Zhengye Biotechnology Holding Ltd (ZYBT)

Zhengye Biotechnology Holding Limited Announces Fiscal Year 2025 Financial ResultsApril 28, 2026 4:30 PM
PR Newswire (US)

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 SummaryNet 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 ResultsNet RevenueNet 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
77.5Poultry vaccines
15,506
8.3
12,480
1,785
10.7Other vaccines
13,061
7.0
13,739
1,964
11.8Total 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 RevenueCost 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 ProfitGross 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 ExpensesTotal 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 ShareBasic 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 ConditionAs 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$4.6 million) in the fiscal year ended December 31, 2025, compared to net cash used in financing activities of RMB22.1 million in the fiscal year ended December 31, 2024.Exchange Rate InformationThis announcement contains translations of certain foreign currency amounts into U.S. dollars for the convenience of the reader. Unless otherwise stated, all translations of Renminbi ("RMB") into U.S. dollars ("US$") 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 LimitedThrough 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 StatementsThis 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.comAscent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com ZHENGYE BIOTECHNOLOGY HOLDING LIMITEDCONSOLIDATED 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 LIMITEDCONSOLIDATED 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 LIMITEDCONSOLIDATED 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
     



View original content:https://www.prnewswire.com/news-releases/zhengye-biotechnology-holding-limited-announces-fiscal-year-2025-financial-results-302756248.htmlSOURCE Zhengye Biotechnology Holding Limited

Original: Zhengye Biotechnology Holding Limited Announces Fiscal Year 2025 Financial Results

zybt...................................https://stockcharts.com/sc3/ui/?s=ZYBT&p=w&b=5&g=0&id=p86431144783

i wanted to get some at…

low 3’s but etrade wont allow it, that means it will run from here and brokers can be crooked like that.

Pump it up and flip out $7.56 

XYBT CHINA FISCAL STIMULUS SHOWING THE US STOCKS A THING OR TWO

ZYBT CHINA BIO BEAST

ZYBT BIG CHINA MOVER COMING IN

$ZYBT: Anyone getting $DGNX kinda vibes here ????

Or is it just me ??

$DGNX ran up from $4 to $140


Would be nice if there some hotties here....................






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$ZYBT: Niner Nation !!!!!!!!!

sup


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$ZYBT: Lets if it can outpace the $8s

Cuz its got alot of momo here right now

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$ZYBT: Bring on the Sevens here.................

Mentioned just a lil while ago and she goingggggggggggg...............

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=175969874


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$ZYBT: Chinese vet vaccines apparently................

In case their Bat Soup gets outta hand the next time. 😁

Zhengye Biotechnology Holding Ltd. engages in the manufacture and sale of veterinary vaccines. It offers a range of vaccines, including vaccines for swine, cattle, goats, sheep, poultry, and dogs. The company was founded on March 24, 2023 and is headquartered in Jilin City, China.


GO $ZYBT

$ZYBT: Chinese vet vaccines apparently................

Zhengye Biotechnology Holding Ltd. engages in the manufacture and sale of veterinary vaccines. It offers a range of vaccines, including vaccines for swine, cattle, goats, sheep, poultry, and dogs. The company was founded on March 24, 2023 and is headquartered in Jilin City, China.


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$ZYBT: THey been boosting this all day.............

It caught my eye but even more now as its going for newer highs.
Now $5.60

Looks like a lower float...... will see for more info
Defintely sounds like another CHINER that went IPO in January

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