Industry Overview - The self-immune field is becoming one of the hottest sectors for innovative drug investment, with both primary and secondary market transactions heating up [1] - In the first half of 2025, the total transaction amount for License-out of innovative drugs in China approached $66 billion, surpassing the total BD transaction scale for the entire year of 2024, setting a historical record [1] - The proportion of BD transactions for tumor pipeline licensing has decreased from 72% in 2023 to 61% in 2024, while the proportion for metabolism and self-immune has increased from 12% to 25%, nearly doubling [1] Company Performance - Qianxin Biotech, established in 2015, focuses on biotherapies for self-immune and allergic diseases, covering four major areas: skin, respiratory, digestive, and rheumatology [1] - In the first half of 2025, Qianxin Biotech reported revenue of 206 million RMB, a year-on-year increase of 359.69%, primarily driven by upfront payments, milestone payments, clinical research service fees, and CDMO revenue [1] - The adjusted loss for the period was 5.22 million RMB, significantly reduced by 96% compared to the same period last year [2] Product Development - Qianxin Biotech's flagship product QX005N (IL-4Rα monoclonal antibody) has obtained IND approval for seven indications, making it one of the products with the most indications targeting IL-4Rα in China [3] - The company has completed patient enrollment for the Phase III clinical trial of QX005N for nodular prurigo and is nearing completion for atopic dermatitis, with results expected by the end of this year and early next year [3] - QX002N (IL-17A monoclonal antibody) achieved its primary endpoint in Phase III clinical research for ankylosing spondylitis in February 2025, with plans to submit a BLA within the year [3] Strategic Partnerships and Market Expansion - Qianxin Biotech's second-largest shareholder is Huadong Medicine, which has a nationwide sales network, allowing the company to accelerate its commercialization efforts [5] - The company has commercialized its first product, the biosimilar drug Seluxin®, which has been prescribed in over 1,200 hospitals, with sales accelerating [6] - In April 2025, Qianxin Biotech granted global rights for its long-acting self-immune dual antibody QX030N to Caldera, receiving a $10 million upfront payment and potential milestone payments totaling up to $545 million [6] Financial Backing - Qianxin Biotech recently received significant investment from TruMed Health Innovation Fund LP, providing strong institutional backing and enhancing market confidence in the company's long-term value [7]

Core Viewpoint - The company, 荃信生物-B, has experienced a significant increase in stock price following the release of its financial results, indicating strong market confidence in its growth potential and product pipeline [1] Financial Performance - The company reported a revenue of RMB 206 million for the six months ending June 30, 2025, representing a year-on-year increase of 359.69% [1] - Research and development expenses amounted to RMB 151 million, reflecting a year-on-year increase of 4.25% [1] - The company's loss for the period decreased by 83.11% compared to the previous year [1] Revenue Sources - The revenue primarily consisted of income from licensing agreements, including an upfront payment related to the overseas licensing of QX030N and a non-cash consideration for approximately 24.88% equity in Caldera Therapeutics, totaling RMB 181 million [1] - Additional revenue was generated from CDMO services and R&D services for projects QX004N and QX008N, amounting to approximately RMB 22 million [1] Product Development - The company has one commercialized product, the first biosimilar of Ustekinumab in China, named赛乐信 [2] - Two core products are progressing well in development: QX005N (IL-4Rα monoclonal antibody) is nearing completion of patient enrollment for two Phase III trials in China, with results expected by the end of this year and early next year [2] - QX002N (IL-17A monoclonal antibody) has reached the primary endpoint in its Phase III trial for ankylosing spondylitis in China, with plans to submit a Biologics License Application (BLA) within this year [2] - QX004N (IL-23p19 monoclonal antibody) and QX008N (TSLP monoclonal antibody) are in Phase III and Phase II clinical stages in China, respectively, with partners accelerating their development [2]