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GNI Group
(2160)
GNI Group (2160) vs. iShares MSCI Japan ETF (EWJ)
GNI Group Business Overview & Revenue Model
GNI Group Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 26.84B | 23.61B | 26.01B | 17.42B | 12.69B |
| Gross Profit | 19.99B | 18.04B | 22.43B | 14.74B | 11.09B |
| EBITDA | -1.17B | 2.39B | 14.49B | 2.16B | 2.14B |
| Net Income | -4.41B | 977.66M | 8.09B | 388.82M | 1.07B |
Balance Sheet | |||||
| Total Assets | 83.79B | 71.94B | 62.39B | 33.91B | 30.30B |
| Cash, Cash Equivalents and Short-Term Investments | 21.10B | 12.93B | 23.15B | 11.25B | 14.36B |
| Total Debt | 6.36B | 7.21B | 3.70B | 537.36M | 1.13B |
| Total Liabilities | 32.11B | 32.23B | 26.34B | 14.10B | 11.03B |
| Stockholders Equity | 50.15B | 36.45B | 33.79B | 20.97B | 18.86B |
Cash Flow | |||||
| Free Cash Flow | -2.74B | -3.69B | 4.47B | -1.55B | -142.13M |
| Operating Cash Flow | -2.41B | -3.16B | 6.55B | 393.32M | 552.27M |
| Investing Cash Flow | 2.73B | -10.36B | -6.84B | -4.12B | -260.64M |
| Financing Cash Flow | 10.47B | 694.16M | 10.69B | -646.33M | 2.85B |
GNI Group Technical Analysis
GNI Group Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
55 Neutral | ¥27.57B | -61.60 | ― | ― | -5.65% | -469.19% | |
52 Neutral | ¥160.15B | -34.93 | -1.81% | ― | 13.78% | -110.02% | |
52 Neutral | ¥82.26B | -6.76 | -9.05% | ― | -1.96% | -64.18% | |
52 Neutral | ¥138.24B | -19.18 | ― | 2.18% | -0.16% | -802.20% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | ¥169.33B | -44.05 | -636.97% | ― | ― | -12.69% | |
46 Neutral | ¥174.10B | -48.22 | -10.16% | ― | -62.47% | -134.06% |
GNI Group Corporate Events
GNI Group Ltd., a biopharmaceutical company listed on the TSE Growth market, reported a sharp year-on-year swing in its non-consolidated performance for the fiscal year ended December 31, 2025, under Japanese GAAP. The company’s standalone results are sensitive to intragroup transactions, particularly with its U.S. subsidiaries, which can create substantial temporary gains or losses that differ from the underlying operating picture.
For 2025, GNI’s non-consolidated ordinary income fell to a loss of JPY 1.59 billion and net income dropped to a loss of JPY 1.33 billion, compared with profits of JPY 5.90 billion in the previous year, with net income per share reversing from JPY 118.06 to a loss of JPY 25.45. Management attributed the decline mainly to the absence of a prior one-off gain from the reversal of about JPY 6.02 billion in doubtful-account provisions tied to GNI USA and Gyre Therapeutics shares, and to a new one-time loss of JPY 630 million on a forward transaction, highlighting the impact of non-recurring items on the company’s headline earnings for investors and other stakeholders.
The most recent analyst rating on (JP:2160) stock is a Hold with a Yen2600.00 price target. To see the full list of analyst forecasts on GNI Group stock, see the JP:2160 Stock Forecast page.
GNI Group reported FY2025 consolidated revenue of ¥26.84 billion, up 13.7% year on year, but swung to an operating loss of ¥3.48 billion and a loss attributable to owners of the parent of ¥4.41 billion, reversing the prior year’s profit. Despite the loss, total assets rose to ¥83.79 billion and equity attributable to owners increased to ¥50.15 billion, reflecting strengthened capital, while the company again withheld dividends and refrained from issuing an FY2026 earnings forecast due to difficulty in reasonably estimating performance in its pharmaceutical and drug discovery businesses.
The most recent analyst rating on (JP:2160) stock is a Hold with a Yen2600.00 price target. To see the full list of analyst forecasts on GNI Group stock, see the JP:2160 Stock Forecast page.
GNI Group has postponed the disclosure of its full-year 2026 consolidated earnings forecast and related earnings presentation materials, as well as an earnings briefing that had been scheduled for February 24, 2026. The company cites both regulatory constraints linked to its U.S.-listed subsidiary Gyre Therapeutics, whose own results are due in mid-March, and the difficulty of reasonably estimating key variables affecting 2026 performance.
Management says detailed segment and outlook information is tightly connected to Gyre Therapeutics’ performance, and early disclosure in Japan could raise concerns under U.S. fair disclosure rules. In addition, earnings are highly sensitive to the approval timing, launch schedule, and pricing of F351 and to R&D progress at Cullgen, making forecasts currently unreliable and therefore classified as undetermined.
The decision reflects a revised disclosure policy as F351 enters a pivotal phase toward a planned NDA submission in the first half of 2026, with the company emphasizing strict information control aligned with global standards. GNI argues that prioritizing compliance and governance around this first-in-class drug candidate will support long-term shareholder value, and it plans to release materials and forecasts once Gyre’s announcement is complete and reasonable estimates are possible.
The most recent analyst rating on (JP:2160) stock is a Hold with a Yen2600.00 price target. To see the full list of analyst forecasts on GNI Group stock, see the JP:2160 Stock Forecast page.
GNI Group has addressed a series of investor questions to enhance transparency around its strategy and disclosure practices, notably regarding the planned acquisition of Gyre Pharmaceuticals funded by its July 2025 overseas offering. The company aims to complete the deal by the end of 2026 but stresses that timing and capital allocation may shift depending on negotiations and the relative growth potential of other projects, with shareholder value as the primary consideration.
Management also defended the timing of its revised full-year earnings forecast, explaining that late-year external changes, the material impact of subsidiary Cullgen, and year-end asset impairment testing delayed finalization until after December 31. In addition, GNI clarified its communications on F351, stating it avoids repeating previously disclosed details, and outlined general definitions around F351’s target indication and regulatory process, while emphasizing that detailed interactions with regulators remain confidential under standard pharmaceutical industry practice.
The most recent analyst rating on (JP:2160) stock is a Hold with a Yen2600.00 price target. To see the full list of analyst forecasts on GNI Group stock, see the JP:2160 Stock Forecast page.
GNI Group has sharply revised its full-year 2025 consolidated earnings forecast, now projecting lower revenue of ¥26.8 billion and a swing from a previously expected substantial profit to a net loss, driven mainly by the deferral of the planned NASDAQ listing of core biotech subsidiary Cullgen and the exclusion of an anticipated large listing gain. The company will also recognize an impairment loss of ¥468 million on goodwill, intangible and fixed assets tied to several subsidiaries, while Cullgen’s full-year operating loss will remain fully consolidated instead of shifting to equity-method accounting, further pressuring earnings even as ETUARY® and the Medtech unit continue to post record-high revenues, implying a near-term hit to profitability and equity story despite ongoing operational growth in its core businesses and continued pursuit of Cullgen’s listing.
The most recent analyst rating on (JP:2160) stock is a Hold with a Yen2406.00 price target. To see the full list of analyst forecasts on GNI Group stock, see the JP:2160 Stock Forecast page.
GNI Group has acquired all shares of dental laboratory operator ZOO LABO, Inc., converting it into a consolidated subsidiary as of 29 December 2025, in a move to strengthen and expand its business base in Japan beyond headquarters functions. By integrating ZOO LABO’s CAD/CAM-driven dental prosthetics manufacturing with its existing Medtech capabilities and dental-use bone materials from Berkeley Advanced Biomaterials, GNI aims to accelerate digitalization in the dental field, create group synergies and enhance its medium- to long-term earnings, though the immediate impact on fiscal 2025 results is expected to be limited, with consolidation of ZOO LABO’s financials beginning in 2026.
The most recent analyst rating on (JP:2160) stock is a Hold with a Yen2443.00 price target. To see the full list of analyst forecasts on GNI Group stock, see the JP:2160 Stock Forecast page.
GNI Group’s U.S.-based consolidated subsidiary Cullgen Inc. will participate in the 44th Annual J.P. Morgan Healthcare Conference in San Francisco, one of the industry’s most prominent investor events that convenes global healthcare executives and institutional investors. Alongside this appearance, Cullgen has published an updated corporate presentation outlining key pipeline progress, including plans to start a Phase 2 clinical trial in the second quarter of 2026 for its novel non-opioid pain candidate CG001419 and the advancement of a new targeted protein degrader program for inflammatory diseases into IND-enabling studies, developments that underscore the group’s push to expand its clinical-stage portfolio and raise its profile with international investors.
The most recent analyst rating on (JP:2160) stock is a Hold with a Yen2443.00 price target. To see the full list of analyst forecasts on GNI Group stock, see the JP:2160 Stock Forecast page.
GNI Group announced that its subsidiary Gyre Therapeutics has completed a Pre-New Drug Application meeting with China’s Center for Drug Evaluation regarding F351, confirming that an NDA submission via the conditional approval pathway is acceptable and that the drug may qualify for Priority Review. F351, already designated a Breakthrough Therapy by Chinese regulators, is now positioned for an NDA filing in the first half of 2026, with Gyre preparing a confirmatory clinical trial to support the potential transition from conditional to full approval, a step that could accelerate time to market and strengthen the company’s position in the hepatology drug space in China.
The most recent analyst rating on (JP:2160) stock is a Hold with a Yen2311.00 price target. To see the full list of analyst forecasts on GNI Group stock, see the JP:2160 Stock Forecast page.
GNI Group has decided to withdraw from Governance Partners ASIA Limited Partnership, a fund it had treated as a consolidated subsidiary, ending its equity relationship and removing the vehicle from its scope of consolidation. The move is part of a broader effort to streamline investment management and review the group’s ownership structure, with 4 million shares of Japan Asia Investment Co., Ltd. that were held by the fund to be distributed in kind so that GNI Group will hold them directly, a change the company expects will have only an immaterial impact on its fiscal 2025 consolidated results.
The most recent analyst rating on (JP:2160) stock is a Hold with a Yen2311.00 price target. To see the full list of analyst forecasts on GNI Group stock, see the JP:2160 Stock Forecast page.
GNI Group announced that its major subsidiary Cullgen Inc. and U.S.-listed Pulmatrix, Inc. have mutually waived the “no solicitation” clause in their reverse merger agreement intended to facilitate Cullgen’s Nasdaq listing. The change allows both parties to keep pursuing regulatory approval for the merger from the China Securities Regulatory Commission while simultaneously exploring alternative strategic transactions that could be more advantageous, signaling flexibility in dealmaking and potential changes to Cullgen’s route to international capital markets if CSRC approval continues to be delayed.
The most recent analyst rating on (JP:2160) stock is a Hold with a Yen2311.00 price target. To see the full list of analyst forecasts on GNI Group stock, see the JP:2160 Stock Forecast page.
GNI Group’s subsidiary, Cullgen Inc., has successfully completed a Phase 1 clinical trial for CG001419, a promising non-opioid pain treatment. The trial showed that the drug was well tolerated without serious adverse effects, paving the way for a Phase 2 trial in the U.S. in 2026, potentially positioning the company as a leader in non-opioid analgesics.
The most recent analyst rating on (JP:2160) stock is a Hold with a Yen2311.00 price target. To see the full list of analyst forecasts on GNI Group stock, see the JP:2160 Stock Forecast page.