In the 2026 China PIII, Sino Biopharm ranked 2nd in Innovation and 3rd in Invention, each up one place from the previous year, reflecting parallel progress in translating innovation and building R&D capabilities. In 2025, the company deepened its innovation transformation: the commercial contribution of innovative products continued to rise, differentiated R&D outputs were progressively delivered, and strategic acquisitions strengthened its cutting-edge technologies and pipeline, driving the evolution of its innovation model from in-house R&D and large-scale commercialization toward an integrated innovation system that leverages both internal and external innovation resources.

The rising commercial contribution of innovative products is accelerating the company's shift toward an innovation-driven business structure. In 2025, the company recorded operating revenue of RMB 31.83 billion, up 10.3% YoY. Revenue from innovative products reached RMB 15.22 billion, up 26.2% YoY, with their share of total revenue rising from 41.8% in 2024 to 47.8%, significantly outpacing overall business growth. From 2023 to 2025, the company received approval for a total of 16 innovative products, including seven national Class 1 innovative drugs, and this expanding portfolio is progressively generating commercial contribution.

Meanwhile, full-year R&D expenses reached RMB 5.87 billion, or 18.4% of operating revenue, providing continued support for innovative R&D. The rising share of innovative product revenue, combined with sustained R&D investment, shows that the company's multi-year innovation transformation is rapidly translating into operating results...

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