Rebon Pharmaceutical-B (09637) Yingxi: Revenue soared more than 7 times in the first half of the year, losses narrowed significantly, and growth potential attracted much attention

The Zhitong Finance App learned that after the market on August 6, Rebang Pharmaceutical-B (09637) issued a profit forecast announcement disclosing unaudited financial results for the six months ended June 30, 2026. During the reporting period, the Group expects to record revenue of about RMB 103 million to RMB 106 million, a sharp increase of about 750% to 775% over the same period last year; losses for the period are expected to be around RMB 158 million to RMB 178 million, which is about 15% to 25% narrower than about RMB 210 million in the same period last year.

According to the announcement, the sharp increase in revenue was mainly due to two factors: first, license revenue confirmed under the licensing and equity agreement between AP306 and R1 Therapeutics; the other was driven by sales growth in Messiro®. The narrowing of losses was mainly due to the fact that the redemption liability for some of the company's shares was terminated before listing. It was a one-time factor, and related interest was not accrued during the reporting period.

According to the news, Rebang Pharmaceutical's stock price performance in the secondary market was strong this week (August 3-6). The cumulative volume increased by nearly 20% over the four trading days, which was driven by multiple catalytic relays.

First, Hong Kong Stock Connect was in line with expectations. According to estimates from the CICC Research Report, Hang Seng Index will announce the semi-annual review results of the Hang Seng Composite Index on August 21. 49 stocks are expected to be included in the Hong Kong Stock Connect, with Libang Pharmaceuticals ranking among them. It is expected to expand the investor base and potentially increase the liquidity of H shares.

Second, the FSGS track's popularity is transmitted from US stocks. The net sales of FilsPari, the core product of Travere Therapeutics, nearly doubled in the second quarter compared to the same period last year, and FSGS indications, which had been out of medication for a long time, were repriced in the capital market. It is worth noting that the AP303 independently developed by Rebon is on the same track.

Third, the clinical value of AP303 is realized. This product is the first dual PPAR agonist of its kind. It is positioned as a disease-modifying therapy that is expected to significantly slow or stop the progression of CKD. The company independently discovered, independently developed, and held global rights. In terms of clinical progress, AP303 has completed phase I trials in Australia and China (another phase Ib trial in China), FSGS phase II IND is in hand, and is expected to advance to phase II clinical trials in the second half of 2026. The indication layout covers patients with FSGS, DKD and IgAN hyperproteinuria (basket II phase II) and ADPKD (which has been certified as an orphan drug by the FDA). From the completion of Phase I to the completion of FSGS Phase II IND, AP303 is at the starting point of realizing clinical value.

Fourth, the global development of AP306 is speeding up. The global phase IIb multi-regional clinical trial (NCT06712654) co-sponsored by the company and R1 has completed random enrollment and administration of the first test subjects. Previously, AP306 had reached a license and equity agreement with R1 regarding rights outside of Greater China. The licensing revenue confirmed by Yingxi this time also confirmed that this cooperation has entered the harvest period.

In addition, Libang Pharmaceuticals' first commercial product, Mexilla® (long-acting erythropotropin in collaboration with Roche), continues to be released. Revenue increased by about 370% year-on-year in 2025, and has been included in the national health insurance catalogue; the oral phosphorus binder AP301 has completed phase III clinical trials registered in China.