AIM Vaccine Co., Ltd. has recognized total impairment losses of RMB525.83 million for the year ended 31 December 2025, reflecting strategic pauses in key research and development (R&D) programs and a postponement of its 13-valent pneumococcal conjugate vaccine (PCV13) commercialization timeline.

The company wrote down RMB127.90 million in deferred development costs linked to the mRNA human rabies and mRNA veterinary rabies vaccine projects. Management decided to exclude projected cash inflows from both candidates after concluding that short-term clinical data were unlikely and regulatory timelines remained highly uncertain.

For PCV13, AIM Vaccine reduced the carrying value of related development expenditures by RMB83.23 million. The adjustment follows the withdrawal of new drug application materials in December 2025, a decision that pushes the product’s market entry further out, alters the competitive landscape, and raises supplemental study expenses.

Delayed commercialization also triggered an impairment test on long-term assets tied to pneumococcal vaccines. The review resulted in an additional RMB314.70 million impairment charge, based on revised profitability forecasts incorporating higher R&D costs and later revenue generation.

The combined impairments—RMB127.90 million on mRNA intangible assets, RMB83.23 million on PCV13 development costs, and RMB314.70 million on pneumococcal long-term assets—total RMB525.83 million, materially affecting the group’s 2025 earnings profile. AIM Vaccine stated that valuation assumptions were updated using information available as of the balance-sheet date and emphasized ongoing clinical advancement of other mRNA candidates such as RSV and herpes zoster vaccines.