Boan Biotech Announces 2025 Financial Results

●Accelerated and upgraded innovation
●Empowerment through partnerships
●Two consecutive years of profitability

Yantai, China, March 30, 2026 — Boan Biotech (6955.HK) today announced its annual results for fiscal year 2025 and the latest developments.

In the reporting period, the company’s revenue was RMB 785 million, up 8.1% year-on-year, and it was in the black for two consecutive years. By the end of the reporting period, the company had more than RMB 1.1 billion in cash and cash equivalents. This, along with its positive cash flow, allows the company to accelerate the development of its pipeline of innovative drugs.

5 drugs in 5 years: solid fundamentals

Boan Biotech has launched five drugs in China within five years, with the first being in 2021, which was its biologic drug Boyounuo^® (bevacizumab injection). The solid fundamentals ensure a healthy cash flow for long-term growth. The company is already reaping the benefits of its first biologics both in China and abroad, and is positioned to keep the momentum going.

In China, with the launch of multiple products, the company is diversifying its revenue streams and increasing the ability to withstand risks. In addition to Boyounuo, Boyoubei® (denosumab injection 60 mg), and Boluojia^® (denosumab injection 120 mg), which were already launched, it also had Boyouping^® (dulaglutide injection) and Boyoujing^® (aflibercept intravitreous injection) approved for launch in the second half of 2025. Besides, the company completed patient enrollment in October 2025 for the Phase 3 clinical trial of BA1104 (nivolumab injection), the first biosimilar of Opdivo^® to do so in China.

Overseas, the company obtained marketing authorization (MA) for its denosumab injection in Bolivia, and is expected to get an MA for its bevacizumab injection in Brazil soon. The Phase 3 clinical trials for two denosumab injections were completed in the U.S., Europe, and Japan. The Medicines and Healthcare products Regulatory Agency (MHRA) in the UK already accepted the company’s MA applications for both products. The company will soon submit its Biologic License Applications (BLAs) for them in the U.S. too, with a plan to launch them in other markets as well. Furthermore, the U.S. Food and Drug Administration (FDA) agreed on a streamlined clinical approach for the company’s nivolumab injection and dulaglutide injection.

When it comes to marketing, the company adopts a two-pronged approach. It has an experienced marketing team with a sales network covering more than 3,000 hospitals and other healthcare institutions in China. Meanwhile, it also works with partners to expand the reach of its products and increase sales efficiency both in China and abroad. In China, the company granted Shanghai Pharmaceutical Co., Ltd. (Shaphar) the exclusive rights to commercialize Boyouping in the Chinese mainland and also partnered with Qingdao Conson Pharmaceutical Co., Ltd. (Qingdao Conson) and Ocumension Therapeutics (Ocumension) to sell Boyoubei and Boyoujing. Overseas, it granted Nanjing King-Friend Biochemical Pharmaceutical Co., Ltd. (NKF) the exclusive rights to commercialize two denosumab injections in the U.S., partnered with Kexing Biopharm Co., Ltd. (Kexing) to commercialize two denosumab injections in Hong Kong and Macao SARs and aflibercept intravitreous injection globally (excluding the Chinese mainland, the EU, the UK, the U.S., and Japan), and granted Shaphar and Pharmacare the exclusive rights to commercialize two denosumab injections in Latin America and Southeast Asia.

Focusing on original innovation to upgrade pipeline for new growth momentum

Building on its commercial success, Boan Biotech turned to drive growth through innovation. The company reinvested some of its revenue in developing globally competitive innovative drugs to lay the foundation for long-term growth. The company has built a pipeline of investigational drugs with the potential to become First-in-Class or Best-in-Class varieties by relying on its four platforms: the Human Antibody Transgenic Mouse and Phage Display Technology Platform, the Bispecific T-cell Engager Technology Platform, the Antibody-drug Conjugate (ADC) Technology Platform, and the Artificial Intelligence/Big Data Application Platform . Key varieties in the pipeline include:

●BA1106 (a non-IL-2 blocking anti-CD25 antibody): 

• This is the first innovative anti-CD25 antibody in China to undergo a clinical trial for the treatment of solid tumors.
• A dose-escalation clinical study of BA1106 in combination with BA1104 (nivolumab injection), a PD-1 inhibitor developed by the company, is currently underway in China, showing early signs of being effective against multiple types of tumor with a favorable safety and tolerability profile.
• The results from a Phase 1 monotherapy study indicate that BA1106 is safe and well-tolerated with the potential to treat multiple types of solid tumor and a pharmacodynamic (PD) profile matching its intended mechanism of action. BA1106 was also shown to have a good pharmacokinetics (PK) profile with low immunogenicity, and all of its anti-drug antibody (ADA) assays came back negative.

●BA1302 (an anti-CD228 ADC):

• This is China’s first innovative anti-CD228 ADC under clinical development, intended to treat multiple types of advanced solid tumor. 
  The dose-escalation part of a Phase 1 clinical trial of BA1302 as a monotherapy is currently going on in China, showing early signs of being effective against multiple types of tumor and a favorable safety and tolerability profile.
• It was cleared by the FDA for clinical trials in the U.S.
• It was granted an Orphan Drug Designation (ODD) in the U.S. for treating squamous non-small cell lung cancer (sqNSCLC) and pancreatic cancer.

●BA1301 (an anti-Claudin18.2 ADC):

• BA1301 is undergoing a dose-expansion Phase 1 clinical trial as a monotherapy in China. 
• In 2025, the early results of the Phase 1 clinical trial of BA1301 were presented at the Congress of the European Society for Medical Oncology (ESMO). In this trial, BA1301 was shown to have the potential for treating multiple gastrointestinal (GI) cancers. In patients with advanced gastric cancer with moderate-to-high CLDN18.2 expressions, the 2.0 mg/kg dose cohort achieved an objective response rate (ORR) of 30.8% and a median progression-free survival (mPFS) of 6.1 months. Encouraging efficacy was also observed for other types of cancer, including pancreatic cancer and advanced cholangiocarcinoma. BA1301 was also shown to be safe and well-tolerated as a stable ADC molecule. 
• BA1301 was granted an ODD in the U.S. for the treatment of gastric cancer and pancreatic cancer.

Boan Biotech is also accelerating the pre-clinical development of other investigational biologics, which include: 

●BA2201 (a bispecific antibody targeting TL1A and IL23): It was shown to be potent with low immunogenicity in both in vitro and in vivo studies. In studies with cynomolgus monkeys, it demonstrated a long half-life, with the potential to be administered for humans at a frequency of once every three months. The drug is intended for treating inflammatory bowel disease (IBD), etc.

●BA1203 (an antibody-cytokine fusion protein targeting PD-1 and IL-2): The IL-2 moiety of BA1203 incorporates a masking design that enables the selective release of IL-2 within the tumor to mitigate potential systemic toxicity. BA1203 was shown to be a potent anticancer agent in multiple tumor models where anti-PD-1/PD-L1 antibodies were ineffective or had a limited activity.

●BA1304 (a bispecific ADC targeting EGFR and B7-H3): It is constructed using Boan’s proprietary glycan-based site-specific conjugation technology with a 1+1 common light-chain format, demonstrating high stability and high homogeneity both in vitro and in vivo. The drug is intended for treating lung cancer, colon cancer, bladder cancer, kidney cancer, esophageal cancer, and other types of cancer.

Partnering to speed up go-to-market

Currently, the biopharmaceutical industry is faced with a strategic window for deepening business development (BD) collaboration. For innovative drug developers, leveraging diversified partnerships to maximize asset value and share risks has become the primary path toward efficient growth.

When it comes to R&D, Boan Biotech is open-minded to explore the frontiers with partners. The company is conducting joint studies with the Hong Kong University of Science and Technology in the frontiers of biomedicine. It is also partnering with DP Technology to build an “AI for Science” model for developing innovative biologics with a new platform and a new mechanism. At the same time, the company is in talks with several potential partners including MNCs for the licensing and joint development of its globally competitive antibodies. With more data coming out from clinical trials, the company is well positioned to speed up its go-to-market process through partnership building.

When it comes to marketing, the robust business development infrastructure and resources of the company have been proved to be very effective. While deepening its presence in the Chinese market for specialty drugs with partners like Shaphar, NKF, Ocumension, and Kexing, the company is also expanding partnerships in high-potential overseas markets like the U.S., South America, and Southeast Asia. Its global network covers nearly 20 countries and regions. This allows the company to build an efficient global marketing ecosystem by integrating channel resources.

Advancing ESG through smart + green manufacturing

The company has enough capacity to address the additional demand arising from the launch of new products and the expansion of its footprint. This helps to lay a solid foundation for the mass supply of products. Focusing on smart manufacturing, the company is increasing productivity by continuously optimizing production processes and digitizing production systems.

When it comes to quality management, the company has established a comprehensive quality management system compliant with the relevant Chinese, American, EU and Japanese quality standards and certified by ISO 9001, ISO 14001, ISO 45001, and ISO 50001.

The company was on the 2025 list of Shandong Province’s green manufacturers in recognition of its exceptional quality management and digital transformation as well as its achievements in driving green and low carbon operations. It was also a city-level “Zero Waste Factory” of Yantai in 2025. 

Coming key milestones to jump-start growth

In 2026, Boan Biotech is expected to achieve multiple milestones, including initiating clinical trials and publishing phased trial results for several innovative biologics as well as submitting BLAs for biosimilars. Here are some examples:

●The Investigational New Drug (IND) applications for BA2201 (a bispecific antibody targeting TL1A and IL23), BA1203 (an antibody-cytokine fusion protein targeting PD-1 and IL-2), and BA1304 (a bispecific ADC targeting EGFR and B7-H3) are planned to be submitted in China;

●The results of the Phase 1 clinical trial of BA1301 (an anti-Claudin18.2 ADC) as a monotherapy are to be presented at this year’s Annual Meeting of American Society of Clinical Oncology (ASCO);

●The results of the Phase 1 clinical trial of BA1302 (an anti-CD228 ADC) as a monotherapy are to be presented at this year’s ESMO Congress;

● The results of the Phase 1 clinical trial for the combination therapy of BA1106 (a non-IL-2 blocking anti-CD25 antibody) and an PD-1 inhibitor are to be presented at this year’s ESMO Congress, and an IND for the Phase 2 clinical trial of the combination therapy is to be submitted;

●The BLAs for two denosumab injections are to be submitted in the U.S.;

●The MA application for BA1104 (nivolumab injection) is to be submitted in China.

Jiang Hua, Chairlady and Chief Executive Officer of Boan Biotech, said: “The global biopharmaceutical industry is now in a new era of deep restructuring and high-quality growth. At Boan Biotech, we remain steadfast in our overarching strategy: accelerating and upgrading innovation, empowering through partnerships, maintaining commercial momentum, and expanding global footprint. We are moving into a new stage of strong organic growth driven by our products that have already been launched. Going forward, we will focus on innovating in the frontiers and upgrading our platforms. Specifically, we will speed up the clinical development of investigational drugs and continue to build a hierarchical and differentiated pipeline. At the same time, we will also leverage our multidimensional network of partners to further integrate global resources for accelerating our go-to-market process and unleashing the value of our pipeline. This will enable us to steadily increase our core competencies and our influence in the industry. Ultimately, we will be able to provide high-quality and affordable biologics for patients while creating value for our shareholders sustainably.” 

About Boan Biotech

Boan Biotech is a fully-integrated biopharmaceutical company developing, manufacturing, and marketing biologics, with a focus on oncology, autoimmune diseases, ophthalmology, and metabolic diseases. The company's drug discovery activities revolve around multiple platforms: Human Antibody Transgenic Mouse and Phage Display Technology Platform, Bispecific T-cell Engager Technology Platform, ADC Technology Platform and Artificial Intelligence/Big Data Application Platform.

Boan Biotech operates across the entire value chain of the industry covering antibody discovery, cell line development, upstream and downstream process development, analytical and bio-analytical method development, technology transfer, non-clinical research, clinical research, regulatory affairs and registration, and commercial production. 

Boan Biotech currently has five products that have been approved for marketing, along with a robust pipeline of proprietary investigational biologics and biosimilars. In addition to China, the company is also developing biopharmaceutical products in overseas markets, including the U.S., Europe, and Japan. With a differentiated portfolio and well-established commercial capabilities, Boan Biotech operates across the industry’s value chain from research and development to manufacturing and commercialization, laying a solid foundation for long-term, high-quality growth in the future.