BIODLINK-B (01875) has announced its interim results for the six months ended June 30, 2026, revealing robust growth across its contract development and manufacturing organization (CDMO) segment alongside a strategic pivot toward international markets for its proprietary products.
During the first half of 2026, the company's CDMO project pipeline and order backlog expanded at a rapid pace. A total of 14 new chemistry, manufacturing, and controls (CMC) projects were signed during the period, with two individual contracts each exceeding US$1.5 million. The overall CMC project count rose from 98 as of June 30, 2025, to 134 by June 30, 2026, including five projects in Phase III clinical trials and one commercial-stage project in hand. The order backlog also climbed sharply, reaching RMB 391 million, representing a 95.5% year-on-year increase.
The company continued to advance the strategic transformation of its proprietary product pipeline, shifting its sales focus from the domestic market to international expansion. Its lead product, Puxinting® (bevacizumab injection), secured marketing approvals in two additional overseas countries during the period, bringing the cumulative number of approved markets to seven.
For the first half of 2026, total revenue reached RMB 246 million. The CDMO segment emerged as the primary growth driver, generating revenue of RMB 199 million, a substantial 157.0% surge compared to the same period last year. Reflecting the deliberate strategic adjustment, revenue from proprietary product sales amounted to RMB 45 million, down 88.6% year-on-year.
Gross profit for the group stood at RMB 53 million, a decrease of 85.1% year-on-year, with a gross margin of 21.4%. This decline was primarily attributed to the reduced revenue from proprietary product sales, while CDMO segment gross profit correspondingly improved in line with the segment's business expansion. The adjusted net loss narrowed to RMB 23 million, representing a 330.5% improvement year-on-year, with an adjusted net loss margin of 9.2%.
The company leverages its industry-leading "one-stop, one-site, end-to-end" industrialization platform to deliver comprehensive CDMO solutions covering the full spectrum from early-stage research and development to commercial-scale production for antibody-based drugs, biosimilars, and conjugate drugs represented by antibody-drug conjugates (ADCs). Backed by robust manufacturing capabilities, the CDMO segment has solidified its position as the group's core growth engine, with a continuously enriched project pipeline and a rising order backlog driving rapid business expansion.
Throughout the first half of 2026, the company maintained efficient contract execution, ensuring timely delivery of orders for global clients, which underpinned the substantial growth in CDMO revenue. In parallel with this expansion, the company has continued to reinforce its proprietary product portfolio and early-stage R&D capabilities. During the reporting period, steady progress was made in building the internal R&D framework and core technology platforms, with orderly advancement of early-stage technology development. Process optimization for already-marketed proprietary products was also implemented, contributing to cost reduction, efficiency gains, and improved operational performance.
At the same time, the company is accelerating its global strategic footprint to unlock the long-term value of its proprietary R&D investments. Facing the twin challenges of intensifying competition in the domestic pharmaceutical market and deepening centralized procurement policies, the group is steadily executing its commercial strategy adjustment for proprietary products—transitioning from a domestic market focus to targeting high-value international markets—thereby achieving a strategic optimization of its business structure.