2025年的产品业绩表现，再次印证了本公司卓越的商业化运营能力及可持续的业务发展模式。展望2026 年，本公司将持续发挥策略前瞻、布局灵活、执行高效的核心优势，以肿瘤与综合产品线"双轮驱动"战 略推动业务高速发展;同时坚持精益运营理念，持续提升运营效率，致力于成为中国生物制药领域综合 实力领先的标杆企业。 与此同时，本公司全球创新布局持续突破，以新一代免疫疗法(IO)、抗体偶联药物(ADC)为核心的肿瘤 创新管线，以及新一代代谢及心血管(CVM)、自身免疫及眼科领域创新管线的全球临床开发，正逐步取 得关键性进展，持续打开本公司成长空间，助力本公司稳步迈向"成为国际一流的生物制药公司"的核心 愿景。 信达生物(01801)发布公告，于2025年全年，本公司实现总产品收入约人民币119亿元，同比保持约45% 的强劲增长态势。值得说明的是，于2025年第四季度，因六款新药首次纳入2026年国家医保目录，本公 司就按原价格分销至渠道的产品，计提了相应金额的一次性库存补差。前述情况下，于2025年第四季 度，本公司实现总产品收入约人民币33亿元，同比增长超60%以上，依旧延续强劲增长势头。 2025年是本公司产品收入首 ...

格隆汇2月4日丨信达生物(01801.HK)公告，于2025年全年，公司实现总产品收入约人民币119亿元，同 比保持约45%的强劲增长态势。值得说明的是，于2025年第四季度，因六款新药首次纳入2026年国家医 保目录，公司就按原价格分销至渠道的产品，计提了相应金额的一次性库存补差。前述情况下，于2025 年第四季度，公司实现总产品收入约人民币33亿元，同比增长超60%以上，依旧延续强劲增长势头。 与此同时，公司全球创新布局持续突破，以新一代免疫疗法(IO)、抗体偶联药物(ADC)为核心的肿瘤创 新管线，以及新一代代谢及心血管(CVM)、自身免疫及眼科领域创新管线的全球临床开发，正逐步取得 关键性进展，持续打开公司成长空间，助力公司稳步迈向「成为国际一流的生物制药公司」的核心愿 景。 2025年是公司产品收入首次突破百亿人民币的里程碑之年，标志着公司「双轮驱动与全球创新」战略的 成功落地及卓越成效。公司在肿瘤治疗领域持续巩固领先地位，肿瘤产品组合已拓展至13款，协同效应 日益凸显；其中达伯舒?(信迪利单抗注射液)等核心产品保持稳健增长，多款新产品亦贡献显着收入增 量。与此同时，公司成功拓展慢病商业化领域并取得 ...

Core Insights - The company achieved total product revenue exceeding RMB 3.3 billion in Q3 2025, reflecting a robust year-on-year growth of approximately 40% driven by both oncology and comprehensive product lines [1] Oncology Sector - The company maintains a leading position in the oncology treatment field, with significant advantages in its product portfolio, including steady growth of key products like Dabu Shu (sintilimab injection) [1] - The contribution of innovative product revenue has further increased, enhancing the overall revenue mix [1] Comprehensive Product Line - The potential of the comprehensive product line is rapidly being realized, providing new growth drivers with significant revenue contributions from products like Xin Er Mei (masitinib injection), Xin Bi Le (toripalimab injection), and Xin Bi Min (tremelimumab N01 injection) [1] - Successful market access and channel marketing efforts have accelerated product uptake, leading to substantial revenue growth [1] - The second indication for masitinib for diabetes has also received approval from the National Medical Products Administration of China, expanding access to high-quality innovative treatment options for a broader patient base [1] Strategic Focus - The company is committed to sustainable growth and global innovation as its two core strategies, with a rich pipeline in oncology and comprehensive product lines (cardiovascular, metabolism, autoimmune, ophthalmology) [1] - As of now, the company has obtained approvals for 16 products, with 2 under review by the National Medical Products Administration of China, and 4 new drug molecules in Phase 3 or pivotal clinical studies, alongside approximately 15 new drug candidates in clinical research [1] - The year 2025 marks a significant milestone for the company as it enters a new phase of dual-driven growth and global innovation, progressing towards its vision of becoming a world-class biopharmaceutical company [1]

Core Insights - The company reported total product revenue exceeding RMB 5.2 billion for the first half of the year, maintaining a strong growth rate of over 35% year-on-year [1] - In Q2 2025, total product revenue surpassed RMB 2.7 billion, with a year-on-year growth of over 30%, driven by both oncology and comprehensive pipelines [1] Oncology and Comprehensive Pipeline - The oncology treatment sector continues to show strong performance with leading brands and product combinations, while new product revenue contributions are steadily increasing [1] - The comprehensive product line is gradually releasing its potential, with new drivers of growth coming from products like Xinbile® (Tolebrutinib injection) and Xinbimin® (Tremelimumab N01 injection), which are making progress in marketing and channel access [1] - The approval of the world's first glucagon/GLP-1 dual receptor agonist, Xinermai® (Masitide injection), for weight loss indications by the National Medical Products Administration of China adds a significant product to the company's comprehensive pipeline [1] Product Approvals and Clinical Research - The company has successfully obtained approvals for 16 products, with 2 additional products under review by the National Medical Products Administration of China [1] - Four new drug molecules are currently in Phase 3 or pivotal clinical studies, and approximately 15 new drug candidates have entered clinical research [1]

Group 1 - The company reported total product revenue exceeding RMB 5.2 billion in the first half of 2025, maintaining a strong growth of over 35% year-on-year [1] - In Q2 2025, total product revenue surpassed RMB 2.7 billion, with a year-on-year growth of over 30%, driven by both oncology and comprehensive product lines [1] - The growth in the oncology treatment sector is attributed to a strong brand and product portfolio, with major products showing excellent growth and new product contributions increasing [1] Group 2 - The company is focused on sustainable growth and global innovation, with a rich pipeline in oncology and comprehensive product lines (cardiovascular and metabolic, autoimmune, and ophthalmology) [2] - As of now, the company has obtained approval for 16 products, with 2 under review by the National Medical Products Administration of China, and 4 new drug molecules in Phase 3 or pivotal clinical studies [2] - The year 2025 marks an important period for the company as it aims to become an internationally leading biopharmaceutical company [2]