Qyuns Therapeutics (2509) H2 2025 earnings summary

Executive summary

• 2025 brought a return to profitability, with rapid growth in licensing income and expanded overseas partnerships supporting the transition to commercialization.

• SAILEXIN advanced commercial launch while bispecific antibody candidates entered clinical development; late-stage monoclonal antibody programs also progressed.

Financial highlights

• Revenue reached RMB 806.96 million in 2025, up 408.18% YoY; growth was driven mainly by licensing income, with R&D services and SAILEXIN supply also contributing.

• Licensing-out income increased RMB 622.5 million, R&D service revenue was RMB 16.7 million, and SAILEXIN supply revenue was RMB 9.0 million.

• Net profit was RMB 307.44 million versus a 2024 net loss of RMB 349.69 million; adjusted profit was RMB 356.20 million, excluding equity-settled share-based payment expenses.

• Gross profit was RMB 714.4 million versus RMB 92.2 million; R&D expense declined to RMB 253.2 million from RMB 334.3 million, while selling expense rose to RMB 30.6 million, mainly due to licensing commissions.

• Basic and diluted EPS was RMB 1.41, versus a loss per share of RMB 1.53 in FY2024.

Outlook and guidance

• 2026 priorities include expanding overseas licensing and global clinical capabilities, accelerating bispecific antibody R&D, and advancing registration and submissions for key products.

• QX027N Phase II initiation and QX035N IND filing are expected in H2 2026; Oturkibart NDAs for prurigo nodularis and atopic dermatitis are expected in H1 and H2 2026, respectively.

• SAILEXIN’s Crohn’s disease indication is expected to be approved in H1 2026; H1 2026 China CD approval was also expected.

• Strategic target: at least five products approved for marketing by 2030, with significant sales volume; priorities also include manufacturing efficiency, commercialization partnerships and cash-flow management.