Innocare Pharma Ltd

Great. Good morning and good evening, our global investors. Thank you for joining InnoCare 2025 Annual Results Earnings Call. This is Yisheng Chen, China healthcare analyst at Goldman Sachs. Before we kick off the session, I would like to highlight that this call is strictly for clients of Goldman Sachs and InnoCare only and this conversation is not intended for the media and is off the record. Participants will be removed from the call if they cannot be properly identified. This call on webcast is not for the purpose of sharing or receiving the public otherwise confidential information. Attendees are public side market participants who may not receive and should not request non-public or otherwise confidential information about issuers or securities Today, we're very honored to have the full team join the call to discuss the 2025 results and, of course, the outlook for 2026. So join us, including the chairperson and the CEO, Dr. Jasmine Cui, the CFO, Mr. Xingfu, CTO, Dr. Xiangyang Chen, and also SVP of Clinical Development, Dr. Red Bean So management is going to give us a prepared remarks and after that I'm going to convert it into a Q&A session. If you have any questions, feel free to raise your hand in the Zoom app or you can also

Our vision is to become a global pharmaceutical leader dedicated to developing and delivering innovative therapies for patients worldwide. Our drug innovation efforts focus primarily on two therapeutic areas with significant and medical needs, oncology and autoimmune diseases. Here are the key business and financial highlights. In 2025, we achieved several important milestones, including reaching the four-year break-even milestone, two years ahead of our expectation. Total revenue reached RMB 2.37 billion, representing 135% year-to-year growth. Product sales reached RMB 1.44 billion, up 43% over last year. Net profit reached RMB 644 million, marking the company's first year with profit. At the end of 2025, we had a strong cash position of RMB 2.8 billion, providing solid support for continued R&D investment and globalization. Additionally, our global partnership strategy continues to unlock significant value. In 2025, our total BDDL value exceeding USD $2.5 billion. In October last year, we entered into strategic collaboration with Zenos Biopharma, licensing out partial Aurora Broad Nib rights together with two early stage assets. Earlier of the year, We also partnered with Prelium to explore the potential of CT3-CT20 antibody in autoimmune diseases. This slide highlights the major RNA progress and pipeline advancements. In 2025, multiple drugs and indications received regulatory approvals, and both our oncology and autoimmune pipeline continued to expand. Aronabranib was approved in China for the first-line treatment of CLLSLL and was included in ARDL. significantly expanding our commercial space. Our second product, Tafacitamab, was approved in mainland China for diffuse large B-cell lymphoma, DL-BCL, and benefiting patients with RRDL-BCL in China.

Our third product... Sorry to interrupt. The slides will still stay on the page one and not on the presentation mode.