Aidi Pharmaceuticals’ stock hits the daily limit (limit-up): 2025 performance expected to rebound, with revenue from innovative HIV drugs growing nearly 90% year-on-year

Each Daily Reporter｜Xu Lipobo    Each Daily Editor｜Zhang Yiming

After delivering a 2025 performance report marked by revenue growth and narrowed losses, today (April 1), Aide Pharma (SH688488, share price 17.82 yuan, market cap 7.498 billion yuan)—an innovative drug company in China focused on HIV (human immunodeficiency virus) drug R&D—saw its stock rise again to hit the “20cm” daily limit-up.

According to Aide Pharma’s 2025 annual report released on the evening of March 30. In 2025, the company achieved total operating revenue of 719 million yuan, up 72.13%; the total profit turned from loss to profit, reaching 24.6408 million yuan; and the net profit attributable to shareholders was a loss of 19.5323 million yuan, with the loss narrowing by 86.17% versus the same period last year.

The improvement in performance was mainly driven by growth in Aide Pharma’s core business—the innovative HIV drug segment. In 2025, the company’s HIV innovative drugs generated sales revenue of 284 million yuan, up 89.72%. In addition, after Aide Pharma completed a controlling acquisition of Nanjing Nanda Pharmaceutical Co., Ltd. in 2024, the latter also became a stable source of profitability for the listed company, delivering net profit of 60.7009 million yuan in 2025.

Company materials show that Aide Pharma’s main business involves the R&D, production, and sales of anti-HIV drugs and human-derived protein-related drugs. In the anti-HIV space, the company focuses on innovative drugs such as HIV multi-target, long-acting, and fixed-dose combination formulations.

Aide Pharma has two Category 1 new drugs that are already approved and on the market. Among them, Enovirin Tablets (brand name: Aibond) were approved in 2021 and are China’s first oral anti-HIV new drug with independently owned intellectual property rights. Another core product, Anomitiv Tablets (brand name: Fabond), was approved and launched in late 2022; it is China’s first tri-therapy, single-tablet fixed-dose combination innovative anti-HIV drug. The drug is also a fixed-dose combination formulated by adding two nucleoside reverse transcriptase inhibitors on the basis of Enovirin Tablets. At present, both of these drugs have been included in the National Reimbursement Drug List.

Although the approval timeline of Enovirin Tablets is earlier than that of Anomitiv Tablets, judging from various data, Anomitiv Tablets has effectively caught up and become the absolute mainstay in the company’s anti-HIV innovative drug segment. The annual report shows that in 2025, Anomitiv Tablets generated sales revenue of about 254 million yuan, while Enovirin Tablets—which was approved earlier—recorded only 30.3295 million yuan in the same period.

It is worth noting that, generally speaking, by using several drugs with different mechanisms in combination, fixed-dose combination formulations can usually effectively reduce the risk of the virus developing resistance to a single drug. Therefore, from market performance, Anomitiv Tablets can to a certain extent be described as an “upgraded substitute” for Enovirin Tablets; the rise and fall in sales volume clearly shows this trend: Enovirin Tablets’ sales in 2022 were 33.495 million yuan, falling to 24.735 million yuan in 2023; meanwhile, in nearly the same period, Anomitiv Tablets, leveraging its tri-therapy single-tablet fixed-dose combination attribute, saw sales climb to 48.8438 million yuan in 2023. At that time, the company had also explained that “Anomitiv Tablets affected the terminal sales of Enovirin Tablets.”

The company also shows emphasis on Anomitiv Tablets on the production side. Data show that in 2025, the production volume of Anomitiv Tablets increased by 25.21% year over year, while the production volume of Enovirin Tablets decreased by 33.87% year over year. The company explained in its annual report that this is mainly because, in the current period, it focused on promoting Anomitiv Tablets, indicating that the company’s internal resources are tilting toward this single-tablet fixed-dose combination innovative drug with greater market potential.

Africa, the region with the highest proportion of global HIV patients, is the core market of Aide Pharma’s overseas commercialization strategy. In July 2025, Anomitiv Tablets were officially approved for marketing in Zanzibar; in February 2026, Anomitiv Tablets obtained Tanzania ML3-level GMP (Good Manufacturing Practice for pharmaceuticals) certification. This is the first time China’s independently developed anti-AIDS new drug has been implemented in Africa.

Regarding R&D, according to the annual report, Aide Pharma has 12 in-development projects, with core components including 6 Category 1 new drugs and 5 Category 2 new drugs. In 2025, the company’s total R&D investment was 116 million yuan, up 8.18%; R&D investment as a percentage of revenue was 16.17%. As of the end of 2025, the company’s balance of cash and cash equivalents was 365 million yuan.

Looking at pipeline progress, in the integrase inhibitor field, the next-generation integrase inhibitor ACC017 has started Phase III clinical trials; the tri-therapy fixed-dose combination formulation ADC118 based on ACC017 has also been approved for clinical trials, becoming the first integrase inhibitor innovative fixed-dose combination formulation to enter clinical use in China. In the prevention area, the company has taken a forward-looking approach to long-acting HIV exposure prevention (PrEP) drugs; ACC085 injection is a new-structure HIV-1 capsid function inhibitor, and its clinical trial application has been accepted; ACC077 is also in preclinical development and is intended for long-acting PrEP.

China’s anti-HIV drug market has a high degree of market concentration and has formed an oligopoly dominated by a few companies. According to data from Metrong Consulting, in 2023, Gilead and GSK together accounted for about 90% of China’s AIDS drug market; by comparison, domestic pharmaceutical companies still hold relatively small shares in the anti-HIV drug market. The combined market share of companies such as Frontier Bio and Aide Pharma is less than 10%.

From the perspective of technical barriers and the development of domestically made drugs, there are currently relatively few pharmaceutical companies in China that have laid out innovative drugs for AIDS. Only four domestically developed innovative drugs have been launched: Aibowei Tai from Frontier Bio, Enovirin and Anomitiv from Aide Pharma, and Azvudine from Zhenyi Bio. The advantages of domestic drugs mainly lie in stronger local clinical fit, controllable production costs, and more broadly accessible and high value-for-money pricing. However, compared with international mainstream products, there are still shortcomings in international recognition, ability to expand overseas, market share, and long-acting technology.

In its annual report, Aide Pharma stated that, from the treatment trends of anti-HIV drugs, treatment regimens centered on integrase strand transfer inhibitors (INSTIs), backed by strong antiviral activity, rapid onset, high resistance barrier, and superior safety in clinical practice, have become the core regimens recommended by mainstream HIV antiretroviral treatment guidelines both domestically and internationally. At present, globally, multiple integrase inhibitor single drugs and combination formulations have already been marketed. Among them, Gilead’s Biktarvy recorded an estimated global sales revenue of about $14.3 billion in 2025, up 7% year over year; its share in the U.S. market exceeded 52%, making it the anti-AIDS drug with the highest prescription volume worldwide—fully evidencing the market recognition for this product category and the vast demand space.

On the other hand, long-acting anti-HIV drugs have become an important direction for industry innovation breakthroughs. In recent years, long-acting injectables such as cabotegravir and rilpivirine, as well as lenacapavir, have been successively approved and launched internationally, achieving a leap from “daily dosing” to “monthly dosing,” and even “one dose every six months.” In particular, Gilead’s HIV-1 capsid inhibitor lenacapavir has been ranked as the “No. 1 Science Breakthrough of 2024” by Science magazine, thanks to clinical data showing the dosing approach of “only two injections per year” and 100% prevention efficacy. Because lenacapavir’s PrEP indication for prevention of exposure was approved in the U.S. only in the middle of last year, Gilead did not disclose its sales details in the annual report, only saying that the product has performed strongly across multiple indicators and is expected to achieve $800 million in sales in 2026. In the domestic market, at an interview with media, Jin Fangqian, Gilead Sciences’ global vice president and general manager for China, revealed that lenacapavir will submit its marketing application in China in 2026, and is expected to receive approval and be launched in China in 2027.

However, due to its high price, the impact of lenacapavir on China’s anti-HIV drug market remains to be observed. Aide Pharma previously told reporters from The Daily Economic News that the annual treatment cost of lenacapavir in the U.S. is 42,300 U.S. dollars, equivalent to about 300,000 yuan RMB. With its costly treatment and limited drug accessibility, it can be expected that for a considerable period of time in the future, oral “cocktail therapy” will still remain the first-line mainstream treatment.

Cover image source: Each Daily Media Resources Library

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