QYUNS-B (02509) announced its interim results, with a profit attributable to shareholders of 203 million yuan, turning a profit from a loss year-on-year. The "Quanshin 1.0" layout has basically taken shape.

QYUNS-B (02509) announced its performance for the six months ending June 30, 2026, during which the group achieved revenue of 424 million RMB, an increase of 105.37% year-on-year; the profit attributable to equity shareholders was 203 million RMB, marking a turnaround from losses; basic earnings per share were 0.91 RMB. For the six months ending June 30, 2026, the groups revenue was 424 million RMB, primarily comprising: (i) total revenue of 379 million RMB from licensing agreements, including upfront payments and non-cash considerations related to the overseas licensing of QX027N, milestone payments for QX008N and QX031N, and income of 40.4 million RMB from profit sharing under the QX001S collaboration agreement; (ii) revenue of 36.3 million RMB from research and development services; and (iii) revenue of 9.2 million RMB from the supply of QX001S. The increase in revenue was primarily due to the rise in licensing income and profit sharing from QX001S. Founded in 2015, the group is a biotechnology company that focuses entirely on biotherapy for autoimmune and allergic diseases, covering the four major areas of dermatology, respiratory, digestive, and rheumatology. With an integrated approach to research and development, manufacturing, and business cooperation, the group has five monoclonal antibody products that have entered the market or are in Phase III clinical trials, and the domestic market is gradually entering a harvest phase. At the same time, the group has three bispecific antibody products that have reached overseas licensing collaborations, and their clinical development is among the top globally, further consolidating the group's leading position in the autoimmune field. As of the latest feasible date, the group has one commercialized product, specifically the first domestic biosimilar of ustekinumab, Selicentan/Sujiening, which achieved domestic sales (including VAT) of over 300 million RMB in the first half of 2026, surpassing the total for the entirety of 2025. The development of the two core products is progressing smoothly; Octocumab (IL-4R monoclonal antibody) has reached the primary endpoint in Phase III clinical trials in China for nodular prurigo (PN) and atopic dermatitis (AD), and new drug application (NDA) submissions for these indications are expected to be made within the year. The NDA for Luseogliflozin (IL-17A monoclonal antibody) for ankylosing spondylitis (AS) was accepted in March 2026. QX004N (IL-23p19 monoclonal antibody) and QX008N (TSLP monoclonal antibody) are in Phase III clinical trials in China for psoriasis (Ps) and chronic obstructive pulmonary disease (COPD), respectively, with partners accelerating development. As these monoclonal antibody products continue to deliver on both commercial and R&D fronts, the Quanxin 1.0 layout has largely taken shape. Furthermore, based on its deep expertise in the autoimmune field, the group has efficiently developed a series of long-acting bispecific antibody pipelines, maintaining its advantages in dermatology while exploring significant potential opportunities in areas such as respiratory diseases. The group's consecutive collaborations with Caldera Therapeutics, Roche, and Windward Bio demonstrate its execution capabilities in advancing global strategies. With the efficient progress of clinical trials for QX030N (IL-23p19/TL1A bispecific antibody), QX031N (TSLP/IL-33 bispecific antibody), and QX027N (TSLP/IL-13 bispecific antibody), the iteration of Quanxin 2.0 is now in full swing.