DUALITYBIO (9606) reported a loss of 2.6 billion last year, with gross profit declining by 34% year-on-year and no final dividend declared

DUALITYBIO-B (9606.HK) announced its annual results for 2025, with revenue recorded at RMB 1.852 billion, a year-on-year decrease of 4.6%; gross profit was approximately RMB 589 million, a year-on-year decrease of 33.2%. The loss expanded from RMB 1.05 billion in the previous year to RMB 2.595 billion, with a loss per share of RMB 39.8. No final dividend was declared. In 2025, DUALITYBIO reached a cooperation agreement with Sanofi (1530.HK) to jointly promote the commercialization of HER2 ADC in mainland China, Hong Kong, and Macau; the company's core product DB-1303 successfully achieved its primary endpoint in the Phase 3 registration trial in China and has submitted a listing application; DB-1311 has shown excellent efficacy in multiple indications such as prostate cancer and cervical cancer, with global Phase 3 trials about to start; DB-1310 has received two Fast Track designations from the U.S. FDA, with its clinical value recognized by international authorities. As of now, the group has 10 ADC pipeline products in clinical stages and has enrolled over 3,200 patients in global clinical trials. Among them, over 1,200 patients were rapidly enrolled in 2025 alone, with approximately 50% located outside the United States, European Union, Australia, and other regions of China. According to the group's global strategy, the company has established a series of strategic partnerships to accelerate the development of its pipeline in major global markets, expand global clinical development capabilities, and provide momentum for future innovation and long-term growth. The company has reached multiple licensing and cooperation agreements with several industry-leading companies globally, including collaborations with BioNTech (BNTX.US) (for DB-1303, DB-1311, and DB-1305), BeiGene (6160.HK) (for DB-1312), Adcendo (for ADC assets using the company's proprietary linker - effective payload), GSK (for DB-1324), and Avenzo (for DB-1418), with a total transaction value exceeding USD 6 billion