Porton Pharma 2026 Interim Results: Revenue RMB 1.79B, Up 10% YoY; Continuing-Operations Profit Surges 329%

Excluding a RMB 330M impairment from terminating the Slovenia project, continuing-operations net profit reached RMB 92.3M, up ~329% YoY. Gross margin improved by nearly 5 ppts; CGT and New Molecules order intake grew 75% and 84% respectively.

Chongqing Porton Pharmaceuticals (300363.SZ) has released its 2026 semi-annual report. In the first half, the company continued its "high-value customers, high-value projects" strategy, generating revenue of RMB 1.79B, up ~10% YoY (~14% at constant exchange rates).

Net profit attributable to shareholders was -RMB 224M, mainly due to a RMB 330M asset impairment provision related to the termination of its Slovenia investment project. Excluding this one-off item, continuing-operations net profit was RMB 92.3M, up ~329% YoY, driven by scale effects on revenue and a gross margin recovery: H1 gross margin was ~32%, up nearly 5 ppts YoY, with overseas market margin at ~45%, up ~4 ppts.

By segment, the small-molecule API business served 380+ global clients and added 43 new customers in H1. Signed project orders (excluding J-STAR) reached 572, including 110 new projects; 398 projects were delivered, with 123 in the commercialized stage. The company completed 3 process validation (PV) projects, with 25 ongoing — building a reserve for future commercial work.

The cell & gene therapy (CGT) business stood out: new orders reached ~RMB 91.9M, up ~75% YoY, with overseas clients accounting for 38%. Subsidiary Porton Bio (Suzhou) completed its first cell-therapy PV project and obtained its first Drug Manufacturing License (C license) during the reporting period, formally extending its CGT CDMO services into the commercial stage.

The New Molecules business also grew strongly, with new orders of ~RMB 77M, up ~84% YoY, including successful full-cycle delivery of a dual-payload ADC process development and GMP IND clinical supply project. Porton has started expanding high-potency lines at its Fengxian plant, expected to come online in Q1 2027.