即时点评 PD-L1xVEGF 双抗临床疗效及安全性数据优秀 【事件】 宜明昂科-B（1541.HK） 2025-09-10 星期三 公司在 2025 年世界肺癌大会上公布 IMM2510 单药在晚期肺鳞状非小细 胞肺癌(sq-NSCLC)患者中的初步疗效与安全性数据，数据来源于 I 期临 床研究的剂量递增及队列扩展阶段。 【点评观点】 23 例入组患者中，常见的≥3 级治疗相关不良事件(TRAEs)包括血小板减 少(8.7%)、淋巴细胞减少(8.7%)和输注相关反应(8.7%)。 IMM2510 单药 治疗的安全性可控。 IMM2510 针对 IO 治疗失败后的肺鳞癌(SQ-NSCLC) III 期注册临床试验 申请将于近期提交。公司也在积极推进 IMM2510 联合化疗、联合 IMM27M、联合 IMM01、及联合 ADC 等药物在不同实体瘤适应症的临 床试验研究。在美国已经获批复发/难治性实体瘤的 IND 批件。 ➢ 管线丰富，均具备重磅产品潜质，BD 空间广阔 1. CD47CD20 双抗（IMM0306）Ib 期临床试验中，有 15 例可评估有效性 相关报告 深度报告-20250512 更新报告-2 ...

Core Viewpoint - The stock of Yiming Anke-B (01541) has surged over 10%, currently up 13.82% at HKD 14, with a trading volume of HKD 82.2247 million, following the release of its interim results for the six months ending June 30, 2025, which showed significant revenue growth and promising clinical trial developments [1] Financial Performance - The company reported a revenue of RMB 38.027 million for the interim period, representing a year-on-year increase of 49,285.71% [1] - Research and development expenses amounted to RMB 168 million, reflecting a year-on-year increase of 41.05% [1] Strategic Developments - The revenue increase is primarily attributed to recent payments received from a licensing and collaboration agreement with Axion Bio, Inc. [1] - Pacific Securities has published a report indicating that the company has achieved preliminary safety and efficacy data from its Phase II clinical trial of IMM2510 in combination with chemotherapy for NSCLC patients [1] - The company is planning to initiate a Phase III clinical trial and a Phase I clinical trial for IMM2510 as a monotherapy for recurrent/refractory solid tumors in the United States, expected to start in the second half of 2025 [1] Future Projections - Revenue forecasts for the company are projected to be RMB 151 million, RMB 139 million, and RMB 675 million for the years 2025, 2026, and 2027, respectively [1] - The valuation of the core pipeline is expected to further increase, with a maintained "buy" rating from analysts [1]

Core Viewpoint - Yiming Anke-B (01541) experienced a significant stock increase of over 10%, closing at 14 HKD with a trading volume of 82.2247 million HKD, following the release of its interim results for the six months ending June 30, 2025, which showed a remarkable revenue increase of 49,285.71% year-on-year [1] Financial Performance - The company reported a revenue of 38.027 million RMB for the interim period, marking a substantial increase compared to the previous year [1] - Research and development expenses amounted to 168 million RMB, reflecting a year-on-year increase of 41.05% [1] Strategic Developments - The revenue growth is primarily attributed to recent payments received from a licensing and collaboration agreement with Axion Bio, Inc. [1] - Pacific Securities highlighted that the company has achieved preliminary safety and efficacy data from its Phase II clinical trial of IMM2510 for first-line treatment of NSCLC patients in China, with plans to initiate a Phase III clinical trial [1] Future Outlook - The company is set to launch a Phase I clinical trial for IMM2510 as a monotherapy for recurrent/refractory solid tumors in the United States in the second half of 2025 [1] - Projected revenues for the company from 2025 to 2027 are estimated at 151 million RMB, 139 million RMB, and 675 million RMB respectively, indicating a positive growth trajectory [1] - The valuation of the core pipeline is expected to further increase, with a maintained "buy" rating from analysts [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 宜明昂科生物醫藥技術（上海）股份有限公司（於中華人民共和國註冊成立的股份有限公司） 呈交日期: 2025年9月4日 I. 法定/註冊股本變動 FF301 FF301 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01541 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 396,277,305 | RMB | | 1 RMB | | 396,277,305 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 396,277,305 | RMB | | 1 RMB | | 39 ...

Group 1 - The Hong Kong biotechnology stocks experienced a collective decline, with notable drops in several companies [1] - WuXi AppTec (02126) saw a decrease of 12.95%, closing at 4.840 [2] - BioNTech (06952) fell by 12.53%, with a latest price of 13.750 [2] Group 2 - Other companies such as Valiant (09887) and Beihai Kangcheng (01228) also reported significant declines of 9.93% and 9.75% respectively [2] - The decline extended to companies like Saint Noble (02257) and MIRXES (02629), which dropped by 9.64% and 8.43% [2] - Overall, the biotechnology sector is facing downward pressure, impacting multiple firms [1]

格隆汇8月26日丨宜明昂科-B(01541.HK)公布中期业绩，截至2025年6月30日止六个月，收入为人民币 3800万元，较截至2024年6月30日止六个月的人民币10万元增加人民币3790万元，主要归因于根据公司 与Axion Bio, Inc.达成的授权及合作协议收取近期付款。 研发开支由截至2024年6月30日止六个月的人民币1.191亿元增加41.0%至截至2025年6月30日止六个月的 人民币1.68亿元，主要归因于(i)临床前及CMC开支增加人民币4340万元(主要由于临床试验使用的 IMM01、IMM2510及IMM0306的生产及CDMO开支增加)；(ii)临床试验开支增加人民币830万元(主要由 于IMM01及IMM2510的持续临床开发)；及(iii)薪金及相关福利费用因公司的临床团队不断扩大而增加 人民币490万元，与公司持续推进及扩大药物管线的研发工作相符合；部分被以股份为基础的付款减少 人民币670万元(由于截至2025年6月30日止六个月已归属的受限制股份数目减少)所抵销。 ...

公告称，收入增加主要归因于集团根据公司与Axion Bio,Inc.达成的授权及合作协议收取近期付款。 宜明昂科-B(01541)发布截至2025年6月30日止六个月中期业绩，收入3802.7万元(人民币，下同)，同比 增加49285.71%;研发开支1.68亿元，同比增加41.05%。 研发开支增加主要归因于(i)临床前及CMC开支增加4340万元(主要由于临床试验使用的IMM01、 IMM2510及IMM0306的生产及CDMO开支增加);(ii)临床试验开支增加830万元(主要由于IMM01及 IMM2510的持续临床开发);及(iii)薪金及相关福利费用因集团的临床团队不断扩大而增加490万元，与集 团持续推进及扩大药物管线的研发工作相符合;部分被以股份为基础的付款减少670万元(由于截至2025 年6月30日止六个月已归属的受限制股份数目减少)所抵销。 ...

研发开支增加主要归因于(i)临床前及CMC开支增加4340万元(主要由于临床试验使用的IMM01、 IMM2510及IMM0306的生产及CDMO开支增加);(ii)临床试验开支增加830万元(主要由于IMM01及 IMM2510的持续临床开发);及(iii)薪金及相关福利费用因集团的临床团队不断扩大而增加490万元，与集 团持续推进及扩大药物管线的研发工作相符合;部分被以股份为基础的付款减少670万元(由于截至2025 年6月30日止六个月已归属的受限制股份数目减少)所抵销。 智通财经APP讯，宜明昂科-B(01541)发布截至2025年6月30日止六个月中期业绩，收入3802.7万元(人民 币，下同)，同比增加49285.71%;研发开支1.68亿元，同比增加41.05%。 公告称，收入增加主要归因于集团根据公司与Axion Bio, Inc.达成的授权及合作协议收取近期付款。 ...

Company Overview [Company Profile](index=8&type=section&id=Company%20Profile) IMAB Biopharma (Shanghai) Co., Ltd. is a research-driven biotech company focused on innovative immuno-oncology therapies, systematically leveraging both innate and adaptive immune systems with a rich pipeline of over ten innovative drug candidates and 12 clinical programs - Established in 2015, the company is one of the few biotech firms globally capable of systematically leveraging both innate and adaptive immune systems[14](index=14&type=chunk) - The company has designed over ten innovative drug candidates and has 12 ongoing clinical programs[14](index=14&type=chunk) [Product Pipeline Overview](index=8&type=section&id=Product%20Pipeline%20Overview) The company's product pipeline covers innate, innate and adaptive, and adaptive immune targets, with core products like IMM01, IMM2510, and IMM0306 advancing to late-stage clinical trials, showing significant progress in oncology, autoimmune, metabolic, and cardiovascular diseases Overview of Key Candidate Drug Development Status (As of the Announcement Date) | Project | Target (Structure) | Indication | Current Status / Upcoming Milestones | | :--- | :--- | :--- | :--- | | IMM01 (Tidapicic) | CD47 | MDS | May 2024, CDE Phase III Approval | | IMM01 (Tidapicic) | CD47 | First-line CMML | June 2024, CDE Phase III Approval; November FPI | | IMM01 + Tislelizumab | CD47+PD-1 | cHL | April 2024, CDE Phase III Approval; July FPI | | IMM2510 (Perverafusp alfa) | VEGFxPD-L1 (Bispecific) | First-line NSCLC | November 2023, IND Approval in China; December 2024 FPI | | IMM0306 (Amurefusp alfa) | CD47xCD20 (Bispecific) | R/R FL and MZL | December 2024, FL Cohort LPI | | IMM0306 (Amurefusp alfa) | CD47xCD20 | Systemic Lupus Erythematosus | October 2024 FPI; July 2025, Completion of First and Second Dose Cohort Enrollment | | IMC-003 (IMM72) | ActRIIA | PAH, Undisclosed | June 2025, IND Approval in China; August 2025 FPI | - All clinical and IND-stage drug candidates are classified as Class 1 new drugs[17](index=17&type=chunk) [Business Development](index=6&type=section&id=Business%20Development) The licensing and collaboration agreement with Axion Bio, a subsidiary of Instil Bio, Inc., continues to advance, with cumulative payments of **$30 million** received to date, including a recent **$5 million** second upfront payment and a **$10 million** milestone payment - The company received **$5 million** and **$10 million** payments from Axion Bio on May 7, 2025, and July 30, 2025, respectively[11](index=11&type=chunk)[45](index=45&type=chunk) - As of the announcement date, total payments received under the licensing and collaboration agreement with Axion Bio have reached **$30 million**[11](index=11&type=chunk)[45](index=45&type=chunk) Product R&D Progress [Core Product: IMM01 (Tidapicic) (SIRPα-Fc Fusion Protein)](index=2&type=section&id=Core%20Product%3A%20IMM01%20(Tidapicic)) IMM01, a core product, is China's first SIRPα-Fc fusion protein in clinical development, featuring a dual mechanism of action that avoids red blood cell binding, demonstrating good safety and encouraging anti-tumor activity, with multiple oncology indications in Phase II/III trials and non-oncology indications actively explored - IMM01 is China's first SIRPα-Fc fusion protein in clinical development, dually activating macrophages by interfering with CD47/SIRPα interaction and activating Fcγ receptors[18](index=18&type=chunk) - IMM01's modified CD47 binding domain avoids binding to human red blood cells, demonstrating good safety[18](index=18&type=chunk) [Oncology Indications](index=2&type=section&id=IMM01_Oncology%20Indications) [MDS (Myelodysplastic Syndromes)](index=2&type=section&id=IMM01_MDS) - The Phase II clinical trial of IMM01 combined with azacitidine as first-line treatment for higher-risk MDS patients met its primary endpoint, with an **ORR of 64.7%** and a **CR rate of 33.3%**[5](index=5&type=chunk)[19](index=19&type=chunk) - Efficacy improved with extended treatment, achieving an **ORR of 89.7%** and a **CR rate of 58.6%** in patients treated for ≥6 months[19](index=19&type=chunk) - The Phase III study of IMM01 combined with azacitidine for newly diagnosed higher-risk MDS patients has been approved by the NMPA[6](index=6&type=chunk)[22](index=22&type=chunk) [CMML (Chronic Myelomonocytic Leukemia)](index=2&type=section&id=IMM01_CMML) - The Phase II clinical trial of IMM01 combined with azacitidine as first-line treatment for CMML met its primary endpoint, with an **ORR of 72.7%** and a **CR rate of 27.3%**[5](index=5&type=chunk)[23](index=23&type=chunk) - Median PFS was **17.8 months**, with a **12-month PFS rate of 59.0%**[5](index=5&type=chunk)[23](index=23&type=chunk) - IMM01 combined with azacitidine for CMML has received Orphan Drug Designation from the FDA and NMPA approval for a Phase III study[6](index=6&type=chunk)[28](index=28&type=chunk) [cHL (Classical Hodgkin Lymphoma)](index=3&type=section&id=IMM01_cHL) - The Phase II clinical trial of IMM01 combined with tislelizumab for R/R cHL showed an **ORR of 69.7%** and a **CR rate of 24.2%**[6](index=6&type=chunk)[31](index=31&type=chunk) - Median DoR was **21.2 months**, median PFS was **14.7 months**, and the **18-month OS rate was 91.6%**[6](index=6&type=chunk)[31](index=31&type=chunk) - The Phase III clinical trial protocol for IMM01 combined with tislelizumab in PD-(L)1 antibody-refractory cHL patients has been approved by the NMPA, with the first patient dosed[6](index=6&type=chunk)[33](index=33&type=chunk) [Non-Oncology Indications (Atherosclerosis)](index=6&type=section&id=IMM01_Non-Oncology%20Indications_Atherosclerosis) - IND preparation for IMM01 in atherosclerosis is underway, with potential to block the CD47/SIRPα signaling pathway and induce macrophage-mediated plaque phagocytosis[12](index=12&type=chunk)[33](index=33&type=chunk) [Other Oncology Products](index=4&type=section&id=Other%20Oncology%20Products) The company's other oncology products show clinical development progress, including positive data for bispecific molecule IMM2510 in NSCLC and TNBC, good tolerability for next-generation CTLA-4 antibody IMM27M, and strong efficacy for CD47 and CD20 bispecific molecule IMM0306 in R/R FL and MZL [IMM2510 (Perverafusp alfa) (VEGF×PD-L1)](index=4&type=section&id=IMM2510%20(Perverafusp%20alfa)) - The IMM2510 monotherapy Phase Ib/II clinical trial has enrolled **150 patients**, including **34 NSCLC patients**, with data to be presented at WCLC 2025[7](index=7&type=chunk)[35](index=35&type=chunk) - In the Phase II study of IMM2510 combined with chemotherapy as first-line NSCLC treatment, **ORR was 61.9%** in **21 evaluable patients**, reaching **80.0%** in squamous NSCLC patients[7](index=7&type=chunk)[35](index=35&type=chunk) - The Phase Ib/II study of IMM2510 combined with IMM27M for advanced solid tumors was initiated in July 2024[7](index=7&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk) [IMM27M (Taizesubai Monoclonal Antibody) (CTLA-4 ADCC Enhanced Monoclonal Antibody)](index=17&type=section&id=IMM27M%20(Taizesubai%20Monoclonal%20Antibody)) - The IMM27M Phase I dose-escalation study has completed patient enrollment, with preliminary data showing good safety and tolerability, and **2 confirmed PRs** observed[37](index=37&type=chunk) - The cohort expansion study for hormone receptor-positive (HR+) and HER2-negative metastatic breast cancer was initiated in September 2024[37](index=37&type=chunk) [IMM0306 (Amurefusp alfa) (CD47×CD20) (Oncology Indications)](index=4&type=section&id=IMM0306%20(Amurefusp%20alfa)_Oncology%20Indications) - The Phase Ib trial of IMM0306 combined with lenalidomide for R/R FL and MZL showed good tolerability and strong preliminary anti-tumor activity[7](index=7&type=chunk)[39](index=39&type=chunk) - In the Phase IIa dose expansion clinical trial for R/R CD20-positive follicular lymphoma patients, **ORR was 88.2%** and **CRR was 52.9%**, with strong efficacy maintained as sample size increased[9](index=9&type=chunk)[39](index=39&type=chunk) [IMM2520 (CD47×PD-L1)](index=5&type=section&id=IMM2520%20(CD47%C3%97PD-L1)) - IMM2520 is a CD47 and PD-L1 dual-targeting bispecific molecule for solid tumors, with **26 patients** enrolled and dosed[9](index=9&type=chunk)[42](index=42&type=chunk) - Its unique structure avoids red blood cell binding and activates macrophages via an ADCC-enhanced IgG1 Fc fragment, inducing enhanced ADCP and ADCC activity[42](index=42&type=chunk) [Non-Oncology Products](index=5&type=section&id=Non-Oncology%20Products) The company has made significant progress in non-oncology therapeutics, including positive clinical data for IMM0306 in autoimmune diseases (SLE, NMOSD, LN), and IND preparation and early research for several metabolic and cardiovascular disease products (IMM72, IMM7220, IMM91) [Autoimmune Disease Products (IMM0306)](index=5&type=section&id=Autoimmune%20Disease%20Products%20(IMM0306)) - In the IMM0306 SLE Phase Ib trial, the proportion of patients with a SLEDAI-2000 score reduction of ≥4 points reached **85.7%** in the 0.8 mg/kg group and **87.5%** in the 1.2 mg/kg group, with good tolerability[9](index=9&type=chunk)[43](index=43&type=chunk) - The NMOSD Phase Ib trial has dosed its first patient, with enrollment for all three dose cohorts expected to be completed by August 2025[9](index=9&type=chunk)[43](index=43&type=chunk) - The Lupus Nephritis (LN) Phase II trial has received IND approval, and an IND application for IMM0306 subcutaneous formulation is planned for submission in the second half of 2025[9](index=9&type=chunk)[43](index=43&type=chunk) [Metabolic and Cardiovascular Disease Products](index=6&type=section&id=Metabolic%20and%20Cardiovascular%20Disease%20Products) - IMM72/IMC-003 received IND approval in June 2025 and initiated healthy volunteer enrollment in August[12](index=12&type=chunk)[43](index=43&type=chunk) - IMM7220/IMC-010 (GLP-1 x ActRIIA bispecific molecule) is undergoing in vivo efficacy studies, showing potential for treating obesity and promoting muscle growth[12](index=12&type=chunk)[43](index=43&type=chunk) - IMM91/IMC-011 (anti-pro/latent growth differentiation factor 8 (GDF8) antibody) is advancing IND preparation, with in vitro and in vivo studies indicating potential for muscle growth promotion[12](index=12&type=chunk)[47](index=47&type=chunk) [Other Non-Oncology Products (IMM67)](index=21&type=section&id=Other%20Non-Oncology%20Products%20(IMM67)) - IMM67 (recombinant human hyaluronidase) has completed registration as a pharmaceutical excipient, aiming to overcome volume limitations for subcutaneous injections[47](index=47&type=chunk) Financial Performance [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's revenue significantly increased to **RMB 38.0 million**, primarily driven by collaboration payments, and despite increased R&D expenses, the loss for the period narrowed to **RMB 152.7 million** due to reduced impairment losses on property and equipment Summary of Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | Six Months Ended June 30, 2025 (RMB in thousands) | Six Months Ended June 30, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Revenue | 38,027 | 77 | | Other income | 9,693 | 4,277 | | Net other gains and losses | (2,699) | (19,487) | | Research and development expenses | (168,044) | (119,138) | | Administrative expenses | (27,257) | (30,063) | | Finance costs | (2,445) | (1,426) | | Loss before tax | (152,725) | (165,760) | | Loss for the period | (152,725) | (165,760) | | Loss per share (RMB yuan) | (0.37) | (0.44) | [Revenue](index=7&type=section&id=Revenue) - For the six months ended June 30, 2025, revenue was **RMB 38.0 million**, a significant increase of **RMB 37.9 million** from **RMB 0.1 million** in the same period of 2024[13](index=13&type=chunk)[48](index=48&type=chunk) - The revenue increase was primarily attributable to upfront payments received under the licensing and collaboration agreement with Axion Bio, Inc[13](index=13&type=chunk)[48](index=48&type=chunk) [Other Income](index=22&type=section&id=Other%20Income) - Other income increased from **RMB 4.3 million** in the same period of 2024 to **RMB 9.7 million** in 2025, mainly due to a **RMB 5.3 million** increase in government grants[49](index=49&type=chunk) [Net Other Gains and Losses](index=23&type=section&id=Net%20Other%20Gains%20and%20Losses) - Net other gains and losses shifted from a **RMB 19.5 million** loss in the same period of 2024 to a **RMB 2.7 million** loss in 2025, primarily due to a **RMB 27.4 million** reduction in impairment losses on property and equipment[51](index=51&type=chunk) - Partially offset by a **RMB 6.9 million** decrease in fair value changes of financial assets measured at fair value through profit or loss, mainly due to the depreciation of HKD against RMB[51](index=51&type=chunk) [Research and Development Expenses](index=7&type=section&id=Research%20and%20Development%20Expenses) - Research and development expenses increased by **41.0%** from **RMB 119.1 million** in the same period of 2024 to **RMB 168.0 million** in 2025[13](index=13&type=chunk)[53](index=53&type=chunk) - Primarily attributable to a **RMB 43.4 million** increase in preclinical and CMC expenses (increased production and CDMO expenses for IMM01, IMM2510, and IMM0306), a **RMB 8.3 million** increase in clinical trial expenses, and a **RMB 4.9 million** increase in salaries and related benefits[13](index=13&type=chunk)[53](index=53&type=chunk) - Partially offset by a **RMB 6.7 million** decrease in share-based payments[53](index=53&type=chunk) [Administrative Expenses](index=25&type=section&id=Administrative%20Expenses) - Administrative expenses decreased by **9.3%** from **RMB 30.1 million** in the same period of 2024 to **RMB 27.3 million** in 2025, primarily due to a reduction in non-cash share-based payments[54](index=54&type=chunk) [Finance Costs](index=25&type=section&id=Finance%20Costs) - Finance costs increased from **RMB 1.4 million** in the same period of 2024 to **RMB 2.4 million** in 2025, primarily due to increased interest on borrowings[55](index=55&type=chunk) [Income Tax Expense](index=25&type=section&id=Income%20Tax%20Expense) - The company incurred no income tax expense for the six months ended June 30, 2025, and 2024[56](index=56&type=chunk) [Loss for the Period](index=25&type=section&id=Loss%20for%20the%20Period) - The Group's loss for the period decreased from **RMB 165.8 million** in the same period of 2024 to **RMB 152.7 million** in 2025[57](index=57&type=chunk) [Loss Per Share](index=38&type=section&id=Loss%20Per%20Share) - For the six months ended June 30, 2025, basic and diluted loss per share was **RMB 0.37**, a narrowing from **RMB 0.44** in the same period of 2024[94](index=94&type=chunk) [Condensed Consolidated Statement of Financial Position](index=39&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets less current liabilities were **RMB 553.2 million**, a decrease from December 31, 2024, with net current assets at **RMB 507.7 million** and total equity at **RMB 533.9 million** Summary of Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (RMB in thousands) | December 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Non-current assets | 45,500 | 54,058 | | Current assets | 725,744 | 867,938 | | Current liabilities | 218,023 | 214,642 | | Net current assets | 507,721 | 653,296 | | Total assets less current liabilities | 553,221 | 707,354 | | Non-current liabilities | 19,340 | 29,049 | | Total equity | 533,881 | 678,305 | [Assets](index=39&type=section&id=Assets) - As of June 30, 2025, cash and cash equivalents were **RMB 405.4 million**, and financial assets measured at fair value through profit or loss were **RMB 298.3 million**[95](index=95&type=chunk) - Total current assets were **RMB 725.7 million**, a decrease from **RMB 867.9 million** as of December 31, 2024, primarily due to a reduction in assets classified as held for sale[95](index=95&type=chunk) [Liabilities](index=39&type=section&id=Liabilities) - As of June 30, 2025, current liabilities were **RMB 218.0 million**, including trade and other payables of **RMB 52.7 million** and borrowings of **RMB 128.0 million**[95](index=95&type=chunk) [Equity](index=39&type=section&id=Equity) - As of June 30, 2025, equity attributable to owners of the company was **RMB 534.6 million**, a decrease from **RMB 678.9 million** as of December 31, 2024[95](index=95&type=chunk) [Non-IFRS Measures](index=25&type=section&id=Non-IFRS%20Measures) The company uses adjusted net loss as a non-IFRS measure to provide a clearer comparison of operating performance, with an adjusted loss of **RMB 144.4 million** for the six months ended June 30, 2025, an increase from **RMB 120.7 million** in the same period of 2024 - Non-IFRS measures exclude the impact of share-based payments and impairment losses on property and equipment[58](index=58&type=chunk) Adjusted Loss for the Period | Metric | Six Months Ended June 30, 2025 (RMB in thousands) | Six Months Ended June 30, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Loss for the period | (152,725) | (165,760) | | Add: Share-based payment expenses | 8,302 | 17,701 | | Add: Impairment losses on property and equipment | — | 27,398 | | Adjusted loss for the period | (144,423) | (120,661) | Capital and Liquidity [Significant Acquisitions and Disposals](index=26&type=section&id=Significant%20Acquisitions%20and%20Disposals) On December 30, 2024, the company signed an agreement to dispose of 100% equity in Shanghai Zhangtou Yaoxin Technology Development Co., Ltd. for a maximum of **RMB 98.2 million**, with the transaction completed on February 21, 2025, ceasing to hold equity in the target company - The company disposed of 100% equity in Shanghai Zhangtou Yaoxin Technology Development Co., Ltd. for a maximum consideration of **RMB 98,188,983.55**[61](index=61&type=chunk) - As of the announcement date, the company has received the first two installments totaling **RMB 66,178,983.55**, and the target company is no longer a subsidiary of the company[61](index=61&type=chunk) [Capital Structure, Liquidity and Financial Resources](index=26&type=section&id=Capital%20Structure%2C%20Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the company's cash and cash equivalents combined with financial assets at fair value through profit or loss totaled **RMB 703.7 million**, a decrease from year-end 2024, primarily due to cash outflows from operations and R&D activities, with increased net cash used in operating activities, increased net cash from investing activities, and decreased net cash from financing activities - As of June 30, 2025, cash and cash equivalents combined with financial assets measured at fair value through profit or loss totaled **RMB 703.7 million**, a decrease from **RMB 752.1 million** as of December 31, 2024[62](index=62&type=chunk) - Net cash used in operating activities amounted to **RMB 131.1 million**, an increase of **RMB 8.1 million** from the same period in 2024[63](index=63&type=chunk) - Net cash from investing activities was **RMB 45.2 million**, and net cash from financing activities was **RMB 16.1 million**, a decrease from the same period in 2024[63](index=63&type=chunk)[64](index=64&type=chunk) - The company has unutilized bank loan facilities of approximately **RMB 90 million** and manages surplus cash through investments in time deposits and wealth management products[65](index=65&type=chunk) [Gearing Ratio](index=27&type=section&id=Gearing%20Ratio) As of June 30, 2025, the Group's gearing ratio was **30.8%**, an increase of **4.4%** from **26.4%** as of December 31, 2024, primarily due to a decrease in total assets - As of June 30, 2025, the gearing ratio was **30.8%**, an increase of **4.4%** from **26.4%** as of December 31, 2024[66](index=66&type=chunk) - The increase in the ratio was primarily due to a decrease in assets classified as held for sale and cash and cash equivalents, leading to a reduction in total assets[66](index=66&type=chunk) [Indebtedness](index=28&type=section&id=Indebtedness) As of June 30, 2025, the company's unsecured bank borrowings increased to **RMB 137.0 million**, all bearing fixed interest rates, while lease liabilities decreased - As of June 30, 2025, unsecured bank borrowings were **RMB 137.0 million**, an increase from **RMB 115.4 million** as of December 31, 2024[67](index=67&type=chunk) - All bank borrowings bear fixed interest rates ranging from **2.8% to 3.6%**[67](index=67&type=chunk) - Lease liabilities decreased from **RMB 21.0 million** as of December 31, 2024, to **RMB 16.7 million** as of June 30, 2025[67](index=67&type=chunk) [Capital Commitments](index=28&type=section&id=Capital%20Commitments) As of June 30, 2025, the company's contracted but unprovided capital commitments amounted to **RMB 0.4 million**, primarily for the purchase of property and equipment - As of June 30, 2025, capital commitments were **RMB 0.4 million**, compared to none as of December 31, 2024[68](index=68&type=chunk) [Contingent Liabilities and Charges on Assets](index=28&type=section&id=Contingent%20Liabilities%20and%20Charges%20on%20Assets) As of June 30, 2025, the Group had no contingent liabilities or charges on assets - As of June 30, 2025, the Group had no contingent liabilities[69](index=69&type=chunk) - As of June 30, 2025, the Group had no charged assets[70](index=70&type=chunk) [Foreign Exchange Risk](index=28&type=section&id=Foreign%20Exchange%20Risk) The company faces foreign exchange risk on certain financial assets and liabilities, but the Board expects currency fluctuations will not materially impact business operations, and currently has no foreign currency hedging policy - Certain financial assets and liabilities of the Group are denominated in foreign currencies of the relevant group entities, exposing them to foreign exchange risk[71](index=71&type=chunk) - The Board expects that fluctuations in RMB exchange rates and other foreign currencies will not have a material impact on the Group's business operations[71](index=71&type=chunk) - The company currently has no foreign currency hedging policy and has not entered into any hedging transactions[71](index=71&type=chunk) [Significant Investments Held and Future Plans](index=28&type=section&id=Significant%20Investments%20Held%20and%20Future%20Plans) The company holds three redeemable structured note wealth management products with a total fair value of approximately **RMB 275 million** as of June 30, 2025, exceeding 5% of total assets, but recorded fair value losses due to HKD depreciation against RMB, and currently has no detailed future plans for significant investments or capital assets - The company holds three redeemable structured note wealth management products, with fair values of **RMB 47.8 million**, **RMB 40.5 million**, and **RMB 187.0 million**, respectively, as of June 30, 2025[72](index=72&type=chunk)[73](index=73&type=chunk) - The wealth management products recorded fair value change losses, primarily due to the depreciation of HKD against RMB[72](index=72&type=chunk) - As of June 30, 2025, the Group had no detailed future plans regarding significant investments or capital assets[74](index=74&type=chunk) Corporate Governance and Equity Matters [Employees and Remuneration Policy](index=29&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the company had **195 employees**, with total remuneration costs of **RMB 58.6 million**, a slight decrease from the prior year due to reduced non-cash share-based payments, offering competitive compensation, bonuses, and share-based payments, along with employee incentive plans and continuous training - As of June 30, 2025, the Group had a total of **195 employees**[75](index=75&type=chunk) - For the six months ended June 30, 2025, total remuneration costs were **RMB 58.6 million**, a decrease from **RMB 60.8 million** in the same period of 2024, primarily due to reduced non-cash share-based payments[75](index=75&type=chunk) - The company offers competitive salaries, bonuses, and share-based remuneration, and has adopted employee incentive plans[75](index=75&type=chunk) [Corporate Governance](index=30&type=section&id=Corporate%20Governance) The company is committed to maintaining high corporate governance standards and complies with the Corporate Governance Code, though the Chairman and CEO roles are combined, which the Board believes benefits strategic planning and execution efficiency, and the Nomination Committee membership has been changed to enhance efficiency and diversity - During the reporting period, the company complied with all applicable code provisions of the Corporate Governance Code, except for the combined roles of Chairman and Chief Executive Officer held by Dr. Tian Wenzhi[77](index=77&type=chunk) - The Board believes that combining these roles ensures leadership consistency, strategic planning and execution efficiency, and facilitates information exchange between management and the Board[77](index=77&type=chunk) - The Nomination Committee membership has been changed, adding two non-executive directors and independent non-executive directors to enhance efficiency and diversity[78](index=78&type=chunk) [H-share Full Circulation](index=31&type=section&id=H-share%20Full%20Circulation) The company has completed the full circulation of **14,114,006** unlisted shares converted into H-shares, which commenced listing and trading on the Stock Exchange on May 15, 2025 - The company received a filing notice from the China Securities Regulatory Commission regarding the conversion of **14,114,006** unlisted shares into H-shares[81](index=81&type=chunk) - These converted H-shares commenced listing on the Stock Exchange at 9:00 a.m. on May 15, 2025[81](index=81&type=chunk) [Use of Proceeds from Global Offering](index=32&type=section&id=Use%20of%20Proceeds%20from%20Global%20Offering) The company's net proceeds from the global offering were approximately **HKD 251.3 million**, with allocation adjusted after shareholder approval; as of June 30, 2025, **HKD 206.4 million** has been utilized, and the remaining **HKD 44.9 million** is planned for use by the end of 2026, primarily for clinical development and commercialization of core product IMM01 and other products - Net proceeds from the global offering were approximately **HKD 251.3 million**[82](index=82&type=chunk) - The use of proceeds was adjusted and approved by shareholders on May 28, 2025[82](index=82&type=chunk) Use of Proceeds from Global Offering (As of June 30, 2025) | Intended Use | Revised Net Proceeds Allocation (HKD in millions) | Amount Utilized for the Period Ended June 30, 2025 (HKD in millions) | Unutilized Net Proceeds Balance as of June 30, 2025 (HKD in millions) | | :--- | :--- | :--- | :--- | | Funding for core product IMM01 | 115.5 | 21.7 | 22.5 | | Funding for IMM0306, IMM2902, and IMM2520 | 81.5 | 0.0 | 16.0 | | For planned clinical trials of IMM47 | 10.1 | 0.0 | 0.0 | | For ongoing clinical trials of IMM2510 and IMM27M | 12.6 | 0.0 | 0.0 | | For construction of new production facilities | 0.0 | 0.0 | 0.0 | | For R&D of multiple preclinical and discovery-stage assets | 12.6 | 0.0 | 0.0 | | For working capital and general corporate purposes | 19.0 | 0.0 | 6.4 | | **Total** | **251.3** | **21.7** | **44.9** | [Use of Proceeds from Placing](index=35&type=section&id=Use%20of%20Proceeds%20from%20Placing) The company's net proceeds from the placing were approximately **HKD 229.7 million**, primarily allocated to clinical research for IMM2510 combined with chemotherapy, IMM2510 combined with IMM27M, and IMM01 combination therapies, as well as supplementing working capital; as of June 30, 2025, **HKD 48.1 million** has been utilized, with the remaining **HKD 179.8 million** planned for use by mid-2027 - Net proceeds from the placing were approximately **HKD 229.7 million**[86](index=86&type=chunk) Use of Proceeds from Placing (As of June 30, 2025) | Intended Use | Allocated Net Proceeds (HKD in millions) | Amount Utilized for the Period Ended June 30, 2025 (HKD in millions) | Unutilized Amount as of June 30, 2025 (HKD in millions) | | :--- | :--- | :--- | :--- | | Funding for clinical research of IMM2510 combined with chemotherapy as first-line treatment for NSCLC, TNBC, and other solid tumors | 68.9 | 15.7 | 52.2 | | Funding for clinical research of IMM2510 combined with IMM27M for advanced solid tumors | 68.9 | 3.9 | 64.2 | | Funding for pivotal clinical research of IMM01 combined with azacitidine and IMM01 combined with tislelizumab | 23.0 | 14.6 | 8.4 | | Supplementing the company's working capital and for general corporate purposes | 68.9 | 13.9 | 55.0 | | **Total** | **229.7** | **48.1** | **179.8** | - The company plans to utilize the unutilized net proceeds balance from the placing by mid-2027[87](index=87&type=chunk) [Audit Committee](index=36&type=section&id=Audit%20Committee) The Audit Committee, comprising one non-executive director and two independent non-executive directors, reviewed the company's interim financial results for the six months ended June 30, 2025, and discussed financial reporting matters - The Audit Committee comprises Mr. Yang Zhida (Chairman), Dr. Xu Cong, and Dr. Zhu Zhenping[88](index=88&type=chunk) - The Audit Committee has reviewed the company's interim financial results for the six months ended June 30, 2025[88](index=88&type=chunk) [Material Events After Reporting Period](index=37&type=section&id=Material%20Events%20After%20Reporting%20Period) Except for matters disclosed in this announcement, there were no other material events after the end of the reporting period as of the announcement date - Save as disclosed in this announcement, there were no other material events after the end of the reporting period[89](index=89&type=chunk) [Transactions in Listed Securities and Dividends](index=37&type=section&id=Transactions%20in%20Listed%20Securities%20and%20Dividends) During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities, nor did they hold any treasury shares; the Board resolved not to declare an interim dividend for the six months ended June 30, 2025 - During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[90](index=90&type=chunk) - As of June 30, 2025, the company did not hold any treasury shares[90](index=90&type=chunk) - The Board has resolved not to recommend the payment of an interim dividend for the six months ended June 30, 2025[91](index=91&type=chunk) Future Outlook [Future and Outlook](index=21&type=section&id=Future%20and%20Outlook) The company anticipates continued candidate drug development and clinical application expansion in H2 2025, with plans to grow its international presence, rapidly advance clinical research in China, and leverage Chinese data to accelerate global clinical progress, while continuing to screen and evaluate other innate immune checkpoints to enrich its pipeline - The company will continue to advance candidate drug development, expand its clinical applications, and plans to broaden its international footprint[46](index=46&type=chunk) - It is expected to rapidly advance clinical research in China and potentially leverage Chinese data to accelerate clinical progress in other markets, saving time and costs in global clinical development[46](index=46&type=chunk) - The company will continue to screen and evaluate other innate immune checkpoints to enrich its pipeline with innovative therapies[46](index=46&type=chunk) Notes to Financial Statements [General Information and Basis of Preparation](index=40&type=section&id=General%20Information%20and%20Basis%20of%20Preparation) IMAB Biopharma (Shanghai) Co., Ltd. was established in China in 2015, restructured as a joint stock company in 2022, and listed on the HKEX in September 2023; the condensed consolidated financial statements are presented in RMB, prepared in accordance with IAS 34 and the Listing Rules, and adopt the going concern basis of accounting - The company was incorporated in China on June 18, 2015, restructured as a joint stock company on June 14, 2022, and listed on the Main Board of the Stock Exchange of Hong Kong on September 5, 2023[96](index=96&type=chunk) - The condensed consolidated financial statements are presented in RMB, prepared in accordance with IAS 34 and the applicable disclosure requirements of the Listing Rules, and adopt the going concern basis of accounting[98](index=98&type=chunk) [Principal Accounting Policies](index=41&type=section&id=Principal%20Accounting%20Policies) The condensed consolidated financial statements are prepared on a historical cost basis and first applied IAS 21 (Amendments) 'Lack of Exchangeability' issued by the IASB during this interim period, which had no significant impact on the financial position and performance for the current and prior periods - The condensed consolidated financial statements are prepared on a historical cost basis, except for certain financial instruments measured at fair value[99](index=99&type=chunk) - IAS 21 (Amendments) 'Lack of Exchangeability' was first applied during this interim period but had no significant impact on the financial position and performance[100](index=100&type=chunk) [Revenue and Segment Information](index=42&type=section&id=Revenue%20and%20Segment%20Information) The company's revenue primarily derives from collaboration development, cell line sales, and testing services, with collaboration development revenue significantly increasing due to the licensing and collaboration agreement with Axion Bio and recognized over time; the company operates as a single segment, with all non-current assets located in China Disaggregation of Revenue from Contracts with Customers (Six Months Ended June 30) | Type of Goods or Services | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Collaboration development | 37,995 | — | | Sales of cell lines and other products | 32 | 49 | | Testing services | — | 28 | | **Total** | **38,027** | **77** | | Geographical market: United States | 37,995 | — | | Geographical market: China | 32 | 77 | | Timing of revenue recognition: At a point in time | 32 | 77 | | Timing of revenue recognition: Over time | 37,995 | — | - Revenue from collaboration development services is recognized over time, with **RMB 30,920,000** received and recorded as contract liabilities as of June 30, 2025[104](index=104&type=chunk) - The Group has a single operating segment, and all non-current assets are located in China[107](index=107&type=chunk)[108](index=108&type=chunk) [Other Income (Notes Details)](index=44&type=section&id=Other%20Income_Notes) Other income primarily consists of government grants and bank interest income, with a significant increase in government grants mainly as incentives for R&D activities Other Income (Six Months Ended June 30) | Item | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Government grants | 5,987 | 642 | | Bank interest income | 3,706 | 3,635 | | **Total** | **9,693** | **4,277** | - Government grants are primarily provided as incentives for the Group's R&D activities[110](index=110&type=chunk) [Net Other Gains and Losses (Notes Details)](index=45&type=section&id=Net%20Other%20Gains%20and%20Losses_Notes) Net other gains and losses shifted from a **RMB 19.5 million** loss in the same period of 2024 to a **RMB 2.7 million** loss in 2025, primarily influenced by a reduction in impairment losses on property and equipment, partially offset by fair value losses on financial assets Net Other Gains and Losses (Six Months Ended June 30) | Item | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Net exchange (losses) gains | (2,354) | 1,378 | | (Losses) gains from fair value changes of financial assets measured at fair value through profit or loss | (340) | 6,540 | | Impairment losses on property and equipment | — | (27,398) | | Others | (5) | (7) | | **Total** | **(2,699)** | **(19,487)** | [Loss for the Period (Notes Details)](index=45&type=section&id=Loss%20for%20the%20Period_Notes) Loss before tax is stated after deducting total depreciation, directors' and supervisors' emoluments, and other staff costs, with total staff costs slightly decreasing due to reduced share-based payments Items Deducted in Loss Before Tax (Six Months Ended June 30) | Item | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Depreciation of property and equipment | 4,254 | 5,777 | | Depreciation of right-of-use assets | 3,095 | 5,147 | | **Total depreciation** | **7,349** | **10,924** | | Directors' and supervisors' emoluments | 11,544 | 13,415 | | Total staff costs | 58,567 | 60,846 | - The decrease in total staff costs was mainly due to a reduction in share-based payments[113](index=113&type=chunk) [Income Tax Expense (Notes Details)](index=45&type=section&id=Income%20Tax%20Expense_Notes) No provision for income tax expense was made as the company and its subsidiaries had no assessable profits during both periods - No provision for income tax expense was made as the company and its subsidiaries had no assessable profits during both periods[114](index=114&type=chunk) [Loss Per Share (Notes Details)](index=46&type=section&id=Loss%20Per%20Share_Notes) For the six months ended June 30, 2025, basic and diluted loss per share attributable to owners of the company was **RMB 0.37**, a narrowing from **RMB 0.44** in the same period of 2024, with no adjustment to basic loss per share as the Group had no potential dilutive ordinary shares - The loss used to calculate basic loss per share attributable to owners of the company for the period was **RMB (152,586) thousand** (2024: **RMB (165,760) thousand**)[115](index=115&type=chunk) - Basic and diluted loss per share was **RMB (0.37)** (2024: **RMB (0.44)**)[115](index=115&type=chunk) - Basic loss per share was not adjusted as the Group had no potential dilutive ordinary shares issued during the interim period[115](index=115&type=chunk) [Dividends (Notes Details)](index=46&type=section&id=Dividends_Notes) No dividends were paid, declared, or proposed during the interim period - No dividends were paid, declared, or proposed during the interim period[116](index=116&type=chunk) [Property and Equipment and Right-of-Use Assets (Notes Details)](index=46&type=section&id=Property%20and%20Equipment%20and%20Right-of-Use%20Assets_Notes) During this interim period, the Group incurred approximately **RMB 420,000** for the purchase of property and equipment and did not enter into any new lease agreements - During this interim period, the Group incurred approximately **RMB 420,000** for the purchase of property and equipment (same period in 2024: **RMB 5,904,000**)[117](index=117&type=chunk) - For the six months ended June 30, 2025, the Group did not enter into any new lease agreements[117](index=117&type=chunk) [Trade Receivables](index=47&type=section&id=Trade%20Receivables) As of June 30, 2025, total trade receivables amounted to **RMB 10 thousand**, primarily consisting of receivables over **180 days**, with the company typically granting customers a credit period of **30 days** or a specific agreed term Ageing Analysis of Trade Receivables (Net of Allowance for Credit Losses) | Ageing | June 30, 2025 (RMB in thousands) | December 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Within 30 days | — | 6 | | 31 to 60 days | 4 | 7 | | 61 to 120 days | — | — | | 121 to 180 days | — | 3 | | Over 180 days | 6 | — | | **Total** | **10** | **16** | - The Group generally grants customers a credit period of **30 days** or a specific period agreed with the customer[118](index=118&type=chunk) [Prepayments and Other Receivables](index=47&type=section&id=Prepayments%20and%20Other%20Receivables) As of June 30, 2025, total prepayments and other receivables amounted to **RMB 22.0 million**, primarily including receivables from the disposal of a subsidiary and prepayments for goods and R&D services Prepayments and Other Receivables (As of June 30, 2025) | Item | June 30, 2025 (RMB in thousands) | December 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Receivables from disposal of a subsidiary | 14,017 | — | | Prepayments for purchase of goods and R&D services | 7,883 | 24,543 | | **Total** | **22,036** | **35,604** | [Trade and Other Payables](index=48&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables amounted to **RMB 52.7 million**, a decrease from year-end 2024, primarily comprising trade payables for R&D expenses, accrued outsourced R&D expenses, and accrued staff costs and benefits Trade and Other Payables (As of June 30, 2025) | Item | June 30, 2025 (RMB in thousands) | December 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Trade payables for R&D expenses | 14,346 | 43,244 | | Accrued outsourced R&D expenses | 16,989 | 10,985 | | Accrued staff costs and benefits | 13,388 | 15,903 | | **Total** | **52,722** | **74,431** | - The Group's average credit period for purchases of goods/services is **45 days**[120](index=120&type=chunk) Definitions and Glossary

Group 1 - The majority of Hong Kong biotech stocks experienced declines, with notable drops in several companies [1] - Specifically, Gilead Sciences fell by 15.06%, while Yunkang Group and Pigeon BioPharma dropped over 14% and 9% respectively [2] - Other companies such as China Antibody and Jiahua Bio also saw declines exceeding 7% [1][2] Group 2 - The latest market prices and total market capitalizations for the affected companies include: - Gilead Sciences at 15.510 with a market cap of 14.946 billion - Yunkang Group at 2.300 with a market cap of 1.429 billion - Pigeon BioPharma at 31.760 with a market cap of 12.258 billion - Tengsheng BioPharma at 2.210 with a market cap of 1.590 billion - China Antibody at 3.210 with a market cap of 4.371 billion - Jiahua Bio at 4.460 with a market cap of 2.347 billion [2]