BioDlink’s CDMO Shift Cushions Revenue Fall as ADC and Global Push Gain Traction

The latest update is out from TOT BIOPHARM International Co. Ltd. ( (HK:1875) ).

BioDlink reported 2025 operating revenue of RMB747.6 million, down 32% year-on-year, as product sales fell 44% amid intensified market competition, while CDMO revenue grew 13% to RMB234.9 million. The company said CDMO has become its strategic stabilizer, with 60 new projects added to reach 213 in total, 68% related to ADCs, and a service backlog rising 61% to RMB308 million, indicating stronger medium-term revenue visibility.

The group advanced internationalization of its self-developed bevacizumab injection Pusintin, securing marketing approvals in five emerging markets and completing first commercial shipments to several countries. It also underpinned the China approval of Lepu Biopharma’s MEIYOUHENG, the world’s first EGFR ADC, and passed 37 GMP inspections and audits worldwide with a 100% success rate, bolstering its quality credentials and competitive position in high-barrier biologics and ADC manufacturing.

The most recent analyst rating on (HK:1875) stock is a Hold with a HK$4.50 price target. To see the full list of analyst forecasts on TOT BIOPHARM International Co. Ltd. stock, see the HK:1875 Stock Forecast page.

More about TOT BIOPHARM International Co. Ltd.

BioDlink International Company Limited is a Hong Kong-incorporated biopharmaceutical company focused on developing, manufacturing, and commercializing biologic drugs and providing contract development and manufacturing organization (CDMO) services. The group has built capabilities in complex modalities such as antibody-drug conjugates (ADCs), supports clients across the full product lifecycle, and targets both domestic and international pharmaceutical markets.

Average Trading Volume: 4,118,339

Technical Sentiment Signal: Buy

Current Market Cap: HK$3.35B

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