v3.26.1
Segment Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Information

25. Segment Information

The Company operates exclusively in the research, development, manufacture, and commercialization of vaccines sector. The Company's business is considered as operating in one segment. The Company has determined its reportable operating segment based on the management approach, which considers the internal organization and reporting used by the Company's CODM to make decisions about allocating resources and assessing the Company's performance. The Company's Chief Executive Officer is the CODM and reviews consolidated net income (loss) in the consolidated results of operations when making decisions about resources allocation and assessing performance of the Company as a whole. The measure of segment assets is reported on the consolidated balance sheet as total consolidated assets.

The table below summarizes the significant expense categories regularly reviewed by the CODM:

 

 

 

For the year ended December 31,

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

Sales

 

$

386,013

 

 

$

361,374

 

 

$

470,170

 

 

Cost of sales

 

 

124,032

 

 

 

140,688

 

 

 

146,853

 

 

Research and development expenses:

 

 

 

 

 

 

 

 

 

 

Pneumococcal Conjugate Vaccine

 

 

38,859

 

 

 

43,228

 

 

 

44,121

 

 

Bivalent Enterovirus Vaccine

 

 

19,995

 

 

 

13,722

 

 

 

6,659

 

 

Pentavalent DTaP-IPV/Hib Combination Vaccine

 

 

17,325

 

 

 

33,767

 

 

 

93,211

 

 

Rabies vaccine for human use

 

 

15,507

 

 

 

45,641

 

 

 

28,365

 

 

Group ACYW135 Meningococcal Conjugate Vaccine

 

 

13,522

 

 

 

21,647

 

 

 

29,174

 

 

Adsorbed Tetanus Vaccine

 

 

11,772

 

 

 

7,725

 

 

 

1,365

 

 

Others (a)

 

 

99,200

 

 

 

104,931

 

 

 

147,292

 

 

Selling, general and administrative expenses

 

 

332,979

 

 

 

420,922

 

 

 

598,250

 

 

Other segment income (expense) (b)

 

 

88,342

 

 

 

511,553

 

 

 

504,262

 

 

Net (loss) income

 

$

(198,836

)

 

$

40,656

 

 

$

(120,858

)

(a) Includes research and development expenses on other product candidates at preliminary stage.

(b) Other segment income (expense) includes provision for credit losses, loss on disposal and impairment of property, plant and equipment, loss on impairment of intangible assets, loss on impairment of goodwill, government grants recognized in income, interest and financing expenses, interest income, share of losses from equity method investments, income tax benefit (expense), and other income, net.

The following table sets forth long-lived assets by geographic area. Long-lived assets consist of property, plant and equipment, prepaid land use rights, net, and operating lease right-of-use assets, excluding goodwill, intangible assets, deferred taxes and other assets.

 

 

 

 

December 31,

 

 

 

 

2025

 

 

2024

 

 

Long-lived Assets

 

 

 

 

 

 

 

Chinese Mainland

 

$

766,684

 

 

$

945,359

 

 

Outside Chinese Mainland

 

 

11,982

 

 

 

13,158

 

 

Total Long-lived Assets

 

$

778,666

 

 

$

958,517

 

The Company's revenues are attributed to geographic locations as follows:

 

 

 

 

For the year ended December 31,

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

Sales

 

 

 

 

 

 

 

 

 

 

Chinese Mainland

 

$

261,184

 

 

$

297,003

 

 

$

402,957

 

 

Outside Chinese Mainland

 

 

124,829

 

 

 

64,371

 

 

 

67,213

 

 

Total Sales

 

$

386,013

 

 

$

361,374

 

 

$

470,170