Biodlink International (01875, “Biodlink”) reported interim results for the six months ended 30 June 2026, highlighting a sharp contraction in total revenue alongside rapid growth in its contract development and manufacturing organisation (CDMO) segment.
Biodlink’s operating revenue fell 49.7% year-on-year to RMB246.01 million, driven by an 88.6% slide in sales from self-developed products to RMB44.98 million as China’s volume-based procurement pressure and intensified biosimilar competition weighed on demand. Conversely, CDMO revenue surged 157.0% to RMB199.00 million, lifting the segment to 81% of total revenue and cementing its position as the group’s primary growth engine.
Group gross profit contracted 85.1% to RMB53.00 million, with gross margin narrowing to 21.4%. After factoring higher operating costs linked to expanding CDMO activities and one-off transaction expenses related to the change of control, Biodlink recorded a net loss of RMB58.52 million versus a profit of RMB4.06 million a year earlier. Adjusted net loss stood at RMB22.55 million, compared with an adjusted profit of RMB9.78 million in the prior-year period. Cash and cash equivalents decreased to RMB257.23 million from RMB327.56 million at end-2025.
During the period WuXi XDC Cayman completed voluntary cash offers, becoming Biodlink’s controlling shareholder with a 60.67% stake; the group’s financials have been consolidated into WuXi XDC’s results since 31 March 2026. Post-acquisition, Biodlink reconstituted its board, appointed new executive, non-executive and independent non-executive directors, and initiated integration of quality, operations and resource-sharing protocols under a suite of connected-transaction agreements signed in May 2026.
Operational highlights include the addition of 14 new CMC projects, taking the total CMC portfolio to 134 and lifting backlog 95.5% year-on-year to RMB391 million. Two new Process Performance Qualification projects were secured, and Biodlink completed two PPQ batches with a 100% success rate. Manufacturing capabilities now encompass five single-use mAb facilities (50–2,000 litres) and three ADC drug substance suites (20–500 litres), plus two drug-product lines with annual capacity of 5 million vials.
The company continued to invest in proprietary platforms—BDKcell CHO-K1, BDKMedia chemically-defined media, BDKLyo digital lyophilisation, and GL-DisacLink site-specific conjugation—supporting nearly 500 early-stage ADC programmes to date. R&D spend declined 24.6% to RMB27.09 million as certain clinical candidates were paused; TAB014’s NDA with China’s NMPA continued to progress through partner Zhaoke Ophthalmology.
Total headcount reached 594, 74% of whom hold bachelor degrees or above; R&D personnel accounted for 16% of staff. Capital commitments amounted to RMB13.94 million, mainly for ongoing facility upgrades; outstanding bank borrowings fell to RMB345.63 million, with a 0.5 debt-to-asset ratio.
Looking ahead, management targets deeper integration with WuXi XDC, further expansion of ADC and emerging modality services, continued digitalisation of quality systems, and disciplined globalisation of marketed products, while exploring licensing or partnership options for non-core R&D assets. As of the reporting date no interim dividend was declared.