Qyuns Therapeutics Co., Ltd. (2509.HK) is a clinical-stage biotechnology company that focuses on the research, development, industrialization, and commercialization of antibody drugs targeting autoimmune and allergic diseases. Founded in 2015 and headquartered in Taizhou, China, the company operates primarily in the People's Republic of China and pursues global expansion through strategic partnerships; it employs an integrated innovation platform encompassing monoclonal and bispecific antibodies across four key therapeutic areas: dermatology, respiratory, gastroenterology, and rheumatology. Core products and pipeline candidates include SAILEXIN (QX001S), a ustekinumab biosimilar and IL-12/IL-23p40 inhibitor approved by China's NMPA for psoriasis and co-developed with Huadong Medicine; QX002N, an IL-17A inhibitor in Phase III for ankylosing spondylitis with a planned biologics license application submission in the second half of 2025; QX005N, an IL-4Rα monoclonal antibody in Phase III for prurigo nodularis that has received Breakthrough Therapy Designation; QX004N, an IL-23p19 inhibitor in Phase II for psoriasis and Crohn's disease developed with Hansoh Pharma; QX008N, a TSLP monoclonal antibody in Phase Ib for moderate-to-severe asthma and chronic obstructive pulmonary disease (COPD) partnered with Joincare; QX006N, an IFNAR1-targeting monoclonal antibody in Phase Ib for systemic lupus erythematosus; QX007N, an IL-33 monoclonal antibody for COPD and asthma; QX010N, an IL-31R inhibitor for pruritus; QX013N, a c-kit targeting monoclonal antibody; QX027N, a long-acting bispecific antibody approved for clinical trials in asthma and atopic dermatitis; and QX030N, a preclinical asset out-licensed to Caldera Therapeutics. Recent developments include the company's listing on the Hong Kong Stock Exchange in March 2024; a global exclusive collaboration and license agreement with F. Hoffmann-La Roche Ltd in October 2025 for QX031N, a TSLP/IL-33 bispecific antibody for asthma and COPD, featuring a $75 million upfront payment, up to $995 million in milestones, and tiered royalties; an out-license agreement with Caldera Therapeutics in April 2025 for QX030N; ongoing commercialization of SAILEXIN with projected 2025 sales of RMB 300 million; advancement of QX027N into clinical trials; and transformation of subsidiary Cellularforce into a profit center to bolster production capabilities.