Yiteng Jiahe (6998.HK) first reveals its performance report: sales revenue of 2.5 billion, with rapid progress in R&D pipeline

On March 27, the pioneering new company Yiteng Jiahe, which completed the first reverse acquisition of Hong Kong stock 18A, released its 2025 performance report. The company generated sales revenue of 2.49 billion RMB, maintaining a leading position in the 2 billion range for three consecutive years, with a robust core growth logic; the annual net profit reached 400 million RMB, achieving stable growth for three consecutive years; the company had cash and cash equivalents of 1.05 billion RMB, reflecting a leap in growth from 110 million RMB at the end of 2024, of which the merger brought Yiteng Jiahe 890 million RMB in cash, resulting in ample overall cash reserves capable of injecting abundant energy into R&D innovation. In 2025, the company’s gross margin reached 68.2%, with selling and distribution expenses decreasing to 24.1% compared to the previous year, R&D expenses increasing to 6.5%, and financial rates dramatically decreasing to 5.6%, with financial costs dropping from 250 million RMB in 2024 to 140 million RMB in 2025, a decrease of 45.6%.

01: New Strategy Driven by Dual Engines of R&D and Commercialization

Yiteng Jiahe focuses on promoting significant advancements in commercialized products and important breakthroughs in its core pipeline. On the sales side, three original research classic products provide the company with highly stable cash flow revenue, while four innovative products have also become strong growth engines, two of which are newly listed breast cancer products that will both be included in the national medical insurance catalog in 2025; on the R&D side, the company has established a platform for developing macromolecular antibody drugs and a platform for developing small nucleic acid drugs, ensuring sustainable R&D output with innovative dual engines, rapidly expanding its R&D landscape with approximately ten pipeline products under research, three of which are in the clinical stage.

02: A Combination of 7 Commercialized Products from Old and New Provides a Blend of Certain Cash Flow and Mid- to Long-Term Growth Potential

The classic original research product, SecuKe® is regarded as the “gold standard” for MRSA infection treatment, achieving sales revenue of 1.24 billion RMB in 2025, with a market share of 78.7% in the vancomycin market; as it is a special use-grade antibiotic, it was not included in the 11th batch of the national centralized procurement list, and the future market space and competitive advantage remain considerable. The leading brand in pediatric respiratory infection treatment, XikeLao®, generated annual sales revenue of 810 million RMB, with its dry suspension accounting for 83.2% of sales in the cefaclor retail channel and about 75.0% market share in the cefaclor bag specifications. YiruiPing®, as the latest generation ICS nebulized inhalant, has better efficacy, lasting anti-inflammatory effects, and fewer side effects, exhibiting a good synergistic effect with XikeLao® in the pediatric market.

In terms of innovative drugs, WeisiPei® is the first listed drug in China that can reduce the risk of cardiovascular events, receiving positive recommendations from over 80 global and 20 Chinese guidelines/consensus. China sees approximately 1.6 million PCI surgeries annually, presenting a huge clinical demand. By 2025, WeisiPei will cover 1,500 interventional cardiologists performing PCI, benefiting around 20,000 post-PCI patients. In the external channel, WeisiPei® ranked fourth among original lipid-lowering drugs during JD.com’s Double Eleven sales event.

WenKeDa® targets rigid usage scenarios such as perioperative and chronic disease management, featuring stable growth characteristics, and successfully transitioned to the regular category B medical insurance catalog in 2025.

JingZhuDa® and RuJiaNing® are two innovative drugs for HR+/HER2- breast cancer treatment, exhibiting strong synergistic effects in commercialization and clinical treatment. JingZhuDa® is currently the only approved treatment for advanced breast cancer with three advantages: pure oral administration, coverage of all menopausal populations, and filling the gap in the treatment of CDK4/6 inhibitor resistance, becoming the only HDAC inhibitor included in medical insurance in the breast cancer field; while RuJiaNing® is the only product among the three CDK4/6 inhibitors included in the national medical insurance catalog in 2025 with indications for both advanced first-line and second-line treatments.

These original research classic products and innovative products from Yiteng Jiahe together form a product portfolio that balances certain cash flow with mid- to long-term growth potential, providing a more resilient performance foundation for the company’s evolution into a Biopharma platform.

03: Increasing Investment in Independent Innovation, Accelerating R&D Pipeline Progress

The performance report indicates that in 2025, the company will focus on promoting independent R&D in the treatment areas of tumors, autoimmune diseases, cardiovascular diseases, and inflammation, with three clinical stage products and multiple preclinical product pipelines, many of which have best-in-class (BIC) potential. Notably, Yiteng Jiahe’s existing macromolecular antibody drug R&D platform has a full-chain R&D capability layout, covering target discovery, early antibody screening, design and optimization, in vitro activity identification, in vivo efficacy and pharmacokinetic analysis, and drugability assessment for dual/multiple antibodies, T cell engagers, antibody-drug conjugates, and nanobodies, as well as a small nucleic acid drug R&D platform, based on three core technology modules of sequence design, chemical modification, and targeted delivery, laying out various small nucleic acid drug types such as siRNA and ASO, and specifically developing a dual-target small nucleic acid platform. The two R&D platform engines continuously output innovative results, providing source momentum for the full lifecycle product portfolio.

GB268 (PD1/CTLA-4/VEGF tri-antibody) is a potential best-in-class (BIC) product. This molecule features a differentiated design that simplifies complexity, with the activity of each arm adjusted and explored based on biological characteristics to achieve a balance of efficacy and safety. Traditional CTLA-4 antibodies enhance anti-tumor immunity but often come with a high incidence of immune-related adverse events (irAE), which has become a major bottleneck limiting their clinical application. The essence of GB268’s design lies in the partial blocking function of its CTLA-4 antibody, which highly relies on PD-1 expression for blocking CTLA-4. This unique design aims to achieve a balance of “enhanced efficacy with reduced toxicity”: it can relieve CTLA-4’s inhibition on T cell activity while further amplifying the anti-tumor immune effect based on PD1/VEGF synergy and avoids the excessive immune activation that complete blocking might cause, potentially significantly enhancing clinical safety. In toxicology studies in cynomolgus monkeys, GB268’s HNSTD was 200 mg/kg, demonstrating excellent safety resulting from the differentiated CTLA-4 antibody design in preclinical validation. Furthermore, in preclinical mouse tumor models, GB268 exhibited superior anti-tumor activity compared to PD1/VEGF dual antibodies, PD1/CTLA-4 dual antibodies, and the combination of three single-target antibodies. As a tri-specific antibody targeting PD-1, VEGF, and CTLA-4, GB268 is expected to further improve efficacy based on PD-1/VEGF dual antibodies, covering a wide range of solid tumor patient populations, including lung cancer, colorectal cancer, liver cancer, gastric cancer, and breast cancer, becoming a new star in the field of tumor immunotherapy. EDP268 received NMPA clinical approval in July 2025 and is currently in the clinical phase I expansion stage.

EDP167 (ANGPTL3 siRNA) is a domestically developed original siRNA drug targeting ANGPTL3. The phase I clinical trial aims to evaluate the safety, tolerability, pharmacokinetics, and pharmacodynamics of a single subcutaneous injection of EDP167 in healthy adults and subjects with mild dyslipidemia in China, which has been smoothly completed, observing very positive efficacy signals, making it likely to become a best-in-class (BIC) drug for comprehensive lowering of atherogenic lipid profiles. Relevant data will be disclosed at the upcoming International Cardiovascular Annual Conference this year. EDP167’s mechanism of action does not rely on low-density lipoprotein receptors (LDLR) but targets ANGPTL3, achieving lipid reduction by relieving ANGPTL3’s dual inhibition of LPL and EL, capable of simultaneously lowering TG and LDL-C. In reality, for patients with mixed hyperlipidemia where both LDL-C and triglycerides (TG) are elevated, even with treatment from statins or PCSK9 inhibitors, a considerable proportion may still fail to reach guideline-recommended lipid reduction targets, whereas EDP167 is a drug that can be added to existing therapies to achieve further reductions in LDL-C and TG levels. It not only possesses clear clinical value, providing a new path for lipid-lowering treatment but also implies applicability to a broader population.

The phase II clinical trial for EDP167’s HoFH indication was launched in February 2026, with the potential to become the first domestically approved siRNA drug for HoFH indication. Another indication—mixed hyperlipidemia—is planned to initiate phase II clinical research in Q3 2026, currently ranking second among domestic siRNA drugs in terms of R&D progress, positioned within the first tier.

GB261 (CD3/CD20 dual antibody) has low CD3 binding affinity while maintaining Fc functionality (ADCC and CDC), improving safety while better killing tumor cells through multiple mechanisms. GB261 has completed clinical phase 1/2 dose escalation in patients with B-cell lymphoma, showing a highly advantageous safety/effectiveness balance, and is expected to initiate phase II clinical enrollment in Q2 2026. In 2024, GB261 successfully expanded overseas, authorizing global rights outside Greater China to Candid Therapeutics in the United States, and in 2025, Yiteng Jiahe will partner with Candid Therapeutics to launch multiple clinical studies for autoimmune diseases worldwide.

EDP001 (CD3/CD19/CD19/BCMA) represents Yiteng Jiahe’s exploration in cutting-edge autoimmune fields. It is a highly innovative tetra-specific T cell engager (Tetra-specific TCE) targeting CD3/CD19/CD19/BCMA, enhancing specificity while overcoming antigen escape. Preclinical studies have shown it to exhibit highly effective killing activity against primary B cells with lower cytokine release, indicating a larger safety window and potential best-in-class (BIC) status; related data will be presented at the 2026 AACR Annual Meeting.

The company anticipates completing one IND application and 3-5 PCC molecules in 2026, and completing three IND applications and 3-5 PCC molecules in 2027.

Summary:

In an industry cycle where cash flow is generally under pressure, Yiteng Jiahe builds a value foundation with high-quality profits and ample cash flow, empowering R&D innovation and establishing full value chain capabilities covering R&D, clinical, production, supply chain, and commercialization, forming a stable cash flow basis that enables it to undertake R&D assets and amplify innovation value in the current industry environment.

This model balancing R&D depth with commercial certainty redefines the growth paradigm of China’s Biopharma.