QYUNS-B (02509) has reported its financial results for the six months ended June 30, 2026, showing revenue of RMB 424 million, a 105.37% increase year-over-year. The company recorded a profit attributable to equity shareholders of RMB 203 million, successfully reversing a loss from the same period last year. Basic earnings per share stood at RMB 0.91.
The revenue breakdown for the period includes RMB 379 million from licensing agreements, which encompasses the upfront payment and non-cash consideration from the overseas out-licensing of QX027N, along with milestone payments for QX008N and QX031N, plus RMB 40.4 million from profit sharing under the QX001S collaboration. Additionally, the group earned RMB 36.3 million from research and development services and RMB 9.2 million from the supply of QX001S. The revenue growth was primarily driven by increased licensing income and higher profit-sharing from QX001S.
Founded in 2015, the group is a biotech company exclusively focused on biologic therapies for autoimmune and allergic diseases, covering four major therapeutic areas: dermatology, respiratory, gastroenterology, and rheumatology. With an integrated platform spanning R&D, manufacturing, and commercial partnerships, the group has advanced five monoclonal antibody products into either market launch or Phase III clinical trials. The domestic market is now entering a harvest phase. Concurrently, three bispecific antibody products have secured overseas licensing partnerships, with clinical development progress ranking among the global frontrunners, further solidifying the group's leading position in the autoimmune field.
As of the latest practicable date, the group has one commercialized product—Selailun®/Saijiening®—the first domestically approved ustekinumab biosimilar in China. During the first half of 2026, the group's commercialization partner achieved domestic sales (including VAT) exceeding RMB 300 million, already surpassing the full-year figure for 2025.
Two core product candidates are advancing smoothly. For QX005N (anti-IL-4Rα monoclonal antibody), the Phase III clinical trials in China for prurigo nodularis (PN) and atopic dermatitis (AD) have both reached their primary endpoints, and new drug applications (NDAs) for these two indications are expected to be submitted within the year. The NDA for QX006N (anti-IL-17A monoclonal antibody) for ankylosing spondylitis (AS) was accepted in March 2026. QX004N (anti-IL-23p19 monoclonal antibody) and QX008N (anti-TSLP monoclonal antibody) are in Phase III trials domestically for psoriasis (Ps) and chronic obstructive pulmonary disease (COPD), respectively, with partners accelerating development.
As these monoclonal antibody products continue to deliver on both the commercial and R&D fronts, the "QYUNS 1.0" strategy has largely taken shape. Furthermore, leveraging deep expertise in the autoimmune field, the group has efficiently developed a pipeline of long-acting bispecific antibodies. While maintaining its strengths in dermatology, it is exploring significant opportunities in respiratory and other disease areas.
The group's successive partnerships with Caldera Therapeutics, Roche, and Windward Bio demonstrate its execution capability in advancing global strategies. With the efficient progression of clinical trials for QX030N (IL-23p19/TL1A bispecific), QX031N (TSLP/IL-33 bispecific), and QX027N (TSLP/IL-13 bispecific), the "QYUNS 2.0" iteration is now moving at full speed.