Since the beginning of this year, Hong Kong's innovative pharmaceutical sector has continued its "comeback" performance. Wind data shows that southbound capital net inflows into the pharmaceutical and biotechnology industry exceeded 120 billion yuan during the year, driving funds toward high-quality targets with greater certainty. SKB BIO-B (06990) stands as one of the core targets attracting market investment - its stock price hit a historic high in August, with market capitalization exceeding 100 billion Hong Kong dollars and achieving a maximum year-to-date gain of 192.40%, officially joining Hong Kong's biotech "100 billion club." Behind this performance lies market consensus recognition of its "differentiated innovation + commercialization" capabilities.

Through its 2025 interim financial report, this innovative pharmaceutical company holding three marketed products clearly demonstrates its evolution trajectory from Biotech to Biopharma: revenue structure transformation driven by both BD partnerships and autonomous commercialization, synergy between innovative R&D capabilities and commercialization systems, and an increasingly clear path to realizing global innovation value.

**Commercialization Value Validation: "Licensing Partnerships" and "Self-Sustaining Revenue Generation" Operating in Parallel**

Commercialization capability represents the "last mile" in value realization for innovative pharmaceutical companies. As a benchmark pharmaceutical enterprise with investment certainty, SKB BIO-B's 2025 interim report delivers a core signal: autonomous commercialization has become a new engine for performance growth.

Since 2022, SKB BIO-B has reached three major partnerships with MSD, with total amounts setting records for Chinese innovative drug overseas expansion, paving the way for a broad international market footprint. In the previous two years, company revenue primarily came from BD transactions: licensing and partnership agreement revenue reached 1.53 billion yuan in 2023, accounting for 99.4%; this revenue increased to 1.86 billion yuan in 2024, representing 96.4% of total revenue.

With three products receiving domestic marketing approval, this singular revenue structure began undergoing substantial transformation. This year's interim data shows SKB BIO-B achieved revenue of 950 million yuan in the first half, with cash reserves reaching 4.528 billion yuan, maintaining robust and stable cash flow. During the reporting period, total sales amounted to 309.8 million yuan (32.6% of total revenue), with Sacituzumab govitecan contributing 97.6% of sales; accounts receivable collection rate reached 100%, enabling efficient capital recovery.

This data set highlights a key point: the company's revenue structure is transitioning from BD partnership dominance to gradually incorporating autonomous commercialization revenue, forming endogenous growth momentum - a hallmark characteristic of the leap from Biotech to Biopharma.

One source of confidence supporting this dual-revenue-stream model comes from the commercial breakthrough power of core product TROP2 ADC Sacituzumab govitecan. Since its November 2024 launch, the drug achieved sales revenue of 51.698 million yuan in its first month and continued strong performance in the first half of 2025. This strong opening directly validates the terminal market's high recognition of the product's innovative value and clinical application potential.

More importantly, Sacituzumab govitecan's indication boundaries continue expanding: it received approval in March this year for treating EGFR-mutated locally advanced or metastatic NSCLC after progression on EGFR-TKI and platinum-containing chemotherapy, becoming the world's first TROP2 ADC approved for lung cancer indication, opening broader market opportunities.

Currently, clinical development around Sacituzumab govitecan has formed an "internal-external synergy" pattern: SKB BIO-B conducts 9 registrational clinical trials domestically, exploring its application potential in solid tumors; MSD rapidly deployed 14 Phase III clinical trials overseas, covering gynecological tumors, gastric cancer, lung cancer, and other unmet treatment needs.

According to BOCOM International predictions, the drug's peak sales in mainland China could exceed 5 billion yuan, with overseas market peak potentially reaching $4 billion. This year's first-half sales performance has preliminarily validated previous market expectations.

As Sacituzumab govitecan continues expanding into new indication areas, its subsequent R&D achievements will rapidly realize commercial "feedback," joining overseas licensing revenue shares to form the company's core long-term "revenue generation" engine.

**Complete Commercialization Chain Formation: From "Single Product Breakthrough" to "Systematic Synergy" Capability Development**

True commercialization capability extends beyond single product sales to building replicable systematic capabilities. Currently, SKB BIO-B has formed its first marketed product matrix centered on Sacituzumab govitecan, with Toripalimab and Cetuximab N01 providing coordination. HER2 ADC and RET small molecule kinase inhibitor A400 will follow closely, further expanding the commercialization pipeline.

The company's autonomous commercialization capabilities merit confidence due to its comprehensive end-to-end commercialization capabilities spanning production to distribution channels and market access.

In production and supply, the company leverages its Chengdu manufacturing base meeting FDA/EU international standards, achieving full-process autonomous production and international multi-center clinical sample supply, combined with a "proprietary capacity + contract manufacturing" dual-track strategy ensuring supply flexibility. High-standard quality management systems and adequate stable capacity not only ensure rapid product manufacturing and launch but also optimize costs through economies of scale - a key advantage distinguishing it from research-focused biotechs.

In commercial promotion, based on solid clinical data and excellent efficacy, the company's commercial products have gained authoritative recognition from experts in clinical guidelines, providing support for subsequent market expansion. Simultaneously, the company has assembled a professional marketing team of 350 people and, leveraging efficient team execution, achieved comprehensive "in-hospital + out-of-hospital" channel coverage: in-hospital deployment follows a "province-city-hospital" three-tier penetration model, establishing deep coverage across 30 provinces, over 300 prefecture-level cities, and more than 2,000 hospitals nationwide, with over 1,000 hospitals generating actual sales; out-of-hospital strengthening of terminal networks through partnerships with over 60 primary distributors and over 400 DTP pharmacies, enhanced service capabilities through pharmacy retail tiered management and nationwide training, with approximately 4,500 pharmacist training sessions completed in the first half of 2025.

Regarding market access, the company completed extensive coverage in the first half of 2025: 29 provinces for Sacituzumab govitecan, 25 provinces for Toripalimab, and 15 provinces for Cetuximab N01, utilizing provincial procurement channels to establish the "first gateway" for hospital entry. The company actively pursues national medical insurance inclusion, recognizing medical insurance as the "core catalyst" for innovative drug volume expansion - all three products have passed formal review for basic medical insurance directory inclusion. If successfully included, products will leverage payment mechanisms to further amplify sales volumes.

Additionally, the company has deployed commercial insurance complementing medical insurance, promoting Sacituzumab govitecan inclusion in 7 provincial-level and over 20 municipal-level beneficial insurance programs. This multi-layered payment security strategy significantly enhances patient drug accessibility and affordability.

**Global Innovation Foundation: From "Technology Platform" to "Continuous Innovation" Closed-Loop Validation**

Sustained commercialization growth depends on underlying R&D strength support. As a pioneering innovative pharmaceutical company with forward-looking capabilities domestically, SKB BIO-B has consistently increased R&D investment in recent years (reaching 612 million yuan in the first half), enhancing competitiveness in research depth within key specialized areas.

After nearly 10 years of development and investment, the company has built three major technology platforms covering ADCs and novel DCs, large molecules, and small molecule drugs. Among these, OptiDC™ represents one of China's first integrated DC platforms, possessing significant advantages in core components of novel conjugated drugs - primarily reflected in enhancing efficacy and safety through differentiated linker/payload designs.

Based on these three technology foundations, the company's pipeline encompasses over 30 candidate drugs, with over 10 entering clinical stages, while deploying bispecific ADCs, RDCs, and other emerging conjugated drugs, alongside immunotherapies and targeted treatments. This "platform-based + multi-pipeline" combination both reduces R&D risk and ensures innovation sustainability.

International recognition of its R&D capabilities directly manifests in the depth and breadth of BD partnerships. Following three milestone collaborations with MSD, the company continues expanding its partnership landscape: reaching collaborations with Windward Bio, Ellipses Pharma, HBM Holdings, and others around ADC, monoclonal antibodies, small molecule RET inhibitors, and other pipelines, exploring joint early-stage clinical development and novel BD models - this not only validates technology platform value but also establishes channels for "global innovation outcome transformation," driving non-linear company value growth.

**Conclusion**

SKB BIO-B's interim performance essentially validates a clear growth path: commercialization expansion centered on Sacituzumab govitecan providing "cash cow" status, pipeline iteration supported by three major technology platforms ensuring "innovation sources," and international partnerships serving as bridges to "global opportunities."

Under the domestic pharmaceutical industry's "true innovation + autonomous control" trend, SKB BIO-B's "BD partnerships + autonomous commercialization" dual-drive model perfectly aligns with core Hong Kong pharmaceutical investment logic - transitioning from BD and financing dependence to achieving endogenous growth, from product launches to systematic capability building. SKB BIO-B's "100 billion market capitalization" represents not only recognition of current achievements but also preliminary estimation of its long-term evolution potential.

For long-term investors, such targets combining innovation depth with commercialization certainty undoubtedly represent key choices for pharmaceutical sector deployment.