SINOMAB BIO-B (03681) announced its 2025 financial results, with other income and gains reaching approximately RMB 29.271 million, a year-on-year increase of 2.84 times. Research and development costs were RMB 81.624 million, a decrease of 13.86% compared to the previous year. The net loss was approximately RMB 105 million, narrowing by 43.29% year-on-year. During the reporting period, the Group made significant progress in its clinical trial programs, pipeline development, and commercialization preparations. For its primary product, SM17, the Phase 1b study in China for the treatment of moderate-to-severe atopic dermatitis yielded encouraging positive results. Top-line data at 12 weeks post-unblinding showed that in the high-dose group, 91.7% of patients achieved the itch relief indicator (NRS-4), 75% reached the skin lesion recovery indicator (EASI75), and 41.7% achieved complete or almost complete clearance of AD symptoms (IGA 0/1). A new drug research application for a therapy targeting patients with inflammatory bowel disease (IBD) has also been approved. The flagship product, Suciraslimab (SM03), the world's first-in-class anti-CD22 monoclonal antibody, achieved breakthrough preclinical results in an in vitro study for the treatment of Systemic Lupus Erythematosus (SLE) in July 2025, demonstrating potential in reducing proteinuria and potentially alleviating lupus nephritis (LN) in mouse models. Suciraslimab's novel mechanism of action provides three key competitive advantages in SLE treatment: "Non-depleting B-cell modulation," "Dual mechanism and bidirectional regulation," and "Organ protection." Concurrently, the company entered into a comprehensive strategic cooperation agreement with the Sun Yat-sen University Institute for Advanced Study (SYSU-IAS). Leveraging the combined strengths of the company and SYSU-IAS, the partnership aims to accelerate the development of innovative drugs and promote the translation of scientific research achievements into clinical applications globally. Backed by strong R&D capabilities, a rich pipeline, and sophisticated operational management, the company was honored with several prestigious awards during the year. These included the second "New Quality Productive Forces Enterprise Award" jointly presented by the Greater Bay Area Family Office Association and the Hong Kong International Family Office Association, and the "Most Valuable Pharmaceutical Company Award" granted by Zhitong Finance.