01 Biopharmaceuticals

In the first half of 2025, the company’s biopharmaceutical revenue reached RMB 93,510,200.Following their market approval in 2024, Enlangsubai Monoclonal Antibody Injection (recombinant anti-PD-1 fully human monoclonal antibody) and Omalizumab for Injection (recombinant anti-IgE humanized monoclonal antibody) have undergone orderly market development and quickly entered commercial sales, becoming new growth drivers for the company’s biopharmaceutical revenue in 2025.In February 2025, JW Therapeutics entered into a significant cooperation agreement with Radiance Biopharma (US), granting the latter exclusive development and commercialization rights for SYS6005 in major markets including North America, the European Union and Japan, with a total transaction value of up to USD 1.24 billion.The company has a rich pipeline of ongoing projects. Among them, the marketing application for Ustekinumab Injection has been submitted, and multiple projects are in pivotal clinical trial stages. These R&D achievements are expected to become key engines driving the company’s future performance growth.JW Therapeutics focuses on the R&D, manufacturing and commercialization of innovative biologics including monoclonal antibodies, antibody-drug conjugates (ADCs) and mRNA vaccines. Its products cover three major therapeutic areas: oncology, autoimmune diseases and major infectious diseases, forming a fully integrated industrial chain of “R&D – Manufacturing – Commercialization”.The drug registration and approval process at JW Therapeutics has progressed steadily, yielding multiple research achievements.In February 2025, the indication of Omalizumab for Injection (brand name: Enyitan®) for the treatment of moderate to severe persistent allergic asthma was approved, marking the second indication approved for Enyitan® in China.In January 2025, SYS6010 was granted Breakthrough Therapy Designation.In the first half of 2025, JW Therapeutics obtained a total of 5 clinical trial approvals domestically, including 3 clinical trial approvals and 1 Fast Track Designation for innovative drug candidates in North America.Driven by innovation, the company is accelerating the advancement of its pipeline. Currently, Pertuzumab Injection has completed lock-down with expected results; patient enrollment for the pivotal clinical trial of DP303c Injection has been finalized; and multiple other products have advanced to pivotal clinical stages, which are expected to bring new breakthroughs in the treatment of related diseases. Other pipeline programs are progressing in parallel, establishing a competitive R&D system. Several important clinical data have been published, continuously enhancing the company’s global academic influence.

02 Functional Foods and Raw Materials

During the reporting period, the company achieved sales revenue of RMB 933,371,100 from functional foods and raw materials, which was basically flat compared with the first half of 2024, while maintaining high capacity utilization and production-sales ratio.The company has deeply rooted itself in the functional food and raw material industry, consolidating its leading position in caffeine-based products. The application scope of caffeine has been continuously expanded, with widespread use in cosmetics, daily chemicals and other fields.Relying on stable product quality, cost advantages from large-scale production, and a complete supply chain system, CSPC Innovation has successfully joined the core partner network of top international beverage companies, serving as a global supplier to PepsiCo, Coca-Cola and Red Bull.

Main Performance Drivers

Guided by the strategy of “Innovation-driven, Scale-released, Cost-reduced & Efficiency-improved, Global-expanded”, the company promotes high-quality development through five pillars: R&D, manufacturing, marketing, internationalization and talent.

R&D-Driven

Focusing on diversified market demands and improving the all-round R&D layoutThe company has always regarded innovative R&D as the core engine for future development. From January to June 2025, the company invested RMB 455,377,500 in R&D expenses, representing a year-on-year increase of 81%.Leveraging its complete R&D system, the company has established multiple differentiated technology platforms, including an antibody engineering & ADC technology platform and an mRNA drug development platform, which fully support biologic R&D for oncology, autoimmunity, metabolic diseases, neurological disorders and other therapeutic areas.In functional foods and raw materials, the company is actively expanding and enriching specialty and niche products (such as diprophylline, pentoxifylline, doxofylline, etc.), laying a foundation for high-end market expansion. It is also exploring new application areas for specialty products, accelerating the incubation and launch of new products, further enriching product depth and breadth, building high-end differentiated product lines, highlighting market competitive advantages and staying at the forefront of the industry.

Capacity Release

Optimizing costs through economies of scale; upgrading production lines for higher quality and efficiencyIn line with industry trends and its own strategic planning, the company is steadily promoting the construction and commissioning of new production lines, gradually increasing overall production capacity. Meanwhile, it focuses on building a flexible production system and a shared platform for monoclonal antibodies/ADCs. With advanced process design and intelligent scheduling systems, capacity utilization has been significantly improved, strengthening the ability to rapidly respond to diversified market demands.During the reporting period, the company fully deepened its lean production model:

• Upgraded and renovated caffeine-related production equipment to achieve fully enclosed production of semi-finished caffeine, reducing labor intensity and laying the foundation for higher caffeine conversion capacity;

• Upgraded environmental protection MAD systems to enhance treatment capacity and stability, meeting environmental protection requirements for expanded production;

• Upgraded packaging methods in clean areas and completed automated transformation of material transfer and packaging, reducing material exposure, ensuring product quality, lowering risks of special drugs, and further strengthening the company’s core competitive advantages in production.

Marketing Upgrade

Dual-wheel drive of domestic and overseas markets; two-way efforts online and offlineThe company has actively expanded sales channels, achieving substantial growth in pharmaceutical sales volume. Through out-licensing of innovative products, it is vigorously promoting business internationalization and expanding global markets, committed to providing more high-quality medical solutions for patients worldwide.

Talent Support

Solid talent reserve; continuous building of team advantagesThe company’s workforce is professional and stable, with extensive industry experience, solid professional capabilities and diversified technical advantages. It also actively recruits top and high-end talents across technical fields to accumulate strength for technological innovation.

Core Competitiveness Analysis

01 Technological R&D Advantages

The company possesses R&D capabilities for innovative drugs across multiple fields including oncology and autoimmune diseases, and has established a comprehensive technology platform system in various drug development directions:

Antibody Engineering Platform

A display platform centered on phage and yeast display technologies, which shortens antibody discovery cycles while ensuring correct antibody expression. Through multiple projects, a self-blocking screening system for tumor tissue-activated antibodies has been constructed.Selected target antibodies can be further optimized for affinity, effector functions, immunogenicity and other properties using AI technology, improving efficacy, safety and pharmacokinetics.

Proprietary Conjugation Platform

Based on its independently intellectual property conjugation platform, the company pioneered the global use of genetic engineering to modify transglutaminase, enabling site-specific conjugation without further antibody modification, while improving site selectivity and reactivity. This breaks international technological monopolies, fills domestic technological gaps, and holds global exclusive patents.The novel ADC platform supports diverse drug molecule designs, offering expanded clinical treatment options. Multiple projects have been granted FDA Orphan Drug Designation, Fast Track Designation and CDE Breakthrough Therapy Designation. Programs in pivotal clinical stages include DP303c (HER2-ADC), SYS6010 (EGFR-ADC), etc.

mRNA Drug Development Platform

The company’s proprietary mRNA platform adopts advanced production technology, enabling co-transcriptional capping and efficient, rapid production of mRNA bulk solution via one-step purification, with simplified processes, short production cycles and easy scalability.It boasts advantages in antigen design by predicting future mutation trends; a modular product design ensures strong platform extensibility, supporting rapid development of various mRNA products from prophylactic to therapeutic vaccines and further into CGT (cell and gene therapy); modified nucleosides are incorporated, with enhanced antigen expression via energy algorithms and advanced structure design; low immunogenicity and high safety, with formulation design ensuring long-term stability; and proprietary liposome platform technology with commercial manufacturing experience.DuenTai®, developed on this platform, is the first mRNA vaccine approved in China. In addition, the company’s ongoing mRNA vaccine programs for therapeutic HPV, RSV and VZV have advanced to clinical development.

02 Manufacturing and Quality Control Advantages

The company consistently upholds the philosophy that “Product quality is the life of the enterprise, and drug quality comes before everything else”. Manufacturing strictly complies with GMP and ISO requirements, supported by advanced production equipment, standardized processes, and a complete quality management and testing system.Its caffeine-based products have obtained multiple quality system certifications, including China GMP, US FDA, EU EDQM, Japan PMDA, HALAL, KOSHER and UK BRCGS, earning wide recognition from domestic and international customers.

03 Internationalization Advantages

The company continues to deepen its global strategic layout, actively integrating into the global economic system and participating in international competition and cooperation.In the first half of 2025, JW Therapeutics obtained 3 IND approvals for ADCs from the US FDA, and 1 ADC candidate was granted Fast Track Designation, marking an important milestone in its internationalization process.In February 2025, JW Therapeutics reached a major license-out agreement with Radiance Biopharma (US), granting exclusive development and commercialization rights for SYS6005 in key markets including North America, the EU and Japan. This helps the company access overseas markets and integrate into the global pharmaceutical industry chain.Caffeine-based products have obtained multiple overseas certifications, with product quality recognized by high-quality customers in Europe, the US and other regions, establishing long-term and stable cooperative relationships with major clients.

04 Brand Advantages

Brand reputation is a critical factor in customer choice. Currently, supported by its portfolio of biopharmaceuticals, caffeine-based products and vitamin C lozenges, the company has endowed its products with profound brand connotation and established strong brand advantages.The company integrates the Guoweikang® brand building into its entire business development. After years of brand and marketing strategies, the brand awareness and reputation of “Guoweikang®” have been continuously enhanced.