Summary of Conference Call Company/Industry Involved - The conference call involves Guolian Securities, a financial services company in China Core Points and Arguments - The call was initiated by a researcher from Guolian Securities, indicating a focus on discussing research topics and insights related to the financial market [1] Other Important but Possibly Overlooked Content - No specific financial data, industry trends, or detailed insights were provided in the excerpt [1]

截至2023年12月31日，我們按公平值計入損益的金融資產為人民幣469.3百萬元，較截至2022年12月31日的人民幣 43.5百萬元增加979.0%，主要是由於購買若干產品以將資本回報最大化。 | --- | --- | --- | |--------------------|-----------------------------------------|-------------------------------------| | | 截至 2023 年 12 月 31 日 人民幣千元 | 截至 2022 年 12 月 31 日 人民幣千元 | | | | | | 租賃負債 | 54,344 | 54,128 | | 計息銀行借款 | 189,411 | – | | 可轉換可贖回優先股 | – | 2,570,021 | 截至2023年12月31日，我們的資產負債比率為21.0%，而截至2022年12月31日為186.1%。該下降主要是由於在 2023年6月12日成功進行首次公開發售後，所有可轉換可贖回優先股均已自動轉換為普通股。 截至2023年12月31日，我們有關收購物業、廠房及設備以及其他無 ...

公 司 研 究 2023 年营收超预期，在研管线有望落地贡献增量 投资评级：买入（维持） 事件：2023 年营收同比+1110.8%超市场预期，现金储备充裕 毛发及护肤品管线均实现快速放量，经调整净亏损可控 商业化能力有望持续验证，在研管线有望顺利落地贡献增量 风险提示：研发进度受阻、销售不及预期、费用失控、医疗事故、监管变化。 开 源 证 券 证 券 研 究 报 告 港股公司信息更新报告 -90% -60% -30% 0% 30% 60% 2023-03 2023-07 2023-11 科笛-B 恒生指数 相关研究报告 | --- | --- | |-------------------------|--------------| | 日期 | 2024/3/28 | | 当前股价 ( 港元 ) | 7.890 | | 一年最高最低 ( 港元 ) | 32.600/5.570 | | 总市值 ( 亿港元 ) | 24.04 | | 流通市值 ( 亿港元 ) | 24.04 | | 总股本 ( 亿股 ) | 3.05 | | 流通港股 ( 亿股 ) | 3.05 | | 近 3 个月换手率 (%) | 13. ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on its performance and growth potential [18]. Core Insights - The company achieved a revenue of 1.38 billion, reflecting a year-on-year increase of 1111%, with Q4 2023 revenue reaching 0.73 billion, up 1051% year-on-year [18]. - The hair care segment generated 0.96 billion in revenue, accounting for approximately 70% of total revenue, with significant contributions from the flagship product, the French small white tube, which represented 73% of hair product sales [18]. - The skincare line contributed 0.41 billion, making up about 30% of total revenue, primarily driven by the addition of the high-efficacy skincare brand, Ouma, in September 2023 [18]. - The company is progressing steadily with its pipeline, with key products expected to receive approval soon, including topical minocycline for acne and topical finasteride for hair loss, which are anticipated to be approved in H2 2024 and 2025, respectively [18]. - The net loss for 2023 was 19.64 billion, largely attributed to one-time factors, including fair value losses on convertible redeemable preferred shares and listing expenses [18]. - The company's stock held by Hong Kong Stock Connect has been increasing, with a notable rise from approximately 2-3% at the beginning of 2024 to 7.1% by March 28, 2024, indicating growing market interest [18]. - The investment recommendation highlights the company's strong revenue performance and the potential for significant contributions from upcoming product approvals [18].

Financial Performance - Gross profit for the year ended December 31, 2023, was RMB 71.0 million, a 794.5% increase from RMB 7.9 million in 2022, while the gross margin decreased from 69.8% to 51.6% due to changes in product mix[1] - The company recorded a net loss of RMB 1,963.8 million in 2023, a significant increase from RMB 555.8 million in 2022, mainly due to higher fair value losses on convertible redeemable preferred shares[11] - Revenue for 2023 increased to RMB 137,623 thousand, compared to RMB 11,366 thousand in 2022[104] - Gross profit for 2023 was RMB 71,008 thousand, up from RMB 7,938 thousand in 2022[104] - Total loss for 2023 was RMB 1,963,758 thousand, compared to RMB 555,836 thousand in 2022[104] - Sales revenue from product sales at a point in time increased to RMB 137,623 thousand in 2023 from RMB 11,366 thousand in 2022, representing a significant growth[134] - The company reported a basic and diluted loss per share of RMB 9.60 in 2023, compared to RMB 6.94 in 2022, indicating a larger loss per share[164] - The weighted average number of ordinary shares used in calculating basic and diluted loss per share increased to 204,614,716 in 2023 from 80,045,710 in 2022[164] - The company did not declare or intend to declare any dividends for the year ended December 31, 2023, consistent with the previous year[162] - The company's pre-tax loss for 2023 was RMB 1,963,758 thousand, with a tax expense calculated at the statutory rate of 25% amounting to RMB 490,940 thousand[186] Revenue and Sales Growth - Total revenue increased by 1,110.8% to RMB 137.6 million for the year ended December 31, 2023, compared to RMB 11.4 million in the previous year[44] - Revenue increased by 1,110.8% from RMB 11.4 million in 2022 to RMB 137.6 million in 2023, driven by increased sales of hair disease and care products as well as daily skincare products[76] - GMV for hair disease and care products during the "618" event reached RMB 9.4 million, a year-on-year increase of 4,348.0%[43] - GMV for hair disease and care products and skin care products during the "Double 11" event exceeded RMB 16.7 million and RMB 24.8 million, respectively[43] - During the "Double 11" shopping festival, the company's hair disease and care products recorded GMV exceeding RMB 16.7 million, while skin care products recorded GMV exceeding RMB 24.8 million, with a specific skin care product achieving over RMB 5.0 million GMV on Douyin[59] - The company's GMV for hair disease and care products during the "618 event" exceeded RMB 9.4 million, representing a year-on-year growth of 4,348.0%[87] - The company's CUP-MNDE (Bailleul® Minoxidil Spray) ranked first in sales in the cross-border minoxidil category on Tmall and JD platforms[87] Expenses and Costs - R&D costs rose by 19.3% to RMB 215.7 million in 2023, primarily due to increased employee costs and depreciation from expanded R&D laboratory operations[23] - Sales and distribution expenses surged by 479.7% to RMB 208.3 million in 2023, driven by expanded online marketing activities and employee costs[26] - Sales costs increased to RMB 66.6 million in 2023, up from RMB 3.4 million in 2022, reflecting higher product sales volumes[21] - Financial costs rose by 159.1% to RMB 4.5 million in 2023 due to increased bank loans for daily operations[27] - Administrative expenses increased by 85.1% to RMB 185.9 million for the year ended December 31, 2023, due to business expansion and share-based payments[41] - R&D costs for 2023 were RMB 215,711 thousand, compared to RMB 180,756 thousand in 2022[104] - Total employee compensation costs increased from RMB 179.7 million in 2022 to RMB 260.7 million in 2023, primarily due to an increase in headcount[79] - The unrecognized deductible temporary differences increased to RMB 59,668 thousand in 2023 from RMB 21,245 thousand in 2022, mainly due to advertising and promotional expenses[161] - The company's R&D expenses tax deduction amounted to RMB 18,461 thousand in 2023, compared to RMB 15,849 thousand in 2022[186] Cash and Financial Position - Cash and cash equivalents increased by 1.6% to RMB 473.1 million as of December 31, 2023, primarily due to proceeds from the initial public offering[33] - Time deposits over three months decreased by 41.8% to RMB 330.2 million as of December 31, 2023, mainly due to the maturity of time deposits[33] - Financial assets at fair value through profit or loss surged by 979.0% to RMB 469.3 million as of December 31, 2023, driven by investments to maximize capital returns[33] - The company's cash and cash equivalents, time deposits over three months, and financial assets at fair value through profit or loss totaled approximately RMB 1,272.6 million as of December 31, 2023[44] - Cash and cash equivalents for 2023 were RMB 473,120 thousand, compared to RMB 465,866 thousand in 2022[122] - The company's net current assets increased to RMB 1,161,528 thousand in 2023 from RMB 1,068,023 thousand in 2022, reflecting improved liquidity[141] - Cash and cash equivalents increased slightly to RMB 473,120 thousand in 2023 from RMB 465,866 thousand in 2022, with RMB 424,381 thousand denominated in CNY and USD 47,885 thousand[169] - The company's financial products classified as fair value through profit or loss increased to RMB 469,337 thousand in 2023 from RMB 43,496 thousand in 2022, with expected yields ranging from 1.5% to 4.5% annually[193] Liabilities and Debt - The asset-to-liability ratio improved to 21.0% in 2023 from 186.1% in 2022, following the conversion of all convertible redeemable preferred shares into ordinary shares after the IPO[14] - Total current liabilities for 2023 were RMB 254,788 thousand, compared to RMB 77,402 thousand in 2022[106] - Total non-current liabilities for 2023 were RMB 102,970 thousand, down significantly from RMB 2,615,719 thousand in 2022[125] - The company's financial liabilities under trade and other payables are unsecured, interest-free, and repayable on demand, with carrying amounts approximating fair value due to their short-term nature[172] - The company's short-term unsecured bank loans amount to RMB 129,411 thousand, with interest rates ranging from 3.19% to 3.65%[199] - The company has long-term secured bank loans totaling RMB 60,000 thousand, with an interest rate of 3.45%, maturing between 2025 and 2026[199] - Total bank loans (both short-term and long-term) amount to RMB 189,411 thousand, all denominated in RMB and at fixed interest rates[199] - The company has provided guarantees for part of its bank loans, up to RMB 120,000,000, as of the reporting period end[198] - The company's repayment schedule for bank loans includes RMB 129,411 thousand due within one year, RMB 40,000 thousand in the second year, and RMB 20,000 thousand between the third and fifth years[199] R&D and Product Pipeline - CU-20401, a recombinant mutant collagenase, is undergoing Phase II clinical trials in China for submental fat treatment, with the first subject enrolled in January 2024[43] - The company's proprietary CATAME® technology platform has developed a competitive pipeline of products including creams, sprays, ointments, and aerosol foams, focusing on micron and nanoparticle development, formulation quality, and skin pharmacokinetics analysis[47] - CU-20401, a recombinant mutant collagenase targeting obesity and localized fat accumulation, completed Phase I clinical trials in China for abdominal fat treatment in February 2024, with Phase II trials expected to start in 2024 and regulatory approval anticipated by 2028[51] - CU-40102, the first and only approved topical finasteride product for androgenetic alopecia in China, had its NDA accepted by the National Medical Products Administration in January 2024, with commercial approval expected by 2025[53] - CU-40101, a potent small molecule thyroid hormone receptor agonist for hair regrowth, completed Phase I clinical trials in China in November 2023[54] - CU-10201, a topical 4% minocycline foam for acne treatment, offers lower systemic exposure and fewer side effects compared to oral minocycline[55] - CU-10101, a non-hormonal small molecule drug for mild to moderate atopic dermatitis, had its IND application accepted by the CDE in March 2024[56] - CU-30101 completed Phase III clinical trials in China in January 2024[57] - The company is conducting Phase II clinical trials for CU-20401 in China for submental fat treatment, with the first patient enrolled in January 2024 and trial completion expected by 2025[65] - CU-20401 completed Phase I clinical trials for abdominal fat treatment in February 2024 and initiated Phase II clinical trials for submental fat treatment in January 2024[74] - CU-10201, the first and only topical minocycline approved for acne treatment, received NDA acceptance from the National Medical Products Administration (NMPA) in September 2023, with commercialization expected in 2024[82][83] - CU-40102's NDA was accepted by the NMPA in January 2024, marking progress in the company's pipeline[74] Marketing and Commercialization - The company has a tailored commercialization strategy focusing on online marketing through platforms like Tmall, JD.com, Bilibili, Douyin, Zhihu, and Xiaohongshu, supported by a dedicated marketing and customer service team[72] - The company secured exclusive distribution rights for the "Omar" brand in China in September 2023, expanding its skincare product portfolio[73] Assets and Investments - Total current assets for 2023 were RMB 1,416,316 thousand, up from RMB 1,145,425 thousand in 2022[122] - Net asset value for 2023 was RMB 1,349,039 thousand, compared to a net liability of RMB 1,246,316 thousand in 2022[107] - Property, plant, and equipment for 2023 were valued at RMB 177,664 thousand, slightly down from RMB 179,398 thousand in 2022[122] - The company utilized RMB 356.8 million from the net proceeds of the global offering, with no significant investments, acquisitions, or disposals reported during the year[20][15] - The company completed the construction of a GMP-compliant production facility in Jiangsu with three production lines for ointments, creams, aerosols, and foams, which became operational in February 2023[73] Other Income and Expenses - Other income increased by 53.3% to RMB 36.8 million in 2023, driven by government subsidies and higher bank interest income from increased cash and cash equivalents[1] - Other income decreased by 71.5% to RMB 23.3 million for the year ended December 31, 2023, mainly due to smaller exchange rate gains compared to the previous year[39] - Government grants increased to RMB 11,930 thousand in 2023 from RMB 6,252 thousand in 2022, reflecting higher support from local government agencies[136] - Bank interest income rose to RMB 21,758 thousand in 2023 from RMB 16,447 thousand in 2022, indicating improved cash management[136] - Total other income increased to RMB 36,846 thousand in 2023 from RMB 24,042 thousand in 2022, driven by higher interest and government grants[136] - Net exchange gains decreased to RMB 20,801 thousand in 2023 from RMB 73,979 thousand in 2022, reflecting lower foreign exchange volatility[155] Contingencies and Legal Matters - The company had no significant contingent liabilities, guarantees, or litigation as of December 31, 2023[16] Tax and Impairment - The company's cumulative tax losses in Hong Kong amounted to RMB 100,525 thousand as of December 31, 2023, which can be used indefinitely to offset future taxable profits[187] - The company's cumulative tax losses in Mainland China amounted to RMB 827,439 thousand as of December 31, 2023, which can be used to offset future taxable profits within one to five years[187] - The company's trade receivables impairment provision increased to RMB 752 thousand in 2023 from zero in 2022[167] Trade Receivables and Payables - Trade receivables increased significantly to RMB 62,950 thousand in 2023 from RMB 98 thousand in 2022, with expected credit loss rates of 1.04% for within one month, 1.27% for one to six months, and 2.75% for six to twelve months[168] - Trade and other payables increased to RMB 113,603 thousand in 2023 from RMB 68,572 thousand in 2022, with trade payables at RMB 20,292 thousand and R&D service accruals at RMB 23,105 thousand[171] Employee and Workforce - The company's R&D team comprises 49 employees, accounting for 16.4% of the total workforce[79]

智通财经APP讯，科笛-B(02487)发布公告，公司董事会欣然宣布，公司已获选并纳入富时全球股票指数系列富时全球微盘股指数及富时全球总盘指数，此次调整已于2024年3月15日收市后正式生效。 公告称，公司获纳入富时全球股票指数系列显示出国际资本市场对于集团业务表现及发展前景的认可，预期将有助公司进一步扩大股东基础及提高股份流通性。同时，国际权威指数的认可亦将有助于提升集团在全球资本市场的关注度和知名度。 ...

Financial Performance - For the six months ended June 30, 2023, the revenue from customer contracts for product sales at a point in time was RMB 34,343 thousand, a significant increase from RMB 658 thousand for the same period in 2022, representing a growth of approximately 5,116%[53] - The total revenue for the six months ended June 30, 2023, was RMB 53,844 thousand, compared to RMB 58,446 thousand for the same period in 2022, indicating a decrease of approximately 8.7%[54] - The company reported a net loss of RMB 134,443,000 for the six months ended June 30, 2023, compared to a loss of RMB 75,834,000 for the same period in 2022, representing an increase in losses of approximately 77.2%[84] - The total comprehensive loss for the six months ended June 30, 2023, was RMB 1,246,316,000, compared to RMB 790,509,000 for the same period in 2022, indicating an increase in losses[134] - The loss attributable to ordinary shareholders was RMB 1,640,339 thousand, compared to RMB 251,613 thousand for the same period in 2022, representing a significant increase in losses[111] - The basic and diluted loss per share for the six months ended June 30, 2023, was RMB 15.84, compared to RMB 3.14 for the same period in 2022, indicating a worsening financial performance[111] Revenue Sources - Government grants received amounted to RMB 7,855 thousand for the six months ended June 30, 2023, while no such income was recorded in the same period of 2022[54] - Bank interest income increased to RMB 12,057 thousand in the first half of 2023, compared to RMB 2,844 thousand in the same period of 2022, reflecting a growth of approximately 324%[54] Costs and Expenses - Cost of goods sold for the six months ended June 30, 2023, was RMB 9,449,000 compared to RMB 185,000 for the same period in 2022, representing a significant increase[84] - Research and development costs increased to RMB 90,139,000 for the six months ended June 30, 2023, from RMB 83,464,000 in the same period of 2022, reflecting a growth of approximately 8.5%[84] - Employee costs, including salaries, bonuses, and benefits, rose to RMB 57,523,000 in the first half of 2023, compared to RMB 34,769,000 in the same period of 2022, indicating a year-on-year increase of about 65.3%[84] - The interest expense on bank borrowings was RMB 503 thousand for the six months ended June 30, 2023, while no such expense was recorded in the same period of 2022[56] - The interest expense on lease liabilities increased to RMB 1,213 thousand in the first half of 2023, compared to RMB 608 thousand in the same period of 2022, reflecting an increase of approximately 99%[56] Assets and Liabilities - The company reported a total of RMB 461,599,000 in financial assets measured at fair value using significant observable inputs as of June 30, 2023[103] - The company’s total non-current liabilities as of June 30, 2023, were RMB 41,085,000, a decrease from RMB 2,615,719,000 as of December 31, 2022[143] - The company’s accumulated losses as of June 30, 2023, were RMB 2,626,451,000, reflecting ongoing financial challenges[134] - The company’s share premium as of June 30, 2023, was RMB 234,161,000, compared to RMB 61,445,000 as of December 31, 2022, indicating an increase in shareholder equity[134] Share Capital and Options - The total number of issued shares as of June 30, 2023, was 304,024,465, an increase from 16,009,142 shares as of December 31, 2022, following the conversion of preferred shares[92] - The company has granted unexercised options to subscribe for 33,424,310 shares under the pre-IPO equity incentive plan, representing approximately 11.0% of the total issued share capital as of June 30, 2023[25] - The total number of stock options granted as of June 30, 2023, is 33,424,310 shares[26] - The total number of stock options exercised during the reporting period was 0 shares[26] - The total number of stock options canceled during the reporting period was 0 shares[26] - The total number of stock options that expired during the reporting period was 0 shares[26] Corporate Governance - The company has complied with all applicable codes and principles of corporate governance since its listing date up to June 30, 2023[64] - The company has no outstanding obligations under the listing rules as of the report date[14] Taxation - As of June 30, 2023, the company had no tax expenses, consistent with the previous period[2] - The company has not made any provision for Hong Kong profits tax as there was no estimated taxable profit during the reporting period[57] - The company reported no estimated taxable profits in its Chinese subsidiaries for the reporting period, resulting in no provision for corporate income tax[109] Operational Developments - The company is preparing for clinical trials and has conducted preclinical research to assess the efficacy and safety of its drug candidates[134] - The GMP production facility in Jiangsu, completed in February 2023, has three production lines with an annual capacity of approximately 5 million doses[175] - The company is expanding its product pipeline with several new hair disease and care products launched in mainland China[166] Product Development - CU-10201, a topical 4% minocycline foam, has shown significant efficacy and good safety in treating acne, with the primary endpoint of the Phase III clinical trial completed in February 2023[167] - CU-40101, a topical small molecule thyroid hormone receptor agonist, completed its Phase I dose escalation trial in July 2023, assessing its safety and tolerability for promoting hair growth in androgenetic alopecia patients[174] - CU-40102 is the world's first and only approved topical finasteride product for the treatment of androgenetic alopecia, currently undergoing Phase III clinical trials in mainland China[182] - The Phase III clinical trial for CU-40102 completed database lock in May 2023 and achieved its primary endpoint in September 2023, with plans to submit an NDA to the National Medical Products Administration in Q4 2023[183] - CU-40103, a self-developed topical minoxidil foam, is in preclinical research, with plans to submit an ANDA for alopecia treatment to the National Medical Products Administration in Q3 2024[184] - CU-40104, a self-developed topical dutasteride, is in preclinical research, with an IND application planned for submission in Q4 2024[185] - CU-10201 is the world's first and only approved topical minocycline for the treatment of acne, currently in clinical development in China[186] - CU-30101, a topical lidocaine-dinoprost cream, initiated Phase III clinical trials in April 2023, with all subjects completing the trial by August 2023[188] Financial Position - The cash and cash equivalents, along with financial assets measured at fair value, totaled approximately RMB 1,399.0 million[176] - The company has recognized a deferred tax asset of RMB 6,137,000 related to lease liabilities as of January 1, 2022, indicating potential future tax benefits[154] - The company has established a broad product portfolio covering nine products and candidate products across four major therapeutic areas, including hair disease and care[198] - The proprietary CATAME® technology platform enhances drug formulation and delivery, contributing to the development of competitive product lines[199]

Financial Performance - The revenue increased by 5,119.3% from RMB 0.7 million for the six months ended June 30, 2022, to RMB 34.3 million for the six months ended June 30, 2023, primarily due to increased sales of hair disease and care products[10]. - Gross profit reached RMB 21.3 million for the six months ended June 30, 2023, up 4,593.2% from RMB 0.5 million for the same period in 2022[15]. - The company reported a loss of RMB 1,640.3 million for the six months ended June 30, 2023, compared to a loss of RMB 251.6 million for the same period in 2022, an increase of RMB 1,388.7 million[25]. - The total loss before tax for the six months ended June 30, 2023, was RMB 1.64 billion, compared to a loss of RMB 251.61 million for the same period in 2022[50]. - For the six months ended June 30, 2023, the loss attributable to ordinary shareholders was RMB 1,640,339 thousand, resulting in a basic and diluted loss per share of RMB 15.84, compared to a loss of RMB 251,613 thousand and a loss per share of RMB 3.14 for the same period in 2022[87]. - The group’s total liabilities as of June 30, 2023, were RMB 172.43 million, compared to RMB 2.69 billion as of December 31, 2022[59]. - The company does not recommend the payment of an interim dividend for the six months ended June 30, 2023, consistent with the previous year[47]. Sales and Marketing - During the "618 event," the company's hair disease and care products achieved a GMV of over RMB 9.4 million, representing a year-on-year growth of 4,348.0%[3]. - The company has established a dedicated marketing team to penetrate the extensive skin disease treatment and care market in mainland China through various e-commerce and social media platforms[3]. - Sales and distribution expenses skyrocketed by 871.1% from RMB 6.0 million for the six months ended June 30, 2022, to RMB 58.0 million for the six months ended June 30, 2023, mainly due to expanded online marketing activities[21]. Research and Development - R&D costs rose by approximately 8.0% from RMB 83.5 million for the six months ended June 30, 2022, to RMB 90.1 million for the six months ended June 30, 2023, driven by an increase in R&D personnel and stock-based payment expenses[17]. - The company aims to accelerate clinical development for CU-40102, CU-40101, CU-20401, CU-30101, and other pipeline products in the second half of 2023[9]. - The company is currently conducting a Phase III clinical trial for CU-40102 (topical finasteride spray) in mainland China, with database lock completed in May 2023[141]. - The Phase I dose escalation trial for CU-40101 (topical small molecule thyroid hormone receptor agonist) was completed in July 2023, with database lock achieved in August 2023[142]. - CU-10201 (topical 4% minocycline foam) received CDE priority review approval in August 2023 after demonstrating significant efficacy and good safety in treating acne during its Phase III clinical trial[142]. - The candidate product CU-20401 for managing submental fat is expected to enter Phase II clinical trials in Q3 2023, following successful Phase I trials demonstrating safety and tolerability[152]. - CU-40102, an external finasteride product for androgenetic alopecia, is currently in Phase III clinical trials in mainland China, with NDA submission planned for Q4 2023 and commercialization expected in 2024[154]. - CU-40103, a topical minoxidil foam, is in preclinical research with plans to submit an ANDA for alopecia treatment in Q3 2024[156]. - CU-40104, an external dutasteride formulation for androgenetic alopecia, is also in preclinical research, with IND submission planned for Q4 2024[156]. - CU-10201 is the first and only approved topical minocycline for acne treatment, currently in clinical development in China[157]. - The proprietary CATAME® technology platform has developed a competitive pipeline of formulations including creams, sprays, ointments, and aerosol foams for localized drug delivery[147]. - The pipeline includes various therapeutic areas, with multiple products at different stages of development, including preclinical, IND, and Phase I to III trials[149]. Financial Position - As of June 30, 2023, the company's current assets were approximately RMB 1,480.0 million, including cash and cash equivalents of approximately RMB 693.6 million[28]. - The debt-to-asset ratio decreased to approximately 9.6% as of June 30, 2023, down from 186.1% as of December 31, 2022, due to the conversion of all convertible redeemable preferred shares into ordinary shares[30]. - The group’s total assets as of June 30, 2023, amounted to RMB 1.79 billion, an increase from RMB 1.37 billion as of December 31, 2022[52]. - The net current assets as of June 30, 2023, were RMB 1.35 billion, compared to RMB 1.07 billion as of December 31, 2022[56]. - The total cash and cash equivalents of the group as of June 30, 2023, amounted to approximately RMB 1,399.0 million, which includes cash, term deposits over three months, and financial assets measured at fair value through profit or loss[144]. - The company reported trade payables of RMB 239 thousand as of June 30, 2023, with total other payables amounting to RMB 53,797 thousand, down from RMB 68,572 thousand at the end of 2022[91]. - The financial assets measured at fair value through profit or loss increased significantly to RMB 461,599 thousand as of June 30, 2023, compared to RMB 43,496 thousand at the end of 2022[90]. Governance and Compliance - The company has adopted the principles and provisions of the corporate governance code and has complied with all applicable code provisions since its listing date[41]. - The company has not experienced any financial impact from the adoption of new and revised International Financial Reporting Standards as of January 1, 2023[69]. - The company confirmed deferred tax assets of RMB 6,137,000 related to temporary differences arising from lease liabilities and tax losses as of January 1, 2022[74]. - The company has not recognized deferred tax assets due to the unlikely offset of taxable profits against tax losses in the foreseeable future[84]. - The company has not disclosed any significant customers contributing over 10% of total revenue for the six months ended June 30, 2023[78]. - The company anticipates that the new accounting policy disclosures will impact its annual consolidated financial statements but not the interim financial data[67]. Employee and Operational Metrics - As of June 30, 2023, the total number of employees in the group is 236, with a total salary cost of RMB 134.4 million for the six months ended June 30, 2023, compared to RMB 75.8 million for the same period in 2022, primarily due to an increase in employee numbers[35]. - The group had no significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures during the six months ended June 30, 2023[135].