Financial Performance - Revenue for the six months ended June 30, 2021, was RMB 81,246,000, compared to RMB 0 for the same period in 2020[27] - Gross profit for the same period was RMB 64,477,000, with a significant increase due to the commencement of sales[27] - The net loss for the period was RMB 145,161,000, a 167.9% increase compared to RMB 54,188,000 in the previous year[27] - Research and development expenses rose by 168.7% to RMB 163,455,000, reflecting the company's commitment to innovation[27] - Total assets decreased by 15.7% to RMB 742,894,000, indicating a need for strategic financial management[27] - The company reported a pre-tax loss of RMB 145,161 thousand, a significant increase of 167.9% from RMB 54,188 thousand in the prior year[92] - The company reported a loss before tax of RMB (145,161) thousand, compared to a loss of RMB (54,188) thousand in the previous year[180] - The basic loss per share for the period was RMB (0.04), compared to RMB (0.01) for the same period in 2020[180] Asset Management - Non-current assets decreased by 2.2% to RMB 580,663,000, while current assets fell by 30.1% to RMB 397,962,000[27] - Cash and bank balances decreased by 36.6% from RMB 484.8 million to RMB 307.2 million[114] - The net asset value decreased to RMB 742,894 thousand from RMB 881,485 thousand, indicating a decline in shareholder equity[187] - The company’s cash and bank balances significantly dropped to RMB 307,178 thousand from RMB 484,846 thousand, highlighting cash flow concerns[184] - Current ratio decreased from 2.8 to 2.1, and quick ratio decreased from 2.6 to 1.9, mainly due to the use of cash for operations[126][127] Research and Development - The company has a strong internal capability in pharmacology research, production, and clinical development, with a core R&D team having over 18 years of experience[35] - CMAB007 (Omalizumab) has completed Phase III clinical trials for asthma and is expected to submit a new drug application to the National Medical Products Administration by September 2021[31] - CMAB009 (Cetuximab) is undergoing Phase III clinical trials for colorectal cancer, with a new drug application submission anticipated in Q3 2022[34] - CMAB807 (Denosumab) is in Phase III clinical trials for osteoporosis, with plans to submit a clinical trial application by Q4 2021[34] - The company has developed CMAB017 (a new antibody) and CMAB819 (Nivolumab), with promising market prospects in psoriasis, ankylosing spondylitis, and Crohn's disease[34] - CMAB008 (brand name: 类停®) is the first domestically produced infliximab approved in China, targeting TNF-alpha for treating multiple conditions including ulcerative colitis and rheumatoid arthritis[43] - The company has completed clinical trials demonstrating that CMAB008 is consistent in efficacy, safety, and quality with the original infliximab[44] Market Strategy and Expansion - The company is actively pursuing partnerships to expand its presence in overseas markets[30] - The company aims to provide affordable innovative antibody drugs to meet the growing demand in the Chinese healthcare market[30] - The company has initiated global market expansion and accelerated international registration and market entry for its drugs[36] - The company aims to leverage China's recent healthcare regulatory reforms to capture market opportunities in the biopharmaceutical sector[36] - The marketing strategy focuses on precise marketing through academic promotion and enhancing awareness among healthcare professionals regarding the clinical benefits of its products[75] - The company aims to leverage China's healthcare reform opportunities through an efficient sales system targeting specific markets such as gastroenterology, respiratory medicine, rheumatology, and oncology[80] Production and Facilities - The company has completed the construction of three new production lines in Taizhou, increasing the total scale of cell reactors to 18,000 liters, with plans to expand to 40,000 liters by 2022[35] - A new production facility is under construction on a 100,746 square meter site, featuring large-scale monoclonal antibody production lines with reactor sizes of 7,500 liters and 18,000 liters, expected to begin trial operations by mid-2022[72] - The existing production facility in Taizhou spans 30,000 square meters and includes four 1,500-liter antibody bioreactor systems, capable of producing 4 million vials annually[71] Financial Management - The company aims to create stable revenue and profit by establishing its own sales team in China and enhancing commercialization capabilities[84] - The company plans to continue advancing clinical research and commercialization of candidate drugs, specifically CMAB008, CMAB007, CMAB009, and CMAB807[84] - Investment in advanced technology and product development is crucial for maintaining competitiveness in the global biopharmaceutical market, with a focus on innovative therapies[85] - The company is actively seeking strategic acquisition opportunities to expand its overseas market research and sales capabilities[88] Employee and Corporate Governance - As of June 30, 2021, the company had a total of 405 employees, with 233 in R&D, 58 in business units, and 40 in sales and marketing[138] - The company maintains a good relationship with employees, with all employees in Taizhou being union members as of June 30, 2021[141] - The company intends to attract and retain high-quality talent to support rapid growth, leveraging partnerships with top universities for recruitment[87] Shareholder Information - As of June 30, 2021, the total number of issued shares of the company was 4,124,080,000 shares[147] - Mr. Guo Jianjun holds a controlled corporation interest of 2,227,000,000 shares, representing 54.00% of the total shares[149] - CDH PE holds an interest of 742,348,180 shares, which is 18.00% of the total shares[151] - The company has a total of 79,946,645 unexercised share options, accounting for 1.94% of the total issued share capital as of June 30, 2021[156]

Financial Performance - Total revenue for the year ended December 31, 2020, was RMB 32,237,000, representing a 79.1% increase from RMB 17,999,000 in 2019[16]. - The company reported a pre-tax loss of RMB 184,632,000, which is an 8.8% improvement compared to a loss of RMB 202,529,000 in 2019[16]. - Other income increased by 79.1% from approximately RMB 18.0 million in 2019 to approximately RMB 32.2 million in 2020, primarily due to significant increases in government subsidies and bank interest income[83]. - Financial costs decreased by 48.8% from approximately RMB 7.7 million in 2019 to approximately RMB 3.9 million in 2020, primarily due to the repayment of all bank loans during the reporting period[96]. - The company reported a pre-tax loss of approximately RMB 184.6 million in 2020, a decrease of 8.8% compared to a loss of approximately RMB 202.5 million in 2019[82]. Research and Development - Research and development expenses decreased by 10.3% to RMB 120,418,000 from RMB 134,189,000 in the previous year[16]. - The company is focusing on the development of new antibody drugs, with nine monoclonal antibodies and one strong antibody drug in the pipeline[21]. - The company aims to strengthen its product pipeline focusing on allergic diseases, autoimmune diseases, and tumors, leveraging its robust R&D capabilities[21]. - The company has a robust pipeline of candidate drugs, with several in different stages of clinical trials, including CMAB008 for rheumatoid arthritis and CMAB007 for asthma[35]. - In 2020, the company's R&D expenditure exceeded RMB 120 million, representing a year-on-year increase of approximately 10%[149]. Product Development and Pipeline - The first antibody drug CMAB008 is expected to be approved for commercialization in the Chinese market soon[21]. - CMAB007 has completed clinical trials and is set to apply for new drug listing in mid-2021, targeting unmet market needs in allergic asthma and other conditions[21]. - CMAB008, a core product, is expected to receive approval for commercialization in Q2 2021, demonstrating strong market competitiveness due to its efficacy in treating inflammatory bowel diseases[27]. - CMAB007 is in Phase III clinical trials, with an application for new drug registration expected to be submitted in Q3 2021, targeting the significant market demand for allergic diseases in China[27]. - The company has a pipeline of 10 monoclonal antibody drugs, including 3 core products: CMAB007, CMAB009, and CMAB008[127]. Market Strategy and Expansion - The company is focusing on a sales strategy centered around effective academic promotion, targeting segmented markets such as gastrointestinal diseases, respiratory diseases, allergic diseases, autoimmune diseases, and tumors[24]. - The company is actively participating in policy reforms to seize opportunities arising from healthcare negotiations, leveraging its drug quality and cost advantages[24]. - The company plans to establish deeper and broader partnerships with global pharmaceutical companies to expand market share outside of China and enhance its brand awareness internationally[78]. - The company aims to leverage strategic acquisition opportunities to expand its research and sales of products in overseas markets[78]. - The company is enhancing its global competitiveness in antibody drugs through collaborations with overseas partners for new drug registrations and research[25]. Production and Facilities - The company has completed the construction of three 1,500-liter antibody production lines, increasing the total scale of bioreactors to 18,000 liters, with plans to expand to 40,000 liters by 2022[22]. - The existing production facility in Taizhou has a total construction area of 30,000 square meters, equipped with four 1,500-liter antibody bioreactor systems and a filling line capable of producing 4 million vials annually[61]. - A new production facility is under construction on approximately 100,746 square meters of industrial land, including large-scale monoclonal antibody production lines with reactor sizes of 7,500 liters and 18,000 liters, expected to enter trial operation in mid-2022[62]. - The company received a government subsidy of RMB 10 million for the construction of the "Antibody Drug Industrialization Phase I Project," which will enhance production capacity to 8 million units annually[182]. Compliance and Quality Control - The company emphasizes strict quality control from the supply chain to production, ensuring product safety as a fundamental principle of business development[168]. - The company has a dedicated quality assurance department to oversee quality control and assurance procedures across its subsidiaries[170]. - The company conducted a total of 16 quality-related training sessions in 2020, including GMP management training and specialized training on risk management and deviation handling[172]. - The company has established a procurement management regulation to ensure standardized purchasing procedures and avoid unethical practices[176]. - The company has maintained a "zero tolerance" policy towards bribery and corruption, with no incidents reported in 2020[147]. Human Resources and Employee Development - The number of employees as of December 31, 2020, was 336, with 202 in R&D and 47 in business units[119]. - The company aims to attract qualified employees with overseas education backgrounds and relevant experience from global pharmaceutical or biotechnology companies[122]. - The company provides employees with a compensation package that includes salary and bonuses based on qualifications, positions, and performance[123]. - The company conducted a total of 9,919 training hours in 2020, with an average training duration of 29.5 hours per employee, and 89.58% of employees participated in training[194]. - The company has established a comprehensive safety production management system, including the EHS Management Manual and safety training management system, to ensure employee occupational health and safety[200].

Financial Performance - Total other income for the six months ended June 30, 2020, was RMB 20,939,000, a significant increase of 462.0% compared to RMB 3,726,000 in the same period of 2019[32]. - The company reported a pre-tax loss of RMB (54,188,000), which is a 53.2% improvement compared to a loss of RMB (115,681,000) in the previous year[32]. - The net asset value of the company was RMB 1,006,395,000, down 4.5% from RMB 1,053,711,000 in December 2019[32]. - The company reported a basic loss per share of RMB 0.01, compared to RMB 0.03 in the previous period[91]. - The company reported a loss before tax of RMB 54,188 thousand for the six months ended June 30, 2020, a significant improvement from a loss of RMB 115,681 thousand in the same period of 2019, representing a reduction of approximately 53%[186]. - The company’s cash and bank balances stood at RMB 643,345 thousand as of June 30, 2020, an increase from RMB 588,720 thousand at the end of 2019, reflecting improved liquidity[190]. - The company incurred depreciation expenses of RMB 7,746 thousand for property and equipment, slightly up from RMB 7,143 thousand in the previous year, indicating continued investment in fixed assets[199]. Research and Development - Research and development expenses amounted to RMB (60,828,000), reflecting a slight increase of 3.6% from RMB (58,703,000) in 2019[32]. - The company aims to leverage its extensive R&D experience to bring high-quality and affordable innovative biopharmaceuticals to the market[35]. - The company is focusing on the development of monoclonal antibody drugs targeting cancer and autoimmune diseases, addressing significant unmet clinical needs in China[40]. - The company has a strong internal research and development team with over 17 years of experience in monoclonal antibody development[41]. - The company has initiated the development of new antibody drugs targeting autoimmune diseases and tumors, expecting to complete several selections and preclinical animal trials by the end of 2020[71]. - Research and development expenses increased to RMB 60,828 thousand in 2020 from RMB 58,703 thousand in 2019, indicating a focus on innovation and product development[186]. Product Development and Clinical Trials - CMAB008 has completed clinical trials and is in the process of applying for new drug listing, targeting multiple treatment markets[35]. - CMAB007 and CMAB009 are currently in Phase III clinical trials, indicating ongoing product development efforts[35]. - CMAB007 is the only monoclonal antibody asthma therapy developed by a domestic Chinese company that has entered Phase III clinical trials, with a total of 665 participants in completed trials[49]. - CMAB009 is a new candidate drug for metastatic colorectal cancer (mCRC) that has completed clinical trials with 530 participants, showing reduced immunogenicity compared to existing treatments[52]. - CMAB008 has completed clinical trials for rheumatoid arthritis with 588 participants, demonstrating similar safety and efficacy to existing treatments[54]. - CMAB020 is being developed to prevent and treat SARS-CoV/-2 infections, with a dual-function antibody fusion protein expected to mitigate severe acute respiratory distress syndrome caused by COVID-19[67][69]. - CMAB020 has shown potential therapeutic efficacy against severe COVID-19, with higher affinity to the S protein compared to individual antibodies or ACE2 proteins[70]. Production and Facilities - The production facility in Taizhou is equipped with a 3×1,500 liter monoclonal antibody bioreactor system, with three additional systems expected to be operational by Q4 2020, and plans for 18,000 liter and 7,500 liter production lines to commence in 2022, making it one of the largest antibody drug production facilities in China[41]. - The production facility in Taizhou includes a 3×1,500 liter antibody bioreactor system and can produce 4 million vials annually[74]. - The company is expanding its production base in Taizhou, with plans to construct three cGMP-certified workshops and a large-scale monoclonal antibody production line by December 2020[76]. Market Strategy and Commercialization - The company is preparing its sales and marketing team for the commercialization of its candidate products[41]. - The marketing strategy will focus on academic promotion to enhance awareness among medical professionals regarding the clinical benefits of the products[77]. - The company aims to enhance its commercialization capabilities by establishing its own sales team in China and providing regular professional training for its core products CMAB007, CMAB009, and CMAB008[84]. - The company plans to establish a distribution network upon receiving product commercialization approval from the National Medical Products Administration[80]. Financial Position and Assets - Non-current assets increased by 22.5% to RMB 540,715,000 from RMB 441,338,000 year-on-year[32]. - Current assets decreased by 18.7% to RMB 776,561,000 from RMB 955,139,000 in the previous year[32]. - The company's total liabilities increased slightly to RMB 273,385 thousand from RMB 270,334 thousand, indicating stable financial management despite the losses[193]. - The capital structure as of June 30, 2020, consisted of 23.6% debt and 76.4% equity, compared to 24.5% debt and 75.5% equity as of December 31, 2019[121]. - The company's asset-liability ratio was 23.6% as of June 30, 2020, compared to 24.5% as of December 31, 2019[124]. Governance and Compliance - The company has maintained compliance with corporate governance codes, ensuring shareholder rights and enhancing corporate value[165]. - The audit committee has confirmed the effectiveness of the company's risk management and internal control systems as of June 30, 2020[173]. - The independent auditor, Ernst & Young, has reviewed the interim financial information and found no significant issues[183]. - The company has committed to regular reviews and enhancements of its corporate governance measures[165].

Financial Performance - Total revenue for the year ended December 31, 2019, was RMB 17,999,000, a decrease of 25.2% compared to RMB 24,059,000 in 2018[10] - The company reported a pre-tax loss of RMB 202,529,000, which is a 32.7% increase from the loss of RMB 152,593,000 in 2018[10] - The total comprehensive loss for the year was RMB 202,529,000, representing a 35.2% increase from RMB 149,759,000 in the prior year[79] - Basic and diluted loss per share improved slightly to RMB (0.05) from RMB (0.06) in 2018, a decrease of 16.7%[79] - Other income decreased by 25.2% from approximately RMB 24.1 million in 2018 to approximately RMB 18.0 million in 2019, primarily due to the cessation of providing preparation services as the company focused on developing its own products[82] - Financial costs increased by 71.7% from approximately RMB 4.5 million in 2018 to approximately RMB 7.7 million in 2019, due to rising bank loan interest rates[96] Research and Development - Research and development expenses increased by 50.8% to RMB 134,189,000 from RMB 88,983,000 in the previous year[10] - The company has a pipeline of 11 monoclonal antibody drugs and one strong antibody drug, with three core products currently in clinical trials[129] - CMAB008 (Infliximab) has completed clinical trials and is applying for new drug listing, while CMAB007 (Omalizumab) is in the final stages of Phase III clinical trials[15] - The company has developed a dual-function biopharmaceutical for coronavirus treatment and has applied for a patent in China[15] - CMAB007, a monoclonal antibody for asthma treatment, is currently in Phase III clinical trials and is the only monoclonal asthma therapy developed by a domestic Chinese company[34] - CMAB009, a new candidate for metastatic colorectal cancer, has completed clinical trials involving 530 participants, showing reduced immunogenicity compared to existing products; drug application submission is now anticipated in Q1 2022[37][38] Market Strategy and Expansion - The company aims to meet the expectations of shareholders and society while steadily advancing its growth[14] - The company is poised to capitalize on significant market opportunities arising from recent healthcare regulatory reforms in China[26] - The company plans to establish a distribution network upon receiving product commercialization approval from the National Medical Products Administration[68] - The company is focused on expanding its market presence with new product developments and regulatory submissions[29] - The company aims to become the first domestic Chinese company to develop and market a monoclonal asthma therapy upon approval of CMAB007[34] Production and Facilities - The company has initiated the construction of three antibody production lines with capacities of 1,500 liters and 20,000 liters, with four large-scale production lines expected to be operational in 2020[18] - The existing production facility in Taizhou includes two buildings, each covering 15,000 square meters, with a production capacity of 4 million vials per year for injection and 1 million pre-filled syringes[62] - The company is constructing new production facilities on approximately 100,746 square meters of industrial land in Taizhou, including three cGMP-certified workshops and two large-scale monoclonal antibody production lines[64] Human Resources and Employee Development - The company had a total of 308 employees as of December 31, 2019, with 181 in research and development[119] - The company aims to attract qualified employees with overseas education backgrounds and relevant experience from global pharmaceutical or biotechnology companies[121] - The company has implemented an employee stock option plan to provide incentives for its employees[124] - The company organized a total of 7,102 training hours in 2019, with an average of 23 hours of training per employee, and about 93% of employees received training[189] Compliance and Quality Assurance - The company strictly adheres to ethical standards in clinical research and trials, ensuring patient rights and safety through comprehensive insurance and communication protocols[165] - The company has a quality assurance department responsible for verifying product and service quality, ensuring compliance with high industry standards[172] - The company has established a dedicated intellectual property management department and conducted five training sessions on intellectual property in 2019[167] Sustainability and Corporate Responsibility - The company is committed to sustainable development and has established an Environmental, Social, and Governance (ESG) committee to manage related risks[133] - The company aims to maintain an environmental, health, and safety target of keeping the injury rate below 3‰[195] - The company emphasizes employee health through regular occupational health assessments and the provision of protective equipment[198]

Financial Performance - Total revenue for the first half of 2019 was RMB 3,726,000, a decrease of 63.4% compared to RMB 10,187,000 in the same period of 2018[14] - The company reported a pre-tax loss of RMB 115,681,000, which is an increase of 168.4% compared to RMB 43,106,000 in the first half of 2018[14] - Other income decreased by 63.4% from RMB 10,187 thousand in 2018 to RMB 3,726 thousand in 2019, primarily due to the cessation of contract manufacturing services as the company focused on developing its own products[61] - The company reported a net loss of RMB 115,681,000 for the six months ended June 30, 2019, compared to a loss of RMB 28,066,000 for the same period in 2018[165] - Total comprehensive loss attributable to owners increased by 312.2% from RMB 28,066 thousand in 2018 to RMB 115,681 thousand in 2019[68] Research and Development - Research and development expenses increased by 123.0% to RMB 58,703,000 from RMB 26,322,000 year-on-year[14] - The company is focused on developing monoclonal antibody drugs targeting cancer and autoimmune diseases, with three core products in Phase III clinical trials[18] - CMAB007 is the only monoclonal antibody asthma therapy developed by a domestic Chinese company that has entered Phase III clinical trials, with a projected market application submission to the National Medical Products Administration (NMPA) in Q4 2020[27] - CMAB009, a new candidate drug for metastatic colorectal cancer, is undergoing Phase III clinical trials, with an expected market application submission to the NMPA in Q1 2021[31] - CMAB008 (Infliximab) is a new candidate drug for treating moderate to severe rheumatoid arthritis, with clinical trials involving 588 participants, making it the largest infliximab trial in China[33] Assets and Liabilities - Non-current assets rose by 61.9% to RMB 344,013,000 from RMB 212,469,000 year-on-year[14] - Current assets surged by 307.8% to RMB 1,063,289,000 compared to RMB 260,753,000 in the previous year[14] - The total liabilities were RMB 231,878,000, compared to RMB 156,450,000 at the end of 2018, indicating a 48.1% increase[157] - The debt-to-equity ratio as of June 30, 2019, was 19.4%, a significant decrease from 47.3% as of December 31, 2018[97] - The current ratio increased from 166.7% as of December 31, 2018, to 458.6% as of June 30, 2019, primarily due to increased cash balances from share issuance[100] Production and Facilities - The production facility in Taizhou is equipped with three 1,500-liter monoclonal antibody bioreactor systems, making it one of the largest in China by capacity[19] - The existing production facility in Taizhou includes two buildings with a total area of 30,000 square meters, equipped with a 3×1,500 liter antibody bioreactor system and an annual production capacity of 4 million vials[42] - The company plans to expand its production capacity with new facilities, including three cGMP-certified workshops and two large-scale monoclonal antibody production lines, expected to be operational in the first half of 2020[44] Market Strategy and Sales - The company aims to capitalize on the significant market opportunities in China, particularly due to recent healthcare regulatory reforms[19] - The company is preparing its sales and marketing team for the commercialization of its candidate products[19] - The company plans to focus its marketing strategy on precise marketing through academic promotion, targeting hospitals with potential clinical needs as primary customers[45] - The existing core sales team has half of its members with over ten years of experience in antibody drug sales and management, indicating strong expertise in the field[46] Shareholder and Capital Structure - The company issued 3,265,500,000 shares at par value as part of a capital increase approved by shareholders on April 8, 2019[92] - The total issued share capital as of June 30, 2019, was USD 412,408, divided into 4,124,080,000 shares[93] - The net proceeds from the global offering amounted to approximately RMB 1,005.1 million, after deducting underwriting fees and related expenses[104] - The planned allocation of net proceeds includes RMB 180.9 million (18.7%) for core product R&D, RMB 497.2 million (51.4%) for expanding production and building a new facility in Taizhou, and RMB 194.4 million (20.1%) for R&D of other candidate products[104] Employee and Labor Relations - The total number of employees as of June 30, 2019, is 262, with 148 in R&D, 41 in business units, and 21 in administration[109] - The company has established a union in Taizhou, with all employees being members, ensuring good labor relations[115] - The company aims to attract qualified employees with overseas education backgrounds and relevant experience in the global pharmaceutical or biotechnology industry[114] Compliance and Governance - The audit committee reviewed the interim financial statements for the six months ending June 30, 2019[138] - The company has maintained compliance with corporate governance codes since its listing[132] - No significant events requiring disclosure occurred from June 30, 2019, to the report date[141] Financial Reporting Standards - The group has adopted new and revised International Financial Reporting Standards (IFRS) effective from January 1, 2019, impacting financial reporting[200] - The application of these new and revised standards has not had a significant impact on the group's financial condition and performance during the reporting period[200]