Qyuns Therapeutics (2509) H1 2026 earnings summary

Executive summary

• H1 revenue rose 105.37% YoY to RMB424.1m from RMB206.5m; net profit was RMB198.6m versus a RMB30.9m loss.

• SAILEXIN/SAIJIENING partner sales exceeded RMB300m including VAT, above full-year 2025 sales; licensing income was the main revenue driver.

• Pipeline milestones advanced across late-stage mAbs and overseas-licensed bispecifics, including Oturkibart Phase III results and Crusekitug’s accepted AS NDA.

Financial highlights

• Revenue was RMB424.1m; licensing revenue was RMB378.6m, R&D services RMB36.3m and product sales RMB9.2m.

• Gross profit was RMB371.3m; operating profit was RMB210.4m versus an operating loss of RMB18.6m, and basic and diluted EPS was RMB0.91.

• Net profit was RMB198.6m versus a RMB30.9m loss; attributable profit was RMB203.315m and adjusted profit was RMB202.46m.

• R&D expense fell to RMB98.2m from RMB151.4m and administrative expense to RMB31.6m from RMB48.3m, mainly reflecting lower share-based payment expense.

• Operating cash flow was RMB28.3m versus cash used of RMB91.8m; cash and cash equivalents ended H1 at RMB325.1m.

Outlook and guidance

• Target at least five products approved for marketing by 2030; priorities include bispecific R&D, manufacturing efficiency, partnerships and global clinical operations.

• Oturkibart PN and AD NDAs are expected in 2026; QX027N China Phase II trials and QX035N IND submission are planned for H2 2026.

• Crusekitug and Oturkibart approvals are expected successively in 2027–2028, subject to approval; Crusekitug launch preparation envisages a lean team and hybrid in-house/partner model.

• Strategy includes expanding internal commercialization, optimizing CMC and manufacturing utilization, and building overseas clinical operations.