INNOCARE (09969) announces its performance for 2025, with an after-tax profit of approximately 644 million yuan, turning losses into gains year-on-year.

INNOCARE (09969) announced its performance for the year 2025, with revenue of approximately 2.375 billion yuan, a year-on-year growth of 135.27%; net profit after tax of approximately 644 million yuan, turning losses into profits year-on-year; adjusted profit of approximately 675 million yuan, also turning losses into profits year-on-year. The announcement stated that the revenue growth was mainly driven by strong growth in drug sales, as well as licensing income generated from collaborations with Zenas Biopharma and Prolium. Drug revenue increased by 43.4% year-on-year to 1.4424 billion yuan, driven by continued strong growth of Apatinib and the listing of Tanxetumab in the fourth quarter of 2025. The company achieved profitability for the first time, marking a significant milestone. This strong financial performance was attributed to strong commercial execution, increased market penetration of existing products, and value realized from strategic global business development collaborations. The success in achieving profitability highlights improvement in profit quality and the scalability of the company's operational model. Throughout the year, the company also made significant progress in advancing its internationalization strategy through global licensing and collaboration agreements, while maintaining strong momentum in research and development with multiple regulatory approvals, advances in late-stage clinical trials, and breakthroughs in the proprietary ADC platform. Overall, these achievements solidify the company's position as a fully integrated biopharmaceutical company with growing global business and the ability to translate scientific innovation into a powerful and sustainable growth engine with significant upside potential.