Financial Performance - The company has not achieved profitability during the reporting period, with operating income unable to cover R&D expenses and other costs[4]. - The company reported a total revenue of RMB 1.2 billion for the first half of 2023, representing a year-on-year increase of 25%[15]. - The company's operating revenue for the first half of 2023 was approximately ¥669.70 million, a decrease of 29.21% compared to ¥946.05 million in the same period last year[22]. - The net profit attributable to shareholders for the same period was approximately -¥997.41 million, compared to -¥912.41 million in the previous year[22]. - The net cash flow from operating activities showed a significant outflow of approximately -¥1.23 billion, compared to -¥458.23 million in the previous year[22]. - The company's net assets attributable to shareholders decreased by 10.44% to approximately ¥8.49 billion from ¥9.48 billion at the end of the previous year[22]. - The company reported a significant increase in net outflow of cash from operating activities, mainly due to milestone payments received in the previous year from the collaboration with Eli Lilly for the JS016 project[24]. - The company reported a 58.20% decrease in net cash flow from financing activities, totaling approximately CNY 534.92 million, primarily due to reduced inflows from minority shareholder investments[109]. Research and Development - The company is actively expanding its product pipeline, focusing on innovative therapies across multiple disease areas, and plans to maintain significant R&D investments[4]. - The company has allocated RMB 300 million for research and development in 2023, which is a 40% increase from the previous year[15]. - The research and development expenditure accounted for 141.64% of operating revenue, an increase of 29.36 percentage points compared to 112.28% in the previous year[23]. - The company has established a comprehensive technology system covering the entire lifecycle of protein drugs, including multiple technology platforms for antibody screening and development[31]. - The company has a robust pipeline with multiple innovative drug candidates at various stages of development, indicating strong future growth potential[78]. - The company has developed over 50 drug candidates since its establishment in December 2012, with nearly 30 products in clinical trials and over 20 in preclinical development[92]. - The company is focusing on expanding its product pipeline in five major therapeutic areas, including oncology and autoimmune diseases[90]. Product Development and Commercialization - The company is committed to the commercialization of approved drugs and expanding indications for existing products, which is expected to enhance its operational capabilities[4]. - The company aims to launch two new products by Q4 2023, focusing on innovative therapies for oncology and infectious diseases[15]. - The company has received regulatory approval for its flagship product, JS001, in three additional countries, expanding its market access[15]. - The sales revenue of Toripalimab (JS001) reached approximately 447 million CNY, representing a year-on-year growth of about 50%[37]. - Toripalimab has been approved for 6 indications in China, including treatments for melanoma, nasopharyngeal carcinoma, and urothelial carcinoma[37]. - The company has initiated over 40 clinical studies covering more than 15 indications globally, including lung cancer, nasopharyngeal carcinoma, and breast cancer[39]. - The company has received acceptance for sNDAs for four new indications during the reporting period, enhancing its product portfolio[37]. Market Expansion and Strategy - The company plans to expand its market presence in Europe and North America, targeting a 15% market share in these regions by 2025[15]. - The company is in discussions for potential acquisitions to enhance its product portfolio and market reach[15]. - The company is strategically positioning itself to explore overseas markets to mitigate domestic payment pressures and ensure sustainable R&D investment[74]. - The company has established commercial partnerships for Tislelizumab in over 50 countries, including agreements with Coherus, Hikma, and Dr. Reddy's[97]. Risk Factors and Challenges - The company is facing risks associated with the long R&D cycles and high investment in the biopharmaceutical industry, which may lead to further short-term losses[4]. - The report includes forward-looking statements that involve known and unknown risks and uncertainties, which may lead to significant differences from actual results[7]. - The company has detailed various risk factors that may impact its operations and financial status in the report[4]. - The company has reported a risk of not achieving profitability due to high R&D costs and the lengthy approval process for new drugs[101]. Environmental and Social Responsibility - The company has invested ¥405 million in environmental protection during the reporting period[126]. - The company has established a dedicated environmental health and safety department to manage pollutant emissions effectively[131]. - The company has implemented measures to enhance resource efficiency and promote green practices, including the use of eco-friendly packaging materials[139]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[135]. Shareholder and Governance Commitments - The company will ensure that any share reduction complies with the adjusted issue price in the event of dividends or capital increases[152]. - The company has committed to transparency and timely reporting of any changes in shareholding by its directors and senior management[154]. - The company has made a commitment to not occupy funds from the issuer and its subsidiaries, ensuring compliance with governance regulations[159]. - The company has outlined measures to stabilize its stock price, with a commitment period of 36 months starting from the listing date[157].

Financial Performance - For the six months ended June 30, 2023, the company's total revenue was approximately RMB 670 million, a decrease of about 29% compared to the same period in 2022, primarily due to a reduction in revenue related to overseas licensing transfers[2]. - The loss attributable to the company's owners was RMB 996 million, an increase of RMB 85 million compared to the same period in 2022[2]. - The company reported a net loss attributable to shareholders of RMB 996,421,000 for the six months ended June 30, 2023, compared to a loss of RMB 911,329,000 for the same period in 2022[70]. - The total comprehensive loss for the period was RMB 1,163,516 thousand, compared to RMB 1,101,333 thousand in the previous year, reflecting an increase of approximately 5.7%[54]. - The company reported a comprehensive loss of CNY 1,164,507,703.81 for the first half of 2023, compared to a loss of CNY 1,102,408,593.12 in the same period of 2022, indicating a worsening financial performance[92]. Revenue and Sales - During the reporting period, the sales revenue of the drug Tuoyi® (Tremelimumab) was approximately RMB 447 million, an increase of about 50% compared to the same period in 2022; the newly launched product Mindev® generated sales revenue of approximately RMB 110 million[2]. - The company achieved commercial drug sales revenue of RMB 625 million, a year-on-year increase of 103%, with key products contributing significantly: Tuoyi® sales reached RMB 447 million (up 50%), Mindev® at RMB 110 million, and Junmai Kang® at RMB 68 million[7]. - Pharmaceutical sales revenue was approximately RMB 641 million, an increase of about 108% year-over-year, driven by new indications for Tuoyi® and improved supply capacity for Junmai Kang®[38]. - The sales revenue of Tuoyi® (Tirzepatide) reached RMB 447 million during the reporting period[21]. - Junmai Kang® generated sales of RMB 68 million and has completed bidding in 25 provinces, with 172 hospitals now authorized to use the product[8]. Research and Development - Research and development expenses totaled approximately RMB 949 million, a decrease of about 11% compared to the same period in 2022, mainly due to the company's control over R&D investments in several early-stage pipelines[2]. - The company has nearly 30 drug candidates in clinical trials and over 20 candidates in preclinical development stages[3]. - The company is committed to expanding its product pipeline to include a wider range of drug types, including small molecules and nucleic acid drugs, targeting cancer and autoimmune diseases[6]. - The company plans to maintain significant R&D investments to support ongoing clinical trials and new drug applications, which may lead to further short-term losses[94]. - The company is committed to innovation, focusing on developing new drugs and increasing R&D investment to accelerate the clinical trial and market entry of innovative drugs[99]. Clinical Trials and Approvals - In January 2023, the oral nucleoside antiviral drug for COVID-19 (JT001/VV116) received conditional approval from the NMPA for the treatment of mild to moderate adult patients[3]. - In April 2023, the new drug application for JS002 (recombinant humanized anti-PCSK9 monoclonal antibody) was accepted by the NMPA[4]. - The combination therapy of Tifcemalimab and Tuoyi® is set to enter a Phase III clinical trial involving 756 patients across China, the US, and Europe, aiming to enhance treatment responses in cancer patients[10]. - The company has initiated Phase III clinical trials for JS005, a humanized anti-IL-17A monoclonal antibody, targeting moderate to severe plaque psoriasis and ankylosing spondylitis[11]. - The company is conducting multiple key registration clinical trials for Toripalimab across various indications, including postoperative adjuvant therapy and perioperative treatment for different cancer types[24]. Corporate Developments - In June 2023, the company announced plans to issue Global Depositary Receipts (GDRs) and apply for listing on the SIX Swiss Exchange, aiming to raise up to approximately RMB 3.4 billion for innovative drug R&D and other projects[5]. - The company entered into a shareholder agreement with Rxilient Biotech Pte. Ltd. to acquire a 40% stake in Excellmab, with plans to grant exclusive rights for the development and commercialization of Tremelimumab in several Southeast Asian countries[4]. - The company has established commercial partnerships for its drug Triplizumab with over 50 partners across regions including the Americas, Middle East, North Africa, and Southeast Asia[12]. - A commercialization agreement was signed with Dr. Reddy's for the exclusive development and commercialization of Triplizumab in multiple countries including Brazil, Mexico, and India[13]. - The company has optimized its commercialization team structure since 2022, significantly improving execution and sales efficiency[8]. Financial Position and Cash Flow - As of June 30, 2023, cash and bank balances decreased to approximately RMB 4,854 million from RMB 5,997 million as of December 31, 2022, primarily due to a net cash outflow from operating activities of approximately RMB 1,228 million and net cash outflow from investing activities of approximately RMB 160 million, partially offset by a net cash inflow from financing activities of approximately RMB 220 million[23]. - The company reported a net cash outflow from operating activities of approximately RMB 1,228 million for the six months ended June 30, 2023[23]. - The company plans to use the proceeds from the placement for drug R&D, pipeline expansion, and general corporate purposes, enhancing its competitiveness in the international market[50]. - The company’s cash flow from the placement is expected to support the development and commercialization of innovative drugs in international markets[50]. - The company reported a net asset value of RMB 8,804,291,000 as of June 30, 2023, down from RMB 9,794,250,000, a decrease of 10.09%[56]. Market and Industry Challenges - The company faces risks related to supply chain stability and potential increases in raw material costs, which could adversely affect profitability[96]. - The pharmaceutical industry is undergoing significant reforms, including cost control measures and new drug procurement policies, which may reshape the industry landscape and impact the company's development if it fails to innovate[98]. - The company’s core competitiveness is at risk due to the lengthy and costly nature of new drug development, which involves multiple complex stages[95]. - The company faces foreign exchange risk primarily from foreign currency assets and liabilities not denominated in its functional currency, with significant exposure to HKD, USD, EUR, and GBP[97]. - The company is committed to a cautious approach in R&D, with ongoing evaluations of projects to mitigate risks associated with unsuccessful drug development[95].

Financial Performance - The company's operating revenue for Q1 2023 was ¥255,154,522.24, representing a decrease of 59.47% compared to the same period last year[4]. - Total revenue for Q1 2023 was ¥255,154,522.24, a decrease of 59.5% compared to ¥629,519,132.31 in Q1 2022[16]. - Operating profit for Q1 2023 was -¥633,218,295.88, compared to -¥377,914,059.91 in Q1 2022, indicating a worsening loss[16]. - Net loss attributable to shareholders for Q1 2023 was -¥543,432,303.73, compared to -¥396,395,486.59 in Q1 2022[17]. - The company reported a comprehensive loss of -¥667,067,229.83 for Q1 2023, compared to -¥471,770,135.33 in Q1 2022[17]. - Basic and diluted earnings per share for Q1 2023 were both -¥0.55, compared to -¥0.44 in Q1 2022, indicating a deeper loss per share[17]. Cash Flow - The net cash flow from operating activities was -¥720,250,964.89, a decline of 226.26% year-on-year[4]. - In Q1 2023, the company reported cash inflows from operating activities of $302,002,091.08, a significant decrease from $1,544,045,956.19 in Q1 2022, reflecting a decline of approximately 80.5%[18]. - The net cash flow from operating activities was negative at -$720,250,964.89, compared to a positive $570,432,127.10 in the same quarter last year[18]. - Cash inflows from investment activities totaled $432,767,530.31, a substantial increase from $10,234,381.32 in Q1 2022[18]. - The net cash flow from investment activities was -$492,872,825.63, worsening from -$175,320,677.30 year-over-year[18]. - Cash inflows from financing activities amounted to $248,567,750.19, down from $380,000,000.00 in Q1 2022, representing a decline of approximately 34.6%[19]. - The net cash flow from financing activities was $211,453,160.70, compared to $357,189,314.87 in the previous year, indicating a decrease of about 40.9%[19]. - The company experienced a net decrease in cash and cash equivalents of -$1,012,308,195.11, contrasting with an increase of $753,748,651.03 in Q1 2022[19]. - As of the end of Q1 2023, the cash and cash equivalents balance stood at $4,984,627,802.72, compared to $4,258,353,489.75 at the end of Q1 2022[19]. Research and Development - R&D investment totaled ¥527,659,904.54, accounting for 206.80% of operating revenue, an increase of 125.64 percentage points compared to the previous year[5][8]. - Research and development expenses increased to ¥527,659,904.54 in Q1 2023, up from ¥510,912,040.65 in Q1 2022, reflecting a focus on innovation[16]. - The company has achieved primary endpoints in two Phase III clinical studies for Toripalimab in the treatment of operable non-small cell lung cancer and advanced triple-negative breast cancer[11]. - The company aims to submit and obtain approval for new drug applications for its late-stage products, including the PARP inhibitor Senaparib and a humanized anti-PCSK9 monoclonal antibody injection[11]. Assets and Equity - Total assets at the end of the reporting period were ¥12,130,928,476.30, down 3.40% from the end of the previous year[5]. - Total assets decreased to ¥12,130,928,476.30 in Q1 2023 from ¥12,558,496,175.43 in Q1 2022, a decline of 3.4%[15]. - Total liabilities increased to ¥2,856,550,964.10 in Q1 2023 from ¥2,782,035,912.21 in Q1 2022, an increase of 2.7%[15]. - Shareholders' equity attributable to the parent company was ¥8,949,235,488.32, a decrease of 5.63% from the previous year[5]. - The total equity attributable to shareholders decreased to ¥8,949,235,488.32 in Q1 2023 from ¥9,483,626,151.70 in Q1 2022, a decline of 5.6%[15]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 36,266[9]. - The largest shareholder, HKSCC NOMINEES LIMITED, held 22.25% of the shares, totaling 219,291,230 shares[9]. Product Performance - The revenue from the commercialized product, Toripalimab injection (brand name: Tuoyi®), reached approximately CNY 195.68 million, representing a year-on-year growth of about 77.84%[11]. - The sales revenue of Adalimumab injection (brand name: Junmaikang®) was approximately CNY 29.08 million, while the sales revenue of Dexamethasone Hydrochloride Tablets (brand name: Mindewi®) was approximately CNY 11.50 million[11]. - Mindewi® has received conditional approval for marketing from the National Medical Products Administration and has been temporarily included in the medical insurance payment scope[11]. Collaborations and Future Outlook - The company expects continued rapid revenue growth driven by the approval of new indications for Toripalimab and the commercialization of other late-stage clinical products[11]. - The company has established a collaboration with Rxilient Biotech Pte. Ltd. for the development and commercialization of Toripalimab in nine countries in Southeast Asia[11]. Other Information - The company received government subsidies amounting to ¥49,746,629.66 during the reporting period[6]. - The company did not apply new accounting standards or interpretations for the first time in 2023[20]. - The report was presented by the company's board on April 28, 2023[20].

Financial Performance - The company's revenue for Q1 2023 was ¥255,154,522.24, representing a decrease of 59.47% compared to the same period last year[5] - The net profit attributable to shareholders for Q1 2023 was -¥543,432,303.73, indicating a significant loss[5] - The net cash flow from operating activities was -¥720,250,964.89, a decrease of 226.26% year-on-year[5] - Operating profit for Q1 2023 was -¥633,218,295.88, compared to -¥377,914,059.91 in Q1 2022[16] - Net loss attributable to shareholders for Q1 2023 was -¥543,432,303.73, compared to -¥396,395,486.59 in Q1 2022[17] - The company reported a total comprehensive loss of -¥667,067,229.83 for Q1 2023, compared to -¥471,770,135.33 in Q1 2022[17] - Basic and diluted earnings per share for Q1 2023 were both -¥0.55, compared to -¥0.44 in Q1 2022[17] Assets and Liabilities - Total assets at the end of Q1 2023 were ¥12,130,928,476.30, down 3.40% from the end of the previous year[6] - Total assets decreased to ¥12,130,928,476.30 in Q1 2023 from ¥12,558,496,175.43 in Q1 2022[15] - Total liabilities increased to ¥2,856,550,964.10 in Q1 2023 from ¥2,782,035,912.21 in Q1 2022[15] - The company’s total equity decreased to ¥9,274,377,512.20 in Q1 2023 from ¥9,776,460,263.22 in Q1 2022[15] - The equity attributable to shareholders decreased by 5.63% to ¥8,949,235,488.32 compared to the end of the previous year[6] Cash Flow - As of March 31, 2023, the company's cash and cash equivalents amounted to CNY 5.02 billion, a decrease from CNY 6.03 billion as of December 31, 2022[13] - The company’s cash and cash equivalents decreased by 1,012,308,195.11, compared to an increase of 753,748,651.03 in Q1 2022[20] - The ending balance of cash and cash equivalents was 4,984,627,802.72, down from 4,258,353,489.75 in the previous year[20] - In Q1 2023, the company reported a net cash flow from operating activities of -720,250,964.89, a significant decrease compared to 570,432,127.10 in Q1 2022[19] - Total cash inflow from operating activities was 302,002,091.08, down from 1,544,045,956.19 in the same period last year[19] - The company experienced a cash outflow from investing activities of 925,640,355.94, compared to 185,555,058.62 in Q1 2022, resulting in a net cash flow from investing activities of -492,872,825.63[19] - Cash inflow from financing activities was 248,567,750.19, down from 380,000,000.00 in Q1 2022, leading to a net cash flow from financing activities of 211,453,160.70[20] Research and Development - R&D investment totaled ¥527,659,904.54, which accounted for 206.80% of the revenue, an increase of 125.64 percentage points compared to the previous year[6][9] - Research and development expenses for Q1 2023 were ¥527,659,904.54, an increase from ¥510,912,040.65 in Q1 2022[16] Revenue Sources - The decrease in revenue was mainly due to a reduction in technology licensing income compared to the previous year, which had significant contributions from collaborations with Eli Lilly and Coherus BioSciences[8] - The revenue from the commercialized product, Toripalimab injection (brand name: Tuoyi®), reached approximately CNY 195.68 million, representing a year-on-year growth of about 77.84%[12] - The sales revenue of Adalimumab injection (brand name: Junmaikang®) was approximately CNY 29.07 million, while the sales revenue of Dexamethasone tablets (brand name: Mindewi®) was approximately CNY 11.50 million[12] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 36,266[10] Strategic Developments - The company has expanded its production capacity for Junmaikang® by adding a second production line at its subsidiary, Suzhou Zhonghe Biopharmaceutical Technology Co., Ltd.[12] - The company has entered into a collaboration with Rxilient Biotech Pte. Ltd. for the development and commercialization of Toripalimab in nine countries in Southeast Asia[12] - The company anticipates continued rapid revenue growth driven by the approval of new indications for Toripalimab and the commercialization of other products in late-stage clinical development[12] - The company received conditional approval for Mindewi® and it has been temporarily included in the medical insurance payment scope[12]

Financial Performance - For the year ended December 31, 2022, the total revenue of the group was approximately RMB 1,453 million, a decrease of about 64% compared to the same period in 2021, primarily due to a reduction in income from overseas licensing transfers[5]. - The loss attributable to owners of the company was RMB 2,386 million, an increase of RMB 1,667 million compared to 2021, primarily due to a decrease in licensing income[5]. - The net loss for 2022 was RMB 2,582.10 million, compared to a loss of RMB 728.18 million in 2021[16]. - The total revenue for 2022 was RMB 1,453.49 million, a decrease of 64.2% compared to RMB 4,024.84 million in 2021[16]. - Drug revenue amounted to approximately RMB 753 million, an increase of about 76% year-over-year, primarily due to enhanced commercialization capabilities and the approval of two new indications for Tuoyi®[78]. - Licensing revenue was approximately RMB 476 million, a decrease of about 86% year-over-year, mainly due to the completion of all milestone events in the agreement with Eli Lilly and Company in 2021[78]. - The basic loss per share for 2022 was RMB 2.60, consistent with the previous year's loss per share of RMB 0.80[18]. Research and Development - Research and development expenses totaled approximately RMB 2,384 million, an increase of about 15% compared to 2021, due to increased investment in R&D and the rapid advancement of existing clinical projects[5]. - The company has expanded its R&D from monoclonal antibodies to include small molecules, peptides, antibody-drug conjugates (ADCs), bispecific or multispecific antibodies, and nucleic acid drugs, covering five major therapeutic areas[7]. - The company has over 20 drugs in preclinical development, indicating a robust pipeline for future growth[7]. - The company has achieved multiple IND approvals for various drugs throughout 2022, reflecting its strong commitment to advancing its product pipeline[9]. - The company aims to establish a comprehensive R&D platform to capture opportunities in next-generation therapies, focusing on nucleic acid drugs, ADCs, and bispecific antibodies[23]. - The company is focused on developing innovative drugs and has a diverse pipeline including treatments for various cancers and metabolic diseases[38]. Product Development and Commercialization - The company achieved significant breakthroughs in innovative therapies and drug discovery, addressing unmet clinical needs and filling domestic gaps in several areas[6]. - As of the report date, the company has commercialized four drugs in China or overseas markets, with nearly 30 drugs in clinical trials, including three in Phase III trials[7]. - The core product Tuoyi® achieved a sales revenue growth of 78.77% year-on-year in the domestic market[22]. - Tuoyi® has been approved for six indications, with three included in the national medical insurance catalog, providing coverage in 137 cities for certain conditions[15]. - The company has submitted marketing applications for its product in the US, EU, and UK, which have been accepted by local regulatory authorities[22]. - The company has signed a collaboration agreement with Hikma for the exclusive development and commercialization of the drug Trelipril in 20 countries in the Middle East and North Africa, with potential payments up to $12 million[11]. Clinical Trials and Approvals - In May 2022, the company’s drug Mindev® demonstrated statistical superiority in a Phase III clinical study for early treatment of mild to moderate COVID-19, with a shorter median time to clinical recovery[8]. - The IND application for JS105 (a PI3K-α inhibitor) was approved by NMPA in May 2022, further enhancing the company's oncology pipeline[8]. - The IND application for JS116 (a KRASG12C small molecule inhibitor) was approved by NMPA in June 2022, showcasing ongoing innovation in targeted therapies[10]. - The company has successfully developed innovative drugs for COVID-19, including the oral antiviral drug Mindewi®, which was conditionally approved in China in January 2023[21]. - The company plans to submit sNDA for the two new indications to the NMPA in 2023[29]. - The company has multiple drugs in clinical trials, including JS007 targeting CTLA-4 and JS014 targeting IL-21, with several in Phase III and Phase II trials[39]. Financial Strategy and Funding - Net cash inflow from financing activities was RMB 4,643 million, mainly from the issuance of new A-shares on December 2, 2022, which generated a net cash inflow of RMB 3,748 million[5]. - In December 2022, the company raised RMB 3,776.50 million by issuing 70 million new A-shares at RMB 53.95 per share, funding innovative drug R&D and the Shanghai headquarters project[12]. - The company raised approximately RMB 4,836 million through the issuance of 87.13 million A-shares at a price of RMB 55.50 per share, with a net amount of RMB 4,497 million after deducting issuance costs[91]. - The company plans to utilize RMB 3,464 million for innovative drug research and development projects, expected to be fully utilized by December 31, 2026[98]. - The company has not declared or paid any dividends for the years ended December 31, 2022, and 2021[99]. Corporate Governance and Management - The company has implemented a corporate governance framework based on the corporate governance code, ensuring compliance with all applicable principles and provisions during the reporting period[149]. - The board consists of 14 members, including 7 executive directors, 2 non-executive directors, and 5 independent non-executive directors[152]. - The company has a commitment to high standards of corporate governance to protect shareholder interests and enhance corporate value[149]. - The management team emphasizes the importance of regulatory compliance and is actively working to ensure all new products meet the necessary standards[141]. - The company has established a shareholder communication policy to ensure effective responses to shareholder concerns and opinions[182]. Employee and Talent Development - The company emphasizes the importance of talent development and has implemented a performance management system to enhance employee capabilities and organizational performance[35]. - The company is committed to providing comprehensive employee benefits and improving the work environment to attract and retain talent[35]. - The company reported a significant increase in employee salaries and benefits by approximately 18% compared to the same period in 2021, despite overall reductions in sales and distribution expenses[80]. - The company has a total of 2,961 employees, with 995 in drug research and development, 989 in product commercialization, and 561 in production[35]. Market Expansion and Strategic Partnerships - The company is actively pursuing international clinical trials, indicating a strategy for global market expansion[36]. - The company is focused on innovation and aims to accelerate the clinical trial and market entry processes for new drugs, responding to industry and policy changes[126]. - The company has established partnerships with key industry players to enhance distribution networks, aiming for a 25% increase in market penetration[141]. - The company plans to acquire a 40% stake in Excellmab through a non-cash investment, enabling exclusive rights for developing and commercializing Trivapil monoclonal antibody in several Southeast Asian countries[14]. Risk Management - The company faces significant risks related to new drug development, including long R&D cycles, high investment, and low success rates, necessitating careful evaluation and potential discontinuation of underperforming projects[125]. - Financial risks include exposure to foreign exchange fluctuations, particularly with assets and liabilities denominated in HKD, USD, EUR, CHF, and GBP, which could impact operating performance[126]. - The company acknowledges operational risks related to the stability of supplier relationships and the potential impact of rising raw material costs on profitability[125]. - The company is aware of macroeconomic risks, particularly uncertainties in international trade relations, which could adversely affect overseas business operations[126].

Financial Performance - The company has not achieved profitability during the reporting period due to high R&D costs and other expenses, despite significant advancements in drug discovery and commercialization [3]. - The company reported a total revenue of RMB 1.5 billion for the fiscal year 2022, representing a year-over-year increase of 25% [13]. - The company's operating revenue for 2022 was CNY 145,349.27 million, a decrease of 63.89% compared to CNY 402,484.09 million in 2021 [22]. - The net profit attributable to shareholders for 2022 was a loss of CNY 238,804.99 million, compared to a loss of CNY 72,090.97 million in 2021 [22]. - The net cash flow from operating activities for 2022 was a negative CNY 177,620.09 million, worsening from a negative CNY 60,505.00 million in 2021 [22]. - The company achieved a revenue of RMB 1.453 billion in 2022, a decrease of 63.89% year-on-year, primarily due to a reduction in technology licensing and royalty income from collaborations with Eli Lilly and Company and Coherus [29]. - The company's total sales revenue for the year reached 123,000,000 RMB, with the top five customers contributing 89,622.79 million RMB, accounting for 72.91% of total sales [141]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion in 2022, representing a year-over-year growth of 25% [200]. Research and Development - The company plans to maintain substantial R&D investments for clinical trials and drug development, which may lead to further losses in the short term [4]. - Research and development expenses accounted for 40% of total revenue, underscoring the focus on new product development and technological advancements [15]. - The total R&D investment for the year reached ¥2,384,373,404.10, an increase of 15.26% compared to the previous year [115]. - R&D investment accounted for 164.04% of operating revenue, an increase of 112.64 percentage points year-on-year [115]. - The number of R&D personnel increased to 995, representing 33.60% of the total workforce, up from 31.94% in the previous year [120]. - The company has developed over 50 research products since its establishment in December 2012, with 4 products in the commercialization stage and nearly 30 in clinical trials [123]. - The company is actively collaborating with domestic and international biotech firms to expand its product pipeline and enhance drug combination therapies [123]. Product Pipeline and Innovation - The company is actively expanding its product pipeline across multiple disease treatment areas, indicating a commitment to innovation [4]. - The company aims to launch two new innovative drugs in the next 18 months, with projected sales of RMB 500 million in the first year post-launch [14]. - The company has initiated three new clinical trials for its leading monoclonal antibody products, with expected completion dates in Q4 2023 [14]. - The company has a comprehensive drug pipeline, including core product Toripalimab, which has received approval for 6 indications in China, marking significant milestones in its product portfolio [42]. - The company has over 50 drug candidates in various stages of development, reflecting its strong innovation capabilities and potential for global first-in-class drugs [103]. - The company is focusing on expanding its product portfolio with innovative therapies targeting various diseases, including cancer and autoimmune disorders [161]. Market Expansion and Strategy - The company plans to expand its market presence in Europe and North America, targeting a 15% market share in these regions by 2025 [14]. - The company is exploring potential acquisitions to enhance its market position, with a budget of 250 million allocated for this purpose [200]. - The company is actively pursuing new drug development, with several projects in various clinical trial phases, including Phase I and II [160]. - The company plans to increase its marketing budget by 15%, aiming to boost brand awareness and customer engagement [194]. - The company is committed to sustainability, with plans to reduce operational carbon footprint by 25% by 2025 [196]. Financial Risks and Challenges - The company faces risks related to long profit cycles typical in the biopharmaceutical industry, with significant R&D investments impacting short-term profitability [126]. - The company is exposed to financial risks related to foreign exchange fluctuations, particularly with assets and liabilities denominated in currencies like USD and EUR [130]. - The company reported a significant increase in net losses across its subsidiaries, with Suzhou Junmeng showing a net loss of RMB 9,786.54 million and Junshi Engineering reporting a net loss of RMB 25,815.22 million [178]. Corporate Governance and Management - The board has approved a profit distribution plan for 2022, which includes no profit distribution or capital reserve transfer to increase share capital [5]. - The company has established a robust internal information disclosure management system to ensure transparency and protect investor interests [187]. - The company conducted 11 board meetings and 9 supervisory meetings during the reporting period, with all resolutions passed in accordance with legal procedures [187]. - The total pre-tax compensation for the CEO was 915.67 million yuan, with no shares held at the beginning of the year, but 20,000 shares at the end of the year [191]. Clinical Trials and Approvals - The company has initiated over 30 clinical studies covering more than 15 indications for Tretinoin in multiple countries, including the U.S. and China, focusing on early-stage applications of immunotherapy [33]. - The company plans to submit supplemental new drug applications (sNDA) for two new indications of Tretinoin to the NMPA in 2023, based on positive interim analysis results [34]. - The company has received breakthrough therapy designation and orphan drug status for several of its products, enhancing their market potential [47]. - The company has received IND approvals for multiple drug candidates, including JS010 and JS105, which are currently in clinical trial phases [113].

Financial Performance - For the year ended December 31, 2022, the total revenue of the group was approximately RMB 1,453 million, a decrease of about 64% compared to the same period in 2021, primarily due to a reduction in overseas licensing income [2]. - The loss attributable to owners of the company was RMB 2,386 million, an increase of RMB 1,667 million compared to the same period in 2021, primarily due to decreased licensing income [3]. - The net loss for the year was RMB 2,582,095 thousand, compared to a net loss of RMB 728,181 thousand in 2021, representing a significant increase in losses [91]. - Basic and diluted loss per share for the year was RMB 2.60, compared to RMB 0.80 in 2021 [91]. - The total comprehensive expenses for the year ended December 31, 2022, amounted to RMB (2,650,714) thousand, a significant increase from RMB (718,579) thousand in 2021, reflecting a rise of approximately 269% [65]. - The adjusted total comprehensive expenses for the year ended December 31, 2022, were RMB (2,608,855) thousand, compared to RMB (485,888) thousand in 2021, indicating an increase of around 437% [65]. Revenue Sources - Sales revenue from Tuoyi® (Tirzepatide) was approximately RMB 736 million, an increase of about 79% compared to the same period in 2021, driven by enhanced commercialization capabilities and the approval of two new indications [2]. - Pharmaceutical revenue was approximately RMB 753 million, an increase of about 76% year-on-year, primarily due to enhanced commercialization capabilities and the approval of two new indications for the product Tuoyi® [59]. - The company recognized license income of RMB 221,508,000 from Coherus and RMB 254,967,000 from sales sharing agreements for the year ended December 31, 2022 [101]. Research and Development - Research and development expenses totaled approximately RMB 2,384 million, an increase of about 15% compared to 2021, due to increased investment in R&D and the rapid advancement of existing clinical projects [2]. - The company has expanded its innovative R&D pipeline to include small molecules, peptides, antibody-drug conjugates, and nucleic acid drugs, covering five major therapeutic areas [4]. - The company is actively expanding its product pipeline, including small molecule drugs, peptide drugs, and next-generation innovative therapies targeting cancer and autoimmune diseases [11]. - The company plans to enhance its R&D pipeline by focusing on large molecule drug development and exploring new drug targets in small molecule research [58]. - The company plans to continue investing in R&D to drive future growth and innovation in drug development [96]. Clinical Trials and Approvals - As of the announcement date, four drugs have been commercialized in China or overseas, with nearly 30 drugs in clinical trials, including three in Phase III trials [4]. - The IND application for JS112 (Aurora A inhibitor) was approved by the NMPA in February 2022, indicating progress in the company's pipeline [4]. - The company achieved statistical superiority in a Phase III clinical study of Mindewi® for early treatment of COVID-19, with results published in a prestigious journal [5]. - The IND application for JS401, a small interfering RNA targeting ANGPTL3 mRNA, developed in collaboration with Runjia (Shanghai) Pharmaceutical Technology Co., Ltd., was accepted by the NMPA in January 2023 [8]. - The company is conducting multiple Phase Ib/II clinical trials for its first-in-human anti-tumor anti-BTLA monoclonal antibody, tifcemalimab, which has received IND approval from both FDA and NMPA [10]. Financing and Cash Flow - Net cash inflow from financing activities was RMB 4,643 million, mainly from the issuance of new A-shares and new bank loans, which increased cash reserves by RMB 2,492 million [3]. - Cash and cash equivalents increased from approximately RMB 3,505 million as of December 31, 2021, to approximately RMB 5,997 million as of December 31, 2022, primarily due to the completion of a new A-share issuance [63]. - The company raised approximately RMB 4,836 million from the A-share public offering, with net proceeds of about RMB 4,497 million after deducting issuance costs [68]. - Cash flow from financing activities included CNY 840,362,035.97 in borrowings received in 2022, up from CNY 500,000,000.00 in 2021, indicating a growth of 68.1% [133]. Market Presence and Commercialization - The company has established a commercialization team of nearly 1,000 people to enhance market presence and sales capabilities [11]. - Tuoyi® has been included in the National Medical Insurance Catalog for three indications, providing broader access to patients and reducing their medication burden [11]. - The company has successfully expanded Tuoyi® sales to over 4,000 medical institutions and approximately 2,000 pharmacies across China [26]. - The company is focusing on expanding its market presence in Southeast Asia and other regions through strategic partnerships [25]. Collaborations and Partnerships - The company signed a collaboration agreement with Coherus BioSciences, receiving an upfront payment of $35 million and potential milestone payments up to $255 million for the development of TAB006/JS006 in the U.S. and Canada [7]. - The company has entered into multiple collaborations, including a $35 million upfront payment from Coherus for the development of TAB006/JS006, with potential milestone payments up to $255 million [17]. - The company has entered into a shareholder agreement to acquire a 40% stake in Excellmab, with potential milestone payments of up to approximately $4.52 million, plus royalties based on net sales [9]. Regulatory and Compliance - The company has adhered to the corporate governance code as per Hong Kong listing rules during the reporting period [87]. - The company is committed to compliance with regulatory changes to mitigate policy risks and ensure operational adaptability [80]. - The company has received government subsidies related to R&D activities amounting to RMB 32,738,000 in 2022, down from RMB 89,061,000 in 2021 [104]. Risks and Challenges - The company faces risks related to prolonged non-profitability due to high R&D costs and market promotion expenses, which may lead to uncertainty in future profitability [74]. - The company is exposed to foreign exchange risks from holding foreign currency assets and liabilities, which may impact operating performance due to currency fluctuations [79].

Financial Performance - The company's revenue for Q3 2022 was approximately RMB 272.33 million, a decrease of 54.91% compared to the same period last year[4] - The net profit attributable to shareholders was a loss of RMB 682.32 million for the quarter, with a cumulative loss of RMB 1.59 billion year-to-date[4] - The basic earnings per share for Q3 2022 was -0.75 yuan, with a year-to-date figure of -1.75 yuan[4] - Revenue for the first three quarters of 2022 was RMB 1,218,381,861.73, down from RMB 2,718,396,641.58 in the same period of 2021, indicating a decrease of approximately 55.2%[15] - The company reported a net loss of RMB 5,983,314,584.38 for the first three quarters of 2022, compared to a loss of RMB 4,388,585,020.16 in the same period of 2021[15] - The net profit for Q3 2022 was -1,734,538,953.68 CNY, compared to -392,126,886.59 CNY in Q3 2021, indicating a significant increase in losses[18] - The total comprehensive income for Q3 2022 was -1,755,730,362.15 CNY, compared to -368,440,990.46 CNY in Q3 2021, reflecting a worsening financial position[18] - The company reported a total operating profit of -1,716,008,666.56 CNY in Q3 2022, compared to -288,543,144.54 CNY in Q3 2021, indicating a decline in operational performance[17] Research and Development - R&D investment totaled RMB 573.88 million in Q3 2022, representing 210.73% of the revenue, an increase of 132.03 percentage points year-on-year[5] - Research and development expenses rose to 1,636,118,643.63 CNY in Q3 2022, up from 1,422,572,326.73 CNY in the same period last year[17] Assets and Liabilities - The total assets at the end of the reporting period were RMB 9.58 billion, down 13.18% from the end of the previous year[5] - As of September 30, 2022, total assets amounted to RMB 9,581,031,208.80, a decrease from RMB 11,034,911,100.95 at the end of 2021[14] - Total current assets decreased to RMB 4,261,782,626.15 from RMB 5,844,891,453.12 year-over-year[14] - Cash and cash equivalents were RMB 3,064,825,595.33, down from RMB 3,506,637,890.39 at the end of 2021, representing a decline of approximately 12.6%[14] - Accounts receivable decreased significantly to RMB 289,586,600.85 from RMB 1,293,122,136.21, a drop of about 77.6%[14] - Inventory increased to RMB 537,280,841.89 from RMB 484,601,367.48, reflecting a growth of approximately 10.9%[14] - Total liabilities were RMB 2,676,684,562.28, compared to RMB 2,718,536,814.27 in the previous year[15] - The company's equity attributable to shareholders decreased to RMB 6,555,742,303.66 from RMB 7,945,095,398.41, a decline of about 17.5%[15] Cash Flow - The company reported a net cash flow from operating activities of -1.12 billion yuan year-to-date, indicating a decline in cash inflow compared to the previous year[4] - Operating cash flow for Q3 2022 showed a net outflow of -1,117,489,221.19 CNY, compared to -540,121,393.81 CNY in Q3 2021, indicating increased cash burn[19] - The company reported cash and cash equivalents of 3,001,414,742.11 CNY at the end of Q3 2022, down from 3,147,459,500.68 CNY at the end of Q3 2021[20] Sales Performance - The sales revenue from the product Tuoyi® (JS001) reached approximately RMB 218 million in Q3 2022, marking a continuous quarter-on-quarter growth[6] - The company has received approval for six indications for Tuoyi® in China, indicating significant growth potential in the domestic market[6] - Sales revenue from goods and services received in Q3 2022 was 2,109,423,813.08 CNY, a decrease from 2,584,764,961.17 CNY in Q3 2021[19] Shareholder Information - The total number of shareholders as of the report date was 35,996, with 35,988 being A-share holders and 8 being H-share holders[14] Financial Expenses - The company incurred financial expenses of -71,341,733.51 CNY in Q3 2022, a decrease from 5,094,540.11 CNY in Q3 2021[17] - The company raised 396,975,840.00 CNY from investments in Q3 2022, significantly lower than 2,121,734,262.98 CNY in Q3 2021[20]

Financial Performance - Total revenue for Q3 2022 was approximately RMB 272.33 million, a decrease of 54.91% compared to the same period last year[5]. - Net profit attributable to shareholders for Q3 2022 was a loss of RMB 682.32 million, with a year-to-date loss of RMB 1.59 billion[5]. - The company reported a diluted earnings per share of -RMB 0.75 for Q3 2022, with a year-to-date figure of -RMB 1.75[7]. - Net loss for Q3 2022 was CNY -1,734,538,953.68, compared to a net loss of CNY -392,126,886.59 in Q3 2021, representing a significant increase in losses[20]. - Basic and diluted earnings per share for Q3 2022 were both CNY -1.75, compared to CNY -0.44 in Q3 2021[21]. - The company reported a total comprehensive loss of CNY -1,755,730,362.15 for Q3 2022, compared to a loss of CNY -368,440,990.46 in the same quarter of the previous year[21]. Research and Development - Research and development expenses totaled RMB 573.88 million in Q3 2022, representing 210.73% of total revenue, an increase of 132.03 percentage points year-on-year[7]. - Research and development expenses for Q3 2022 reached CNY 1,636,118,643.63, an increase of 15.0% from CNY 1,422,572,326.73 in Q3 2021[20]. Assets and Liabilities - Total assets as of the end of Q3 2022 were RMB 9.58 billion, a decrease of 13.18% from the end of the previous year[7]. - Total current assets as of September 30, 2022, amounted to approximately CNY 4.26 billion, a decrease of 27% from CNY 5.84 billion at the end of 2021[16]. - The total liabilities as of Q3 2022 amounted to CNY 2,676,684,562.28, slightly down from CNY 2,718,536,814.27 in the previous year[21]. - The total equity attributable to shareholders of the parent company was CNY 6,555,742,303.66, a decrease of 17.5% from CNY 7,945,095,398.41 in the same period last year[21]. Cash Flow - The net cash flow from operating activities for the year-to-date period was -RMB 1.12 billion, primarily due to a decrease in technical licensing income[10]. - The net cash flow from operating activities for the first three quarters of 2022 was -1,117,489,221.19 RMB, compared to -540,121,393.81 RMB in the same period of 2021, indicating a significant decline[22]. - Total cash inflow from financing activities in Q3 2022 was 1,166,482,145.95 RMB, down from 2,621,734,262.98 RMB in Q3 2021, reflecting a decrease of approximately 55%[23]. - The cash inflow from operating activities totaled 2,429,312,921.58 RMB in the first three quarters of 2022, down from 2,717,797,542.77 RMB in 2021, representing a decrease of approximately 10.6%[22]. Shareholder Information - The number of total common shareholders at the end of the reporting period was 35,996[14]. - The top 10 shareholders held a combined 70.63% of the total shares, with HKSCC NOMINEES LIMITED holding 24.03%[14]. Product Performance - The sales revenue from the product Tuoyi® (Tremelimumab) reached approximately RMB 218 million in Q3 2022, marking a continuous quarter-on-quarter growth[7]. - The company has received approval for six indications for Tuoyi® in China, indicating potential for significant revenue growth as more indications are approved[7]. Financial Data and Reporting - The company emphasizes that the financial data presented is unaudited and prepared according to Chinese accounting principles[4]. - The company has not disclosed any significant new strategies or product developments during the reporting period[15].

Financial Performance - For the six months ended June 30, 2022, the total revenue of the company reached approximately RMB 946 million, with sales revenue from Tuoyi® (Tremelimumab) amounting to approximately RMB 298 million, an increase of about 195% compared to the second half of 2021[9]. - The net loss for the reporting period was RMB 998 million, an increase of RMB 1,009 million compared to the same period in 2021, mainly due to a decrease in licensing income[9]. - In the first half of 2022, the company's revenue was RMB 946,049 thousand, a decrease of 55% compared to RMB 2,114,448 thousand in the same period of 2021[14]. - Gross profit for the first half of 2022 was RMB 625,577 thousand, down 62% from RMB 1,650,506 thousand year-over-year[14]. - The company reported a net loss of RMB 998,360 thousand for the first half of 2022, compared to a profit of RMB 10,533 thousand in the same period of 2021, marking a significant decline[14]. - The total assets decreased by 10% to RMB 9,903,225 thousand as of June 30, 2022, from RMB 11,050,720 thousand at the end of 2021[14]. - The adjusted total comprehensive expenses for the period were approximately RMB (1,078,881) thousand, compared to RMB 97,527 thousand in the same period of 2021[86]. - The basic loss per share attributable to the owners of the company was RMB (911,329) thousand for the six months ended June 30, 2022, compared to a profit of RMB 10,534 thousand in the same period of 2021[88]. - The company reported a net cash outflow from operating activities of approximately RMB 458 million for the six months ended June 30, 2022[84]. Research and Development - The company's R&D expenses totaled approximately RMB 1,062 million, representing a year-on-year increase of about 12%, primarily due to increased clinical costs and talent acquisition[9]. - The company has expanded its innovative R&D 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[9]. - The company has three commercially available drugs in China or overseas markets, with nearly 30 drugs in clinical trials, including four in Phase III trials[9]. - The company achieved statistical superiority in a Phase III clinical study of VV116 (JT001) for early treatment of COVID-19, providing strong evidence for symptom relief acceleration[10]. - The company is actively expanding its product pipeline to include small molecules, peptide drugs, antibody-drug conjugates, and nucleic acid drugs, targeting next-generation innovative therapies for cancer and autoimmune diseases[16]. - The company has initiated over 30 clinical studies for Tuoyi® covering more than 15 indications, including key registration trials for various cancers[20]. - The company is conducting Phase III clinical trials for JS002, a monoclonal antibody targeting PCSK9, in a broader patient population, including non-familial and heterozygous familial hypercholesterolemia[26]. - The company is currently in a significant R&D investment phase, with a focus on expanding its product pipeline and accelerating clinical trials domestically and internationally[129]. Product Approvals and Market Expansion - In February 2022, the IND application for JS112 (Aurora A inhibitor) was approved by NMPA[10]. - In March 2022, the company received NMPA approval for the marketing of Junmaikang® (Adalimumab) for the treatment of rheumatoid arthritis, ankylosing spondylitis, and psoriasis[10]. - In April 2022, Tuoyi® received orphan drug designation from the FDA for the treatment of small cell lung cancer, marking the fifth such designation for Tuoyi®[10]. - The company received NMPA approval for the sNDA of Tuoyi® in May 2022, marking the fifth indication approved for this drug[11]. - The FDA accepted the BLA for Treprilizumab in July 2022, with a target review date set for December 23, 2022[13]. - The company plans to launch Tuoyi® in the U.S. in Q1 2023, pending FDA approval, making it the first and only tumor immunotherapy for nasopharyngeal carcinoma in the U.S.[21]. - Tuoyi® has been granted Breakthrough Therapy Designation (BTD) for certain indications, indicating its potential in the market[46]. - Tuoyi® received FDA orphan drug designation for small cell lung cancer, marking its fifth such designation, previously granted for mucosal melanoma, nasopharyngeal carcinoma, soft tissue sarcoma, and esophageal cancer[48]. Financial Strategy and Capital Raising - The company plans to raise up to RMB 3.969 billion through the issuance of up to 70 million A-shares to fund innovative drug development and R&D projects[13]. - The company has committed capital expenditures of RMB 683 million for property, plant, and equipment as of June 30, 2022, reflecting a 3% increase from RMB 664 million as of December 31, 2021[98]. - The company has a total of RMB 3,003 million planned for various uses, with 100% of the funds accounted for as of June 30, 2022[150]. - The company raised approximately RMB 4,497 million from the A-share listing after deducting issuance costs, with the proceeds allocated according to the disclosed purposes[152]. Market Presence and Sales Performance - Core product Tuoyi® has been approved for five indications, with sales revenue in China reaching approximately RMB 298 million in the first half of 2022, a 212% increase compared to Q4 2021[19]. - Tuoyi® sales in Q2 2022 increased by approximately 70% compared to Q1 2022, despite disruptions from COVID-19 in April and May[19]. - The commercial team has grown to over 1,100 personnel, enhancing the brand presence of Tuoyi® across more than 4,000 medical institutions and nearly 2,000 pharmacies in China[43]. - The updated National Medical Insurance catalog includes Tuoyi® for multiple indications, providing broader access and reducing patient costs across 61 provinces and cities[18]. - The company aims to improve its financial situation by commercializing multiple indications and products, which will help in achieving profitability[129]. Risks and Challenges - The company faces risks associated with not being profitable due to high R&D and operational costs, which may lead to uncertainty in achieving profitability in the short term[129]. - The ongoing COVID-19 pandemic has delayed the progress of clinical trials, impacting the R&D and commercialization of the core product, Triplizumab[136]. - The company is exposed to foreign exchange risks due to holding foreign currency assets and liabilities, which may affect operating performance if exchange rates fluctuate significantly[137]. - The company faces operational risks related to the stability of supplier relationships and potential price increases in R&D services and raw materials[132]. Corporate Governance and Compliance - The company emphasizes high standards of corporate governance, adhering to the principles and code provisions of the corporate governance code as per Hong Kong listing rules[147]. - The audit committee consists of two independent non-executive directors and one non-executive director, overseeing financial reporting and internal controls[157]. - The report indicates that the company is compliant with the Securities and Futures Ordinance regarding the disclosure of interests[118].