Core Viewpoint - Tengsheng Bo Pharmaceutical-B (02137) reported a significant increase in revenue for the fiscal year ending December 31, 2025, amounting to RMB 18.605 million, compared to zero revenue in the same period last year. The company also narrowed its net loss to RMB 222.3 million, a 56.19% improvement year-on-year, with a loss per share of RMB 0.31 [2]. Financial Performance - The company's revenue increased due to payments received under a licensing and technology transfer agreement with Health Yuan Group (600380) [2]. - The net loss for the year was RMB 222.3 million, which represents a 56.19% reduction compared to the previous year [2]. - Earnings per share were reported at a loss of RMB 0.31 [2].

Financial Data and Key Metrics Changes - Revenue for the year ended December 31, 2025, increased to RMB 18.6 million from 0 in the previous year, primarily due to an upfront payment from an intellectual property license and technology transfer agreement with Joincare Group [21] - Other income decreased by RMB 72.6 million or 51.3% to RMB 68.8 million compared to RMB 141.4 million in 2024, mainly due to lower bank interest income and changes in government grants [21][22] - Research and development expenses declined by 14.8% to RMB 212.9 million from RMB 249.8 million in 2024, reflecting cost control measures [22][23] - Administrative expenses were RMB 199.5 million, a decrease of 28.5% compared to RMB 153.2 million in 2024, attributed to lower employee costs and adjustments in management compensation [23] Business Line Data and Key Metrics Changes - The company remains focused on advancing its HBV functional cure program, which is the top clinical priority, with key data reported and studies progressing towards registrational development [3][4] - The partnership with Joincare Group for soralimixin allows the company to prioritize resources on HBV programs while advancing the non-HBV portfolio [4][6] Market Data and Key Metrics Changes - The company is leveraging the strong research ecosystem in China to enhance its discovery capabilities, with new research infrastructure established in Beijing and Shanghai [9][36] - The company is exploring partnership opportunities for its HIV program and soralimixin rights in China, indicating a strategic approach to market expansion [32][36] Company Strategy and Development Direction - The company is sharpening its portfolio focus and expanding discovery capabilities, including integrating AI-enabled discovery tools into research workflows [4][8] - A disciplined partnering strategy is being employed to advance non-core assets while maintaining focus on areas with the strongest near-term opportunities [10][11] - The company aims to align management incentives with long-term shareholder value by significantly reducing senior management's annual bonuses [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the HBV program's potential, with important data expected to emerge in the coming months to inform future development stages [19][39] - The company is committed to maintaining a strong cash position, with bank deposits and cash equivalents amounting to RMB 1,941 million, expected to support operations beyond 2028 [22] Other Important Information - The company has built a robust internal discovery platform and is expected to nominate key new programs from its discovery efforts this year [4][9] - The company is open to both partnerships and self-development for its discovery programs, depending on expertise and market potential [37] Q&A Session Summary Question: Expectations for data from ENRICH and ENHANCE studies - Management expects data to emerge throughout the year, looking for immunologic priming effects and enhanced response rates in specific patient subgroups [26][27][28] Question: Focus areas for expanded discovery capabilities - The company is exploring candidates beyond infectious diseases, targeting chronic diseases with unmet medical needs, with specific areas to be disclosed later [30][31] Question: Updates on partnering strategy for non-core assets - The company continues to explore partnerships for its HIV program and soralimixin rights in China, with ongoing discussions with potential partners [32]

Financial Data and Key Metrics Changes - Revenue for the year ended December 31, 2025, increased to CNY 18.6 million from 0 in the previous year, primarily due to an upfront payment from a licensing agreement with Joincare Group [21] - Other income decreased by CNY 72.6 million or 51.3% to CNY 68.8 million compared to CNY 141.4 million in 2024, mainly due to lower bank interest income and changes in government grants [21][22] - Research and development expenses declined by 14.8% to CNY 212.9 million from CNY 249.8 million in 2024, reflecting cost control measures [22][23] - Administrative expenses were CNY 199.5 million, a decrease of 28.5% compared to CNY 153.2 million in 2024, attributed to lower employee costs and adjustments in management compensation [23] Business Line Data and Key Metrics Changes - The company focused on advancing its HBV clinical programs, which remain the top clinical priority, with key data reported and studies advancing towards registrational pathways [3][4] - The partnership with Joincare Group for soralimixin allows the company to prioritize resources on HBV programs while advancing non-HBV assets [4][6] Market Data and Key Metrics Changes - The company is leveraging China's strong research ecosystem to enhance its discovery capabilities, with new research infrastructure established in Beijing and Shanghai [9][10] - The collaboration with OpenBench integrates AI-enabled drug discovery tools, enhancing the company's ability to analyze biological targets and design therapeutic molecules [10] Company Strategy and Development Direction - The company aims to maintain strong alignment with shareholder interests by reducing senior management's annual bonuses significantly, reinforcing the link between management incentives and long-term shareholder value [5] - The strategy includes a combination-based approach for HBV treatment, focusing on BRII-179 and elebsiran, with ongoing Phase 2b studies to evaluate their effectiveness [12][18] - The company is exploring partnership opportunities for its HIV program and other non-core assets, indicating a disciplined partnering strategy [6][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong cash position, expecting current cash to support operations beyond 2028 while continuing to invest in core programs [22][23] - The company anticipates important milestones for its HBV program in the coming year, with data expected to inform the next stage of development [19][39] Other Important Information - The company has built a robust internal discovery platform and is expanding its capabilities to support future pipeline development [9][24] - The focus on chronic diseases and unmet medical needs indicates a strategic shift beyond infectious diseases [31][36] Q&A Session Summary Question: Expectations for data from ENRICH and ENHANCE studies - Management expects data to emerge throughout the year, looking for immunologic priming effects and enhanced response rates in specific patient subgroups [26][27] Question: Focus areas for expanded discovery capabilities - The company is exploring candidates in chronic diseases and common diseases with unmet medical needs, with specific areas to be disclosed later [30][31] Question: Updates on partnering strategy for non-core assets - The company continues to explore partnerships for its HIV program and other assets, with ongoing discussions with potential partners [32][36]

Financial Data and Key Metrics Changes - In 2025, the company's revenue increased to CNY 18.6 million from 0 in the previous year, primarily due to an upfront payment from a licensing agreement with Joincare Group [20] - Other income decreased by CNY 72.6 million or 51.3% to CNY 68.8 million compared to CNY 141.4 million in 2024, mainly due to lower bank interest income and changes in government grant income [21] - Research and development expenses declined by 14.8% to CNY 212.9 million from CNY 249.8 million in 2024, reflecting cost control measures [22] - Administrative expenses were CNY 199.5 million, a decline of 28.5% compared to CNY 153.2 million in 2024, attributed to lower employee costs and organizational optimization [23] - As of December 31, 2025, cash and cash equivalents were CNY 1,941 million, expected to support operations beyond 2028 [22] Business Line Data and Key Metrics Changes - The company focused on advancing its HBV functional cure program, which remains its top clinical priority, with key data reported and studies progressing towards registrational pathways [3][4] - The partnership with Joincare Group for soralimixin allows the company to prioritize resources on HBV programs while advancing non-HBV assets [4][5] Market Data and Key Metrics Changes - The company is leveraging China's strong research ecosystem to enhance its discovery capabilities, establishing labs in Beijing and Shanghai to support early-stage drug discovery [9][36] - The company is exploring partnership opportunities for its HIV program and other non-core assets, indicating a strategic approach to market engagement [32][38] Company Strategy and Development Direction - The company aims to maintain strong alignment with shareholder interests by reducing senior management's annual bonuses to approximately one quarter of their original level [5] - The strategy includes a disciplined partnering approach for non-HBV assets while focusing on areas with the strongest near-term opportunities [10][11] - The company plans to introduce new programs from its discovery platform and define its development strategy around them [24][38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the HBV program's potential, expecting important data to emerge later this year to inform the next stage of development [40] - The company is aware of the competitive landscape and aims to differentiate its offerings while exploring the potential of its expanded discovery capabilities [29][36] Other Important Information - The company has made significant investments in building its internal research capabilities and integrating AI-enabled discovery tools into its workflow [8][9] - The company is open to both internal development and partnerships for its discovery programs, depending on expertise and market potential [38] Q&A Session Summary Question: Expectations for data from ENRICH and ENHANCE studies - Management expects data to emerge throughout the year, looking for immunologic priming effects and enhanced response rates in the ENRICH study, and a 10% or better response in the ENHANCE study compared to previous results [26][27][28] Question: Focus areas for expanded discovery capabilities - The company is expanding beyond infectious diseases to include chronic diseases with unmet medical needs, with specific areas to be disclosed later [30][31] Question: Updates on partnering strategy for non-core assets - The company continues to explore partnerships for its HIV program and other assets, with ongoing discussions with potential partners [32]

Core Viewpoint - Tengsheng Bo Pharmaceutical Co., Ltd. reported a significant decrease in cash reserves and revenue for the fiscal year ending December 31, 2025, while also showing a reduced net loss compared to the previous year [2]. Financial Performance - The company's cash and cash equivalents amounted to RMB 1.941 billion, a decrease of 19.6% year-on-year, primarily due to operational expenses, R&D activities, and acquisition costs related to BRII-179 [2]. - Revenue for the period was RMB 18.6 million, mainly from a licensing and technology transfer agreement with Health元 Group [2]. - Other income was RMB 68.8 million, reflecting a 51.3% year-on-year decline, attributed to reduced bank interest income and government subsidies [2]. - R&D expenses totaled RMB 213 million, down 14.8% year-on-year, while administrative expenses were RMB 110 million, a decrease of 28.5% [2]. - The net loss for the year was RMB 224 million, a reduction of 56.3% compared to the previous year, mainly due to decreased fair value losses on equity and impairment losses, as well as lower operational expenses [2]. Strategic Developments - The company continues to advance its hepatitis B functional cure project, with three Phase 2b clinical studies (ENSURE, ENRICH, ENHANCE) having completed subject recruitment, with key data expected to be released in 2026 [2]. - The company is enhancing its early-stage R&D capabilities and has partnered with OpenBench to incorporate AI drug discovery technology [2]. - The board of directors has decided not to recommend the distribution of a final dividend [2].

Core Viewpoint - The company reported a significant increase in revenue for the fiscal year ending December 31, 2025, primarily due to income from a licensing and technology transfer agreement with Health元 Group [1] Financial Performance - The company achieved revenue of RMB 18.605 million, compared to zero revenue in the same period last year [1] - The loss attributable to shareholders narrowed to RMB 222.3 million, a decrease of 56.19% year-on-year [1] - The loss per share was reported at RMB 0.31 [1]

Core Viewpoint - Tengsheng Bo Pharmaceutical-B (02137.HK) reported its 2025 fiscal year performance, indicating a revenue increase to RMB 18.6 million, attributed to payments received under an intellectual property licensing and technology transfer agreement with Health元 Group [1] Financial Performance - Revenue for the fiscal year ending December 31, 2025, is projected to be RMB 18.6 million, unchanged from the previous fiscal year ending December 31, 2024 [1] - The company reported a net loss of RMB 224 million, a significant reduction of 56.3% year-on-year [1] - The decrease in loss is primarily due to a reduction in fair value losses on equity investments by RMB 125 million and a decrease in impairment losses by RMB 141 million, mostly of a non-operational nature [1] - The reduction in losses was offset by a decrease in other income during the reporting period [1]

Brii Biosciences Limited 騰盛博藥生物科技有限公司 – Notification of 2025 Passive Foreign Investment Company ("PFIC") Status This notification letter is published on a voluntary basis and addressed to the shareholders of the Company ("Shareholders") who are United States ("U.S.") persons for purposes of the U.S. Internal Revenue Code (the "U.S. Shareholder"). It is not relevant to other Shareholders. (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: 2137) NOTIFICATION LETTER ...

Financial Performance - As of December 31, 2025, the company's cash and cash equivalents amounted to RMB 1,941.0 million, a decrease of RMB 472.4 million or 19.6% compared to RMB 2,413.4 million as of December 31, 2024, primarily due to operational expenses, R&D activities, and acquisition costs related to BRII-179[3] - Revenue for the year ended December 31, 2025, was RMB 18.6 million, an increase from zero in the previous year, mainly due to payments received under a licensing and technology transfer agreement with the Health元 Group[3] - Other income decreased to RMB 68.8 million for the year ended December 31, 2025, down RMB 72.6 million or 51.3% from RMB 141.4 million in the previous year, primarily due to a decline in bank interest income and government grants[3] - The net loss for the year ended December 31, 2025, was RMB 224.1 million, a reduction of RMB 288.3 million or 56.3% compared to RMB 512.4 million in the previous year, primarily due to reduced fair value losses on equity investments and impairment losses[4] - The pre-tax loss for the year ending December 31, 2025, was RMB 222.624 million, an improvement from a loss of RMB 508.162 million in 2024[26] - The adjusted loss for the year improved from RMB 496.3 million in 2024 to RMB 217.6 million in 2025, excluding certain non-cash items[63] Research and Development - R&D expenses for the year ended December 31, 2025, were RMB 212.9 million, a decrease of RMB 36.9 million or 14.8% from RMB 249.8 million in the previous year, attributed to reduced third-party contract costs and employee costs[4] - The company completed recruitment for three Phase 2b studies targeting HBV during the reporting period, with results from the ENSURE study presented at the AASLD Liver Meeting and published in Nature Medicine, supporting the potential of BRII-179[5] - The company is advancing its HBV product portfolio towards registration readiness while expanding its early research project scale to support long-term pipeline growth[32] - The company is conducting multiple clinical trials, including the ENHANCE, ENRICH, and ENSURE studies, to evaluate the efficacy and safety of treatments for chronic HBV infection[93] - The ENSURE study showed that BRII-179 induced an HBsAg clearance rate of 42.1% among responders, compared to 8.3% among non-responders[38] - The company has made progress in its HBV functional cure projects, with all three Phase 2b studies completed recruitment[34] Strategic Partnerships and Collaborations - A collaboration with OpenBench was established in December 2025 to integrate structured AI tools into the drug discovery process, aimed at accelerating early discovery projects[6] - The company has integrated structured AI screening technology into its research workflow through collaboration with OpenBench to enhance early research capabilities[32] - The company is actively seeking external collaborations to advance its HIV treatment candidates, including BRII-753 and BRII-732, which are in various stages of development[47][49] - The company has signed a licensing and technology transfer agreement with Health元 Group for the exclusive rights to research, develop, and commercialize soralimixin in Greater China[17] - A strategic licensing agreement with Health元 Group for the research, development, and commercialization of soralimixin in Greater China was established, leveraging their expertise in anti-infective therapies[46] Financial Position and Assets - The total non-current assets as of December 31, 2025, amounted to RMB 397,001,000, an increase from RMB 292,503,000 in 2024, representing a growth of approximately 35.7%[10] - The intangible assets significantly increased to RMB 298,021,000 in 2025 from RMB 179,710,000 in 2024, reflecting a growth of about 65.8%[10] - The total current assets decreased to RMB 1,962,570,000 in 2025 from RMB 2,414,122,000 in 2024, indicating a decline of approximately 18.7%[10] - The net assets as of December 31, 2025, were RMB 2,323,369,000, down from RMB 2,606,080,000 in 2024, a decrease of about 10.9%[10] - The total employee count as of December 31, 2025, is 75, with 73% in R&D and 27% in administration[72] Governance and Management - The company adjusted its senior management compensation framework to align management pay with corporate performance and shareholder interests, reflecting a commitment to performance-driven compensation and prudent governance principles[6] - The board consists of two executive directors and five independent non-executive directors, ensuring a high level of independence[83] - The company has adopted its own code of conduct for securities trading by directors, which is at least as stringent as the standards set out in the listing rules[84] - The audit and risk committee, composed of three independent non-executive directors, oversees the financial reporting process and risk management systems[87] - The company believes that having the roles of chairman and CEO held by the same individual facilitates effective execution of strategic plans[82] Future Outlook and Plans - The company is planning a global offering, including an IPO in Hong Kong, to raise capital for further expansion and development[93] - The company anticipates clinical data from the ENRICH and ENHANCE studies to be released in 2026, which will inform key development and registration decisions for its HBV projects[52] - Long-term follow-up data from the ENSURE study is expected in the first half of 2026, with findings to be presented at future academic conferences[39] - The company is preparing for potential future acquisitions to enhance its product pipeline and market reach[93] Compliance and Reporting - The company expects that the application of new international financial reporting standards will not have a significant impact on the consolidated financial statements in the foreseeable future[14] - The company is committed to adhering to international financial reporting standards to ensure transparency and accuracy in its financial reporting[94] - The annual report for the year ending December 31, 2025, will be published on the company's and the stock exchange's websites[91]

董事會召開日期 騰盛博藥生物科技有限公司（「本公司」）董事會（「董事會」）僅此宣佈，董事會會 議將於2026年3月19日（星期四）舉行，藉以（其中包括）審閱及批准發佈本公司 及其附屬公司截至2025年12月31日止年度的全年業績及其刊發，以及處理其他事 項。 承董事會命 騰盛博藥生物科技有限公司 主席 Zhi Hong博士 香港，2026年3月9日 於本公告日期，董事會包括執行董事Zhi Hong博士及李安康博士；以及獨立非執 行董事Martin J Murphy Jr博士、Grace Hui Tang女士、徐耀華先生、Gregg Huber Alton先生及楊台瑩博士。 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。 Brii Biosciences Limited 騰盛博藥生物科技有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2137) ...