Core Viewpoint - Green Bamboo Bio-B (02480) announced the appointment of Ms. Peng Ling as the Deputy General Manager, who will be responsible for quality research, quality control, and quality assurance across the group's projects [1] Summary by Categories - **Management Changes** - Ms. Peng Ling has been appointed as the Deputy General Manager of the company [1] - **Responsibilities** - As Deputy General Manager, Ms. Peng will focus on quality research, quality control, and quality assurance for the company's various projects [1]

Beijing Luzhu Biotechnology Co., Ltd. 北京綠竹生物技術股份有限公司 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，概不會就因本公告全部或任何部分內容而產生或因 依賴該等內容而引致的任何損失承擔任何責任。 （股份代號：2480） 承董事會命 北京綠竹生物技術股份有限公司 主席兼執行董事 孔健先生 香港，2025年9月25日 於本公告日期，董事會包括執行董事孔健先生、彭玲女士及張琰平女士；非執行 董事馬驫先生及孔雙泉先生；以及獨立非執行董事侯愛軍女士、梁偉業先生及 梁冶矢先生。 自願性公告 委任副總經理 本公告乃由北京綠竹生物技術股份有限公司（「本公司」，連同其附屬公司統稱為 「本集團」）自願作出，以告知本公司股東及潛在投資者本集團的最新業務發展。 本公司董事（「董事」）會（「董事會」）欣然宣佈，本公司執行董事、副董事長彭玲 女士已獲委任為本公司副總經理。作為本公司副總經理，彭玲女士將主要負責本 集團各項目的質量研究、質量控制及質量保證工作。 董事會謹藉此機會歡迎彭玲女士擔任本公司新職務。 （於中華人 ...

董事名單及其職責與職能 北京綠竹生物技術股份有限公司（「本公司」）董事（「董事」）會（「董事會」）成員載 列如下。 執行董事 孔健先生 （董事長） 張琰平女士 彭玲女士 非執行董事 Beijing Luzhu Biotechnology Co., Ltd. 北京綠竹生物技術股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2480） 馬驫先生 孔雙泉先生 獨立非執行董事 侯愛軍女士 （首席獨立非執行董事） 梁偉業先生 梁冶矢先生 本公司已設立三個董事委員會。下表載列各名委員會成員於該等委員會的成員身 份資料： | | | 審核 | | | | --- | --- | --- | --- | --- | | 董事 | 董事委員會 | 委員會 | 薪酬 委員會 | 提名 委員會 | | 孔健先生 | | | 成員 | 主席 | | 張琰平女士 | | | | | | 彭玲女士 | | | | | | 馬驫先生 | | | | | | 孔雙泉先生 | | 成員 | | | | 侯愛軍女士 | | 主席 | | 成員 | | 梁偉業先生 | | 成員 | 成員 | | | 梁冶矢先生 | | | ...

Core Viewpoint - Green Bamboo Bio-B (02480) announced that its core product LZ901 demonstrated superior cellular immunogenicity and safety compared to GSK's Shingrix® in a head-to-head clinical trial for adults aged 50 and above [1] Market Reaction - Following the announcement, Green Bamboo Bio's stock rose over 8% on August 18 and 19, reaching a peak price of 28 HKD, the highest in 15 months [1] - Despite the positive news, trading volume remains low, with 11 months in the past 21 recording less than 200,000 shares traded [1] Financial Performance - For the first half of 2025, the company reported zero revenue from product commercialization, with other income at 4.85 million RMB, a 50.2% decrease from the previous year [2][3] - The net loss narrowed to 77.57 million RMB, a 29.4% reduction year-on-year, while R&D expenses decreased by 37.5% to 5.03 million RMB [2][4] Clinical Data and Product Potential - LZ901 showed a CD4⁺ T cell response rate of 83.0% and a CD8⁺ T cell response rate of 46.8%, significantly outperforming Shingrix® [4] - The adverse reaction rate for LZ901 was 41.1%, much lower than Shingrix®'s 87.9%, indicating a strong safety profile [4][5] Market Challenges - The market for shingles vaccines is expected to grow to 12.6 billion USD by 2030, driven by an aging population and increasing awareness [8] - However, the penetration rate of shingles vaccines in China remains low due to weak public awareness and high prices [8][9] Competitive Landscape - Currently, the shingles vaccine market is dominated by GSK's Shingrix, with a significant drop in domestic approvals for shingles vaccines [9] - Green Bamboo Bio plans to price LZ901 between 500 to 800 RMB per dose, potentially impacting initial commercialization profits [9]

Core Viewpoint - The company is experiencing a reduction in losses in the first half of 2025, with ongoing progress in its research pipeline [1][2] Financial Performance - In the first half of 2025, the company reported an adjusted loss of 0.78 billion, compared to a loss of 1.10 billion in the same period last year [1] - Research and development expenses for 2025H1 were 0.80 billion, a decrease of 37.5% year-on-year, primarily due to reduced expenses from the LZ901 domestic Phase 3 clinical trial [1] - Administrative expenses were 0.45 billion, down 42.6% year-on-year, mainly due to a reduction in share-based payment amortization [1] Research and Development Pipeline - LZ901: The company initiated a head-to-head clinical trial of LZ901 and the recombinant glycoprotein E subunit vaccine HZ/su (Shingrix) in November 2023, successfully completing it in 2025H1. Results indicated that LZ901 induced superior cellular immunogenicity and demonstrated better safety in adults aged 50 and above compared to HZ/su [1] - K3: This is a recombinant human anti-tumor necrosis factor (TNF)-α monoclonal antibody injection, a core pipeline product and a biosimilar to Humira (adalimumab), aimed at treating various autoimmune diseases. The company plans to evaluate the appropriate timing to initiate Phase 3 clinical trials in China, with the earliest expected start in the second half of 2026 [1] - K193: This is a bispecific antibody injection (CD19xCD3) for treating B-cell leukemia and lymphoma, which is the world's first asymmetric structure CD19/CD3 bispecific antibody. Phase 1 clinical trials began in December 2019, with completion expected in 2026 [2] - Other Preclinical Products: As of June 30, 2025, the company has six products in preclinical stages, including recombinant varicella vaccine, recombinant RSV vaccine, recombinant HSV-1 vaccine, recombinant HSV-2 vaccine, K333 bispecific antibody for treating myeloid leukemia, and K1932 bispecific antibody for treating lymphoma [2] Investment Outlook - The company maintains its previous profit forecast, expecting risk-adjusted revenues of 0.22 billion, 4.39 billion, and 9.71 billion for 2025 to 2027, with net profits attributable to the parent company of -1.46 billion, -1.27 billion, and 1.16 billion respectively [2] - The company maintains an "outperform the market" rating [2]

Investment Rating - The report maintains an "Outperform" rating for the company [5][11]. Core Insights - The company has successfully completed a head-to-head clinical trial of its recombinant shingles vaccine LZ901 against Shingrix, showing superior cellular immunogenicity and better safety in adults aged 50 and above [1][9]. - The adjusted loss for the first half of 2025 narrowed to 0.78 billion yuan from a loss of 1.10 billion yuan in the same period last year, with R&D expenses decreasing by 37.5% to 0.80 billion yuan [1][8]. - The company has a robust pipeline with several products in various stages of development, including K3, a biosimilar to Humira, and K193, a bispecific antibody for treating B-cell leukemia and lymphoma [2][10]. Financial Projections - Revenue projections for 2025 to 2027 are 0.22 billion yuan, 4.39 billion yuan, and 9.71 billion yuan respectively, with net profits expected to be -1.46 billion yuan, -1.27 billion yuan, and 1.16 billion yuan [3][11]. - The company anticipates a significant revenue increase in 2026, with a projected growth rate of 1857.4% compared to 2025 [4]. Pipeline Overview - As of June 30, 2025, the company has six products in preclinical stages, including vaccines for varicella, RSV, HSV-1, HSV-2, and two bispecific antibodies for leukemia and lymphoma [2][10]. - The LZ901 vaccine is expected to receive commercial approval in the first half of 2026 [9].

致：香港交易及結算所有限公司 公司名稱: 北京綠竹生物技術股份有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02480 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 202,449,032 | RMB | | 1 RMB | | 202,449,032 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 202,449,032 | RMB | | 1 RMB | | 202,449,032 | 本月底法定/註冊股本總額： RMB 202,449,032 備註： ...

[Company Information](index=2&type=section&id=Company%20Information) This chapter provides an overview of the company's basic organizational structure, key management members, professional advisors, and registration and operation locations, offering a foundation for understanding corporate governance and operations [Board of Directors](index=3&type=section&id=Board%20of%20Directors) The Board of Directors comprises executive, non-executive, and independent non-executive directors, with Mr. Kong Jian serving as Chairman - Board members include Mr. Kong Jian (Chairman), Ms. Jiang Xianmin, Ms. Zhang Yanping (Executive Directors), Mr. Ma Biao, Mr. Kong Shuangquan (Non-executive Directors), and Ms. Hou Aijun (Chief Independent Non-executive Director), Mr. Liang Weiye, Mr. Liang Yiye (Independent Non-executive Directors)[3](index=3&type=chunk) [Supervisors](index=3&type=section&id=Supervisors) The Board of Supervisors includes Ms. Peng Ling, Ms. Kong Qian, and Mr. Chen Liang - The Board of Supervisors members are Ms. Peng Ling, Ms. Kong Qian, Mr. Chen Liang[3](index=3&type=chunk) [Joint Company Secretaries](index=3&type=section&id=Joint%20Company%20Secretaries) Mr. Liu Siyu and Ms. Yuan Yingxin serve as Joint Company Secretaries - The Joint Company Secretaries are Mr. Liu Siyu, Ms. Yuan Yingxin[3](index=3&type=chunk) [Authorized Representatives](index=3&type=section&id=Authorized%20Representatives) Mr. Kong Jian and Ms. Yuan Yingxin are the Authorized Representatives - The Authorized Representatives are Mr. Kong Jian, Ms. Yuan Yingxin[3](index=3&type=chunk) [Audit Committee](index=3&type=section&id=Audit%20Committee) The Audit Committee is chaired by Ms. Hou Aijun, with Mr. Kong Shuangquan and Mr. Liang Weiye as members - The Audit Committee Chairman is Ms. Hou Aijun, with members Mr. Kong Shuangquan, Mr. Liang Weiye[3](index=3&type=chunk) [Remuneration Committee](index=3&type=section&id=Remuneration%20Committee) The Remuneration Committee is chaired by Mr. Liang Yiye, with Mr. Kong Jian and Mr. Liang Weiye as members - The Remuneration Committee Chairman is Mr. Liang Yiye, with members Mr. Kong Jian, Mr. Liang Weiye[3](index=3&type=chunk) [Nomination Committee](index=3&type=section&id=Nomination%20Committee) The Nomination Committee is chaired by Mr. Kong Jian, with Mr. Liang Yiye and Ms. Hou Aijun as members - The Nomination Committee Chairman is Mr. Kong Jian, with members Mr. Liang Yiye, Ms. Hou Aijun[3](index=3&type=chunk) [Auditor](index=3&type=section&id=Auditor) The company's auditor is Deloitte Touche Tohmatsu - The auditor is Deloitte Touche Tohmatsu[3](index=3&type=chunk) [Legal Advisors](index=3&type=section&id=Legal%20Advisors) The company is advised by Messrs. Chow Chun Hin & Co. on Hong Kong law and Commerce & Finance Law Offices on PRC law - Hong Kong legal advisor is Messrs. Chow Chun Hin & Co., PRC legal advisor is Commerce & Finance Law Offices[3](index=3&type=chunk) [Principal Banks](index=4&type=section&id=Principal%20Banks) The company's principal banks include Agricultural Bank of China Limited Beijing Free Trade Zone Zhangjiawan Design Town Branch and China Construction Bank Corporation (Beijing Desheng Branch) - Principal banks include Agricultural Bank of China and China Construction Bank[4](index=4&type=chunk) [Headquarters and Principal Place of Business in China](index=4&type=section&id=Headquarters%20and%20Principal%20Place%20of%20Business%20in%20China) The company's headquarters and principal place of business in China are located at No. 3 Guangtong Street, Industrial Development Zone, Tongzhou District, Beijing - Headquarters and principal place of business in China are located at No. 3 Guangtong Street, Industrial Development Zone, Tongzhou District, Beijing[4](index=4&type=chunk) [Principal Place of Business in Hong Kong](index=4&type=section&id=Principal%20Place%20of%20Business%20in%20Hong%20Kong) The company's principal place of business in Hong Kong is located at Room 1922, 19/F, Lee Garden One, 33 Hysan Avenue, Causeway Bay, Hong Kong - Principal place of business in Hong Kong is located at Room 1922, 19/F, Lee Garden One, 33 Hysan Avenue, Causeway Bay, Hong Kong[4](index=4&type=chunk) [Registered Office](index=4&type=section&id=Registered%20Office) The company's registered office is located at No. 3 Guangtong Street, Industrial Development Zone, Tongzhou District, Beijing, China - Registered office is located at No. 3 Guangtong Street, Industrial Development Zone, Tongzhou District, Beijing, China[4](index=4&type=chunk) [H Share Registrar](index=4&type=section&id=H%20Share%20Registrar) The H Share Registrar is Tricor Investor Services Limited - The H Share Registrar is Tricor Investor Services Limited[4](index=4&type=chunk) [Stock Code](index=4&type=section&id=Stock%20Code) The company's stock code is 2480 - The stock code is 2480[4](index=4&type=chunk) [Company Website](index=4&type=section&id=Company%20Website) The company's website is www.luzhubiotech.com - The company website is www.luzhubiotech.com[4](index=4&type=chunk) [Listing Date](index=4&type=section&id=Listing%20Date) The company's listing date was May 8, 2023 - The listing date was May 8, 2023[4](index=4&type=chunk) [Financial and Operational Data Summary](index=5&type=section&id=Financial%20and%20Operational%20Data%20Summary) This chapter summarizes the company's operating results and financial position for the six months ended June 30, 2025, showing a significant narrowing of losses but a decrease in net assets compared to the same period in 2024 Operating Results Summary for the Six Months Ended June 30 | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Other income | 4,850 | 9,732 | (50.2) | | Other expenses | (585) | (189) | 209.5 | | Net other gains and losses | 2,405 | 6,255 | (61.6) | | Impairment loss recognized on property, plant and equipment | (5,441) | – | 100.0 | | Administrative expenses | (25,801) | (44,962) | (42.6) | | Research and development expenses | (50,273) | (80,376) | (37.5) | | Finance costs | (2,725) | (398) | 584.7 | | Loss before tax | (77,570) | (109,938) | (29.4) | | Income tax expense | – | – | – | | Loss and total comprehensive expenses for the period | (77,570) | (109,938) | (29.4) | | Basic loss per share (RMB) | (0.39) | (0.54) | (27.8) | | Diluted loss per share (RMB) | (0.39) | (0.54) | (27.8) | Financial Position Summary as of June 30, 2025 | Indicator | As of June 30, 2025 (RMB thousand) | As of December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Non-current assets | 613,642 | 577,587 | | Current assets | 461,433 | 472,876 | | Current liabilities | 97,637 | 98,857 | | Net current assets | 363,796 | 374,019 | | Non-current liabilities | 238,307 | 98,015 | | Net assets | 739,131 | 853,591 | [Company Profile](index=6&type=section&id=Company%20Profile) The company is a biotechnology firm focused on developing innovative human vaccines and therapeutic biologics to prevent and control infectious diseases, and treat cancer and autoimmune diseases - The company is dedicated to developing innovative human vaccines and therapeutic biologics to prevent and control infectious diseases, and treat cancer and autoimmune diseases[7](index=7&type=chunk) - As of June 30, 2025, the product pipeline includes three clinical-stage investigational products (core product LZ901) and six pre-clinical stage investigational products[7](index=7&type=chunk) - As of June 30, 2025, the company holds seven invention patents in seven countries, with two pending applications related to its core product in Europe and the UK[7](index=7&type=chunk) [Management Discussion and Analysis](index=7&type=section&id=Management%20Discussion%20and%20Analysis) This chapter details the company's business development, R&D progress, financial performance, liquidity, and future strategic plans during the reporting period, highlighting LZ901's clinical trial progress and reasons for financial data changes [Business Review](index=7&type=section&id=Business%20Review) The company made significant R&D progress, particularly with core product LZ901's BLA submission in China and Phase I completion in the US, while other pipeline products advanced, emphasizing capabilities in protein engineering, bispecific antibody platforms, and quality assurance [R&D of Investigational Products](index=7&type=section&id=R%26D%20of%20Investigational%20Products) The company has established an innovative precision protein engineering platform, enabling drug development across the entire lifecycle, and possesses an independently developed next-generation bispecific antibody platform, Fabite®, laying the foundation for a diversified product pipeline - Established an innovative precision protein engineering platform, laying the foundation for the development of human vaccines, monoclonal antibodies, and bispecific antibody investigational products[9](index=9&type=chunk) - Independently developed next-generation bispecific antibody platform Fabite®, featuring fully controllable mechanism of action and administration, stable for over three years[9](index=9&type=chunk) - Built a diversified and advanced product pipeline through the Fabite® and mammalian expression technology platforms[10](index=10&type=chunk) [LZ901](index=7&type=section&id=LZ901) LZ901, the world's first recombinant zoster vaccine with a tetrameric molecular structure, has completed Phase III enrollment and BLA submission in China, with commercialization expected in 2026, and completed Phase I clinical site studies in the US, with Phase I completion planned for Q3 2025 - LZ901 is an independently developed recombinant zoster vaccine and core product, the world's first with a tetrameric molecular structure[11](index=11&type=chunk) - Phase III clinical trials initiated in China in September 2023, with enrollment of **26,000** subjects completed in January 2024[12](index=12&type=chunk) - BLA for LZ901 submitted to the NMPA in January 2025, with commercialization in China expected in 2026[12](index=12&type=chunk) - Phase I clinical trial site studies for LZ901 completed in the US in H1 2024, with Phase I completion planned for Q3 2025[13](index=13&type=chunk) [K3](index=8&type=section&id=K3) K3, a recombinant human anti-tumor necrosis factor-α monoclonal antibody injection, is a biosimilar to Humira® that has completed Phase I clinical trials in China, with Phase III trials expected to start as early as H2 2026 - K3 is a recombinant human anti-tumor necrosis factor-α monoclonal antibody injection, a biosimilar to Humira®, used for treating autoimmune diseases[14](index=14&type=chunk) - Phase I clinical trials completed in China in December 2019, with Phase III clinical trials expected to commence as early as H2 2026[14](index=14&type=chunk) [K193](index=8&type=section&id=K193) K193, the world's first CD19/CD3 bispecific antibody with an asymmetric structure, is for treating B-cell leukemia and lymphoma, with Phase I clinical trials initiated in China and expected to complete in 2026 - K193 is the world's first CD19/CD3 bispecific antibody with an asymmetric structure, for treating B-cell leukemia and lymphoma[15](index=15&type=chunk) - Developed based on the Fabite® platform, it exhibits high in vitro and in vivo anti-tumor activity and optimized formulation stability[15](index=15&type=chunk) - Phase I clinical trials initiated in China in December 2019, with completion expected in 2026[15](index=15&type=chunk) [Updates on Other Pre-clinical Stage Investigational Products](index=8&type=section&id=Updates%20on%20Other%20Pre-clinical%20Stage%20Investigational%20Products) As of June 30, 2025, the company has six investigational products in pre-clinical stages, covering recombinant vaccines and bispecific antibodies - As of June 30, 2025, there are six pre-clinical stage investigational products, including recombinant varicella vaccine, recombinant RSV vaccine, recombinant HSV-1 vaccine, recombinant HSV-2 vaccine, K333 bispecific antibody, and K1932 bispecific antibody[16](index=16&type=chunk) Product Pipeline Overview (As of June 30, 2025) | Product Type | Product Pipeline | Indication | Pre-clinical | Phase I | Phase II | Phase III | BLA | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Recombinant Vaccine | LZ901 | Herpes Zoster | China | ✓ | ✓ | ✓ | ✓ | | Recombinant Vaccine | LZ901 | Herpes Zoster | US | ✓ | | | | | Recombinant Vaccine | Recombinant Varicella Vaccine | Varicella | China | | | | | | Recombinant Vaccine | Recombinant RSV Vaccine | RSV-induced Lower Respiratory Tract Disease | China | | | | | | Recombinant Vaccine | Recombinant HSV-1 Vaccine | HSV-1-induced Oral Herpes | China | | | | | | Recombinant Vaccine | Recombinant HSV-2 Vaccine | HSV-2-induced Genital Herpes | China | | | | | | Monoclonal Antibody | K3 | Ankylosing Spondylitis, Rheumatoid Arthritis, Plaque Psoriasis | China | ✓ | | | | | Bispecific Antibody | K193 | Relapsed/Refractory B-cell Lymphoma/Leukemia | China | ✓ | | | | | Bispecific Antibody | K333 | Myeloid Leukemia | China | | | | | | Bispecific Antibody | K1932 | Relapsed/Refractory B-cell Lymphoma | China | | | | | [Research and Development](index=9&type=section&id=Research%20and%20Development) The company's internal R&D team of 18 personnel possesses comprehensive product discovery capabilities from pre-clinical research to manufacturing process development, supporting a diversified product pipeline - The internal R&D team consists of **18** personnel, possessing comprehensive in-house product discovery capabilities[21](index=21&type=chunk) - R&D capabilities cover recombinant protein design and optimization, expansion, culture, and harvesting, supporting a diversified product pipeline[21](index=21&type=chunk) [Manufacturing and Quality Assurance](index=10&type=section&id=Manufacturing%20and%20Quality%20Assurance) The company has R&D and manufacturing facilities in Beijing and Zhuhai, with new facilities under construction in Beijing, and its manufacturing and quality control teams are professionally trained and adhere to GMP standards - Possesses R&D and manufacturing facilities in Beijing and Zhuhai, with new R&D and manufacturing facilities under construction in Beijing, totaling approximately **45,072.87 square meters**[22](index=22&type=chunk) - The manufacturing team comprises **57** personnel, and the quality control team comprises **57** personnel, all professionally trained and adhering to GMP standards[22](index=22&type=chunk) [Future and Outlook](index=10&type=section&id=Future%20and%20Outlook) The company plans to actively advance clinical development of pipeline drugs (especially core product LZ901), rapidly progress other pre-clinical products, formulate domestic and international commercialization strategies, and expand its product pipeline through independent development and collaborations - Actively promote the clinical development of core product LZ901[23](index=23&type=chunk) - Rapidly advance the development of pre-clinical investigational products such as recombinant varicella vaccine, recombinant RSV vaccine, recombinant HSV-1 vaccine, recombinant HSV-2 vaccine, K333, and K1932[23](index=23&type=chunk) - Formulate strategic plans to promote domestic and international commercialization, and expand the product pipeline through independent development and/or collaborations[23](index=23&type=chunk) [Financial Review](index=11&type=section&id=Financial%20Review) For the six months ended June 30, 2025, the company's pre-tax loss decreased by 29.4% year-on-year to RMB 77.6 million, primarily due to significant reductions in administrative and R&D expenses, despite lower other income and net gains, and a substantial increase in finance costs [Other Income](index=12&type=section&id=Other%20Income) Other income decreased by 50.2% year-on-year to RMB 4.9 million, mainly due to a reduction in government grants - Other income decreased by **50.2%** from approximately **RMB 9.7 million** in the same period of 2024 to approximately **RMB 4.9 million** in the same period of 2025[25](index=25&type=chunk) - Primarily due to a reduction in government grants[25](index=25&type=chunk) Components of Other Income | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Sales revenue of VZV vaccine immunogenicity test kits | 1,473 | 650 | | Government grants (property and equipment) | 1,507 | 1,267 | | Government grants (right-of-use assets) | 1,335 | 1,335 | | Government grants (others) | 155 | 4,718 | | Interest income from bank balances and time deposits | 370 | 1,752 | | Interest income from lease deposits | 10 | 10 | | **Total** | **4,850** | **9,732** | [Other Expenses](index=13&type=section&id=Other%20Expenses) Other expenses increased by 209.5% year-on-year to RMB 0.6 million, primarily reflecting increased costs of sold immunoassay kits - Other expenses increased by **209.5%** from approximately **RMB 0.2 million** in the same period of 2024 to approximately **RMB 0.6 million** in the same period of 2025[27](index=27&type=chunk) - Primarily reflecting increased costs of sold immunoassay kits[27](index=27&type=chunk) [Net Other Gains and Losses](index=13&type=section&id=Net%20Other%20Gains%20and%20Losses) Net other gains decreased by 61.6% year-on-year to RMB 2.4 million, mainly due to reduced fair value gains on financial assets at fair value through profit or loss and lower net foreign exchange gains - Net other gains decreased by **61.6%** from approximately **RMB 6.3 million** in the same period of 2024 to approximately **RMB 2.4 million** in the same period of 2025[28](index=28&type=chunk) - Primarily due to reduced fair value gains on financial assets at fair value through profit or loss and lower net foreign exchange gains[28](index=28&type=chunk) Components of Net Other Gains and Losses | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Fair value gains on financial assets at fair value through profit or loss | 3,531 | 5,309 | | Net foreign exchange (losses) gains | (1,126) | 975 | | Loss on early termination of lease | – | (29) | | **Total** | **2,405** | **6,255** | [Administrative Expenses](index=13&type=section&id=Administrative%20Expenses) Administrative expenses decreased by 42.6% year-on-year to RMB 25.8 million, primarily due to the absence of share-based payment amortization expenses in 2025 - Administrative expenses decreased by **42.6%** from approximately **RMB 45.0 million** in the same period of 2024 to approximately **RMB 25.8 million** in the same period of 2025[30](index=30&type=chunk) - Primarily due to the absence of share-based payment amortization expenses in 2025[30](index=30&type=chunk) [Research and Development Expenses](index=13&type=section&id=Research%20and%20Development%20Expenses) R&D expenses decreased by 37.5% year-on-year to RMB 50.3 million, mainly due to reduced expenses from the LZ901 Phase III clinical trial conducted in China - R&D expenses decreased by **37.5%** from approximately **RMB 80.4 million** in the same period of 2024 to approximately **RMB 50.3 million** in the same period of 2025[31](index=31&type=chunk) - Primarily due to reduced expenses from the LZ901 Phase III clinical trial conducted in China[31](index=31&type=chunk) [Finance Costs](index=14&type=section&id=Finance%20Costs) Finance costs significantly increased by 584.7% year-on-year to RMB 2.7 million, primarily due to the company obtaining additional bank loans - Finance costs increased by **584.7%** from approximately **RMB 0.4 million** in the same period of 2024 to approximately **RMB 2.7 million** in the same period of 2025[32](index=32&type=chunk) - Primarily due to the Group obtaining additional bank loans[32](index=32&type=chunk) [Loss Before Tax](index=14&type=section&id=Loss%20Before%20Tax) Loss before tax decreased by 29.4% year-on-year to RMB 77.6 million, primarily influenced by the combined effect of the aforementioned expense changes - Loss before tax decreased by **29.4%** from approximately **RMB 109.9 million** in the same period of 2024 to approximately **RMB 77.6 million** in the same period of 2025[33](index=33&type=chunk) [Income Tax Expense](index=14&type=section&id=Income%20Tax%20Expense) No income tax expense was incurred as the company recorded a loss during the reporting period - No income tax expense was incurred as the Group recorded a loss for the six months ended June 30, 2024 and 2025[34](index=34&type=chunk) [Liquidity and Capital Resources](index=14&type=section&id=Liquidity%20and%20Capital%20Resources) The company experienced a decrease in cash balance and a significant increase in bank borrowings, leading to a higher gearing ratio, while capital expenditures decreased significantly, with no material contingent liabilities or foreign exchange hedging transactions [Bank Balances and Cash](index=14&type=section&id=Bank%20Balances%20and%20Cash) Bank balances and cash decreased by approximately RMB 39.9 million to RMB 100.2 million, primarily due to share repurchases - Bank balances and cash decreased by approximately **RMB 39.9 million** to approximately **RMB 100.2 million** as of June 30, 2025[35](index=35&type=chunk) - Primarily due to the Company's share repurchases during the six months ended June 30, 2025[35](index=35&type=chunk) - Bank borrowings increased to approximately **RMB 207.3 million** (December 31, 2024: approximately RMB 54.9 million), of which approximately **RMB 11.5 million** is repayable within one year[35](index=35&type=chunk) [Pledged Assets](index=14&type=section&id=Pledged%20Assets) As of June 30, 2025, the company's properties, including offices, laboratories, production bases, and construction in progress, have been pledged as collateral for bank borrowings and bank financing - Properties (including offices, laboratories, production bases, and construction in progress) have been pledged as collateral for bank borrowings and bank financing[37](index=37&type=chunk) [Contingent Liabilities](index=15&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the company had no material contingent liabilities - As of June 30, 2025, the Group had no material contingent liabilities[38](index=38&type=chunk) [Gearing Ratio](index=15&type=section&id=Gearing%20Ratio) As of June 30, 2025, the gearing ratio was 31.2%, an increase from 18.7% as of December 31, 2024 - As of June 30, 2025, the gearing ratio was **31.2%** (December 31, 2024: **18.7%**)[39](index=39&type=chunk) [Capital Commitments](index=15&type=section&id=Capital%20Commitments) Capital commitments decreased from approximately RMB 38.3 million as of December 31, 2024, to approximately RMB 7.4 million as of June 30, 2025, primarily due to the completion of certain construction projects - Capital commitments decreased from approximately **RMB 38.3 million** as of December 31, 2024, to approximately **RMB 7.4 million** as of June 30, 2025[40](index=40&type=chunk) - Primarily due to the completion of certain construction projects during the six months ended June 30, 2025[40](index=40&type=chunk) [Foreign Exchange](index=15&type=section&id=Foreign%20Exchange) The company primarily operates in China, facing foreign exchange fluctuation risks between RMB and other currencies (mainly HKD), but has not entered into any currency hedging transactions - The Group primarily operates in the PRC and is exposed to foreign exchange risk arising from various currencies (mainly related to HKD)[41](index=41&type=chunk) - The Group did not enter into any currency hedging transactions during the six months ended June 30, 2025[41](index=41&type=chunk) [Material Investments, Acquisitions and Disposals](index=15&type=section&id=Material%20Investments%2C%20Acquisitions%20and%20Disposals) For the six months ended June 30, 2025, the company had no material investments, acquisitions, or disposals of subsidiaries, associates, and joint ventures - For the six months ended June 30, 2025, the Group had no material investments, acquisitions, or disposals of subsidiaries, associates, and joint ventures[42](index=42&type=chunk) [Future Plans for Material Investments or Capital Assets](index=15&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) As of June 30, 2025, the company had no specific plans for material capital expenditures, investments, or capital assets, and any future plans will be announced in accordance with the Listing Rules - As of June 30, 2025, the Group had no specific plans for material capital expenditures, investments, or capital assets[43](index=43&type=chunk) [Interim Dividend](index=16&type=section&id=Interim%20Dividend) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[44](index=44&type=chunk) [Use of Net Proceeds from Global Offering](index=16&type=section&id=Use%20of%20Net%20Proceeds%20from%20Global%20Offering) The net proceeds from the company's H-share global offering, approximately HKD 241.6 million, are primarily allocated for clinical development, manufacturing, and commercialization of core product LZ901, clinical development of K3, and construction of Zhuhai Phase II commercial production facilities, expected to be fully utilized by the end of 2027 - The total net proceeds from the global offering were approximately **HKD 241.6 million**[45](index=45&type=chunk) - The net proceeds are expected to be fully utilized by the end of 2027[47](index=47&type=chunk) Use of Net Proceeds from Global Offering (As of June 30, 2025) | Use of Proceeds | Allocation of Net Proceeds from Global Offering (HKD million) | Percentage of Total Net Proceeds (%) | Unutilized Amount as of June 30, 2025 (HKD million) | Expected Timeline for Full Utilization of Remaining Net Proceeds from Global Offering | | :--- | :--- | :--- | :--- | :--- | | For clinical development, manufacturing, and commercialization of core product LZ901 | 140.7 | 58.2 | 46.0 | By end of 2026 | | For clinical development and manufacturing of K3 | 53.4 | 22.1 | 53.4 | By end of 2027 | | For construction of Zhuhai Phase II commercial production facilities | 38.8 | 16.1 | 0.1 | By end of 2026 | | For working capital and other general corporate purposes | 8.7 | 3.6 | 5.5 | By end of 2026 | | **Total** | **241.6** | **100.0** | **105.0** | | [Employees and Remuneration Policy](index=17&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the company employed 197 full-time employees, with 67.5% engaged in R&D, and maintains an evaluation system, competitive remuneration, training, and social insurance and housing provident fund contributions for PRC employees - As of June 30, 2025, the Group employed **197** full-time employees[48](index=48&type=chunk) Number of Employees by Function (As of June 30, 2025) | Function | Number of Employees | Percentage (%) | | :--- | :--- | :--- | | Management and General Administration (including Finance Department) | 37 | 18.8 | | Research and Development (including Manufacturing Department and Quality Control Department) | 133 | 67.5 | | Medical Affairs and Clinical Operations | 9 | 4.6 | | Engineering | 18 | 9.1 | | **Total** | **197** | **100.0** | - The company has an evaluation system, provides competitive salaries and bonuses, and emphasizes employee training[48](index=48&type=chunk) [Financing and Treasury Policy](index=17&type=section&id=Financing%20and%20Treasury%20Policy) The company adopts a sound and conservative financing and treasury policy aimed at maintaining optimal financial health, the most economical financing costs, and minimal financial risk, with regular reviews of funding needs - Adopts a sound and conservative financing and treasury policy aimed at maintaining optimal financial health, the most economical financing costs, and minimal financial risk[49](index=49&type=chunk) - Cash and cash equivalents are typically deposited with financial institutions with low credit risk, and funding needs are regularly reviewed[49](index=49&type=chunk) [Other Information](index=15&type=section&id=Other%20Information) This chapter covers various non-financial information for the reporting period, including equity disclosures for directors and major shareholders, employee incentive schemes, corporate governance compliance, securities transactions, litigation, share repurchases, and changes in board members [Interests and Short Positions of Directors, Supervisors and Chief Executive in Shares, Underlying Shares or Debentures](index=18&type=section&id=Interests%20and%20Short%20Positions%20of%20Directors%2C%20Supervisors%20and%20Chief%20Executive%20in%20Shares%2C%20Underlying%20Shares%20or%20Debentures) As of June 30, 2025, the company's directors, supervisors, and chief executive held long positions in the company's shares and underlying shares, with Mr. Kong Jian and Ms. Zhang Yanping holding a significant proportion as controlling shareholders [Interests in Shares and Underlying Shares](index=18&type=section&id=Interests%20in%20Shares%20and%20Underlying%20Shares) Discloses beneficial interests, spousal interests, and controlled corporation interests of directors and supervisors in the company's H-shares, with Mr. Kong Jian and Ms. Zhang Yanping collectively holding a significant proportion of the company's total issued share capital Interests of Directors/Supervisors in H-shares (As of June 30, 2025) | Name of Director/Supervisor | Nature of Interest | Number of H-shares | Approximate Percentage of Total Issued Share Capital (H-shares) of the Company | | :--- | :--- | :--- | :--- | | Mr. Kong | Beneficial Interest | 58,294,513 | 28.79% | | Mr. Kong | Spouse's Interest | 20,200,000 | 9.98% | | Mr. Kong | Interest in Controlled Corporation | 15,526,700 | 7.67% | | Ms. Zhang | Beneficial Interest | 20,200,000 | 9.98% | | Ms. Zhang | Spouse's Interest | 73,821,213 | 36.46% | | Ms. Jiang | Beneficial Interest | 4,000,000 | 1.98% | | Mr. Ma Biao | Interest in Controlled Corporation | 51,721,196 | 25.55% | | Ms. Peng Ling | Interest in Controlled Corporation | 12,307,500 | 6.08% | | Ms. Kong Qian | Beneficial Interest | 550,000 | 0.27% | | Mr. Chen Liang | Beneficial Interest | 400 | 0.0002% | - Mr. Kong and Ms. Zhang are spouses and are deemed to be interested in each other's shares under the SFO[50](index=50&type=chunk) [Interests in Associated Corporations](index=19&type=section&id=Interests%20in%20Associated%20Corporations) As of June 30, 2025, no director, supervisor, or chief executive held any interests or short positions in the shares, underlying shares, or debentures of any associated corporation of the company - As of June 30, 2025, no director, supervisor, or chief executive of the Company held any interests or short positions in the shares, underlying shares, or debentures of any associated corporation of the Company[51](index=51&type=chunk) [Interests and Short Positions of Substantial Shareholders in Shares and Underlying Shares](index=20&type=section&id=Interests%20and%20Short%20Positions%20of%20Substantial%20Shareholders%20in%20Shares%20and%20Underlying%20Shares) Discloses interests and short positions of substantial shareholders, other than directors, supervisors, and the chief executive, in the company's shares and underlying shares, including Hengqin Luzhu Limited Partnership, Beijing E-Town, Yitang Saiying, Beijing Saisheng, and CCB International Capital Management (Tianjin) Co., Ltd Interests of Substantial Shareholders in H-shares (As of June 30, 2025) | Name of Shareholder | Nature of Interest | Number of H-shares | Approximate Percentage of Total Issued Share Capital (H-shares) of the Company | | :--- | :--- | :--- | :--- | | Hengqin Luzhu Limited Partnership | Beneficial Interest | 12,307,500 | 6.08% | | Beijing Luzhu Kangrui | Interest in Controlled Corporation | 12,307,500 | 6.08% | | Beijing E-Town | Beneficial Interest | 19,645,000 | 9.70% | | Beijing E-Town Phase II | Beneficial Interest | 18,324,696 | 9.05% | | Yitang Saiying | Interest in Controlled Corporation | 37,969,696 | 18.76% | | Saiding Fangde | Interest in Controlled Corporation | 37,969,696 | 18.76% | | Saideruibo | Interest in Controlled Corporation | 37,969,696 | 18.76% | | Mr. Ma Jianan | Interest in Controlled Corporation | 37,969,696 | 18.76% | | Beijing Saisheng | Beneficial Interest | 13,751,500 | 6.79% | | CCB International Capital Management (Tianjin) Co., Ltd. | Beneficial Interest | 11,367,675 | 5.62% | | CCB International (China) Co., Ltd. | Interest in Controlled Corporation | 11,367,675 | 5.62% | | CCB International (Holdings) Limited | Interest in Controlled Corporation | 11,367,675 | 5.62% | | CCB Financial Holdings Limited | Interest in Controlled Corporation | 11,367,675 | 5.62% | | CCB International Group Holdings Limited | Interest in Controlled Corporation | 11,367,675 | 5.62% | | China Construction Bank | Interest in Controlled Corporation | 11,367,675 | 5.62% | | Central Huijin Investment Ltd. | Interest in Controlled Corporation | 11,367,675 | 5.62% | | Herui Venture Capital Fund Management (Shenzhen) Co., Ltd. | Interest in Controlled Corporation | 10,000,744 | 4.94% | | Mr. Chen Ruolin | Interest in Controlled Corporation | 10,000,744 | 4.94% | | Mr. Wang Zhixian | Interest in Controlled Corporation | 10,000,744 | 4.94% | [Employee Incentive Schemes](index=22&type=section&id=Employee%20Incentive%20Schemes) The company has an employee incentive scheme adopted prior to listing, granting interests through Hengqin Luzhu Limited Partnership, and the 2025 Share Award Scheme became effective in June 2025 to incentivize and retain talent, though no awards have been granted as of the reporting period end [Pre-IPO Employee Incentive Scheme](index=22&type=section&id=Pre-IPO%20Employee%20Incentive%20Scheme) The company adopted an employee incentive scheme on December 15, 2021, granting interests through Hengqin Luzhu Limited Partnership to eligible participants, with all interests granted prior to listing - The employee incentive scheme was adopted on December 15, 2021, prior to listing, and does not involve the grant of new shares or options to subscribe for new shares[57](index=57&type=chunk) - Eligible participants were granted interests in Hengqin Luzhu Limited Partnership, the Group's employee incentive platform, with all interests granted prior to listing[57](index=57&type=chunk) [2025 Share Award Scheme](index=22&type=section&id=2025%20Share%20Award%20Scheme) The 2025 Share Award Scheme became effective on June 13, 2025, aiming to provide ownership interests to selected participants and incentivize their contributions, but no awards were granted during the six months ended June 30, 2025, with 19,922,983 H-shares remaining available for grant - The 2025 Share Award Scheme became effective on June 13, 2025, aiming to incentivize selected participants and attract and retain outstanding employees[58](index=58&type=chunk) - No awards were granted under the 2025 Share Award Scheme during the six months ended June 30, 2025[58](index=58&type=chunk) - As of June 30, 2025, the number of shares available for grant under the 2025 Share Award Scheme remained **19,922,983 H-shares**[58](index=58&type=chunk) [Compliance with Corporate Governance Code](index=23&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The company is committed to maintaining high standards of corporate governance and has adopted the Corporate Governance Code; although the roles of Chairman and General Manager are combined by Mr. Kong Jian, deviating from the code, the Board believes this structure does not affect the balance of power and will continue to review its effectiveness - The Company has adopted the Corporate Governance Code as its own corporate governance code and is committed to maintaining high standards of corporate governance[59](index=59&type=chunk) - Mr. Kong Jian holds both the positions of Chairman of the Board and General Manager, which deviates from code provision C.2.1, but the Board believes this structure does not affect the balance of power and responsibilities[59](index=59&type=chunk) - The Board will continue to review the effectiveness of the Group's corporate governance structure from time to time[59](index=59&type=chunk) [Compliance with Model Code for Securities Transactions](index=23&type=section&id=Compliance%20with%20Model%20Code%20for%20Securities%20Transactions) The company has adopted the Model Code set out in Appendix C3 of the Listing Rules and confirms that all directors and supervisors have complied with it as of June 30, 2025 - The Company has adopted the Model Code set out in Appendix C3 of the Listing Rules to regulate all dealings in the Company's securities by directors, supervisors, and relevant employees[61](index=61&type=chunk) - All directors and supervisors have confirmed their compliance with the applicable standards set out in the Model Code up to June 30, 2025[61](index=61&type=chunk) [Material Litigation and Arbitration](index=23&type=section&id=Material%20Litigation%20and%20Arbitration) For the six months ended June 30, 2025, the company had no material litigation or arbitration - For the six months ended June 30, 2025, the Group had no material litigation or arbitration[62](index=62&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=24&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) The company repurchased 1,759,200 H-shares for approximately HKD 39.7 million during the reporting period, holding them as treasury shares potentially for the 2025 Share Award Scheme, with further repurchases occurring after the reporting period - During the reporting period, the Company repurchased a total of **1,759,200 H-shares** for a total consideration of approximately **HKD 39.7 million** (approximately **RMB 36.9 million**)[64](index=64&type=chunk) - As of June 30, 2025, the Company held a total of **3,219,200 treasury H-shares**, which may be used to fund the 2025 Share Award Scheme[64](index=64&type=chunk) - After June 30, 2025, and up to the latest practicable date, the Company further repurchased a total of **316,600 H-shares** in July 2025 for a total consideration of approximately **HKD 6.8 million**[64](index=64&type=chunk) [Audit Committee and Review of Financial Report](index=24&type=section&id=Audit%20Committee%20and%20Review%20of%20Financial%20Report) The Audit Committee, comprising three members with Ms. Hou Aijun as Chair, oversees financial reporting, internal controls, and risk management, and has reviewed the unaudited interim consolidated results for the six months ended June 30, 2025, confirming compliance with accounting principles and disclosure requirements - The Audit Committee comprises three members, with Ms. Hou Aijun as Chairman, and Mr. Liang Weiye possessing appropriate accounting or relevant financial management expertise[66](index=66&type=chunk) - The Audit Committee has reviewed the Company's unaudited interim consolidated results for the six months ended June 30, 2025, and confirmed compliance with applicable accounting principles, standards, and requirements[66](index=66&type=chunk) - The interim results are unaudited but have been reviewed by the independent auditor, Deloitte Touche Tohmatsu, in accordance with Hong Kong Standard on Review Engagements 2410[66](index=66&type=chunk) [Changes in Information of Directors and Supervisors](index=25&type=section&id=Changes%20in%20Information%20of%20Directors%20and%20Supervisors) At the Annual General Meeting on June 12, 2025, shareholders approved the election and re-election of members for the Fifth Session of the Board of Directors and Board of Supervisors, with Ms. Hou Aijun designated as the Chief Independent Non-executive Director - Shareholders approved the election and re-election of directors for the Fifth Session of the Board of Directors and supervisors for the Board of Supervisors[67](index=67&type=chunk) - The Fifth Session of the Board of Directors includes Executive Directors Mr. Kong, Ms. Zhang, and Ms. Peng Ling; Non-executive Directors Mr. Ma Biao and Mr. Kong Shuangquan; and Independent Non-executive Directors Ms. Hou Aijun, Mr. Liang Weiye, and Mr. Liang Yiye[67](index=67&type=chunk) - Ms. Hou Aijun was also designated as the Chief Independent Non-executive Director, effective from June 27, 2025[68](index=68&type=chunk) [Rights of Directors and Supervisors to Purchase Shares or Debentures](index=25&type=section&id=Rights%20of%20Directors%20and%20Supervisors%20to%20Purchase%20Shares%20or%20Debentures) During or at the end of the six months ended June 30, 2025, neither the company nor any of its subsidiaries entered into any arrangements enabling directors or supervisors to benefit from purchasing shares or debentures of the company or any other body corporate, and no such rights were granted to or exercised by any director, supervisor, their spouse, or children under 18 - During or at the end of the six months ended June 30, 2025, no arrangements were entered into enabling directors or supervisors to benefit from purchasing shares or debentures of the Company or any other body corporate[69](index=69&type=chunk) [Events After Reporting Period](index=25&type=section&id=Events%20After%20Reporting%20Period) Other than those disclosed in this report, no material events affecting the company occurred after June 30, 2025, up to the date of this report - Other than those disclosed in this report, no material events affecting the Group occurred after June 30, 2025, up to the date of this report[70](index=70&type=chunk) [Review Report on Condensed Consolidated Financial Statements](index=25&type=section&id=Review%20Report%20on%20Condensed%20Consolidated%20Financial%20Statements) Deloitte Touche Tohmatsu reviewed the company's condensed consolidated financial statements for the six months ended June 30, 2025, concluding that they found no matters indicating the financial statements were not prepared in all material respects in accordance with International Accounting Standard 34 - Deloitte Touche Tohmatsu has reviewed the Company's condensed consolidated financial statements, conducted in accordance with Hong Kong Standard on Review Engagements 2410[71](index=71&type=chunk)[72](index=72&type=chunk) - The review concluded that nothing has come to our attention that causes us to believe the condensed consolidated financial statements are not prepared, in all material respects, in accordance with International Accounting Standard 34[73](index=73&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=26&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement presents the company's condensed consolidated profit or loss and other comprehensive income for the six months ended June 30, 2025, showing a total loss and comprehensive expenses of RMB 77,570 thousand, a narrowing from RMB 109,938 thousand in the prior year Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Other income | 4,850 | 9,732 | | Other expenses | (585) | (189) | | Net other gains and losses | 2,405 | 6,255 | | Impairment loss recognized on property, plant and equipment | (5,441) | – | | Administrative expenses | (25,801) | (44,962) | | Research and development expenses | (50,273) | (80,376) | | Finance costs | (2,725) | (398) | | Loss before tax | (77,570) | (109,938) | | Income tax expense | – | – | | Loss and total comprehensive expenses for the period | (77,570) | (109,938) | | Basic loss per share (RMB) | (0.39) | (0.54) | | Diluted loss per share (RMB) | (0.39) | (0.54) | [Condensed Consolidated Statement of Financial Position](index=27&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement presents the company's condensed consolidated financial position as of June 30, 2025, showing total assets of RMB 1,075,075 thousand and net assets of RMB 739,131 thousand, a decrease from December 31, 2024 Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Indicator | As of June 30, 2025 (RMB thousand) | As of December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | **Non-current assets** | | | | Right-of-use assets | 97,135 | 99,504 | | Property, plant and equipment | 502,813 | 457,588 | | Intangible assets | 8,615 | 8,329 | | Prepayments, deposits and other receivables | 3,074 | 12,166 | | Investment in an associate | 1,000 | – | | Time deposits | 1,005 | – | | **Total non-current assets** | **613,642** | **577,587** | | **Current assets** | | | | Materials | 4,398 | 5,735 | | Prepayments, deposits and other receivables | 15,640 | 13,461 | | Financial assets at fair value through profit or loss | 342,176 | 313,554 | | Cash and cash equivalents | 99,219 | 140,126 | | **Total current assets** | **461,433** | **472,876** | | **Current liabilities** | | | | Prepayments received and other payables | 86,168 | 97,037 | | Bank borrowings | 11,469 | 1,820 | | **Total current liabilities** | **97,637** | **98,857** | | **Net current assets** | **363,796** | **374,019** | | **Total assets less current liabilities** | **977,438** | **951,606** | | **Non-current liabilities** | | | | Lease liabilities | 12,992 | 12,619 | | Deferred government grants | 29,460 | 32,302 | | Bank borrowings | 195,855 | 53,094 | | **Total non-current liabilities** | **238,307** | **98,015** | | **Net assets** | **739,131** | **853,591** | | **Capital and reserves** | | | | Share capital | 202,450 | 202,450 | | Reserves | 536,681 | 651,141 | | **Total equity** | **739,131** | **853,591** | [Condensed Consolidated Statement of Changes in Equity](index=28&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This statement presents the company's condensed consolidated changes in equity for the six months ended June 30, 2025, showing a decrease in total equity from RMB 853,591 thousand to RMB 739,131 thousand, primarily due to loss for the period and share repurchases Condensed Consolidated Statement of Changes in Equity (For the six months ended June 30) | Item | Share Capital (RMB thousand) | Share Premium (RMB thousand) | Treasury Shares (RMB thousand) | Share-based Payment Reserve (RMB thousand) | Accumulated Losses (RMB thousand) | Total (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | As of January 1, 2025 (audited) | 202,450 | 2,621,518 | (32,305) | – | (1,938,072) | 853,591 | | Loss and total comprehensive expenses for the period | – | – | – | – | (77,570) | (77,570) | | Repurchase of shares | – | – | (36,890) | – | – | (36,890) | | As of June 30, 2025 (unaudited) | 202,450 | 2,621,518 | (69,195) | – | (2,015,642) | 739,131 | | As of January 1, 2024 (audited) | 202,450 | 2,448,245 | – | 139,770 | (1,769,837) | 1,020,628 | | Loss and total comprehensive expenses for the period | – | – | – | – | (109,938) | (109,938) | | Equity-settled share-based payments recognized | – | – | – | 33,503 | – | 33,503 | | Vested shares granted | – | 173,273 | – | (173,273) | – | – | | As of June 30, 2024 (unaudited) | 202,450 | 2,621,518 | – | – | (1,879,775) | 944,193 | [Condensed Consolidated Statement of Cash Flows](index=29&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This statement presents the company's condensed consolidated cash flows for the six months ended June 30, 2025, showing a net decrease in cash and cash equivalents of RMB 39,781 thousand, primarily due to net cash used in operating and investing activities Condensed Consolidated Statement of Cash Flows (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Net cash used in operating activities | (75,285) | (44,955) | | Net cash used in investing activities | (77,024) | (35,742) | | Net cash from financing activities | 112,528 | 9,522 | | Net decrease in cash and cash equivalents | (39,781) | (71,175) | | Cash and cash equivalents at beginning of period | 140,126 | 257,891 | | Effect of foreign exchange rate changes | (1,126) | 975 | | Cash and cash equivalents at end of period | 99,219 | 187,691 | [Notes to the Condensed Consolidated Financial Statements](index=30&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This chapter provides detailed notes to the condensed consolidated financial statements, explaining the basis of preparation, significant accounting policies, components and reasons for changes in various financial data, as well as important information on related party transactions and capital commitments [1. General Information](index=31&type=section&id=1.%20General%20Information) The company is primarily engaged in the research, development, and production of vaccines and therapeutic biologics in China, with RMB as its functional currency - The Group is principally engaged in the research, development, and production of vaccines and therapeutic biologics in the People's Republic of China[81](index=81&type=chunk) - The condensed consolidated financial statements are presented in RMB, which is also the Company's functional currency[81](index=81&type=chunk) [2. Basis of Preparation](index=31&type=section&id=2.%20Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited - The condensed consolidated financial statements are prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[82](index=82&type=chunk) [3. Significant Accounting Policies](index=31&type=section&id=3.%20Significant%20Accounting%20Policies) The condensed consolidated financial statements are prepared on a historical cost basis, except for certain financial instruments measured at fair value, with accounting policies consistent with the 2024 annual consolidated financial statements, with minor additions/changes due to the application of amendments to IFRS accounting standards - The condensed consolidated financial statements are prepared on a historical cost basis, except for certain financial instruments measured at fair value[83](index=83&type=chunk) - The accounting policies and methods of computation are the same as those presented in the annual consolidated financial statements for the year ended December 31, 2024, except for additions/changes to accounting policies due to the application of amendments to IFRS accounting standards[83](index=83&type=chunk) - The application of amendments to IFRS accounting standards had no significant impact on the financial position and performance for this interim period and prior periods[84](index=84&type=chunk) [4. Segment Information](index=32&type=section&id=4.%20Segment%20Information) The company has only one operating and reportable segment, and all non-current assets (excluding financial instruments) are located in mainland China, thus no geographical information analysis is presented - The Group has only one operating and reportable segment[85](index=85&type=chunk) - The Group did not record any revenue for the six months ended June 30, 2025[85](index=85&type=chunk) - As of June 30, 2025, all of the Group's non-current assets (excluding financial instruments) are located in mainland China[85](index=85&type=chunk) [5. Other Income](index=32&type=section&id=5.%20Other%20Income) Other income decreased by 50.2% from approximately RMB 9.7 million in the same period of 2024 to approximately RMB 4.9 million in the same period of 2025, primarily due to a reduction in government grants Components of Other Income | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Sales revenue of VZV vaccine immunogenicity test kits | 1,473 | 650 | | Government grants related to property and equipment | 1,507 | 1,267 | | Government grants related to right-of-use assets | 1,335 | 1,335 | | Government grants (others) | 155 | 4,718 | | Interest income from bank balances and time deposits | 370 | 1,752 | | Interest income from lease deposits | 10 | 10 | | **Total** | **4,850** | **9,732** | - The decrease in other income was primarily due to a reduction in government grants[86](index=86&type=chunk) [6. Net Other Gains and Losses](index=33&type=section&id=6.%20Net%20Other%20Gains%20and%20Losses) Net other gains decreased by 61.6% from approximately RMB 6.3 million in the same period of 2024 to approximately RMB 2.4 million in the same period of 2025, primarily due to reduced fair value gains on financial assets at fair value through profit or loss and lower net foreign exchange gains Components of Net Other Gains and Losses | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Fair value gains on financial assets at fair value through profit or loss | 3,531 | 5,309 | | Net foreign exchange (losses) gains | (1,126) | 975 | | Loss on early termination of lease | – | (29) | | **Total** | **2,405** | **6,255** | - The decrease in net other gains was primarily due to reduced fair value gains on financial assets and lower net foreign exchange gains[87](index=87&type=chunk) [7. Finance Costs](index=33&type=section&id=7.%20Finance%20Costs) Finance costs increased significantly by 584.7% from approximately RMB 0.4 million in the same period of 2024 to approximately RMB 2.7 million in the same period of 2025, primarily due to increased interest on bank borrowings Components of Finance Costs | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest on bank borrowings | 2,814 | 135 | | Interest on lease liabilities | 373 | 356 | | Total borrowing costs | 3,187 | 491 | | Less: Amount capitalized in construction in progress | (462) | (93) | | **Total** | **2,725** | **398** | - The significant increase in finance costs was primarily due to increased interest on bank borrowings[88](index=88&type=chunk) [8. Income Tax Expense](index=34&type=section&id=8.%20Income%20Tax%20Expense) No income tax expense was incurred as the company generated tax losses during the reporting period; as of June 30, 2025, estimated unused tax losses were approximately RMB 789,760 thousand - No provision for PRC income tax was made as the Company and its PRC subsidiaries generated tax losses during both periods[89](index=89&type=chunk) - As of June 30, 2025, the Group's estimated unused tax losses were approximately **RMB 789,760 thousand**[89](index=89&type=chunk) - Deferred tax assets were recognized for approximately **RMB 16,911 thousand** of these losses, with the remaining approximately **RMB 772,849 thousand** unrecognized[89](index=89&type=chunk) [9. Loss for the Period](index=35&type=section&id=9.%20Loss%20for%20the%20Period) This note details the expenses contributing to the loss for the period, including staff costs, depreciation and amortization, impairment losses on property, plant and equipment, and material and subcontracting costs for R&D activities Loss for the Period is Stated After Charging (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Total staff costs | 17,358 | 48,752 | | Depreciation of right-of-use assets | 2,369 | 2,401 | | Depreciation of property, plant and equipment | 11,645 | 10,498 | | Amortization of intangible assets | 123 | 123 | | Less: Capitalized in construction in progress | (429) | (643) | | Total depreciation and amortization | 13,708 | 12,379 | | Impairment loss recognized on property, plant and equipment | 5,441 | – | | Short-term lease expenses | 16 | 32 | | Material costs included in R&D expenses | 3,448 | 3,729 | | Subcontracting costs included in R&D expenses | 28,774 | 51,290 | - Total staff costs decreased from **RMB 48,752 thousand** in 2024 to **RMB 17,358 thousand** in 2025, primarily due to no equity-settled share-based payments in 2025[91](index=91&type=chunk) - Impairment loss on property, plant and equipment of **RMB 5,441 thousand** was recognized[91](index=91&type=chunk) [10. Dividends](index=35&type=section&id=10.%20Dividends) No dividends were paid, declared, or proposed during the interim period - No dividends were paid, declared, or proposed during the interim period[92](index=92&type=chunk) [11. Loss Per Share](index=36&type=section&id=11.%20Loss%20Per%20Share) Basic and diluted loss per share attributable to owners of the company was RMB (0.39), a narrowing from RMB (0.54) in the prior year Loss Per Share Calculation (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Loss for the period attributable to owners of the Company | (77,570) | (109,938) | | Weighted average number of ordinary shares for basic and diluted loss per share (thousand shares) | 200,406 | 202,450 | | Basic loss per share (RMB) | (0.39) | (0.54) | | Diluted loss per share (RMB) | (0.39) | (0.54) | [12. Property, Plant and Equipment](index=36&type=section&id=12.%20Property%2C%20Plant%20and%20Equipment) During this interim period, the company's construction in progress in Beijing and Zhuhai increased by RMB 54,164 thousand and RMB 7,924 thousand, respectively, while an impairment loss of RMB 5,441 thousand was recognized due to equipment upgrades and replacements - During this interim period, construction in progress for the Group's R&D and commercial production facilities in Beijing increased by **RMB 54,164 thousand**[94](index=94&type=chunk) - Construction in progress for commercial production facilities in Zhuhai increased by **RMB 7,924 thousand**[94](index=94&type=chunk) - The Group recognized an impairment loss of **RMB 5,441 thousand** on property, plant and equipment during this period, due to the recoverable amount of these assets being lower than their carrying amount as a result of equipment upgrades and replacements[94](index=94&type=chunk) [13. Prepayments, Deposits and Other Receivables](index=37&type=section&id=13.%20Prepayments%2C%20Deposits%20and%20Other%20Receivables) As of June 30, 2025, total prepayments, deposits, and other receivables amounted to RMB 18,714 thousand, a decrease from RMB 25,627 thousand as of December 31, 2024 Components of Prepayments, Deposits and Other Receivables | Item | As of June 30, 2025 (RMB thousand) | As of December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Recoverable VAT | 7,905 | 5,627 | | Prepayments for purchase of property, plant and equipment | 2,659 | 11,815 | | Prepayments to suppliers and service providers | 5,452 | 6,629 | | Lease deposits | 361 | 351 | | Receivables for test kits | 733 | - | | Others | 1,604 | 1,205 | | **Total** | **18,714** | **25,627** | | Non-current | 3,074 | 12,166 | | Current | 15,640 | 13,461 | [14. Investment in an Associate](index=38&type=section&id=14.%20Investment%20in%20an%20Associate) During this period, the company invested RMB 1,000 thousand in Beijing Rumeng Biotechnology Co., Ltd., holding a 34% ownership and able to exercise significant influence, thus accounted for using the equity method - During this period, the Group invested **RMB 1,000,000** in Rumeng[96](index=96&type=chunk) - The Group holds a **34%** ownership interest in this entity and is able to exercise significant influence over it, thus the investment in this entity is accounted for using the equity method[96](index=96&type=chunk) Investment in an Associate (As of June 30, 2025) | Item | As of June 30, 2025 (RMB thousand) | As of December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Cost of investment in an associate | 1,000 | – | [15. Prepayments Received and Other Payables](index=38&type=section&id=15.%20Prepayments%20Received%20and%20Other%20Payables) As of June 30, 2025, total prepayments received and other payables amounted to RMB 86,168 thousand, a decrease from RMB 97,037 thousand as of December 31, 2024 Components of Prepayments Received and Other Payables | Item | As of June 30, 2025 (RMB thousand) | As of December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Payables for acquisition of property, plant and equipment | 51,725 | 48,437 | | Payables for R&D activities | 29,911 | 41,808 | | Payables for intangible assets | 520 | 1,327 | | Accrued salaries and other allowances | 2,400 | 5,091 | | Other taxes payable | 1,270 | 154 | | Others | 342 | 220 | | **Total** | **86,168** | **97,037** | - Payables are primarily denominated in RMB, with some in USD and HKD[97](index=97&type=chunk) [16. Bank Borrowings](index=39&type=section&id=16.%20Bank%20Borrowings) As of June 30, 2025, total bank borrowings significantly increased to RMB 207,324 thousand from RMB 54,914 thousand as of December 31, 2024, primarily for the construction of R&D and commercial production facilities, and are guaranteed by an executive director and their spouse Analysis of Bank Borrowings (As of June 30, 2025) | Item | As of June 30, 2025 (RMB thousand) | As of December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Non-current | 195,855 | 53,094 | | Current | 11,469 | 1,820 | | **Total** | **207,324** | **54,914** | - Obtained bank borrowings of **RMB 200,000,000** for the construction of Beijing R&D and commercial production facilities, of which **RMB 91,730,000** has been drawn down[98](index=98&type=chunk) - Obtained bank loan financing of **RMB 300,000,000** for the Zhuhai R&D construction project, of which **RMB 110,416,000** has been drawn down[99](index=99&type=chunk) - Both long-term borrowings are guaranteed by Mr. Kong Jian, an executive director of the Company, and his spouse, Ms. Zhang Yanping, and are secured by certain leased land, construction in progress, and properties[99](index=99&type=chunk) [17. Deferred Government Grants](index=40&type=section&id=17.%20Deferred%20Government%20Grants) As of June 30, 2025, deferred government grants amounted to RMB 29,460 thousand, a decrease from RMB 32,302 thousand as of December 31, 2024, primarily due to transfers to profit or loss Changes in Deferred Government Grants (For the six months ended June 30) | Item | Property and Equipment (RMB thousand) | Right-of-use Assets (RMB thousand) | R&D Activities (RMB thousand) | Total (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | As of January 1, 2025 (audited) | 28,298 | 4,004 | – | 32,302 | | Deferred government grants transferred to profit or loss | (1,507) | (1,335) | – | (2,842) | | As of June 30, 2025 (unaudited) | 26,791 | 2,669 | – | 29,460 | | As of January 1, 2024 (audited) | 21,593 | 6,674 | 9,400 | 37,667 | | Deferred government grants transferred to profit or loss | (1,267) | (1,335) | – | (2,602) | | As of June 30, 2024 (unaudited) | 20,326 | 5,339 | 9,400 | 35,065 | - Government grants include compensation for capital expenditures on property and equipment, right-of-use assets, and subsidies for R&D activities[101](index=101&type=chunk) [18. Share Capital/Treasury Shares](index=41&type=section&id=18.%20Share%20Capital%2FTreasury%20Shares) The company's share capital remained unchanged, but treasury shares increased due to repurchases; as of June 30, 2025, the company held 3,219,200 treasury H-shares for a total consideration of RMB 36,890 thousand Share Capital (As of June 30, 2025) | Item | Number of Shares (thousand shares) | Share Capital (RMB thousand) | | :--- | :--- | :--- | | As of January 1, 2024, June 30, 2024, January 1, 2025, and June 30, 2025 | 202,450 | 202,450 | - For the six months ended June 30, 2025, the Company repurchased a total of **1,759,200** of its own ordinary shares through the Stock Exchange, for a total consideration of **RMB 36,890,000**[103](index=103&type=chunk) - As of the end of the reporting period, all repurchased **3,219,200 shares** were held as treasury shares[103](index=103&type=chunk) [19. Share-based Payment Transactions](index=41&type=section&id=19.%20Share-based%20Payment%20Transactions) This note details the company's employee incentive scheme implemented in

Summary of Key Points Core Viewpoint - Green Bamboo Bio-B (02480.HK) reported a significant decrease in other income and R&D expenses, while also showing a reduction in pre-tax losses for the six months ending June 30, 2025, primarily due to decreased government subsidies and clinical trial costs [1]. Financial Performance - Other income decreased by approximately 50.2% to around RMB 4.9 million, mainly due to a reduction in government subsidies [1]. - R&D expenses decreased by approximately 37.5% from about RMB 80.4 million for the six months ending June 30, 2024, to about RMB 50.3 million for the same period in 2025, primarily due to reduced costs associated with the LZ901 Phase III clinical trial in China [1]. - Pre-tax losses decreased by approximately 29.4% from about RMB 109.9 million for the six months ending June 30, 2024, to about RMB 77.6 million for the same period in 2025 [1].

Core Viewpoint - Green Bamboo Bio-B (02480) reported a significant decline in other income and a narrowed net loss for the six months ending June 30, 2025, while achieving key milestones for its core product LZ901 [1] Financial Performance - Other income amounted to 4.85 million RMB, representing a year-on-year decrease of 50.2% [1] - The net loss was 77.57 million RMB, which is a 29.4% reduction compared to the previous year [1] - Basic loss per share was 0.39 RMB [1] Product Development - In January 2025, the company submitted a Biologics License Application (BLA) for LZ901 to the National Medical Products Administration, which was accepted in February 2025 [1] - Following the acceptance of the BLA, the National Medical Products Administration will conduct further evaluations, including technical reviews and inspections [1] - The company successfully completed a head-to-head comparative study for LZ901, showing superior cellular immune response and better safety compared to the HZ/su vaccine (Shingrix) in adults aged 50 and above [1] - The board believes these positive results lay a solid foundation for the future commercialization of LZ901 [1]