fiscal year ended December 31, 2025, compared to 49.0% in the fiscal year ended December 31, 2024.
- Total operating expenses were RMB94.4 million (US$13.5 million) in the fiscal year ended December 31, 2025, compared to RMB74.9 million in the fiscal year ended December 31, 2024.
- Net loss was RMB83.0 million (US$11.9 million) in the fiscal year ended December 31, 2025, compared to net income of RMB13.5 million in the fiscal year ended December 31, 2024.
- Basic and diluted loss per share was RMB1.47 (US$0.21) in the fiscal year ended December 31, 2025, compared to basic and diluted earnings per share of RMB0.25 in the fiscal year ended December 31, 2024.
Fiscal Year 2025 Financial Results
Net Revenue
Net revenue was RMB116.4 million (US$16.6 million) in the fiscal year ended December 31, 2025, representing a decrease of 37.6% from RMB186.4 million in the fiscal year ended December 31, 2024.
For the years ended December 31,
2024 2025
(in thousands, except for percentages)
Revenue RMB % RMB US$ %
Swine vaccines 157,789 84.7 90,143 12,890 77.5
Poultry vaccines 15,506 8.3 12,480 1,785 10.7
Other vaccines 13,061 7.0 13,739 1,964 11.8
Total revenue 186,356 100 116,362 16,639 100
- Revenue from sales of swine vaccines was RMB90.1 million (US$12.9 million) in the fiscal year ended December 31, 2025, decreased from RMB157.8 million in the fiscal year ended December 31, 2024. This decrease was primarily driven by a downturn in the hog market in 2025, characterized by low and volatile prices. Additionally, government macro-control policies aimed at reducing the inventory of productive sows to alleviate periodic oversupply contributed to the reduced demand for swine vaccines.
- Revenue from sales of poultry vaccines was RMB12.5 million (US$1.8 million) in the fiscal year ended December 31, 2025, decreased from RMB15.5 million in the fiscal year ended December 31, 2024. The decrease was primarily due to normal market fluctuations.
- Revenue from sales of other vaccines was RMB13.7 million (US$2.0 million) in the fiscal year ended December 31, 2025, increased from RMB13.1 million in the fiscal year ended December 31, 2024. The increase in sales of other vaccines was caused by the increased sales of the vaccines for sheep.
Cost of Revenue
Cost of revenue was RMB92.5 million (US$13.2 million) in the fiscal year ended December 31, 2025, representing a decrease of 2.7% from RMB95.1 million in the fiscal year ended December 31, 2024. The decrease was mainly due to the decrease in the cost of swine vaccines.
Gross Profit
Gross profit was RMB23.9 million (US$3.4 million) in the fiscal year ended December 31, 2025, decreased from RMB91.3 million in the fiscal year ended December 31, 2024.
Gross profit margin was 20.5% in the fiscal year ended December 31, 2025, decreased from 49.0% in the fiscal year ended December 31, 2024, mainly due to the lower sales price and unchanged fixed cost.
Operating Expenses
Total operating expenses were RMB94.4 million (US$13.5 million) in the fiscal year ended December 31, 2025, increased from RMB74.9 million in the fiscal year ended December 31, 2024.
- Sales and marketing expenses were RMB43.9 million (US$6.3 million) in the fiscal year ended December 31, 2025, increased from RMB41.3 million in the fiscal year ended December 31, 2024. The increase in sales and marketing expenses was primarily due to higher payroll for sales staffs, and increased advertising expenses and entertainment, partially offset by a decrease in marketing promotion expenses.
- General and administrative expenses were RMB31.0 million (US$4.4 million) in the fiscal year ended December 31, 2025, increased from RMB22.6 million in the fiscal year ended December 31, 2024. The increase in general and administrative expenses was attributed to the increase in professional technical services and in depreciation and amortization.
- Research and development expenses were RMB18.0 million (US$2.6 million) in the fiscal year ended December 31, 2025, increased from RMB12.8 million in the fiscal year ended December 31, 2024. The increase in research and development expenses mainly resulted from an increase in research and development projects, which led to an increase in materials.
Net Income (Loss)
Net loss was RMB83.0 million (US$11.9 million) in the fiscal year ended December 31, 2025, compared to net income of RMB13.5 million in the fiscal year ended December 31, 2024.
Basic and Diluted Earnings (Loss) per Share
Basic and diluted loss per share was RMB1.47 (US$0.21) in the fiscal year ended December 31, 2025, compared to basic and diluted earnings per share of RMB0.25 in the fiscal year ended December 31, 2024.
Financial Condition
As of December 31, 2025, the Company had cash of RMB50.3 million (US$7.2 million), compared to RMB18.6 million as of December 31, 2024.
Net cash provided by operating activities was RMB13.3 million (US$1.9 million) in the fiscal year ended December 31, 2025, compared to RMB41.0 million in the fiscal year ended December 31, 2024.
Net cash used in investing activities was RMB12.6 million (US$1.8 million) in the fiscal year ended December 31, 2025, compared to RMB27.7 million in the fiscal year ended December 31, 2024.
Net cash provided by financing activities was RMB32.3 million (US$4.6 million) in the fiscal year ended December 31, 2025, compared to net cash used in financing activities of RMB22.1 million in the fiscal year ended December 31, 2024.
Exchange Rate Information
This announcement contains translations of certain foreign currency amounts into U.S. dollars for the convenience of the reader. Unless otherwise stated, all translations of Renminbi ("RMB") into U.S. dollars ("US$") were made at RMB6.9931 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on December 31, 2025.
About Zhengye Biotechnology Holding Limited
Through Jilin Zhengye Biological Products Co., Ltd., the Company's operating entity based in Jilin, China, Zhengye Biotechnology Holding Limited focuses on the research, development, manufacturing, and sales of veterinary vaccines, with an emphasis on vaccines for livestock. For over 20 years, the operating entity has been committed to enhancing the health of animals. The operating entity has 50 veterinary vaccines, including vaccines for swine, cattle, goats, sheep, poultry, and dogs. The operating entity's products are available in 29 provincial regions across China and are exported overseas to Vietnam, Pakistan, and Egypt as of the date of this press release. The operating entity has three GMP veterinary vaccine production floors (including 13 GMP vaccine production lines), one quality examination center, and one animal facility for vaccine development. The operating entity has 49 employees who have over a decade of tenure and experience in the veterinary vaccine industry. For more information, please visit the Company's website: http://ir.jlzybio.com.
Forward-Looking Statements
This announcement contains statements that may constitute "forward-looking" statements which are made pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. Investors can find many (but not all) of these statements by the use of words such as "approximates," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "will," "would," "should," "could," "may" or other similar expressions in this announcement. Statements that are not historical facts, including statements about the Company's beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the United States Securities and Exchange Commission.
For more information, please contact:
Zhengye Biotechnology Holding Limited
Investor Relations Department
Email: ir@jlzybio.com
Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com
ZHENGYE BIOTECHNOLOGY HOLDING LIMITED
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands of RMB and US$, except for number of shares)
As of December 31,
2024 2025
RMB RMB US$
ASSETS
Current assets:
Cash 18,604 50,332 7,197
Restricted cash 2 2
Short-term investments 1,433 1,560 223
Notes receivable, net 25,592
Accounts receivable, net 59,563 18,485 2,643
Advance to suppliers 10,788 2,208 316
Inventories, net 58,220 39,166 5,601
Prepayments and other current assets, net 2,626 25,667 3,670
Other receivable-a related party 738
Total current assets 177,566 137,420 19,650
Non-current assets:
Property, plant and equipment, net 255,164 236,812 33,863
Land use rights, net 7,930 7,673 1,097
Intangible assets, net 14,850 47,084 6,732
Right-of-use assets, net 469 67
Long-term prepayments 18,698 7,014 1,003
Deferred IPO expenses 8,048
Net deferred tax assets 10,991
Total non-current assets 315,681 299,052 42,762
Total assets 493,247 436,472 62,412
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term loans 74,443 65,100 9,309
Current maturities of long-term loans 7,190 700 100
Operating lease liability-current 106 15
Accounts payable 42,960 44,010 6,296
Contract liabilities 3,485 4,752 680
Taxes payable 2,066 2,345 335
Amount due to related parties 146
Accrued expenses and other liabilities 5,617 3,463 495
Total current liabilities 135,907 120,476 17,230
Non-current liabilities:
Long-term loans 4,800 8,850 1,266
Operating lease liability-non-current 327 47
Deferred tax liabilities 104 15
Total non-current liabilities 4,800 9,281 1,328
Total liabilities 140,707 129,757 18,558
Commitments and contingencies
Shareholders' equity:
Class A ordinary shares (US$0.000025 par value; 1,900,000,000 1 1
shares authorized; 5,666,376 and 7,391,376 shares issued and
outstanding as of December 31, 2024 and 2025, respectively)*
Class B ordinary shares (US$0.000025 par value; 100,000,000 7 7 1
shares authorized; 40,000,000 and 40,000,000shares issued and
outstanding as of December 31, 2024 and 2025, respectively)*
Additional paid-in capital 203,150 240,752 34,427
Statutory reserves 32,647 32,647 4,668
Retained earnings (deficit) 48,151 (21,633) (3,099)
Accumulated other comprehensive income 3 (1,926) (275)
Total Zhengye Biotechnology Holding Limited's shareholders' equity 283,959 249,848 35,722
Noncontrolling interests 68,581 56,867 8,132
Total equity 352,540 306,715 43,854
Total liabilities and equity 493,247 436,472 62,412
* As of December 31, 2025, share reclassification was retroactively restated with effective date of March 24, 2026
ZHENGYE BIOTECHNOLOGY HOLDING LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(LOSS)
(Amounts in thousands of RMB and US$, except for number of shares and per share data)
For the years ended December 31,
2023 2024 2025
RMB RMB RMB USD
Net revenues 211,651 186,356 116,362 16,639
Cost of revenues (94,143) (95,061) (92,493) (13,227)
Gross profit 117,508 91,295 23,869 3,412
Sales and marketing expenses (40,743) (41,269) (43,918) (6,280)
General and administrative expenses (23,592) (22,575) (31,006) (4,434)
Research and development expenses (11,901) (12,794) (18,013) (2,576)
Reversal of (provision for) credit losses 3,714 1,782 (1,438) (206)
Total operating expenses (72,522) (74,856) (94,375) (13,496)
Operating income (loss) 44,986 16,439 (70,506) (10,084)
Other income (expenses):
Interest income 312 231 96 14
Interest expense (4,423) (4,043) (3,400) (486)
Unrealized gains on short-term investments 209 127 18
Unrealized foreign exchange gain (loss) 679 (312) (45)
Government subsidy 2,653 733 2,252 322
Other expenses (income) 234 146 (130) (19)
Total other expenses, net (1,224) (2,045) (1,367) (196)
Income (loss) before income taxes 43,762 14,394 (71,873) (10,280)
Income tax expenses (6,253) (924) (11,095) (1,587)
Net income (loss) 37,509 13,470 (82,968) (11,867)
Net (income) loss attributable to noncontrolling (6,052) (2,159) 13,184 1,885
interests
Net income (loss) attributable to the Zhengye 31,457 11,311 (69,784) (9,982)
Biotechnology Holding Limited's shareholders
Comprehensive income (loss)
Net income (loss) 37,509 13,470 (82,968) (11,867)
Other comprehensive income (loss)
Foreign currency translation adjustment 3 (1,929) (275)
Total comprehensive income (loss) 37,509 13,473 (84,897) (12,142)
Total comprehensive (income) loss attributable to (6,052) (2,159) 13,184 1,885
non-controlling interest
Total comprehensive income (loss) attributable to 31,457 11,314 (71,713) (10,257)
the Zhengye Biotechnology Holding Limited's
shareholders
Earnings (loss) per share:
-Basic and diluted - Class A Ordinary shares 0.69 0.25 (1.47) (0.21)
-Basic and diluted - Class B Ordinary shares 0.69 0.25 (1.47) (0.21)
Weighted average shares outstanding used in
calculating basic and diluted earnings per share:
Ordinary shares - basic and diluted 45,666,376 45,666,376 47,349,869 47,349,869
Basic and diluted - Class A Ordinary shares* 5,666,376 5,666,376 7,349,869 7,349,869
Basic and diluted - Class B Ordinary shares* 40,000,000 40,000,000 40,000,000 40,000,000
* As of December 31, 2025, share reclassification was retroactively restated with effective date of March 24, 2026.
ZHENGYE BIOTECHNOLOGY HOLDING LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands of RMB and US$, except for number of shares)
For the years ended December 31,
2023 2024 2025
RMB RMB RMB US$
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) 37,509 13,470 (82,968) (11,867)
Adjustments to reconcile net income (loss) to net cash
provided by operating activities:
Depreciation and amortization 23,912 24,163 25,883 3,702
Amortization of operating lease right-of-use assets 72 10
Provision for (reversal of) credit losses (3,714) (1,782) 1,438 206
Impairment for inventory 10,026 5,962 12,801 1,831
Loss on disposal of property and equipment 187 174
Deferred tax expenses 541 924 11,095 1,587
Unrealized gains on short-term investments (209) (127) (18)
Unrealized foreign exchange (gain) loss (679) 312 45
Changes in operating assets and liabilities:
Notes receivable 8,310 (3,752) 20,962 2,998
Accounts receivable 31,044 16,345 39,709 5,678
Advance to suppliers (619) (7,677) 1,979 283
Inventories (12,902) (5,882) 6,252 894
Prepayments and other current assets (563) (1,283) (23,306) (3,333)
Other receivable-a related party (738) 738 106
Operating leases liabilities (108) (15)
Accounts payable (35,613) (404) (3,362) (478)
Taxes payable (7,702) (229) 279 40
Contract liabilities (715) (400) 1,267 182
Accrued expense and other liabilities (582) 2,698 417 60
Other payables - non-current (197) (393)
Net cash provided by operating activities 48,184 41,046 13,333 1,911
CASH FLOWS FROM INVESTING ACTIVITIES
Loans to related party (7,000) (1,001)
Repayment of lending to related party 7,000 1,001
Purchase of short-term investments (1,224)
Purchase of property, plant and equipment (7,396) (13,587) (1,008) (144)
Prepayment for purchase of intangible assets (4,204) (14,186) (11,622) (1,662)
Proceeds from disposal of property, plant and 1,059 108
equipment
Net cash used in investing activities (11,765) (27,665) (12,630) (1,806)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from loans 79,860 90,122 70,468 10,077
Repayment of loans (54,890) (92,860) (82,562) (11,806)
Repayment of related parties (146) (20)
Proceeds from related parties 146
Dividend payment to shareholders (39,452) (16,023)
Deferred IPO expenses (4,497) (3,514)
Proceeds from initial public offering 43,080 6,160
Shareholder contribution 1,470 210
Net cash provided by (used in) financing activities (18,979) (22,129) 32,310 4,621
Effect of exchange rate changes on cash 168 (1,285) (190)
Net increase (decrease) in cash and restricted cash 17,440 (8,580) 31,728 4,536
Cash and restricted cash at beginning of year 9,746 27,186 18,606 2,661
Cash and restricted cash at end of year 27,186 18,606 50,334 7,197
SUPPLEMENTAL DISCLOSURE OF CASH
FLOW INFORMATION:
Cash paid for:
Interest 4,423 3,985 3,356 480
Income taxes 10,486 116
NON-CASH INVESTING AND FINANCING
ACTIVITIES:
Liabilities assumed in connection with purchase of 2,345 8,633 1,101 157
property, plant and equipment
Liabilities assumed in connection with purchase of 3,602 515
intangible asset
Right of use assets obtained in exchange for operating 541 77
lease obligation
Reclassification of IPO expenses into additional paid-in 8,663 1,239
capital
View original content:https://www.prnewswire.com/news-releases/zhengye-biotechnology-holding-limited-announces-fiscal-year-2025-financial-results-302756248.html
SOURCE Zhengye Biotechnology Holding Limited
