Asymchem H1 2026 (HK): Revenue RMB 3.19B, Up 20.1%; Peptide Capacity to Reach 69,000 L by Year-End

H1 gross profit rose 26% to RMB 1.38B and net profit grew 23.7% to RMB 617M, completing a Q2 inflection after a weak Q1. Chemical macromolecule CDMO backlog keeps doubling; 52 clinical peptide programs include 19 obesity-related projects.

Asymchem's H-share results (6821.HK), released on August 11, showed H1 2026 revenue of RMB 3.19B, up 20.1% YoY; gross profit of RMB 1.38B, up 26%; and net profit of RMB 617M, up 23.7%. Against a Q1 where A-share net profit fell 6.82% YoY, Q2 marked a clear turn from weakness to strength.

The market responded strongly. On August 20, Asymchem's A-shares hit the daily limit at RMB 187.65, with a record single-day turnover of RMB 4.57B and market cap briefly topping RMB 65.8B — multiple all-time records. The entire pharma board rallied that day, with 38 pharma stocks hitting the limit — sparked by WuXi AppTec's better-than-expected interim report in early August.

On fundamentals, Asymchem's emerging businesses are entering a harvest period: the chemical macromolecule CDMO segment exceeded RMB 1B revenue in 2025, doubling YoY, with backlog continuing to double in 2026. The company holds 52 clinical peptide programs — 19 obesity-related and 8 in late-stage trials — and plans to expand peptide solid-phase synthesis capacity from 45,000 L to 69,000 L by end-2026.

Caveats remain: peptide commercial orders are long-cycle, with uneven revenue recognition, and the company's high overseas revenue mix exposes it to geopolitical and client-capex risks. Asymchem's A-share interim report is due August 25.