REMEGEN (09995) rose more than 8% in Hong Kong trading. At the time of writing, the stock was up 8.13% to HK$101.8, with a turnover of HK$284 million. The company reported its 2025 annual results, achieving revenue of RMB 3.242 billion, an increase of 89.55% year-on-year. Profit attributable to owners of the parent company was RMB 710 million, compared to a loss of RMB 1.468 billion in the same period last year. For the year ended December 31, 2025, product sales revenue was approximately RMB 2.307 billion, up 35.8% year-on-year, driven primarily by strong sales growth of the company's autoimmune commercial product Telitacicept (RC18, brand name:泰爱®) and its anti-tumor commercial product Disitamab Vedotin (RC48, brand name:爱地希®). Huatai Securities noted that the company's overseas potential, domestic business, and financial reporting quality are improving. The out-licensing of RC148 is expected to initiate a global Phase III trial within the year. The pipeline is advancing steadily, with Telitacicept for IgAN and pSS anticipated to gain domestic approval in 2026 and six new Phase III trials expected to commence. A Phase III trial for pSS overseas has already begun. Disitamab Vedotin for 1LUC is likely to receive domestic approval, and its overseas Phase III trial enrollment is progressing smoothly. Sales growth remains robust, and price reductions from the renewal of National Reimbursement Drug List inclusion for core products are manageable. The brokerage pointed out that business development revenue in 2025 was approximately RMB 900 million, mainly from the upfront payment and warrants for the Telitacicept licensing agreement. In 2026, upfront payments for the RC28 and RC148 licensing deals will be recognized progressively, and RC148 is expected to achieve multiple clinical milestones, further supporting a leap in revenue growth.