Leveraging the Mass Travel Market for Steady Performance Growth
Embracing AI for High-Quality Development

HONG KONG, March 24, 2026 /PRNewswire/ -- Tongcheng Travel Holdings Limited ("Tongcheng Travel" or the "Company", together with its subsidiaries the "Group", stock code: 0780.HK), a leading comprehensive travel service platform in China, today announced its audited consolidated results for the year ended 31 December 2025 (the "period under review" or "2025").

Mr. Ma Heping, Executive Director and Chief Executive Officer of Tongcheng Travel, said, "After a period of recovery and reacceleration, China's travel industry transitioned toward quality-driven development. In 2025, we capitalized on the industry tailwind to enhance our brand influence, further strengthening our market position within the mass market. Throughout the year, we deep-dived into evolving user needs, and precisely identified shifts in user preferences, which enabled us to capture emerging growth opportunities. As such, Tongcheng Travel further solidified its leadership in the mass travel market. Our diversified businesses include hotel management business, also achieved rapid expansion. Moving forward, we will remain steadfast in our user-centric commitment, sparing no effort to fulfill our mission of making travel easier and more joyful'."

MPUs Reached Historical High, Underscoring Success in the Mass Travel Market
Leveraging the advantages in user acquisition and operational efficiency, Tongcheng Travel further expanded its presence in China's mass travel market. Benefiting from effective user acquisition and interactive engagement initiatives, Tongcheng Travel's user base and user value continued to expand. During the period under review, the Group's MPUs increased by 5.6% yoy to 45.5 million, marking a record high, while its APUs increased by 6.0% yoy to 252.6 million. The twelve-month Accumulated Number of Travelers Served increased by 5.5% yoy to 2,034.3 million.

Traffic growth has been the cornerstone of the Group's success. During the period under review, the Group's standalone APP, the key driver for acquiring new users, maintained strong growth momentum. Its DAUs grew significantly in 2025, demonstrating the effectiveness of the Group's innovative marketing campaigns and underscoring rising brand influence across the target market. As of 2025, the Group's registered users residing in non-first tier cities in China accounted for over 87% of the total registered users and around 70% of the new paying users on the Weixin platform were from non-first tier cities in China.

High-Quality Growth in Core OTA Business Consolidates Market Position
During the period under review, the Group's core OTA business experienced robust growth. The Group's transportation business maintained solid growth. The revenue from transportation ticketing services increased by 9.6% yoy to RMB7,925.4 million. In 2025, Tongcheng Travel placed a strong emphasis on improving both user experience and engagement. It proactively expanded travel supplies and diversified its product offerings to provide a wider range of mobility options, ensuring seamless journeys for users. Meanwhile, the Group continuously iterated its algorithm-driven Huixing system, optimizing its capabilities to deliver feasible and accessible travel solutions, further enhancing the overall travel experience.

The Group's accommodation business maintained its growth momentum throughout 2025 and recorded robust growth. During the period under review, the revenue from the accommodation business increased by 16.8% yoy to RMB5,450.8 million. The Group observed a noticeable shift in users' preferences toward high-quality hotels and strategically realigned its operational resources to better capture these growth opportunities and meet evolving market demand. Changing consumer preferences, together with its proactive operational adjustments, drove a meaningful increase in the proportion of high-quality hotel room nights sold on its platform throughout the year. As for the international accommodation business, the Group continued deepening collaboration with global third-party partners, further enriching its product and service offerings. The enhanced product capabilities, combined with precise marketing campaigns, propelled strong growth in the international hotel room nights sold during the year.

Benefited from the outstanding performance of its hotel management businesses and the consolidation of Wanda Hotels and Resorts, the Group's other businesses once again demonstrated remarkable results. During the period under review, the revenue from other business increased by 34.4% yoy and reached RMB3,095.2 million. the Group recognize significant growth potential within China's hotel industry and have positioned the hotel management business as a key growth driver for the Company.

Embracing AI Technology to Power the Group's High-Quality Development
As an innovation-driven enterprise, Tongcheng Travel firmly believe in the transformative power of AI and proactively embrace technological advancement to drive its growth and success. During the period under review, the Group strengthened the integration of AI across the travel service chain to better identify user needs and deliver superior experiences. By integrating its AI-powered travel planner DeepTrip into air ticketing services, the Group aim to address users' pre-booking inquiries while helping them identify competitive ticket prices. In customer service, Tongcheng Travel has consistently advanced the integration of AI throughout the entire customer service process, with AI currently covering the majority of user inquiry scenarios. Additionally, the Group has made continuous advancements in AI capabilities to deliver timely and human-like responses. All these have not only reduced the workload of customer service staff but also significantly enhanced operational efficiency.

In addition, as a socially responsible enterprise, Tongcheng Travel remains committed to enhancing its ESG performance. In 2025, the Group's efforts yielded significant results, garnering multiple international recognitions for its ESG achievements. The Group's MSCI ESG rating was elevated to the highest level of AAA, placing it among the top 5% of global companies in the industry. The Group's CSA score also improved for the third consecutive year, and it was awarded Industry Mover by S&P Global. In addition, Tongcheng Travel maintained its position in S&P Global's Sustainability Yearbook (China) for the third consecutive year. All these achievements have not only demonstrated its leadership in ESG performance among global peers, but also reflected the Group's resilience and excellence in corporate sustainability in the face of market uncertainties, evolving policy landscape and dynamic social development.

Moving forward, Tongcheng Travel will continue focusing on the mass travel market by expanding product offerings, optimizing service experiences, enriching membership privileges and deepening user engagement, with an aim to strengthening user loyalty and mindshare in target market. With respect to its hotel management business, the Group will accelerate its expansion in 2026, supported by the enhanced hotel brand portfolio, a well-established ecosystem and its strong internet-driven operational capabilities. Concurrently, the Group will prudently explore investment opportunities that are consistent with its long-term strategy to support sustainable growth, with the objective of creating enduring value for all stakeholders.

-End-

About Tongcheng Travel Holdings Limited (HKEX Stock Code: 0780.HK)
Tongcheng Travel is a one-stop shop for users' travel needs. With the mission "make travel easier and more joyful", Tongcheng Travel offers a comprehensive and innovative selection of products and services covering nearly all aspects of travel, including transportation ticketing, accommodation reservation, tourist attraction ticketing, packaged tour, and a wide array of value-added ancillary services primarily through its online platforms, which comprise its Tencent-based platforms, its proprietary mobile APPs, quick APPs and other channels.

As a technology-driven company, Tongcheng Travel leverages big data and AI capabilities to better understand the preferences and behaviors of users, thereby offering users customized products and services. Tongcheng Travel has a strategic focus on lower-tier cities in China and seized opportunities there supported by its diversified traffic sources, product innovation capability and flexible operation strategies. Through the in-depth understanding of user needs and advanced technological capabilities, Tongcheng Travel has been revolutionizing what consumers expect from the online travel industry, making the entire travel process more convenient, personalized and enjoyable than ever. Tongcheng Travel aims to develop and apply its advanced technology to transform from an online travel agency to intelligent travel assistant.

For more information, please visit the Group's website at  https://www.tongchengir.com

深耕大眾旅遊市場助業績稳增長
擁抱人工智能謀長遠高質量發展

香港2026年3月24日 /美通社/ -- 中國領先的綜合旅遊服務平台同程旅行控股有限公司（「同程旅行」或「公司」，連同其附屬公司（統稱「集團」），股票代號：0780.HK）今天公佈其截至2025年12月31日止年度（「回顧期」或「2025年」）之經審核綜合業績。

同程旅行執行董事兼首席執行官馬和平先生表示：「中國旅遊業在經歷需求復甦與再加速後，已進入高質量發展階段。2025年，我們積極順應行業趨勢以提升品牌影響力，從而進一步增強我們在大眾市場中的領先地位。過去一年，我們深入洞察用戶需求，精準識別用戶偏好變化，把握新興增長機遇。得益於此，我們進一步鞏固大眾旅遊市場領先地位，旗下各業務包括酒店管理等亦實現快速擴張。展望未來，我們將始終秉持用戶至上的理念，全力踐行『讓旅行更簡單、更快樂』的使命。」

平均月付費用戶創歷史新高 深耕大眾旅遊市場顯成效

同程旅行憑藉在用戶獲取與運營效率方面的優勢，進一步擴大在中國大眾旅遊市場的影響力。得益於高效的獲客及互動措施，同程旅行的用戶基數及用戶價值持續提升。回顧期内，集團的月付費用戶同比增長5.6%至45.5百萬人，年均月付費用戶創歷史新高。而年付費用戶同比增長6.0%至252.6百萬人，十二個月累計服務人次同比增長5.5%至2,034.3百萬。

流量增長一直是集團成功的基石。回顧期内，作為獲取新用戶的主要渠道，集團的自有APP保持強勁的增長勢頭，其日活躍用戶數顯著增長，彰顯集團創新營銷活動的有效性，亦印證集團在目標市場不斷提升的品牌影響力。截至2025年，集團居住在中國非一線城市的註冊用戶佔註冊用戶總數的87%以上，微信平台新付費用戶中約70%來自中國非一線城市。

核心OTA業務實現高質量增長  鞏固其市場領先地位

回顧期內，集團核心在線旅遊平台業務展現出强勁增長。集團的交通業務保持穩健增長，交通票務收入同比增加9.6%至人民幣7,925.4百萬元。在2025年，同程旅行著重提升用戶體驗及用戶互動，積極拓展出行資源並豐富產品供給，為用戶提供更廣泛的出行選擇，確保用戶旅程順暢。同時，集團持續迭代由算法驅動的慧行系統，優化其出行解決方案的便捷性與可行性，進一步提升整體出行體驗。

集團的住宿業務在2025年全年均維持增長勢頭，錄得強勁增長。回顧期内，集團住宿業務收入同比增長16.8%至人民幣5,450.8百萬元。集團觀察到用戶偏好明顯轉向高品質酒店，策略性地重整運營資源，以更好地把握增長機會並滿足不斷變化的市場需求，推動集團平台上高品質酒店間夜量佔比顯著提升。國際住宿業務方面，集團持續深化與全球第三方合作夥伴的合作，進一步豐富產品及服務，增強的產品能力結合精準的營銷活動，推動全年國際酒店銷售間夜量實現強勁增長。

得益於酒店管理業務的出色表現及萬達酒店及度假村的併入，集團的其他業務再次取得卓越業績。回顧期内，其他業務收入同比增長34.4%，達人民幣3,095.2百萬元。集團洞察到中國酒店業蘊藏著巨大的增長潛力，將酒店管理業務定位為公司的關鍵增長引擎。

積極擁抱人工智能技術  助力集團高質量發展

作為一家創新驅動型企業，同程旅行堅信人工智能（AI）的變革力量，並積極擁抱技術進步以推動企業成長與成功。回顧期内，集團深化AI技術與旅遊服務鏈的融合，以更精準地 識別用戶需求並提供卓越的用戶體驗。集團將AI驅動的行程規劃智能體DeepTrip整合進其機票預訂服務，旨在解決用戶預訂前的諮詢需求，同時幫助用戶識別更具競爭力的機票價格。在客戶服務方面，同程旅行持續推進AI對客戶服務全流程的覆蓋，目前AI已覆蓋大多數的用戶諮詢場景。此外，集團持續提升AI技術能力，提供即時且擬人化的回覆。這些進展不僅減輕了客服人員的工作量，更大幅提升了公司的營運效率。

此外，作為一家具有社會責任感的企業，同程旅行持續致力於提升ESG表現。回顧期内，集團的努力取得了顯著成效，ESG成果榮獲多項國際認可。集團的MSCI ESG評級躍升至最高的AAA級，躋身全球同業前5%。集團的CSA評分連續三年提升，並榮獲標普全球頒發的「行業最佳進步企業」獎項。此外，同程旅行連續三年入選標普全球《可持續發展年鑑（中國版）》。這些成就不僅彰顯了集團ESG表現在全球同業中的領先地位，更體現集團在面對市場不確定性、政策環境變化及社會發展的動態演變時，展現出企業可持續發展的韌性與卓越能力。

展望未來，同程旅行將始將持續聚焦大眾旅遊市场，透過擴充產品供給、優化服務體驗、豐富會員權益及深化用戶互動，強化在目標市場的用戶忠誠度與品牌認知度。在酒店管理業務方面，憑藉完善的酒店品牌矩陣、成熟的生態體系及強大的互聯網運營能力，集團將於2026年加速業務擴張。同時，集團將審慎探索與其長期戰略相符的投資機會，以支持公司的可持續增長，為所有利益相關者創造持久價值。

-  完  -

關於同程旅行控股有限公司（香港聯交所股份代號：0780.HK）
同程旅行是滿足用戶旅遊需求的一站式平台。同程旅行秉持「讓旅行更簡單、更快樂」的使命，為用戶提供幾乎涵蓋旅遊所有方面的全面創新產品和服務選擇，包括交通、住宿、景點門票預訂，以及跟團遊、自由行、郵輪等產品，廣泛覆蓋了多個出行和度假場景。主要通過其在線平台（包括其騰訊旗下平台、自有移動應用程式、輕應用及其他渠道）來滿足用戶在整個旅途中不斷變化的旅遊需要。

作為科技驅動型公司，同程旅行借助大數據及人工智能能力，更好地瞭解用戶偏好和行為，向用戶提供定制化產品及服務。同程旅行重點佈局中國下沉市場，利用其多元化的流量渠道、產品的創新能力及靈活的運營策略。透過對用戶需求的深入瞭解及先進技術能力，同程旅行正逐步改變消費者對線上旅遊行業的期望，使得旅遊過程更方便、更具個性化及更愉快。同程旅行致力開發並應用先進科技，從線上旅遊平台轉型為智慧出行管家。

欲瞭解更多資訊，請瀏覽集團網站: https://www.tongchengir.com

CHENGDU, China, March 24, 2026 /PRNewswire/ -- Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd. ("Kelun-Biotech" or the "Company", 6990.HK) today announced that the Investigational New Drug (IND) application for SKB103, its self-developed novel bispecific antibody-drug conjugate with combined Tumor-Associated Antigen-targeting and Immuno-Oncology mechanisms (TAA-PD-L1 bsADC), has been approved by the Center for Drug Evaluation (CDE) of the National Medical Products Administration (NMPA) of China for the treatment of advanced solid tumors. The approval marks SKB103 as the Company's first TAA-PD-L1 bsADC candidate and its second bsADC program for tumor therapy to enter the clinical stage, following SKB571.

As one of the industry leaders in the ADC field, Kelun-Biotech has established a solid competitive advantage. Currently, the Company's self-developed TROP2 ADC and HER2 ADC have been approved for marketing, demonstrating significant clinical efficacy and competitive differentiation. Focusing on advances in oncology therapeutics, Kelun-Biotech continues to expand its innovative layout by building a diversified pipeline covering cutting-edge therapies such as RDCs and bsADCs and fully driving breakthroughs and innovations in existing cancer treatment paradigms.

SKB103 is a potential best-in-class novel bsADC developed using Kelun-Biotech's proprietary OptiDC™ platform. Designed as a single molecule, it is expected to realize targeted delivery of cytotoxic payloads to tumors and modulation of tumor immune microenvironment simultaneously. In preclinical studies, SKB103 demonstrated outstanding anti-tumor activity and a favorable safety profile. The therapeutic potential of SKB103 will support its subsequent clinical development.

"The IND approval for SKB103 represents another important milestone in our bsADCs pipeline and reflects the continued clinical translation of our novel DC strategy, further solidifying our core technical advantages in the ADC field," said Dr. Michael Ge, CEO of Kelun-Biotech. "Innovation in IO and ADC is currently reshaping the global cancer treatment landscape. Leveraging our systematic and platform-based R&D capabilities and extensive ADC development experience, we will advance the development of next-generation ADC drugs like SKB103, deeply explore the global clinical value of our portfolio, and fully promote innovation in cancer therapies, opening up broader prospects for the treatment of patients worldwide and the Company's sustainable development."

About Kelun-Biotech

Kelun-Biotech (6990.HK) is a holding subsidiary of Kelun Pharmaceutical (002422.SZ), which focuses on the R&D, manufacturing, commercialization and global collaboration of innovative biological drugs and small molecule drugs. Kelun-Biotech focuses on major disease areas such as solid tumors, autoimmune, and metabolic diseases, and in establishing a globalized drug development and industrialization platform to address the unmet medical needs in China and the rest of world. Kelun-Biotech is committed to becoming a leading global enterprise in the field of innovative drugs. At present, Kelun-Biotech has more than 30 ongoing key innovative drug projects, of which 4 projects with 8 indications have been approved for marketing, 1 project is in the NDA stage and more than 10 projects are in the clinical stage. Kelun-Biotech has established one of the world's leading proprietary ADC and novel DC platforms, OptiDC™, and has 2 ADC projects with 5 indications approved for marketing, and multiple ADC and novel DC assets in clinical or preclinical research stage. For more information, please visit https://en.kelun-biotech.com/.

• Revenue amounted to approximately RMB2057.92 million, and gross profit amounted to approximately RMB1478.78 million, representing a year-on-year increase.
• R&D Expenses was approximately RMB1319.68 million.
• Loss for the period was RMB381.97 million, adjusted annual loss^[1] was approximately RMB211.28 million.
• Cash and financial assets^[2] amounted to approximately RMB4559.36 million, with ample cash reserves.
• The debt-to-asset ratio^[3] further declined to 18.7%.

CHENGDU, China, March 24, 2026 /PRNewswire/ -- Sichuan Kelun-Biotech Pharmaceutical Co., Ltd. ("Kelun-Biotech" or the "Company", Stock Code: 6990.HK) announced its audited consolidated results for the year ended 31 December 2025 (the "Reporting Period").

Kelun-Biotech is leveraging its core strengths and proprietary OptiDC™ technology platform to continue deepening its presence in the ADC and novel DC drug field. The company is actively advancing cutting-edge modalities including bispecific ADCs, RDCs, iADCs, and DACs, building a differentiated pipeline with strong global competitiveness. At the same time, Kelun-Biotech is steadily advancing product commercialization, achieving transformational growth across its business. To date, the company has four products with eight indications approved for marketing in China, including Sacituzumab Tirumotecan (佳泰莱^®), Trastuzumab Botidotin (舒泰莱^®), Tagitanlimab (科泰莱^®), and Cetuximab N01 (达泰莱^®). Among them, three products with five indications have been included in the 2025 National Reimbursement Drug List (NRDL), establishing a fully integrated drug development ecosystem that spans R&D through commercialization.

As of now, the company has built a robust pipeline of more than 30 drug candidates, with over 10 in the clinical stage, and are gradually expanding into broader non-oncology therapeutic areas such as autoimmune diseases and metabolic disorders. Looking ahead, the company will leverage its innovative and differentiated pipeline to deliver high-quality therapeutic solutions for major unmet medical needs worldwide.

Core ADC Products' Commercialization Realized to Solidify Long-term Performance Foundation 

Sac-TMT (sacituzumab tirumotecan, TROP2 ADC) (also known as SKB264/MK-2870) (佳泰莱^®)

TNBC:

• The Company received marketing authorization in China from the NMPA for sac-TMT in adult patients with unresectable locally advanced or metastatic TNBC who have received at least two prior systemic therapies (at least one of them for advanced or metastatic setting).
• The Company has initiated a Phase 3 registrational study of sac-TMT monotherapy versus ICC for 1L advanced TNBC.

HR+/HER2- BC:

• In February 2026, a new indication application for sac-TMT for the treatment of adult patients with HR+/HER2- BC who have received prior endocrine therapy (ET) and at least one line of chemotherapy in advanced setting has been approved for marketing by the NMPA.
• A Phase 3 registrational study of sac-TMT versus ICC for treatment of patients with HR+/HER2- BC who received prior ET is in progress.

EGFR-mutant NSCLC:

• In March 2025, the Company received marketing authorization in China from the NMPA for sac-TMT for the treatment of adult patients with EGFR mutant-positive NSCLC following progression on EGFR-TKI therapy and platinum-based chemotherapy. This is the first TROP2 ADC drug approved for marketing in LC globally.
• In October 2025, the company received marketing authorization in China from the NMPA for sac-TMT for the treatment of adult patients with EGFR mutant-positive NSCLC who progressed after treatment with EGFR-TKI therapy. This is the first ADC globally to show an OS benefit compared with platinum doublet chemotherapy and be approved for advanced NSCLC following progression on only TKI therapy (2L).
• The Phase 3 registrational study of sac-TMT combined with osimertinib as first-line treatment of EGFR-mutant NSCLC and a Phase 2 study of sac-TMT monotherapy or in combination with osimertinib as neoadjuvant therapy for EGFR-mutant NSCLC are in progress.

EGFR-wild type NSCLC:

• The Phase 3 registrational study of sac-TMT in combination with KEYTRUDA®^[1] (pembrolizumab) versus pembrolizumab as first-line treatment of PD-L1 positive NSCLC met its primary endpoint. This is the first Phase 3 clinical trial of ADC combined with immune checkpoint inhibitor to achieve its primary endpoint in the first-line treatment of NSCLC.
• In January 2026, sac-TMT in combination with pembrolizumab for the first-line treatment of PD-L1 positive NSCLC were granted Breakthrough Therapy Designation by the NMPA.
• The Phase 3 registrational study of sac-TMT in combination with pembrolizumab as first-line treatment of PD-L1 negative NSCLC is in progress.

Other indications: The company is actively exploring the potential of sac-TMT both as a monotherapy and in combination with other therapies for treating other solid tumors, including GC, EC, CC, OC, UC, CRPC, HNSCC, and TC, etc.

Trastuzumab botidotin (HER2 ADC, also known as A166, 舒泰莱^®)

• In October 2025, trastuzumab botidotin was approved for marketing by the NMPA for adult patients with HER2+ BC who have received one or more prior anti-HER2 therapy. This is the first domestically developed HER2 ADC approved for 2L+ HER2+ BC in China.
• An open, multicenter Phase 2 clinical study of trastuzumab botidotin in the treatment of HER2+ BC that previously received a topoisomerase inhibitor ADC is in progress.

Key Clinical Data Highlighted at International Academic Conferences and in Top Journals

• Results from the Phase 3 study of sac-TMT for the treatment of 2L EGFR-mutant NSCLC were selected for LBA and presented as an oral report in the Presidential Symposium session at the 2025 ESMO Congress. Sac-TMT achieved statistically significant and clinically meaningful improvements in ORR, PFS, and OS compared to chemotherapy. The study findings were published simultaneously online at the New England Journal of Medicine and in the first issue of 2026.
• Results from the study of sac-TMT for the treatment of 3L EGFR-mutant NSCLC were presented as an oral report at the ASCO Annual Meeting and published at the British Medical Journal. The final OS analysis of this study will be selected for LBA and presented as a mini oral report at the 2026 ELCC.
• Results from the Phase 3 study of sac-TMT for the treatment of 2L+ HR+/HER2-BC were selected for LBA and presented as an oral report at the 2025 ESMO Congress.
• Results from the Phase 3 study of trastuzumab botidotin for the treatment of 2L+ HER2+ BC were selected for LBA and presented as an oral report at the 2025 ESMO Congress.

Sustained Value Release of ADCs Under Development with Tiered Advancement of Innovation Pipeline

Phase 2 clinical stage

SKB315 (CLDN18.2 ADC):

• The Phase 1b clinical trial of SKB315 is in progress, for the treatment of GC/GEJC/PDAC, etc.
• Results of a Phase 1 study of SKB315 in patients with advanced solid tumors including GC/GEJC were presented at 2025 ESMO Congress in October 2025.

SKB410/MK-3120 (Nectin-4 ADC):

• Its partner MSD has launched 4 global Phase 1/2 clinical trial of SKB410/MK-3120 in advanced solid tumor including bladder cancer, etc.

SKB571/MK-2750 (novel bsADC): The Phase 2 clinical trial in China is ongoing.

SKB518 (novel ADC with a potential FIC target): The Phase 2 clinical trials are ongoing in China.

SKB500 (novel ADC): The Phase 2 study is ongoing in China.

Phase 1 clinical stage

SKB107 (RDC)^[2]: The Phase 1 study is ongoing.

SKB535/MK-6204 (novel ADC with potential FIC target): The Phase 1 clinical trial for SKB535 is ongoing in China.

SKB445 (novel ADC with potential FIC target): The Phase 1 clinical trials for SKB445 is ongoing in China.

SKB105/CR-003 (ITGB6 ADC): In January 2026, an IND application was approved by the CDE of NMPA for the treatment of advanced solid tumor. A Phase 1/2 trial is ongoing in China.

Strategic Layout of Non-DC Assets with Focus on Combination Therapy & Indication Expansion

Drug candidates for oncology

• Tagitanlimab (PD-L1 mAb, also known as A167) (科泰莱^®): In January 2025, the Company received marketing authorization of tagitanlimab used in combination with cisplatin and gemcitabine for the first-line treatment of NPC from NMPA. Tagitanlimab is the first PD-L1 mAb globally to receive authorization for the first-line treatment of NPC.
• In May 2025, the results of a Phase 3 clinical study of tagitanlimab in combination with cisplatin and gemcitabine for the first-line treatment of NPC were presented at the ASCO Annual Meeting.

Cetuximab N01 (EGFR mAb, also known as A140) (达泰莱^®):

• In February 2025, the Company received marketing authorization in China from the NMPA for Cetuximab N01 Injection used in combination with FOLFOX or FOLFIRI regimens for first-line treatment of RAS wild-type mCRC.

Lunbotinib Fumarate Capsules (RET inhibitor, also known as A400/EP0031)(宁泰莱^®)^[3]：

• An NDA was accepted for review by the CDE of the NMPA of China for the 1L+ treatment of RET-fusion positive NSCLC.
• The company is also conducting a Phase 1b/2 clinical study for RET+ MTC and solid tumor in China.
• Ellipses Pharma is progressing their phase 2 clinical study globally outside of China.
• In May 2025, results from the Phase 1 study of Lunbotinib Fumarate Capsules in patients with advanced RET-mutant MTC were presented at the ASCO Annual Meeting.

SKB118/CR-001 (PD-1/VEGF bsAb):

• In January 2026, Crescent Biopharma announced the regulatory clearance of the IND application for SKB118 by FDA to initiate its global ASCEND Phase 1/2 clinical trial for the treatment of advanced solid tumors, and the first patient has been dosed in February, 2026.
• The company is planning to initiate the Phase 1/2 clinical study for SKB118 in China in the first half of 2026.

Drug candidates for autoimmune diseases

SKB378/WIN378 (TSLP mAb):

• In January 2025, an IND application for SKB378 for the treatment of COPD was approved by the NMPA.
• Its collaboration partner, Windward Bio, has launched the Phase 2 POLARIS global trial in patients with asthma.

SKB575 (TSLP/undisclosed target bsAb): In March 2026, an IND application for SKB575 for the treatment of atopic dermatitis was approved by the NMPA.

Drug candidates for other non-oncology diseases

SKB336 (FXI/FXIa mAb): The company completed Phase 1 clinical trial in China.

Multiple Products First Included in National Reimbursement Drug List with Accelerated Market Coverage 

In 2025, the Company witnessed an explosive growth in the commercialization of its innovative achievements. The Company has also filed an NDA for Lunbotinib Fumarate Capsules and expects to commence its commercialization in the second half of 2026 or the first half of 2027, subject to regulatory communications and marketing approval. To date, the company's initial commercial product portfolio, consisting of five products, has taken shape.

Supported by national innovation policies, the Company has successfully secured the first-time inclusion of three of its commercialized products, namely 佳泰莱^®, 科泰莱^® and 达泰莱^®, in the National Reimbursement Drug List (國家醫保藥品目錄), which officially took effect on January 1, 2026, and is expected to benefit more patients faster and better.

Steady Advancement of Global Collaboration and Comprehensive Strength Authoritatively Recognized

Collaboration with MSD: As at the date of this announcement, MSD is evaluating initiated 17 ongoing Phase 3 global clinical studies of sac-TMT as a monotherapy or with pembrolizumab or other agents for several types of cancer, including BC, LC, gynecological cancers, GI cancer and GU cancer. In addition to sac-TMT, the company is also collaborating with MSD on certain ADC assets to continuously explore favorable ADC pipeline portfolios.

Collaboration with Ellipses Pharma: The Company has deepened its collaboration with Ellipses Pharma on A400/EP0031, which has cleared by the FDA to progress into Phase 2 clinical development. As at December 31, 2025, a total of 39 clinical sites in the United States, Europe and UAE were set up for Lunbotinib Fumarate Capsules.

Collaboration with Windward Bio: In January 2025, the Company and Harbour BioMed had entered into an exclusive license agreement with Windward Bio, under which the Company and Harbour BioMed granted Windward Bio an exclusive license for the research, development, manufacturing and commercialization of SKB378/WIN378 globally (excluding Greater China and several Southeast and West Asian countries). Windward Bio has launched the Phase 2 POLARIS global trial in patients with asthma.

Collaboration with Crescent Biopharma. In December 2025, the company and Crescent Biopharma entered into a strategic collaboration for SKB105/CR-003 and SKB118 (a PD1 x VEGF bsAb, also known as CR-001). Under the collaboration, the company granted Crescent Biopharma exclusive rights to research, develop, manufacture and commercialize SKB105/CR-003 in the United States, Europe and all other markets outside of Greater China. In return, the compamy obtained exclusive rights from Crescent Biopharma to research, develop, manufacture and commercialize SKB118/CR-001 in Greater China.

In January 2026, Crescent Biopharma announced the regulatory clearance of the IND application for SKB118 by FDA to initiate its global ASCEND Phase 1/2 clinical trial for the treatment of advanced solid tumors, and the first patient has been dosed in February, 2026.

Continuous Improvement of ESG Capabilities to Consolidate the Foundation for Sustainable Development

Through the establishment and continuous improvement of the ESG governance structure, the Company comprehensively enhances ESG performance ability and ensures the Company's sustainable development. In May 2025, the company was awarded "Best ESG" by Extel. In March 2026, the Company had received a rating of "AA" in the MSCI ESG Rating Assessment.

Outlook

In 2026, Kelun-Biotech will continue to drive innovation and strengthen its operational capabilities, steadily advancing towards becoming a world-class biopharmaceutical company. Specifically, the Company will implement the following development strategies: advancing differentiated pipelines targeting indications with significant medical needs; innovating on and optimizing payload-linker strategies and novel DC designs and structures, while expanding applications in non-oncology diseases; enhancing its end-to-end drug development and commercialization capabilities; expanding business landscape and strategic partnerships and improve our capabilities for the development, registration and commercialization of our products in ex-China market; and optimizing its operational systems with the aim of becoming a leading global biopharmaceutical company.

About Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd.

Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd. (referred to as "Kelun-Biotech" Stock Code: 6990.HK) is a subsidiary of Sichuan Kelun Pharmaceutical Co., Ltd., specializing in the R&D, manufacturing, commercialization, and global collaboration of innovative biological drugs and small molecule drugs. The Company focuses on addressing unmet clinical needs both globally and in China, with a strategic emphasis on major disease areas such as oncology, autoimmune disorders, and metabolic diseases. It is dedicated to building an international platform for drug R&D and industrialization, with the aim of becoming a global leader in the innovative drug sector. Currently, Kelun-Biotech has over 30 key innovative drug projects, including 4 projects covering 8 indications that have received market approval, 1 project at the NDA stage, and more than 10 projects in clinical trials. The Company has also successfully established its internationally renowned proprietary ADC and novel conjugated drug platform, OptiDC^TM, with 2 ADC projects covering 5 indications approved for market launch, and several ADC or novel conjugated drug projects in clinical or preclinical development.

• 73% of participants achieved Q16W dosing interval; Furthermore, nearly 60% of the participants held the potential to extend the dosing interval to Q20W.

SAN FRANCISCO and SUZHOU, China, March 24, 2026 /PRNewswire/ -- Innovent Biologics, Inc. ("Innovent") (HKEX: 01801), a world-class biopharmaceutical company that develops, manufactures and commercializes high quality medicines for the treatment of cancer, metabolic, autoimmune and other major diseases, announces that the Phase 3 clinical study (STAR) of efdamrofusp alfa injection (recombinant human vascular endothelial growth factor receptor [VEGFR]/human complement receptor 1 [CR1] fusion protein, R&D code: IBI302) in the Chinese patients with neovascular age-related macular degeneration (nAMD) has met the 52-week primary endpoint. Efdamrofusp alfa demonstrated non-inferiority to aflibercept in vision improvement, while also showing the clinical advantage of extended 16-week dosing intervals and the potential to reduce the risk of macular atrophy (MA).

STAR (NCT05972473) is a Phase 3 clinical study evaluating the efficacy and safety of IB302 8 mg in Chinese participants with nAMD. A total of 600 participants were randomized in a 1:1 ratio to the IBI302 8 mg group and the aflibercept 2 mg group. Both groups received 3 loading doses administered every 4 weeks. After the completion of the loading doses, participants in the IBI302 8 mg group were administered at Q16W, Q12W, or Q8W intervals based on the disease activity assessment at Weeks 16 and 20. Participants in the aflibercept 2 mg group completed the subsequent treatment at Q8W intervals. The study lasts for 100 weeks, and the primary endpoint is the change from baseline in the best corrected visual acuity (BCVA) of the study eye at Week 52. The randomization stratification factors in this study were: the presence or absence of Type 2 choroidal neovascularization (CNV) on optical coherence tomography (OCT) in the study eye, and whether the study eye had previously received anti-VEGF treatment.

The study enrolled 600 participants (including 65% treatment-naïve participants) with a baseline mean BCVA of 58.1 ETDRS letters and a baseline mean central subfield thickness (CST) of 420.75 μm.

The study results showed that in nAMD patients receiving IBI302 8 mg,

• Visual acuity improvement non-inferior to aflibercept: The study met the primary endpoint. At Week 52, the least squares mean estimate (SE) of the mean BCVA change from baseline in the IBI302 8 mg and aflibercept 2 mg groups was 10.37 (0.547) and 10.11 (0.545) ETDRS letters, respectively.
• Extension of dosing interval: Approximately 86% of participants in the IBI302 8 mg group achieved a dosing interval of Q12W or above during the maintenance period; 72.8% of participants achieved a dosing interval of Q16W. At Week 52, approximately 95% of the participants receiving the Q12/16W dosing maintained their interval without requiring retreatment. Furthermore, 56.3% of the participants showed no disease activity at Week 24, demonstrating the potential to extend the dosing interval to Q20W.

Table 1. Dosing intervals in Phase 3 trials of efdamrofusp alfa and faricimab (cross-trial indirect comparison)

• Improvement in anatomical efficacy endpoints: The proportion of participants with no intraretinal fluid and no subretinal fluid in the fovea at Week 16 was comparable between the two groups, and the improvements from baseline in the change in CST from baseline and other anatomical endpoints were similar at Week 52.
• Potential to inhibit macular atrophy (MA): At Week 52, the incidence of MA in the IBI302 8 mg group and aflibercept 2 mg group was 1.5% and 2.9%, respectively. The incidence of MA after IBI302 treatment was 50% lower than that in the aflibercept group, and the trend was consistent with the results of Phase 2 studies, suggesting that IBI302 has the potential to inhibit MA.
• Favorable safety: The overall incidence of AEs in the IBI302 8 mg group were comparable to those in the aflibercept 2 mg group. Most ocular adverse events were mild to moderate and resolved after observation or routine management.

The follow-up of this study is still ongoing, and the complete data will be published in future academic conferences or peer-reviewed academic journals.

Professor Xiaodong Sun, Principal Investigator of the Study, Director of the Eye Center, Deputy Director of National Center for Clinical Ophthalmology, Deputy Director of Shanghai General Hospital Affiliated to Shanghai Jiao Tong University School of Medicine, stated: " As the Principal Investigator, I am delighted to witness the outstanding performance of IBI302 in the STAR study. Although anti-VEGF agents are the first-line therapy for nAMD, the requirement for frequent intravitreal injections and follow-up visits severely compromises patient adherence and quality of life. A key direction in current drug development is exploring multi-target therapeutic strategies and achieving extended dosing intervals to alleviate the treatment burden on patients. As the world's first innovative anti-VEGF/anti-complement dual-target molecule, IBI302 met the primary endpoint in the Phase 3 STAR study, demonstrating non-inferiority to aflibercept in vision improvement (an average gain of approximately 10.37 letters). Furthermore, most participants were able to achieve a personalized dosing interval of every 12 weeks or longer. Notably, over 70% of these patients could maintain a 16-week dosing interval, significantly reducing the number of injections. This is the first domestically developed novel anti-VEGF fusion protein for ophthalmic use in China to demonstrate the capability of a 16-week dosing interval in a Phase 3 study. We also observed the potential of IBI302 in reducing the incidence of new-onset macular atrophy. We look forward to the timely regulatory approval of this innovative therapy, bringing an alternative treatment option to nAMD patients in China and worldwide. The 2-year results will also be continuously observed to explore the effect on MA inhibition"

Dr. Lei Qian, Chief R&D Officer of General Biomedicine of Innovent, stated, "We are delighted that our innovative ophthalmic drug candidate, efdamrofusp alfa, has achieved a breakthrough in the Phase 3 STAR study. Efdamrofusp alfa demonstrated vision improvement comparable to aflibercept and enabled over 70% of participants to maintain a personalized dosing interval of every 16 weeks, significantly alleviating the treatment burden on patients. Concurrently, the study observed that efdamrofusp holds a potential advantage in inhibiting macular atrophy. These encouraging results lay a solid foundation for subsequent development. We will actively prepare to submit a New Drug Application (NDA), striving to provide a more convenient, patient-friendly, and highly efficacious treatment option for nAMD patients as early as possible. Meanwhile, we will comprehensively advance the lifecycle management and strategic layout of our ophthalmic products, focusing on therapies with a faster onset of action, more durable efficacy, and superior long-term treatment benefits (such as lowering the incidence of macular atrophy and achieving a more complete resolution of retinal edema). Our goal is to bring a greater number of high-quality, innovative ophthalmic drugs to the vast population of patients with nAMD and other fundus diseases."

About Efdamrofusp Alfa (IBI302)

IBI302 is a recombinant fully human bispecific fusion protein of Innovent Biologics with global proprietary rights. The N- terminal is a VEGF domain that can bind to the VEGF family, block VEGF-mediated signaling pathway, inhibit vascular epithelium proliferation and angiogenesis, and improve vasopermeability and reduce leakage. The C- terminal of IBI302 is the complement binding domain that can inhibit the activation of the classic pathway and alternative pathway of complement through the specific binding of C3b and C4b, and reduce the inflammatory response mediated by the complement. IBI302 may exert its therapeutic effect by inhibiting both VEGF-mediated angiogenesis and complement activation pathways.

About Innovent Biologics

Innovent is a leading biopharmaceutical company founded in 2011 with the mission to empower patients worldwide with affordable, high-quality biopharmaceuticals. The company discovers, develops, manufactures and commercializes innovative medicines that target some of the most intractable diseases. Its pioneering therapies treat cancer, cardiovascular and metabolic, autoimmune and eye diseases. Innovent has launched 18 products in the market. It has 5 assets in Phase 3 or pivotal clinical trials and 14 more molecules in early clinical stage. Innovent partners with over 30 global healthcare companies, including Lilly, Sanofi, Incyte, LG Chem and MD Anderson Cancer Center.

Guided by the motto, "Start with Integrity, Succeed through Action" Innovent maintains the highest standard of industry practices and works collaboratively to advance the biopharmaceutical industry so that first-rate pharmaceutical drugs can become widely accessible. For more information, visit www.innoventbio.com, or follow Innovent on Facebook and LinkedIn.

Statement:

Innovent does not recommend the use of any unapproved drugs/indications.

Forward-Looking Statements

This news release may contain certain forward-looking statements that are, by their nature, subject to significant risks and uncertainties. The words "anticipate", "believe", "estimate", "expect", "intend" and similar expressions, as they relate to Innovent, are intended to identify certain of such forward-looking statements. Innovent does not intend to update these forward-looking statements regularly.

These forward-looking statements are based on the existing beliefs, assumptions, expectations, estimates, projections and understandings of the management of Innovent with respect to future events at the time these statements are made. These statements are not a guarantee of future developments and are subject to risks, uncertainties and other factors, some of which are beyond Innovent's control and are difficult to predict. Consequently, actual results may differ materially from information contained in the forward-looking statements as a result of future changes or developments in our business, Innovent's competitive environment and political, economic, legal and social conditions.

Innovent, the Directors and the employees of Innovent assume (a) no obligation to correct or update the forward-looking statements contained in this site; and (b) no liability in the event that any of the forward-looking statements does not materialize or turn out to be incorrect.

Li Lecheng, Minister of China's Ministry of Industry and Information Technology (MIIT), along with Vice Ministers Xin Guobin and Xiong Jijun, recently met in Beijing with Apple CEO Tim Cook, Qualcomm President and CEO Cristiano Amon, Broadcom President and CEO Hock Tan, and other top executives from multinational enterprises. All of them have attended the China Development Forum 2026.

The MIIT officials stated that China will further deepen comprehensive reforms, continuously expand high-level opening-up, and create a first-class business environment that is market-oriented, law-based, and internationalized. China hopes multinational enterprises will continue to deepen their presence in the Chinese market and collaborate with upstream and downstream companies in China's industrial chain for innovative growth, achieving mutually beneficial and win-win development.
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AAStocks Financial News
Web Site: www.aastocks.com

US President Donald Trump announced on Monday that negotiations between the US and Iran went swimmingly, and the US will suspend attacks on Iranian power plants and energy infrastructure.

US bourse bounced back drastically Monday, with the DJIA surging over 1,000 points at one point, closing up 631 points or 1.4% at 46,208. The S&P 500 finished up 74 points or 1.2% at 6,581. The Nasdaq settled 299 points or 1.4% higher at 21,946.

Cyclical stocks such as industrials and banks soared, with Morgan Stanley (MS.US) and JP Morgan (JPM.US) up 1-2%, and construction equipment stock Caterpillar (CAT.US) up 3%.

Techs also rebounded, with NVIDIA (NVDA.US) rising over 1%, and Apple (AAPL.US) growing over 1% after announcing that WWDC26 will be held on June 8.
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Website: www.aastocks.com

Apple (AAPL.US) announced on Monday that its annual WWDC26 will be held online from June 8 to 12. Following last year's series of visual adjustments to its systems, the market is eyeing Apple's advancements in AI technology, particularly the AI upgrade of Siri.

This year's conference will highlight the latest updates across Apple's platforms, including advancements in AI technology and new software and development tools. During the conference, more than 100 video sessions and interactive labs will be available, allowing developers to interact directly with engineers and designers.

The WWDC26 will be streamed live on the Apple Developer app, the official website, and YouTube channel, while in China, it will be broadcast via the Bilibili (BILI.US) platform.
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AASTOCKS Financial News
Website: www.aastocks.com

Sources said that Apple (AAPL.US) is set to introduce advertisements in its Maps app as early as this month to expand its service revenue, according to foreign media report on Monday.

The advertising model will be similar to that of Alphabet (GOOG.US)'s Google Maps, allowing merchants and brands to bid for ad slots against search queries, the report added.

For example, a restaurant could bid for a search term like 'sushi', and the highest bidder would appear at the top of the search results when users look for related catering options. Yelp (YELP.US) also uses a similar model.
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AASTOCKS Financial News
Website: www.aastocks.com

• Revenue increased by 46.7% YoY to RMB 5,944 million
• Gross profit surged by 72.5% YoY to RMB 2,139 million, with its margin of 36.0%, a 5.4 percentage points increase compared to 2024
• Adjusted net profit increased by 69.9% YoY to RMB 1,559 million, with its margin of 26.2%, a 3.6 percentage points increase compared to 2024(excluding net interest income and exchange impact)
• The total global customer base expanded to over 640 companies, and 14 out of the TOP 20 global pharmaceutical companies have partnered with us
• The total number of iCMC projects reached to 252, with 70 newly signed iCMC projects
• The robust PPQ pipeline: Secured 18 PPQ projects with 10 new PPQ projects added in 2025
• The total backlog grew to US$1.49 billion, representing a strong 50.3% YoY growth
• Winner of "Best CDMO" and "Best CRO" Awards: Three consecutive "Best CDMO" Awards from 2023 to 2025 at World ADC Awards, and "Best CRO" Awards at 2025 World ADC Awards

SHANGHAI, March 23, 2026 /PRNewswire/ -- WuXi XDC Cayman Inc. (the "WuXi XDC" or the "Group", stock code: 2268.HK), a leading global Contract Research, Development, and Manufacturing Organization (CRDMO) focused on the bioconjugate market, is pleased to announce its annual results for 2025 (the "Reporting Period").

Management Discussion on 2025 Annual Results and Recent Events (Jan to March 2026)

• Rapid Growth - As a leading player in the thriving, innovative global bioconjugates industry, the Group has maintained its rapid business growth by providing world-class bioconjugates CRDMO integrated services and empowering its global partners to accelerate and transform ADC and broader bioconjugate development.

• Strategic M&A - Beyond strong operational results, we advanced two strategic M&A initiatives that elevated our extensive capabilities and expanded our global footprint, enabling us to better serve the global customers. (including the Suzhou site from the acquisition of BioDlink, and the Hefei site acquisition)

• Technology Engine - Breakthrough advancements across our WuXiDARx™, X-LinC, and WuXiTecan-1 & WuXiTecan-2 platforms are accelerating the development of next-generation bioconjugates, positioning us at the forefront of innovation and drive value creation.

• Recent Events - To further advance our evolving growth strategy and strengthen our next phase of expansion, we continue to scale and innovate across our payload-linkers platform.
  • Jiangyin site: we have planned a new manufacturing facility as our Jiangyin site. This strategic investment establishes scalable production capabilities for emerging novel payload-linkers, including dual-payloads, AOC, and as well as the PPQ batches supply for late-stage projects. 5x the volume of payload-linker production compared to current level at Wuxi site
  • Technology platform-driven value creation: We have invested consistently in R&D innovation to unlock potential value. In February, we entered into a new flagship strategic collaboration with Earendil Labs, to out-licensing our proprietary WuXiTecan-2, with total potential consideration of up to US$885 million, including upfront, milestone and royalty payments.

Financial Highlights for Annual Results of 2025

Revenue

The Group's revenue increased by 46.7% YoY to RMB 5,944 million for the year ended December 31, 2025. This increase was primarily attributable to (i) the growth in the number of customers and projects, driven by continued active development of the global ADC and broader bioconjugates market, (ii) the increasing market share through the Group's established position as a leading ADC CRDMO service provider in that market, and (iii) the steady advancement of the Group's projects into later stages.

Gross Profit and Its Margin

The Group's gross profit increased by 72.5% YoY to RMB 2,139 million, with a gross profit margin of  36.0% for the year ended December 31, 2025, and a 5.4 percentage points increase compared to that of 2024. This improvement is driven by (i) the enhanced overall operation and manufacturing efficiency, (ii) the utilization ratio of production facilities continued to improve, mainly due to strong customer demand, and (iii) the successful ramp-up of operating production lines including BCM2 L2 and DP3.

Adjusted Net Profit and Its Margin

The Group's adjusted net profit increased by 69.9% YoY to RMB 1,559 million, demonstrating the strong profit growth momentum of the Group's core operating business. The margin of adjusted net profit was 26.2% for the year ended December 31, 2025, and a 3.6 percentage points increase compared to that of 2024.

Customers and Projects Highlights for Annual Results of 2025

• We have continuously expanded our customer base, reaching a cumulative total of 643, through strong customer-enabling empowerment.

• The "Enable, Follow, and Win the Molecule" strategy continued to drive sustained and rapid project growth. The total number of integrated projects ("iCMC projects") is 252, with a record 70 newly signed integrated projects.

• The Group has successfully secured over 18 PPQ projects, with 10 new PPQ projects added in 2025.

• The Group has a diversified project base covering both innovative ADC and broader bioconjugate ("XDC") projects. The total number of integrated ADC projects reached 226, and the number of integrated XDC projects increased to 26.

• In 2025, the Group explored over 5,600 molecules of multiple modalities, including bispecific ADCs, dual-payload ADCs, degrader-antibody conjugates (DAC), antibody-oligonucleotide conjugates (AOC), antibody-peptide conjugates (APC), lysosome-targeting chimaeras (LYTAC), etc.

Fully Integrated R&D Technology Platform for Annual Results of 2025

The Group strives to empower customers with cutting-edge conjugation and payload-linker technologies, along with extensive expertise in bioconjugate development capabilities to fulfill diverse R&D requirements.

WuXiDARx™

• The proprietary WuXiDARx™ technology aims to meet customers' demands for highly homogeneous ADCs with a wide range of DAR values at clinically validated conjugation sites.
• WuXiDARx™ technology enables dual-payload ADC generation via native interchain cysteine sites without antibody engineering or enzymatic conjugation, offering a streamlined, cost-effective single-platform solution.
• The platform has successfully facilitated customers to bring 8 ADC pipelines from preclinical stage to clinical stage.
• WuXiDAR2™ offers narrow DAR distribution with a simple process; WuXiDAR1™ combines the process of WuXiDAR2™ with thiol-rebridging connector to produce homogeneous DAR1 which could be potentially developed in AOCs/APCs.

X-LinC

• The proprietary X-LinC technology could potentially enhancing ADC stability and therapeutic window since the data demonstrated that it significantly improves plasma stability by replacing the maleimide connector.

WuXiTecan

• The Group is developing its proprietary payload and hydrophilic linker to enable ADCs with better stability, hydrophilicity, and tolerability.
• The newly launched WuXiTecan-1 and WuXiTecan-2 platforms have demonstrated excellent efficacy and safety profiles in preclinical studies. Notably, WuXiTecan-2 based dual-payload (MMAE+WuXiTecan-2) ADC achieved enhanced anti-tumor efficacy in CDX model.
• Customers are actively evaluating the performance of WuXiTecan‑1 and WuXiTecan‑2, with potential collaborations under discussion involving our proprietary payloads featuring novel mechanisms of action and multi‑payload platform.

Capacity Expansion & Business Operation Updates for Annual Results of 2025

• The total number of full-time employees increased to 2,662 in the Group, driven by rapid business growth and the Group's capacity expansion.

• All the Group's manufacturing operations are conducted in accordance with the GMP regulations set by the FDA, EMA, and NMPA. The Group has completed over 200 GMP audits from global customers, including 20 audits by EU Qualified Persons.
  • Wuxi site: Further increased its integrated manufacturing capacities. The DP5 and DP6 facility in Wuxi is currently under construction.
  • Singapore site: On track to begin GMP release in 2026 1H, driven by solid overseas customer demand. This state-of-the-art site expands our global manufacturing footprint and reinforces our "China + Singapore" dual sourcing strategy, delivering enhanced supply security and operational agility for customers worldwide.
  • Shanghai site: Further investments in the discovery and technology frontier as global R&D center.

• Executed two strategic acquisitions aligned with core growth objectives, significantly strengthening manufacturing and R&D capabilities:
  • Suzhou site: the acquisition of BioDlink further enhances our integrated bioconjugate production covering mAb, DS and DP, and expands our customer base and project pipelines.
  • Hefei site: the acquisition expands our expertise in peptide and oligonucleotide synthesis, enabling accelerated development of novel conjugates.

• The Group was named the winner of "Best CDMO" for the third consecutive year in 2023, 2024 and 2025, as well as "Best CRO" at the 2025 World ADC Awards.

• The Group also received multiple awards from the 2025 Extel ranking in diverse categories, signifying our commitment to high-quality corporate governance and investor interactions.

• The Group is committed to strengthen ESG governance and received top-tier ratings in ESG rankings, reflecting our exceptional performance in corporate responsibility, risk management, and ethical business conduct.

CEO Comment

Dr. Jimmy Li, CEO of WuXi XDC, stated, "2025 was a transformative year for WuXi XDC, as we solidified our leadership in global biconjugate CRDMO market and completed several key strategic initiatives: we expanded our production capacity footprint through 'organic expansion + strategic acquisition' and established our Singapore site, which is expected to achieve GMP release in the first half of 2026, building a truly global supply chain system. Recently, we also entered into a technology licensing partnership for WuXiTecan-2, helping our clients accelerate bioconjugates development and realize the value resonance of our proprietary technology platforms. Looking ahead to 2026, we will continue to uphold our unwavering commitment to innovation, operational excellence, and collaboration with our clients. We will empower our customers with continuous evolution, bring breakthrough therapies to more patients worldwide, and lead the development of the industry."

Key Financials Ratios (For the Year Ended December 31)

About WuXi XDC

WuXi XDC Cayman Inc. ("WuXi XDC", stock code: 2268.HK) is a leading global CRDMO focused on bioconjugate market. It provides end-to-end contract research, development and manufacturing services for ADC and broader bioconjugates. For more information about WuXi XDC, please visit: www.wuxixdc.com 

Contacts

Investor: [email protected]
Media: [email protected]
BD: [email protected]

Forward-Looking Statements

This presentation may contain certain "forward-looking statements" which are not historical facts, but instead are predictions about future events based on our beliefs as well as assumptions made by and information currently available to our management. Although we believe that our predictions are reasonable, future events are inherently uncertain, and our forward-looking statements may turn out to be incorrect. Our forward-looking statements are subject to risks relating to, among other things, the ability of our service offerings to compete effectively, our ability to meet timelines for the expansion of our service offerings, and our ability to protect our customers' intellectual property. Our forward-looking statements in this presentation speak only as of the date on which they are made, and we assume no obligation to update any forward-looking statements except as required by applicable law or listing rules. Accordingly, you are strongly cautioned that reliance on any forward-looking statements involves known and unknown risks and uncertainties. All forward-looking statements contained herein are qualified by reference to the cautionary statements set forth in this section.

Use of Adjusted Financial Measures (Non-IFRS Measures)

The Group defines "adjusted net profit attributable to owners of the Company" as net profit attributable to owners of the Company after elimination of share-based compensation expense as non-cash expenditure, net foreign exchange loss or gain as non-operating item, non-recurring/one-off transaction costs as non-operating item, and net of interest income and finance costs as non-operating item. We believe that the adjusted financial measures used in this presentation are useful for understanding and assessing underlying business performance and operating trends, and we believe that management and investors may benefit from referring to these adjusted financial measures in assessing our financial performance by eliminating the impact of certain unusual and non-recurring items that we do not consider indicative of the performance of our business. However, the presentation of these non-IFRS financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with IFRS. You should not view adjusted results on a stand-alone basis or as a substitute for results under IFRS, or as being comparable to results reported or forecasted by other companies.