BEIJING, April 29, 2026 /PRNewswire/ — On a clear day at the sprawling coastal industrial park of Sinopec Qingdao Refining & Chemical Co, a major oil refiner in the country, a modest but groundbreaking facility hums quietly by the shore.

Against the backdrop of a massive industrial complex that stretches for several kilometers stands a shipping-container-sized assembly of pipes and meters arranged in a maze-like structure – the heart of China’s first 100-kilowatt factory-scale seawater-to-hydrogen direct electrolysis project, which is turning seawater and sunshine into green fuel.

“After more than a year of research and development, the project has completed over 1,000 hours of cumulative operation and is ready to scale up from research to mass production of green hydrogen,” Qin Weilong, a process expert at Sinopec Qingdao Refining & Chemical and technical director of the “Oriental Hydrogen Island” project, told the Global Times.

Unlike conventional industrial hydrogen production, which often relies on purified freshwater or fossil fuels, this project uses pre‑treated seawater directly, powered entirely by renewable electricity generated from offshore solar photovoltaic panels at a nearby solar farm.

In 2025, China’s total marine economy output reached nearly 11.02 trillion yuan ($1.62 trillion), with a year-on-year growth of 5.5 percent, and accounting for 7.9 percent of the country’s GDP. Utilizing its inherent resources and technological innovation, Qingdao is a prime example of China’s efforts to promote the high-quality development of the marine economy.

Green energy from the blue ocean

The “Oriental Hydrogen Island” produces 20 cubic meters of green hydrogen per hour. The electricity comes from 13 megawatts of installed offshore solar capacity – enough that one hour of sunlight can generate roughly 2,600 standard cubic meters of green hydrogen. By consuming renewable power on site, the project dramatically cuts electricity costs for hydrogen production.

Pointing to a container-sized device covered with pipes and meters, Qin said, “This is our photovoltaic green power plus seawater hydrogen production unit.”

The term “green hydrogen” refers to hydrogen produced with near-zero carbon emissions, typically via electrolysis of water using renewable energy. This distinguishes it from “gray hydrogen” that comes from fossil fuels and “blue hydrogen” that is extracted from industrial byproducts, making it dependent on petrochemical processes. The Oriental Hydrogen Island project represents a clean break: all its input energy comes from solar.

“These solar panels produce enough green electricity in one hour to make about 2,600 standard cubic meters of green hydrogen,” Qin said, pointing to the offshore array. “Direct seawater electrolysis saves both freshwater and the high cost of desalination. It’s a game-changer.”

This on-site trial has fully demonstrated the technical feasibility of using intermittent renewable power for green hydrogen production, opening a new path for large-scale consumption of renewable electricity in the future, Qin said.

Yet Qin remains measured about the journey ahead. “We have validated the feasibility of directly obtaining hydrogen from seawater,” he said. “The ocean offers an endless source of raw materials and power for green hydrogen. We are full of confidence for the future.”

Less than two kilometers away stands China’s first carbon-neutral hydrogen refueling station, which sources its green hydrogen from the “Oriental Hydrogen Island.”

A special hydrogen tanker from Shandong-based Sino Hydrogen Co, a hydrogen supply solutions provider, slowly entered the station. “Refueling 35 kilograms of hydrogen takes only 15 minutes,” said Gao Gang, a station worker. The tankers deliver green hydrogen to downstream users. “We also refuel some of Qingdao’s hydrogen fuel‑cell buses – that process takes about eight minutes and provides enough energy for a full day of operation.”

Experts note that fast refueling and zero emissions, as only water vapor is released when power is generated, are key advantages of hydrogen energy. When applied to urban transportation, hydrogen fuel cell vehicles can add significant “greenness” to the city’s mobility transition.

The outline of China’s 15th Five-Year Plan (2026-30), recently released, calls for focusing on key areas that will drive future development, building a full-chain cultivation system for future industries, and promoting hydrogen energy and nuclear fusion as new economic growth points.

Shandong Province, a major energy and chemical hub, stands to benefit greatly from this technology. A Sinopec Qingdao manager said that seawater-based hydrogen production can support deep decarbonization efforts at coastal steel and petrochemical sectors, enable zero-carbon scenarios for hydrogen-powered heavy trucks, ocean-going vessels, and island energy supply, and help create zero-carbon industrial clusters.

An innovation park that hears the sea’s call

Qingdao, China’s second-largest foreign trade port, is not only harnessing the sea for clean energy but also leveraging its coastal location to attract global talent, technology, and investment. Just a short drive from the port, in the city’s West Coast New Area, lies an elegant business park set against a backdrop of hills and water. On a black marble pedestal by a waterfront terrace, some 30 national flags flutter in the breeze – a visible sign of the park’s international character. This is the Sino-German Ecopark.

Amid the greenery and birdsong, the rumble of container trucks can be heard if sea winds blow from the direction of the nearby Qingdao Port. “Proximity to the port is a top consideration for our tenants,” Kerstin Kaehler, branch manager of the German Enterprise Centre Qingdao, told the Global Times. Kaehler, who is in her early 50s, has spent 27 years in China fostering business communication and helping German and other foreign companies successfully establish themselves in the country.

The center currently houses 44 tenants, most of them small and medium-sized enterprises (SMEs). Half are Chinese companies; the other half come from Germany, the US, Japan, the UK, Singapore, and other nations. “At the end of 2019, we had 27 tenants. Now we have 44,” Kaehler said.

Despite changing market dynamics, she noted that foreign companies’ interest in the Chinese market has not waned. Notably, demand for co-working spaces or small offices is strong, a trend she expects to continue.

“If a company is a world market leader, it is usually also innovative. If they are, then they are willing and able to learn and draw inspiration from everything happening in China in that field,” Kaehler said. “Especially now, as China is rolling out its new five-year economic plan, I believe that foreign companies – especially German SMEs – have a big role to play in China’s efforts to build a modern industrial system.”

From extracting green hydrogen from the sea to attracting foreign expertise and investing in coastal health and wellness resources, Qingdao is steadily implementing the central government’s strategy to advance Chinese modernization by efficiently utilizing marine resources, promoting the high-quality development of the marine economy, and forging a Chinese path of leveraging marine resources to achieve strength.

BLENHEIM, New Zealand, April 29, 2026 /PRNewswire/ — Spy Valley Wines has achieved a clean sweep at the London Wine Competition 2026, securing gold medals for all seven wines entered and being named Winery of the Year New Zealand.

The winning line-up included the 2023 Envoy by Spy Valley Sauvignon Blanc, 2024 Spy Valley Chardonnay, and 2025 Spy Valley Sauvignon Blanc, alongside a diverse mix of varietals.

Widely regarded as one of the industry’s most influential competitions, the London Wine Competition is judged by Masters of Wine, Master Sommeliers and senior buyers, assessing wines on quality, value and market appeal.

“To be recognised on this stage is incredible,” said owner and managing director Amanda Johnson. “We’ve always believed that staying true to our land and standards would deliver results. This is a proud moment for our entire team.”

The result builds on recent international success, including Best New Zealand Wine at the 2025 Global Wine & Spirits Awards Asia for its 2024 Gewürztraminer.

Winemaker Emily Gaspard-Clark said the breadth of recognition was particularly rewarding. “Achieving seven golds across multiple varietals shows we’re more than just a Sauvignon Blanc producer.”

Family-owned and operated, Spy Valley Wines has spent more than 30 years developing its estate in Marlborough’s Waihopai Valley, where stony, free-draining soils shape the character and intensity of its wines.

“Achieving consistent excellence across the range means a great deal,” said Head of Viticulture and Winery Operations Adam McCone.

Spy Valley is imported by Broadbent Selections, Richmond, Virginia.

About Spy Valley Wines
Spy Valley Wines is a family-owned estate winery located in New Zealand’s Waihopai Valley, Marlborough. Established in 1993, the winery is known for its expressive Sauvignon Blanc, Pinot Noir, Chardonnay and other aromatics. The estate is a member of Sustainable Winegrowing New Zealand and Appellation Marlborough Wine, and has received multiple international awards, including IWSC New Zealand Wine Producer of the Year.

JILIN, China, April 29, 2026 /PRNewswire/ — Zhengye Biotechnology Holding Limited (Nasdaq: ZYBT) (the “Company” or “Zhengye”), a veterinary vaccine manufacturer that encompasses research, development, manufacturing, and sales of veterinary vaccines, with a focus on livestock vaccines in China, today announced its financial results for the fiscal year ended December 31, 2025.

Mr. Songlin Song, co-chief executive officer of Zhengye, remarked, “Fiscal year 2025 was a year of resilience for Zhengye. While the broader hog market experienced low and volatile price fluctuations and government macro-control policies contributed to near-term pressure on swine vaccine demand, we remained focused on executing our strategy and driving long-term value creation. We are encouraged by the continued growth in our other vaccines segment, particularly vaccines for sheep, which contributed to improving our revenue mix. On the international front, we made progress in advancing vaccine registrations in certain overseas markets, including Egypt, Pakistan, and Vietnam, supporting our long-term expansion strategy.”

“We continued to prioritize research and development as a core driver of our future growth. In 2025, we achieved several regulatory milestones, including the approval of two National Category I New Veterinary Drugs and one National Category III New Veterinary Drug from the Ministry of Agriculture and Rural Affairs. We also secured new product approvals across multiple animal species, including swine, poultry, cattle, and sheep, further broadening our commercial offerings. We believe these achievements reflect our ongoing innovation efforts and support our long-term growth strategy.”

Mr. Aiden Han, co-chief executive officer of Zhengye, added, “With our Nasdaq listing, we further strengthened our capital base and financial position, providing a foundation to support our strategic priorities. We ended the year with a stronger cash position of RMB50.3 million, representing an increase from the prior year, which is expected to enhance our ability to invest in research and development, expand our product portfolio, and support future growth initiatives.”

“Looking ahead, we are encouraged by early signs of a gradual recovery in China’s swine market, with industry expectations pointing to a potential price inflection point around mid-year in 2026. We aim to deepen strategic customer engagement, strengthen our product portfolio, expand our customer service ecosystem, and selectively pursue opportunities in the companion animal sector as a new growth driver. We believe these initiatives, together with our operational foundation, will support our ability to navigate industry cycles. We are grateful for the support of our shareholders, customers, and partners, and remain committed to building on our progress as we navigate this period and lay a foundation for Zhengye’s long-term growth.”

Fiscal Year 2025 Financial Summary

• Net revenue was RMB116.4 million (US$16.6 million) in the fiscal year ended December 31, 2025, compared to RMB186.4 million in the fiscal year ended December 31, 2024.
• Gross profit was RMB23.9 million (US$3.4 million) in the fiscal year ended December 31, 2025, compared to RMB91.3 million in the fiscal year ended December 31, 2024.
• Gross profit margin was 20.5% in the fiscal year ended December 31, 2025, compared to 49.0% in the fiscal year ended December 31, 2024.
• Total operating expenses were RMB94.4 million (US$13.5 million) in the fiscal year ended December 31, 2025, compared to RMB74.9 million in the fiscal year ended December 31, 2024.
• Net loss was RMB83.0 million (US$11.9 million) in the fiscal year ended December 31, 2025, compared to net income of RMB13.5 million in the fiscal year ended December 31, 2024.
• Basic and diluted loss per share was RMB1.47 (US$0.21) in the fiscal year ended December 31, 2025, compared to basic and diluted earnings per share of RMB0.25 in the fiscal year ended December 31, 2024.

Fiscal Year 2025 Financial Results

Net Revenue

Net revenue was RMB116.4 million (US$16.6 million) in the fiscal year ended December 31, 2025, representing a decrease of 37.6% from RMB186.4 million in the fiscal year ended December 31, 2024.

• Revenue from sales of swine vaccines was RMB90.1 million (US$12.9 million) in the fiscal year ended December 31, 2025, decreased from RMB157.8 million in the fiscal year ended December 31, 2024. This decrease was primarily driven by a downturn in the hog market in 2025, characterized by low and volatile prices. Additionally, government macro-control policies aimed at reducing the inventory of productive sows to alleviate periodic oversupply contributed to the reduced demand for swine vaccines.
• Revenue from sales of poultry vaccines was RMB12.5 million (US$1.8 million) in the fiscal year ended December 31, 2025, decreased from RMB15.5 million in the fiscal year ended December 31, 2024. The decrease was primarily due to normal market fluctuations.
• Revenue from sales of other vaccines was RMB13.7 million (US$2.0 million) in the fiscal year ended December 31, 2025, increased from RMB13.1 million in the fiscal year ended December 31, 2024. The increase in sales of other vaccines was caused by the increased sales of the vaccines for sheep. 

Cost of Revenue

Cost of revenue was RMB92.5 million (US$13.2 million) in the fiscal year ended December 31, 2025, representing a decrease of 2.7% from RMB95.1 million in the fiscal year ended December 31, 2024. The decrease was mainly due to the decrease in the cost of swine vaccines.

Gross Profit

Gross profit was RMB23.9 million (US$3.4 million) in the fiscal year ended December 31, 2025, decreased from RMB91.3 million in the fiscal year ended December 31, 2024.

Gross profit margin was 20.5% in the fiscal year ended December 31, 2025, decreased from 49.0% in the fiscal year ended December 31, 2024, mainly due to the lower sales price and unchanged fixed cost.

Operating Expenses

Total operating expenses were RMB94.4 million (US$13.5 million) in the fiscal year ended December 31, 2025, increased from RMB74.9 million in the fiscal year ended December 31, 2024.

• Sales and marketing expenses were RMB43.9 million (US$6.3 million) in the fiscal year ended December 31, 2025, increased from RMB41.3 million in the fiscal year ended December 31, 2024. The increase in sales and marketing expenses was primarily due to higher payroll for sales staffs, and increased advertising expenses and entertainment, partially offset by a decrease in marketing promotion expenses.
• General and administrative expenses were RMB31.0 million (US$4.4 million) in the fiscal year ended December 31, 2025, increased from RMB22.6 million in the fiscal year ended December 31, 2024. The increase in general and administrative expenses was attributed to the increase in professional technical services and in depreciation and amortization.
• Research and development expenses were RMB18.0 million (US$2.6 million) in the fiscal year ended December 31, 2025, increased from RMB12.8 million in the fiscal year ended December 31, 2024. The increase in research and development expenses mainly resulted from an increase in research and development projects, which led to an increase in materials.

Net Income (Loss)

Net loss was RMB83.0 million (US$11.9 million) in the fiscal year ended December 31, 2025, compared to net income of RMB13.5 million in the fiscal year ended December 31, 2024.

Basic and Diluted Earnings (Loss) per Share

Basic and diluted loss per share was RMB1.47 (US$0.21) in the fiscal year ended December 31, 2025, compared to basic and diluted earnings per share of RMB0.25 in the fiscal year ended December 31, 2024.

Financial Condition

As of December 31, 2025, the Company had cash of RMB50.3 million (US$7.2 million), compared to RMB18.6 million as of December 31, 2024.

Net cash provided by operating activities was RMB13.3 million (US$1.9 million) in the fiscal year ended December 31, 2025, compared to RMB41.0 million in the fiscal year ended December 31, 2024.

Net cash used in investing activities was RMB12.6 million (US$1.8 million) in the fiscal year ended December 31, 2025, compared to RMB27.7 million in the fiscal year ended December 31, 2024.

Net cash provided by financing activities was RMB32.3 million (US$4.6 million) in the fiscal year ended December 31, 2025, compared to net cash used in financing activities of RMB22.1 million in the fiscal year ended December 31, 2024.

Exchange Rate Information

This announcement contains translations of certain foreign currency amounts into U.S. dollars for the convenience of the reader. Unless otherwise stated, all translations of Renminbi (“RMB”) into U.S. dollars (“US$”) were made at RMB6.9931 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on December 31, 2025.

About Zhengye Biotechnology Holding Limited

Through Jilin Zhengye Biological Products Co., Ltd., the Company’s operating entity based in Jilin, China, Zhengye Biotechnology Holding Limited focuses on the research, development, manufacturing, and sales of veterinary vaccines, with an emphasis on vaccines for livestock. For over 20 years, the operating entity has been committed to enhancing the health of animals. The operating entity has 50 veterinary vaccines, including vaccines for swine, cattle, goats, sheep, poultry, and dogs. The operating entity’s products are available in 29 provincial regions across China and are exported overseas to Vietnam, Pakistan, and Egypt as of the date of this press release. The operating entity has three GMP veterinary vaccine production floors (including 13 GMP vaccine production lines), one quality examination center, and one animal facility for vaccine development. The operating entity has 49 employees who have over a decade of tenure and experience in the veterinary vaccine industry. For more information, please visit the Company’s website: http://ir.jlzybio.com.

Forward-Looking Statements

This announcement contains statements that may constitute “forward-looking” statements which are made pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. Investors can find many (but not all) of these statements by the use of words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions in this announcement. Statements that are not historical facts, including statements about the Company’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the United States Securities and Exchange Commission.

For more information, please contact:

Zhengye Biotechnology Holding Limited 
Investor Relations Department
Email: ir@jlzybio.com

Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com