Boan Biotech (6955.HK) today announced its 2025 half-year results and latest developments.

During the reporting period, the company's total revenue was RMB 393 million, up 8% YoY, and the contribution to this from product sales was RMB 385 million, up 16% YoY. The company has maintained profitability for three consecutive half-year reporting periods and currently holds over RMB 1 billion in cash reserves. The strong cash position and healthy cash flow laid a solid foundation for Boan Biotech to accelerate innovation going forward. 

 

Building momentum for growth by expanding the product portfolio

Boan Biotech has four products approved for marketing. Three of them generated a combined sales growth of 16% in the first half of this year. The solid growth was driven by the company’s sophisticated commercial operation system, including a nationwide sales network covering 3,000-plus hospitals and other healthcare organizations, an experienced in-house sales & marketing team, and various strategic partners.

In oncology, the company took advantage of its own sales & marketing team to promote and sell Boyounuo® (bevacizumab injection) and Boluojia® (denosumab injection 120 mg), resulting in the continued expansion of the two products’ coverage in the marketplace. In areas other than oncology, the company worked with Qingdao Conson Pharmaceutical to extend the reach of Boyoubei® (denosumab injection 60 mg).

In August 2025, Boyouping® (Dulaglutide Injection), the 4th product of Boan Biotech, was approved for marketing in China. This was also China’s first locally developed dulaglutide injection approved for marketing in the country. The company granted Shanghai Pharmaceutical Co., Ltd. (Shaphar) the exclusive right to commercialize this product in the Chinese mainland, taking advantage of the latter’s integrated sales & marketing expertise across channels and extensive distribution network to accelerate the ramp-up time for the product.

In addition, the company’s pipeline also includes several investigational drugs that will be made commercially available soon. For example, BA9101 (aflibercept injection) is under review for its Biologics License Application (BLA) in China, and Boyoubei (denosumab injection 60 mg) and Boluojia (denosumab injection 120 mg) will complete their Phase 3 clinical trials in Europe, the U.S., and Japan soon. The launch of these drugs will further fuel the company’s high-speed growth. 

 

Doubling down on innovation to build a competitive edge

Boan Biotech’s pipeline currently includes 2 drug candidates with their BLA under review, and 10-plus drug candidates in the clinical or preclinical development stage. With the first cohort of drug candidates being commercialized one after another, the company is able to generate a sustainable cash flow, which can be used to speed up new drug development on an ongoing basis.

he company has built a pipeline of innovative drugs standing out from the competition. It pursues an “IO + ADC” strategy for new drug development, with a focus on developing IO 2.0 therapies as well as the next-generation bispecific and dual-toxin antibody-drug conjugates (ADCs). Here are some examples:

• BA1106 (a non-IL-2 blocking anti-CD25 antibody):This is the first innovative anti-CD25 antibody in China to undergo clinical trials for the treatment of solid tumors. A Phase 1 clinical trial of BA1106 as a monotherapy has been completed. A dose-escalation clinical trial of BA1106 in combination with BA1104 (nivolumab injection), a PD-1 inhibitor developed by the company, also began to enroll patients in June 2025.
  In April 2025, the early results of the Phase 1 clinical trial of BA1106 were presented at the annual meeting of the American Association for Cancer Research (AACR). In the trial, BA1106 was shown to have the potential for treating multiple types of solid tumor and a pharmacodynamic (PD) profile matching its intended mechanism of action. It was shown to be safe and well-tolerated as well. Besides, BA1106 demonstrated a good pharmacokinetics (PK) profile with low immunogenicity, and all of its anti-drug antibody (ADA) assays were negative.
• BA1302 (an anti-CD228 ADC):This is China’s first innovative anti-CD228 ADC under clinical development. A dose-escalation part of Phase-1 clinical trial is currently going on in China using it as a monotherapy. It was granted an Orphan Drug Designation (ODD) by the U.S. Food and Drug Administration (FDA) for treating squamous non-small cell lung cancer (sqNSCLC) and pancreatic cancer, and was cleared by the FDA for clinical trials as well.
• BA1301 (an anti-Claudin18.2 ADC):It is undergoing a dose-expansion part of Phase 1 clinical trial as a monotherapy in China. This drug candidate was also granted an ODD in the U.S. for the treatment of gastric cancer and pancreatic cancer.

Furthermore, the company is also accelerating the development of other innovative biologics in the pre-clinical phase, including: 

• PR201 (an antibody-cytokine fusion protein targeting PD-1 and IL-2):Developed in house, PR201 was shown to be a potent anticancer agent in multiple tumor models where anti-PD-1/PD-L1 antibodies were ineffective or had a low efficacy.
• PR203 (a bispecific antibody targeting TL1A and IL23):Its targeted indications include inflammatory bowel disease (IBD), psoriasis (PS), and psoriatic arthritis (PSA).
• BA1304 (a bispecific ADC targeting EGFR and B7-H3):Based on site-specific glycan conjugation, it is intended to treat lung cancer, colon cancer, bladder cancer, kidney cancer, esophageal cancer, and other types of cancer.

The company is talking with several partners including multinational pharmaceutical companies to speed up the development of the aforementioned high-potential candidates globally.

 

Maximizing the synergy for BD through collaboration across the value chain

Boan Biotech is among a small number of Chinese biopharmaceutical companies operating an integrated system to develop, manufacture and sell products on its own. This system enables seamless collaboration across the value chain, which can be translated into powerful productivity and exceptional efficiency. At the same time, the company is actively deepening external operations by building an ecosystem of partners across the realms of development, production, and commercialization. Its aim is to work with exceptional partners around the world to maximize the synergy and achieve win-win results.

Empowering new drug development
Previous examples of collaboration include granting Joincare the exclusive rights to develop and commercialize BA2101 (a long-acting anti-IL-4Rα monoclonal antibody) for the treatment of respiratory diseases in the Chinese mainland; conducting a Phase 3 clinical trial of BA9101 in China with Ocumension and granting the latter the exclusive right to commercialize this drug in the Chinese mainland; granting Zencore Biologics the non-exclusive right to use Boan Biotech's proprietary BA-HIEXcell® platform to develop stable cell lines in the Chinese mainland; and collaborating with the Hong Kong University of Science and Technology in several frontiers of biomedicine.

Increasing productivity
Previous examples of collaboration include working closely with Haier Biomedical for digital, automation and AI endeavors, to improve its digital capabilities for manufacturing and quality management.

Speeding up global commercialization
Previous examples of collaboration include granting Shaphar the right to commercialize Boyouping in the Chinese mainland; granting Qingdao Conson Pharmaceutical the right to commercialize Boyoubei in the Chinese mainland; granting Kexing Biopharm the right to commercialize Boyoubei and Boluojia in Hong Kong and Macao, as well as the right to commercialize BA9101 in markets other than the Chinese mainland, the EU, the U.K., the U.S., and Japan; and joining hands with overseas partners to commercialize Boyounuo, Boyoubei, and Boluojia in Brazil.

In addition, Boan Biotech is also talking with partners for the development and commercialization of multiple drugs in different regions abroad. 

 

Increasing capacity through smart manufacturing

Boan Biotech already has a production capacity that is enough to address the growing demand driven by new product launch and business development. It also leverages smart manufacturing to optimize production processes and upgrade digital production systems.

The company has put into place a quality management system conforming to Chinese, American, European, and Japanese standards. The system has been certified by four major internationally recognized standards: ISO 9001, ISO 14001, ISO 45001, and ISO 50001. In addition, its manufacturing facility has passed the GMP inspection by Brazil’s ANVISA resulting in a “no observation” result and the QP audit of the EU.

Boan Biotech was on the “List of Provincial Quality Management Examples” in Shandong, and its digital facility was named one of the “Provincial Digital Facilities of the Year in Shandong” for 2024, all in recognition of the company’s outstanding practices in quality management and digital transformation.

 

Driving high-speed growth by achieving multiple milestones

In the second half of 2025, Boan Biotech is expected to achieve multiple milestones, including completing clinical trials at different phases for several innovative biologics and achieving breakthroughs for several biosimilars in China and abroad. Here are some examples:

• The dose-escalation part of Phase 1 trial for the combination therapy of BA1106 (a non-IL-2 blocking anti-CD25 antibody) and BA1104 (nivolumab injection) to be completed this year;
• The dose-expansion part of Phase 1 trial of BA1301 (an anti-Claudin18.2 ADC) as a monotherapy to be completed this year. The phased clinical data will be presented at this year’s annual meeting of the European Society for Medical Oncology (ESMO);
• The dose-escalation part of Phase 1 trial of BA1302 (an anti-CD228 ADC) as a monotherapy to be completed this year;
• BA9101 (aflibercept injection), under review for its BLA in China, to be approved for marketing this year;
• Boyounuo (bevacizumab injection), under review for its BLA in Brazil, to be approved for marketing this year;
• The international multicenter Phase 3 clinical trials of Boluojia (denosumab injection 120 mg) and Boyoubei (denosumab injection 60 mg) to be completed in Europe, the U.S., and Japan, with their BLAs to be submitted in the U.K. this year and in the U.S. next year;
• ​Patient enrollment to be completed for the Phase 3 clinical trial of BA1104 (nivolumab injection) in China this year, with permission from the FDA already granted to waive the need for a Phase 3 clinical trial of it in the U.S.

 

Jiang Hua, Chairlady and Chief Executive Officer of Boan Biotech, said: 

“The first half of 2025 was our third consecutive half-year reporting period of being in the black. This made us one of a small number of biotech companies to achieve sustained profitability through product sales thanks to our efficient commercialization efforts and our strategy for building a differentiated portfolio. In the future, we will continue to pursue the goal of becoming a leading biopharmaceutical company in the world with a focus on four fronts: the first is to extend the reach of our four existing products, Boyouping in particular, by enhancing our commercial capabilities; the second is to expedite the approval of several core products for launch in China and abroad to drive revenue growth; the third is to ramp up the development of innovative drugs and build a value-added pipeline; and the fourth is to cash in on our innovation and speed up the development of high-potential candidates overseas by building partnerships. We are confident that we will maintain the high-speed growth over the next three years, to deliver better products for our patients and better results for our shareholders.”