BAO PHARMA-B (02659) has announced its full-year results for the period ending December 31, 2025. During the reporting period, the company achieved total revenue of RMB 49 million and continued to invest in research and development to build the core competitiveness of its products, with R&D expenses reaching RMB 248 million. The company's three core products (KJ017, KJ103, and SJ02) have made rapid progress in registration, clinical trials, and commercialization, respectively. Among them, SJ02 completed the delivery of its first batch of orders in November 2025, fully initiating its commercial process. Additionally, the company has five other clinical-stage candidate drugs (KJ101, KJ015, BJ007, BJ009, and SJ04) and four preclinical assets under development, which are expected to significantly enrich the company's pipeline. In 2026, the company's primary objectives are to continue advancing its diversified clinical product portfolio, explore the clinical and commercial value of its products, and achieve commercial launch following the New Drug Application approval for KJ017. Concurrently, the company will accelerate the development of key pipelines in four strategic areas—including large-volume subcutaneous delivery, antibody-mediated autoimmune diseases, assisted reproduction, and recombinant biopharmaceuticals—as well as other clinical and preclinical candidates. The company aims to generate stable revenue through domestic product sales and diversified collaborations to support ongoing R&D and commercial investments. Following successful commercialization in China, the company plans to further expand indications and enter major overseas markets. With a strong emphasis on global布局, and building on the success of existing licenses and collaborations, the company will continue to actively explore new partnership opportunities worldwide.