智通财经APP获悉，2月2日，据CDE官网显示，信达生物(01801)IBI133国内首次申报临床。据悉，IBI133是信达生物布局的一款HER3 ADC，已在去年12月在澳大利亚启动了一项I/II期临床试验，针对实体瘤患者。 目前全球范围内尚未有HER3 ADC获批上市，据Insight数据库显示，当前仅10款产品进入临床阶段，其中仅靶向HER3的有8款。布局企业除信达外，还涉及第一三共、恒瑞、映恩生物等。 目前，在既往经EGFR-TKI治疗后进展的EGFR突变NSCLC患者中的关键III期临床HERTHENA-Lung02研究正在进行中。 国产企业中，恒瑞HER3 ADCSHR-A2009也已经亮相2023ESMO，仅次于第一三共成为第2个公布临床结果的同靶点ADC。此外，映恩生物、石药集团也均有布局。 值得一提的是，百利天恒布局的HER3/EGFR双抗BL-B01D1也已处于III期临床阶段。去年12月以8亿美元首付款，潜在总价值最高达84亿美元，将BL-B01D1授权给BMS，刷新国产ADC新药出海授权新纪录。 ...

Financial Performance - Revenue from customer contracts increased to RMB 2,701,532 thousand in the first half of 2023, up from RMB 2,239,599 thousand in the same period of 2022[7] - Gross profit rose to RMB 2,196,917 thousand in H1 2023, compared to RMB 1,768,071 thousand in H1 2022[7] - The company reported a net loss of RMB 139,149 thousand in H1 2023, significantly lower than the net loss of RMB 950,468 thousand in H1 2022[7] - Other income increased to RMB 232,421 thousand in H1 2023 from RMB 104,959 thousand in H1 2022[7] - Sales and marketing expenses decreased to RMB 1,347,414 thousand in H1 2023 from RMB 1,397,902 thousand in H1 2022[7] - The company's comprehensive loss for the period was RMB 188,601 thousand in H1 2023, compared to RMB 1,004,294 thousand in H1 2022[7] - Total revenue for the six months ended June 30, 2023, was RMB 2,701.5 million, a 20.6% increase compared to RMB 2,239.6 million in the same period in 2022[8] - Product revenue reached RMB 2,457.5 million, up 20.4% from RMB 2,040.9 million in the same period last year, driven by rapid sales growth and new product contributions[8] - Gross margin for product sales improved to 79.7%, up 2.8 percentage points from 76.9% in the same period in 2022, due to increased sales volume and production efficiency[8] - LBITDA improved significantly, with a loss of RMB 216.1 million, a 76.0% reduction from RMB 900.8 million in the same period in 2022[8] - Adjusted gross margin for product sales increased to 80.8%, up 2.2 percentage points from 78.6% in the same period last year[10] - Adjusted LBITDA was RMB 267.4 million, a 74.2% reduction from RMB 1,035.7 million in the same period in 2022[10] - Achieved strong revenue growth and improved core financial metrics in H1 2023, including a significant reduction in LBITDA[21] - Adjusted administrative expenses as a percentage of total revenue decreased to 10.1% in the first half of 2023, down from 14.1% in the same period of 2022[22] - Adjusted product sales gross margin improved to 80.8% in the first half of 2023, up 2.2 percentage points from 78.6% in the same period of 2022[22] - Adjusted sales and marketing expenses as a percentage of total product revenue decreased to 54.5% in the first half of 2023, down 12.2 percentage points from 66.7% in the same period of 2022[22] - Adjusted gross profit for the six months ended June 30, 2023, was RMB 2,224,082 thousand, compared to RMB 1,803,249 thousand in the same period in 2022[50] - Adjusted R&D expenses for the six months ended June 30, 2023, were RMB (826,251) thousand, compared to RMB (1,077,701) thousand in the same period in 2022[51] - Adjusted sales and marketing expenses for the six months ended June 30, 2023, were RMB (1,339,601) thousand, compared to RMB (1,361,590) thousand in the same period in 2022[52] - Adjusted administrative and other expenses for the six months ended June 30, 2023, were RMB (272,942) thousand, compared to RMB (314,859) thousand in the same period in 2022[53] - Adjusted LBITDA for the six months ended June 30, 2023, was RMB (267,388) thousand, compared to RMB (1,035,703) thousand in the same period in 2022[54] - Adjusted net loss for the six months ended June 30, 2023, was RMB (190,424) thousand, compared to RMB (1,085,325) thousand in the same period in 2022[55] - Total assets as of June 30, 2023, were RMB 17,897,036 thousand, compared to RMB 17,588,845 thousand as of December 31, 2022[56] - Bank balances and cash decreased from RMB 9,166.0 million as of December 31, 2022, to RMB 8,526.5 million as of June 30, 2023, primarily due to ongoing R&D projects and capacity expansion[57] - The company had unused long-term bank loan facilities of approximately RMB 2,177.4 million as of June 30, 2023[57] - The company had pledged property, plant, and equipment totaling RMB 823.8 million, land use rights of RMB 276.9 million, and bank deposits of RMB 875.5 million as collateral for loans and bank financing as of June 30, 2023[60] - The company had no significant contingent liabilities as of June 30, 2023[61] - The majority of the company's transactions are settled in RMB, with most bank balances and cash held in USD as of June 30, 2023[61] - Total employee compensation costs for the six months ended June 30, 2023, were RMB 1,358.8 million, compared to RMB 1,436.9 million for the same period in 2022[62] - Revenue from customer contracts increased to RMB 2,701,532 thousand, up 20.6% compared to RMB 2,239,599 thousand in the same period last year[101] - Gross profit rose to RMB 2,196,917 thousand, a 24.3% increase from RMB 1,768,071 thousand in the previous year[101] - Net loss for the period improved significantly to RMB 139,149 thousand, compared to a net loss of RMB 950,468 thousand in the same period last year[101] - Total assets increased to RMB 15,024,572 thousand, up 6.6% from RMB 14,089,647 thousand at the end of 2022[102] - Trade receivables grew to RMB 1,015,502 thousand, a 76.5% increase from RMB 575,269 thousand at the end of 2022[102] - Bank balances and cash decreased to RMB 7,655,657 thousand, down 16.5% from RMB 9,162,823 thousand at the end of 2022[102] - Non-current liabilities increased to RMB 4,241,355 thousand, up 26.2% from RMB 3,359,698 thousand at the end of 2022[103] - Total equity slightly increased to RMB 10,783,217 thousand, up 0.5% from RMB 10,729,949 thousand at the end of 2022[103] - Total comprehensive loss for the six months ended June 30, 2023, was RMB 188,601 thousand, compared to RMB 1,004,294 thousand in the same period in 2022[104] - Net cash used in operating activities for the six months ended June 30, 2023, was RMB 622,891 thousand, a decrease from RMB 806,699 thousand in the same period in 2022[106] - Net cash generated from investing activities for the six months ended June 30, 2023, was RMB 725,040 thousand, compared to RMB 379,414 thousand in the same period in 2022[107] - Net cash generated from financing activities for the six months ended June 30, 2023, was RMB 244,686 thousand, compared to RMB 223,725 thousand in the same period in 2022[107] - Cash and cash equivalents increased by RMB 346,835 thousand for the six months ended June 30, 2023, compared to a decrease of RMB 203,560 thousand in the same period in 2022[107] - Total equity as of June 30, 2023, was RMB 10,783,217 thousand, compared to RMB 9,591,090 thousand as of June 30, 2022[104] - Share-based payment expenses for the six months ended June 30, 2023, were RMB 226,990 thousand, compared to RMB 261,175 thousand in the same period in 2022[104] - Depreciation of property, plant, and equipment for the six months ended June 30, 2023, was RMB 136,028 thousand, compared to RMB 88,285 thousand in the same period in 2022[106] - Amortization of intangible assets for the six months ended June 30, 2023, was RMB 36,223 thousand, compared to RMB 16,913 thousand in the same period in 2022[106] - Bank interest income for the six months ended June 30, 2023, was RMB 190,015 thousand, compared to RMB 89,833 thousand in the same period in 2022[106] - Pharmaceutical product sales revenue increased to RMB 2,457.459 million in H1 2023, up from RMB 2,040.886 million in H1 2022, representing a growth of 20.4%[117] - Licensing fee revenue decreased significantly to RMB 1.525 million in H1 2023 from RMB 20.944 million in H1 2022, a decline of 92.7%[117] - R&D service revenue surged to RMB 8.196 million in H1 2023, compared to RMB 0.241 million in H1 2022, marking a substantial increase[117] - Total revenue from external customers reached RMB 2,701.532 million in H1 2023, up from RMB 2,239.599 million in H1 2022, a growth of 20.6%[117] - Revenue from the United States increased significantly to RMB 234.375 million in H1 2023 from RMB 18.707 million in H1 2022, a growth of 1,152.8%[123] - Foreign exchange gains decreased to RMB 278.265 million in H1 2023 from RMB 396.032 million in H1 2022, a decline of 29.7%[124] - Employee costs totaled RMB 1,358.804 million in H1 2023, slightly down from RMB 1,436.870 million in H1 2022[126] - Basic loss per share attributable to equity holders of the company was RMB 0.091 in H1 2023, compared to RMB 0.649 in H1 2022[128] - The company's total assets are primarily located in China, with the majority of revenue also derived from China, amounting to RMB 2,463.745 million in H1 2023[123] - The company incurred construction costs of approximately RMB 535.0 million for the six months ended June 30, 2023, compared to RMB 240.7 million for the same period in 2022, primarily for new production facilities and machinery[130] - Trade receivables from customer contracts increased to RMB 1,015,502 thousand as of June 30, 2023, up from RMB 575,269 thousand as of December 31, 2022[132] - The fair value loss on equity instruments designated at fair value through other comprehensive income was RMB 30.9 million for the six months ended June 30, 2023, compared to RMB 42.7 million for the same period in 2022[131] - Prepayments and other receivables totaled RMB 777,600 thousand as of June 30, 2023, up from RMB 529,579 thousand as of December 31, 2022[134] - The company recognized RMB 14.3 million in bonus expenses for the six months ended June 30, 2023, compared to RMB 12.9 million for the same period in 2022[135] - Investment notes classified as financial assets at amortized cost amounted to RMB 870,837 thousand as of June 30, 2023, with interest rates ranging from 4.9% to 5.9% annually[137] - The company's listed equity securities investments decreased to RMB 171,657 thousand as of June 30, 2023, from RMB 202,570 thousand as of December 31, 2022[131] - The average credit period provided to trade customers is 45 to 60 days[132] - Loans provided to individuals for exercising share options amounted to RMB 3,809 thousand as of June 30, 2023, with an annual interest rate of 3.5%[136] - Prepaid bonuses to directors totaled RMB 122,992 thousand as of June 30, 2023, up from RMB 117,411 thousand as of December 31, 2022[134] - The company recognized a fair value gain of RMB 4,145,000 on its investment in a US-based private entity, increasing its cumulative stake to 1.285%[138] - The company recorded a fair value loss of RMB 3,213,000 on its Hong Kong-listed equity warrants during the six months ended June 30, 2023[139] - Cash and cash equivalents increased to RMB 1,332,265,000 as of June 30, 2023, up from RMB 1,016,165,000 at the end of 2022[140] - The company's trade payables decreased to RMB 182,150,000 as of June 30, 2023, compared to RMB 267,942,000 at the end of 2022[143] - R&D expenses accounted for RMB 618,161,000 of the accrued expenses as of June 30, 2023, down from RMB 706,815,000 at the end of 2022[146] - The company's total borrowings increased to RMB 3,338,566,000 as of June 30, 2023, up from RMB 3,103,433,000 at the end of 2022[148] - The company's fixed-rate borrowings have an actual interest rate range of 2.60% to 4.90%[150] - The company's total pledged assets amounted to RMB 1,976,222,000 as of June 30, 2023, down from RMB 2,070,715,000 at the end of 2022[151] R&D and Pipeline - R&D expenses decreased to RMB 922,817 thousand in H1 2023 from RMB 1,174,450 thousand in H1 2022[7] - The company has a robust pipeline with 35 high-value products, including 10 marketed products and 7 in Phase III or pivotal clinical studies[4] - The company has 1 product under NDA review by NMPA and over 20 molecules in early-stage clinical development[4] - R&D expenses decreased by RMB 251.7 million to RMB 922.8 million, primarily allocated to late-stage and priority pipeline clinical trials[8] - The company's R&D pipeline includes 35 high-value products covering multiple disease areas such as oncology, cardiovascular and metabolic diseases, autoimmune diseases, and ophthalmology[27] - The company has multiple products in various stages of development, including IND, Phase 1, Phase 1b/2, Phase 2/3, and approved products for indications such as 1L non-small cell lung cancer, 1L lung squamous cell carcinoma, 1L liver cancer, 1L gastric cancer, 1L esophageal cancer, 2L EGFRm non-small cell lung cancer, and Hodgkin lymphoma[28] - Approved products include treatments for ankylosing spondylitis, rheumatoid arthritis, psoriasis, pediatric plaque psoriasis, juvenile idiopathic arthritis, uveitis, and adult and pediatric Crohn's disease[28] - The company has products approved for lung cancer, colorectal cancer, liver cancer, glioblastoma, cervical cancer, ovarian cancer, non-Hodgkin lymphoma, chronic lymphocytic leukemia, 2L cholangiocarcinoma, 2L TKI-resistant chronic myeloid leukemia, 2L gastric cancer, 2L liver cancer, RET+ non-small cell lung cancer/medullary thyroid cancer, and r/r multiple myeloma[28] - The company has submitted an NDA for r/r follicular lymphoma and is developing treatments for 2L KRAS+ non-small cell lung cancer, 1L KRAS+ non-small cell lung cancer/3L colorectal cancer, 2L ROS1+ non-small cell lung cancer, and 2L CEACAM5+ non-small cell lung cancer[28] - The company's pipeline includes treatments for malignant tumors, primary hypercholesterolemia, mixed dyslipidemia, obesity (6mg), type 2 diabetes (6mg), obesity (9mg), psoriasis, inflammatory bowel disease, and other inflammatory diseases[28] - The company is developing treatments for neovascular age-related macular degeneration (nAMD), diabetic macular edema (DME), and gout[28] - The company's therapeutic areas include oncology, autoimmune diseases, cardiovascular and metabolic diseases, and ophthalmology, with global and regional rights in China, Hong Kong, Macau, and Taiwan[28] - The company's product forms include monoclonal antibodies, small molecules, cell therapies, antibody-drug conjugates, bispecific antibodies, and immunocytokines[28] - The company's targets include PD-1, VEGF-A, CD20, FGFR1/2/3, BCR-ABL, VEGFR-2, BCMA, CAR-T, PI3K, KRAS G12C, ROS1, CEACAM5, LAG3, TIGIT, CTLA-4, LAG3/PD-L1, CD47, PD-L1/CD47, PD-1/IL-2, IL-2, CLDN18.2, HER2, TROP2, EGFR/B7H3, TNF-α, PCSK9, GLP-1R/GCGR, IL-23p19, VEGF/Complement, VEGF-A/ANG-2, VEGF-A/VEGF-C, PDE4, and XOI[28] - The company's candidate drugs/reference drugs include sintilimab, bevacizumab, rituximab, pemigatinib, olverembatinib, ramucirumab, 伊基奧侖賽注射液, selpercatinib, IBI376 (paxalisib hydrochloride), IBI351 (fulzeras

Financial Performance - Total revenue for the six months ended June 30, 2023, was RMB 2,701.5 million, an increase of 20.6% compared to RMB 2,239.6 million for the same period in 2022[3]. - Product revenue reached RMB 2,457.5 million, up 20.4% from RMB 2,040.9 million in the prior year, driven by strong sales growth and new product contributions[3]. - Gross profit for the six months ended June 30, 2023, was RMB 2,196.9 million, compared to RMB 1,768.1 million for the same period in 2022, reflecting a gross margin improvement[46]. - The company reported a total comprehensive loss of RMB 188.6 million, down from RMB 1,004.3 million in the same period last year[2]. - The company recorded a loss before tax of RMB 256.1 million for the six months ended June 30, 2023, significantly improved from a loss of RMB 998.9 million in the same period of 2022[46]. - The adjusted loss for the period was RMB 190.4 million, a decrease of 82.5% from RMB 1,085.3 million in the prior year[5]. - The company reported a net loss of RMB 139.1 million for the six months ended June 30, 2023, significantly improved from a net loss of RMB 950.5 million in 2022[59]. - The basic and diluted loss per share for the period was RMB 0.09, compared to RMB 0.65 in the same period of the previous year[79]. Research and Development - Research and development expenses decreased to RMB 922.8 million from RMB 1,174.5 million, focusing on clinical trials and early-stage pipeline development[3]. - The company is advancing seven candidate drugs in critical or registration trial phases, including IBI-351, a novel oral KRASG12C inhibitor, which is expected to submit an NDA to NMPA by the end of 2023[8]. - IBI-362 (mazdutide), a dual agonist for GLP-1R and GCGR, completed enrollment in three Phase 3 trials for obesity and Type 2 diabetes, showing strong efficacy and safety[8]. - The company is preparing to initiate a Phase 3 clinical trial for IBI-302, a bispecific fusion protein targeting VEGF, for the treatment of neovascular age-related macular degeneration (nAMD)[9]. - IBI-311, an anti-IGF-1R monoclonal antibody, completed enrollment in a Phase 3 trial for thyroid eye disease (TED)[9]. - The company has a diverse pipeline with over 30 candidate innovative drugs, including 10 commercialized products and 7 in phase 3 or pivotal clinical studies[19]. - The company is committed to exploring innovative drug development in chronic disease areas, aiming to fill medication gaps and improve patient quality of life[21]. Product Portfolio and Approvals - The company received approval for three new drug applications (NDA or sNDA), expanding its commercialized product portfolio from eight to ten products[6]. - The company achieved product revenue of RMB 2,457.5 million for the six months ended June 30, 2023, representing a 20.4% increase from RMB 2,040.9 million in the same period last year, driven by strong sales performance of its product portfolio, including 达伯舒® (信迪利单抗注射液)[6]. - The company received approval for the seventh indication of 达伯舒® (信迪利单抗注射液) for treating advanced or metastatic non-squamous non-small cell lung cancer (NSCLC) patients who failed prior EGFR TKI treatment[7]. - The innovative PD-1 monoclonal antibody, Daborhuzhu® (Sintilimab Injection), has received approval for seven indications in China, including non-squamous NSCLC and liver cancer[28]. - Daborhuzhu® was included in the National Reimbursement Drug List (NRDL) as the first and only PD-1 inhibitor for gastric cancer, effective from March 1, 2023[28]. - The company expanded its commercial product portfolio from eight to ten products, with the approval of Fucosu® and Xinbile® in China[17]. Financial Position and Cash Flow - The company has approximately RMB 8,526.5 million (around USD 1.2 billion) in cash and short-term financial assets as of June 30, 2023, indicating a solid financial position[23]. - Total assets as of June 30, 2023, amounted to RMB 17,897.0 million, a slight increase from RMB 17,588.8 million as of December 31, 2022[60]. - Current liabilities decreased to RMB 2,872.5 million as of June 30, 2023, from RMB 3,499.2 million at the end of 2022, showing a reduction of approximately 17.9%[60]. - The current ratio improved to 4.0 as of June 30, 2023, compared to 3.3 at the end of 2022, indicating better short-term financial health[62]. - The company had no significant acquisitions or disposals during the six months ended June 30, 2023[64]. Corporate Governance - The company has adopted and complied with all applicable provisions of the Corporate Governance Code, except for the separation of the roles of Chairman and CEO, which are currently held by the same individual[70]. - The company has established an audit committee consisting of four independent non-executive directors, with the external auditor Deloitte reviewing the unaudited condensed consolidated financial statements for the six months ended June 30, 2023[72]. - The company will continue to review and monitor its corporate governance practices to ensure compliance with the Corporate Governance Code[70]. - The company has established additional committees, including a nomination committee, remuneration committee, and strategic committee, to enhance governance[73]. Market Strategy and Future Plans - The company aims to enhance operational efficiency and achieve sustainable long-term growth through systematic and scientific management practices[3]. - The company expects to continue focusing on commercialization and market expansion strategies to maximize product value and improve operational efficiency[54]. - The company is focusing on expanding its presence in non-oncology areas, with Xinbile® being the first approved drug for cardiovascular diseases[18]. - The company plans to submit NDA for two targeted lung cancer drugs by the end of 2023[19]. - The company aims to build a strong product portfolio in chronic diseases, enhancing its competitive edge in both oncology and non-oncology fields[18].

Financial Performance - In 2022, Innovent achieved product revenue exceeding RMB 4.1 billion, representing a growth of 3.4% compared to the previous year[8]. - Total revenue for the year ended December 31, 2022, was RMB 4,556.4 million, an increase of 6.7% compared to RMB 4,269.7 million for the year ended December 31, 2021[15]. - Product revenue reached RMB 4,139.1 million, up 3.4% from RMB 4,001.1 million in the previous year, driven by rapid sales growth and new product contributions[15]. - The company reported a net loss of RMB 2,179.3 million for the year ended December 31, 2022, compared to a net loss of RMB 2,728.8 million in the previous year, showing an improvement of approximately 20.2%[60]. - The adjusted loss for the year was RMB 2,461.8 million, an increase of RMB 433.4 million compared to RMB 2,028.4 million in the previous year, mainly due to sustained R&D investments[16]. - The company recorded a gross profit of RMB 3,625.4 million for the year ended December 31, 2022, compared to RMB 3,764.4 million in the previous year, reflecting a decrease of approximately 3.7%[60]. Product Development and Pipeline - The product pipeline includes 35 innovative molecules, with 8 products approved, 3 under NMPA review, and 5 in Phase III or pivotal clinical studies[4]. - The company has established a strong pipeline with over 30 innovative drug candidates, including more than 20 oncology and 10 non-oncology products[33]. - The company plans to launch at least 15 to 20 products in the next four to five years, leveraging its strong product pipeline and commercial platform[11]. - The company has advanced multiple late-stage pipeline candidates, including IBI-362 (mazdutide), which showed strong weight loss and blood sugar reduction effects in Phase 2 studies for obesity and type 2 diabetes[21]. - The NDA submissions for two candidate products, IBI-110 (LAG3) and IBI-939 (TIGIT), have been accepted, enhancing coverage in the hematological malignancies field[10]. - The company is actively advancing multiple global innovative tumor immunotherapy molecules in early clinical development, including IBI-110 and IBI-363[10]. Strategic Collaborations and Partnerships - The company has established strategic collaborations with international pharmaceutical companies to expand its innovative boundaries[8]. - In August 2022, the company entered a strategic partnership with Sanofi to accelerate the development and market access of innovative oncology drugs, including SAR408701 (in Phase 3) and SAR444245 (in Phase 2), with a strategic equity investment of €300 million from Sanofi[25]. - The company entered into a strategic cooperation and licensing agreement with Sanofi on August 4, 2022, involving multiple projects for clinical development and commercialization[96]. - The company deepened its collaboration with Eli Lilly in oncology, securing exclusive commercialization rights for several products in mainland China[38]. Marketing and Sales Strategy - The company is focused on building an efficient and precise marketing system to support long-term sustainable business development[8]. - The company has established a sales team of nearly 3,000 people and a professional support system, solidifying its industry-leading position and brand advantage[9]. - The product sales expense ratio for 2022 was 62.6%, down from 65.5% in 2021, with a notable decrease to 56.9% in the second half of 2022 compared to 68.5% in the first half[9]. - New product revenue contribution has further increased, supporting sustained growth in commercialization[8]. Research and Development Investment - Research and development expenses increased by RMB 546.0 million to RMB 2,664.7 million, reflecting ongoing investment in clinical trials and early-stage pipeline development[15]. - The company has established a comprehensive integrated biopharmaceutical platform covering R&D, CMC, clinical development, and commercialization capabilities[28]. - The company is focusing on chronic disease areas such as cardiovascular, metabolic, and autoimmune diseases, aiming to build a strong product portfolio and long-term barriers[36]. Corporate Governance and Management - The company has established a remuneration committee to determine the remuneration policy for directors and senior management[160]. - The board consists of two executive directors and four independent non-executive directors as of December 31, 2022[185]. - The company has complied with all applicable corporate governance codes, except for the separation of the roles of chairman and CEO, which are currently held by the same individual[185]. - The independent non-executive directors constitute one-third of the board, meeting the listing rules' requirements[189]. Financial Position and Assets - As of December 31, 2022, the company had approximately RMB 9.166 billion (over USD 1.3 billion) in cash and short-term financial assets, supporting its long-term sustainable development[13]. - The group's current assets amounted to RMB 11,506.7 million, with cash and cash equivalents at RMB 9,162.8 million as of December 31, 2022[78]. - The total assets increased from RMB 16,243.7 million in 2021 to RMB 17,588.8 million in 2022, while total liabilities rose from RMB 5,913.3 million to RMB 6,858.9 million[77]. Employee and Workforce Management - The total employee count of the group was 5,294, with over 1,000 in R&D and CMC, and nearly 3,000 in sales and marketing[90]. - The total compensation cost for the group for the year ended December 31, 2022, was RMB 2,649.6 million, an increase from RMB 2,385.4 million for the year ended December 31, 2021[90]. - The overall gender diversity within the group is balanced at 50.13%, with 5,294 employees, including 2,654 women in senior management[199]. Market Expansion and Product Approval - The company has received NMPA approval for two new indications of Daborshu (sindilizumab injection), making it the first innovative PD-1 inhibitor for first-line treatment of five major high-incidence cancers in China[19]. - The company’s drug 达坦 (pemigatinib tablets) became the first targeted therapy approved for second-line treatment of advanced cholangiocarcinoma in mainland China and Hong Kong[30]. - The company has received approval for multiple cancers including 1L non-small cell lung cancer and 1L liver cancer[40]. Innovation and Technology Development - The company emphasizes high-quality innovation and has established a differentiated ADC technology platform to deliver high-quality molecules into clinical development[37]. - The company is focusing on various therapeutic areas including oncology and autoimmune diseases[40]. - The company has successfully delivered 6 innovative molecules into the IND preparation stage in 2022, focusing on immunology, tumor biology, and antibody engineering[37].

Financial Performance - Total revenue for the year ended December 31, 2022, was RMB 4,556.4 million, an increase of 6.7% compared to RMB 4,269.7 million for the year ended December 31, 2021[3]. - The net loss for the year was RMB 2,461.8 million, an increase of RMB 433.4 million from RMB 2,028.4 million in the previous year, mainly due to sustained R&D investments[4]. - The company reported a net loss attributable to shareholders of RMB 2,179,270,000 for the year ended December 31, 2022, compared to a net loss of RMB 2,728,755,000 in 2021, indicating an improvement in financial performance[98]. - The company reported a loss before tax of RMB 2,170.5 million for 2022, an improvement from a loss of RMB 2,641.7 million in 2021[46]. - The gross profit for 2022 was RMB 3,625.4 million, compared to RMB 3,764.4 million in 2021, reflecting a decrease of approximately 3.7%[82]. Revenue Breakdown - Product revenue reached RMB 4,139.1 million, a growth of 3.4% from RMB 4,001.1 million in the previous year, driven by rapid sales growth and new product contributions[5]. - Pharmaceutical product sales accounted for RMB 4,139.1 million in 2022, up from RMB 4,001.1 million in 2021, indicating a growth of about 3.5%[48]. - Licensing fee income increased significantly to RMB 417.1 million in 2022 from RMB 268.7 million in 2021, reflecting a growth of approximately 55.3%[48]. - The total revenue from licensing fees increased significantly to RMB 20,304,000 in 2022 from RMB 8,863,000 in 2021, marking an increase of approximately 129.5%[90]. Research and Development - Research and development expenses increased to RMB 2,664.7 million, up RMB 546.0 million from RMB 2,118.7 million in the previous year, reflecting ongoing investment in clinical trials and pipeline development[3]. - Research and development expenses rose from RMB 2,322.5 million in 2021 to RMB 2,871.2 million in 2022, an increase of 23.6%[52]. - The company has established a strong pipeline with over 30 innovative drug candidates, including more than 20 oncology and 10 non-oncology products[19]. - The company is focusing on chronic disease areas such as cardiovascular and metabolic diseases, with several high-potential products advancing towards clinical trials[20]. Product Development and Approvals - New drug approvals included the launch of 希冉擇® (Remosiruab) for advanced gastric cancer and liver cancer, and 睿妥® (Sepantritinib) for specific types of lung and thyroid cancers[5]. - The NMPA approved two new indications for Daborhuzhu® (sindilizumab injection), making it the first PD-1 inhibitor in China for first-line treatment of five major cancers, including ESCC and GC[6]. - The NMPA accepted three new drug applications (NDA) for innovative candidates, including IBI-306 for primary hypercholesterolemia and mixed dyslipidemia, and IBI-326 for relapsed/refractory multiple myeloma[7]. - IBI-362 (mazdutide), a dual agonist for GLP-1R and GCGR, showed strong weight loss and blood sugar reduction effects in phase 2 studies, with phase 3 trials for obesity starting in November 2022[8]. Strategic Collaborations - The company established a strategic partnership with Eli Lilly in March 2022, obtaining exclusive commercialization rights for two drugs in mainland China and priority negotiation rights for a potential future drug[11]. - In August 2022, the company entered a strategic collaboration with Sanofi to accelerate the development and market access of innovative oncology drugs, including a €300 million initial strategic equity investment from Sanofi[12]. - The company has initiated a strategic collaboration with Eli Lilly in the oncology field, enhancing its international strategic cooperation model[23]. Operational Efficiency - Sales and marketing expenses were RMB 2,578.4 million, representing 56.6% of total revenue, compared to 59.6% in the previous year, indicating improved operational efficiency[3]. - The sales expense ratio for 2022 was 62.6%, down from 65.5% in 2021, with a notable decrease to 56.9% in the second half of 2022 compared to 68.5% in the first half[18]. - The company aims to focus on fine management to expand product scale and enhance operational efficiency while developing innovative drugs[16]. Financial Health and Assets - As of December 31, 2022, the company had cash and short-term financial assets of approximately RMB 9.166 billion, equivalent to over $1.3 billion, bolstered by the strategic investment from Sanofi[23]. - Total current assets as of December 31, 2022, were RMB 11,506.7 million, compared to RMB 11,550.8 million in 2021, a slight decrease of 0.4%[59]. - The company had unused long-term bank loan financing of approximately RMB 2,291.2 million as of December 31, 2022[61]. - The company’s cash and cash equivalents stood at RMB 9,162.8 million as of December 31, 2022, compared to RMB 8,377.1 million in 2021[83]. Corporate Governance - The group has adhered to the corporate governance code and has not separated the roles of the chairman and CEO, believing it enhances decision-making efficiency[71]. - The company established an audit committee consisting of four independent non-executive directors, with the chair being Ms. Xu Yiyin[74]. - The board of directors includes a diverse group of members, ensuring a range of perspectives in decision-making[103].

Financial Performance - Total revenue for the year ended December 31, 2022, was RMB 4,556.4 million, an increase of 6.7% compared to RMB 4,269.7 million for the year ended December 31, 2021[3]. - The net loss for the year was RMB 2,461.8 million, an increase of RMB 433.4 million from RMB 2,028.4 million in the previous year, mainly due to sustained R&D investments[4]. - The adjusted net loss for the year was RMB 2,461.8 million, compared to RMB 2,028.4 million in the previous year, reflecting the impact of ongoing investments[4]. - The company recorded a net loss of RMB 2,179.3 million for the year ended December 31, 2022, compared to a net loss of RMB 2,728.8 million in 2021, reflecting an improvement of approximately 20.2%[46]. - The basic and diluted loss per share for 2022 was RMB 1.46, compared to RMB 1.88 in 2021, indicating an improvement in loss per share[82]. Revenue Breakdown - Product revenue reached RMB 4,139.1 million, a growth of 3.4% from RMB 4,001.1 million in the previous year, driven by rapid sales growth and new product contributions[5]. - Pharmaceutical product sales accounted for RMB 4,139.1 million in revenue for the year ended December 31, 2022, up from RMB 4,001.1 million in 2021, indicating a growth of about 3.5%[90]. - Total revenue from external customers in China was RMB 4,132,539,000 in 2022, compared to RMB 3,967,517,000 in 2021, reflecting a growth of about 4.2%[96]. Research and Development - Research and development expenses increased to RMB 2,664.7 million from RMB 2,118.7 million, reflecting ongoing investment in clinical trials and pipeline development[3]. - Research and development expenses increased to RMB 2,871.2 million in 2022 from RMB 2,322.5 million in 2021, marking a rise of about 23.7%[46]. - The company has established a pipeline of over 30 innovative drug candidates, including more than 20 oncology and 10 non-oncology products, with 8 commercialized products[19]. - The company is advancing multiple innovative molecules with differentiated clinical potential, including IBI-363 (PD-1/IL-2) and IBI-311 (IGF-1R) for long-term pipeline growth[10]. Product Development and Approvals - New drug approvals included the launch of 希冉擇® (Remosiruab) and 睿妥® (Sepmetinib), targeting specific cancer treatments, which will support broader patient solutions[5]. - The NMPA approved two new indications for Daborhuzhu® (sindilizumab injection), making it the first PD-1 inhibitor in China for first-line treatment of five major cancers, including ESCC and GC[6]. - The NMPA accepted three new drug applications (NDA) for innovative candidates, including IBI-306 for primary hypercholesterolemia and mixed dyslipidemia, and IBI-326 for relapsed/refractory multiple myeloma[7]. - IBI-362 (mazdutide), a dual agonist for GLP-1R and GCGR, showed strong weight loss and blood sugar reduction effects in Phase 2 studies, with Phase 3 trials for obesity starting in November 2022[8]. Strategic Partnerships and Collaborations - The company established a strategic partnership with Eli Lilly in March 2022, obtaining exclusive commercialization rights for two drugs in mainland China and priority negotiation rights for a potential future drug[11]. - In August 2022, the company entered a strategic collaboration with Sanofi to accelerate the development and market access of innovative oncology drugs, including a €300 million initial strategic equity investment from Sanofi[12]. - The company has initiated a strategic collaboration with LG Chem for Tigulixostat, which is currently undergoing a Phase 3 clinical trial initiated in Q4 2022[44]. Operational Efficiency and Management - Sales and marketing expenses were RMB 2,578.4 million, representing 56.6% of total revenue, compared to 59.6% in the previous year, indicating improved operational efficiency[3]. - The company aims to implement a more sustainable and healthier business management model to enhance operational efficiency and support long-term growth[5]. - The company aims to focus on fine management to expand product scale and improve operational efficiency while developing innovative drugs[16]. Market Expansion and Future Plans - The company is actively exploring new drug development and market expansion strategies, including potential mergers and acquisitions to strengthen its market position[23]. - The company aims to enhance global quality and innovation standards while creating sustainable value for patients, employees, society, and shareholders[23]. - The company plans to gradually utilize the remaining proceeds from the placements based on market conditions and operational needs[80]. Financial Position and Assets - As of December 31, 2022, the company had cash and short-term financial assets of approximately RMB 9.166 billion, equivalent to over $1.3 billion, bolstered by the strategic investment from Sanofi[23]. - Total current assets as of December 31, 2022, were RMB 11,506.7 million, slightly down from RMB 11,550.8 million in 2021[59]. - The company had unused long-term bank loan facilities of approximately RMB 2,291.2 million as of December 31, 2022[61]. Governance and Compliance - The company has complied with all applicable provisions of the Corporate Governance Code for the year ended December 31, 2022, except for the separation of the roles of Chairman and CEO[70]. - The company established an audit committee consisting of four independent non-executive directors, with the chair being Ms. Xu Yiyin[74]. - The company has established a nomination committee, a remuneration committee, and a strategic committee in addition to the audit committee[75].

Financial Performance - Revenue from customer contracts for the six months ended June 30, 2022, was RMB 2,239,599 thousand, an increase of 15.4% compared to RMB 1,941,750 thousand for the same period in 2021[10]. - Gross profit for the same period was RMB 1,803,249 thousand, with a gross margin of approximately 80.5%[10]. - The company reported a net loss of RMB 1,085,326 thousand for the six months ended June 30, 2022, compared to a net loss of RMB 676,850 thousand in the prior year, indicating a 60.2% increase in losses[10]. - Total comprehensive loss for the period was RMB 1,004,294 thousand, compared to RMB 1,003,558 thousand in the prior year, indicating stable performance despite losses[90]. - The company reported a pre-tax loss of RMB 998,912 thousand for the six months ended June 30, 2022, compared to a pre-tax loss of RMB 1,003,406 thousand for the same period in 2021, indicating a slight improvement in performance[54]. Research and Development - Research and development expenses amounted to RMB 1,077,701 thousand, representing a 22.5% increase from RMB 879,628 thousand in the previous year[10]. - The company has a robust pipeline with 34 innovative molecules, including 7 approved products and 20 molecules in clinical research[6]. - The company aims to develop affordable high-quality innovative therapies to meet significant medical needs across various disease areas[5]. - R&D expenses increased to RMB 1,077.7 million from RMB 879.6 million, reflecting ongoing investments in late-stage clinical trials for priority development products[11]. - The company has established a fully operational R&D center in the U.S. with a team of 300 scientists collaborating on preclinical projects[22]. Market Expansion and Product Development - The company is actively pursuing market expansion and has 3 products under review by NMPA, with 4 in Phase III or pivotal clinical studies[6]. - The company entered into a strategic collaboration with Sanofi in August 2022 to develop innovative drugs for hard-to-treat cancer patients, with an initial equity investment of €300 million from Sanofi[19]. - The company is expected to receive approval for the RET inhibitor Retsevmo® (selpercatinib) in the second half of 2022, expanding its commercial product portfolio to eight products[20]. - The company plans to initiate Phase III clinical trials for IBI-362 in diabetes and obesity, and IBI-112 in psoriasis in the second half of this year to early next year[22]. - The company aims to submit two new drug applications to the NMPA by the end of 2022[174]. Sales and Marketing - Sales and marketing expenses were RMB 1,361.6 million, representing 60.8% of total revenue, up from 54.2% in the same period last year, attributed to an increase in approved products and a strategic expansion of the sales team from 2,117 to 2,745 employees[11]. - The company has established a sales team of nearly 3,000 people, covering over 5,000 hospitals and more than 1,000 DTP pharmacies nationwide[21]. - The commercial team, consisting of nearly 3,000 personnel, has upgraded its business structure to enhance operational efficiency and support sustainable business development[26]. Financial Position - The company has approximately RMB 8.3 billion (around USD 1.2 billion) in cash and short-term financial assets as of June 30, 2022[23]. - The total current assets as of June 30, 2022, were RMB 11,194.5 million, while total liabilities increased from RMB 5,913.3 million to RMB 6,567.5 million[48]. - The company's net asset value decreased to RMB 9,591,090 thousand from RMB 10,330,397 thousand, a decline of about 7.2%[92]. - The company has approximately RMB 2,619.9 million of undrawn long-term bank loan facilities available as of June 30, 2022[49]. - The group reported other income and losses of RMB 389.6 million for the six months ended June 30, 2022, compared to a loss of RMB 85.2 million in the prior year, mainly due to favorable exchange rate impacts[42]. Strategic Partnerships - The company has formed over 20 strategic partnerships with global pharmaceutical and biotech companies, enhancing its core competitiveness[22]. - The collaboration with Eli Lilly aims to enhance the availability of new drugs for more patients in China, expanding the long-term partnership scope[23]. - The strategic partnership with Sanofi will accelerate the development and commercialization of two core potential first-in-class oncology products[23]. - The company entered into a strategic cooperation and licensing agreement with Sanofi Group on August 4, 2022, for clinical development and commercialization of several products[169]. Employee and Governance - The company appointed Gary Zieziula as an independent non-executive director in June 2022, bringing over 40 years of experience in building sustainable sales operations in multinational companies[18]. - The total employee count as of June 30, 2022, was 5,538, with 50% in sales and marketing[55]. - The company has implemented various employee incentive plans, including stock options and restricted share plans, to attract and retain talent[56]. - The company continues to adhere to high standards of corporate governance, with ongoing reviews to ensure compliance with the latest measures and standards[88]. Challenges and Risks - The company faced some limitations in product sales growth due to the recurring COVID-19 pandemic and related government measures in mainland China during the second quarter of 2022[20]. - The company experienced a significant foreign exchange loss of RMB 367,902 thousand, compared to a gain of RMB 82,742 thousand in the prior year, impacting overall financial results[54]. - The company reported a significant increase in trade payables aged 0-30 days, which rose to RMB 214,033 thousand from RMB 132,269 thousand, marking an increase of about 61.7%[133].

Financial Performance - Total revenue for the year ended December 31, 2021, was RMB 4,260.9 million, an increase of 74.1% compared to RMB 2,446.7 million for the year ended December 31, 2020[11]. - Product revenue reached RMB 4,001.1 million, growing 69.0% from RMB 2,367.5 million in the previous year, driven by strong sales of the leading PD-1 product, Sintilimab[11]. - The company reported a loss of RMB 3,138.1 million for the year ended December 31, 2021, an increase of 214.3% compared to a loss of RMB 998.4 million for the year ended December 31, 2020, primarily due to ongoing R&D investments and increased share-based compensation expenses[13]. - Revenue from customer contracts for the year ended December 31, 2021, was RMB 4,269.7 million, an increase from RMB 3,843.8 million in 2020, representing a growth of approximately 11.1%[43]. - Gross profit for the year ended December 31, 2021, was RMB 3,696.7 million, up from RMB 3,456.1 million in 2020, indicating a growth of 7.0%[43]. - The company reported a loss before tax of RMB 3,051.0 million for the year ended December 31, 2021, compared to a loss of RMB 858.7 million in 2020, representing a significant increase in losses[43]. Product Development and Pipeline - The company has established a competitive product pipeline consisting of 32 clinical-stage products, including 7 approved products, 1 product under NMPA review, 5 in Phase III or pivotal studies, and 19 in Phase I or II clinical stages[8]. - The company has 29 innovative high-value pipelines, including six commercialized products and 23 in various clinical stages, with plans to submit at least three NDAs in 2022[15]. - The company plans to launch at least 10 commercialized products in the next two years and aims for at least 15 by 2025[9]. - The company has successfully advanced seven new drugs into the CMC stage in 2021, with plans to enter first-in-human clinical trials starting in 2022[23]. - The company aims to submit New Drug Applications (NDA) for at least three new products in 2022, including IBI-310 (CTLA-4), IBI-306 (PCSK-9), and IBI-326 (BCMA CAR-T)[22]. Research and Development - R&D expenses rose to RMB 2,116.0 million, an increase of RMB 398.2 million from RMB 1,717.8 million in the previous year, focusing on late-stage clinical trials and new drug development[11]. - The company has over 80 projects in the preclinical drug discovery phase, providing a diverse foundation for long-term sustainable growth in the market[21]. - The company has received FDA approval for IND for eight molecules, with several global products expected to report more data in 2022, including IBI-188 (CD47) and IBI-110 (LAG-3)[23]. - The company is focusing on developing new therapies for autoimmune diseases and metabolic disorders, showcasing a diverse therapeutic portfolio[25]. Strategic Collaborations - The company has formed strategic collaborations with international partners such as Eli Lilly, Adimab, Incyte, and MD Anderson Cancer Center to enhance its development capabilities[3]. - The company deepened its strategic collaboration with Eli Lilly in March 2022, gaining exclusive commercialization rights for certain oncology products in mainland China[19]. - The company has established a strategic collaboration with Eli Lilly to deepen cooperation in the oncology field, gaining exclusive commercialization rights for several products in mainland China[30]. Market Expansion and Sales - The commercialization team has over 2,700 experienced marketing and sales professionals, covering approximately 5,100 hospitals and 1,100 pharmacies across more than 320 cities as of December 31, 2021[27]. - The company is expanding its market presence in China, Hong Kong, Macau, and Taiwan, which are key regions for commercialization[25]. - The company anticipates receiving regulatory decisions from NMPA in 2022 for three sNDAs related to DABOSHU (sintilimab injection) for 1L ESCC, 1L GC, and EGFR-mutated non-squamous NSCLC post-EGFR-TKI treatment[28]. Financial Position and Cash Flow - The company maintains a solid financial position with approximately RMB 14 billion in cash, positioning itself favorably amid market fluctuations[10]. - As of December 31, 2021, the company's cash and short-term financial assets amounted to approximately $1,415.1 million, ensuring a solid financial position for strategic focus[13]. - The company raised approximately HKD 4.7 billion through a share placement in January 2021, enhancing its financial stability[13]. - The company’s cash and cash equivalents increased from RMB 8,121.1 million as of December 31, 2020, to RMB 9,021.9 million as of December 31, 2021, primarily due to the issuance of new shares raising approximately RMB 3,893.3 million[55]. Corporate Governance and Compliance - The company has established an audit committee, remuneration committee, nomination committee, and strategic committee to oversee various aspects of its operations[120]. - The board believes it has appropriately maintained a balance of diversity among its members without setting measurable targets[123]. - The company is committed to high levels of corporate governance and compliance with applicable laws and regulations[129]. - The company has implemented appropriate insurance for directors and senior personnel to cover legal liabilities arising from business operations[120]. Social Responsibility and Employee Welfare - The company is committed to fulfilling social responsibilities and enhancing employee welfare, aiming for sustainable growth[62]. - The group made charitable donations of approximately RMB 204.6 million for the year ended December 31, 2021, compared to RMB 72.9 million in 2020, representing an increase of 180%[67]. - The total number of employees increased to 5,568 as of December 31, 2021, up from 3,279 in 2020[63].

Financial Performance - For the first half of 2021, Innovent Biologics reported revenue of RMB 1,854.6 million, a 101.4% increase from RMB 920.9 million in the same period last year[3]. - Total revenue for the six months ended June 30, 2021, was RMB 1,941.8 million, an increase of 97.3% compared to RMB 984.2 million for the same period in 2020[10]. - Product revenue reached RMB 1,854.6 million, up 101.4% from RMB 920.9 million year-on-year, driven by strong growth of the leading product, Daborhuzhu (sintilimab injection), and contributions from three newly launched antibody drugs[10]. - Gross margin for product sales was 87.3%, an increase from 79.9% in the same period last year, attributed to increased production efficiency from the stainless steel bioreactor production line[10]. - The company reported a total loss of RMB 1,175.3 million for the six months ended June 30, 2021, compared to a loss of RMB 608.2 million for the same period in 2020, representing an increase in loss of approximately 93.4%[107]. Product Development and Pipeline - The company has established a strong pipeline of 25 products, with 5 approved and 1 NDA under NMPA review[4]. - New products such as IBI303 (bevacizumab biosimilar), IBI308 (adalimumab biosimilar), and IBI376 (rituximab biosimilar) contributed significantly to the rapid growth of product revenue in the first half of 2021[3]. - The company is advancing several important products in ongoing Phase 1 studies, including IBI-939 (TIGIT) and IBI-321 (TIGIT/PD-1)[4]. - The company is exploring the potential of various molecular drugs through multiple Phase 1b and 2 clinical studies for different indications[4]. - The company has initiated Phase 2 studies for IBI-362 in obesity and plans to release Phase 1b data for diabetes patients later this year[5]. Regulatory Approvals and Clinical Trials - In the first half of 2021, Tyvyt® received approval for three new indications, including first-line treatment for nsqNSCLC and HCC[3]. - The leading product, 达伯舒® (sintilimab), received three additional approvals in the first half of 2021 for first-line treatments in nsqNSCLC, sqNSCLC, and HCC[4]. - The NDA for IBI-348 (olverembatinib, BCR-ABL TKI) has been under NMPA review since last year, which would expand the commercial product portfolio to six products upon approval[4]. - The ORIENT-15 study achieved its primary endpoint of overall survival (OS) in June 2021, evaluating the combination of sintilimab and chemotherapy for patients with unresectable, locally advanced recurrent or metastatic ESCC[19]. - The company received IND approval for multiple clinical trials, including 2L cholangiocarcinoma in Taiwan and 1L CCA in a global Phase 3 study with Incyte[8]. Sales and Marketing Expansion - The company expanded its commercial network, increasing its sales and marketing team from approximately 1,200 employees at the end of 2020 to over 2,000 employees by June 30, 2021[3]. - The coverage expanded from about 4,000 hospitals and 900 DTP pharmacies at the end of 2020 to approximately 4,700 hospitals and 1,000 DTP pharmacies across over 300 cities by June 30, 2021[3]. - Sales and marketing expenses were RMB 1,137.3 million, or 61.3% of product revenue, compared to 48.5% in the same period last year, due to expanded commercialization activities and an increase in the sales team[10]. Research and Development Investments - R&D expenses rose to RMB 1,042.1 million, up RMB 234.1 million from RMB 808 million in the prior year, primarily for late-stage clinical trials of global pipeline products[10]. - The company is committed to advancing its research and development efforts, with a strong emphasis on innovative therapies for unmet medical needs[9]. - The company is actively pursuing new product development and technology advancements to enhance its competitive position in the market[8]. Financial Position and Capital Management - As of June 30, 2021, total current assets amounted to RMB 13,432.5 million, up from RMB 9,466.7 million as of December 31, 2020[58]. - The group had no significant investments representing 5% or more of total assets as of June 30, 2021[61]. - The company raised approximately HKD 4.7 billion (or USD 600 million) through a new share placement in January 2021, supported by strong demand from international and regional investors[6]. - The company has cash deposits with maturities of less than three months totaling RMB 117,264,000 as of June 30, 2021, down from RMB 195,672,000 at the end of 2020[135]. - The company plans to gradually utilize the remaining net proceeds from the January 2021 placement over the next 42 months, depending on actual business needs[98]. Employee and Corporate Governance - As of June 30, 2021, the company employed over 4,500 staff, up from approximately 3,200 at the end of 2020, with over 1,000 in R&D and 2,100 in commercialization[6]. - The group believes that attracting, recruiting, and retaining quality employees is crucial for its success[64]. - The company has established an audit committee and other committees to ensure high standards of corporate governance[100]. - The company confirms compliance with the standard code of conduct for securities trading by all directors and relevant employees for the six months ending June 30, 2021[100]. Strategic Collaborations and Partnerships - The company entered into an agreement with Etana for the development and commercialization of Datuotong (bevacizumab biosimilar) in Indonesia, with milestone payments and revenue sharing[17]. - In June 2021, the company entered an exclusive agreement with Baogen Pharma to co-develop and commercialize taletrectinib in Greater China, targeting ROS1 and NTRK[19]. - The company has established a partnership with Ascentage Pharma for the commercialization of Olverembatinib in China[36]. - The company entered into a multi-faceted strategic collaboration with Ascentage Pharma on July 14, 2021, which includes commercialization of HQP1351 in Greater China[177].