JILIN, China, April 29, 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    shares authorized; 5,666,376 and 7,391,376 shares issued and    outstanding as of December 31, 2024 and 2025, respectively)*			1				1				-
Class B ordinary shares (US$0.000025 par value; 100,000,000    shares authorized; 40,000,000 and 40,000,000shares issued and    outstanding as of December 31, 2024 and 2025, respectively)*			7				7				1
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    interests			(6,052)				(2,159)				13,184				1,885
Net income (loss) attributable to the Zhengye    Biotechnology Holding Limited's shareholders			31,457				11,311				(69,784)				(9,982)
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    non-controlling interest			(6,052)				(2,159)				13,184				1,885
Total comprehensive income (loss) attributable to    the Zhengye Biotechnology Holding Limited's    shareholders			31,457				11,314				(71,713)				(10,257)
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    equipment			1,059				108				-				-
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    property, plant and equipment			2,345				8,633				1,101				157
Liabilities assumed in connection with purchase of    intangible asset			-				-				3,602				515
Right of use assets obtained in exchange for operating    lease obligation			-				-				541				77
Reclassification of IPO expenses into additional paid-in    capital			-				-				8,663				1,239

 

 

 

 

 

Source: Zhengye Biotechnology Holding Limited Related Stocks: NASDAQ:ZYBT