QYUNS-B (02509) announced its 2025 financial results, reporting revenue of approximately 807 million yuan, an increase of about 4.08 times year-over-year. Gross profit reached about 714 million yuan, up approximately 6.75 times compared to the previous year. Research and development expenses were around 253 million yuan, a decrease of 24.26% year-over-year. Annual profit was 307 million yuan, while the adjusted annual profit was approximately 356 million yuan, marking a turnaround from a loss to a profit compared to the same period last year. Earnings per share were 1.41 yuan.

The company stated that the revenue growth was primarily driven by an increase of 622.5 million yuan in out-licensing revenue, mainly related to out-licensing transactions for QX030N and QX031N. Additionally, revenue from R&D services increased by 16.7 million yuan, primarily due to a 35.5 million yuan growth in CDMO services, partially offset by a decrease in clinical service fees for QX004N and QX008N. Supply revenue for SAILEXIN® increased by 9 million yuan, consistent with its sales growth.

As of the latest practicable date, the company has one commercialized product, SAILEXIN®, the first ustekinumab biosimilar in China, which achieved domestic sales (including VAT) of nearly 300 million yuan in 2025.

Two core pipeline products are progressing smoothly. Ottokibai monoclonal antibody (IL-4Rα mAb) has met the primary endpoints in its Phase III clinical trials in China for Prurigo Nodularis (PN) and Atopic Dermatitis (AD). New Drug Applications (NDA) for these two indications are expected to be submitted within the year. The NDA for Ruseqita monoclonal antibody (IL-17A mAb) for Ankylosing Spondylitis (AS) has been accepted for review.

QX004N (IL-23p19 mAb) and QX008N (TSLP mAb) are in Phase III clinical trials in China for Psoriasis (Ps) and Chronic Obstructive Pulmonary Disease (COPD), respectively, with partners accelerating their development.

As the company's monoclonal antibody products progressively advance towards commercialization, its development prospects continue to improve. The "QYUNS 1.0" strategic layout is nearing completion. Furthermore, leveraging its deep expertise in the autoimmune field, the company has efficiently developed a series of long-acting bispecific antibody pipelines, maintaining its strength in dermatology while deeply exploring significant potential opportunities in areas such as respiratory diseases.

The company's successive collaborations with Caldera Therapeutics, Roche, and WindwardBio demonstrate its execution capability in advancing its global strategy. With QX030N (IL-23p19/TL1A bispecific), QX031N (TSLP/IL-33 bispecific), and QX027N (TSLP/IL-13 bispecific) gradually entering the clinical stage, the "QYUNS 2.0" iteration is now in full swing.