Hong Kong-listed biotech Hua Medicine reported a 74% year-over-year revenue increase in the first half of 2026, driven by higher sales of its diabetes treatment dorzagliatin. The company’s net loss narrowed to approximately CNY 30 million from CNY 60 million in the same period last year, reflecting improved operational efficiency.
Revenue reached CNY 441 million in H1 2026, up 36% from the second half of 2025 and 27% from H1 2025. Sales volume climbed 73% in packs year-over-year, while selling expenses remained stable at 33-35% of revenue. The company’s gross margin outlook points toward peak levels approaching 70% or more as production scales.
Hua Medicine’s dorzagliatin, a glucokinase activator, has been adopted by nearly 500,000 patients in mainland China since its 2023 launch. Real-world data from tier 3 hospitals showed an average HbA1c reduction of 1.2 percentage points from an initial 9.3%, with hypoglycemia rates remaining below 1%. Time in Range for long-term diabetes patients improved from under 50% to higher levels post-treatment.
Management raised its 2027 revenue target to exceed CNY 1 billion, previously set for 2027, and is targeting annual revenue of approximately CNY 900 million based on stock option vesting thresholds filed with the Hong Kong Stock Exchange. The company also expects to file a New Drug Application for a fixed-dose combination product in 2027.
Hua Medicine’s debt stood at about CNY 300 million in loans, while its share price rose 2.17% to HKD 2.59 in early trading. The stock remains well below its 52-week high of HKD 4.95 but above its low of HKD 1.97. The company’s GK Brain handheld AI agent processed 6,000 applications and 10,000 questions in its first month, supporting clinical and operational workflows.
Patent protection for dorzagliatin extends through 2034, with market opportunities for a second-generation glucokinase activator projected through 2042. Hua Medicine aims to achieve near break-even by the end of 2026 and expects a readout from its second-generation program in H2 2026.
