DUALITYBIO-B (09606) announced its 2025 financial results, achieving revenue of approximately 18.52 billion yuan and a gross profit of about 5.89 billion yuan. Research and development expenses were approximately 8.38 billion yuan, representing a slight increase of 0.12% year-on-year. Currently, the company's portfolio includes 10 ADC candidates in clinical development stages, with over 3,200 patients enrolled in global clinical trials. Notably, more than 1,200 patients were enrolled in 2025 alone, with about 50% of these enrollments occurring outside of China, including the United States, the European Union, and Australia. During the year, the company's core product, DB-1303, successfully met the primary endpoint in its Phase 3 registrational trial in China, and a new drug application has been submitted. DB-1311 demonstrated promising efficacy across multiple indications, including prostate and cervical cancer, and is preparing to initiate global Phase 3 trials. Furthermore, DB-1310 received two Fast Track designations from the U.S. FDA, underscoring its recognized clinical value by international regulatory authorities. Aligned with its global strategy, the company has established multiple strategic partnerships to accelerate the development of its pipeline in key international markets, expand its global clinical development capabilities, and fuel future innovation and long-term growth. To date, the company has entered into several out-licensing and collaboration agreements with leading global industry partners. These include agreements with BioNTech (for patritumab deruxtecan (DB-1303), DB-1311, and DB-1305), BeiGene (for DB-1312), Adcendo (for ADC assets utilizing the company's proprietary linker-payload technology), GSK (for DB-1324), and Avenzo (for DB-1418), with a total potential deal value exceeding $6 billion.