Innocare (09969) announced its 2025 financial results, reporting revenue of approximately 2.375 billion yuan, a year-on-year increase of 135.27%. The company achieved a net profit of around 644 million yuan, turning a profit compared to a loss in the previous year. Adjusted profit reached about 675 million yuan, also reversing from a loss in the prior year. The revenue growth was primarily driven by strong drug sales growth and licensing income generated from collaborations with Zenas Biopharma and Prolium. Drug revenue increased by 43.4% year-on-year to 1.4424 billion yuan, attributed to the sustained high growth of orelabrutinib and the launch of tafasitamab in the fourth quarter of 2025. The company achieved profitability for the first time, marking a significant milestone. This robust financial performance was supported by strong commercial execution, increased market penetration of launched products, and the realization of value from strategic global business development collaborations. The successful achievement of profitability highlights the improvement in earnings quality and the scalability of the company's operating model. During the year, the company also made significant progress in advancing its internationalization strategy through global licensing and collaboration agreements, while maintaining strong momentum in research and development, securing multiple regulatory approvals, achieving late-stage clinical progress, and making significant breakthroughs in its proprietary ADC platform. Collectively, these achievements reinforce the company's position as a fully integrated biopharmaceutical company with a growing global presence and the ability to translate scientific innovation into a powerful and sustainable growth engine with significant upside potential.