证券研究报告 | 行业周报 2025 年 03 月 02 日 医药 本周医药板块下跌 2.72%，礼来加强 IBD 赛道布局 | 股票 | 股票 | 投资 | EPS （元） | | PE | | | --- | --- | --- | --- | --- | --- | --- | | 代码 | 名称 | 评级 | 2024E | 2025E | 2024E | 2025E | | 002755.SZ | 奥赛康 | 买入 | 0.13 | 0.2 | 110.38 | 71.75 | | 01952.HK | 云顶新耀-B | 买入 | -2.93 | -0.12 | - | - | | 02105.HK | 来凯医药-B | 买入 | -0.9 | -1 | - | - | | 600079.SH | 人福医药 | 增持 | 1.33 | 1.59 | 14.95 | 12.51 | | 688192.SH | 迪哲医药 | 增持 | -2.01 | -1.33 | -23.91 | -36.13 | | 688315.SH | 诺禾致源 | 买入 | 0.47 | 0.53 | 36.68 | 32. ...

Revenue and Sales Performance - Total revenue for 2024 reached RMB 194,831.73 million, an increase of 29.67% compared to RMB 150,254.99 million in the previous year[3] - The core product, Toripalimab, saw a significant sales increase of over 60% in the domestic market due to improved sales efficiency and additional approved indications[5] - The company has four commercialized drugs, including Toripalimab, Adalimumab, Dexamethasone, and Engorimab, contributing to revenue growth[5] Financial Performance - The company reported a net loss attributable to shareholders of RMB 128,227.92 million, an improvement from a loss of RMB 228,343.19 million in the previous year[3] - Total assets decreased by 4.95% from RMB 1,134,286.69 million at the beginning of the period to RMB 1,078,190.66 million at the end of the period[3] - The weighted average return on net assets improved to -19.73%, up by 7.59 percentage points from -27.32% in the previous year[3] Strategic Initiatives - The company is actively expanding its global commercialization network, with Toripalimab approved in multiple countries including the US, EU, and India[5] - The company is focusing on cost control and enhancing sales efficiency as part of its "Quality Improvement and Efficiency Enhancement" action plan[6] - The company is advancing its pipeline, including late-stage candidates and exploring new products for clinical trials[7] Product Development - New indications for Toripalimab have been approved, including treatments for triple-negative breast cancer and advanced renal cell carcinoma[6]

Revenue Expectations - The company expects to achieve an annual revenue of approximately 1,949 million yuan in 2024, representing a year-on-year increase of about 29.71% compared to 2023[2]. - The increase in revenue is primarily driven by the sales of commercialized drugs, with significant growth in the sales of the core product, Toripalimab, in the domestic market[5]. R&D Expenses - The estimated R&D expenses for 2024 are approximately 1,274 million yuan, a decrease of about 34.24% compared to the previous year[2]. - The company is focusing on cost control and enhancing sales efficiency, which has contributed to the reduction in R&D expenses while maintaining progress in core pipeline projects[6]. Profit Projections - The net profit attributable to the parent company is expected to be around -1,292 million yuan for 2024, reflecting a reduction in losses by approximately 43.42% year-on-year[2]. - The net profit attributable to the parent company after deducting non-recurring gains and losses is projected to be around -1,273 million yuan, with a year-on-year loss reduction of about 44.59%[2]. Product Development and Approvals - New indications for Toripalimab have received approval from the National Medical Products Administration, including applications for advanced triple-negative breast cancer and advanced renal cell carcinoma[6]. - The company is accelerating the development and application for later-stage pipeline products, including anti-tumor antibodies and other innovative therapies[7]. Global Expansion - The company has expanded its global commercialization network, with Toripalimab approved for sale in multiple countries including the USA, EU, and Australia[5]. Forecast Accuracy - There are no significant uncertainties affecting the accuracy of this earnings forecast[8].

Financial Performance - The company's revenue for Q3 2024 reached ¥485,143,734.52, representing a 53.16% increase compared to the same period last year[3]. - The net profit attributable to shareholders for Q3 2024 was -¥281,813,873.94, with a year-to-date net profit of -¥926,768,557.18[3]. - The company's revenue for the first three quarters of 2024 reached approximately RMB 1.27 billion, representing a year-on-year increase of about 29% compared to RMB 986.46 million in the same period of 2023[15]. - Total revenue from sales of goods and services for the first three quarters of 2024 was ¥1,334,950,275.33, up from ¥994,903,657.69 in the same period of 2023, reflecting a growth of 34.3%[19]. - The company reported a total comprehensive loss of -¥1,036,670,389.84 for Q3 2024, compared to -¥1,605,861,657.78 in Q3 2023, marking a 35.3% reduction in comprehensive losses[18]. - The net profit for Q3 2024 was -¥988,725,690.94, an improvement from -¥1,555,128,891.35 in Q3 2023, representing a 36.4% reduction in losses[18]. - Operating profit for Q3 2024 was -¥969,121,005.27, compared to -¥1,580,362,717.66 in the same period last year, indicating a 38.5% improvement[18]. Research and Development - Research and development (R&D) expenses totaled ¥327,892,775.06 for the quarter, accounting for 67.59% of revenue, a decrease of 34.07 percentage points year-on-year[4]. - The company is focusing on cost control and resource allocation towards high-potential R&D projects, leading to a reduction in losses[13]. - Research and development expenses decreased to ¥874,268,925.53 from ¥1,270,626,649.07, a reduction of approximately 31.1% year-over-year[18]. - The company plans to accelerate the development and application for late-stage pipelines, including anti-tumor monoclonal antibodies and other innovative drugs[13]. - The company has received regulatory approval for the launch of the anti-PCSK9 monoclonal antibody, which is expected to enhance its product portfolio[13]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 29,498[8]. - The total number of ordinary shareholders reached 29,489 as of the end of the reporting period[10]. - The top 10 shareholders hold a total of 38,594,237 shares, representing 3.92% of the total shares[11]. - HKSCC NOMINEES LIMITED is the largest shareholder with 219,291,210 shares, accounting for 22.25%[9]. - The company has no shareholders participating in margin trading or securities lending as of the reporting period[10]. - The shareholding structure indicates that 熊俊 and 熊凤祥 are the controlling shareholders, with 熊俊 being the actual controller[10]. - The top 10 unrestricted circulating shareholders collectively hold 42,112,468 shares, which is 4.27% of the total shares[11]. - There were no changes in the top 10 shareholders due to securities lending or borrowing activities compared to the previous period[12]. Cash Flow and Liquidity - The company reported a net cash flow from operating activities of -¥1,113,472,084.61 year-to-date[3]. - Cash flow from operating activities showed a net outflow of -¥1,113,472,084.61, an improvement from -¥1,664,114,192.65 in Q3 2023[20]. - The company reported a total cash and cash equivalents balance of RMB 3.045 billion, indicating a strong liquidity position[13]. - The cash and cash equivalents at the end of Q3 2024 were ¥2,474,334,261.64, down from ¥4,141,718,242.77 at the end of Q3 2023[20]. - The company's investment activities resulted in a net cash outflow of -¥1,083,510,749.67 for Q3 2024, compared to -¥653,834,246.14 in Q3 2023, reflecting increased investment activities[20]. Assets and Liabilities - Total assets at the end of Q3 2024 were ¥10,857,613,524.70, down 4.28% from the previous year[4]. - The total liabilities as of September 30, 2024, amounted to RMB 4.578 billion, an increase from RMB 4.022 billion at the end of 2023[15]. - The weighted average return on net assets was -4.45%, an increase of 0.46 percentage points compared to the previous year[4]. Future Outlook - The report does not provide specific future outlook or performance guidance[12]. - The company has not disclosed any new product or technology developments in this report[12]. - The company achieved significant milestones in clinical trials for its core product, Tuoyi®, contributing to improved revenue performance[7].

Financial Performance - The company's operating revenue for Q3 2024 was ¥485,143,734.52, representing a 53.16% increase compared to the same period last year[2]. - The net profit attributable to shareholders was -¥281,813,873.94 for Q3 2024, with a year-to-date net profit of -¥926,768,557.18[2]. - The company's revenue for the first three quarters of 2024 reached approximately RMB 1.27 billion, a year-on-year increase of about 29% compared to RMB 986.46 million in the same period of 2023[14]. - Total revenue for the first three quarters of 2024 reached ¥1,334,950,275.33, an increase from ¥994,903,657.69 in the same period of 2023, representing a growth of approximately 34.3%[18]. - Net profit for the third quarter of 2024 was reported at -¥988,725,690.94, an improvement compared to -¥1,555,128,891.35 in the third quarter of 2023, indicating a reduction in losses by about 36.4%[17]. - Operating profit for the third quarter of 2024 was -¥969,121,005.27, an improvement from -¥1,580,362,717.66 in the previous year, showing a decrease in operating losses by about 38.5%[16]. - Total comprehensive income for the third quarter of 2024 was -¥1,036,670,389.84, compared to -¥1,605,861,657.78 in the same quarter of 2023, reflecting a decrease in comprehensive losses by about 35.3%[17]. - The company reported a basic and diluted earnings per share of -¥0.94 for the third quarter of 2024, an improvement from -¥1.43 in the same quarter of 2023[17]. Research and Development - Research and development (R&D) expenses totaled ¥327,892,775.06 in Q3 2024, accounting for 67.59% of operating revenue, a decrease of 34.07 percentage points year-on-year[3]. - The company is focusing on enhancing cost control and reallocating resources to more promising R&D projects, leading to a reduction in losses[6]. - The company’s core product, Tuoyi®, has reached key clinical trial endpoints, contributing to revenue growth in chemical drug sales[6]. - The core product Tuoyi® (Tislelizumab) generated sales revenue of approximately RMB 1.068 billion in the domestic market, representing a year-on-year growth of about 60%[12]. - The company has received approval for 10 indications of Tislelizumab in mainland China and has also gained approvals in regions including Hong Kong, the US, and the EU[12]. - The company plans to accelerate the development and application for later-stage pipelines, including anti-tumor antibodies and other innovative drugs, to drive future revenue growth[12]. - The company has received regulatory approval for the clinical trial application of the HDACs inhibitor WJ47156, indicating ongoing innovation efforts[12]. - Research and development expenses decreased to ¥874,268,925.53 from ¥1,270,626,649.07, reflecting a reduction of approximately 31.1%[16]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 29,498[7]. - The total number of ordinary shareholders reached 29,489 by the end of the reporting period[9]. - HKSCC NOMINEES LIMITED holds 219,291,210 shares, accounting for 22.25% of total shares[8]. - The top 10 shareholders collectively hold 490,000,000 shares, representing approximately 49.0% of total shares[10]. - The company reported a total of 87,854,018 shares held by shareholder Xiong Jun, which is 8.91% of total shares[8]. - The investment fund managed by China Industrial Bank holds 25,295,724 shares, accounting for 2.57% of total shares[9]. - The company has no shareholders participating in margin trading as of the reporting period[9]. - The shareholding structure indicates a family relationship between major shareholders, Xiong Jun and Xiong Fengxiang, who are father and son[9]. - The company has not disclosed any other related party relationships among the top shareholders[9]. - The total number of shares held by the top 10 unrestricted circulating shareholders is 490,000,000[10]. - The company has not reported any changes in the top 10 shareholders due to margin trading activities[11]. Cash Flow and Assets - The company reported a net cash flow from operating activities of -¥1,113,472,084.61 year-to-date[2]. - Cash flow from operating activities for the first three quarters of 2024 was -¥1,113,472,084.61, an improvement from -¥1,664,114,192.65 in the same period of 2023, indicating a reduction in cash outflow by approximately 33.1%[19]. - Cash and cash equivalents, along with trading financial assets, totaled RMB 3.045 billion, indicating a strong liquidity position[12]. - Cash and cash equivalents at the end of the third quarter of 2024 stood at ¥2,474,334,261.64, down from ¥4,141,718,242.77 at the end of the third quarter of 2023[19]. - The total assets at the end of Q3 2024 were ¥10,857,613,524.70, down 4.28% from the end of the previous year[3]. - The company’s total assets decreased to approximately RMB 10.858 billion as of September 30, 2024, down from RMB 11.343 billion at the end of 2023[14]. - The total liabilities as of September 30, 2024, amounted to approximately RMB 4.578 billion, an increase from RMB 4.022 billion at the end of 2023[14]. - The company's operating costs for the first three quarters of 2024 were approximately RMB 2.261 billion, a decrease from RMB 2.479 billion in the same period of 2023[14]. - The company’s investment activities generated a net cash outflow of -¥1,083,510,749.67 for the first three quarters of 2024, compared to -¥653,834,246.14 in the same period of 2023, indicating an increase in investment outflows[19]. Financial Ratios - The weighted average return on net assets was -4.45%, an increase of 0.46 percentage points compared to the previous quarter[3]. - The company’s financial expenses included interest expenses of ¥32,912,225.93, an increase from ¥19,975,951.59 in the previous year[16].

Financial Performance - For the six months ended June 30, 2024, the total revenue of the group was approximately RMB 786 million, an increase of about 17% compared to the same period in 2023, primarily driven by an 11% increase in pharmaceutical revenue[4]. - The domestic sales revenue of the core product Tuoyi® (Tremelimumab) reached approximately RMB 671 million, representing a significant increase of about 50% compared to the same period in 2023[4]. - In the first half of 2024, the company achieved revenue of RMB 786 million, representing a 17% year-over-year increase[14]. - The core product, Tuoyi® (LOQTORZI®), saw domestic sales revenue grow approximately 50% year-over-year, totaling RMB 671 million[14]. - The company reported a net loss of RMB 688 million for the period, a 39% reduction compared to the loss of RMB 1,125 million in the same period last year[11]. - The company reported a total comprehensive loss of RMB (712,787) thousand for the six months ended June 30, 2024, compared to RMB (1,163,516) thousand for the same period in 2023[177]. - The company incurred a loss of RMB (688,445) thousand during the six months ended June 30, 2024, compared to a loss of RMB (1,125,338) thousand in the same period of 2023[177]. Research and Development - Research and development expenses totaled approximately RMB 546 million, a decrease of about 42% compared to the same period in 2023, due to cost control measures and optimization of resource allocation[4]. - The reduction in R&D expenses is attributed to the completion of major clinical trial endpoints for core products, leading to a natural decline in spending[4]. - The company has expanded its innovative research and development pipeline to include small molecule drugs, peptide drugs, antibody-drug conjugates (ADCs), and nucleic acid drugs, covering five major therapeutic areas[5]. - The product pipeline includes over 30 candidates in clinical trials and more than 20 in preclinical development, covering five major therapeutic areas including oncology and autoimmune diseases[31]. - The company is focused on advancing its pipeline of innovative therapies to address unmet medical needs in oncology[35]. - The company is committed to increasing R&D investments and accelerating the clinical trial and approval processes for innovative drugs to respond to industry and policy risks[150]. Regulatory Approvals and Market Expansion - Three drugs have been included in the new National Medical Insurance Catalogue, with Tuoyi® now covering six indications, including first-line nasopharyngeal carcinoma and first-line non-squamous non-small cell lung cancer[5]. - The company has received regulatory acceptance for multiple new drug applications, including the first-line treatment for advanced nasopharyngeal carcinoma and small cell lung cancer[7]. - As of the report date, Tuoyi® has been approved for 10 indications in mainland China, with two supplemental new drug applications (sNDA) under review[13]. - The company has established commercial partnerships in over 50 countries, including the Middle East, North Africa, and Latin America, to promote the commercialization of Tretinoin monoclonal antibody[20]. - The company is accelerating its internationalization efforts and has made significant progress in innovative therapies and drug commercialization[5]. Financial Position and Cash Flow - As of June 30, 2024, the group had a cash and cash equivalents balance of approximately RMB 3,311 million, a slight decrease of RMB 467 million from December 31, 2023, indicating a relatively ample liquidity position[4]. - The total assets of the company amounted to RMB 11,007 million, a 3% decrease from RMB 11,362 million at the end of the previous year[12]. - The company’s total equity as of June 30, 2024, was RMB 6,623,420 thousand, a decrease from RMB 9,794,250 thousand as of January 1, 2023[177]. - The net cash inflow from financing activities was approximately RMB 739 million, while the net cash outflow from operating activities was approximately RMB 869 million[85]. - The company’s cash flow from financing activities included borrowings of RMB 1,434,544 thousand for the six months ended June 30, 2024, compared to RMB 214,726 thousand in the same period of 2023[180]. Shareholder Structure and Governance - The company has a total of 14 board members, including 8 executive directors, 1 non-executive director, and 5 independent non-executive directors[122]. - The company has established various action agreements, including the 2017 and 2019 action agreements, which consolidate ownership among key stakeholders[129]. - The company continues to maintain a strong governance structure with significant insider ownership, which may influence future strategic decisions and market performance[134]. - The concert party agreements in place influence the perception of shareholdings among related parties, impacting overall governance and control[137]. Clinical Trials and Product Development - The company is currently marketing three drugs (Tuoyi®, Junmai Kang®, and Mindewi®) and has nearly 30 drug candidates in clinical trials, with over 20 in preclinical development[5]. - The company has multiple ongoing clinical trials for various cancer treatments, including non-small cell lung cancer and renal cell carcinoma[35]. - Tifcemalimab is being evaluated in over 30 studies across various cancer types, highlighting its potential as a cornerstone drug in immuno-oncology[56]. - The company has initiated a Phase III clinical trial (NCT06170489) for tifcemalimab combined with teriprizumab in treating cHL, aiming to recruit approximately 185 patients across over 50 centers in China[24]. Risks and Challenges - The company faces risks of not achieving profitability due to high R&D costs and operational expenses, with future earnings dependent on the progress of drug approvals and sales[143]. - The company has a risk of significant performance decline or losses due to ongoing R&D investments and costs associated with new drug registrations and market promotions[144]. - The company is exposed to financial risks related to foreign exchange fluctuations, particularly with assets and liabilities denominated in currencies such as HKD, USD, EUR, and GBP[147].

2024 年 9 月 26 日，上海君实生物医药科技股份有限公司（以下简称"公 司"）控股子公司上海君拓生物医药科技有限公司（以下简称"君拓生物"）与南 京吉盛澳玛生物医药有限公司（以下简称"吉盛澳玛"）签署了《IAMA-001 鼻喷 剂型项目许可及合作协议》（以下简称"许可及合作协议"或"本协议"）。根据 许可及合作协议，吉盛澳玛授予君拓生物在大中华区（包括中国大陆、香港特别 行政区、澳门特别行政区及台湾地区）基于许可知识产权研发、改进、制造、生 产、使用、申报、注册、商业化和以其他任何方式利用 IAMA-001 小核酸免疫调 节剂鼻用喷雾剂型药物（以下简称"许可产品"）的独占许可权利，并与君拓生 物在大中华区外合作开发 IAMA-001 鼻喷剂型项目。君拓生物将根据项目进展向 吉盛澳玛支付相应首付款、里程碑款及销售提成。 本次交易未构成关联交易，亦不构成《上市公司重大资产重组管理办法》 规定的重大资产重组。 证券代码：688180 证券简称：君实生物 公告编号：临 2024-059 上海君实生物医药科技股份有限公司 关于控股子公司与吉盛澳玛签署 许可及合作协议的公告 本公司董事会及全体董事保证本公告内容不 ...

证券代码：688180 证券简称：君实生物 公告编号：临 2024-057 上海君实生物医药科技股份有限公司 自愿披露关于特瑞普利单抗获得 欧盟委员会批准上市的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 近日，上海君实生物医药科技股份有限公司（以下简称"公司"）产品特瑞 普利单抗（欧洲商品名：LOQTORZI®）获得欧盟委员会（EC）批准用于治疗两 项适应症：特瑞普利单抗联合顺铂和吉西他滨用于复发、不能手术或放疗的，或 转移性鼻咽癌成人患者的一线治疗，以及特瑞普利单抗联合顺铂和紫杉醇用于不 可切除的晚期/复发或转移性食管鳞癌成人患者的一线治疗。此项批准适用于欧 盟全部 27 个成员国以及冰岛、挪威和列支敦士登，特瑞普利单抗成为欧洲首个 且唯一用于鼻咽癌治疗的药物，也是欧洲唯一用于不限 PD-L1 表达的晚期或转 移性食管鳞癌一线治疗药物。现将相关情况公告如下： 一、药品基本情况 药品名称：特瑞普利单抗注射液 欧洲商品名：LOQTORZI® 适应症：特瑞普利单抗联合顺铂和吉西他滨用于复发、不能手术或放疗的， 或转移 ...

Investment Rating - The report does not provide a specific investment rating for the company, but it indicates a neutral stance towards the industry, suggesting that the overall return in the next six months will be between -5% and 5% compared to relevant market indices [10]. Core Insights - The company achieved a revenue of 790 million yuan in the first half of 2024, representing a year-on-year growth of 17.4%. However, it reported a net loss attributable to shareholders of 650 million yuan [2]. - The core product, Toripalimab, saw rapid sales growth, with domestic sales reaching 671 million yuan, a year-on-year increase of approximately 50%. The product has been included in the national medical insurance catalog for six indications, making it the only PD-1 monoclonal antibody for melanoma treatment in the catalog [2]. - The company is advancing its internationalization efforts, with Toripalimab receiving FDA approval in October 2023 and being available in the U.S. since January 2024. The application process for multiple indications in other countries is also progressing steadily [2]. Performance Summary - Revenue for the first half of 2024 was 790 million yuan, with a year-on-year growth of 17.4%. The net profit attributable to shareholders was a loss of 650 million yuan [2]. - The sales of Toripalimab are expected to enter a positive cycle, with projected revenue growth rates of 21.5%, 63.2%, and 31.3% for 2024, 2025, and 2026, respectively. The net profit losses are expected to decrease from 1.91 billion yuan in 2024 to 570 million yuan in 2026 [3][4]. Research and Development Progress - The company has completed the first patient enrollment in a multi-center Phase III clinical trial for BTLA monoclonal antibody across China, the U.S., Europe, and Japan. The study is ongoing with continuous patient enrollment [3]. - The R&D pipeline is progressing efficiently, with two supplemental new drug applications (sNDA) for the monoclonal antibody Anlotinib accepted by the NMPA in April 2024 for specific cholesterol-related conditions [3]. - The company is focusing on advancing several early-stage products, including Claudin18.2 ADC, PI3K-α oral small molecule inhibitors, and dual antibodies targeting CD20/CD3 and PD-1/VEGF [3].

Financial Performance - For the six months ended June 30, 2024, the company's total revenue was approximately RMB 786 million, an increase of about 17% compared to the same period in 2023, primarily driven by a 50% increase in domestic sales of the core product Tuoyi® (Tremelimumab) to approximately RMB 671 million[6]. - The loss attributable to the company's owners decreased to RMB 646 million, a reduction of approximately RMB 351 million or about 35% compared to the same period in 2023[6]. - Revenue for the six months ended June 30, 2024, was RMB 786,056,000, an increase of 17.4% compared to RMB 669,703,000 for the same period in 2023[90]. - Gross profit for the same period was RMB 575,255,000, up 50.9% from RMB 381,190,000 in 2023[90]. - The net loss for the six months ended June 30, 2024, was RMB 688,445,000, compared to a net loss of RMB 1,125,338,000 in 2023, representing a 38.9% improvement[92]. - Basic and diluted loss per share improved to RMB 0.66 from RMB 1.01 in the previous year[92]. - Total assets as of June 30, 2024, were RMB 8,676,846,000, a slight decrease from RMB 8,887,308,000 at the end of 2023[94]. - The company's equity attributable to owners decreased to RMB 6,496,788,000 from RMB 7,170,822,000, a decline of 9.4%[96]. Research and Development - Research and development expenses for the reporting period totaled approximately RMB 546 million, a decrease of about 42% compared to the same period in 2023, due to cost control measures and a focus on more promising research pipelines[6]. - The company has expanded its innovative research areas to include small molecule drugs, peptide drugs, antibody-drug conjugates (ADCs), bispecific or multispecific antibody drugs, and nucleic acid drugs, covering five major therapeutic areas[7]. - The clinical research efficiency for the core product, Trelipilumab, has improved, with new indications moving from data readout to NMPA acceptance in as little as 36 days[13]. - The company is focusing on advancing early-stage pipelines, including Claudin18.2 ADC and PI3K-α oral small molecule inhibitors, to meet unmet clinical needs and expedite registration trials[20]. - The company has nearly 30 products in clinical trials and over 20 in preclinical development, covering five major therapeutic areas[26]. Product Approvals and Market Expansion - Tuoyi® received FDA approval in October 2023 and became the first Chinese innovative biologic included in the NCCN guidelines for nasopharyngeal carcinoma in December 2023[7]. - Three of the company's drugs have been included in the new National Medical Insurance Catalog, with Tuoyi® now covering six indications, including first-line treatments for nasopharyngeal carcinoma and esophageal squamous carcinoma[7]. - As of the announcement date, Tuoyi® has been approved for 10 indications in mainland China, with three new indications added to the national medical insurance catalog starting in 2024, making it the only anti-PD-1 monoclonal antibody for melanoma treatment in the catalog[12]. - The company has received regulatory acceptance for multiple new drug applications, including for Tuoyi® in combination with various treatments for advanced cancers[8]. - The company has established commercial partnerships in over 50 countries, including the Middle East, North Africa, Latin America, India, and Southeast Asia, to promote the commercialization of Trelipril monoclonal antibody[15]. Financial Position and Cash Flow - As of June 30, 2024, the company's cash and cash equivalents totaled approximately RMB 3,311 million, a slight decrease of RMB 467 million from December 31, 2023, indicating a relatively strong liquidity position to support development[6]. - The net cash inflow from financing activities during the reporting period was approximately RMB 739 million, while net cash outflows from operating and investing activities were approximately RMB 869 million and RMB 941 million, respectively[74]. - Cash and cash equivalents decreased by CNY 1,066,672,742.86 in the first half of 2024, compared to a decrease of CNY 1,143,174,210.62 in the first half of 2023[144]. - The company reported a significant increase in cash received from sales, totaling ¥840,718,464.86, up from ¥493,939,610.73 in the same period last year[142]. Corporate Governance and Management - The company held its annual general meeting and completed the election of the fourth board of directors and supervisory board in June 2024[8]. - The board of directors underwent changes, with Dr. Li Ning appointed as Vice Chairman and Dr. Zou Jianjun as the new General Manager and CEO on January 12, 2024[157]. - The audit committee consists of two independent non-executive directors and one non-executive director, overseeing financial reporting processes and internal controls[159]. Compliance and Ethical Standards - The company emphasizes compliance and ethical standards, aiming for high-quality sustainable development in a highly regulated pharmaceutical industry[25]. - The company is committed to enhancing its compliance culture and operational efficiency to support sustainable growth[25].