Smart Medicine: 2025 Annual Report Summary
Summary of the 2025 Annual Report of Ruizhi Pharmaceutical Technology Co., Ltd.
Securities code: 300149 Securities abbreviation: Ruizhi Pharmaceutical Announcement number: 2026-11
Smart Pharmaceutical Technology Co., Ltd. 2025 Annual Report Summary
1. Important tips
The summary of this annual report comes from the full text of the annual report. In order to fully understand the company's operating results, financial status and future development plans, investors should go to the media designated by the China Securities Regulatory Commission to carefully read the full text of the annual report.
All directors have attended the board meeting where this report was considered.
The audit opinion of Lixin Accounting Firm (Special General Partnership) on the company's financial report for this year is: standard unqualified opinion. Non-standard audit opinion tips
□ApplicableNot applicable
The company was not profitable when it went public and is not currently profitable.
□ApplicableNot applicable
The profit distribution plan for the reporting period or the plan for converting public reserve funds into share capital reviewed by the board of directors
□ApplicableNot applicable
The company plans not to distribute cash dividends, give away bonus shares, or convert public reserve funds into share capital.
As of the end of the reporting period, the parent company had unrecovered losses
As of the end of the reporting period, the parent company had unrecovered losses. As of December 31, 2025, the company's consolidated undistributed profits were -667,159,552.55 yuan, and the parent company's undistributed profits were -770,307,788.02 yuan. According to the "Company Law", "Listed Company Supervision Guidelines No. 3 - Cash Dividends by Listed Companies" and the "Articles of Association" and other relevant regulations, the company currently does not meet the prerequisites for implementing cash dividends. The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserve funds into share capital in 2025. Investors are kindly requested to pay attention to the relevant investment risks.
Preferred stock profit distribution plan for the reporting period approved by the board of directors
□ApplicableNot applicable
2. Basic situation of the company
- Company profile
Stock abbreviation: Smart Pharmaceuticals Stock code 300149
Stock Exchange Shenzhen Stock Exchange
Contact and contact information Secretary of the Board of Directors Name of securities affairs representative WOOSWEELIAN (acting as Secretary of the Board of Directors) Xu Luyao
Office address: 28th Floor, Exchange Plaza, No. 268 Dongfeng Middle Road, Yuexiu District, Guangzhou City 28th Floor, Exchange Plaza, No. 268 Dongfeng Middle Road, Yuexiu District, Guangzhou City
Summary of the 2025 Annual Report of Ruizhi Pharmaceutical Technology Co., Ltd.
Fax 0750-3869666 0750-3869666
Phone 020-66811798 020-66811798
Email [email protected] [email protected]
- Introduction to main business or products during the reporting period
As a leading one-stop pharmaceutical R&D and production service provider for biopharmaceuticals and chemical drugs, Smart Medicine has always adhered to the mission of "empowering pharmaceutical innovation in all aspects and allowing life to meet hope earlier" and the corporate vision of "becoming a trustworthy partner for innovators in the global life sciences field", and is committed to continuously empowering the innovation source of the global pharmaceutical and health industry. The company has operating sites or branches in Shanghai, Jiangsu, Sichuan, China, the United States, and Europe, which can provide services to customers around the world. During the reporting period, the company established a new R&D center in Boston, United States, and continued to deepen its overseas strategic layout.
The pharmaceutical research and development and production services (hereinafter referred to as "CRO/CDMO") business segment is the company's core business segment. Through cutting-edge, diversified and comprehensive technology accumulation, it provides domestic and foreign large and medium-sized pharmaceutical companies, biotechnology companies and scientific research institutions with integrated services covering the research and development of chemical drugs and biological drugs from early discovery to development and large-scale production.
- Chemical business segment
The company's chemical business services include computer-aided drug design, compound library design and synthesis, medicinal chemistry, synthetic chemistry, fragment-based drug screening, analytical chemistry support and development, early process development, process safety assessment, milligram to kilogram scale scale-up synthesis, covering the chemical synthesis of small molecules, PROTACs/molecular gels, peptide chemistry, nucleosides and nucleotides, and Linker-Payload of new conjugated drugs. With capabilities ranging from target analysis and verification, design of hit compounds, screening and optimization of hit compounds to lead compounds, to screening of clinical candidate compounds, as well as compound synthesis that supports the discovery and early development of small molecule drugs and new chemotherapeutic drugs, we are able to provide customers with a full range of services in the preclinical stage of small molecule drugs.
- Pharmacodynamics business segment
The company's pharmacodynamics and pharmacokinetics business segment includes pharmacological pharmacodynamics business and pharmacokinetics and pharmacokinetics business, and its services cover in vivo and in vitro pharmacodynamic pharmacology, pharmacokinetics, safety and toxicology and other related research. With the help of animal models of various diseases and in vitro and in vivo biological analysis methods accumulated over the years, the company provides customers with fast and efficient in vitro and in vivo pharmacodynamic pharmacology, pharmacokinetics and safety toxicology correlation studies of new drugs. It also uses data to assist customers in determining the structural modification scheme of candidate compounds, and helps customers quickly and effectively promote candidate lead compounds for IND filing.
Pharmacological and pharmacodynamic business services cover biochemistry, cell biology, immunology, in vivo pharmacology and in vitro biological analysis, etc., providing customers with in-depth and comprehensive assistance at all stages of drug research and development, especially in the field of critical diseases, such as tumors, central nervous system diseases, metabolic diseases, immune and inflammatory diseases, etc., through the use of advanced scientific research methods and innovative technologies, helping drugs to cross from concept to practical application.
Pharmacokinetics business services cover biological analysis, in vitro pharmacokinetics, in vivo pharmacokinetics and toxicology. It has completed ADME in vitro screening tests and in vivo pharmacokinetic tests of tens of thousands of compounds for many customers around the world to support the screening and development of early drugs. In addition, the company has an AAALAC-certified 3,800-square-meter rodent center and a 4,500-square-meter large animal center, which can be used to support related research on in vivo pharmacodynamics and pharmacokinetics.
- Macromolecule business segment
Summary of the 2025 Annual Report of Ruizhi Pharmaceutical Technology Co., Ltd.
The company's macromolecule business segment is divided into two business segments: biopharmaceutical R&D services and biopharmaceutical development and production. It can provide customers with one-stop R&D and production services from macromolecule drug discovery, process development to commercial production.
The company's biopharmaceutical R&D service segment was established in 2010 and is committed to providing advanced and comprehensive one-stop solutions for biopharmaceutical R&D to global customers. The service module covers from protein preparation and cell line construction to preclinical candidate antibody generation, including recombinant protein and antibody production using a variety of expression systems, stably transduced cell line construction and analysis method development, antibody discovery (hybridoma/Beacon single B cell clone/phage and yeast display library), antibody engineering (affinity maturation, specificity and druggability modification, bi/multispecific antibody modification, etc.), structural biology, characterization analysis and early developability assessment, XDC conjugate drugs and other related services.
The services of the biopharmaceutical development and production business segment include the development and library construction of stably transformed cell lines, process development and optimization, aseptic filling and freeze-drying, pilot-scale sample production and large-scale commercial production, and support for domestic and foreign IND and NDA applications. The biopharmaceutical development and production business segment provides domestic and foreign customers with biopharmaceutical R&D and production services that comply with NMPA, FDA and EMA quality systems and GMP specifications through Shanghai Zhangjiang and Jiangsu Qidong macromolecule CDMO bases, which can effectively cover the needs of various customers from preclinical research to commercial production.
- Main accounting data and financial indicators
(1) Main accounting data and financial indicators in the past three years
Whether the company needs to retroactively adjust or restate previous years’ accounting data
□YesNo
The end of the year is higher than the end of the previous year
End of 2025 End of 2024 End of 2023
increase or decrease
Total assets 2,032,945,199.21 1,995,807,969.26 1.86% 2,434,322,930.12 Net assets attributable to shareholders of listed companies 1,276,017,116.03 1,213,861,296.55 5.12% 1,436,646,599.86
2025 2024 Increase or decrease this year compared with the previous year Operating income in 2023 1,134,719,476.30 970,204,758.80 16.96% 1,138,365,803.00 Net profit attributable to shareholders of listed companies 13,412,160.63 -226,474,828.03 105.92% -916,752,668.84 Attributable to shareholders of listed companies, net of non-recurring gains and losses
-2,863,292.88 -235,744,176.17 98.79% -919,319,253.44 net profit
Net cash flow generated from operating activities 190,498,808.32 168,207,291.08 13.25% 150,992,314.83Basic earnings per share (yuan/share) 0.03 -0.45 106.67% -1.84 Diluted earnings per share (yuan/share) 0.03 -0.45 106.67% -1.84 Weighted average return on net assets 1.09% -17.09% 18.18% -48.48% Note: Due to the implementation of the equity incentive plan during the reporting period, the company increased equity incentive expenses compared with the same period last year. If the impact of amortization of equity incentive expenses is excluded (without considering the impact of income tax), the net profit attributable to shareholders of the listed company was 67.4927 million yuan, a year-on-year increase of 129.80%.
(2) Main accounting data by quarter
Unit: Yuan
First quarter Second quarter Third quarter Fourth quarter operating income 261,261,312.24 272,536,664.60 283,050,158.28 317,871,341.18 Net profit attributable to shareholders of listed companies 6,642,081.65 18,740,036.79 -18,290,817.17 6,320,859.36Net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses -1,570,969.90 8,363,257.41 -21,141,831.69 11,486,251.30Net cash flow generated from operating activities 10,058,746.76 55,276,337.63 54,900,085.73 70,263,638.20
Summary of the 2025 Annual Report of Ruizhi Pharmaceutical Technology Co., Ltd.
Are there any significant differences between the above financial indicators or their totals and the relevant financial indicators disclosed by the company in quarterly reports and semi-annual reports?
□YesNo
- Share capital and shareholders
(1) Number of common shareholders and preferred shareholders whose voting rights have been restored, as well as the shareholding status of the top 10 shareholders
Unit: Share
annual report disclosure
General voting at the end of the reporting period. Special voting held on the day before the annual report disclosure date.
One before dew
Total shareholders of ordinary shares 37,377 37,007 Priority for restoration of voting rights 0 Shareholders with 0 shares whose voting rights have been restored at the end of the month 0
month-end common stock
Number Total number of shareholders Total number of preference shareholders Total number (if any) Total number of shareholders
Shareholding status of the top 10 shareholders (excluding shares lent through refinancing)
Holding of sales restrictions Pledge, mark or freeze Name of shareholder Nature of shareholder Shareholding ratio Number of shares held
Number of shares in the case Share status Quantity WOOSWEELIAN Overseas natural person 6.26% 31,157,198 23,367,898 Not applicable 0 Jiangmen Ruilian Pharmaceutical Investment Co., Ltd. Domestic non-state-owned legal person 5.35% 26,641,074 0 Not applicable 0 Liang Yufeng Domestic natural person 5.26% 26,185,660 0 Not applicable 0 Hong Kong Securities Clearing Company Limited Overseas legal person 5.25% 26,134,783 0 Not applicable 0 Yu Xianwen Domestic natural person 5.02% 25,000,000 0 Not applicable 0 MEGASTARCENTRE
Overseas legal person 4.56% 22,711,333 0 Not applicable 0 LIMITED
Zeng Xianjing Domestic natural person 2.56% 12,755,275 0 Not applicable 0 Shanghai Ruiyun Enterprise Management Center (with
Domestic non-state-owned legal persons 2.11% 10,524,335 0 frozen 10,524,335 limited partnership)
Beihai Baben Venture Capital Co., Ltd. Domestic non-state-owned legal person 0.84% 4,198,928 0 Not applicable 0 Shanghai Ruizhao Enterprise Management Center (with
Domestic non-state-owned legal persons 0.80% 3,970,000 0 Not applicable 0 Limited partnership)
Among the above shareholders, Jiangmen Ruilian Pharmaceutical Investment Co., Ltd. and MEGASTARCENTRELIMITED are both affected by WOOSWEE
Controlled by Mr. LIAN; Zeng Xianjing is the actual controller of Beihai Baben Venture Capital Co., Ltd.; Shanghai Ruiyun Enterprise Management Center (with the above-mentioned shareholder related relationship or a
Limited partnership) and Shanghai Ruizhao Enterprise Management Center (limited partnership) are jointly affected by the actions of HUIMICHAELXIN, the original shareholder holding more than 5% of the company's shares.
(Huixin) and her family control. The company does not know whether there is any related relationship among the above-mentioned other shareholders or whether they belong to the "Acquisition of Listed Companies"
Persons acting in concert as stipulated in the Procurement Management Measures.
Note: Among the shares held by Hong Kong Securities Clearing Company Limited, the top ten shareholders above, WOOSWEELIAN holds 24,324,864 shares in his personal name through Shenzhen-Hong Kong Stock Connect, with a shareholding ratio of 4.88%. That is, WOOSWEELIAN holds a total of 55,482,062 shares of the company, with a shareholding ratio of 11.14%.
The situation of shareholders holding more than 5% of the shares, the top 10 shareholders and the top 10 shareholders of unrestricted tradable shares participating in the refinancing business and lending shares
□ApplicableNot applicable
The top 10 shareholders and the top 10 shareholders of unrestricted tradable shares have changed from the previous period due to refinancing lending/returning.
□ApplicableNot applicable
Whether the company has differential voting rights arrangements
□ApplicableNot applicable
(2) Total number of preferred shareholders of the company and shareholding status of the top 10 preferred shareholders
The company has no preference shareholders’ shareholdings during the reporting period.
Summary of the 2025 Annual Report of Ruizhi Pharmaceutical Technology Co., Ltd.
(3) Disclose the property rights and control relationship between the company and the actual controller in the form of a block diagram
Note: The actual controller of the company, Mr. WOOSWEELIAN, and its persons acting in concert hold a total of 105,474,469 shares of the company, with a shareholding ratio of 21.18%; of which Mr. WOO SWEE LIAN directly holds 55,482,062 shares of the company, with a shareholding ratio of 11.14%; its person acting in concert MEGASTAR CENTRE LIMITED holds 22,711,333 shares of the company, with a shareholding ratio of 4.56%; its concerted actor Jiangmen Ruilian Pharmaceutical Investment Co., Ltd. (hereinafter referred to as "Ruilian Investment") holds 26,641,074 shares of the company, with a shareholding ratio of 5.35%; Ruilian Investment's concerted actor Zheng Wenlue (Financial Director of Ruilian Investment) holds 640,000 shares of the company, with a shareholding ratio of 0.13%.
- Bonds existing on the date of approval of the annual report
□ApplicableNot applicable
3. Important matters
In 2025, the company achieved operating income of 1,134.7195 million yuan, a year-on-year increase of 16.96%; the net profit attributable to shareholders of the listed company was 13.4122 million yuan, a year-on-year increase of 105.92%. Turned losses into profits year-on-year. Due to the implementation of the equity incentive plan during the reporting period, the company increased equity incentive expenses compared with the same period last year. If the impact of amortization of equity incentive expenses is excluded (without considering the impact of income tax), the net profit attributable to shareholders of the listed company was 67.4927 million yuan, a year-on-year increase of 129.80%. The year-on-year increase in revenue was mainly due to the recovery in global market demand for innovative drugs. The company relied on the core competitiveness of the full-process R&D platform to continue to increase market development efforts and further improve its order acquisition capabilities. The net profit attributable to shareholders of listed companies turned a profit, mainly due to the increase in operating income. At the same time, At that time, the company further promoted cost reduction and efficiency improvement measures and continued to optimize cost control and resource allocation structure. During the period, expenses decreased year-on-year. In addition, goodwill impairment losses of 139.2604 million yuan were accrued in 2024. No relevant impairment occurred in 2025, which effectively improved the profitability level.
During the reporting period, the company achieved steady growth in the number of customer services and projects: the number of customers served was 1,546, a year-on-year increase of 11.30%; the number of projects undertaken was 4,888, a year-on-year increase of 14.63%. Among them, the number of new customers was 442, a year-on-year increase of 20.77%, and the customer base continued to be consolidated. At the same time, in the field of new modal drugs, especially XDC, peptides, small nucleic acids and PROTAC, business growth has been significant. The number of customers served in this field increased by 37.05% year-on-year, and the number of projects undertaken increased by 72.90% year-on-year. The proportion of new modal business orders in the overall order scale increased from 10.03% in the same period last year to 17.31%.
During the reporting period, the operating conditions of each business segment of the company are as follows:
Unit: 10,000 yuan
Pharmaceutical R&D services and production business 2025 2024 Change over the same period (%) Operating income 112,149.86 96,166.04 16.62%
Summary of the 2025 Annual Report of Ruizhi Pharmaceutical Technology Co., Ltd.
Among them: (1) Chemical business 27,980.18 25,619.48 9.21% (2) Pharmacodynamics business 60,339.98 54,712.80 10.28% (3) Macromolecule business 23,781.01 15,750.17 50.99%
(4) Other business income 48.69 83.59 -41.75% Gross profit margin 28.68% 21.87% 6.81%
- Chemical business segment
During the reporting period, the chemical business segment achieved operating income of 279.8018 million yuan, an increase of 9.21% over the same period last year. The company continued to increase its efforts in business expansion and actively optimized its customer structure and service system, achieving 590 service customers, a year-on-year increase of 11.11%; and 1,701 service projects, a year-on-year increase of 22.37%. The operating quality of the chemical business segment continued to improve and returned to the path of steady growth.
In terms of business development, the company continues to build ADC payloads (such as anti-cancer small molecule toxins and targeted drugs) and linkers, covalent binding drugs, PROTAC and molecular glues, new nucleoside synthesis, glycochemistry, peptide synthesis, small nucleic acids, and new mode coupling technology platforms for new drug and intermediate business.
In terms of ADC Linker-payload synthetic chemistry, we have innovatively developed multiple new Linker-payloads, conducted in-depth research on new peptide/antibody conjugates and the development of new conjugation methods, developed dual-payload technology, and have applied for multiple platform patents for ADC chemistry. During the reporting period, the company further improved and expanded the new generation CP-C2LP® linker technology platform in response to the technical difficulties of non-specific release of Payload outside target cancer cells, which may cause toxicity to healthy tissues and reduce the therapeutic index. The platform controls the release of active payload through a two-cutting mechanism, effectively reducing off-target toxicity; it has built an OEB5-level highly active drug production workshop that meets international standards and fully covers the full-process CMC capabilities of linker-payload synthesis, antibody production and ADC coupling, further strengthening the company's full-chain R&D capabilities in the ADC field.
In terms of peptide chemistry, the company continues to delve deeply into the field of peptide chemistry and actively expands into complex macrocyclic peptide synthesis, GLP-1 peptides, PDC and RDC. Relying on the full-chain comprehensive service capabilities of peptide design, synthesis, analysis, purification and process development, the company provides customers with efficient and high-throughput preclinical cyclic peptide synthesis and screening services. The company's high-throughput cyclic peptide synthesis throughput continues to increase, from 100/week to 400/week, an increase of 300%. It has further consolidated and enhanced its preclinical high-throughput cyclic peptide production and screening service capabilities, and its purification capabilities have also been significantly improved.
During the reporting period, the company's full nucleic acid technology platform was completed, covering the entire preclinical chain of nucleic acid drug research and development, with integrated service capabilities from sequence design, chemical modification, solid-phase synthesis to coupling preparation and analysis and detection. In terms of small nucleic acid molecule design, the company relies on its profound accumulation of chemical technology to continue to deepen the research and development layout of modified nucleosides, phosphoramidite monomers and new linkers. It has completed the development and reserve of hundreds of related molecules, providing high-performance nucleic acid building blocks for global customers. In terms of delivery technology, the company's small nucleic acid R&D team has in-depth tackled the problem of extrahepatic targeted delivery. Through coupling technology optimization and innovative dual-target siRNA design, it has effectively addressed the challenges of delivery efficiency and drug resistance of nucleic acid drugs in extrahepatic tissues, and expanded the indication boundaries of nucleic acid drugs. In the field of new conjugate drugs, the company has established antibody-oligonucleotide conjugates (AOC) and peptide-oligonucleotide conjugates (POC) technology platforms, and related business demand continues to grow. At the same time, the company extends to the broader XDC field through the in-depth linkage of peptides, small nucleic acids and protein degradation (TPD, including molecular glue, PROTAC) and ADC platforms, forming a complete technical service chain from underlying chemistry to application development.
Based on the "chemical synthesis and early process development" technology platform, the Lingang base provides customers with customized synthesis, early process development, special chemical synthesis, scale-up safety assessment and analytical method development covering milligram to kilogram-level active drug molecules and their intermediates. On this basis, the company continues to lay out and expand its service capabilities such as API process R&D and production, API quality research, formulation research, CMC registration and application, and strives to build an integrated CMC platform. In addition, in the direction of nucleic acid monomers, we further expand our process amplification capabilities and extend the early research and development advantages of nucleic acids to the process amplification stage. In order to improve the small molecule full-chain service system, we will advance the construction of the GMP system in an orderly manner, and continue to build a small molecule CRO/CDMO one-stop service platform in collaboration with medicinal chemistry, pharmacodynamics and other businesses.
- Pharmacodynamics business segment
During the reporting period, the pharmacodynamic and pharmacodynamic business segment achieved operating income of RMB 603.3998 million, a year-on-year increase of 10.28%, served 718 customers, a year-on-year increase of 14.33%, and undertook 2,814 projects, a year-on-year increase of 7.49%. The pharmacodynamic and pharmacodynamic business segment includes pharmacokinetic and pharmacodynamic business and pharmacological and pharmacodynamic business.
During the reporting period, the company continued to strengthen the construction of technology platforms for its two core businesses of pharmacokinetics and pharmacological efficacy, and at the same time actively deployed in the frontier areas of new modal drug research and development to efficiently respond to customers' growing research and development needs.
Summary of the 2025 Annual Report of Ruizhi Pharmaceutical Technology Co., Ltd.
In terms of pharmacokinetics business, the company has closely focused on the needs of new modal drug research and development, and has built and improved a series of pharmacokinetic evaluation technology systems adapted to new compounds. At present, a number of core technology platforms have been established such as metabolite identification, in vitro transdermal testing, rat brain microdialysis, bile excretion, and intestinal absorption, which can fully support pharmacokinetic research on multiple types of compounds such as small molecules, antibody drug conjugates (ADCs), peptides, and small nucleic acids. The relevant technology platforms have been maturely operated and continue to serve customers.
In terms of pharmacological efficacy business, the technology platform continues to expand, adding a new real-time dynamic monitoring and quantitative analysis platform for living cells, and actively preparing to build a tumor organoid platform; the ability of the ion channel target drug screening platform has been significantly enhanced, and the central nervous system (CNS) technology system has achieved all-round breakthroughs. In terms of in vivo drug efficacy, we have established animal models for multiple diseases such as schizophrenia, Alzheimer's disease, and Parkinson's disease and supporting behavioral and electrophysiological detection systems, and built ophthalmic disease models to complete systematic evaluations. In terms of in vitro drug efficacy, we have constructed more than 10 stable cell lines for ion channel targets and a cardiac safety evaluation system that meets the international CiPA standard, and independently developed induced pluripotent stem cell (hiPSC) directed differentiation of dopaminergic neurons and midbrain organoid technology. Establish a full-chain in vitro evaluation system covering high-throughput screening of small nucleic acids, protein verification, endocytic localization and functional studies, complete special research on the GalNAc liver-targeted delivery system, and continue to consolidate technical service capabilities.
- Macromolecule business segment
During the reporting period, the company's macromolecule business segment achieved operating income of 237.8101 million yuan, a year-on-year increase of 50.99%. The macromolecule business segment includes biopharmaceutical R&D business and biopharmaceutical development and production business.
Thanks to the growing demand for antibody discovery, XDC, and antibody engineering businesses, the company's biopharmaceutical R&D business has achieved rapid growth. The number of biopharmaceutical R&D business service customers is 208, a year-on-year increase of 8.33%, and the number of projects undertaken is 639, a year-on-year increase of 42.63%. The customer structure continues to be optimized, and the proportion of long-term cooperation orders increases, forming a diversified and highly sticky global customer network.
During the reporting period, the company's ADC/XDC coupling technology platform provided R&D services to 125 customers, and has provided professional R&D services to a total of 100+ targets/customers. The company independently developed the ConjuBody™ innovative technology platform and has applied for two related patents. It has systematically improved core technologies such as conjugation method development, dual-antibody ADC and dual-drug ADC coupling preparation, and peptide conjugate characterization, expanded the capabilities of the ADC analysis platform, and significantly improved the efficiency and success rate of complex conjugate drug projects. At the same time, the company continues to promote the construction of a number of cutting-edge platform technologies, completed the construction of a phage display peptide platform and constructed a high-capacity bicyclic peptide library. The yeast display platform has officially accepted customer projects. The new CHO transient procedure has doubled the output at the same cost, and the differentiated competitive advantage continues to be strengthened. During the reporting period, the company assisted two domestic Big Pharma companies in advancing from early antibody discovery to new drug approval for marketing.
In terms of biopharmaceutical development and production services, in order to further enhance market competitiveness, the company has established an AI-assisted computer simulation + experimental evaluation system for the druggability of bispecific antibody drugs, developed a fixed-site integrated cell line platform, passed the monoclonal antibody and symmetric dual antibody project tests, and further upgraded the high-concentration preparation and its freeze-drying technology platform.