INNOVENT BIO (01801) announced that for the full year 2025, the company achieved total product revenue of approximately RMB 11.9 billion, sustaining a robust year-on-year growth rate of about 45%. It is noteworthy that in the fourth quarter of 2025, due to the inclusion of six new drugs in the 2026 National Reimbursement Drug List (NRDL) for the first time, the company recognized a corresponding one-time inventory price adjustment for products distributed to channels at the original price. Under these circumstances, the company's total product revenue for the fourth quarter of 2025 reached approximately RMB 3.3 billion, representing a year-on-year increase of over 60%, continuing the strong growth momentum. The year 2025 marked a milestone for the company as its product revenue surpassed RMB 10 billion for the first time, signifying the successful implementation and outstanding results of its "Dual-Engine Strategy with Global Innovation." The company has continued to consolidate its leading position in the field of oncology, expanding its oncology product portfolio to 13 drugs, with synergistic effects becoming increasingly prominent; core products such as TYVYT® (sintilimab injection) maintained steady growth, while several new products also contributed significant incremental revenue. Simultaneously, the company successfully expanded into the commercialization of chronic disease treatments and achieved impressive results; leveraging the vast unmet needs in the chronic disease area, the company's strong product competitiveness, and its scientific and efficient commercialization strategies, the comprehensive product portfolio demonstrated strong growth momentum. The market penetration of GLP-1 products such as mazdutide injection, as well as other key chronic disease assets, continued to accelerate, all becoming key emerging drivers for the company's revenue growth. Furthermore, another important product in the comprehensive portfolio was also successfully approved for launch at the end of 2025. The product performance in 2025 once again confirmed the company's exceptional commercial operation capabilities and sustainable business development model. Looking ahead to 2026, the company will continue to leverage its core strengths of strategic foresight, flexible layout, and efficient execution to drive rapid business development through the "Dual-Engine" strategy of its oncology and comprehensive product lines; it will also adhere to the philosophy of lean operation, continuously improve operational efficiency, and strive to become a benchmark enterprise with leading comprehensive strength in China's biopharmaceutical sector. At the same time, the company's global innovation layout continues to achieve breakthroughs; the global clinical development of its oncology innovation pipeline, centered on next-generation immuno-oncology (IO) therapies and antibody-drug conjugates (ADCs), as well as its innovation pipelines in next-generation metabolic and cardiovascular (CVM), autoimmune, and ophthalmology fields, is gradually achieving key progress, continuously expanding the company's growth space and helping it steadily advance towards its core vision of "becoming a world-class biopharmaceutical company."