Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 56.20, indicating a potential upside of 21.1% from the current price of HKD 46.40 [1][11]. Core Insights - The successful inclusion of the drug "耐赋康" (EVER001) in the national medical insurance directory is expected to drive significant sales growth, with projected sales reaching RMB 12.2 billion and RMB 18.3 billion for 2025 and 2026, respectively [2]. - The report highlights the promising clinical results of EVER001, a reversible BTK inhibitor, which has shown high rates of clinical remission in patients with membranous nephropathy, a condition with increasing prevalence [1][2]. - The market potential for EVER001 is substantial, as it is the only drug approved for the IgA nephropathy indication in the national medical insurance directory, providing a significant first-mover advantage [2]. Financial Projections - Revenue projections for the company have been revised upwards, with expected revenues of RMB 744 million for 2024, RMB 1.765 billion for 2025, and RMB 2.951 billion for 2026, reflecting increases of 17.4% and 15.3% for the latter two years compared to previous forecasts [3][13]. - The net profit forecast for 2026 has been adjusted to RMB 409 million, a significant improvement from previous estimates [3][13]. - The gross profit margin is expected to improve to 79.0% by 2026, indicating enhanced operational efficiency [3][13]. Market Context - The report notes that the incidence of membranous nephropathy is rising, with approximately 2 million patients in China and significant numbers in the US, Europe, and Japan, highlighting the growing market opportunity for the company's products [1][2]. - The company is positioned in the biotechnology sector, which is experiencing robust growth, particularly in the development of innovative therapies for unmet medical needs [11].

Investment Rating - The report gives a "Buy" rating for the company with a target price of HKD 51.46 [6] Core Views - The company is focused on nephrology and anti-infective fields, with differentiated products entering the commercialization phase [2] - Nefecon (Nefucon) is expected to enter the 2024 national medical insurance catalog, with strong potential for volume growth through price reduction [3] - The company has a fully integrated mRNA platform and is expanding its mRNA product pipeline [16] - The company's products address unmet medical needs in IgA nephropathy and multi-drug resistant infections, with significant clinical and commercial potential [3][4] Financial Data and Valuation - The company's revenue is expected to grow significantly, with projected revenues of RMB 7.0 billion, RMB 15.6 billion, and RMB 25.6 billion for 2024, 2025, and 2026, respectively [5] - The net profit attributable to the parent company is expected to be RMB -979 million, RMB -320 million, and RMB 171 million for 2024, 2025, and 2026, respectively [5] - The DCF valuation suggests a fair value of HKD 51.46 per share, with a fair market value of HKD 16.8 billion [5] Product Pipeline and Commercialization - Nefecon (Nefucon) is the first drug globally approved for the treatment of IgA nephropathy, with significant clinical value and potential to become a foundational treatment [3][18] - Eravacycline (Yijia) has shown strong efficacy in treating multi-drug resistant infections, with rapid commercialization and revenue growth [4] - Etrasimod (Yiqu Mod) has the potential to become a first-line treatment for moderate to severe ulcerative colitis in China, with NDA submission expected in 2024 [2][104] Market Potential and Competitive Landscape - The prevalence of IgA nephropathy in China is 1.5-2 times higher than in Europe and 3-6 times higher than in the US, with a large and growing patient base [3][38] - The company has a competitive advantage in the multi-drug resistant infection market, with complementary products addressing unmet clinical needs [4][96] - The company's mRNA platform and pipeline have the potential to drive long-term growth, with a focus on oncology and autoimmune diseases [16][33] Strategic Focus and Future Outlook - The company is transitioning from a licensing model to a dual-driven model of strong R&D and commercialization capabilities [16] - The company is strategically focused on nephrology and anti-infective fields, with a pipeline that could address the needs of approximately 10 million patients with glomerular diseases [77] - The company's products are expected to achieve peak annual sales of RMB 10 billion, driven by the commercialization of four core products [29][30]

Commercialization and Product Development - In the first half of 2024, Everest Medicines achieved a significant milestone with the successful commercialization of NEFECON® as the first disease-modifying treatment for IgA nephropathy in China, which is expected to reduce kidney function decline by 50%[7] - NEFECON® received approval from the National Medical Products Administration in China in November 2023 and was commercialized in May 2024, marking a key achievement for the company[8] - In March 2024, NEFECON® was approved by the Singapore Health Sciences Authority for treating adult patients at risk of disease progression, further expanding patient accessibility in Asia[8] - The FDA granted NEFECON® a seven-year exclusivity period for its new indication, extending until December 2030, enhancing its market position in the U.S.[8] - The company is focused on expanding its clinical applications of IGA® in more hospitals, driving continuous revenue growth[7] - Everest Medicines is actively seeking collaborations in key therapeutic areas such as renal, infectious, and autoimmune diseases to maximize synergies across its clinical and commercialization platforms[7] - The company has established a comprehensive biopharmaceutical platform covering early research, clinical development, registration, production, and commercialization[7] - The product pipeline includes innovative drugs targeting kidney diseases, anti-infectives, and autoimmune diseases, with significant revenue growth expected from these assets[25] - The company plans to submit a new drug application for Iqmod in China in 2024, following the announcement of top-line results from the Phase 3 clinical trial in July[28] - The company aims to launch the first commercially valuable IgA nephropathy testing reagent, providing effective tools for diagnosis and monitoring[21] Financial Performance - Revenue increased from RMB 89 million for the six months ended June 30, 2023, to RMB 301.5 million for the six months ending June 30, 2024, primarily due to the continued sales expansion of Yijia® in mainland China and Hong Kong, and the launch of Naifukang® in mainland China and Singapore[22] - Gross margin rose from 62.7% for the six months ended June 30, 2023, to 76.6% for the six months ending June 30, 2024, driven mainly by the launch of new products[22] - Net loss increased from RMB 423.6 million for the six months ended June 30, 2023, to RMB 632.4 million for the six months ending June 30, 2024, primarily due to a one-time impairment loss related to mRNA COVID-19 vaccine intangible assets[22] - Adjusted net loss decreased from RMB 326.9 million for the six months ended June 30, 2023, to RMB 212.6 million for the six months ending June 30, 2024[23] - The company aims to achieve revenue guidance of RMB 700 million for the current year, reflecting confidence in meeting the clinical needs of patients in Asia[24] - The company reported revenue of RMB 301.5 million for the six months ended June 30, 2024, compared to RMB 8.9 million for the same period in 2023, marking a significant increase[35] - The company recorded an operating loss of RMB 671.8 million for the six months ended June 30, 2024, compared to RMB 478.9 million in the same period of 2023, mainly due to impairment losses related to mRNA COVID-19 vaccine intangible assets[44] Research and Development - R&D expenses decreased from RMB 288.5 million for the six months ended June 30, 2023, to RMB 253.2 million for the six months ending June 30, 2024, mainly due to reduced clinical trial costs[22] - The company is developing four mRNA therapeutic cancer vaccine projects after terminating its collaboration with Providence Therapeutics, focusing on proprietary mRNA technology[19] - A personalized tumor vaccine clinical trial (EVM16CX01) has been initiated to evaluate the safety and preliminary efficacy of EVM16 in advanced or recurrent solid tumors[20] - The global Phase 2b PALIZADE trial for zetomipzomib in treating active lupus nephritis has commenced with the first patient dosed in China[12] - EVER001, a new generation BTK inhibitor, is in clinical development for treating membranous nephropathy, with top-line results expected in the second half of 2024[13] Collaborations and Partnerships - Calliditas announced positive results from the NefigArd Phase III study, showing significant eGFR benefits over a 2-year period with 9 months of treatment[9] - The Chinese National Medical Products Administration has accepted the supplemental application for NefigArd, which could lead to it being the first approved IgA nephropathy treatment in China[11] - Calliditas expects to announce top-line results from the open-label study of NefigArd in China in the second half of 2024[11] - The company has initiated collaborations to establish an integrated ecosystem for kidney disease diagnosis and treatment, aiming to launch a commercially viable IgA nephropathy testing reagent[29] - The company has ongoing collaborations and licensing agreements with Arena Pharmaceuticals and United Therapeutics for the development and commercialization of proprietary products in various regions, with upfront payments totaling RMB 78.4 million[168] Employee and Operational Metrics - As of June 30, 2024, the total employee count is 520, an increase from 395 as of June 30, 2023, with 506 based in China[62] - Total compensation expenses for the six months ended June 30, 2024, amounted to RMB 281.3 million, compared to RMB 248.2 million for the same period in 2023, reflecting an increase of approximately 13.4%[63] - The company has established an internal end-to-end capability to develop and manufacture mRNA therapeutic drugs, with a dedicated team of over 30 scientists in Shanghai[33] Shareholder and Equity Information - The company has a significant shareholder, Mr. Bo Wei, holding 39.75% of the shares[76] - As of June 30, 2024, the total number of issued shares is 325,164,793[83] - Major shareholder Vistra Trust (Singapore) Pte. Limited holds 39.75% of the shares, totaling 129,265,877 shares[80] - C-Bridge Capital GP, Ltd. and its affiliates collectively hold 16.23% of the shares, amounting to 52,777,778 shares each[80] - The company has four existing share plans, including pre-IPO management and employee stock option plans, with a total of 10,572,800 new shares representing approximately 3.26% of the weighted average shares during the reporting period[84] Financial Position and Cash Flow - Cash and cash equivalents and time deposits amounted to RMB 1,925.5 million as of June 30, 2024[23] - Cash and cash equivalents plus bank deposits decreased from RMB 2,349.7 million as of December 31, 2023, to RMB 1,925.5 million as of June 30, 2024, primarily due to cash used in operating activities[52] - Net cash used in operating activities was RMB 414.9 million for the six months ended June 30, 2024, compared to RMB 441.4 million for the same period in 2023[53] - Net cash generated from investing activities was RMB 447.7 million for the six months ended June 30, 2024, compared to RMB 894.4 million for the same period in 2023[54] - Net cash generated from financing activities was RMB 15.6 million for the six months ended June 30, 2024, compared to cash used of RMB 208.3 million for the same period in 2023[55] Impairment and Asset Management - The company recognized a full impairment loss of RMB 356.3 million (equivalent to $50 million) on intangible assets related to the mRNA COVID-19 vaccine due to declining economic and social benefits from continued development[188] - The company incurred a total of RMB 21,404 thousand in administrative and selling expenses in the first half of 2024, compared to RMB 2,386 thousand in the same period of 2023, representing a significant increase[166] - The company has not identified any impairment indicators for intangible assets, except for the mRNA COVID-19 vaccine, as of June 30, 2024[192] Regulatory and Compliance - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited interim results for the six months ended June 30, 2024[67] - The company’s financial statements have been reviewed in accordance with international standards, ensuring compliance with relevant regulations[102] - The company has complied with the new Chapter 17 of the Listing Rules effective from January 1, 2023[84]

证券研究报告 | 公司动态点评 2024 年 09 月 04 日 云顶新耀-B（01952.HK） 商业化成绩亮眼，耐赋康收入超预期 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|---------|-------------------------------------|---------|----------|----------|-------------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 12.79 | 125.93 | 702.70 | 1,749.72 | 2,817.06 | 股票信息 | | | 增长率 yoy （ % ） | | 23588.89 884.46 458.00 149.00 61.00 | | | | | | | 归母净利润（百万元） ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 44.00, indicating a potential upside of 110.0% from the current price of HKD 20.95 [6]. Core Insights - The company has exceeded sales expectations in 1H24, particularly for its products Yijia and Naifukang, leading to an upward revision of revenue forecasts for 2024-25 and an increase in the target price [1]. - The upcoming 18 months are expected to be rich in catalysts, including the commercialization of new drugs and ongoing clinical studies [1][2]. - The company has demonstrated an efficient commercialization model for Naifukang, achieving significant market penetration with a limited sales force [1]. Financial Performance Summary - 1H24 product sales surged by 158% to RMB 302 million, surpassing market expectations [1]. - Naifukang generated sales of RMB 167 million within a month and a half of its launch in mainland China, with further approvals anticipated [1]. - Yijia sales reached RMB 134 million, driven by positive real-world study results and deeper market coverage [1]. - Adjusted non-IFRS net loss narrowed to RMB 213 million in 1H24 from RMB 327 million in 1H23, with a gross margin of 83% [1]. - The company expects product sales revenue of RMB 700 million in 2024 and aims for cash flow breakeven in 2025 [1]. Revenue Forecast Changes - Revenue forecasts for 2024E and 2025E have been adjusted to RMB 744 million (up 5.5%) and RMB 1,504 million (up 0.8%), respectively [3]. - Gross profit estimates for 2024E and 2025E have been revised to RMB 573 million (up 8.3%) and RMB 1,173 million (up 2.1%) [3]. - The gross margin is projected to improve to 77.0% in 2024E and 78.0% in 2025E [3]. Key Upcoming Events - Important upcoming events include the results of the medical insurance negotiations for Naifukang, the submission of NDA for Yikumo in mainland China, and the anticipated launch of additional innovative drugs [2]. - Clinical data readouts for various ongoing studies are expected to provide further insights into the company's product pipeline [2].

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 Everest Medicines Limited 雲頂新耀有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1952） 截 至2024年6月30日 止 六 個 月 中 期 業 績 公 告 雲 頂 新 耀 有 限 公 司（「本 公 司」）董 事 會（「董 事 會」）宣 佈 本 公 司 及 其 附 屬 公 司 截 至2024年6月30日 止 六 個 月 的 未 經 審 計 中 期 業 績。本 公 告 載 有 本 公 司 2024中 期 報 告 全 文，符 合 香 港 聯 合 交 易 所 有 限 公 司（「聯 交 所」）證 券 上 市 規 則 中 有 關 中 期 業 績 初 步 公 告 附 載 資 料 的 相 關 要 求 ...

Investment Rating - Buy (首次评级) [1] Core Views - The company's flagship product, Nefecon, has successfully commercialized, marking a significant milestone in the treatment of IgA nephropathy [1][2] - Revenue is expected to grow steadily as products like Eravacycline and Nefecon continue to contribute to sales, with potential for further expansion in 2024 [1][2] - The company is actively preparing for医保谈判, which could significantly boost Nefecon's revenue if successful [2] - The mRNA platform, focusing on tumor therapeutic vaccines, is expected to become a cornerstone for sustainable growth in the medium to long term [4] Financial Performance - Revenue for 2023 was RMB 125.93 million, a significant increase from RMB 12.79 million in 2022, driven by the commercialization of Eravacycline and Nefecon [1] - Net loss for 2023 widened to RMB 844.46 million, compared to RMB 247.28 million in 2022, primarily due to increased expenses and the absence of a one-time gain from the Trodelvy® transaction [1] - Revenue is projected to grow to RMB 702.70 million in 2024, RMB 1,749.72 million in 2025, and RMB 2,817.06 million in 2026 [1] Product Pipeline - **Nephrology**: Nefecon, the first innovative drug for IgA nephropathy, has shown significant clinical benefits in reducing proteinuria and slowing eGFR decline [2][38] - **Infectious Diseases**: Eravacycline, a broad-spectrum antibiotic, has been successfully commercialized, while Cefepime-Taniborbactam is expected to launch by 2025-2026 [2][53] - **Autoimmune Diseases**: Etrasimod, approved in Macau, is expected to contribute to revenue starting in 2024-2025 [2] - **mRNA Platform**: The company is focusing on developing tumor therapeutic vaccines, with clinical trials expected to begin in the second half of 2024 [4] Market Potential - The global market for chronic kidney disease (CKD) is substantial, with an estimated 700 million patients worldwide, and China accounts for approximately 18% of this population [28][30] - IgA nephropathy, the most common primary glomerular disease, has a higher prevalence in Asian populations, particularly in China, where it accounts for about 53% of primary glomerular diseases [31][32] - The market for multi-drug resistant Gram-negative bacteria (MDR-GNB) antibiotics is expected to grow, with projections indicating a market size of RMB 19.3 billion by 2027 [59] Strategic Developments - The company has built a robust commercialization team to accelerate the market penetration of its products in Greater China and other Asia-Pacific markets [1][19] - The company is leveraging the "Greater Bay Area Drug and Device Access" policy to expand the reach of its products, such as Etrasimod, in the region [2] - The mRNA platform is being developed with full industrial chain capabilities, positioning the company for long-term growth in the oncology space [4]

Financial Performance - Everest Medicines reported revenue of RMB 125.9 million from its first product, Yiga®, within five months of launch, significantly exceeding the initial forecast of RMB 70 million to RMB 100 million[5]. - Revenue increased by RMB 113.1 million or 884% to RMB 125.9 million for the year ended December 31, 2023, primarily due to the commercialization of products in mainland China and Hong Kong[9]. - The company achieved revenue of RMB 125.9 million in 2023, significantly exceeding the previous guidance of RMB 70 million to RMB 100 million[34]. - The combined revenue from Iqmod and Iqia is projected to reach RMB 700 million in 2024[36]. - The company anticipates revenue exceeding the initial guidance of RMB 700 million to RMB 1 billion during its commercialization year in 2023[29]. Product Development and Commercialization - The company received NDA approval for its primary IgA nephropathy treatment, Nanfukang®, in Macau and mainland China, with plans for commercialization in mainland China in the first half of 2024[5]. - Everest Medicines plans to launch Nanfukang® in Singapore and Hong Kong in 2024, following its commercialization in Macau[5]. - The company plans to commercialize the nephrology product, Naimu, in mainland China in 2024, supported by a new sales team of approximately 120 employees[8]. - TARPEYO® received approval from the National Medical Products Administration in China for the treatment of primary IgA nephropathy in November 2023, with plans for market launch in 2024[13]. - The company plans to submit a new drug application for the combination of cefepime and tanibartin for treating complex urinary tract infections in 2024[22]. Clinical Trials and Research - The company is advancing the global Phase 2b PALIZADE clinical study for zetomipzomib in collaboration with Kezar Life Sciences, targeting autoimmune diseases[6]. - The mRNA platform is expected to advance therapeutic vaccine development into clinical trials in 2024, enhancing the company's R&D product portfolio[12]. - In a Phase 3 clinical trial (NeflgArd), TARPEYO® demonstrated a statistically significant improvement in estimated glomerular filtration rate (eGFR) compared to placebo, with an average increase of 5.05 mL/min/1.73 m² over two years (P<0.0001)[13]. - The company completed patient recruitment for the open-label extension study of TARPEYO® in August 2023, aimed at assessing long-term efficacy and safety in Chinese patients[15]. - The company plans to advance the global, placebo-controlled Phase 2b clinical trial PALIZADE for Zetomipzomib in patients with active lupus nephritis[26]. Financial Position and Expenses - Cash and cash equivalents as of December 31, 2023, amounted to RMB 2,349.7 million[10]. - R&D expenses decreased by RMB 269.6 million to RMB 540.1 million for the year ended December 31, 2023, due to several candidate drugs completing clinical trials and entering registration or commercialization stages[9]. - The company reported a loss of RMB 844.5 million for the year ended December 31, 2023, compared to a loss of RMB 247.3 million for the previous year, marking a significant increase in losses[39]. - The net cash used in operating activities for the year ended December 31, 2023, was RMB 769.2 million, compared to RMB 1,155.8 million for the year ended December 31, 2022[60]. - The current ratio improved from 3.92 in 2022 to 8.36 in 2023, indicating a stronger liquidity position[61]. Strategic Partnerships and Collaborations - Everest Medicines partnered with Pfizer for the approval of Iqmod (VELSIPITY®) for treating moderate to severe ulcerative colitis, with plans to submit a new drug application in China[6]. - The company entered into a collaboration and licensing agreement with Kezar Life Sciences for the development and commercialization of Zetomipzomib (澤托佐米) in Greater China, Korea, and parts of Southeast Asia, with Kezar entitled to receive an upfront payment of $7 million and up to $125.5 million in future milestone payments[25]. - The company has terminated its collaboration with Providence in February 2023, retaining full rights to develop mRNA products independently[8]. - The company has entered into a collaboration agreement with Kezar Life Sciences to develop the drug Zetomipzomib for autoimmune diseases in Greater China and Southeast Asia[37]. - The company is collaborating with Venatorx Pharmaceuticals on the development of cefepime-tanibartin, with positive results from a global Phase 3 trial expected to be submitted in 2024[22]. Governance and Corporate Structure - The board of directors has undergone several changes, with new appointments and resignations noted for 2024[69]. - The company is committed to maintaining high ethical standards and transparency in its operations to maximize long-term shareholder returns[165]. - The board emphasizes the importance of managing overall business risks and providing high-quality products and services to customers[165]. - The company has adopted the corporate governance code as a benchmark for its governance practices, emphasizing the importance of high standards in protecting shareholder interests[166]. - The company has established appropriate insurance arrangements for directors and senior management against legal claims arising from corporate activities[181]. Employee and Shareholder Engagement - The company has a total employee count of 432 as of December 31, 2023, an increase from 365 in 2022, with 416 located in China[77]. - The total compensation for directors, including basic salary, housing allowance, and discretionary bonuses, amounted to approximately RMB 24.7 million, with discretionary bonuses totaling RMB 9.1 million for the year ending December 31, 2023[138]. - The company has made charitable donations of approximately RMB 15.8 million for the year ended December 31, 2023, compared to zero in 2022[84]. - The company emphasizes the importance of gender diversity at all levels and aims to increase female representation in senior management and the board[193]. - The company aims to align the interests of eligible participants with the group's interests through the post-IPO share incentive plan[129]. Market Expansion and Future Outlook - Everest Medicines aims to establish a sales team of 120 representatives by the end of 2024, targeting 600 core hospitals to cover at least 60% of market potential[5]. - The company aims to achieve cash breakeven by 2025, focusing on high-value therapeutic areas such as kidney diseases, anti-infection, and autoimmune diseases[8]. - The company aims to expand the market for Iqmod to approximately 5 million IgA nephropathy patients in mainland China in 2024[34]. - The company is focused on developing innovative therapies to meet unmet medical needs in Greater China and other emerging markets in the Asia-Pacific region[71]. - The company is dedicated to fostering a culture of compliance and ethical business practices across all levels of the organization[165].

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 Everest Medicines Limited 雲頂新耀有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1952） 截 至2023年12月31日 止 年 度 全 年 業 績 公 告 雲 頂 新 耀 有 限 公 司（「本 公 司」）董 事 會（「董 事 會」）宣 佈 本 公 司 及 其 附 屬 公 司 截 至2023年12月31日 止 年 度 的 經 審 計 全 年 業 績。本 公 告 載 有 本 公 司2023年 度 報 告 全 文，符 合 香 港 聯 合 交 易 所 有 限 公 司（「聯 交 所」）證 券 上 市 規 則 中 有 關 年 度 業 績 初 步 公 告 附 載 資 料 的 相 關 要 求。 本 全 ...

雲頂新耀有限公司 | --- | --- | --- | |-------|-------|-------------------| | | | | | | | | | | | | | | | EVEREST MEDICINES | | 六 | 100 | | Everest Medicines Limited (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) Stock Code 股份代號：1952 引領新藥,光耀生命 Better Medicines Better Life 2025 ERIM REPORT 中期報告 目錄 公司資料 2 業務摘要 4 | --- | --- | --- | --- | --- | --- | |--------------------------|-------|-------|-------|-------|-------| | 財務摘要 | | | | | | | 管理層討論及分析 | | | | | | | 企業管治及其他資料 | | | | | | | 中期財務 ...