BioDlink 2026 Interim Results: CDMO Revenue RMB 199M, Up 157% YoY, Now Part of the WuXi XDC Platform

H1 2026 CDMO revenue reached RMB 199M (+157.0% YoY), about 80% of total revenue, with 116 cumulative customers (16 overseas); the project funnel expanded to 236 (176 early-stage/preclinical, 134 CMC, ~60% ADC/XDC); the first commercial-CDMO order was secured for Lepu Biopharma's ADC Meiyouheng®; backlog reached RMB 391M (+95.5% YoY); 26 GMP inspections and audits in H1 all passed. WuXi XDC completed its tender on 2026-03-31 and held ~60.67% at end-June; the two sides signed a three-year continuing connected transaction agreement in late May covering a staged CDMO order book worth nearly RMB 770M.

BioDlink International (1875.HK) reported its unaudited interim results for the six months ended 30 June 2026 — its first full reporting period since joining the WuXi XDC platform. CDMO revenue reached RMB 199M, up 157.0% year-on-year, with a cumulative customer base of 116 (including 16 overseas), reflecting continued global expansion. Total CMC projects stood at 134, with 14 added in H1; 6 PPQ (Process Performance Qualification) projects were secured cumulatively; and the company won its first commercial-CDMO assignment — a formal commercial manufacturing order for Lepu Biopharma's ADC, Meiyouheng®. Order backlog (signed but unfulfilled) reached RMB 391M, up 95.5% YoY. BioDlink was named an outstanding innovation case in the 2025 White Paper on Innovative Drugs and Supply Chains and was awarded "Emerging CDMO of the Year" by IMAPAC.

On the project funnel and delivery cadence: after adding 14 CMC projects in H1, the cumulative project count reached 236 — 176 early-stage and preclinical programs plus 134 CMC projects, with ADC/XDC accounting for about 60% of CMC work; two of the newly signed projects carry individual contract values above US$1.5M. By stage, five programs are in Phase III clinical trials, and two PPQ (process performance qualification) projects were added in H1 — spanning three manufacturing batches, of which two have already been delivered — with one further PPQ project due for delivery in H2. On quality, the company meets Chinese, US and EU GMP standards and underwent 26 GMP inspections and audits in H1 with a 100% pass rate, covering both official regulatory inspections and domestic and overseas customer audits.

Acquisition and integration advanced materially: WuXi XDC (2268.HK) completed its voluntary conditional cash offer for BioDlink on 31 March 2026 and, as of 30 June 2026, held approximately 60.67% of the company as controlling shareholder. During the period BioDlink entered continuing connected transaction agreements with WuXi XDC and a connected transaction agreement with WuXi Biologics (2269.HK), deeply integrating into the WuXi XDC ecosystem and sharing its end-to-end ADC R&D and manufacturing capabilities, with smooth post-merger integration progress. Most notable was the three-year continuing connected transaction agreement signed in late May 2026, under which WuXi XDC provides a staged CDMO order book totaling nearly RMB 770M over three years — locking in capacity utilisation at BioDlink's Suzhou site while adding ADC commercial capacity for WuXi XDC.

On technology platforms, BioDlink continued to strengthen its proprietary moat: the GL-DisacLink® site-specific glycosylation conjugation platform has supported close to 500 early-stage innovative molecular programs, with its first program completing end-to-end ADC process development, GMP manufacturing and FDA IND submission within four months; the BDKcell® (CHO-K1) cell-line platform paired with in-house BDKMedia™ media enables self-sufficient upstream supply; and the BDKLyo® intelligent lyophilisation modelling platform cuts conventional lyophilisation development timelines by more than 50% using just 1–2 experimental rounds, reducing consumable and energy costs.

Commercial products and global footprint advanced in parallel: Pusintin® (Bevacizumab Injection) has been approved in seven markets (with Syria and Mexico added in H1 2026) and accepted for marketing applications in 29 overseas jurisdictions. The company operates four commercial manufacturing lines with large-scale sterile fill-finish capability, backed by a global GMP-aligned quality system that has earned PMDA accreditation in Japan and supported product approvals across China, Indonesia, Nigeria, Pakistan, Colombia and Bolivia. Guided by "Quality First, Innovation Driven, Success Together," BioDlink will continue to expand in the XDC market leveraging WuXi XDC's dual-site global synergy.

On the financials, H1 revenue was RMB 246M, of which self-developed products contributed RMB 45M, down 88.6% year on year, while overall gross margin fell to 21.4%. The strategic contraction of self-developed product sales drove the revenue and margin decline, whereas CDMO gross profit grew in step with revenue and the adjusted net loss narrowed; the cost of the business-model transition and the benefits of integration synergies will continue to flow through in coming reporting periods.