华东医药：2025年年度报告（英文版）

2025AnnualReport April24,2026 ToShareholders ToOurShareholders, Thoughmistveilsthemountains,thepinesstandfirm;Aswildcloudsraceacrossthe sky,they remain composed.2025 marks the first year of HuadongMedicine’s8thThree-YearPlan,andapivotalyearinwhichwedrivegrowththroughinnovationanddisciplinedexecution.Drivenbyapioneeringspirit,resilience,andacommitmentto excellence,thecompany has fullydelivered the annualbusinesstargetsamid acomplexandevolvingenvironment.Wecontinued toexpandourbusinessscale,made tangible progress in our innovation-driven transformation,strengthenedour core competitiveness,and further reinforced the foundation forhigh-qualitydevelopment.Together,theseeffortshavedeliveredresilientgrowthwithcontinuedgainsinbothqualityandefficiency. InnovativeR&Dremainsthecornerstoneofourdevelopmentandakeydriverofsustainablegrowth through market cycles.Since 2025,a total of six innovativeproducts,includingMairuidong®andMediBeacon®TGFR,havebeenapprovedformarketingin China.Meanwhile,Senaparib Capsules(a PARP inhibitor)andLinaprazanGlurateCapsules(aP-CABinhibitor)havebeenincludedinthe2025nationalmedicalinsurancedruglist.Zevorcabtageneautoleucel,ourCAR-Ttherapy,hasbeenincludedinChina’sinauguralcommercialinsuranceinnovativedruglist.Drivenby an expanding portfolio of approved innovative products and robustcommercializationcapabilities,revenuefrominnovativeproductsreachedRMB2.34billionin 2025,representing a year-on-year increase of 64.2%.Among these,Elahere®hasreachedcumulativesalesofoverRMB100millioninChinasinceitsapproval.Ourinnovationmomentumcontinuestostrengthen,andhasbecomeakeyenginedrivingtheCompany’sgrowth. Overthepastyear,HuadongMedicine’sR&Dhasmadesteadyprogressalongaclearstrategic roadmap.In the endocrinology field,our key pipeline projects,includingHDM1002,HDM1005,andDR10624,havegeneratedpositiveclinicaldataandare advancing at the forefront of R&D.We have also broadened intocardiovascularandcerebrovascularindicationstobuilddifferentiatedstrengths.Inoncology,ourADC franchise features a diversified target portfolio and a tieredpipeline,underscoring our differentiated strategy.MultipleADC candidates havebeengrantedsixOrphanDrugDesignationsandoneFastTrackDesignationbytheU.S.FDA.Inaddition,HDM2027,anovelamanitin-basedADC,hasenteredtheclinicaldevelopmentinChina.Intheautoimmunefield,RoflumilastCreamhasbeenfiledin China for marketing approval in atopic dermatitis and psoriasis,and isexpectedtoopenupnewgrowthopportunitiesindermatology.Meanwhile,nearly30clinicalstudy results have been presented at leading international scientificconferences,furtherstrengtheningourglobalinfluence. In2026,theCompany’sinnovativeR&Dwillenteraphaseofacceleratedvaluedeliverydrivenbyadualmodelofin-houseR&Dandin-licensing.OurR&Dcenterforinnovative drugs is advancing 96 pipeline projects,with 12 products underregulatoryreviewformarketingapprovalandthenumberofinnovativecandidatesadvancingtoPhase3clinicaltrialsisexpectedtoreach16.Theinnovativeproductsegmentisexpectedtomaintainstronggrowthmomentumthroughouttheyear.Overthenextfiveyears,morethan40innovativeproductsareexpectedtobelaunchedinphases,drivingsustainable growth.Atthesametime,weremainfocusedonthreecoretherapeuticareas:endocrinology,autoimmunediseases,andoncology,withaviewtobuildingasustainableandcompetitiveinnovationecosystem. Withthelaunchofinnovativeaestheticproducts,ourmedicalaestheticsbusinesshasachieved full coverage across three major injectable categories:regenerativeproducts,hyaluronicacidfillers,andbotulinumtoxininthedomesticmarket.Keynewlyapproved products include Ellansé-M,which enables effective autologous collagenregeneration;MaiLi®Extreme®,theworld’sfirstoxygen-freehyaluronicacidoriginally developed in Switzerland;and Ruituoxin®,the world’s firstrecombinanttypeAbotulinumtoxin.Themedicalaestheticsbusinesshasenteredanewphaseofportfoliosynergyandmulti-enginegrowth.Inthecomingfiveyears,morethan ten innovative products—including ECM collagen,next-generationregenerativematerials,and the world’s only non-animal-derived chitosan—areexpectedtobelaunched.Thisrobustpipelinewillfurtherenrichourhigh-endproductportfolioanddriveustowardaleadingpositioninglobalmedicalaesthetics. Tosupporttheacceleratedindustrializationofitscorepipeline,theCompanyleverageditsintegratedstrengthstocompleteandputintooperationa60,000-square-meterintelligentbiopharmaceuticalinnovationandmanufacturingcenterwithinoneyear,markinganotableindustrymilestone.Thefacilityfocusesonthecommercialmanufacturingof core biologics,includingADCs,polypeptides,and antibodies,enablingan end-to-end coverage from clinical-stage materials to large-scalecommercialproduction.Thisself-builtandself-operatedindustrialplatformnotonlyenhancessupply chain security and cost efficiency,but also ensures end-to-endcontrolandrapidcommercializationofkeyinnovativeprojects,providingastrongfoundationforourglobalcompetitiveness. Truegoldisproveninfire,andstrongcapabilitiesareforgedthroughchallenges.Wefearnocompetition,aseveryencounterdeepensouri