Baili Tianheng: Net profit in 2025 will be a loss of 1.051 billion yuan.

Baili Tianheng released performance quick report, achieving total operating revenue of 2.52 billion yuan in 2025, a decrease of 56.72% year-on-year; a net loss of 1.051 billion yuan, a decrease of 128.34% year-on-year. During the reporting period, the company's cooperation with Bristol-Myers Squibb on iza-bren progressed smoothly, and the milestone of the global Phase II/III pivotal registration clinical trial IZABRIGHT-Breast01 was achieved, receiving the first milestone payment of 250 million USD and confirming related revenue. In the same period of the previous year, the company received an irrevocable and non-deductible initial payment of 800 million USD from BMS under the izabren cooperation agreement, and correspondingly confirmed related intellectual property income. The main reason for the decrease in revenue during the reporting period was that the intellectual property income confirmed in the previous year from the initial payment by BMS was greater than the milestone revenue confirmed during the reporting period.