QYUNS-B (02509) rose more than 8% during the trading session. At the time of writing, the stock was up 7.22% to HK$20.78, with a turnover of HK$10.18 million. The company's 2025 results showed revenue of approximately RMB 807 million, an increase of about 4.08 times year-on-year. Gross profit reached about RMB 714 million, up roughly 6.75 times compared to the previous year. The annual profit stood at RMB 307 million, with an adjusted annual profit of about RMB 356 million, marking a turnaround from a loss to a profit. Notably, the company previously indicated during its earnings briefing that sales of its product Lexin are expected to reach around RMB 500 million this year. The related revenue is mainly composed of two parts: product supply revenue and pre-tax profit sharing from sales. Combined, these are projected to contribute approximately RMB 60 to 70 million in revenue. Additionally, approval for Lexin's Crohn's disease (CD) indication is anticipated in the first half of this year, which is expected to bring further sales growth. Analysts view the company as a leading player in domestic innovative drugs for autoimmune diseases. Its mature pipeline is gradually entering the realization phase, enhancing its operational capacity. Overseas licensing agreements for innovative pipelines continue to be secured, providing further assurance for the company's stable operations. Authorizing pipelines to overseas giants helps expand into global markets. It is also noted that overseas authorizations for long-acting bispecific antibody products are being frequently secured. Commercial collaborations are expected to maximize the value of the monoclonal antibody pipeline, strengthening the company's competitive position in the autoimmune field.
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