Financial Performance - For the six months ended June 30, 2023, the company recorded revenue of RMB 40.3 million, attributed to licensing and collaboration agreements related to the development, manufacturing, and commercialization of the SHP2 inhibitor[5]. - The company recorded revenue of RMB 40,335,000 for the six months ended June 30, 2023, a decrease of 26.3% compared to RMB 54,687,000 for the same period in 2022[90]. - The gross profit for the period was RMB 2,402,000, down from RMB 8,833,000 in the previous year, indicating a significant decline in profitability[79]. - The net loss for the period increased from RMB 127.8 million for the six months ended June 30, 2022, to RMB 166.3 million for the same period in 2023[5]. - The operating loss for the period was RMB 184,563,000, compared to a loss of RMB 135,414,000 in the same period last year, representing a deterioration in operational performance[79]. - The net loss attributable to the owners of the company was RMB 166,281,000, compared to RMB 127,825,000 in the previous year, marking a 30% increase in losses[79]. - Other income net amount decreased from RMB 49.2 million for the six months ended June 30, 2022, to RMB 37.8 million for the six months ended June 30, 2023, a reduction of RMB 11.4 million or 23.2%[53]. - The company reported a loss of RMB 166.3 million for the six months ended June 30, 2023, compared to a loss of RMB 127.8 million for the same period in 2022[59]. - Adjusted loss for the six months ended June 30, 2023, was RMB 158.3 million, compared to an adjusted loss of RMB 128.4 million for the same period in 2022[59]. Research and Development - R&D expenses increased from RMB 176.6 million for the six months ended June 30, 2022, to RMB 198.8 million for the same period in 2023, primarily due to clinical trial progress and increased personnel costs in related R&D departments[5]. - The company has developed a pipeline of eight clinical-stage assets and several others in the IND initiation stage, showcasing broad applicability across various tumor types[7]. - The key trial for JAB-21822 (Glecirasib) in NSCLC patients with KRAS G12C mutation is expected to complete patient recruitment by September 2023, with NDA submissions planned for late 2023 and early 2024[1]. - Glecirasib received BTD from CDE for treating second-line or above pancreatic cancer patients, with preliminary clinical data expected to be presented at the 2024 ASCO GI meeting[1]. - The I/IIa clinical trial for JAB-3312 in combination with Glecirasib is actively recruiting patients, with preliminary data to be presented at the 2023 ESMO meeting in October[3]. - The IND application for JAB-24114 was approved in March 2023, and the IND application for JAB-BX300 was approved in April 2023[4]. - The company plans to submit the IND application for JAB-23400, a novel oral KRAS multi-inhibitor, in the first half of 2024[4]. - The company has established its own iADC platform, with plans to submit IND applications for JAB-BX400 and JAB-X1800 between 2024 and 2025[4]. - Glecirasib (JAB-21822), a KRAS G12C inhibitor, is currently undergoing a pivotal Phase II study in China for NSCLC and PDAC, with patient enrollment expected to complete by September 2023[8]. - The company has achieved significant progress in clinical development during the first half of 2023, particularly with Glecirasib showing promising efficacy and tolerable safety in clinical results for advanced colorectal cancer[11]. Corporate Governance and Strategy - The company is focusing on establishing strategic partnerships with leading multinational companies to enhance the success rate of its drug candidates[6]. - The company is committed to further strengthening its research and development platforms to maintain competitiveness in the biopharmaceutical industry[47]. - The company has committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[68]. - The board consists of three executive directors, three non-executive directors, and three independent non-executive directors, ensuring a strong independent element[68]. - The company is actively monitoring regulatory developments, particularly with the U.S. FDA, to ensure compliance and expedite approvals[111]. - The company is exploring new markets and potential partnerships to expand its reach and enhance its product offerings[110]. - The company has implemented an equity incentive plan to align the interests of shareholders and management, adopted on August 31, 2021[111]. Financial Position and Cash Flow - As of June 30, 2023, the company's cash and bank balances were RMB 1,297.9 million, slightly down from RMB 1,298.7 million as of December 31, 2022[63]. - The net cash used in operating activities for the six months ended June 30, 2023, was RMB 219.8 million, an increase of RMB 107.9 million compared to RMB 111.9 million for the same period in 2022[61]. - The net cash generated from investing activities increased significantly to RMB 170.6 million, up from RMB 1.7 million in the previous year, marking an increase of RMB 172.3 million[61]. - The net cash generated from financing activities was RMB 189.3 million, compared to RMB 3.0 million used in the same period last year, indicating an increase of RMB 192.3 million[61]. - The company had a total of 300 employees as of June 30, 2023, with total salary costs amounting to RMB 92.0 million, an increase from RMB 78.4 million in the same period last year, reflecting a growth of approximately 17.9%[67]. - The company's lease liabilities amounted to RMB 142.7 million as of June 30, 2023[64]. - The company had no significant investments, acquisitions, or disposals of subsidiaries or joint ventures during the six months ended June 30, 2023[63]. Clinical Trials and Drug Development - JAB-3312, a second-generation SHP2 inhibitor, is in clinical development and has shown better efficacy and safety compared to the first-generation JAB-3068[22]. - JAB-3312 is actively recruiting patients for a trial in combination with Glecirasib for KRAS G12C mutated solid tumors, with over 100 patients targeted[23]. - Glecirasib's Phase I dose escalation for KRAS G12C mutation in NSCLC has been completed in China, with 800 mg QD identified as the RP2D[13]. - A Phase I/IIa trial for Glecirasib in STK 11 co-mutated NSCLC patients is ongoing in China, focusing on safety and preliminary efficacy[15]. - Glecirasib's key trial for KRAS G12C mutation in PDAC has been approved, with pilot expected to start in September 2023[18]. - Glecirasib's monotherapy in advanced colorectal cancer showed an overall response rate (ORR) of 33.3% and disease control rate (DCR) of 90.9%[19]. - In combination with cetuximab, Glecirasib demonstrated an ORR of 62.8% and DCR of 93% in colorectal cancer patients[19]. - JAB-8263 is a selective and highly active BET family protein small molecule inhibitor, with positive efficacy signals observed during dose escalation, and the recommended phase 2 dose (RP2D) is expected to be determined in the second half of 2023[27]. - JAB-2485, a selective Aurora A kinase inhibitor, is undergoing I/IIa global trials in the US and China, with the first patient dosed in January 2023[28]. - JAB-BX102, a humanized monoclonal antibody targeting CD73, has initiated I/IIa dose escalation and expansion trials, with RP2D expected in the first half of 2024[29]. Market and Competitive Landscape - Glecirasib has demonstrated favorable pharmacokinetic properties and tolerability compared to competitors' KRAS G12C inhibitors in preclinical studies[12]. - The company is developing innovative therapies, including small molecules and monoclonal antibodies, to address challenging drug targets[6]. - The company is developing a diverse pipeline targeting multiple key signaling pathways in cancer, with potential first-in-class or best-in-class candidates expected to enter the market[33]. - JAB-23400, an oral KRAS multi-inhibitor, shows significant anti-tumor effects in various cancer models and is expected to submit an IND application in the first half of 2024[34][36]. - JAB-30300, an oral small molecule for P53 Y220C mutations, demonstrated high binding affinity and tumor regression in multiple models, with an IND application anticipated in the second half of 2023[35][36]. - The company faced foreign exchange risks due to currency fluctuations, particularly with USD and HKD deposits[54]. - The company has entered into multiple foreign exchange contracts with banks to manage foreign currency risks related to USD to RMB[54].

Financial Performance - For the year ended December 31, 2022, the company's revenue was RMB 957 million, primarily due to reimbursement of research and development costs from a collaboration agreement with AbbVie for the development, manufacturing, and commercialization of the SHP2 inhibitor[18]. - Administrative expenses decreased from RMB 446 million for the year ended December 31, 2021, to RMB 426 million for the year ended December 31, 2022, primarily due to a reduction in professional service fees[20]. - The annual loss increased from RMB 3,012 million for the year ended December 31, 2021, to RMB 3,719 million for the year ended December 31, 2022[21]. - The company recorded revenue of RMB 957.46 million for the year ended December 31, 2022, a decrease of 37.4% from RMB 1,528.09 million in 2021[118]. - Gross profit decreased slightly to RMB 126.34 million in 2022 from RMB 128.30 million in 2021, a decline of 1.5%[120]. - Other income fell significantly to RMB 18.54 million in 2022 from RMB 109.97 million in 2021, primarily due to a decrease in government grants by RMB 94 million[122]. - The company reported a net foreign exchange gain of RMB 825.31 million in 2022, a turnaround from a net loss of RMB 272.63 million in 2021, indicating a significant improvement[123]. - The company reported a net loss of RMB 371.9 million in 2022, compared to a net loss of RMB 301.2 million in 2021[134]. - Adjusted net loss for 2022 was RMB 356.2 million, up from RMB 284.7 million in 2021[134]. - Cash and bank balances decreased from RMB 1,537.6 million in 2021 to RMB 1,298.7 million in 2022, primarily due to cash used in operating activities[140]. Research and Development - Research and development expenses increased from RMB 808 million for the year ended December 31, 2021, to RMB 4.456 billion for the year ended December 31, 2022, an increase of RMB 1.648 billion, driven by the progress of clinical candidates and expansion of preclinical research activities[19]. - The company plans to submit an IND application for the P53 activator JAB-30300 within the year, targeting a challenging drug target in cancer therapy[10]. - The company is transitioning from a biotech to a biopharma model, preparing for the NDA submission of its candidate drug Glecirasib (KRAS G12C inhibitor) and establishing a commercialization team[14]. - The company is focusing on developing iADC projects, combining antibodies with tumor immunotherapy to provide new treatment options for patients who are unresponsive to existing therapies[11]. - The company has achieved positive efficacy and therapeutic windows in animal models for its self-developed CD73 STING iADC project, addressing unmet clinical needs[13]. - The company is continuously monitoring new technologies such as gene therapy, cell therapy, and small nucleic acids to lay the foundation for its future growth over the next five years[15]. - The company has multiple projects along the RAS pathway, including SHP2, KRAS G12C, and KRASmulti, indicating a robust pipeline in targeted cancer therapies[10]. - The company emphasizes the importance of flexibility in operations and organizational adjustments to successfully navigate its transformation[14]. - The company acknowledges the increasing difficulty in drug development and the need for innovative approaches to overcome existing challenges in the biotech industry[9]. - The company has developed an innovative pipeline of candidate drugs, including eight assets in clinical stages and several others in the IND initiation stage, showcasing broad applicability to various tumor types[42]. Clinical Trials and Approvals - Glecirasib (KRAS G12C inhibitor) received breakthrough therapy designation from the CDE for the treatment of advanced or metastatic NSCLC patients with KRAS G12C mutations in December 2022[23]. - The I/IIa trial of Glecirasib in combination with cetuximab was completed in February 2023, with key trials expected to start in Q4 2023 in China[24]. - The global I/IIa trial of JAB-2485 (Aurora A kinase inhibitor) was initiated in the US and China, with the first patient dosed in January 2023[30]. - JAB-24114 (Glutamine-utilizing Enzyme inhibitor) IND application was submitted in December 2022 and approved in March 2023[32]. - The company plans to submit IND applications for JAB-23400 (KRASmulti inhibitor) and JAB-30300 (P53 Y220C corrector) in the second half of 2023[35][36]. - The company expects to obtain preliminary safety and efficacy data for its clinical trials in the second half of 2023[48]. - The company has received approval from the CDE for the key trial of Glecirasib monotherapy in China, with active patient recruitment ongoing[49]. - The company has prioritized the clinical development of SHP2 inhibitors in combination with KRAS G12C inhibitors based on strong rationale from preclinical studies[48]. - The company has several IND candidates scheduled for initiation in 2023, including JAB-23400 and JAB-30300, targeting various solid tumors[46]. - The company has initiated Phase I dose escalation trials for JAB-8263 in the US and China, with the first patient enrolled in November 2020 and February 2022 respectively, aiming for a comprehensive evaluation of drug safety and preliminary efficacy[75]. Strategic Partnerships and Collaborations - The company is actively seeking strategic partnerships with leading multinational companies, such as AbbVie, to enhance the success rate of its candidate drugs and maximize their clinical and commercial value globally[41]. - The collaboration with AbbVie, established in May 2020, focuses on the global development and commercialization of SHP2 inhibitors, including JAB-3068 and JAB-3312, with exclusive rights retained for China, Hong Kong, and Macau[71]. - A collaboration agreement with Merck & Co was signed in March 2023 to evaluate the efficacy of JAB-BX102 in combination with KEYTRUDA® for advanced solid tumors[79]. - The company plans to explore global collaboration opportunities to expand its drug candidates' development and commercialization[115]. Corporate Governance and Management - The company has a strong leadership team with extensive experience in the pharmaceutical industry, including over 19 years for key executives[158]. - The board includes independent directors with significant backgrounds in finance and healthcare, enhancing strategic decision-making capabilities[165]. - The company has established a strong governance framework, as evidenced by the roles of independent directors and the emphasis on independent judgment in board decisions[171]. - The board consists of three executive directors, three non-executive directors, and three independent non-executive directors, ensuring a strong independent element[187]. - The company has complied with all applicable provisions of the Corporate Governance Code as of December 31, 2022, except for a deviation regarding the separation of the roles of Chairman and CEO[183]. - The independent non-executive directors play a crucial role in providing impartial opinions and judgments on the company's strategy and performance[194]. - The company has adopted a culture of openness and inclusivity in research, focusing on innovation and growth in the life sciences sector[185]. - The company has a commitment to enhancing its market presence through potential mergers and acquisitions[166]. Employee and Operational Insights - The total employee compensation cost for the year ended December 31, 2022, was RMB 1,630 million, an increase from RMB 1,287 million for the year ended December 31, 2021, reflecting growth in employee numbers and salary levels[149]. - The company emphasizes a competitive benefits package to help employees balance work and life, enhancing their sense of security[186]. - The management continuously monitors foreign exchange risks, particularly related to the US dollar, and considers hedging significant foreign exchange risks when necessary[147]. - The company is committed to providing ongoing education and training programs for employees to enhance their skills and knowledge[149]. - The company has implemented measures to mitigate the impact of the COVID-19 pandemic on its operations, ensuring the continuation of clinical trials[102].

Financial Performance - For the year ended December 31, 2022, the company's revenue was RMB 957 million, primarily due to reimbursement from a collaboration agreement with AbbVie for the development, manufacturing, and commercialization of the SHP2 inhibitor[12]. - The net loss for the year increased from RMB 3,012 million for the year ended December 31, 2021, to RMB 3,719 million for the year ended December 31, 2022[12]. - The company reported revenue of RMB 957.46 million for the year ended December 31, 2022, a decrease of 37.5% from RMB 1,528.09 million in 2021[68]. - The gross profit decreased slightly to RMB 126.34 million in 2022 from RMB 128.30 million in 2021, representing a decline of about 1.5%[68]. - Other income fell significantly to RMB 18.54 million in 2022 from RMB 109.97 million in 2021, primarily due to a decrease in government subsidies by RMB 94 million[69]. - The adjusted loss for the year was RMB 356.2 million in 2022, compared to RMB 284.7 million in 2021, reflecting an increase of 25.1%[78]. - The company reported a loss attributable to owners of RMB 371,861 thousand for the year ended December 31, 2022, compared to a loss of RMB 301,187 thousand in 2021, representing an increase of approximately 23.4%[128]. - The basic loss per share for 2022 was RMB (0.49), compared to RMB (0.40) in 2021, indicating a deterioration in earnings performance[128]. Research and Development - Research and development expenses increased from RMB 808 million for the year ended December 31, 2021, to RMB 1,456 million for the year ended December 31, 2022, mainly due to the progress of clinical candidates and expansion of preclinical research activities[12]. - The company has developed a pipeline of eight clinical-stage assets and several other assets awaiting IND initiation, showcasing broad applicability across various tumor types[14]. - The company plans to submit IND applications for JAB-23400 and JAB-30300 in the second half of 2023[8][9]. - The company has initiated a Phase IIa trial for JAB-21822 in CRC, PDAC, and other solid tumors, with the first patient enrolled in March 2022[15]. - The company is actively recruiting patients for the combination therapy of JAB-3312 and Sotorasib (KRAS G12C inhibitor) in a Phase I trial, with plans to expand to Europe[17]. - The company has established a collaboration with Merck for a clinical trial evaluating the combination of Glecirasib and Cetuximab in KRAS G12C mutant colorectal cancer patients[27]. - The company is developing therapies targeting KRAS mutations, addressing significant unmet medical needs in tumors like pancreatic cancer and CRC[58]. - The company is also working on a pipeline to correct specific mutations in the P53 gene, which is mutated in approximately 50% of invasive tumors[59]. Clinical Trials and Approvals - Glecirasib received breakthrough therapy designation from the CDE in China for the treatment of advanced or metastatic NSCLC patients with KRAS G12C mutations in December 2022[1]. - The company completed patient recruitment for the I/IIa trial of Glecirasib in combination with cetuximab in China in February 2023, with preliminary results submitted to the 2023 American Society of Clinical Oncology Annual Meeting[1]. - The key trial for Glecirasib in NSCLC patients with KRAS G12C mutations received CDE approval in September 2022, actively recruiting patients from approximately 60 centers in China[21]. - Preliminary clinical data for Glecirasib in KRAS G12C NSCLC patients showed an overall response rate (ORR) of 56.3% and a disease control rate (DCR) of 90.6% as of April 1, 2022[21]. - The company anticipates submitting a New Drug Application (NDA) for Glecirasib in NSCLC by the end of 2023, expecting accelerated approval[21]. - The company has initiated a clinical collaboration agreement with Merck & Co. to evaluate the combination of JAB-BX102 with KEYTRUDA®[5]. Financial Position and Investments - The company reported a total revenue of RMB 95.746 million for the year ended December 31, 2022, compared to RMB 152.809 million in 2021, showing a decline[106]. - The total assets decreased to RMB 1,574.647 million in 2022 from RMB 1,721.834 million in 2021, reflecting a reduction in the company's asset base[108]. - Cash and bank balances were reported at RMB 1,298.688 million, down from RMB 1,537.583 million in the previous year, indicating a decrease in liquidity[108]. - The total liabilities amounted to RMB 292,123,000, an increase of 244.5% compared to RMB 84,746,000 in the previous year[120]. - The company has no significant investments, acquisitions, or disposals during the reporting period[83]. - The company currently has a bank credit line of RMB 230.0 million and no major equity financing plans[83]. Strategic Partnerships and Collaborations - The company has established a strategic partnership with AbbVie to enhance the success rate of its innovative allosteric SHP2 inhibitors[13]. - The collaboration with AbbVie, established in May 2020, allows for the global development and commercialization of SHP2 inhibitors, including JAB-3068 and JAB-3312, with exclusive rights retained for development in China, Hong Kong, and Macau[34]. - The company plans to explore global partnership opportunities to expand the development and commercialization of its drug candidates[66]. Operational Developments - The company is expanding its manufacturing capabilities in China with a new facility covering approximately 22,000 square meters, aimed at R&D, production, and administrative purposes[67]. - The company is committed to ongoing employee training and development, enhancing skills and compliance with policies[89]. - The company has a strong patent portfolio with 280 patents or applications globally, of which 53 have been granted or allowed in major markets as of December 31, 2022[55]. Market Outlook and Future Plans - The company anticipates a positive outlook for revenue growth driven by new product launches and market expansion strategies[144]. - The company is actively pursuing regulatory approvals from the U.S. FDA for its new drug applications (NDA) in 2023[144]. - The company aims to achieve a recommended Phase II dose (RP2D) for its new therapies by the end of the current fiscal year[144].

Financial Performance - The company recorded revenue of RMB 547 million for the six months ended June 30, 2022, attributed to reimbursement of research and development costs from the collaboration agreement with AbbVie for the SHP2 inhibitor[8]. - Revenue from licensing and collaboration agreements for the six months ended June 30, 2022, was RMB 54.7 million, a decrease from RMB 57.7 million for the same period in 2021[59]. - Total revenue for the six months ended June 30, 2022, was RMB 54,687 thousand, a decrease of 5.2% from RMB 57,689 thousand in the same period of 2021[117]. - The company reported a significant increase in revenue, achieving a total of HKD 1.2 billion for the first half of 2022, representing a 25% growth compared to the same period last year[106]. - The company provided an optimistic outlook, projecting a revenue growth of 20% for the full year 2022, driven by the anticipated approval of new drug applications[108]. Research and Development - Research and development expenses increased by RMB 54.9 million or 45.1% to RMB 176.6 million for the six months ended June 30, 2022, primarily due to progress in clinical candidates and expansion of preclinical research[8]. - The company is advancing its drug pipeline, including the completion of the global Phase I dose escalation portion for JAB-3312 in combination with KRAS G12C inhibitor[12]. - The company received IND approval for the I/IIa clinical trial of JAB-21822 in China, with the first patient dosed in May 2022[12]. - The company is conducting I/IIa trials for JAB-2485 in both the US and China, with IND approval received in the US in January 2022[12]. - The pipeline includes six assets in I/II clinical trials and several others in the IND initiation stage, indicating a broad applicability across various tumor types[18]. Clinical Trials and Drug Development - The company has initiated a total of seven new clinical studies in the first half of 2022, achieving first patient enrollment for these trials[23]. - JAB-21822 showed an overall response rate (ORR) of 56.3% (18/32) and a disease control rate (DCR) of 90.6% (29/32) in KRAS G12C mutation NSCLC patients, with no dose-limiting toxicities reported during the dose escalation phase[30]. - The company has observed early clinical responses in patients with various tumor types during ongoing trials of JAB-3312 in combination with pembrolizumab and binimetinib[26]. - The company is actively seeking strategic partnerships with leading multinational companies to enhance the success rate of its drug candidates[17]. - The company is prioritizing the clinical development of SHP2 inhibitors in combination with KRAS G12C inhibitors based on strong rationale from preclinical studies[22]. Financial Position and Cash Flow - As of June 30, 2022, the cash and bank balances were RMB 1,466.6 million, down from RMB 1,537.6 million as of December 31, 2021[74]. - The net cash used in operating activities was RMB 111.8 million, a decrease of RMB 3.0 million compared to the same period in 2021[74]. - The company reported a net loss of RMB 127.8 million for the six months ended June 30, 2022, an improvement from a loss of RMB 136.6 million in the same period of 2021[71]. - The company has a commitment to transparency regarding its financial activities and shareholder interests, as evidenced by its detailed disclosures[95]. - The company plans to maintain sufficient cash to meet operational capital requirements, highlighting a focus on liquidity risk management[136]. Ownership Structure and Governance - Dr. Wang Yinchang, Dr. Wang Xiaojie, and Ms. Hu Yunyan each hold 28.97% of the company's shares, totaling 223,483,650 shares[85]. - The company has a complex ownership structure involving multiple special purpose companies and trusts, reflecting significant interconnected interests among key stakeholders[91][92]. - The financial implications of these ownership structures may influence corporate governance and strategic decision-making[90]. - The independent non-executive director, Dr. Wu Ge, was appointed as a member of the nomination committee effective March 22, 2022[84]. - The company has complied with applicable accounting standards, laws, and regulations in its interim financial statements[83]. Strategic Plans and Future Outlook - The company is focused on expanding its pipeline to target promising signaling pathways and seizing global market opportunities through collaborations[54]. - The company plans to initiate key registration trials for KRAS G12C inhibitors in China in the second half of 2022, with new drug applications expected to be submitted to the National Medical Products Administration between 2023 and 2024[55]. - The company is actively pursuing partnerships with leading research institutions to enhance its innovation capabilities and expedite drug development[110]. - The company plans to establish an internal production facility compliant with GMP standards, with an allocation of RMB 93.0 million for this purpose[99]. - The company is committed to enhancing its R&D capabilities and pipeline, aligning with the original prospectus despite the changes in fund allocation[102].

R&D and Clinical Development - In 2021, the company achieved a significant increase in R&D investment, totaling RMB 421 million, which represents an 83% growth compared to the previous year[10]. - The company completed Phase I trials for the SHP2 inhibitor JAB-3312 and established recommended doses for Phase II trials, indicating strong progress in clinical development[10]. - The company received four IND approvals for the KRAS G12C inhibitor, including trials in combination with SHP2 inhibitors and other therapies, demonstrating its competitive position in the biotech sector[10]. - The company is focusing on six major tumor signaling pathways, which cover 70%-80% of tumor types, aiming to develop innovative therapies for billions of patients[10]. - The company is positioned among the top three biotech firms in China for the development of KRAS G12C inhibitors, reflecting its strong clinical advancement[10]. - The company has initiated clinical trials for its KRAS G12C inhibitor in multiple European countries, marking its first use of self-developed drugs in European patients[10]. - The company plans to start patient enrollment for two additional projects, CD73 (JAB-BX102) and Aurora A (JAB-2485), in Q2-Q3 of 2022 following FDA IND approvals[10]. - The company aims to submit the registration clinical trial application for KRAS G12C inhibitor (JAB-21822) in 2022, with NDA submission expected in 2023-2024[20]. - The clinical team has expanded rapidly, with operations in Beijing, Shanghai, and Boston, managing trials independently without relying on CROs[17]. - JAB-21822, a KRAS G12C inhibitor, has completed the dose escalation phase in China and is expected to expand into Europe and Israel in 2022[31]. - JAB-8263 is currently undergoing Phase I dose escalation trials in China and the US, showing excellent safety and tolerability with good pharmacokinetic characteristics[33]. - JAB-2485 received FDA approval for its IND application in January 2022, with plans to submit to China's National Medical Products Administration in Q2 2022[33]. - JAB-BX102's IND application was approved by the FDA in October 2021, with the first patient expected to be dosed in the US in H1 2022[33]. - The company plans to submit IND applications for JAB-24114 and JAB-BX300 in H2 2022, both targeting tumor metabolic signaling pathways[33]. - JAB-3068 and JAB-3312 are oral SHP2 inhibitors in clinical stages, targeting cancers driven by the RAS signaling pathway and immune checkpoint pathways[47]. - The Phase I trial for JAB-3068 in the US is nearing completion, confirming the maximum tolerated dose and RP2D[50]. - The Phase IIa trial for JAB-3068 in China has completed patient enrollment, with results expected in the second half of 2022[50]. - The company plans to explore the combination of SHP2 inhibitors with KRAS inhibitors, with the first patient dosing in China expected in the second quarter of 2022[46]. - The company emphasizes the potential of combining KRAS inhibitors with SHP2 inhibitors to address adaptive resistance mechanisms in cancer treatment[46]. - The company has established a strong patent portfolio for SHP2 inhibitors, enhancing its market position against competitors[47]. - The company is actively seeking opportunities to expedite regulatory approvals and explore collaborations to enhance the clinical and commercial value of its drug candidates[56]. - The company has initiated a global Ib/IIa trial for JAB-3312 combined with MEK inhibitors, with dose escalation currently ongoing[51]. - The company is committed to providing ongoing education and training programs for employees to enhance their skills and knowledge[113]. Financial Performance - Revenue for the year ended December 31, 2021, was RMB 152.8 million, primarily from the collaboration agreement with AbbVie for the SHP2 inhibitor[23]. - The company reported revenue of RMB 152.8 million for the year ended December 31, 2021, a significant decrease from RMB 486.3 million in 2020[85]. - The cost of revenue for the year ended December 31, 2021, was RMB 140.0 million, primarily due to clinical trial expenses for the SHP2 inhibitor, compared to RMB 44.1 million in 2020[86]. - Gross profit decreased from RMB 442.2 million in 2020 to RMB 12.8 million in 2021[87]. - Other income increased to RMB 11.0 million in 2021 from RMB 7.7 million in 2020, mainly due to an increase in government grants[88]. - The company recorded a net foreign exchange loss of RMB 27.3 million for the year ended December 31, 2021, down from RMB 31.7 million in 2020[89]. - Research and development expenses rose to RMB 280.8 million in 2021 from RMB 185.9 million in 2020, driven by progress in clinical candidates and increased employee costs[93]. - Administrative expenses decreased to RMB 44.6 million in 2021 from RMB 53.8 million in 2020, primarily due to the elimination of IPO-related expenses[94]. - Financial income increased to RMB 18.8 million in 2021 from RMB 3.1 million in 2020, attributed to increased bank interest income from global offering proceeds[96]. - The adjusted loss for the year 2021 was RMB (284,678) thousand, compared to an adjusted profit of RMB 227,044 thousand in 2020[98]. - The net cash used in operating activities for the year ended December 31, 2021, was RMB 147.5 million, an increase of RMB 226.3 million compared to the previous year[103]. - The net cash flow from investing activities for 2021 was RMB 161.7 million, an increase of RMB 377.2 million from 2020[103]. - As of December 31, 2021, the company's cash and bank balances were RMB 1,537.6 million, down from RMB 1,627.4 million in 2020[106]. - The company had capital commitments of RMB 152.2 million as of December 31, 2021, primarily related to the investment in Hebecell[110]. - Total employee compensation for the year ended December 31, 2021, was RMB 128.7 million, up from RMB 83.1 million for the year ended December 31, 2020, reflecting the company's business expansion strategy[113]. Corporate Governance - The company has adopted the Corporate Governance Code as per the Listing Rules, emphasizing the importance of independent judgment within the board[148]. - The independent non-executive directors have confirmed their independence according to the applicable Listing Rules, ensuring compliance with governance standards[153]. - The board is responsible for overseeing all major affairs, including policy formulation, overall strategy, and risk management systems[151]. - The company has maintained compliance with the Corporate Governance Code throughout the year ending December 31, 2021[148]. - The board believes that the current management structure is effective for the company's operations, despite deviations from certain governance codes[148]. - The company has purchased liability insurance for its directors and senior management to provide adequate protection against legal liabilities[151]. - The independent non-executive directors play a crucial role in providing impartial opinions and judgments on the company's strategy and performance[151]. - The board will regularly review the contributions of each director to ensure they are fulfilling their responsibilities adequately[151]. - The company has a commitment to high levels of corporate governance to safeguard the overall interests of shareholders[148]. - The board consists of 12 members, including 4 executive directors, 4 non-executive directors, and 4 independent non-executive directors, with a diverse age range from 38 to 67 years[154]. - The board diversity policy aims to enhance operational efficiency and maintain high standards of corporate governance, considering factors such as gender, skills, age, and professional experience[154]. - The board meets at least four times a year, with all directors actively participating either in person or via electronic communication[164]. - The attendance record for board meetings shows that all directors attended 4 out of 4 meetings held during the year ending December 31, 2021[165]. - The Audit Committee held two meetings during the reporting period to review the interim financial performance for the six months ended June 30, 2021, and the annual financial performance for the year ended December 31, 2020[168]. - The Remuneration Committee conducted two meetings to review the company's remuneration policies and structures, as well as the remuneration of executive directors and senior management[174]. - The Nomination Committee held one meeting to review the structure, size, and composition of the Board, ensuring a balance of skills, knowledge, and experience[178]. Strategic Partnerships and Market Focus - The company aims to maintain a global market focus for its innovative drug development, moving beyond solely targeting the Chinese market[15]. - The company emphasizes a strategic approach to patent licensing with multinational pharmaceutical companies to capture global market share while retaining rights in China[15]. - The company plans to seek complementary partnerships with international pharmaceutical companies while retaining full rights in the Chinese market[16]. - The collaboration with AbbVie aims to enhance the success rate of candidate drugs by leveraging complementary expertise and resources[40]. - The company is actively exploring combination therapies among its pipeline candidates to enhance clinical value[60]. - The company is exploring partnerships to expand its global market reach and enhance its drug pipeline, including a collaboration with AbbVie[77]. Talent and Management - The company has adopted a plan in August 2021 to attract and retain talent, with a maximum of 10 million shares available for employee incentives[66]. - The company has implemented various incentive and benefit programs for employees, including competitive salaries and bonuses, to attract and retain talent[114]. - The company is committed to providing ongoing education and training programs for employees to enhance their skills and knowledge[113]. - The management continuously monitors foreign exchange risks, as certain cash and cash equivalents are denominated in foreign currencies[111]. - The senior management team includes experienced professionals such as CEO Wang Yinxiang and CFO Wang Xiaojie, both of whom joined the company in July and September 2015, respectively[144]. - The company emphasizes its commitment to R&D, with Senior Vice President Hu Yunyan overseeing research and development since April 2017[144]. - The leadership team is well-versed in both operational and strategic aspects of the pharmaceutical industry, positioning the company for future growth and expansion[135]. Risk Management and Internal Control - The company has established a risk management and internal control system to manage risks associated with achieving business objectives[184]. - The Board is responsible for evaluating and determining the nature and extent of risks the company is willing to take to achieve its strategic objectives[184]. - The company has established a comprehensive internal control framework covering capital, revenue, receivables, costs, payables, R&D expenses, long-term asset management, taxes, contract management, and financial reporting[189]. - As of December 31, 2021, the board reviewed the risk management and internal control systems and deemed them sufficient and effective[189]. - The internal audit team is responsible for independently reviewing the adequacy and effectiveness of the company's risk management and internal control systems[189]. - The company conducts annual self-assessments to ensure compliance with control policies across all departments[189]. - The company has implemented a whistleblowing hotline for employees to report suspicious activities, with investigations initiated by the CEO within one week[193]. - The audit committee evaluates the effectiveness and appropriateness of the anti-corruption policy annually and reports to the board[193]. - The company has adopted a policy for handling and disclosing inside information in accordance with the Securities and Futures Ordinance and Listing Rules[192].

R&D and Clinical Development - In the first half of 2021, the company achieved a milestone payment of $20 million from partners, part of a total milestone payment of $850 million, supporting R&D funding and global market share strategy[9] - The company's R&D investment for the first half of 2021 was RMB 175 million, representing a year-on-year increase of 146%[12] - The company has nearly 10 projects expected to enter clinical trials in 2022, with significant progress in ongoing clinical trials[9] - The company is the second globally to initiate clinical trials for the SHP2 protein phosphatase inhibitor, currently in Phase II trials[10] - The company completed a licensing deal for the SHP2 inhibitor in June 2020, valued at $855 million, retaining all rights in China and obtaining a low to mid-double-digit percentage of global sales[12] - The company is focusing on five major signaling pathways for original drug research, including SHP2/RAS, I/O, RB, tumor metabolism, and c-MYC[12] - The company is expanding its clinical and R&D teams, with new hires in its Boston lab and an office opened in Shanghai[9] - The company aims to develop globally innovative drugs and achieve top three positions in core projects to capture global market share[12] - The company is exploring next-generation innovative therapies, including cell therapy, and has strategically invested in Hebecell, which has a unique 3D PSC-NK culture platform technology[10] - The company has initiated global Ib/IIa trials for JAB-3312, a SHP2 inhibitor, with milestone payments of USD 20 million received in July 2021 from AbbVie[25] - JAB-3068, another SHP2 inhibitor, is undergoing IIa trials in China for treating esophageal squamous cell carcinoma and non-small cell lung cancer, with the first patient dosed in April 2021[26] - The company has received IND approvals for JAB-21822, a KRAS G12C inhibitor, from both the FDA and the National Medical Products Administration in May 2021[28] - The company has developed four clinical-stage assets currently in I/II trials and several other assets awaiting IND initiation[36] - JAB-3068 and JAB-3312 are oral allosteric SHP2 inhibitors that have received orphan drug designation from the FDA for esophageal cancer treatment[41] - The company has established strategic partnerships, including collaboration with AbbVie on SHP2 inhibitors, to enhance the success probability of its candidates[34] - The company has completed GLP-tox and GMP production for several IND candidates, with expected IND submissions in Q3 and Q4 of 2021[38] - JAB-3068 is the second SHP2 inhibitor to receive FDA IND approval, indicating significant progress in clinical development[41] - The company plans to explore the combination of SHP2 and KRAS inhibitors to address adaptive resistance mechanisms in cancer treatment[40] - Over 50% of total cancer cases are associated with key signaling pathways and immune checkpoints targeted by the company's drug candidates[34] - The company has a robust pipeline with multiple assets targeting various tumor types, showcasing broad applicability and potential for combination therapies[36] - The company aims to initiate Phase IIa studies directly upon IND approval for several candidates, indicating a proactive approach to clinical development[38] - The company has identified lead series and submitted patents for several candidates, enhancing its competitive position in the oncology market[38] - The Phase I/IIa trial of JAB-3068 in combination with PD-1 antibody for advanced solid tumors was initiated in China after receiving approval in December 2020[43] - JAB-3312 is currently being evaluated in Phase I trials in both China and the US, with the dose escalation phase completed in the US[45] - A global Phase Ib/IIa trial for JAB-3312 in combination with PD-1 antibody or MEK inhibitors has been initiated, with the first two patients dosed in May 2021[46] - JAB-8263 has received IND approval from both the US FDA and the National Medical Products Administration in China for treating various cancers, with patient enrollment completed in November 2020 in the US and April 2021 in China[50] - JAB-21822 has received IND approval for treating KRAS G12C mutation tumors, with the first patients enrolled in July 2021 in China[51] - The company is actively exploring opportunities for accelerated regulatory approval and collaboration with potential partners to enhance the clinical and commercial value of its drug candidates[51] - JAB-BX102 is expected to submit IND applications to the US FDA and the National Medical Products Administration in China in the second half of 2021[52] - JAB-6343 is a potent and selective inhibitor targeting FGFR4, with IND submission expected in H2 2021[53] - JAB-2485, a selective Aurora A kinase inhibitor, is in the IND submission phase, anticipated in H2 2021[53] - JAB-24000 targets tumor metabolic signaling pathways and is expected to be one of the first drugs in its category to market[53] - JAB-BX300, a large molecule antibody targeting the RAS signaling pathway, is also in the IND submission phase, with market entry potential[53] - JAB-22000, a small molecule KRAS G12D inhibitor, aims for IND submission between 2022 and 2023, with no ongoing clinical projects globally[54] - JAB-26000 targets immune oncology signaling pathways and is expected to submit IND between 2022 and 2023[54] Financial Performance - For the six months ended June 30, 2021, the company recorded revenue of RMB 577 million, primarily due to reimbursement of R&D costs from the collaboration with AbbVie[18] - R&D expenses increased by RMB 50.7 million or 71.4% to RMB 1.217 billion for the six months ended June 30, 2021, compared to RMB 710 million for the same period in 2020, driven by advancements in preclinical candidate drug development and increased personnel costs[19] - Administrative expenses rose by RMB 6.1 million or 49.2% to RMB 185 million for the six months ended June 30, 2021, attributed to increased employee benefits and other administrative costs due to business expansion[20] - The company's loss decreased from RMB 810.9 million for the six months ended June 30, 2020, to RMB 136.6 million for the same period in 2021, reflecting improved financial performance[21] - Revenue from licensing and collaboration agreements reached RMB 57.7 million for the six months ending June 30, 2021, attributed to the collaboration with AbbVie for the development of the SHP2 inhibitor[71] - The company recorded a cost of revenue of RMB 53.1 million for the six months ended June 30, 2021, primarily due to clinical trial expenses related to the SHP2 inhibitor, compared to zero for the same period in 2020[72] - Gross profit increased from zero for the six months ended June 30, 2020, to RMB 4.6 million for the same period in 2021, attributed to licensing and collaboration agreements[74] - Other income rose to RMB 3.6 million for the six months ended June 30, 2021, from RMB 3.4 million in the same period of 2020, mainly due to an increase in government subsidies[75] - The company reported a net loss of RMB 14.6 million due to foreign exchange losses for the six months ended June 30, 2021, compared to a gain of RMB 1.1 million in the same period of 2020[76] - The company reported a loss of RMB 136.6 million for the six months ended June 30, 2021, compared to a loss of RMB 810.9 million in the same period of 2020[85] - Adjusted loss for the six months ended June 30, 2021, was RMB 125.8 million, compared to RMB 70.5 million for the same period in 2020[85] - The company faced foreign exchange risks due to fluctuations in currency values, impacting its financial results significantly[78] - Research and development expenses for the six months ended June 30, 2021, were RMB 121.66 million, an increase from RMB 71.01 million in the same period of 2020, reflecting a significant rise in adjusted R&D expenses[88] - Administrative expenses for the same period were RMB 18.53 million, up from RMB 12.37 million in 2020, with adjusted administrative expenses at RMB 15.48 million compared to RMB 11.30 million[89] - Net cash used in operating activities for the six months ended June 30, 2021, was RMB 114.8 million, an increase of RMB 42.8 million from RMB 72 million in 2020, primarily due to increased R&D spending[90] - Net cash generated from investing activities for the same period was RMB 182.1 million, a significant increase of RMB 252.2 million compared to the previous year, mainly due to the settlement of term deposits[90] - Net cash from financing activities decreased to RMB 119.6 million, down RMB 43.1 million from the previous year, attributed to the impact of prior fundraising activities[90] - As of June 30, 2021, the company's cash and bank balances were RMB 1,612.4 million, slightly down from RMB 1,627.4 million at the end of 2020[93] - The company had no significant investments, acquisitions, or disposals of subsidiaries or joint ventures during the reporting period[91] - The company recorded a net current asset value of RMB 1,738.6 million as of June 30, 2021, a decrease of RMB 2.9 million from RMB 1,741.5 million at the end of 2020[98] - Total employee compensation for the six months ended June 30, 2021, was RMB 59.3 million, up from RMB 30.7 million in the same period of 2020, reflecting an increase in employee numbers and salary levels[99] - The company had no contingent liabilities as of June 30, 2021, maintaining a strong financial position[94] - The company did not recommend the payment of an interim dividend for the six months ended June 30, 2021[102] - The company reported a basic and diluted loss per share of RMB 0.18, compared to RMB 2.42 in the previous year[147] - The total comprehensive loss for the period was RMB 136,635,000, compared to RMB 814,427,000 in the same period last year[150] - As of June 30, 2021, the total equity attributable to owners was RMB 1,793,225 thousand, a slight increase from RMB 1,786,200 thousand at the beginning of the year[156] - The total revenue recognized from licensing and collaboration agreements with a customer for the six months ended June 30, 2021, amounted to RMB 57,689,000[180] Corporate Governance and Compliance - The board believes it has complied with all applicable provisions of the Corporate Governance Code, except for a deviation regarding the separation of roles between the Chairman and CEO[102] - The audit committee reviewed the unaudited condensed consolidated interim financial information and found it compliant with applicable accounting standards and regulations[103] - The company has established an audit committee consisting of one non-executive director and two independent non-executive directors[102] - The board composition includes four executive directors, four non-executive directors, and four independent non-executive directors, ensuring a strong independent element[102] - The company confirmed compliance with the Standard Code regarding securities transactions by directors[102] - There were no known non-compliance situations involving directors during the reporting period[105] - The company is subject to regulatory disclosures under the Securities and Futures Ordinance, ensuring transparency in ownership[115] Shareholder Structure - As of June 30, 2021, the total number of issued shares was 771,462,180, with Dr. Wang holding 35.92% of the shares[110] - The company has multiple shareholders with significant stakes, indicating a concentrated ownership structure[116] - The ownership structure includes various special purpose companies controlled by key individuals, reflecting strategic alignment among major shareholders[119] - BioEngine Capital Holding Limited owns 98,330,000 shares, accounting for 12.75% of the total equity[116] - Shengde Pharmaceutical Co., Ltd. holds 118,818,890 shares, which is 15.40% of the company's equity[116] - LAV Coda Limited has a beneficial interest in 42,134,075 shares, representing 5.46% of the total equity[118] - Qiming Venture Partners VI, L.P. owns 48,305,740 shares, which is 6.26% of the company's equity[118] - HH SPR-III Holdings Limited holds 56,861,110 shares, accounting for 7.37% of the total equity[118] Future Plans and Investments - The company plans to gradually utilize the remaining net proceeds according to the intended purposes outlined in the prospectus by 2025, subject to market conditions[126] - The company has adopted a 2021 equity incentive plan as of August 31, 2021[125] - The company is in the process of establishing sales and marketing teams in relevant regions for the commercialization of JAB-3068 and JAB-3312, with 4% of the net proceeds allocated for this purpose[128] - The company has allocated 10% of the net proceeds for ongoing and planned clinical trials of JAB-8263, with RMB 118.3 million earmarked for this[128] - The company has set aside 8% of the net proceeds for the clinical development and IND registration of JAB-21822, amounting to RMB 94.6 million[128] - The company has plans to build internal production facilities that meet GMP standards, with 8% of the net proceeds allocated for this purpose[128] - The company is expanding its manufacturing capabilities in China, with a new facility under construction on a 20,000 square meter site in Beijing, expected to be completed by the end of 2023[67] - The company has established dual R&D centers in Beijing and Massachusetts, and a third center in Shanghai to enhance its global development strategy[65] - The company aims to explore partnerships to expand its global market presence and has recently collaborated with Hebecell to cover new drug areas[69] Market Performance and Outlook - The company reported a significant increase in revenue, achieving a total of HKD 1.2 billion for the fiscal year, representing a 25% year-over-year growth[134] - User data showed a 30% increase in active users, reaching 500,000 by the end of the reporting period[139] - The company provided an optimistic outlook, projecting a revenue growth of 20% for the next fiscal year, driven by new product launches and market expansion[139] - The company plans to expand its market presence in Southeast Asia, targeting a 15% market share within the next two years[139] - A strategic acquisition of a biotech firm was announced, expected to enhance the company's product pipeline and increase market competitiveness[139] - The company is investing HKD 200 million in new technology to improve production efficiency, aiming for a 10% reduction in operational costs[139] - The launch of a new cancer treatment is anticipated in Q4 2022, with expected sales of HKD 500 million in the first year[139] - The company has established partnerships with three leading research institutions to accelerate drug development processes[139] - A new marketing strategy is being implemented, focusing on digital channels, which is projected to increase customer engagement by 40%[139]

Company Overview - Jacobio Pharmaceuticals focuses on developing first-in-class innovative drugs targeting the global market, moving away from the me-too or bio-similar drug approach prevalent in China[26]. - The company was established in 2015 and aims to achieve a top-three position in specific therapeutic areas globally, leveraging patent licensing to gain market share and milestone payments[26]. - Jacobio Pharmaceuticals has developed a heterogeneous site inhibitor technology platform to address technical challenges in preclinical research for small molecule drugs, aiming to create globally innovative drugs[26]. - The company emphasizes the importance of translating scientific research into clinical applications to provide new products for human health[25]. - Jacobio Pharmaceuticals recognizes that the era of me-too innovation is diminishing, and future opportunities belong to companies capable of developing original drugs for the global market[26]. - The company is committed to integrating research, production, and market sales in China to enhance its pharmaceutical capabilities[26]. - Jacobio Pharmaceuticals aims to leverage the achievements in life sciences to transform cancer treatment and improve the quality of life for patients[25]. - The company is focused on innovation as a pathway to success in the competitive biopharmaceutical industry[26]. - Jacobio Pharmaceuticals is positioned to capitalize on the changing healthcare procurement policies that are reshaping the drug development landscape[26]. Financial Performance - The company's revenue for the year ended December 31, 2020, was RMB 486.3 million, attributed to research, development, production, and commercialization efforts[30]. - Research and development expenses increased from RMB 139.0 million in 2019 to RMB 186.0 million in 2020, primarily due to the expansion of clinical trials and increased employee benefits[31]. - The company reported a net loss of RMB 1,694.4 million for the year ended December 31, 2020, up from RMB 235.6 million in 2019[33]. - Operating cash inflow for the year ended December 31, 2020, was RMB 78.8 million, an increase of RMB 191.9 million compared to the previous year, mainly due to revenue from a licensing and collaboration agreement with AbbVie[34]. - The company invested over RMB 230 million in research and development in 2020, a year-on-year increase of 65%[1]. - Revenue from licensing and collaboration agreements increased to RMB 486.3 million in 2020, a 100% increase from zero in 2019, primarily due to a partnership with AbbVie[82]. - Gross profit from licensing and collaboration agreements reached RMB 442.2 million in 2020, up from zero in 2019[83]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion in 2020, representing a growth of 15% compared to the previous year[31]. Research and Development - The SHP2 inhibitor has entered Phase II clinical trials, with combination therapy trials approved in both China and the U.S.[1]. - The company plans to expand its product pipeline focusing on five major tumor signaling pathways and will continue to seek partnerships for global market expansion[1]. - A new R&D and production base of 20,000 square meters is under construction in Beijing Yizhuang[1]. - The company aims to enhance its R&D capabilities by establishing a new center in Shanghai in addition to its existing labs in Beijing and Boston[1]. - The company has filed for over 60 international patents, with the SHP2 inhibitor being the second globally to enter human trials[1]. - JAB-22000, a small molecule KRAS G12D inhibitor, is in the lead compound optimization stage, with IND submission planned for 2022-2023[43]. - JAB-26000, a small molecule targeting tumor immune signaling pathways, is also in the lead compound optimization stage, with IND submission planned for 2022-2023[43]. - JAB-23000, a small molecule KRAS G12V inhibitor, is in the hit-to-lead stage, with IND submission planned for 2023-2024[43]. - The company entered a global strategic collaboration with AbbVie in May 2020 to develop and commercialize SHP2 inhibitors, including JAB-3068 and JAB-3312[44]. - As of March 26, 2021, the company has three assets in Phase I/II trials and several other assets in the IND pre-activation stage[48]. Strategic Partnerships - The company is actively seeking strategic partnerships with leading multinational companies to enhance the success rate of its candidates[47]. - The collaboration with AbbVie includes exclusive rights for the development and commercialization of SHP2 inhibitors in specific regions, enhancing market entry advantages[60]. - A strategic collaboration with AbbVie was established in May 2020 for the global development and commercialization of SHP2 inhibitors, including JAB-3068 and JAB-3312[60]. Corporate Governance - The company has adopted the Corporate Governance Code and is committed to high standards of corporate governance to protect shareholders' interests[147]. - The board consists of 12 members, including 4 executive directors, 4 non-executive directors, and 4 independent non-executive directors as of December 31, 2020[148]. - The company has established a robust governance framework to monitor the performance and contributions of its directors[135]. - The independent directors are not involved in the daily operations of the company, allowing them to maintain objectivity in their oversight roles[135]. - The company has a clear delegation of authority to management, ensuring regular reviews of business performance and resource coordination[150]. Environmental, Social, and Governance (ESG) Initiatives - The company actively identifies and complies with ESG-related laws and regulations in its operating countries, integrating ESG management into daily operations[190]. - The company has committed to green operations, adhering to multiple environmental protection laws in China and promoting energy conservation and emission reduction[194]. - The company has established various communication channels to engage with stakeholders, including shareholders, employees, and suppliers[193]. - The company is committed to reducing the negative environmental impact of its operations while supporting employee health and development[190]. - Total comprehensive energy consumption for 2020 was 1,042.90 MWh, with per capita energy consumption at 6.17 MWh per employee[199].