The global autoimmune drug market continues to expand at a scale of hundreds of billions of US dollars, yet the penetration rate of biologics in the Chinese market remains below 30%, creating a stark contrast with mature markets in Europe and the US. This gap represents both the largest expectation differential for local innovative drug developers and a vast opportunity for bispecific antibody out-licensing on the global stage.
Against this backdrop, QYUNS-B (02509), a company focused on the autoimmune sector, delivered a milestone performance in its 2026 interim results. This not only confirmed its ability to commercialize products but also highlighted the strategic effectiveness of its global expansion. From a core financial perspective, the company demonstrated robust growth momentum in the first half of 2026. During the reporting period, revenue reached RMB 424 million, a substantial 105.4% increase compared to RMB 206 million in the same period last year, achieving a doubling milestone. More importantly, the company's profitability further strengthened on the foundation of last year's turnaround to profitability. Adjusted net profit for the period reached RMB 202 million, a significant improvement from a loss of RMB 5.2 million in the prior year's corresponding period, fully validating its earnings power.
Driven by an optimized revenue structure, high-value overseas licensing projects, profit-sharing from commercial product sales, and CDMO research services have become the core engines of growth. This marks a diversification of the company's income sources, gradually establishing self-sustaining cash generation capabilities and steadily entering a virtuous cycle of high-quality profitability.
Where the growth is coming from
The stabilization and surge of the commercial foundation serve as the key engine behind QYUNS-B's impressive performance. As the company's core commercial product, the ustekinumab biosimilar Sailexin®/Saijiening® accelerated its rollout in the first half of 2026, with sales exceeding RMB 300 million, already surpassing the full-year sales figure of 2025. This demonstrates strong market penetration. Through sales commission and supply arrangements, the company generated nearly RMB 50 million in additional revenue, further enriching its income streams. In terms of clinical value, the approval of the Crohn's disease (CD) indication for Sailexin®/Saijiening® has not only broadened the product's market ceiling but also laid a solid foundation for deeper development in the gastrointestinal disease field.
While consolidating its domestic base, QYUNS-B's overseas partnerships are entering a period of intensive milestone realization. Among these, the TSLP/IL-13 bispecific antibody QX027N, developed in collaboration with Windward Bio, carries a potential total transaction value of up to USD 700 million, with Windward having cumulatively raised USD 365 million. Additionally, the IL-23p19/TL1A bispecific antibody QX030N, partnered with Caldera Therapeutics, has a potential total transaction value of USD 555 million. Caldera recently announced plans for a reverse merger and Nasdaq listing, with an expected overall valuation of no less than USD 800 million, further validating the overseas recognition of QX030N as a standalone product. Currently, QX030N has demonstrated favorable tolerability and pharmacokinetic profiles in the Phase 1 single ascending dose (SAD) cohorts, suggesting its potential for a long-acting dosing regimen in IBD patients. Furthermore, for the TSLP/IL-33 bispecific antibody QX031N, developed in collaboration with multinational giant Roche, the USD 75 million upfront payment and certain milestone payments have been successfully received.
The realization of milestones across multiple key pipelines has not only brought substantial cash flow but also fully validated the core competitiveness of the company's long-acting bispecific antibody technology platform on the international stage.
Beyond drug development and commercialization
Beyond innovative drug R&D and commercialization, QYUNS-B's CDMO business also performed admirably during the reporting period, with external order volume exceeding RMB 170 million in the first half of the year. The company's reliable delivery capabilities underscore the recognition of its manufacturing facilities within the industry. To further strengthen its capacity moat, the company completed the acquisition of Saifushi to advance capacity expansion. This strategic move not only effectively secures production capabilities for commercial and clinical samples but also provides solid hardware support for taking on larger domestic and international orders in the future, forming a closed-loop ecosystem encompassing R&D, manufacturing, and commercialization.
Looking ahead, QYUNS-B's pipeline is accelerating toward a harvest period. Core candidates such as Ortochibaimab and Rusecitamab are entering the NDA filing window, poised to contribute new commercial growth. From a pure innovative drug developer to a comprehensive pharmaceutical company with mature commercial products, a global bispecific antibody matrix, and CDMO capacity barriers, QYUNS-B is steadily advancing its transformation strategy from a Biotech to a fully integrated pharmaceutical enterprise.
Given the long and lucrative trends in the autoimmune sector, this dual-engine model—combining domestic commercial cash generation with overseas innovation output—is expected to drive a longer cycle of value re-rating for the company. As the commercial foundation of "QYUNS 1.0" resonates with the global innovation engine of "QYUNS 2.0," this long-term player in the autoimmune space is beginning to realize its strategic dividends.