2025年年度报告（英文版）

Full Text of the 2025 Annual Report of Huadong Medicine Co., Ltd.1Huadong Medicine Co., Ltd.2025 Annual ReportApril 24, 2026Full Text of the 2025 Annual Report of Huadong Medicine Co., Ltd.2To ShareholdersTo Our Shareholders,Though mist veils the mountains, the pines stand firm; As wild clouds raceacross the sky, they remain composed. 2025 marks the first year of HuadongMedicine’s 8th Three-Year Plan, and a pivotal year in which we drive growth throughinnovation and disciplined execution. Driven by a pioneering spirit, resilience, and acommitment to excellence, the company has fully delivered the annual businesstargets amid a complex and evolving environment. We continued to expand ourbusiness scale, made tangible progress in our innovation-driven transformation,strengthened our core competitiveness, and further reinforced the foundation forhigh-quality development. Together, these efforts have delivered resilient growth withcontinued gains in both quality and efficiency.Innovative R&D remains the cornerstone of our development and a key driver ofsustainable growth through market cycles. Since 2025, a total of six innovativeproducts, including Mairuidong® and MediBeacon® TGFR, have been approved formarketing in China. Meanwhile, Senaparib Capsules (a PARP inhibitor) andLinaprazan Glurate Capsules (a P-CAB inhibitor) have been included in the 2025national medical insurance drug list. Zevorcabtagene autoleucel, our CAR-T therapy,has been included in China’s inaugural commercial insurance innovative drug list.Driven by an expanding portfolio of approved innovative products and robustcommercialization capabilities, revenue from innovative products reached RMB 2.34billion in 2025, representing a year-on-year increase of 64.2%. Among these,Elahere® has reached cumulative sales of over RMB 100 million in China since itsapproval. Our innovation momentum continues to strengthen, and has become a keyengine driving the Company’s growth.Full Text of the 2025 Annual Report of Huadong Medicine Co., Ltd.3Over the past year, Huadong Medicine’s R&D has made steady progress along aclear strategic roadmap. In the endocrinology field, our key pipeline projects,including HDM1002, HDM1005, and DR10624, have generated positive clinical dataand are advancing at the forefront of R&D. We have also broadened intocardiovascular and cerebrovascular indications to build differentiated strengths. Inoncology, our ADC franchise features a diversified target portfolio and a tieredpipeline, underscoring our differentiated strategy. Multiple ADC candidates havebeen granted six Orphan Drug Designations and one Fast Track Designation by theU.S. FDA. In addition, HDM2027, a novel amanitin-based ADC, has entered theclinical development in China. In the autoimmune field, Roflumilast Cream has beenfiled in China for marketing approval in atopic dermatitis and psoriasis, and isexpected to open up new growth opportunities in dermatology. Meanwhile, nearly 30clinical study results have been