Core Viewpoint - The company Keren Biotechnology (06990.HK) announced that three of its products have been included in the National Medical Insurance Directory published by the National Healthcare Security Administration and the Ministry of Human Resources and Social Security of China on December 7, 2025 [1] Group 1 - The three products included are: (1) ADC Sacituzumab Tirumotecan (sac-TMT, also known as SKB264/MK-2870, brand name: Jiatailai®), (2) Cetuximab N01 Injection (formerly A140, brand name: Datailai®), and (3) Tagitanlimab (also known as A167, brand name: Ketailai®) [1] - Notably, ADC Sacituzumab Tirumotecan has two indications that have been included in the National Medical Insurance Directory [1]

Core Viewpoint - Kolon Biotech Inc. reported a significant decline in revenue for the six months ending June 30, 2025, with a 31.3% year-on-year decrease, leading to a loss attributable to equity shareholders of RMB 145 million [1] Financial Performance - The company achieved revenue of RMB 950 million, down 31.3% year-on-year [1] - Research and development expenses amounted to RMB 612 million, a decrease of 6.3% year-on-year [1] - The loss attributable to equity shareholders was RMB 145 million, with a loss per share of RMB 0.64 [1] Product Development and Commercialization - The company has obtained marketing approvals for sac-TMT (佳泰莱®), Tagolizumab (科泰莱®), and Cetuximab N01 (达泰莱®) and has commenced commercialization [1] - The company anticipates launching Botuzumab (舒泰莱®) in the Chinese market in the second half of 2025, pending regulatory communication and approval [1] - Total commercial sales for the first half of 2025 reached RMB 309.8 million, with 97.6% of sales attributed to 佳泰莱® [1] Accounts Receivable Management - All accounts receivable from drug sales were collected within the payment period, indicating efficient and stable cash flow [1]

Group 1 - The company reported a revenue of RMB 950 million for the six months ending June 30, 2025, representing a year-on-year decrease of 31.3% [1] - Research and development expenses amounted to RMB 612 million, a decrease of 6.3% year-on-year [1] - The company incurred a loss attributable to equity shareholders of RMB 145 million, with a loss per share of RMB 0.64 [1] Group 2 - The company has obtained marketing approvals for sac-TMT (佳泰莱®), Tagolizumab (科泰莱®), and Rituximab N01 (达泰莱®) and has commenced commercialization [1] - The company anticipates launching Botuzumab (舒泰莱®) in the Chinese market in the second half of 2025, pending regulatory communication and approval [1] - The total commercial sales for the first half of 2025 reached RMB 309.8 million, with 97.6% of sales attributed to 佳泰莱® [1] Group 3 - The company has a diverse pipeline supported by proprietary technologies in ADCs, novel conjugated drugs, large molecules (monoclonal and bispecific antibodies), and small molecule drugs [2] - The company is a pioneer in ADC development, with over ten years of experience and is one of the few biopharmaceutical companies globally to establish an internal ADC and novel conjugated drug platform, OptiDCTM [2] - The company possesses end-to-end manufacturing capabilities compliant with cGMP standards and a comprehensive quality management system to support drug development [2]