Group 1 - Hong Kong pharmaceutical stocks experienced a significant rise in the afternoon session, with notable gains across various companies [1] - JACOBSON-B surged over 20%, indicating strong investor interest and market confidence [1] - Other companies such as Clover Biopharma-B and Beihai Kangcheng-B saw increases of over 10%, while Xinda Biopharma rose over 8% and WuXi AppTec increased by over 6% [1]

Market Overview - A-shares experienced slight fluctuations with major indices like the Shenzhen Component Index, CSI 300, and STAR 50 reaching new highs, while the ChiNext Index surpassed 2900 points [1] - The market saw more gainers than losers, with stable trading volume [1] Sector Performance - The Shanghai Composite Index closed at 3862.65, up by 0.12%, while the Shenzhen Component Index rose to 12710.24, up by 0.11%. The ChiNext Index increased by 0.55% to 2906.03 [2] - Sectors such as gold, pharmaceuticals, advertising, and general retail showed significant gains, while aerospace equipment, glass fiber, insurance, and wind power equipment faced declines [2] Gold Market Dynamics - Gold prices surged, leading to a collective rise in gold stocks, with the sector index increasing over 4% to reach a historical high. Trading volume approached the previous day's total within just half a day [3] - International spot gold prices saw a substantial increase, with domestic gold futures also rising significantly, surpassing 800 yuan per contract, marking a two-and-a-half-month high [4] Geopolitical Influences - Rising geopolitical tensions, including attacks on Russian oil export terminals and ongoing conflicts in Gaza, have heightened risk aversion, boosting gold's appeal as a safe-haven asset [5] - Concerns over global economic slowdown were exacerbated by the U.S. imposing a 50% tariff on Indian goods, further enhancing gold's attractiveness [5] Pharmaceutical Sector Activity - The pharmaceutical and biotechnology sector rebounded, with sub-sectors like chemical drugs, innovative drugs, and weight-loss drugs collectively rising over 2%. Companies like Hai Chen Pharmaceutical and Yi Pin Hong saw significant stock price increases [6] - Hong Kong's pharmaceutical stocks also performed strongly, with indices like the Hong Kong Stock Connect Innovative Drug Index rising over 4% [9] Fund Activity in Pharmaceuticals - A significant number of pharmaceutical companies reported revenue growth in their semi-annual reports, with 67 out of over 100 companies achieving year-on-year revenue increases [11] - Prominent fund managers have increased their holdings in pharmaceutical stocks, indicating a bullish outlook for the sector [12]

Core Viewpoint - The company achieved significant revenue growth and reduced losses in its latest interim results, leading to a rise in stock price. Financial Performance - The company reported revenue of 45.664 million RMB, compared to zero revenue in the same period last year [1] - The loss attributable to the company's owners was 58.994 million RMB, a year-on-year reduction of 65.1% [1] Key Developments - Revenue growth was primarily driven by milestone payments from the Elysium licensing agreement [1] - The company's clinical candidate HER2-STING iADC, JAB-BX467, is nominated for 2024 H2 and plans to submit an IND application in 2026 [1]

Group 1 - The core viewpoint of the article highlights that 加科思-B (01167) experienced a significant stock price increase of over 16% following the release of its interim results, with a current price of 9.45 HKD and a trading volume of 97.6885 million HKD [1] - The company reported a revenue of 45.664 million RMB for the period, compared to zero revenue in the same period last year, indicating a positive growth trajectory [1] - The loss attributable to the company's owners narrowed by 65.1% to 58.994 million RMB, reflecting improved financial performance [1] Group 2 - The revenue growth was primarily driven by milestone payments from the艾力斯 licensing agreement [1] - The company’s clinical candidate HER2-STING iADC, JAB-BX467, is set to be nominated in the second half of 2024, with plans to submit an IND application in 2026 [1] -艾力斯 has obtained exclusive rights for the research, development, production, registration, and commercialization of the KRAS G12C inhibitor, Goresitib, in China, which is aimed at treating advanced solid tumors with KRAS G12C mutations [1]

Core Viewpoint - 加科思-B (01167) reported a significant increase in stock price following the release of its interim results, reflecting positive market sentiment towards the company's financial performance and future prospects [1] Financial Performance - The company achieved revenue of 45.664 million RMB during the reporting period, compared to zero revenue in the same period last year [1] - The loss attributable to shareholders narrowed to 58.994 million RMB, a decrease of 65.1% year-on-year [1] Key Developments - Revenue growth was primarily driven by milestone payments from the Elysium licensing agreement [1] - The clinical candidate HER2-STING iADC, JAB-BX467, is scheduled for nomination in the second half of 2024, with plans to submit an IND application in 2026 [1] Licensing Agreement - Elysium has obtained exclusive rights for the research, development, production, registration, and commercialization of the KRAS G12C inhibitor, Goretinib, in China [1] - Goretinib has officially commenced its commercialization process and is expected to be available in multiple locations across the country by June 2025 [1] - The product received approval from the National Medical Products Administration in May 2025 for the treatment of adult patients with advanced non-small cell lung cancer harboring KRAS G12C mutations who have received at least one systemic therapy [1]

Core Viewpoint - The company reported a significant increase in revenue and a reduction in losses for the six months ending June 30, 2025, primarily due to milestone payments from the Elysium licensing agreement [1] Financial Performance - Revenue increased from zero to RMB 45.7 million, representing a 100% increase compared to the same period ending June 30, 2024 [1] - Losses decreased from RMB 169 million to RMB 59 million during the same period [1] Product Development - The company's HER2-STINGiADC clinical candidate, JAB-BX467, is set to be nominated in the second half of 2024, with plans to submit an IND application in 2026 [1] - JAB-BX467 demonstrated good in vitro stability and induced significantly lower peripheral IL-6 levels compared to competitors in preclinical studies [1] - Low-dose administration in cold tumor models effectively inhibited tumor growth and triggered strong immune memory effects upon tumor rechallenge [1] Strategic Partnerships - The company aims to actively seek and establish strategic collaborations with leading multinational companies to enhance the success rate of its drug candidates [1] - These partnerships are intended to leverage complementary expertise and resources to maximize the clinical and commercial value of the company's candidates globally [1]

加科思-B(01167)发布截至2025年6月30日止6个月业绩，该集团期内取得4566.4万元人民币;公司拥有人 应占亏损5899.4万元，同比收窄65.1%;每股基本亏损0.08元。 ...

Group 1 - The company reported a revenue of 45.664 million RMB for the six months ending June 30, 2025 [1] - The loss attributable to shareholders narrowed by 65.1% to 58.994 million RMB year-on-year [1] - The basic loss per share was 0.08 RMB [1]

JACOBIO PHARMACEUTICALS GROUP CO., LTD. 加 科 思 藥 業 集 團 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：1167） 提名委員會職權範圍 加科思藥業集團有限公司（「本公司」）根據本公司董事會（「董事會」）於2020年11月30日通 過的決議案成立提名委員會（「提名委員會」）。下文載列提名委員會的職權範圍（「職權範 圍」）。職權範圍備有英文版及繁體中文版可供查閱。職權範圍的英文版與繁體中文版如 有任何歧義，概以英文版為準。 1. 目的 1.1 提名委員會旨在檢討董事會的架構、人數及組成、評估獨立非執行董事的獨立 性及就董事委任及制定提名指引等事項及向董事會提出建議，惟須符合任何適 用法律、法規及上市標準。 2. 組成 — 1 — 2.1 提名委員會成員由董事會不時委任，委員會大多數成員須為本公司獨立非執行 董事，本公司獨立非執行董事須符合香港聯合交易所有限公司證券上市規則（「《上 市規則》」）（經不時修訂）訂明的獨立性規定。 2.2 董事會須委任提名委員會的一名成員（須為董事會主席或本公司獨立非執行董事） 擔任主席（「 ...

[Company Information and Report Overview](index=1&type=section&id=Company%20Information%20and%20Report%20Overview) This section provides an overview of the company, its business and financial highlights for the six months ended June 30, 2025 [Company Profile and Report Statement](index=1&type=section&id=1.1%20Company%20Profile%20and%20Report%20Statement) This announcement presents the unaudited condensed consolidated interim results of Jacobio Pharmaceuticals Group Co., Ltd. for the six months ended June 30, 2025 - This announcement presents the unaudited condensed consolidated interim results of Jacobio Pharmaceuticals Group Co., Ltd. (Stock Code: 1167) for the six months ended June 30, 2025[2](index=2&type=chunk)[3](index=3&type=chunk) [Business Highlights](index=1&type=section&id=1.2%20Business%20Highlights) During the reporting period, the company achieved significant progress in its drug pipeline and operations, with core product Glecirasib approved and successfully prescribed - Core product Glecirasib (KRAS G12C inhibitor) was approved by the NMPA in May 2025 for the treatment of NSCLC patients with KRAS G12C mutation who have previously received at least one systemic therapy, and was successfully prescribed to the first patient in the same month[4](index=4&type=chunk) - Translational research results for Sitneprotafib (SHP2 inhibitor) were published in Clinical Cancer Research in May 2025, demonstrating significant synergistic effects with various therapies, and discussions are ongoing with the US FDA regarding global Phase III trial design[5](index=5&type=chunk) - Phase I dose-escalation trials for JAB-23E73 (pan-KRAS inhibitor) are ongoing in China and the US, with the China trial reaching an effective range, showing acceptable safety and encouraging preliminary anti-tumor activity[8](index=8&type=chunk) - The clinical candidate JAB-BX467 for HER2-STING iADC was nominated in the second half of 2024, with an IND application planned for submission in 2026, and preclinical studies showing good in vitro stability and strong immune memory effects[12](index=12&type=chunk) [Financial Highlights](index=3&type=section&id=1.3%20Financial%20Highlights) During the reporting period, the company's revenue significantly increased, and losses narrowed substantially, primarily due to milestone payments from the Allist Pharmaceuticals licensing agreement Financial Highlights (For the six months ended June 30) | Indicator | For the six months ended June 30, 2025 (RMB million) | For the six months ended June 30, 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 45.7 | 0 | 100.0% | | R&D Expenses | 93.2 | 176.8 | -47.3% | | Administrative Expenses | 18.6 | 21.2 | -12.4% | | Loss for the Period | 59.0 | 169.1 | -65.1% | - Revenue growth was primarily attributable to milestone payments from the Allist Pharmaceuticals licensing agreement[13](index=13&type=chunk) - The decrease in R&D expenses was mainly due to the absence of large-scale pivotal clinical trial costs during the reporting period, and the pivotal trials for Glecirasib and Sitneprotafib being fully funded by Allist Pharmaceuticals, reducing the company's financial burden[14](index=14&type=chunk) [Business Overview and Product Pipeline](index=4&type=section&id=Business%20Overview%20and%20Product%20Pipeline) This section details the company's strategic focus on innovative oncology therapies, its extensive product pipeline, and significant progress in clinical development [Company Background and Strategy](index=4&type=section&id=2.1%20Company%20Background%20and%20Strategy) The company is a clinical-stage pharmaceutical company focused on the in-house discovery and development of innovative oncology therapies, particularly targeting "undruggable" targets - Founded in July 2015, the company focuses on discovering and developing clinical-stage small molecule drug candidates by targeting allosteric sites to address 'undruggable' targets[17](index=17&type=chunk) - The company is developing an innovative pipeline of candidates, including small molecules, monoclonal antibodies, and iADCs, and actively seeks strategic and collaborative partnerships with leading multinational companies to maximize the clinical and commercial value of its drug candidates[17](index=17&type=chunk) [Overall Product Pipeline Overview](index=4&type=section&id=2.2%20Overall%20Product%20Pipeline%20Overview) The company boasts a rich pipeline of innovative drug candidates, including seven clinical-stage assets, three IND-approved assets, and several IND-enabling assets, primarily targeting undruggable targets - The company has discovered and developed an innovative pipeline of drug candidates, including seven clinical-stage assets, three assets in the IND-approved stage, and several other assets in the IND-enabling stage[19](index=19&type=chunk) - These drug candidates target undruggable targets, with a particular focus on the RAS signaling pathway, demonstrating broad applicability across various tumor types and potential for combination therapies[19](index=19&type=chunk) Product Pipeline Overview as of the Date of this Announcement | Asset | Indication | IND/Clinical Stage | Key Milestones | | :--- | :--- | :--- | :--- | | **Clinical Stage Products** | | | | | Glecirasib (KRAS G12C) | ≥2L NSCLC | NDA Approved for Launch | NDA application approved in May 2025, granted priority review in May 2024 | | Glecirasib (KRAS G12C) + SHP2i (JAB-3312) | 1L NSCLC | China Phase III Pivotal Trial | Discussions ongoing with US FDA on pivotal trial design | | Glecirasib (KRAS G12C) + EGFR mAb | ≥3L CRC | China Phase III Pivotal Trial | Approved in May 2024 | | JAB-3312 (SHP2) | NSCLC, PDAC, CRC & other solid tumors | Global Trials | Translational research results published in 2025 | | JAB-23E73 (Pan-KRAS) | NSCLC, PDAC, CRC & other solid tumors | Global Trials | US FDA and CDE IND approval in Sep 2024, FPI in China and US in Nov 2024 and June 2025 | | JAB-8263 (BET) | Solid tumors, Myelofibrosis | US/China Trials | Preliminary efficacy results for MF presented at ASH 2024, MF expansion trial ongoing | | JAB-2485 (Aurora A) | Solid tumors | Global Phase I/IIa Trial | RP2D to be determined in H2 2025 | | JAB-30355 (P53 Y220C) | Solid tumors | Global Phase I Trial | Dose escalation ongoing in China and US, positive efficacy signals observed | | JAB-BX102 (CD73 mAb) | Solid tumors | China Phase I/IIa Trial | RP2D dose determined | | JAB-26766 (PARP 7) | Solid tumors | China Phase I/IIa Trial | CDE IND approval in 2023 | | JAB-BX300 (LIF) | Solid tumors | China Phase I/IIa Trial | CDE IND approval in 2023 | | JAB-24114 (Glutamine utilizing enzyme) | Solid tumors | China Phase I/IIa Trial | CDE IND approval in 2023 | | **IND-Enabling Products** | | | | | JAB-BX467 (iADC) | Solid tumors | IND-Enabling | IND submission in 2026 | | JAB-BX600 (tADC) | Solid tumors | IND-Enabling | IND submission in 2026 | | JAB-BX700 (tADC) | Solid tumors | IND-Enabling | - | [Clinical Stage Product Progress](index=6&type=section&id=2.3%20Clinical%20Stage%20Product%20Progress) The company made significant clinical development progress in H1 2025, with core product Glecirasib approved for launch, and other candidates advancing positively in safety, efficacy, and regulatory approvals - The company's leading asset, Glecirasib, was approved by the NMPA and launched in May 2025[22](index=22&type=chunk) [Glecirasib (KRAS G12C Inhibitor)](index=6&type=section&id=2.3.1%20Glecirasib%20(KRAS%20G12C%20Inhibitor)) Glecirasib, a highly active and selective oral KRAS G12C inhibitor, achieved significant progress in NSCLC, pan-cancer, and CRC treatments, notably approved for ≥2L NSCLC with strong efficacy and safety - Glecirasib's first indication in ≥2L NSCLC was approved in May 2025, based on a China pivotal Phase II clinical trial with an **ORR of 49.6%**, a **DCR of 86.3%**, a **median PFS of 8.2 months**, a **median OS of 14.5 months**, and a **median DOR of 14.5 months**[24](index=24&type=chunk) - Glecirasib's Phase II single-arm pivotal trial in pan-cancer (including pancreatic cancer, biliary tract cancer, gastric cancer, etc.) was approved by the CDE, and it received US FDA pancreatic cancer ODD and EMA designation, with pancreatic cancer also receiving CDE Breakthrough Therapy Designation[26](index=26&type=chunk) - In CRC, Glecirasib monotherapy showed an **ORR of 22.7%**, while combination therapy with Cetuximab achieved an **ORR of 50%**, demonstrating superior efficacy with good safety[28](index=28&type=chunk) - On August 30, 2024, the company entered into a licensing agreement with Allist Pharmaceuticals, granting Allist Pharmaceuticals commercialization and further clinical development rights for Glecirasib and Sitneprotafib in Greater China, resulting in a **milestone payment of RMB 50 million**[31](index=31&type=chunk) [Sitneprotafib (SHP2 Inhibitor)](index=8&type=section&id=2.3.2%20Sitneprotafib%20(SHP2%20Inhibitor)) Sitneprotafib, a second-generation oral allosteric SHP2 inhibitor, demonstrated potent inhibitory activity and significant synergistic effects with various therapies in preclinical studies, especially with KRAS G12C inhibitors - Sitneprotafib is a second-generation SHP2 inhibitor, showing potent inhibitory activity in preclinical studies with **IC50 values of 0.7-3.0 nM** for cell proliferation inhibition[33](index=33&type=chunk) - Its translational research results were published in Clinical Cancer Research in May 2025, demonstrating significant synergistic anti-tumor activity with various therapies, particularly with the KRAS G12C inhibitor Glecirasib[33](index=33&type=chunk) - The company is discussing global Phase III trial design with the US FDA and has licensed commercialization and further clinical development rights in Greater China to Allist Pharmaceuticals[33](index=33&type=chunk)[36](index=36&type=chunk) [JAB-23E73 (Pan-KRAS Inhibitor)](index=9&type=section&id=2.3.3%20JAB-23E73%20(Pan-KRAS%20Inhibitor)) JAB-23E73, a novel first-in-class oral pan-KRAS inhibitor, effectively inhibits various KRAS mutations, with ongoing Phase I dose-escalation trials in China and the US showing acceptable safety and preliminary efficacy signals in China - JAB-23E73 is a novel first-in-class oral bioactive pan-KRAS inhibitor that effectively inhibits various KRAS mutations, including G12X, G13D, and Q61H, with high selectivity for HRAS and NRAS[37](index=37&type=chunk) - Phase I dose-escalation trials are ongoing in China and the US, with the China trial reaching high doses, observing acceptable safety and preliminary efficacy signals, and Phase I study results are expected to be announced in H1 2026[38](index=38&type=chunk) [JAB-30355 (p53 Y220C Activator)](index=10&type=section&id=2.3.4%20JAB-30355%20(p53%20Y220C%20Activator)) JAB-30355, a potent oral p53 Y220C activator, shows high binding affinity to p53 Y220C mutant protein and achieved tumor regression in preclinical models, with ongoing dose-escalation trials in China and the US - JAB-30355 is a potent oral bioactive small molecule p53 activator for the treatment of patients with locally advanced or metastatic solid tumors carrying p53 Y220C mutations[39](index=39&type=chunk) - Its IND applications were approved by the US FDA in March 2024 and the CDE in June 2024, respectively, with dose escalation ongoing in China and the US, and positive efficacy signals observed[39](index=39&type=chunk) [JAB-8263 (BET Inhibitor)](index=11&type=section&id=2.3.5%20JAB-8263%20(BET%20Inhibitor)) JAB-8263, an innovative, selective, and highly active small molecule BET family protein inhibitor, has completed dose escalation in solid and hematological tumors, with RP2D determined, and an MF dose expansion trial ongoing - JAB-8263 is the most potent clinical-stage BET inhibitor globally, having completed dose escalation in solid and hematological tumors, with RP2D determined[41](index=41&type=chunk) - Given the preliminary safety and efficacy results in myelofibrosis, dose expansion for JAB-8263 in MF is currently underway[41](index=41&type=chunk) [JAB-2485 (Aurora A Kinase Inhibitor)](index=11&type=section&id=2.3.6%20JAB-2485%20(Aurora%20A%20Kinase%20Inhibitor)) JAB-2485, a highly selective Aurora A kinase inhibitor, is undergoing global Phase I/IIa trials in China and the US, with dose escalation expected to complete in H2 2025, and plans for combination therapy expansion - JAB-2485 is a clinical-stage Aurora A kinase inhibitor with high selective activity, with global Phase I/IIa trials ongoing in the US and China[42](index=42&type=chunk) - Dose escalation is expected to complete in H2 2025, and plans are underway for single-agent and combination therapy expansion with chemotherapy[42](index=42&type=chunk) [JAB-BX102 (CD73 mAb)](index=12&type=section&id=2.3.7%20JAB-BX102%20(CD73%20mAb)) JAB-BX102, a humanized monoclonal antibody targeting CD73, directly inhibits CD73 enzyme activity and induces potent internalization, with its Phase I/IIa dose-escalation trial completed and RP2D dose determined - JAB-BX102 is a humanized monoclonal antibody targeting CD73, capable of directly inhibiting CD73 enzyme activity and inducing potent internalization, rapidly clearing CD73 from cells[43](index=43&type=chunk) - The Phase I/IIa dose-escalation trial has been completed, and the RP2D dose for JAB-BX102 has been determined[43](index=43&type=chunk) [Other IND-Approved Projects](index=12&type=section&id=2.4%20Other%20IND-Approved%20Projects) The company has several IND-approved early-stage projects, including PARP7 inhibitor JAB-26766, LIF monoclonal antibody JAB-BX300, and glutamine utilizing enzyme inhibitor JAB-24114 - JAB-26766 is an orally bioavailable small molecule PARP7 inhibitor targeting immuno-oncology signaling pathways, with IND approval from the CDE in June 2023[44](index=44&type=chunk)[45](index=45&type=chunk) - JAB-BX300 is a monoclonal antibody that binds to LIF and blocks signaling, with potential to reverse tumor immunosuppression, and its IND application was approved by the CDE in June 2023[47](index=47&type=chunk)[48](index=48&type=chunk) - JAB-24114, a prodrug of DON, is an inhibitor of glutamine substrate-related metabolic enzymes, offering a unique combination of blocking tumor nutrition and enhancing T-cell function, with its IND application approved by the CDE in March 2023[49](index=49&type=chunk)[50](index=50&type=chunk) [Novel Platform Projects](index=14&type=section&id=2.5%20Novel%20Platform%20Projects) The company is actively developing two novel platforms, KRAS tADC and iADC, aiming to overcome resistance to traditional small molecule inhibitors and toxicity limitations of conventional ADCs [KRAS tADC Project (JAB-BX600)](index=14&type=section&id=2.5.1%20KRAS%20tADC%20Project%20(JAB-BX600)) The company is developing a novel KRAS G12D tADC project, combining potent small molecule KRAS G12D inhibitors with antibodies for targeted delivery, overcoming PK challenges and resistance - The company is combining potent small molecule KRAS G12D inhibitor JAB-22000 with antibodies to create a novel KRAS G12D tADC project, aiming to overcome clinical resistance and PK challenges of small molecule inhibitors[51](index=51&type=chunk) - The KRAS tADC platform is expected to expand to pan-KRAS inhibitors, targeting a broader range of KRAS mutations, with the potential to surpass existing small molecule drugs in efficacy, tolerability, and therapeutic scope[52](index=52&type=chunk) - JAB-BX600, an EGFR-targeted KRAS G12D tADC, demonstrated excellent in vitro inhibition of cancer cell proliferation (**IC50 values of 0.01-0.02 nM**) and potent in vivo anti-tumor efficacy in various KRAS G12D mutant cancer models in preclinical studies[53](index=53&type=chunk) [iADC Project (JAB-BX467)](index=15&type=section&id=2.5.2%20iADC%20Project%20(JAB-BX467)) The company is developing a novel iADC platform using STING agonists as payloads to convert "cold tumors" into "hot tumors," addressing low response rates to ICI therapies and ADC toxicity - The company's novel iADC project uses STING agonists as payloads, aiming to address challenges of low response rates to ICI therapies and toxicity caused by traditional ADCs, by converting 'cold tumors' into 'hot tumors'[56](index=56&type=chunk)[58](index=58&type=chunk) - The clinical candidate JAB-BX467 for HER2-STING iADC was nominated in the second half of 2024, with an IND application planned for submission in 2026[59](index=59&type=chunk) - JAB-BX467 demonstrated significantly improved plasma stability (almost no free payload release after 48 hours), significantly lower peripheral IL-6 levels, and sustained tumor growth elimination with robust immune memory effects in cold tumor models in preclinical studies[59](index=59&type=chunk) [Financial Performance Analysis](index=20&type=section&id=Financial%20Performance%20Analysis) This section provides a detailed analysis of the company's financial performance, including income, expenses, and non-IFRS measures, for the six months ended June 30, 2025 [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=34&type=section&id=3.1%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's loss significantly narrowed, primarily due to increased revenue and a substantial reduction in R&D expenses Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 45,664 | – | | R&D Expenses | (93,216) | (176,827) | | Administrative Expenses | (18,555) | (21,190) | | Other Income | 1,341 | 7,465 | | Other Gains and Losses – Net | (2,255) | 4,662 | | Operating Loss | (67,021) | (185,890) | | Net Finance Income | 8,027 | 16,837 | | Loss Before Income Tax | (58,994) | (169,053) | | Loss for the Period Attributable to Owners of the Company | (58,994) | (169,053) | | Total Comprehensive Expense for the Period Attributable to Owners of the Company | (59,014) | (169,301) | [Revenue and Gross Profit](index=20&type=section&id=3.2%20Revenue%20and%20Gross%20Profit) During the reporting period, the company's revenue increased from zero to **RMB 45.7 million**, with a corresponding increase in gross profit, primarily from milestone payments Revenue and Gross Profit (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 45,664 | – | | Cost of Revenue | – | – | | Gross Profit | 45,664 | – | - Revenue increased by **100% to RMB 45.7 million**, primarily attributable to milestone payments from the Allist Pharmaceuticals licensing agreement[13](index=13&type=chunk)[71](index=71&type=chunk) [Operating Expenses](index=22&type=section&id=3.3%20Operating%20Expenses) During the reporting period, the company's operating expenses significantly decreased, with R&D expenses down **47.3%** and administrative expenses down **12.4%**, mainly due to shifted clinical trial costs [R&D Expenses](index=22&type=section&id=3.3.1%20R%26D%20Expenses) R&D expenses decreased by **47.3%** year-on-year to **RMB 93.2 million**, primarily due to reduced outsourcing service fees, employee benefit expenses, and raw material consumption R&D Expenses Breakdown (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Outsourcing service fees | 20,020 | 77,291 | -74.1% | | Employee benefit expenses | 57,211 | 66,681 | -14.2% | | Raw materials and consumables used | 3,613 | 14,029 | -74.2% | | Total | 93,216 | 176,827 | -47.3% | - R&D expenses decreased by **RMB 83.6 million**, primarily due to a **RMB 57.3 million** reduction in outsourcing service fees and a **RMB 10.4 million** reduction in raw materials and consumables used, as there were no large-scale pivotal clinical trial costs[85](index=85&type=chunk) - The Allist Pharmaceuticals licensing agreement stipulates that pivotal trials for Glecirasib and Sitneprotafib are managed and fully funded by Allist Pharmaceuticals, significantly reducing the company's financial burden[85](index=85&type=chunk) [Administrative Expenses](index=23&type=section&id=3.3.2%20Administrative%20Expenses) Administrative expenses decreased by **12.4%** year-on-year to **RMB 18.6 million**, mainly driven by strict control over discretionary miscellaneous expenses and improved operational efficiency Administrative Expenses Breakdown (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Employee benefit expenses | 12,559 | 13,021 | -3.5% | | Professional service fees | 960 | 618 | 55.3% | | Others | 2,948 | 5,138 | -42.6% | | Total | 18,555 | 21,190 | -12.4% | - Administrative expenses decreased by **RMB 2.6 million**, primarily driven by strict control over discretionary miscellaneous expenses and improved operational efficiency of administrative functions[15](index=15&type=chunk)[86](index=86&type=chunk) [Other Income and Gains/Losses](index=21&type=section&id=3.4%20Other%20Income%20and%20Gains%2FLosses) Other income decreased due to reduced government grants, while net other gains and losses shifted from a gain to a loss, mainly impacted by increased net exchange losses Other Income (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Government grants | 1,341 | 7,465 | -82.0% | Other (Losses)/Gains – Net (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Net exchange (losses)/gains | (3,328) | 5,810 | | Fair value changes of structured deposits | 1,044 | – | | Total | (2,255) | 4,662 | - Net exchange gains of **RMB 5.8 million** in the same period of 2024 turned into a **loss of RMB 3.3 million** in 2025, primarily due to the depreciation of USD and HKD against RMB[80](index=80&type=chunk) [Finance Income and Expenses](index=23&type=section&id=3.5%20Finance%20Income%20and%20Expenses) Finance income decreased due to lower average interest rates and reduced bank balances, while finance expenses increased due to higher interest costs from redeemable liabilities Finance Income and Expenses (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Finance income | 15,946 | 22,071 | -27.8% | | Finance expenses | 7,919 | 5,234 | 51.3% | - Finance income decreased by **RMB 6.1 million**, primarily attributable to lower average interest rates on time deposits and reduced average bank balances in H1 2025[87](index=87&type=chunk) - Finance expenses increased by **RMB 2.7 million**, primarily attributable to increased interest costs from redeemable liabilities[88](index=88&type=chunk) [Income Tax Expense](index=24&type=section&id=3.6%20Income%20Tax%20Expense) No income tax expense was recognized during the reporting period due to the absence of taxable profits - For the six months ended June 30, 2025 and 2024, no income tax expense was recognized due to the absence of taxable profits during the reporting period[89](index=89&type=chunk) [Non-IFRS Measures](index=24&type=section&id=3.7%20Non-IFRS%20Measures) The company uses non-IFRS adjusted loss, R&D expenses, and administrative expenses to better reflect core operating performance, showing significant narrowing of adjusted loss and decreases in adjusted expenses Adjusted Loss for the Period (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Loss for the period | (58,994) | (169,053) | | Add: Share-based payment expenses | 3,214 | 5,409 | | Add: Fair value changes of financial assets at fair value through profit or loss | (1,044) | – | | Add: Fair value losses on long-term investments at fair value through profit or loss | 75 | 185 | | Adjusted loss for the period | (56,749) | (163,459) | Adjusted R&D Expenses for the Period (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | R&D expenses for the period | (93,216) | (176,827) | | Add: Share-based payment expenses | 2,935 | 4,891 | | Adjusted R&D expenses for the period | (90,281) | (171,936) | Adjusted Administrative Expenses for the Period (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Administrative expenses for the period | (18,555) | (21,190) | | Add: Share-based payment expenses | 279 | 518 | | Adjusted administrative expenses for the period | (18,276) | (20,672) | [Loss Per Share](index=34&type=section&id=3.8%20Loss%20Per%20Share) For the six months ended June 30, 2025, the company's basic loss per share significantly narrowed to **RMB 0.08**, compared to **RMB 0.22** in the prior year Basic Loss Per Share (For the six months ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Loss for the period attributable to owners of the Company (RMB thousand) | (58,994) | (169,053) | | Weighted average number of ordinary shares in issue (thousand shares) | 774,106 | 776,652 | | Basic loss per share (RMB per share) | (0.08) | (0.22) | - Due to the Group's loss for the six months ended June 30, 2025 and 2024, potential dilutive shares had an anti-dilutive effect, thus diluted loss per share was equal to basic loss per share[147](index=147&type=chunk) [Financial Position and Cash Flow](index=26&type=section&id=Financial%20Position%20and%20Cash%20Flow) This section analyzes the company's financial position, including assets, liabilities, and cash flow movements, reflecting adjustments in R&D investment and capital management [Condensed Consolidated Statement of Financial Position](index=36&type=section&id=4.1%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets and liabilities decreased, but net current assets increased, indicating sound liquidity management Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total non-current assets | 159,639 | 170,554 | | Total current assets | 1,131,606 | 1,188,614 | | Total assets | 1,291,245 | 1,359,168 | | Total equity | 867,376 | 923,180 | | Total non-current liabilities | 273,587 | 193,142 | | Total current liabilities | 150,282 | 242,846 | | Total liabilities | 423,869 | 435,988 | - Net current assets increased by **RMB 35.5 million** from **RMB 945.8 million** as of December 31, 2024, to **RMB 981.3 million** as of June 30, 2025[104](index=104&type=chunk) - Redeemable liabilities increased from **RMB 106.2 million** to **RMB 155.6 million**, and non-current borrowings increased from **RMB 16.0 million** to **RMB 52.1 million**[125](index=125&type=chunk) - Trade payables decreased from **RMB 118.0 million** to **RMB 66.4 million**, and current borrowings decreased from **RMB 56.1 million** to **RMB 15.9 million**[125](index=125&type=chunk) [Cash Flow](index=26&type=section&id=4.2%20Cash%20Flow) Net cash used in operating activities significantly decreased, investing activities shifted from net inflow to net outflow, and net cash generated from financing activities increased Cash Flow (For the six months ended June 30) | Cash Flow Type | 2025 (RMB million) | 2024 (RMB million) | Change (RMB million) | | :--- | :--- | :--- | :--- | | Net cash used in operating activities | 143.1 | 180.4 | -37.3 | | Net cash used in investing activities | 43.9 | (43.7) | 87.6 | | Net cash generated from financing activities | 33.2 | 25.8 | 7.4 | - Net cash used in operating activities decreased by **RMB 37.3 million**, primarily due to reduced R&D expenses[94](index=94&type=chunk) - Net cash used in investing activities was primarily impacted by net purchases of capital-guaranteed structured deposits of **RMB 79.3 million** and reduced interest income from bank deposits[95](index=95&type=chunk) [Liquidity, Capital Resources and Financial Leverage](index=27&type=section&id=4.3%20Liquidity%2C%20Capital%20Resources%20and%20Financial%20Leverage) The company meets liquidity needs through operating cash, bank credit, and capital market funding, holding ample cash and bank balances with no net debt, indicating a robust financial structure - As of June 30, 2025, the company held cash and bank balances and investments in capital-guaranteed structured deposits totaling **RMB 1,074.1 million**[97](index=97&type=chunk) - The company has unutilized bank loan facilities of **RMB 270.0 million** and no significant other equity financing plans[97](index=97&type=chunk) - The company's cash and cash equivalents exceed its total borrowings, resulting in no net debt, thus the financial leverage ratio is not applicable[98](index=98&type=chunk) [Borrowings and Liabilities](index=27&type=section&id=4.4%20Borrowings%20and%20Liabilities) As of June 30, 2025, the company's total bank borrowings were **RMB 67.9 million** at fixed rates, with redeemable liabilities increasing due to investment agreements - As of June 30, 2025, the company's total bank borrowings amounted to **RMB 67.9 million**, all at fixed interest rates[97](index=97&type=chunk) - Redeemable liabilities increased from **RMB 106.2 million** as of December 31, 2024, to **RMB 155.6 million** as of June 30, 2025, primarily due to the receipt of the third installment of **RMB 45 million** from the Beijing Jacobio capital increase agreement[125](index=125&type=chunk)[151](index=151&type=chunk) - As of June 30, 2025, the company's lease liabilities were **RMB 75.1 million**, with no contracted but unprovided capital commitments or any significant contingent liabilities[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk) [Material Investments, Acquisitions and Disposals](index=26&type=section&id=4.5%20Material%20Investments%2C%20Acquisitions%20and%20Disposals) During the reporting period, the company did not undertake any material investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures - For the six months ended June 30, 2025, the Group did not have any material investments, material acquisitions, or disposals of subsidiaries, associates, and joint ventures[96](index=96&type=chunk) [Corporate Governance and Other Information](index=28&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section covers the company's corporate governance practices, employee policies, dividend decisions, share repurchases, use of proceeds, and post-reporting period events [Employees and Remuneration Policy](index=28&type=section&id=5.1%20Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the company's employee count decreased to **211**, with a corresponding reduction in remuneration costs, while maintaining competitive compensation and gender diversity Employee Count and Remuneration Costs | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total employees | 211 | 257 | | Total remuneration costs (For the six months ended June 30, RMB million) | 69.8 | 79.7 | - The company provides employees with competitive salaries, bonuses, and share-based compensation, and makes contributions to social insurance funds and housing provident funds in accordance with applicable laws[106](index=106&type=chunk) - The company is committed to maintaining gender diversity among its employees, with approximately **88 male employees** and **123 female employees** as of June 30, 2025[105](index=105&type=chunk) [Interim Dividend](index=29&type=section&id=5.2%20Interim%20Dividend) The Board of Directors resolved not to recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board of Directors resolved not to recommend the payment of an interim dividend for the six months ended June 30, 2025 (for the six months ended June 30, 2024: nil)[107](index=107&type=chunk) [Corporate Governance and Directors' Securities Transactions](index=29&type=section&id=5.3%20Corporate%20Governance%20and%20Directors%27%20Securities%20Transactions) The company adheres to high standards of corporate governance and complies with the Corporate Governance Code, with a deviation where the Chairman and CEO roles are held by the same person - The company has complied with all applicable code provisions set out in Part 2 of the Corporate Governance Code, except for a deviation from code provision C.2.1 (Chairman and Chief Executive Officer roles should be separate), where Dr. Wang serves as both the Chairman of the Board and Chief Executive Officer[108](index=108&type=chunk) - The Directors have confirmed compliance with the required standards set out in the Model Code for Securities Transactions by Directors of Listed Issuers for the six months ended June 30, 2025, with no non-compliance noted during the reporting period[110](index=110&type=chunk) [Audit Committee Review](index=30&type=section&id=5.4%20Audit%20Committee%20Review) The Audit Committee reviewed the Group's unaudited interim results and confirmed their compliance with applicable accounting principles, standards, and regulations, with appropriate disclosures - The Audit Committee discussed and reviewed the Group's unaudited interim results for the reporting period with company management and concluded that the interim results complied with applicable accounting principles, standards, and regulations, and appropriate disclosures were made[111](index=111&type=chunk) [Share Repurchases](index=30&type=section&id=5.5%20Share%20Repurchases) During the reporting period, the company repurchased a total of **86,100 shares** on the Stock Exchange for a total consideration of **HKD 266,799**, held as treasury shares Share Repurchase Details (April 2025) | Month of Repurchase | Number of Shares | Highest Price Paid Per Share (HKD) | Lowest Price Paid Per Share (HKD) | Total Consideration Paid (HKD) | | :--- | :--- | :--- | :--- | :--- | | April 2025 | 86,100 | 3.12 | 3.08 | 266,799 | - The share repurchases reflect the Board's confidence in the company's long-term strategy and growth prospects, and are in the overall best interests of the company and its shareholders[113](index=113&type=chunk) - The company intends to use the treasury shares for resale at market price to raise additional funds, or for share grants under share schemes and other permitted uses in compliance with Chapter 17 of the Listing Rules[113](index=113&type=chunk) [Use of Proceeds](index=31&type=section&id=5.6%20Use%20of%20Proceeds) As of June 30, 2025, the company utilized approximately **RMB 1,158.6 million** of the net proceeds from the global offering, with the remaining **RMB 24.5 million** to be allocated for early drug discovery and development - The net proceeds from the global offering were approximately **RMB 1,183.1 million**, of which approximately **RMB 1,158.6 million** had been utilized as of June 30, 2025[114](index=114&type=chunk) - The remaining unutilized net proceeds of approximately **RMB 24.5 million** will be allocated according to the uses and proportions stated in the 2024 annual results announcement[114](index=114&type=chunk) - The use of proceeds has been adjusted, canceling the allocation for establishing sales and marketing teams in Greater China, and increasing the proportion for ongoing and planned early drug discovery and development, particularly for JAB-23E73, JAB-30355, and iADC projects[115](index=115&type=chunk)[120](index=120&type=chunk) [Events After Reporting Period](index=33&type=section&id=5.7%20Events%20After%20Reporting%20Period) No significant events affecting the company have occurred since the end of the reporting period up to the date of this announcement, other than those already disclosed - Except as disclosed in this announcement, no significant events affecting the company have occurred since the end of the reporting period up to the date of this announcement[117](index=117&type=chunk)