Overview
Pharmaceutical

GNI Group Ltd.

GNI Group is a biopharmaceutical and medical device company operating primarily in China and the United States. In its pharmaceutical segment, the company develops and commercializes innovative drugs targeting fibrotic diseases, with its lead marketed product Aisurui (pirfenidone) approved for idiopathic pulmonary fibrosis (IPF) in China, and F351 (hydronidone) having completed clinical trials for hepatic fibrosis. In its medical device segment, the company, through its U.S.-based subsidiary Berkeley Advanced Biomaterials LLC, develops and manufactures biomaterials and medical devices including bioactive glass-based bone substitutes cleared by the FDA.

Market Cap
¥177B
US$1.13B
EV
¥190B
US$1.21B
Stock¥2,690▲+0.19%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
NM
LTM EV/EBIT
NM
LTM PER
NM
LTM PBR
4.4
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-11.9%pt
1001
Oct 24, 25 – Oct 23, 26StockTOPIX
1Aug 17, 26Q2 FY2026/12 earnings announced
MC → EV Bridge
177BUS$1.13BMarket Cap5.07BUS$32.3M+ Debt17.2BUS$109M− Cash0.84BUS$5.34M− Inv. Sec.26.1BUS$166M+ NCI190BUS$1.21BEV
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Performance & Balance
Revenue 5Y (¥B)
12.7US$80.9M'21/1217.4US$111M'22/1226.0US$166M'23/1223.6US$151M'24/1226.8US$171M'25/12
EBITDA 5Y (¥B)
2.01US$12.8M'21/121.90US$12.1M'22/1213.7US$87.5M'23/122.39US$15.2M'24/12-2.33-US$14.9M'25/12
Net Income 5Y (¥B)
1.07US$6.80M'21/120.39US$2.47M'22/128.09US$51.6M'23/121.10US$7.00M'24/12-4.24-US$27.1M'25/12
Capital Structure
89%
EquityD/E 0.13xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
14.4US$91.5M1.13US$7.18M'21/1211.6US$74.1M0.54US$3.43M'22/1221.6US$138M3.70US$23.6M'23/1210.1US$64.7M7.21US$46.0M'24/1221.9US$140M5.31US$33.9M'25/12
Shareholders
Top 10 hold 18.8%
1
SBI SECURITIES Co., Ltd.
3.72%
2
CEPLUX - THE INDEPENDENT UCITS PLATFORM 2
3.35%
3
Ueda Yagi Tanshi Co., Ltd.
2.15%
4
Keiichiro KINOSHITA
2.08%
5
NATIONAL FINANCIAL SERVICES LLC
1.91%
6
MORGAN STANLEY SMITH BARNEY LLC CLIENTS FULLY PAID SEG ACCOUNT
1.20%
7
PERSHING-DIV. OF DLJ SECS. CORP.
1.20%
8
Custody Bank of Japan, Ltd. (Trust Account)
1.08%
9
BROWN BROTHERS HARRIMAN (LUXEMBOURG) SCA CUSTODIAN FOR ARCUS FUND SICAV-ARCUS JAPAN FUND
1.05%
10
Rakuten Securities, Inc. (Joint Account)
1.02%
Management
7 officers
Luo YIN
Director, Representative Executive Officer, President and CEO (Chief Executive Officer)
Nov 1993 Joined Avilon, Researcher Nov 1994 Joined Clontech Laboratories, Inc., Project Leader Aug 1997 Joined Rigel Pharmaceuticals, Senior Director May 2001 Established Shanghai Genomics Co., Ltd., Director Jun 2005 Representative Director and COO (Chief Operating Officer) of the Company Oct 2007 Representative Director and CEO of the Company Aug 2008 Representative Director, President and CEO of the Company Apr 2009 Chairman, Shanghai Genomics Co., Ltd. Jun 2009 Director, Representative Executive Officer, President and CEO of the Company (current); Member, Nomination Committee (current) Sep 2011 Chairman, Gyre Pharmaceuticals Co., Ltd. Jul 2013 Director, GNI-EPS (Hong Kong) Holdings Limited (now GNI Hong Kong Limited) Jan 2015 Director, GNI USA, Inc. (current) Jul 2017 Board of Managers, Berkeley Advanced Biomaterials LLC (current) Nov 2017 Chairman, Shanghai GEP Pharmaceuticals, Inc. Mar 2018 Director and Chairman, Cullgen Inc. (current) Jun 2018 Chairman, Cullgen (Shanghai), Inc. (acquired Shanghai GEP Pharmaceuticals, Inc.) Feb 2021 Supervisor, Shanghai Genomics Co., Ltd. (current) Feb 2021 Director, GNI Hong Kong Limited (current) Feb 2021 Executive Director, Cullgen (Shanghai), Inc. (current) Dec 2022 Director, Gyre Therapeutics, Inc. Sep 2023 Board of Managers, Berkeley Biologics LLC (current) Oct 2023 Chairman, Gyre Therapeutics, Inc.
1965-07-16
Ryosuke MATSUI
Director, Executive Officer, Executive Vice President, COO (Chief Operating Officer) and CFO (Chief Financial Officer)
Mar 2002 Established M.E. Movement Inc. (USA), Representative Director Apr 2005 Research Associate, Research Department, Fidelity Investments Japan Limited Jul 2009 Analyst, Research Department Sep 2013 Portfolio Manager, Investment Department Mar 2015 Established Matsui LLC, Representative Member (now The Ranma Investments LLC) (current) Mar 2023 Outside Director of the Company Mar 2023 Member, Compensation Committee (current) Mar 2023 Member, Audit and Supervisory Committee Mar 2025 Director, Executive Officer, Executive Vice President, COO and CFO of the Company (current) Dec 2025 Director, ZOO LABO Inc. (current) Feb 2026 Board of Managers, Berkeley Advanced Biomaterials LLC (current) Feb 2026 Board of Managers, Berkeley Biologics LLC (current)
1979-04-23
Ping ZHANG
Director, Executive Officer
Jun 1996 Joined Itochu Corporation, Shanghai Branch Apr 1997 Joined Mitsui & Co., Ltd., Tokyo Head Office Sep 2002 Joined Shinsei Bank, Limited (now SBI Shinsei Bank, Limited), M&A Department Aug 2004 President, Shanghai subsidiary of Mitsubishi Securities Co., Ltd. May 2008 China Representative and Partner, AEA Investors Mar 2012 Director, ASIAN STAR Co., Ltd. (current) May 2015 General Manager, Private Equity Investment Department, Aeon Life Insurance Company, Ltd. Sep 2018 Managing Partner, String Capital (current) Mar 2024 Outside Director of the Company Mar 2024 Member, Compensation Committee Mar 2024 Member, Audit and Supervisory Committee Jan 2025 Director, Gyre Therapeutics, Inc. (current) Mar 2025 Director, Executive Officer of the Company (current) Aug 2025 Executive Chairman and Interim CEO, Gyre Therapeutics, Inc. (current) Dec 2025 Director, ZOO LABO Inc. (current)
1973-11-01
Thomas EASTRING
Director
Jun 1983 Senior Vice President and General Manager, Investment Banking and Syndicate Divisions, The Nikko Securities Co. International, Inc. May 1999 Senior Vice President and Managing Director, Japan Office, Duff & Phelps Credit Rating Co. (now Fitch Ratings Ltd.) Jul 2001 Managing Director, Strategic Planning and Investor Relations, Softbank Commerce Corp. Feb 2008 Director, American Appraisal Transaction Advisory Service Mar 2013 Director and Member, Nomination Committee of the Company Sep 2013 Executive Officer of the Company Mar 2014 Representative Director, Executive Officer and CFO of the Company; Member, Compensation Committee Jan 2015 Director, GNI USA, Inc. (current) Mar 2015 Director, Shanghai Genomics Co., Ltd. Mar 2015 Director, Gyre Pharmaceuticals Co., Ltd. Mar 2015 Director, GNI-EPS (Hong Kong) Holdings Limited (now GNI Hong Kong Limited) Jul 2017 Chairman of Board of Managers, Berkeley Advanced Biomaterials LLC (current) Feb 2018 Director and CFO, Cullgen Inc. (current) Jun 2018 Director, Cullgen (Shanghai), Inc. (acquired Shanghai GEP Pharmaceuticals, Inc.) Sep 2021 Executive Officer of the Company Mar 2022 Director of the Company (current) Dec 2022 Director, Gyre Therapeutics, Inc. (current) Sep 2023 Board of Managers, Berkeley Biologics LLC (current)
1959-10-16
Kanako KIKUCHI
Director
Aug 1997 Manager, Marketing Department, Vision Care Division, Bausch & Lomb Japan K.K.; Global Strategy Director, Bausch & Lomb Incorporated (USA) Apr 2004 General Manager, Ophthalmology Business Unit, OTC Business Unit and Oncology Business Unit, Novartis Pharma K.K. Oct 2013 Managing Director (Business Strategy, Marketing and Multichannel), later Representative Director and President, GlaxoSmithKline K.K. May 2018 Representative Director and President, UCB Japan Co., Ltd. (current) Mar 2023 Outside Director of the Company (current) Mar 2024 Member, Nomination Committee (current) Mar 2025 Member, Compensation Committee (current) Mar 2025 Member, Audit and Supervisory Committee (current)
1962-08-01
Masahiro MATSUOKA
Director
Apr 1990 Joined Nomura Research Institute, Ltd. Jul 1994 Joined Barclays Securities Japan Limited Sep 1997 Joined SBC Warburg Japan Limited (now UBS Securities Japan Co., Ltd.) Sep 1999 Head of Equity Research and Managing Director, SBC Warburg Japan Limited Jul 2003 Joined Industrial Revitalization Corporation of Japan Feb 2004 Managing Director, Industrial Revitalization Corporation of Japan Jun 2004 Outside Director, Kanebo, Ltd. Mar 2005 Outside Director, Daiei, Inc. Jan 2007 Representative Director, Frontier Management Inc. Jun 2020 Outside Director, RIZAP Group, Inc. (current) Nov 2020 Chairman and Representative Director, Ore no Co., Ltd. Jan 2025 Representative Director, YCP Japan Co., Ltd. (current) Mar 2025 Outside Director of the Company (current) Mar 2025 Member, Compensation Committee (current) Mar 2025 Member, Audit and Supervisory Committee (current)
1967-09-20
Hironao YAZAKI
Director
Apr 1985 Joined Bridgestone Corporation Oct 1993 Joined Ohta Showa Audit Corporation (now EY ShinNihon LLC) Apr 1997 Registered as Certified Public Accountant Jul 2006 Partner, EY ShinNihon LLC Jun 2024 Auditor, Mochida Memorial Foundation for Medical and Pharmaceutical Research (current) Jul 2024 Established Hironao Yazaki Certified Public Accountant Office, Representative (current) Mar 2026 Outside Director of the Company (current) Mar 2026 Member, Audit and Supervisory Committee (current) Mar 2026 Member, Nomination Committee (current)
1962-06-12
Large Shareholding Reports
BCP Asia AYM Holding (Cayman) L.P.
2026-07-06
10.61%
Ying Luo
2025-07-31
7.04%→7.81%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-08-14
Q2 Earnings Flash
FY ending Dec 2026
EDINET
2026-08-14
Semi-Annual Securities Report
Period: Jan 2026 – Dec 2026
EDINET
2026-07-06
Large Shareholding Report
EDINETAmended
2026-06-29
Amended Securities Registration Statement
EDINETAmended
2026-06-24
Amended Securities Registration Statement
EDINET
2026-06-05
Securities Registration Statement
TDnet
2026-05-15
Q1 Earnings Flash
FY ending Dec 2026
EDINET
2026-03-27
Annual Securities Report
Period: Jan 2025 – Dec 2025
TDnet
2025-11-14
Q3 Earnings Flash
FY ending Dec 2025
EDINET
2025-08-14
Semi-Annual Securities Report
Period: Jan 2025 – Dec 2025
EDINET
2025-07-31
Large Shareholding Report
TDnet
2025-05-15
Q1 Earnings Flash
FY ending Dec 2025
EDINET
2025-03-31
Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINET
2024-08-14
Semi-Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINET
2024-05-15
Quarterly Securities Report
Period: Jan 2024 – Mar 2024
EDINET
2024-03-28
Annual Securities Report
Period: Jan 2023 – Dec 2023
EDINET
2023-11-14
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-14
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-05-15
Quarterly Securities Report
Period: Jan 2023 – Mar 2023
EDINET
2023-03-31
Annual Securities Report
Period: Jan 2022 – Dec 2022
EDINET
2022-11-14
Quarterly Securities Report
EDINET
2022-08-15
Quarterly Securities Report
EDINET
2022-05-16
Quarterly Securities Report
EDINETAmended
2022-04-28
Amended Annual Securities Report
EDINET
2022-03-28
Annual Securities Report
EDINET
2021-11-15
Quarterly Securities Report
EDINET
2021-08-13
Quarterly Securities Report
EDINET
2021-05-17
Quarterly Securities Report
EDINET
2021-03-31
Annual Securities Report
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