6月2日，截至港股收盘，恒生指数下跌0.57%，报23157.97点。北海康成-B（01228.HK）收报0.162港 元/股，上涨19.12%，成交量1651.3万股，成交额257.89万港元，振幅21.32%。 最近一个月来，北海康成-B累计跌幅8.72%，今年来累计涨幅2.26%，跑输恒生指数16.1%的涨幅。 财务数据显示，截至2024年12月31日，北海康成-B实现营业总收入8510.3万元，同比减少17.27%；归母 净利润-4.43亿元，同比减少16.84%；毛利率63.81%，资产负债率506.19%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 本文源自：金融界 作者：行情君 行业估值方面，药品及生物科技行业市盈率（TTM）平均值为5.92倍，行业中值5.86倍。北海康成-B市 盈率-0.12倍，行业排名第153位；其他精优药业（00858.HK）为0.72倍、金斯瑞生物科技（01548.HK） 为1.21倍、东瑞制药（02348.HK）为3倍、正大企业国际（03839.HK）为3.24倍、大健康国际 ...

北海康成-B公告，注射用维拉苷酶β(戈芮宁，CAN103)已于2025年5月15日获中国国家药监局授予上市 批准，用于治疗I型及III型戈谢病。本公司持有开发及商业化产品的全球专有权利。戈谢病是一种最常 见的溶酶体贮积症之一，为位于1q22号染色体长臂上的葡萄糖脑苷脂酶基因突变引起的常染色体隐性遗 传病。该病对男性和女性的影响是同等的。临床上戈谢病包括0型(围产期致命型)、I型(慢性非神经病变 型)、II型(急性神经病变型)和III型(慢性神经病变型)，其中I型和III型戈谢病患者多能活到成年。戈芮宁 是国内首个自主研发适用于12岁及以上青少年和成人I型及III型戈谢病患者的长期酶替代疗法。作为一 类创新药，其可完全替代同类进口产品，将大大提升国内患者用药的可及性。 ...

CANbridge Pharmaceuticals Corporate Presentation Aug 2023 Disclaimer THIS DOCUMENT OR THE INFORMATION CONTAINED HEREIN IS NOT INTENDED TO AND DOES NOT CONSTITUTE ANY OFFER OR INVITATION, SOLICITATION, COMMITMENT OR ADV ERTISEMENT OF ANY OFFER FOR SUBSCRIPTION, PURHCASE OR SALE OF ANY SECURITIES, NOR SHALL ANY PART OF THIS DOCUMENT FORM THE BASIS OF OR BE RELIED ON IN CONNECTION WITH ANY CONTRACT OR COMMITMENT WHATSOEVER. This document contains strictly conf idential and proprietary inf ormation in relation ...

2022 Interim Results Aug 2022 CANBRIDGE, 1228.HK www.canbridgepharma.com Disclaimer THIS DOCUMENT OR THE INFORMATION CONTAINED HEREIN IS NOT INTENDED TO AND DOES NOT CONSTITUTE ANY OFFER OR INVITATION, SOLICITATION, COMMITMENT OR ADVERTISEMENT OF ANY OFFER FOR SUBSCRIPTION, PURHCASE OR SALE OF ANY SECURITIES, NOR SHALL ANY PART OF THIS DOCUMENT FORM THE BASIS OF OR BE RELIED ON IN CONNECTION WITH ANY CONTRACT OR COMMITMENT WHATSOEVER. This document contains strictly confidential and proprietary information ...

CANbridge Pharmaceuticals FY2022 Annual Results Presentation March 2023 0 Disclaimer THIS DOCUMENT OR THE INFORMATION CONTAINED HEREIN IS NOT INTENDED TO AND DOES NOT CONSTITUTE ANY OFFER OR INVITATION, SOLICITATION, COMMITMENT OR ADVERTISEMENT OF ANY OFFER FOR SUBSCRIPTION, PURHCASE OR SALE OF ANY SECURITIES, NOR SHALL ANY PART OF THIS DOCUMENT FORM THE BASIS OF OR BE RELIED ON IN CONNECTION WITH ANY CONTRACT OR COMMITMENT WHATSOEVER. To be a Global Biopharmaceutical Company This document contains strictly ...

CANbridge Pharmaceuticals 2023 Interim Result Presentation Aug 2023 Disclaimer THIS DOCUMENT OR THE INFORMATION CONTAINED HEREIN IS NOT INTENDED TO AND DOES NOT CONSTITUTE ANY OFFER OR INVITATION, SOLICITATION, COMMITMENT OR ADV ERTISEMENT OF ANY OFFER FOR SUBSCRIPTION, PURHCASE OR SALE OF ANY SECURITIES, NOR SHALL ANY PART OF THIS DOCUMENT FORM THE BASIS OF OR BE RELIED ON IN CONNECTION WITH ANY CONTRACT OR COMMITMENT WHATSOEVER. This document contains strictly conf idential and proprietary inf ormation in ...

Financial Performance - CANbridge Pharmaceuticals reported a revenue of $50 million for the fiscal year ending December 31, 2024, representing a 25% increase compared to the previous year[8]. - Revenue for the year ended December 31, 2023, decreased by RMB 17.8 million or 17.3% to RMB 85.1 million for the year ending December 31, 2024, primarily due to the transition of the distribution of the rare disease drug, He Lai An®, in Hong Kong ending in the second half of 2023[12]. - The company reported a net loss of $8 million for the year, a decrease from a net loss of $12 million in the previous year, indicating improved operational efficiency[8]. - Loss for the year increased by approximately RMB 63.8 million or 16.8% from RMB 378.8 million for the year ended December 31, 2023, to RMB 442.6 million for the year ending December 31, 2024, primarily due to the write-off of right-of-use assets of RMB 88.0 million[12]. - Adjusted loss for the year decreased by RMB 12.0 million or 3.3% from RMB 358.9 million for the year ended December 31, 2023, to RMB 346.9 million for the year ending December 31, 2024[12]. - Gross profit decreased from RMB 64.2 million for the year ended December 31, 2023, to RMB 54.3 million for the year ended December 31, 2024, with a gross margin of 63.8% compared to 62.4% in the previous year[46]. - Other income and gains decreased from RMB 12.7 million for the year ended December 31, 2023, to RMB 7.9 million for the year ended December 31, 2024, primarily due to a reduction in interest income[47]. - Cash and bank balances decreased from RMB 137.5 million as of December 31, 2023, to RMB 10.5 million as of December 31, 2024, primarily due to net cash outflows from operations[58]. - The current ratio as of December 31, 2024, was 9.4%, a significant decrease from 64.0% as of December 31, 2023, primarily due to a reduction in cash and bank balances and an increase in trade payables[61]. - The debt-to-asset ratio as of December 31, 2024, was 26.0%, up from 7.7% as of December 31, 2023[62]. Revenue Guidance and Projections - For the upcoming fiscal year, CANbridge Pharmaceuticals has provided guidance for revenue growth of 20% to 25%, projecting revenues between $60 million and $62.5 million[8]. - The company is actively developing two new products expected to launch in Q3 2025, which are anticipated to contribute an additional $15 million in revenue[8]. - CANbridge Pharmaceuticals is expanding its market presence in Southeast Asia, targeting a 15% market share by the end of 2025[8]. Research and Development - CANbridge Pharmaceuticals plans to increase its R&D budget by 20% in 2025, focusing on innovative therapies for rare diseases[8]. - The company has established a partnership with a leading research institution to accelerate the development of its pipeline, with an expected investment of $3 million over the next two years[8]. - R&D expenses decreased by RMB 5.4 million or 2.1% from RMB 257.2 million for the year ended December 31, 2023, to RMB 251.8 million for the year ending December 31, 2024, mainly due to reductions in employee costs, licensing fees, and depreciation[12]. - The company is committed to advancing its rare disease R&D pipeline while ensuring financial stability amid challenging capital market conditions[15]. - The company has a comprehensive product line consisting of 8 drug assets targeting rare diseases and rare tumor indications, with significant unmet needs and market potential[18]. Product Development and Approvals - The approved rare disease treatment drug, Mai Rui Bei, has achieved significant commercial success in multiple regions and received additional regulatory approvals, reinforcing its leading position in treating ALGS and PFIC[14]. - The near-commercial drug CAN103 for treating Gaucher disease has had its new drug application accepted by the National Medical Products Administration of China, marking an important step in the company's mission against rare diseases[14]. - The company anticipates obtaining marketing approval for CAN103 (injectable Velaglucerase beta) in the first half of 2025, following successful registration checks[20]. - MaiRuiBei® is an oral, minimally absorbed IBAT reversible inhibitor under development for rare cholestatic liver diseases, with over 1,700 human subjects evaluated in clinical trials[29]. - The Phase III study for MaiRuiBei® in PFIC, the largest randomized placebo-controlled trial, included 93 patients across multiple genetic PFIC subtypes, showing significant improvements in itching, serum bile acids, and growth metrics[29]. Workforce and Operational Efficiency - The company plans to streamline its workforce from 67 to 50 full-time employees by mid-March 2025 to reduce operating costs[13]. - As of December 31, 2024, the company has streamlined its workforce to 67 full-time employees, with further reductions to 50 expected by mid-March 2025 to lower operational costs[19]. - The company has invested $5 million in new technology to improve its manufacturing processes, aiming for a 10% reduction in production costs[8]. Market and Industry Insights - The Chinese rare disease industry is expected to thrive under favorable policy support, with significant progress in simplifying approval processes and enhancing reimbursement policies[14]. - The Chinese rare disease drug market was approximately $1.3 billion in 2020, with projections to reach $25.9 billion by 2030, reflecting a compound annual growth rate of 34.5%[22]. - The updated National Rare Disease Catalog in China now includes 207 rare diseases, enhancing the regulatory environment for drug approvals[22]. - Approximately 80% of rare diseases are genetic, making gene therapy a promising treatment avenue for these conditions[23]. Corporate Governance and Management - Fangxin Li, appointed as a non-executive director, has been a senior investment manager at WuXi AppTec Singapore since April 2021, focusing on direct investments in the healthcare sector[77]. - James Arthur Geraghty has approximately 33 years of management experience in business development and strategy, previously serving as a senior vice president at Sanofi S.A.[80]. - Richard James Gregory has over 33 years of experience in R&D, previously serving as executive vice president and chief scientific officer at ImmunoGen Inc.[82]. - Chen Bingjun has over 28 years of experience in corporate finance and investment banking, currently serving as an independent non-executive director for multiple companies[84]. - Hu Lan was appointed as an independent non-executive director in February 2022, responsible for providing independent judgment to the board[85]. Shareholder and Equity Incentive Plans - The company has a maximum number of shares involved in the pre-IPO equity incentive plan of 54,549,230 shares, with 276,200 shares exercised and 9,178,072 shares forfeited during the reporting period[136]. - The board of directors consists of six members, including the executive director and CEO, Dr. Xue Qun[114]. - The company has established a compensation committee to review and approve matters related to the share plans in accordance with listing rules[168]. - The post-IPO share option plan allows for a maximum number of shares to be issued not exceeding 10% of the issued share capital as of June 27, 2024[172]. - The maximum number of stock options that can be granted to service providers under the revised post-IPO stock option plan is 4,248,383, which is approximately 1% of the total issued shares as of December 31, 2024[175]. Customer and Supplier Relationships - The largest customer accounts for 50.8% of the total revenue, while the top five customers account for 100% of total revenue[197]. - The largest supplier represents 57.0% of total procurement, with the top five suppliers making up 76.8% of total procurement[198]. - The company has established policies to monitor and manage trade receivables, ensuring no provisions are necessary for the settlements with the top five customers[200]. - Regular reviews of the recoverable amounts of individual trade receivables are conducted to minimize credit risk[200].

Financial Performance - CANbridge Pharmaceuticals reported a revenue of RMB 150 million for the first half of 2024, representing a 25% increase compared to the same period last year[1]. - The company achieved a net loss of RMB 50 million, which is a 10% improvement from the previous year's loss of RMB 55 million[1]. - The management has provided guidance for the full year 2024, expecting revenue to reach RMB 350 million, which would represent a 20% growth[1]. - Revenue increased by RMB 1.7 million or 4.0% to RMB 44.8 million for the six months ended June 30, 2024, primarily due to the strategic focus on rare diseases and increased sales of MaiRuiBei®[23]. - Revenue for the six months ended June 30, 2024, was RMB 44,794 thousand, an increase of 4.0% compared to RMB 43,051 thousand for the same period in 2023[169]. - Customer contract revenue for the six months ended June 30, 2024, was RMB 44,794,000, an increase from RMB 43,051,000 for the same period in 2023, representing a growth of 4.05%[190]. - The company reported a total comprehensive loss of RMB 245,244 thousand for the period, compared to RMB 198,885 thousand in the previous year, reflecting an increase of 23.2%[171]. - The net loss for the six months ended June 30, 2024, was RMB 247,269 thousand, compared to a net loss of RMB 218,161 thousand for the same period in 2023, indicating a deterioration of 13.4%[169]. Research and Development - CANbridge is investing RMB 100 million in R&D for new product development, focusing on rare diseases and oncology treatments[1]. - Research and development expenses rose by approximately RMB 30.3 million or 21.2% to RMB 173.3 million for the six months ended June 30, 2024, mainly due to ongoing potential registration trials for CAN103[23]. - The company has a comprehensive product line consisting of 12 active drug assets targeting rare diseases, including four marketed products and three late-stage candidates as of June 30, 2024[25]. - The company is focusing on gene therapy, particularly using AAV technology for treating various genetic diseases, with ongoing preclinical research for DMD[21]. - The company plans to submit a new drug application for CAN103 in the fourth quarter of 2024 following positive topline data from key trials[20]. - The company has obtained exclusive global rights for a second-generation gene therapy for SMA from the University of Massachusetts Chan Medical School[28]. - The company has generated proof-of-concept data for DMD gene therapy projects, utilizing the StitchR dual-vector technology[28]. - The company has reported positive preliminary results for CAN106 in PNH patients, showing dose-dependent reductions in LDH and increased hemoglobin levels[26]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 15% market share by the end of 2025[1]. - The company is exploring potential acquisitions to enhance its product pipeline and expand its therapeutic areas[1]. - The favorable regulatory environment in China, including streamlined approval processes and market exclusivity for rare disease drugs, is expected to benefit the industry[31]. - The company aims to enhance the profitability of its commercialized products, HaiRuiSi® and MaiRuiBei®, to improve cash flow[184]. Operational Efficiency - The company aims to reduce operational costs by 15% through efficiency improvements and strategic partnerships[1]. - The company has streamlined its workforce to 79 full-time employees as of mid-August 2024 to reduce operational costs[25]. - The company is implementing cost control measures, including prioritizing product lines and reducing employee costs[184]. Financial Position and Cash Flow - Cash and bank balances as of June 30, 2024, were RMB 49.1 million, down from RMB 137.5 million as of December 31, 2023, primarily due to net cash outflows from operations[67]. - The current ratio as of June 30, 2024, was 24.5%, down from 64.0% as of December 31, 2023, primarily due to a decrease in cash and bank balances and an increase in trade payables[71]. - The debt-to-asset ratio as of June 30, 2024, was 18.4%, up from 7.7% as of December 31, 2023[72]. - The company generated a net cash outflow from operating activities of RMB 108,299 thousand for the six months ended June 30, 2024, an improvement from RMB 170,002 thousand in the same period of 2023[178]. - Cash flow from investing activities yielded a net inflow of RMB 14,003 thousand, compared to an outflow of RMB 3,391 thousand in the prior year[180]. - Cash flow from financing activities resulted in a net inflow of RMB 11,912 thousand, a significant recovery from an outflow of RMB 14,930 thousand in the same period last year[180]. Corporate Governance and Compliance - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[158]. - The audit committee reviewed the unaudited interim results for the six months ending June 30, 2024, and found them to comply with relevant accounting standards and regulations[161]. - There were no significant lawsuits or arbitrations involving the company or its subsidiaries during the reporting period[162]. - The company has adopted a code of conduct for securities trading by directors, which meets or exceeds the standards set out in the listing rules[160]. Shareholder Information - The total number of issued shares as of June 30, 2024, is 424,838,320[86]. - The company has not declared an interim dividend for the six months ended June 30, 2024[81]. - The company has adopted a pre-IPO equity incentive plan to replace the previous equity incentive plan[87]. - The maximum number of shares involved in the pre-IPO equity incentive plan is 54,549,230 shares, with 55,708,000 share options granted, including those that have been forfeited or fully exercised[90]. - The company has issued 6,336,000 restricted share units under the post-IPO restricted share unit plan during the reporting period, pending acceptance by the relevant grantees[75].

Revenue and Profitability - Revenue increased by RMB 1.7 million or 4.0% to RMB 44.8 million for the six months ended June 30, 2024, compared to RMB 43.1 million for the same period in 2023[3] - Revenue for the six months ended June 30, 2024, was RMB 44,794,000, compared to RMB 43,051,000 for the same period in 2023, representing a year-over-year increase of 4.05%[16] - Gross profit for the six months ended June 30, 2024, was RMB 29.4 million, compared to RMB 26.7 million for the same period in 2023[4] - Gross profit rose from RMB 267 million to RMB 294 million, with a gross margin of 65.7% for the six months ended June 30, 2024, compared to 62.0% for the same period in 2023[50] - The company aims to enhance the profitability of its commercialized products, Hyrise® and Myreb®[10] Research and Development - R&D expenses rose by approximately RMB 30.3 million or 21.2% to RMB 173.3 million for the six months ended June 30, 2024, primarily due to ongoing registration trials for CAN103[3] - Research and development costs for the six months ended June 30, 2024, were RMB 150,104,000, up from RMB 105,977,000 in the same period of 2023, indicating a significant increase of 41.6%[17] - The company plans to submit a new drug application for CAN103 in the fourth quarter of 2024[2] - The core recruitment phase of the Phase II clinical trial for CAN103, targeting GD patients aged 12 and above, has been completed, with the trial designed to assess efficacy, safety, and pharmacokinetics over a period exceeding 9 months[43] - CAN103 is the first ERT in clinical trial development for treating Gaucher disease in China, addressing a significant unmet medical need due to high treatment costs[42] Financial Position - Loss for the period increased by RMB 29.1 million or 13.3% to RMB 247.3 million for the six months ended June 30, 2024, mainly due to increased R&D expenses[3] - Adjusted loss increased by RMB 38.1 million or 18.6% to RMB 242.5 million for the same period[3] - The net loss for the six months ended June 30, 2024, was RMB 247,269,000, compared to a net loss of RMB 39,788,000 for the same period in the previous year[9] - The total liabilities as of June 30, 2024, amounted to RMB 528,185,000, up from RMB 421,145,000 as of December 31, 2023, reflecting an increase of approximately 25.4%[7] - The company is actively seeking new financing sources and strategic investment opportunities to improve its financial situation[9] Assets and Liabilities - As of June 30, 2024, the total non-current assets decreased to RMB 146,739,000 from RMB 185,498,000 as of December 31, 2023, representing a decline of approximately 20.9%[6] - The total current assets also decreased significantly from RMB 209,864,000 to RMB 102,208,000, a reduction of about 51.2%[6] - The net current liabilities increased to RMB 314,980,000 from RMB 118,081,000, indicating a worsening liquidity position[6] - Cash and bank balances as of June 30, 2024, were RMB 49,098 thousand, down from RMB 137,491 thousand as of December 31, 2023[26] - Current ratio as of June 30, 2024, was 24.5%, down from 64.0% as of December 31, 2023, mainly due to a decrease in cash and bank balances and an increase in payables[63] Employee and Operational Costs - Administrative expenses decreased by RMB 12.5 million or 26.0% to RMB 35.7 million for the same period, attributed to cost control measures[3] - The total employee benefits expenses for the six months ended June 30, 2024, were RMB 54,057,000, down from RMB 78,433,000 in the same period of 2023, indicating a decrease of 30.9%[17] - The company has streamlined its workforce to 79 full-time employees as of mid-August 2024, down from 93 employees as of June 30, 2024, to reduce operational costs[29] - The company has implemented measures to control sales, administrative, and R&D costs, including prioritizing product lines and reducing employee costs[9] Market and Product Development - The number of identified patients for HaiRuiSi® increased to 822 as of June 30, 2024, up from 757 as of March 31, 2024, with commercial insurance plans covering a population of 526 million[1] - The number of identified patients for MaiRuiBei® reached 766 as of June 30, 2024, with commercial insurance plans expanded to 15 cities covering 149 million people[2] - The company has a product pipeline consisting of 12 active drug assets, including four marketed products and three late-stage clinical candidates[29] - The company has received regulatory approvals for multiple products, including CAN101 for MPS II in September 2020 and MaiRuiBei for ALGS in May 2023[30] - The company is investing in next-generation gene therapy technologies, including AAV sL65 capsid for treatments of Pompe disease and other rare diseases[31] Corporate Governance and Compliance - The audit committee reviewed the unaudited interim results for the six months ending June 30, 2024, and found them compliant with relevant accounting standards and regulations[72] - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[69] - The board of directors believes that having the same individual serve as both chairman and CEO facilitates effective execution of strategic initiatives[69] - The company has adopted a prudent financing and financial policy to maintain optimal financial conditions and minimize financial risks[61]

Financial Performance - CANbridge Pharmaceuticals reported a revenue of $XX million for the fiscal year 2023, representing a YY% increase compared to the previous year[8]. - Revenue increased by RMB 23.9 million or 30.3% from RMB 79.0 million in 2022 to RMB 102.9 million in 2023, primarily due to increased sales of HaiRuiSi® and MaiRuiBei®[19]. - Adjusted net loss decreased by approximately RMB 97.8 million or 21.4% from RMB 456.7 million in 2022 to RMB 358.9 million in 2023[19]. - Gross profit increased from RMB 48.9 million in 2022 to RMB 64.2 million in 2023, with a gross margin of 62.4% for 2023 compared to 61.9% in 2022[68]. - The company reported a revenue increase from RMB 79.0 million in 2022 to RMB 102.9 million in 2023, representing a growth of RMB 23.9 million or 30.3%[66]. Research and Development - The company is actively developing new products, with a pipeline that includes CC new drug candidates expected to enter clinical trials in the coming year[8]. - Investment in R&D has increased by FF%, with a total expenditure of $GG million aimed at advancing innovative therapies[8]. - R&D expenses decreased by RMB 54.0 million or 17.4% from RMB 311.2 million in 2022 to RMB 257.2 million in 2023, mainly due to reduced prepayments and milestone payments to partners, as well as lower testing and clinical trial costs[19]. - The company is investing in next-generation gene therapy technologies, including two gene therapy products for treating Pompe disease and Fabry disease[33]. - The company established an internal gene therapy R&D laboratory in Burlington, Massachusetts, to advance its gene therapy product line[58]. Product Development and Regulatory Approvals - CANbridge Pharmaceuticals has received regulatory approval for II new products, which are expected to launch in the market by the end of 2023[8]. - MaiRuiBei® received regulatory approval in multiple regions including mainland China, Hong Kong, and Taiwan, becoming the first and only approved treatment for ALGS cholestatic pruritus patients in these areas[21]. - CAN106, a novel long-acting recombinant monoclonal antibody, showed positive preliminary data in a Phase 1b study for PNH patients, indicating effective C5 blockade and good safety profile[22]. - The company has received regulatory approvals for its products, including CAN101 for MPS II in September 2020 and MaiRuiBei for ALGS in May 2023[30]. - In 2023, the company received marketing approval for Mairobate® in mainland China, Hong Kong, and Taiwan, becoming the first and only approved treatment for ALGS cholestatic pruritus patients in these regions[49]. Market Expansion and Strategy - The company is expanding its market presence, targeting DD new regions for distribution by the end of 2024[8]. - The company aims to lead the development of rare disease products in China while expanding treatment options globally, in response to favorable regulatory changes in the rare disease sector[25]. - The company has a strategic focus on expanding its market presence and enhancing its product pipeline in the rare disease sector[137]. - The global rare disease market is expected to grow to $383.3 billion by 2030, with a CAGR of 11.0% from 2020 to 2030[34]. - The Chinese rare disease drug market was approximately $1.3 billion in 2020, with an estimated CAGR of 34.5%, projected to reach $25.9 billion by 2030[35]. Financial Position and Capital Management - The total assets decreased from RMB 811.7 million in 2021 to RMB 209.9 million in 2023, while total liabilities increased from RMB 185.8 million in 2021 to RMB 327.9 million in 2023[16]. - Cash and bank balances decreased from RMB 463.1 million in 2022 to RMB 137.5 million in 2023, mainly due to net cash outflow from operations[82]. - The current ratio decreased to 64.0% as of December 31, 2023, compared to 181.6% as of December 31, 2022, primarily due to a decrease in cash and bank balances and an increase in trade payables[86]. - The debt-to-asset ratio increased to 7.7% as of December 31, 2023, compared to 5.4% as of December 31, 2022[87]. - Capital expenditures for the year ended December 31, 2023, amounted to RMB 38.7 million, primarily related to the purchase of property, plant, and equipment[93]. Corporate Governance and Management - The management team emphasized a commitment to sustainability and corporate governance, aligning with global best practices[8]. - The company is committed to maintaining high standards of corporate governance and independent oversight through its board committees[114][116]. - The company has a strong board with diverse expertise in finance, operations, and healthcare management[120][122]. - The company is focused on expanding its market presence and enhancing its product offerings through strategic leadership[120][122]. - The company emphasizes the importance of attracting, recruiting, and retaining quality employees to ensure sustainable development[144]. Employee and Workforce Management - The company streamlined its workforce to 100 dedicated full-time employees to ensure optimal efficiency and focus[20]. - The company has implemented ongoing training and development programs for employees to enhance their technical skills[144]. - The company has streamlined its workforce to 100 full-time employees, with over 70% having experience in multinational biopharmaceutical companies[29]. - The company has established a governance framework to ensure compliance with environmental regulations and standards[145]. - The company has implemented environmental, health, and safety policies across its operations, with no serious violations reported[145]. Equity Incentive Plans - The company adopted the pre-IPO equity incentive plan on July 25, 2019, with a maximum of 54,549,230 shares potentially involved and 55,708,000 stock options granted[97]. - As of December 31, 2023, 150,200 stock options were exercised, and 1,392,731 stock options were forfeited, leaving 38,986,855 stock options unexercised[97]. - The post-IPO restricted share unit plan was conditionally adopted on November 18, 2021, with a total number of shares not exceeding 5% of the issued share capital at the time of approval[99]. - The post-IPO stock option plan allows for a maximum of stock options not exceeding 10% of the issued share capital at the time of approval[101]. - The maximum number of shares involved in the pre-IPO equity incentive plan is 54,549,230 shares, with 150,200 shares exercised and 1,392,731 shares forfeited during the reporting period[184].