Quansin Bio's 2025 revenue exceeds 800 million, a year-on-year increase of 408.2%, turning losses into profits and initiating a revaluation of value

After China’s innovative drug industry experienced a capital winter and valuation reshaping cycle, Jiangsu Quanxin BioPharma Co., Ltd. (hereinafter “Quanxin Bio,” stock code: 2509.HK) recently delivered a performance report for 2025 that has attracted significant market attention. This performance not only marks a crucial step for the company as it transitions from a purely R&D-focused biotech company to a biopharmaceutical enterprise with self-sustaining “cash generation” capabilities, but also—through its explosive growth in revenue, clear strategic layout, and global cooperation map—demonstrates the enormous potential of China’s innovation strength in the field of autoimmune diseases and the underlying logic behind the revaluation of its value.

Profitability inflection point confirmed: revenue quadruples, turns loss into profit, and maintains ample cash flow

2025 is undoubtedly a milestone year in Quanxin Bio’s development history. According to its full-year performance announcement for the year ending December 31, 2025, the company achieved total revenue of RMB 807 million, a surge of 408.2% from RMB 159 million in 2024. Its revenue structure can be divided into three main parts: first, external licensing transactions for core pipeline products such as QX030N and QX031N generated revenue of RMB 723 million, indicating that the global value of the company’s technology platform has begun to be realized; second, contract development and manufacturing organization (CDMO) service revenue increased by RMB 35.5 million, demonstrating that its industrialization capabilities are beginning to empower external partners; finally, sales of its first commercialized product, Serelxin® (QX001S), also achieved steady growth, boosting Serelxin® supply revenue and further strengthening expectations for its future cash flow contribution.

More importantly, during the reporting period, the company’s annual profit reached RMB 307 million. Compared to a loss of RMB 350 million in the same period of 2024, it successfully turned losses into gains. Excluding the impact of non-cash items such as share-based payments, the adjusted full-year profit reached RMB 356 million, representing a qualitative leap.

In addition, healthy cash reserves are the foundation supporting future development. As of December 31, 2025, the company’s total cash and cash equivalents, time deposits, and financial assets measured at fair value amounted to RMB 1.042 billion, an increase of 87.4% from the beginning of the year. These ample cash reserves provide solid financial backing for the company’s future R&D investments, pipeline advancement, and potential external collaborations.

Policy support and market opportunities: a strategic window opens for autoimmune disease tracks

Quanxin Bio is one of the few domestic innovative drug companies focusing specifically on autoimmune and allergic diseases. In recent years, China’s policy support for the innovative pharmaceutical industry has continued to intensify, creating a favorable environment for companies like Quanxin Bio—dedicated to developing innovative drugs that address unmet clinical needs.

In 2026, China’s “14th Five-Year Plan” (the “XV” “14th Five-Year” plan) will be officially released. For the first time, the plan explicitly emphasizes “supporting the development of innovative drugs and medical devices,” elevating the biopharmaceutical industry to a national strategic level. Meanwhile, documents such as the “Healthy China 2030” Planning Outline and the “Opinions on Further Improving the Medical and Healthcare Service System” highlight “strengthening comprehensive prevention and control of chronic diseases,” with autoimmune diseases and allergic diseases (including psoriasis, ankylosing spondylitis, atopic dermatitis, chronic obstructive pulmonary disease, asthma, etc.) being key chronic disease areas.

These diseases affect a large patient population, yet domestic diagnosis and treatment rates remain significantly lower than those in developed countries, leaving substantial unmet clinical needs. According to Frost & Sullivan data, China’s autoimmune disease drug market is projected to reach USD 19.9 billion by 2030, with a compound annual growth rate of 26.7% from 2025 to 2030, maintaining a high growth trajectory; the allergic disease market is expected to reach USD 21.6 billion by 2030.

Core advantages highlighted: steady pipeline progress, and significant results in commercialization and international expansion

Quanxin Bio’s product pipeline covers four major disease areas: dermatology, respiratory, digestive, and rheumatology. Among them, the first commercialized product, Serelxin® (China’s first biosimilar of ustekinumab), achieved nearly RMB 300 million in sales in 2025, demonstrating the strong commercialization capabilities of its partner, China East Medical, and validating the company’s strategic choices. From approval in October 2024 to rapid sales growth in 2025, and the addition of a pediatric indication for plaque psoriasis, Serelxin®’s success not only provides stable and promising revenue but also confirms its comprehensive R&D, manufacturing, and commercialization integration capabilities.

Regarding the bispecific antibody projects, in 2025, Quanxin Bio achieved three major overseas licensing collaborations, partnering with Caldera Therapeutics (NewCo), Roche (MNC), and Windward Bio (Biotech). Notably, the global exclusive collaboration with Roche for QX031N (TSLP/IL-33 bispecific antibody) involved an upfront payment of USD 75 million and potential milestone payments of approximately USD 1 billion, demonstrating the high recognition from top global pharmaceutical companies of Quanxin Bio’s R&D strength and technology platform. These transactions—from NewCo to MNC—cover diverse collaboration models, indicating that through continuous innovation, Quanxin Bio has established a leading position in the global autoimmune market, opening up long-term growth potential.

For monoclonal antibody programs, the core product Otocibizumab (QX005N, IL-4Rα monoclonal antibody) has achieved primary endpoints in Phase III trials for nodular prurigo (PN) and atopic dermatitis (AD), with NDA submissions expected in 2026. Another key product, Lucerchita (QX002N, IL-17A monoclonal antibody), for ankylosing spondylitis (AS), was accepted by the National Medical Products Administration in March 2026. Its imaging data are clear, and it maintains excellent long-term efficacy, with distinct competitive advantages. Meanwhile, QX004N (IL-23p19 monoclonal antibody) and QX008N (TSLP monoclonal antibody) have entered Phase III clinical trials, with domestically leading competition rankings, ensuring sustainable growth over the next 3–5 years.

Replicability: from “point” breakthroughs to ecosystem construction across the “surface”

Quanxin Bio’s success is not dependent on a single product or luck; it is built on a proven, replicable business model.

Collaborations such as co-developing Otocibizumab with China East Medical, advancing QX004N with Hansoh Pharmaceutical, and deep partnerships with domestic and international companies like Health Yuan and Roche demonstrate Quanxin Bio’s top-tier resource integration capabilities. This “Biotech-Pharma” synergy model leverages external funding and commercialization networks while maintaining R&D flexibility and focus. Its efficiency has been validated through multiple case studies, laying a foundation for building a broader, deeper global cooperation network.

Furthermore, from licensing QX030N (IL-23p19/TL1A bispecific antibody) to Caldera Therapeutics, to partnering with Roche on QX031N (TSLP/IL-33 bispecific antibody), and collaborating with Windward Bio on QX027N (TSLP/IL-13 bispecific antibody), these successful transactions are by no means coincidental. They validate the company’s technological competitiveness and clinical value in the autoimmune field and establish a replicable global expansion pathway. Moving forward, additional core pipeline programs with innovative targets and clinical differentiation are expected to continue along this mature path, accelerating global development and commercialization, and further participating in international competition in the autoimmune domain.

After early-stage R&D incubation and pipeline layout, Quanxin Bio is driving the company’s value growth from performance to broader value dimensions, using “efficient R&D” as the foundation and “ecosystem collaboration” as the lever. With the advent of the “Quanxin 2.0” era, the company is poised to write even more significant chapters in the global biopharmaceutical landscape.