Core Insights - Corning Pharmaceutical-B (09966.HK) reported a revenue of RMB 319 million for the six months ending June 30, 2025, representing an 84.1% year-on-year increase [1] - The gross profit reached RMB 288 million, marking a 101.9% year-on-year growth [1] - The profit attributable to the company's owners for the period was RMB 21.575 million [1] - Research and development expenses amounted to RMB 253 million, compared to RMB 195 million in the same period last year [1] Group 1: R&D and Product Pipeline - The company has a highly differentiated internal pipeline consisting of ADCs, monoclonal antibodies, and bispecific antibodies at various stages of development, including one product approved by the National Medical Products Administration and several in Phase III or pivotal clinical trials [1] - The depth and breadth of the company's independent R&D and manufacturing capabilities are highlighted by its structural-guided protein engineering capabilities, allowing for the development of various protein constructs, including single-domain antibodies (sdAb) and engineered proteins [2] - The company has proprietary platforms such as the sdAb platform, CRIB platform, glycan-specific conjugation platform, linker-payload platform, subcutaneous high-concentration formulation platform, and glycan-specific conjugation bispecific payload platform [2] Group 2: Manufacturing Capacity - The company is enhancing its manufacturing capabilities by designing and constructing new facilities that comply with the current Good Manufacturing Practice standards of the National Medical Products Administration, European Medicines Agency, and FDA, with an expected total capacity exceeding 40,000 liters [2] - A newly built ADC bulk and formulation production workshop has already commenced operations, adding to the existing production capacity [2]