香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 INNOVATIVE PHARMACEUTICAL BIOTECH LIMITED 領航醫藥及生物科技有限公 司 （於開曼群島註冊成立並於百慕達存續之有限公 司） （股份代 號：399） 截至二零二五年三月三十一日止年度之 經審核年度業績公告 領航醫藥及生物科技有限公司（「本公司」）之董事（「董事」）會（「董事會」）謹此 公佈，本公司及其附屬公司（「本集團」）之截至二零二五年三月三十一日止年 度（「本財政年度」）之經審核綜合年度業績連同截至二零二四年三月三十一日 止年度（「上一財政年度」）之比較數字如下： – 1 – 綜合損益及其他全面收益表 截至二零二五年三月三十一日止年度 | | | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | | | 附註 | 千港元 | 千港元 | | 收益 | 5 | 2,091 | 6,593 | | 銷售成本 | | (1,903) ...

Financial Performance - For the six months ended September 30, 2024, the profit attributable to owners of the Company was HK$101,741,000, a decrease of 47.5% compared to HK$193,688,000 for the same period in 2023[13]. - Total comprehensive income for the period was HK$100,994,000, down from HK$192,526,000 in the previous year, reflecting a significant decline[27]. - Basic earnings per share decreased to HK$5.87 from HK$13.23, indicating a drop of 55.7% year-over-year[28]. - The Group's total comprehensive expense for the period was HK$193,688,000[90]. - The Group's revenue for the Financial Period was approximately HK$3.0 million, a decrease of approximately 18.9% compared to HK$3.7 million in the Previous Financial Period[160]. - Profit attributable to the owners of the Company for the Financial Period was approximately HK$101.7 million, down from HK$193.7 million in the Previous Financial Period[175]. Assets and Liabilities - As of September 30, 2024, net assets increased to HK$471,248,000 from HK$319,431,000 as of March 31, 2024, representing a growth of 47.5%[17]. - Current assets as of September 30, 2024, included trade receivables of HK$3,372,000, down from HK$4,905,000, indicating a decrease of 31.2%[29]. - The Company reported non-current liabilities of HK$55,618,000, a decrease from HK$671,991,000, showing a significant reduction in financial obligations[17]. - The Company’s total equity attributable to owners was HK$458,920,000, compared to HK$930,168,000 in the previous period, reflecting a decrease of 50.7%[17]. - The accumulated losses of the Group amounted to HK$801,457,000 as of 30 September 2024[101]. - The Group's total equity as of 30 September 2024 was HK$1,119,294,000[99]. - The Group has outstanding loans from a substantial shareholder and a former associate totaling approximately HK$25,487,000, which are due for repayment within the next 12 months[124]. - As of 30 September 2024, the Group has net current liabilities of approximately HK$846,358,000, including outstanding convertible bonds of HK$768,471,000 maturing in July 2025[107]. - The Group's current liabilities as of September 30, 2024, amounted to approximately HK$846,358,000, which includes convertible bonds of HK$768,471,000 due in July 2025[124]. Clinical Trials and Product Development - The management is working on a Clinical Trial for an oral insulin product, expected to launch in Q1 2026, with no negative feedback reported so far[111]. - The Group is currently in the third phase of clinical trials for its oral insulin product, with commercialization expected to generate future cash flows contingent on successful trial outcomes and necessary regulatory approvals[142]. - Approximately 480 patients have been enrolled in the Clinical Trial, which commenced in July 2020, and patient recruitment will continue[180]. - The oral insulin product is expected to be launched in the market by the first quarter of 2026, with significant demand anticipated due to the growing diabetic population in the PRC[166]. - The product will be the first oral insulin drug available in the market and is expected to be protected for 5 years under current PRC regulations[166]. - The in-process research and development project for the oral insulin product has a carrying value of HK$1,373 million recorded as an intangible asset[176]. - The Group will inject additional resources into the clinical trial of the oral insulin product to facilitate its development[161]. - The management performed an impairment assessment of intangible assets, concluding that the recoverable amount exceeds the carrying value, thus no impairment is necessary[181]. - The Company is focused on ensuring that its in-process R&D aligns with its commercialization schedule[185]. - The Company has established a project team to oversee the development and commercialization of new products[185]. Financing and Support - The Company has received financial support from a substantial shareholder, who will not demand repayment of approximately HK$6,800,000 for at least 12 months[111]. - The management is actively seeking other financing and borrowing opportunities[111]. - A shareholders' loan agreement was entered into for a total sum of HK$20 million to support the operation of the Clinical Trials[183]. - The subscription price for the convertible bonds will be offset against the outstanding shareholder's loans of HK$55,500,000[190]. - The Group's cash flow from financing activities showed a net decrease of HK$2,630,000 for the six months ended September 30, 2024, compared to a decrease of HK$511,000 in the previous period[140]. Compliance and Governance - The Company has maintained compliance with the Model Code for Securities Transactions by Directors throughout the financial period[2]. - The Group's financial statements have been prepared on a going concern basis, with significant uncertainties regarding the ability to generate cash flows from the successful completion of clinical trials[128]. - The application of new and amended HKFRSs in the current period has had no material impact on the interim condensed consolidated financial information[134]. - The Group has not early adopted any new and revised HKFRSs that have been issued but are not yet effective[134]. Market and Business Conditions - The decrease in revenue was mainly due to unfavorable business conditions affecting the trading of beauty equipment and products segment[160]. - The Group has two reportable segments: trading of beauty equipment and products in Hong Kong, and research and development and commercialization of products[132]. - The Group's major trading products are beauty equipment and beauty products, which represent the primary source of revenue[184]. - There were no significant market expansions or acquisitions reported in the latest financial results[1]. - The Company has not disclosed any new product launches or technological advancements during this reporting period[1]. Convertible Bonds - On July 27, 2023, the Company conditionally agreed to issue convertible bonds amounting to HK$55,500,000, with a conversion price set at HK$0.211 per share[186]. - As of August 15, 2023, the total outstanding convertible bonds amounted to HK$359,600,000, with amendments to certain terms and conditions agreed upon[195]. - The amendment to the convertible bonds was approved on May 24, 2024, and completed on June 21, 2024[200]. - The conversion price for certain convertible bonds due in October and December 2023 was amended from HK$0.40 to HK$0.202[198]. - The maturity date for some convertible bonds due in December 2024 and April 2025 will not be extended[198]. - The Group's cash and cash equivalents at the end of the period were affected by foreign exchange rate changes, resulting in an increase of HK$3,075,000[140].

Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 3,029,000, compared to HKD 3,727,000 for the same period in 2023, representing a decrease of approximately 18.8%[2] - Gross profit for the same period was HKD 307,000, down from HKD 380,000 in 2023, indicating a decline of about 19.2%[2] - The company reported a profit before tax of HKD 100,966,000, a decrease of 47.6% from HKD 192,577,000 in the previous year[5] - The total comprehensive income for the period was HKD 100,994,000, compared to HKD 192,526,000 in the previous year, reflecting a decline of approximately 47.7%[5] - Basic earnings per share decreased to HKD 5.87 from HKD 13.23, a drop of about 55.7%[5] - The after-tax segment profit from the beauty equipment and product trading division was HKD 281,000, down from HKD 359,000 in the previous year, while the R&D division reported a loss of HKD 1,301,000 compared to a loss of HKD 2,552,000 in 2023[24] - The total comprehensive profit for the period was HKD 100,966,000, a decrease from HKD 192,577,000 in the same period last year[24] - Basic earnings attributable to the company's owners for the six months ended September 30, 2024, were HKD 101,741,000, compared to HKD 193,688,000 in 2023[30] - The company incurred financial expenses of HKD 116,240,000, a decrease from HKD 131,478,000 in the previous year[26] - The company reported a loss per share of HKD 6,790 for the six months ended September 30, 2024, compared to a loss of HKD 42,320 in the previous year[30] - The profit attributable to the company's owners was approximately HKD 101,700,000, down from HKD 193,700,000 in the previous fiscal period, primarily due to non-cash items related to convertible bonds[71] Assets and Liabilities - As of September 30, 2024, the net current liabilities amounted to HKD 846,358,000, including convertible bonds of HKD 768,471,000 due in July 2025[12] - The total assets less current liabilities were reported at HKD 526,866,000 as of September 30, 2024[7] - As of September 30, 2024, trade receivables amounted to HKD 3,372,000, a decrease from HKD 4,905,000 as of March 31, 2024[36] - Trade payables as of September 30, 2024, totaled HKD 2,388,000, an increase from HKD 1,853,000 as of March 31, 2024[37] - The company has issued convertible bonds with a total principal amount of HKD 768,471,000 as of September 30, 2024, compared to HKD 911,150,000 as of March 31, 2024[39] - The fair value of the equity component of the convertible bonds issued in 2013 was HKD 671,267,000[45] - The company has converted HKD 20,000,000 of the convertible bonds into 99,009,900 shares as of September 10, 2024[46] - The aging analysis of trade receivables shows that over 90 days receivables decreased from HKD 3,223,000 to HKD 2,279,000[36] - The company has a credit period of 90 days for trade receivables granted to customers[36] - The company's current assets to current liabilities ratio was 0.007 as of September 30, 2024, compared to 0.03 as of March 31, 2024, indicating a decline in liquidity[89] - The capital debt ratio as of September 30, 2024, was 0.66, down from 0.77 as of March 31, 2024, based on total liabilities of approximately HKD 907.6 million and total assets of approximately HKD 1,378.9 million[89] Research and Development - The company is currently developing an oral insulin product, which is in Phase III clinical trials, with commercialization expected in Q1 2026[12] - The company is engaged in the R&D of an oral insulin product, with a collaboration agreement with Tsinghua University extended until June 30, 2027[33] - Approximately 480 patients have been recruited for clinical trials, with expectations for the product to be launched in the first quarter of 2026[75] - The company anticipates that the oral insulin product will generate stable revenue and profit due to increasing demand from diabetes patients in China and being the first oral insulin product on the market[75] - The company entered into a shareholder loan agreement to provide a total of HKD 20,000,000 to support clinical trial operations[76] - The company believes there is no need to recognize impairment for the R&D process based on recoverable amount estimates[35] - The cash flow forecast for the R&D process assumes a discount rate of 1.5% and a 10-year economic benefit period[33] - The company is currently conducting R&D on an oral insulin product, with an intangible asset value of HKD 1,373,000,000 recorded on the balance sheet[73] Financing and Support - The company has received written confirmations from major shareholders and affiliates regarding financial support for upcoming obligations[14] - The company is exploring additional financing and borrowing opportunities to support its operations[16] - The company has issued convertible bonds with a principal amount of HKD 55,500,000, with a zero percent interest rate and a maturity date ten years from the issuance date[80] - As of August 15, 2023, the total principal amount of outstanding convertible bonds was HKD 359,600,000, with amendments made to extend the maturity date to twenty years from the issuance date[82] - As of September 30, 2024, the company's total borrowings amounted to approximately HKD 895.3 million, down from approximately HKD 1,054.2 million as of March 31, 2024, reflecting a reduction in debt levels[87] - The company has not pledged any assets as of September 30, 2024, maintaining a position of no asset encumbrance[92] - The company has not utilized any financial instruments to hedge foreign exchange risks during the fiscal period, maintaining a cautious strategy[93] Dividend Policy - The company did not declare or propose any dividends during the interim period, consistent with the previous year[28] - The company has not established a dividend policy, considering its financial condition and market conditions for future development[100] Business Environment and Strategy - Management expects the current business environment for beauty equipment and products to improve and plans to diversify the product range for higher profit margins[78] - Revenue from the beauty equipment and product trading segment was approximately HKD 3,000,000, reflecting an 18.9% decrease from the previous period's revenue of approximately HKD 3,700,000, attributed to an unfavorable business environment[72] - The company has not purchased or sold any property, plant, and equipment during the six months ended September 30, 2024[32]

Financial Performance - The Group's revenue decreased to approximately HK$6.6 million for the Financial Year, down from approximately HK$8.1 million in the Previous Financial Year, reflecting a decline of about 18.5%[12] - Profit attributable to the owners of the Company for the Financial Year was approximately HK$103.4 million, compared to a loss of approximately HK$245.7 million in the Previous Financial Year, marking a significant turnaround[12] - The gain on modification of convertible bonds amounted to HK$330.2 million, contributing to the profit for the Financial Year[12] - Profit before income tax for 2024 is HK$98,707,000, a significant improvement from a loss of HK$254,671,000 in 2023[47] - The tax expense calculated at the domestic income tax rate of 16.5% for 2024 is HK$16,287,000, compared to a tax loss of HK$42,021,000 in 2023[47] - The profit attributable to owners of the Company for the year 2024 is HK$103,403,000, compared to a loss of HK$245,698,000 in 2023, representing a significant turnaround[106] Product Development - The launch of the oral insulin product has been postponed to the first quarter of 2026 due to delays in sample drug production[12] - The Group expects to obtain regulatory approvals and launch the product in Q1 2026, assuming no unforeseen circumstances[33] - The Group aims to commercialize the Product by the first quarter of 2026, with close collaboration with the CRO and strengthened project team oversight[98] - Clinical Trial testing for the Product commenced in July 2020, with improvements noted in the progress since the last annual report[97] - The Group's research and development efforts are focused on a product expected to be the first commercially available oral insulin, with a ten-year cash flow forecast period[141] Financial Position - Total borrowings of the Group as at 31 March 2024 were approximately HK$1,054.2 million, down from approximately HK$1,236.5 million as at 31 March 2023[76] - The Group's current assets to current liabilities ratio improved to 0.03 as at 31 March 2024 from 0.01 as at 31 March 2023[77] - The gearing ratio decreased to 0.77 as at 31 March 2024 from 0.90 as at 31 March 2023, based on total liabilities of approximately HK$1,063.6 million and total assets of approximately HK$1,383.0 million[77] - As of March 31, 2024, the Group's bank and cash balances were approximately HK$3.1 million, an increase from approximately HK$1.3 million as of March 31, 2023[143] Taxation - No Hong Kong Profits Tax and PRC Enterprise Income Tax were incurred for the year ended March 31, 2024[72] - The tax effect of income not taxable for tax purposes in 2024 is HK$54,500,000, compared to HK$30,000 in 2023[47] - Current and deferred tax are recognized in profit or loss, except when related to items recognized in other comprehensive income or directly in equity[29] - The Group did not recognize any deferred tax asset related to tax losses due to the unpredictability of future profit streams[155] Employee Compensation - Total remuneration for directors for the year ended 31 March 2024 was HK$2,378,000, an increase from HK$2,288,000 for the year ended 31 March 2023[51] - Total staff costs, including Directors' remuneration, amounted to approximately HK$6.1 million for the Financial Year, down from approximately HK$6.3 million in the previous Financial Year[81] - The remuneration of employees and Directors is aligned with market standards and commensurate with their responsibilities[81] Corporate Governance - The Group has critical judgments that significantly affect amounts recognized in the consolidated financial statements[32] - The Group's accounting policies require directors to make judgments and estimates about the carrying amounts of assets and liabilities[32] - The management team includes professionals with extensive experience in administrative management and investment, particularly in the field of genetic engineering[194][195] Segment Information - The Group has two reportable segments: trading of beauty products and research, development, and commercialization of the oral insulin product[35] - The Group's trading segment revenues and profit margins have remained relatively stable, with expectations for gradual recovery in trading business[96] - Over 90% of the Group's non-current assets are located in China, indicating a concentrated market presence[40] Debt and Financing - The liability component of Convertible Bonds as of March 31, 2024, totaled HK$911,150,000, with HK$255,804,000 classified as current liabilities[157] - The effective interest rates for all liability components of convertible bonds ranged from 21.23% to 35% per annum in 2024, compared to 23.44% to 27.28% per annum in 2023[179] - The company reported a loan from a substantial shareholder, Dr. Mao, amounting to HK$62,300,000 in 2024, an increase from HK$51,000,000 in 2023[174] Collaboration and Partnerships - The collaboration agreement with Tsinghua University has been renewed until June 30, 2027, allowing exclusive commercialization rights for the product[117] - The Group has a collaboration agreement with Tsinghua University that allows for the commercialization of a patented method for oral insulin formulation[137] - The Group entered into a second supplemental agreement with Tsinghua University to renew the collaboration arrangement until June 30, 2027[139] Risk Management - The Group maintains a prudent strategy in foreign exchange risk management, with no financial instruments used for hedging during the Financial Year[81] - The Group assesses contingent liabilities continuously to determine if an outflow of resources embodying economic benefits has become probable[28]

Financial Performance - For the fiscal year ending March 31, 2024, the company reported total revenue of HKD 6,593,000, a decrease of 18.4% compared to HKD 8,075,000 in the previous year[4] - The cost of sales for the same period was HKD 5,753,000, resulting in a gross profit of HKD 840,000, down from HKD 858,000 in the prior year[4] - The company achieved a profit before tax of HKD 98,707,000, a significant recovery from a loss of HKD 254,671,000 in the previous fiscal year[4] - The net profit attributable to the owners of the company was HKD 103,403,000, compared to a loss of HKD 245,698,000 in the previous year[6] - The company reported a basic earnings per share of HKD 6.77, a turnaround from a loss per share of HKD 16.78 in the previous year[6] - The company reported a total segment loss of HKD 7,676,000 for 2024, compared to a loss of HKD 13,442,000 in 2023, indicating an improvement in performance[26] - The company reported a net profit of HKD 103,403,000 for 2024, recovering from a loss of HKD 245,698,000 in 2023[46] - The group recorded a profit attributable to the owners of approximately HKD 103,102,000, a turnaround from a loss of HKD 245,707,000 in the previous fiscal year, primarily due to gains from revised convertible bonds amounting to approximately HKD 330,237,000[56] Assets and Liabilities - As of March 31, 2024, the company had total assets of HKD 1,373,224,000, slightly down from HKD 1,374,165,000 in the previous year[8] - Total assets as of March 31, 2024, amounted to HKD 1,383,023,000, a slight decrease from HKD 1,384,048,000 in 2023[28] - Total liabilities decreased to HKD 1,063,592,000 in 2024 from HKD 1,243,486,000 in 2023, representing a reduction of approximately 14.5%[28] - The company's current liabilities net amounted to HKD 381,802,000, with cash and cash equivalents of only HKD 3,075,000[12] - The company's net current liabilities amount to approximately HKD 381,802,000, while cash and cash equivalents are only HKD 3,075,000[100] - The total borrowings of the company as of March 31, 2024, were approximately HKD 1,054,200,000, down from approximately HKD 1,236,500,000 as of March 31, 2023[79] Convertible Bonds and Financing - The company has approved the issuance of convertible bonds to address its financial obligations, with a principal amount of HKD 256,000,000 that has matured[13] - The company has revised the terms of its convertible bonds, reducing the conversion price from HKD 0.4 to HKD 0.202 and extending the maturity date from ten years to twenty years[13] - The company has issued convertible bonds worth HKD 55,500,000, which will offset the principal amount owed to major shareholders[14] - The company issued convertible bonds with a principal amount of HKD 715,000,000 at an annual interest rate of 3.5%[64] - The maturity date of the convertible bonds was extended from July 28, 2023, to July 28, 2025[68] - A new convertible bond with a principal amount of HKD 55,500,000 was agreed upon, with a conversion price of HKD 0.211 per share and a zero percent interest rate[69] - As of August 15, 2023, the total outstanding convertible bonds amounted to HKD 359,600,000, with a maturity extension to twenty years from the issuance date[72] - The conversion price for certain bonds held by major shareholder Dr. Mao was revised from HKD 0.40 to HKD 0.202[73] - The company incurred interest expenses of HKD 217,025,000 on convertible bonds in 2024, slightly down from HKD 233,031,000 in 2023[26] - The actual interest expense on convertible bonds decreased to HKD 217,025,000 in 2024 from HKD 233,031,000 in 2023, a reduction of approximately 6.9%[37] Research and Development - The company is currently developing an oral insulin product, which is in Phase III clinical trials, with future cash flows dependent on the success of these trials and regulatory approval[12] - The company is conducting clinical trials for an oral insulin product, with approximately 400 patients recruited as of March 31, 2024, aiming for a product launch in Q1 2026[15] - The clinical trial for the oral insulin product began patient recruitment in July 2020, with approximately 400 patients recruited by the end of the fiscal year[60] - The commercialization of the product is expected to occur in Q1 2026, following regulatory approval from the National Medical Products Administration of China[63] - The group is currently conducting R&D on oral insulin products, with intangible assets recorded at a book value of HKD 1,373,224,000[58] - The company has not identified any negative feedback from ongoing clinical trials, which is crucial for future product development[15] - The company’s consolidated financial statements have been prepared on a going concern basis, contingent on the successful completion of clinical trials and product launch[15] Operational and Strategic Insights - The company is exploring additional financing and borrowing opportunities to support its operations[15] - The company plans to gradually explore trade operations in Hong Kong and China while strengthening risk management policies[76] - The company aims to commercialize its products by the first quarter of 2026, collaborating closely with contract research organizations[77] - The company has maintained a cautious strategy for managing foreign exchange risks without using any financial instruments for hedging during the fiscal year[84] - The company generated a net operating cash outflow of HKD 8,279,000 for the fiscal year ending March 31, 2024[100] - The company has not made any significant investments or acquisitions during the fiscal period[82] Shareholder and Loan Information - The company has confirmed that it will not be required to repay approximately HKD 41,947,000 and HKD 18,355,000 in loans from former joint ventures for at least 12 months from the approval date of the financial statements[14] - The company has received financial support from major shareholders, ensuring that a loan of HKD 6,800,000 will not be demanded for repayment within the next 12 months[14] - Loans from a major shareholder and from a former associate company, totaling HKD 62,300,000, HKD 18,355,000, and HKD 41,947,000, are due for repayment within the next 12 months[100] Employee and Cost Management - The total employee cost for the fiscal year was approximately HKD 6,100,000, a slight decrease from approximately HKD 6,300,000 in the previous fiscal year[85]

Financial Performance - For the six months ended September 30, 2023, the consolidated profit for the period was HK$192,577,000, compared to a loss of HK$118,272,000 in the same period of 2022, indicating a significant turnaround [20]. - The total comprehensive income for the period was HK$192,526,000, compared to a loss of HK$118,351,000 in the same period last year [178]. - The profit before tax for the period was HK$192,577,000, a significant improvement from a loss of HK$118,272,000 in the prior year [168]. - The Company reported a profit for the Period amounting to approximately HK$193.7 million, compared to a loss of approximately HK$115.7 million in the Previous Financial Period, primarily due to a non-cash item of approximately HK$330.3 million credited into income from the completion of a convertible bond amendment [53]. - Basic earnings per share increased to 13.23 HK cents, compared to a loss of 7.90 HK cents per share in the previous year [171]. Revenue and Expenses - The Group recorded revenue of approximately HK$3.7 million for the Financial Period, a decrease of approximately 9.7% from HK$4.1 million in the Previous Financial Period [53]. - The gross profit for the period was HK$380,000, down from HK$421,000 in the previous year, indicating a decline of about 9.7% [168]. - Research and development expenses decreased to HK$303,000 from HK$1,498,000 in the previous year, reflecting a reduction of approximately 79.8% [168]. - The total comprehensive expense for the period was HK$115,740,000, compared to HK$118,272,000 in the previous year, showing a slight reduction in overall expenses [20]. Assets and Liabilities - The company's net assets as of September 30, 2023, were HK$333,068,000, up from HK$140,562,000 as of March 31, 2023 [173]. - The company reported net current liabilities of approximately HK$369,165,000, which includes outstanding convertible bonds of HK$250,959,000 maturing in October and December 2023 [198]. - The total equity of the company increased to HK$333,068,000 from HK$140,562,000 as of March 31, 2023, representing a significant growth of approximately 137.5% [181]. - The current assets to current liabilities ratio was 0.02 as of September 30, 2023, up from 0.01 as of March 31, 2023 [111]. - The Group's gearing ratio improved to 0.76 as of September 30, 2023, from 0.90 as of March 31, 2023 [111]. Cash Flow - The net cash used in operating activities for the period was HK$4,378,000, compared to HK$2,858,000 in the previous period, indicating an increase in cash outflow [197]. - The company generated net cash from financing activities amounting to HK$3,867,000, up from HK$2,546,000 in the previous period, reflecting improved financing conditions [197]. - The cash and cash equivalents at the beginning of the period decreased by HK$511,000, compared to a decrease of HK$312,000 in the previous period, indicating a worsening liquidity position [197]. Development Projects - The Group's major asset, the development of an oral insulin product, is currently in Phase III clinical trials, with future cash flow dependent on successful trial outcomes and regulatory approval [13]. - The Group is developing a technology for oral insulin administration, currently in Phase III clinical trials with about 300 patients participating, aiming for commercialization by Q1 2025 [55]. - The oral insulin product is anticipated to be the first of its kind available in the market, addressing the strong demand in China due to the growing diabetic population [71]. - The project team aims to commercialize the Product in the first quarter of 2025, with regular monitoring of progress [120]. Corporate Governance and Strategy - The Company has adopted and complied with all provisions of the Corporate Governance Code, except for deviations from provisions C.2.1 and F.1.1 [145]. - The role of Chief Executive Officer remains vacant, and the Company is actively seeking a suitable candidate for this position [145]. - The Company is committed to enhancing investor confidence through transparency and accountability to its shareholders and stakeholders [145]. - The Company continues to pursue cooperation, joint ventures, and investments to enhance shareholder returns and sustainable long-term development [56]. - The Company is actively reviewing its strategies to enhance its market position and operational efficiency [56]. Shareholder Information - As of September 30, 2023, Dr. Mao Yumin holds 1,147,200,000 shares, representing 78.35% of the issued share capital of the Company [154]. - The Company has a substantial shareholder, Dr. Mao Yumin, with a direct holding of 323,200,000 ordinary shares [155]. - The register shows that several shareholders, including Dr. Mao Yumin and United Gene Holdings Limited, hold significant interests of 5% or more in the issued share capital [152]. Convertible Bonds - The Company issued convertible bonds on multiple dates, with a maturity of ten years from the issuance date [44]. - The proposed issue of convertible bonds amounts to an aggregate principal of HK$359.6 million, with an extension of the maturity date from ten to twenty years [104]. - The Company will issue convertible bonds with a principal amount of HK$55,500,000, which will be settled by offsetting against a loan from a substantial shareholder [200]. - The maturity date of the convertible bonds has been conditionally amended to extend for an additional ten years [200].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不會就因本公告全部或任何部分內容而產生 或因倚賴該等內容而引致之任何損失承擔任何責任。 INNOVATIVE PHARMACEUTICAL BIOTECH LIMITED 領航醫藥及生物科技有限公司 （於開曼群島註冊成立並於百慕達存續之有限公司） （股份代號：399） 中期業績公告 截至二零二三年九月三十日止六個月 領航醫藥及生物科技有限公司（「本公司」，連同其附屬公司統稱「本集團」）董 事（「董事」）會（「董事會」）謹此公佈，本集團截至二零二三年九月三十日止六 個月（「本財政期間」）之未經審核簡明綜合中期業績連同截至二零二二年九月 三十日止六個月（「上一財政期間」）之比較數字如下： 簡明綜合損益及其他全面收益表 截至二零二三年九月三十日止六個月 截至九月三十日止六個月 二零二三年 二零二二年 千港元 千港元 ...

Financial Performance - The Group's revenue for the Financial Year decreased to approximately HK$8.1 million, representing a decline of about 27.5% compared to HK$11.1 million in the Previous Financial Year[12][24]. - The loss attributable to the owners of the Company for the Financial Year amounted to approximately HK$245.7 million, compared to a profit of approximately HK$45.8 million in the Previous Financial Year[13][24]. - The decrease in revenue was primarily due to reduced business in the trading of beauty equipment and products segment during the Financial Year[24]. - Revenue from trading beauty equipment and products decreased by approximately 27.5% to HK$8,075,000 from HK$11,145,000 due to the ongoing impact of the COVID-19 pandemic[26]. - The Group recorded no gain on modification of convertible bonds for the Financial Year, contrasting with a gain of approximately HK$250.7 million in the Previous Financial Year[13][24]. Clinical Trials and Product Development - The launch of the oral insulin product has been postponed to the first quarter of 2025 due to disruptions caused by COVID-19 lockdowns in certain areas of China[12]. - The management team is actively working with contract research organizations to expedite the clinical trial progress and commercialization schedule of the product[18]. - Approximately 300 patients have been enrolled in the Clinical Trial as of the end of the Financial Year, with patient recruitment being an ongoing process[32]. - The clinical trial faced significant disruptions due to the pandemic, including a decrease in physician participation and patient dropouts[42]. - The clinical trial's progress has been delayed due to various pandemic-related challenges, including difficulties in patient recruitment and sample drug production[42]. - The commercialization of the oral insulin product is expected to launch in the market by the first quarter of 2025, subject to the development of the COVID-19 epidemic[44]. - The company plans to obtain the manufacturing permit by mid fourth quarter of 2024, with the product expected to be available for sale shortly thereafter[49]. - The company will submit the clinical trial report to the NMPA by the end of the second quarter of 2024[48]. - The product launch is anticipated to generate a stable source of revenue and profit due to the increasing demand for innovative insulin products in China, driven by a growing diabetic population[50]. Financial Position and Borrowings - As of March 31, 2023, the Group had bank and cash balances of approximately HK$1.3 million, down from approximately HK$4.1 million as of March 31, 2022[80]. - Total borrowings of the Group were approximately HK$1,236.5 million as of March 31, 2023, compared to approximately HK$987.6 million as of March 31, 2022[81]. - The current assets to current liabilities ratio was 0.01 as of March 31, 2023, down from 0.19 as of March 31, 2022[82]. - The gearing ratio increased to 0.90 as of March 31, 2023, from 0.72 as of March 31, 2022, based on total liabilities of approximately HK$1,243.5 million and total assets of approximately HK$1,384.0 million[82]. - The company has issued convertible bonds amounting to HK$715,000,000 with a 3.5% annual interest rate, originally set to mature on July 28, 2023, now extended to July 28, 2025[66]. - The interest rate on convertible bonds increased from 3.5% to 4.5% per annum starting from July 28, 2023[69]. Corporate Governance - The company has a strong commitment to corporate governance, ensuring operations align with shareholders' best interests[135]. - The board of directors includes independent non-executive directors with extensive experience in finance and administration, enhancing governance and oversight[141]. - The company has complied with all code provisions of the Corporate Governance Code during the financial year, ensuring high governance standards[140]. - The independent non-executive directors play a crucial role in the audit and remuneration committees, ensuring transparency and accountability[140]. - The Board held 4 meetings during the financial year, with all executive directors attending all meetings[154]. - Independent non-executive directors represent at least one-third of the Board, ensuring a strong element of independence[147]. - The company has established a Nomination Committee to oversee the nomination process for directors[167]. - The chairman of the Board meets annually with independent non-executive directors to discuss issues and concerns[148]. - The roles of chairman and chief executive are separated, as stipulated by Code provision C.2.1[156]. Employee and Staff Information - The total staff costs, including Directors' remuneration, for the Financial Year amounted to approximately HK$6.3 million, a decrease from approximately HK$7.2 million in the previous Financial Year[94][97]. - As of March 31, 2023, the Group had 22 full-time employees, down from 25 on March 31, 2022[93][103]. - The Group's employee benefits include medical insurance, retirement schemes, training programs, and education subsidies[93][103]. Risk Management - The Group maintains a prudent strategy in foreign exchange risk management, balancing foreign currency assets against liabilities[90]. - The Group will enhance its risk management policy to balance risk and return in the long term[73]. - The Group will continue to closely monitor foreign currency risks and consider hedging when necessary[92].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 INNOVATIVE PHARMACEUTICAL BIOTECH LIMITED 領航醫藥及生物科技有限公司 （於開曼群島註冊成立並於百慕達存續之有限公司） （股份代號：399） 截至二零二三年三月三十一日止年度之 經審核年度業績公告 領航醫藥及生物科技有限公司（「本公司」）之董事（「董事」）會（「董事會」）謹此 公佈，本公司及其附屬公司（「本集團」）之截至二零二三年三月三十一日止年 度（「本財政年度」）之經審核綜合年度業績連同截至二零二二年三月三十一日 止年度（「上一財政年度」）之比較數字如下： ...

Financial Performance - The Group recorded revenue of approximately HK$4.1 million for the Financial Period, a decrease of approximately 37.6% from HK$6.6 million in the Previous Financial Period[9]. - The Company reported a loss of approximately HK$118.3 million for the Period, compared to a profit of approximately HK$121.11 million in the Previous Financial Period[10]. - The loss was significantly impacted by a non-cash item of approximately HK$250.7 million related to the second amendment of a convertible bond with a principal amount of HK$715 million issued during the Previous Financial Period[10]. - The Group's revenue for the Financial Period was approximately HK$4.1 million, a decrease of approximately 37.6% compared to HK$6.6 million in the Previous Financial Period[20]. - The Group recorded a loss attributable to owners of approximately HK$115.7 million, compared to a profit of HK$125.1 million in the Previous Financial Period, primarily due to a non-cash item related to Convertible Bonds III[20]. - Gross profit for the period was HK$421,000, down 43.2% from HK$741,000 in the previous year[93]. - Loss for the period amounted to HK$118,272,000, compared to a profit of HK$121,111,000 in the same period last year[93]. - Total comprehensive income for the period was a loss of HK$118,351,000, compared to a gain of HK$121,292,000 in the previous year[95]. - Basic and diluted loss per share was HK$7.90, compared to earnings of HK$8.54 per share in the same period of 2021[101]. - The total comprehensive expense for the six months ended 30 September 2022 was HK$125,076,000, a decrease of 3.965% compared to HK$125,257,000 for the same period in 2021[144][145]. Clinical Development - The Group is developing a technology for oral insulin administration, currently in Phase III clinical trials, with about 296 patients participating[14]. - The Group aims to commercialize the oral insulin product by mid-2024 despite delays caused by COVID-19[14]. - Approximately 296 patients have been enrolled in the Clinical Trial testing, which commenced in July 2020, with 19 hospitals participating[25][26]. - The oral insulin product is expected to be launched by mid-2024, with significant demand anticipated in the PRC due to the growing diabetic population[26]. - The project team will regularly monitor the progress of the oral insulin product to ensure commercialization by mid-2024[34][37]. - The Group's major asset, the development of an oral insulin product in the PRC, is currently in Phase III clinical trials, with future cash flow dependent on the successful completion of these trials and necessary regulatory approvals[180]. - The management is working on a Clinical Trial for an oral insulin product, expected to launch in mid-2024, with no negative feedback reported so far[187]. Financial Position and Liabilities - As of September 30, 2022, the Group's total borrowings were approximately HK$1,103.2 million, an increase from approximately HK$987.6 million as of March 31, 2022, reflecting a growth of 11.7%[41]. - The Group's current assets to current liabilities ratio decreased to 0.02 as of September 30, 2022, compared to 0.19 as of March 31, 2022[43]. - The gearing ratio increased to 0.80 as of September 30, 2022, from 0.72 as of March 31, 2022, indicating a higher level of financial leverage[43]. - Current liabilities totaled HK$824,391,000, with net current liabilities of HK$808,100,000[106]. - Total assets less current liabilities were HK$567,005,000, down from HK$1,295,224,000 as of March 31, 2022[106]. - Non-current liabilities included convertible bonds of HK$259,919,000, down from HK$871,791,000[106]. - Net assets decreased to HK$276,994,000 from HK$395,266,000 as of March 31, 2022[106]. - The Group had no significant investments or material acquisitions during the Financial Period, indicating a conservative approach to capital allocation[45]. - The Group's total liabilities were approximately HK$1,114.4 million as of September 30, 2022, compared to approximately HK$999.7 million as of March 31, 2022, reflecting an increase of 11.5%[43]. - The Group may face significant uncertainty regarding its ability to continue as a going concern due to its current liabilities and the dependency on the success of its clinical trials[181][183]. - The Group's total equity includes accumulated losses, which may impact its financial stability moving forward[165]. Shareholding Structure - As of September 30, 2022, Dr. Mao Yumin holds 1,187,200,000 shares, representing 81.08% of the issued share capital of the Company[82]. - Dr. Mao also has interests in derivative shares totaling 55,000,000 and 20,000,000, which will be issued upon exercising conversion rights attached to convertible bonds amounting to HK$359,600,000[84]. - The Company has a substantial shareholder, Chau Yiu Ting, who holds 328,600,000 shares, accounting for 22.44% of the issued share capital[82]. - United Gene Holdings Limited and its associates collectively hold 82,770,810 shares, representing 5.65% of the issued share capital[82]. - The Company has no other directors or executives with interests or short positions of 5% or more in the issued share capital as of September 30, 2022[89]. - The total number of shares held by Dr. Mao directly is 363,200,000 ordinary shares[87]. - The Company’s shareholding structure indicates significant control by Dr. Mao and associated entities, with multiple layers of ownership[84]. - Good Links Limited and Victory Trend Limited each hold 7,770,810 shares, representing 0.53% of the issued share capital[82]. Cash Flow and Financing - Net cash used in operating activities for the six months ended 30 September 2022 was HK$2,858,000, compared to HK$15,285,000 for the same period in 2021[170]. - Net cash generated from financing activities for the six months ended 30 September 2022 was HK$2,546,000, a decrease from HK$8,887,000 in the same period in 2021[172]. - The cash and cash equivalents at the end of the period were HK$3,821,000, down from HK$4,083,000 at the beginning of the period[173][177]. - The effect of foreign exchange rate changes resulted in a gain of HK$50,000 for the six months ended 30 September 2022, compared to a loss of HK$183,000 in the same period in 2021[174]. - The company has received confirmation from a former associate that it will not demand repayment of approximately HK$41,947,000 for at least 12 months from the date of the financial statements[185]. - The company has secured financial support from a substantial shareholder, confirming that it will not demand repayment of a loan of HK$43,500,000 for at least 12 months[185]. - Smart Ascent has obtained financing facilities of HK$12,000,000 from shareholders to support the Clinical Trial and other development costs, with HK$7,000,000 available at the date of the financial statements[187]. - The directors are confident that the group can meet its financial obligations for the next 12 months based on current and forecasted cash positions[189]. Compliance and Reporting - The Company’s financial reporting period includes a review of accounting policies and practices by the audit committee[72]. - The Company confirms compliance with the standards set forth in the Listing Rules regarding securities transactions by directors throughout the financial period[71]. - The interim financial statements were prepared in accordance with Hong Kong Accounting Standard 34, ensuring compliance with applicable disclosure requirements[179]. - The financial statements for the six months ended September 30, 2022, were prepared in accordance with revised Hong Kong Financial Reporting Standards, with no significant impact on the condensed consolidated financial information[198]. - The company has applied new amendments to HKFRSs, which have had no material impact on the interim financial information[197].