Qyuns Therapeutics Co., Ltd. Class H · HKEX:2509
Qyuns Therapeutics Co., Ltd. Class H — FY2025 Earnings Presentation
34 slides from Qyuns Therapeutics Co., Ltd. Class H's earnings presentation, Mar 31, 2026
Slide 1: 2025 Annual Results
2025 ANNUAL RESULTS 31 March 2026 2509.HK 0
Slide 2: Disclaimer
Disclaimer NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION OR DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAWS By attending this presentation or by reading this document, you (1) agree to be bound by the
Slide 3: Overview
01 2025 at A Glance: A Perfect Chain Reaction 02 A Stellar Global Debut with Rapid BsAbs Advance 03 Overview Core MAbs Enter Harvest Phase with Strong Commercial Certainty 04 A Significant Turnaround from Loss to Profit with Improved Financial Position 05 Outlook for 2026: A New Decade Sets Sail 2
Slide 4: Qyuns: Capturing Growth Trends in China's Autoimmune Sector
Qyuns: Leveraging Strong Comprehensive Capabilities to Precisely Capture Growth Trends in China's Autoimmune Sector A biotech company exclusively focused on biologic therapies for autoimmune and allergic diseases Exclusive Focus Full Coverage Huge Market Potential Comprehensive Pipeline Focus on aut
Slide 5: Exclusive Focus on Autoimmune and Allergic Disease Therapies
Exclusive Focus on Autoimmune and Allergic Disease Therapies, Covering Four Major Disease Areas and Key Therapeutic Pathways mAbs bring commercial certainty; bsAbs boost efficacy and patient compliance IL-12/IL-23p40 Psoriasis IL-23p19 Psoriasis Ankylosing Spondylitis IL-17A Atopic Dermatitis IL-4Rα
Slide 6: Seasoned Management Team with Extensive Industry Experience
Seasoned Management Team with Extensive Industry Experience and Successful Entrepreneurial Track Records Jiwan Qiu Yiliang Wu Executive Director, Chairman, General Manager Executive Director, General Manager of Cellularforce 30 years of extensive R&D experience in biotechnology industry Weidong Lin
Slide 7: Cellularforce: Commercial Scale Production Capacity Supporting CDMO Growth
Cellularforce: Commercial Scale Production Capacity Supporting Rapid CDMO Growth cGMP-standard manufacturing facility with excellent CMC capability Commercial-scale in-house manufacturing capability that has received and quality management will secure high quality, cost controllable China's GMP cert
Slide 8: An Integrated Strategic Alliance Across the Full Industry Chain
An Integrated Strategic Alliance: Forged by Forward-Looking Layout and Seamless Integration of the Full Industry Chain, Spanning R&D, Production and Commercialization Early Research Pre-clinical Study Clinical Development Production BD Cooperation Innovative structural platform for rabbit 9 self-dev
Slide 9: Strategic Cooperation: Verify Pipeline Value, Generate Cash Income
Strategic Cooperation: Verify Pipeline Value, Generate Cash Income, Accelerate Clinical Progress, Enhance Commercial Certainty 8
Slide 10: 2025 at A Glance: A Perfect Chain Reaction
01 2025 at A Glance: A Perfect Chain Reaction 9
Slide 11: Qyuns in 2025: Global Launch, BsAb Advance, MAbs Harvest Phase
Qyuns in 2025: A Stellar Global Launch, Rapid BsAb Advance, MAbs Reaching Harvest Phase SAILEXIN Global is maintaining expansion: NewCo and a rapid growth momentum MNC deals • Apr. 2025, NewCo deal with Caldera for QX030N, with a total amount of up to USD 555 million； • Oct. 2025, Roche deal for QX0
Slide 12: 1st Year of Profit Turnaround, Strengthening Future Capital Reserves
1st Year of Profit Turnaround, Strengthening Future Capital Reserves Revenue Adjusted Net Profit for the Year* Year-End Cash Balance* RMB 800 million+ RMB 350 million+ RMB 1.04 Billion+ * Adjusted Net Profit for the year does not include the amortization of share-based compensation 11 * Cash balance
Slide 13: MAbs and BsAbs Portfolios Form a Comprehensive Pipeline
MAbs and BsAbs Portfolios Form the Foundation for a Comprehensive and Synergistic Pipeline IND NDA Drug Target Indication Preclinical Phase I Phase II Phase III Partners Approval Approval Ps QX001S IL-12/ SAILEXIN IL-23p40 CD PN AD QX005N CRSwNP IL-4Rα Oturkibart CSU Asthma COPD QX002N IL-17A AS Cru
Slide 14: A Stellar Global Debut with Rapid BsAbs Advance
02 A Stellar Global Debut with Rapid BsAbs Advance 13
Slide 15: QX027N (TSLP/IL-13) - Long-acting BsAb for Asthma and AD
QX027N (TSLP/IL-13) - Long-acting BsAb for Asthma and AD $ 700 million partnership with Windward Bio Partner： Latest Development: Phase I FPI in Dec. 2025 in China; Overseas IND to be submitted ⚫ Subpicomolar affinity Management Team Background： ⚫ Long-acting modification • Led by experienced execut
Slide 16: QX030N (IL-23p19/TL1A) - Long-acting BsAb for IBD
QX030N (IL-23p19/TL1A) - Long-acting BsAb for IBD $ 555 million partnership with Caldera Partner： Latest Development：Phase I FPI achieved in Australia in Jan. 2026 ⚫ Potential next generation IBD Management Team Background： treatment 2024: Led the acquisition of Morphic Therapeutic by Lilly for $3.2
Slide 17: QX031N (TSLP/IL-33) - Long-acting BsAb for COPD and Asthma
QX031N (TSLP/IL-33) - Long-acting BsAb for COPD and Asthma $ 1.07 billion partnership with Roche Latest Development: Phase I FPI achieved in New Zealand in Mar. 2026 ⚫ Potential to be a “First-in-class” and “Best-in-disease” therapy Product Brief： TSLP and IL-33 are proteins called alarmins that are
Slide 18: QX035N – Next-Generation Long-acting c-kit BsAb
QX035N – Next-Generation Long-acting c-kit BsAb for Respiratory and Dermatological Diseases Next-generation allergy pipeline QX035N is an investigational long-acting bsAb that targets c-kit (a type III receptor tyrosine kinase) and an undisclosed second target. It is specifically designed to inhibit
Slide 19: Core MAbs Enter Harvest Phase with Strong Commercial Certainty
Core MAbs Enter Harvest Phase with Strong 03 Commercial Certainty 18
Slide 20: SAILEXIN – 1st Ustekinumab Biosimilar Approved in China
SAILEXIN – 1st Ustekinumab Biosimilar Approved in China & Blockbuster Potential Market Opportunities and Competition Competitive Advantages Market Opportunities Ustekinumab Global Sales The first marketed Ustekinumab Biosimilar in China (SAILEXIN) In 2023, the number of psoriasis patients in ✓ The c
Slide 21: Oturkibart (QX005N) – One of Only Two IL-4Rα mAbs with BTD in China
Oturkibart (QX005N) – One of the Only Two IL-4Rα mAbs with BTD in China Mechanism Strategic Cooperation • IL-4Rα controls the signaling of both IL-4 and IL-13, which is critical in the initiation of type 2 inflammation • QX005N is designed to inhibit IL-4Rα, a well-validated, ⚫ In July 2024, the exc
Slide 22: Oturkibart (QX005N) – Leading Progress in PN Development
Oturkibart (QX005N) – Leading Progress in PN Development Market Opportunities and Competition Unmet Medical Needs • Development of the PN drug market in China is still at an Limitation of Prevalence of PN in China, 2017-2030E early stage current Thousand treatment • Current treatment (topical steroi
Slide 23: Oturkibart (QX005N) – Treatment for Moderate-to-Severe AD
Oturkibart (QX005N) – Treatment for Moderate-to-Severe AD, Covering Both Adolescent and Adult Patients Market Opportunities and Competition Unmet Medical Needs Market Opportunities • Systemic immunosuppressants face significant safety concerns AD patients in China reached 70.3 million in 2022 and ar
Slide 24: Crusekitug (QX002N) – IL-17A mAb for AS
Crusekitug (QX002N) – IL-17A mAb for AS, with Clear Imaging Evidence Market Opportunities and Competition Competitive Advantages Market Opportunities IL-17A vs. TNF ✓ Guided as 2L standalone treatment for AS, IL-17A inhibitors have shown The AS patient population in China reached 3.9 million in 2022
Slide 25: QX004N – IL-23p19 mAb for Ps and CD
QX004N – IL-23p19 mAb for Ps and CD, Top 2 Most Advanced Domestically IL-23p19 is currently a better target for psoriasis, Skyrizi® Global Sales the treatment effect of psoriasis will be further 17,562 USD Million improved, and it is conducive to long-term management. 11,718 7,760 5,170 2,940 1,590
Slide 26: QX008N – TSLP mAb for Respiratory Diseases
QX008N – TSLP mAb for Respiratory Diseases, Fastest COPD Progress in China Tezspire® Global Sales •TSLP is a cytokine expressed by the airway epithelium and sits at the top of multiple inflammatory cascades USD Million •Anti-TSLP mAb is the only biologic drug that is independent of 1,936 eosinophili
Slide 27: A Significant Turnaround from Loss to Profit
A Significant Turnaround from Loss to Profit 04 with Improved Financial Position 26
Slide 28: Significant Operating Income Increase Strengthened Capital Reserves
Significant Operating Income Increase further Strengthened Capital Reserves RMB Million In 2025, Qyuns recorded a total revenue of RMB 1000 806.96 million, representing a 408.18% increase 806.96 800 period-to-period. In 2025, the Company's revenue was mainly derived 600 from upfront and milestone pa
Slide 29: Turned to Profit for the First Time
Turned to Profit for the First Time with Net Profit of RMB 300M+ and Adjusted Net Profit of RMB 350M+ RMB Million In 2025, Qyuns recorded a net profit of RMB 307.44 400 307.44 million, a significant turnaround from a net loss of RMB 349.69 million in 2024, representing an increase of 200 RMB 657.13
Slide 30: Cash Reserves Strengthened with Optimized Loan Structure
Cash Reserves Strengthened with Optimized Loan Structure Strengthened Cash Reserves: As of December 31, 2025, Cash reserves amounted Cash Reserves* to RMB 1,041.97 million, an increase of RMB 485.84 million compared to RMB RMB Million 556.13 million as of December 31, 2024, indicating sufficient cas
Slide 31: Debt-to-Asset Ratio Declines as Debt Servicing Capacity Improves
Debt-to-Asset Ratio Declines as Debt Servicing Capacity Improves Year-end Debt-to-Asset ratio 2024.12.31 – 2025.12.31 The debt-to-asset ratio of Qyuns declined from 77.5% as of December 31, 2024, to 57.6% as of December 31, 100 2025. This was primarily attributed to the substantial increase in cash
Slide 32: Outlook for 2026: A New Decade Sets Sail
05 Outlook for 2026: A New Decade Sets Sail 31
Slide 33: Outlook for 2026
Outlook for 2026 Enhance Global Presence 1 Leveraging global partnerships to continuously expand overseas licensing deals and steadily build global clinical development capabilities 2 Strengthen the Foundation for Innovation Accelerating the R&D of bsAbs and layout for next-generation frontier techn
Slide 34: IR@qyuns.net
IR@qyuns.net 33