Core Viewpoint - 华领医药-B reported a significant increase in annual revenue and gross profit for the fiscal year ending December 31, 2024, primarily driven by the sales of its core product, 华堂宁, which has been included in the national medical insurance drug list for type 2 diabetes [1][2] Group 1: Financial Performance - The company achieved a revenue of 256 million RMB, representing a year-on-year increase of 234.02% [1][2] - Gross profit reached 125 million RMB, with a year-on-year increase of 233.72% [1] - Research and development expenses amounted to 215 million RMB, reflecting a year-on-year increase of 25.39% [1] Group 2: Product Sales and Market Presence - Approximately 2.105 million boxes of 华堂宁 were sold, generating sales revenue of about 256 million RMB for the fiscal year [1] - In the previous fiscal year, around 251,000 boxes were sold, resulting in sales of approximately 76.6 million RMB [1] - 华堂宁 is now available in about 2,700 hospitals across mainland China [2] Group 3: Financial Stability - As of December 31, 2024, the company maintained a robust balance sheet with cash reserves of 1.14 billion RMB to support its commercialization, business development, and research activities [2]

Core Viewpoint - The company reported a significant increase in revenue and gross profit for the fiscal year ending December 31, 2024, primarily driven by the sales of its core product, Huatangning, which has been included in the national medical insurance drug list in China, indicating strong future sales potential [1][2] Financial Performance - Revenue for the fiscal year reached 256 million RMB, a year-on-year increase of 234.02% [1] - Gross profit amounted to 125 million RMB, reflecting a year-on-year increase of 233.72% [1] - Research and development expenses were 215 million RMB, up 25.39% year-on-year [1] Product Sales and Market Expansion - Approximately 2.105 million boxes of Huatangning were sold, generating sales of about 256 million RMB, compared to 251,000 boxes and 76.6 million RMB in the previous year [1] - Huatangning is now available in around 2,700 hospitals across mainland China [2] - The company has taken over the commercialization of Huatangning from Bayer Pharmaceuticals, with a new sales leader appointed to drive market efforts [2] Future Outlook - The inclusion of Huatangning in the national medical insurance list is expected to significantly boost sales in the coming years [1] - In the first two months of 2025, approximately 592,000 boxes of Huatangning were sold, generating net sales of about 73.2 million RMB, compared to 202,000 boxes and 24.5 million RMB in the same period of 2024, indicating a 199% increase in sales despite stable pricing [2]

Financial Performance - For the fiscal year ending December 31, 2024, the sales revenue increased by 234% to RMB 255.9 million, with approximately 2,105,000 boxes of Huadongning® sold[4] - The company reported a pre-tax loss of approximately RMB 250.1 million, an increase of about 18% compared to the previous year, primarily due to increased sales and R&D expenses[6] - The company generated other income of approximately RMB 116.8 million, a decrease of about 11% from the previous year, mainly from Bayer milestone income amortization[6] - Gross profit for the fiscal year ending December 31, 2024, was approximately RMB 124.7 million, with a gross margin of 48.7%, slightly down from 48.8% in the previous year, primarily due to a decrease in sales price after inclusion in the national medical insurance catalog[19] - The company reported a basic and diluted loss per share of RMB 0.25 for 2024, compared to RMB 0.22 for 2023[52] - The company reported a significant increase in cash outflows from operating activities, with a total decrease of RMB 1,291.4 million in cash and cash equivalents from the previous year[32] Research and Development - The R&D expenses for the fiscal year were approximately RMB 215.1 million, reflecting a 25% increase compared to the previous year[6] - The company is advancing the development of dorzagliatin in prediabetes and early-stage type 2 diabetes through the SENSITIZE 3 clinical study, testing new dosages of 25 mg and 50 mg[10] - The company has allocated RMB 291.4 million (39%) for the research and development of Dorzagliatin, with no funds utilized as of December 31, 2024[92] - A total of RMB 201.8 million (27%) has been designated for the launch and commercialization of Dorzagliatin, with no funds utilized as of December 31, 2024[92] - The company has set aside RMB 82.2 million (11%) for new product and diabetes treatment technology development, with RMB 36.4 million utilized as of December 31, 2024[92] Market Expansion and Product Development - The company has made significant progress in preparing to expand its glucose kinase-targeted therapies into international markets, particularly the U.S.[5] - The company plans to submit registration applications for dorzagliatin in Macau and Hong Kong in 2025[5] - In 2024, the company made significant progress in expanding its glucose kinase-targeted therapies for blood sugar balance into international markets, particularly the U.S., completing the SAD study results for the second-generation GKA (HM-002-1005) for T2D and obesity patients[8] - The company aims to explore new indications for dorzagliatin, including metabolic disorders and neurodegenerative diseases, while continuing to invest in digital technology platforms and AI to enhance brand opportunities[14] Financial Position and Cash Flow - As of December 31, 2024, the cash balance was approximately RMB 1,139.8 million, supporting commercial operations and R&D activities[6] - The company recorded a net cash outflow from operating activities of RMB 418.0 million for the year ending December 31, 2024, with cash and cash equivalents at RMB 1,139.8 million[30] - As of December 31, 2024, the net current assets decreased to RMB 1,006.2 million from RMB 1,320.4 million as of December 31, 2023, primarily due to net cash outflows during the year[37] - The liquidity ratios showed a decline, with the current ratio dropping from 6.2 in 2023 to 4.0 in 2024, and the quick ratio decreasing from 6.1 to 3.7[46] Operational Expenses - Selling expenses rose from RMB 79.8 million to RMB 153.2 million, driven by increased promotional spending and labor costs[25] - Administrative expenses decreased from RMB 124.1 million to RMB 116.8 million, attributed to lower labor costs and reduced marketing and consulting fees[23] - Research and development expenses increased from RMB 171.5 million in the previous year to RMB 215.1 million, with clinical trial costs for dorzagliatin rising significantly[27][29] Customer and Revenue Insights - Major customers contributed significantly to revenue, with Customer A generating RMB 91,383,000 in 2024, up from RMB 35,036,000 in 2023[63] - The company anticipates a substantial increase in sales of Huatangning® in the coming years following its inclusion in the national medical insurance catalog[18] Compliance and Governance - The company has adopted the corporate governance code as per the listing rules and has complied with all applicable provisions during the year[95] - The annual financial performance for the year ended December 31, 2024, has been reviewed by the audit committee and Deloitte[98] - The annual report for the year ended December 31, 2024, will be published on the stock exchange and the company's website[101] - The company has confirmed compliance with the standard code for securities transactions by directors throughout the year[94] Future Plans - The company is investing to expand production capacity to meet anticipated market demand in 2026 and 2027[5] - The company plans to recognize unamortized contract liabilities of RMB 1,243,499,000 as income in 2025 following the termination of an exclusive promotion service agreement[88]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 承董事會命 行政總裁兼執行董事 陳力博士 香港，2025年3月17日 於本公告日期，董事會成員包括執行董事陳力博士、林潔誠先生及張怡博士； 非執行董事Robert Taylor Nelsen先生及Fangxin Li博士；以及獨立非執行董事 William Robert Keller先生、徐耀華先生及張耀樑先生。 （於開曼群島註冊成立的有限公司） （股份代號：2552） HUA MEDICINE 董事會召開日期 華領醫藥 華領醫藥（「本公司」及其附屬公司「本集團」）董事會（「董事會」）茲通告，本公司 謹定於2025年3月27日（星期四）舉行董事會會議，以考慮及通過，其中包括，本 集團截至2024年12月31日止的年度全年業績，及建議之末期股息（如有），以及處 理其他事項。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 本公告乃由華領醫藥（「本公司」，連同其附屬公司統稱「本集團」）根據香港聯合交 易所有限公司證券上市規則（「上市規則」）第13.09(2)條及香港法例第571章證券及 期貨條例第XIVA部而作出。 HUA MEDICINE 華領醫藥 （於開曼群島註冊成立的有限公司） 茲提述本公司日期為2024年11月22日之公告（「11月公告」）。本公告所用界定詞彙 與11月公告所界定者具有相同涵義。誠如11月公告所載，於2024年11月21日，華 領上海向拜耳發出書面通知，表示有意自2025年1月1日起，將本公司開發用於治 療2型糖尿病的首創葡萄糖激酶激活劑华堂宁® （dorzagliatin片劑）在中國的商業化 責任過渡至本公司，且為實現過渡，本公司有權並計劃自2025年1月1日起終止協 議。 董事會謹此知會本公司股東，於2024年12月31日，華領上海根據協議向拜耳送達 正式終止通知，自2025年1月1日起生效。拜 ...

（於開曼群島註冊成立的有限公司） 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，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 HUA MEDICINE 華領醫藥 承董事會命 行政總裁兼執行董事 陳力博士 （股份代號：2552） 關於华堂宁®的業務最新發展 內幕消息 本公告乃由華領醫藥（「本公司」，連同其附屬公司統稱「本集團」）根據香港聯合交 易所有限公司證券上市規則（「上市規則」）第13.09(2)條及香港法例第571章證券及 期貨條例第XIVA部而作出。 於2020年8月17日，有關各方就华堂宁®在中國的商業化建立合作關係並訂立相 關的獨家推廣服務協議（「協議」）。根據協議，拜耳獲得华堂宁®於中國的獨家商 業化權。自拜耳合作以來，已達成數個與华堂宁®相關的里程碑。該等里程碑包 括：华堂宁®於2022年10月獲中國國家醫藥品監督管理局批准在中國銷售；其自 2024年1月1日起納入國家醫保藥品目錄(NRDL)；截至本公告日期，其已進入中 國2,000多家醫院；及其最近被中華醫學會糖尿病學分會納入 ...

Financial Performance - In the first half of 2024, Hua Medicine's sales revenue reached RMB 102.7 million, a 46.0% increase compared to RMB 70.3 million in the first half of 2023[3]. - The gross profit for the first half of 2024 was RMB 47.8 million, with a gross margin of 46.5%, down from 62.6% in the first half of 2023 due to a 64.1% price reduction after inclusion in the national medical insurance catalog[3]. - The company reported a pre-tax loss of approximately RMB 142.2 million for the first half of 2024, an increase of about RMB 52.1 million or 57.9% from the previous year[4]. - The company reported a total comprehensive loss for the period was RMB 141,977,000, compared to RMB 90,547,000 in the previous year, highlighting ongoing financial challenges[54]. - The company reported a net loss attributable to equity holders for the period was RMB 142,241,000, resulting in a basic and diluted loss per share of RMB (0.15)[54]. Sales and Market Expansion - Sales of Huadongning® reached 846,000 boxes in the first half of 2024, significantly up from 212,000 boxes in the same period of 2023[2]. - 华堂宁® generated revenue of RMB 102.7 million in the first half of 2024, with over 846,000 boxes sold, representing an increase of 634,000 boxes or RMB 32.3 million compared to the same period in 2023[9]. - Over 2,100 hospitals and more than 2,900 pharmacies prescribed Huadongning® as of June 30, 2024, compared to 143 hospitals and 1,080 pharmacies in the same period of 2023[2]. - The company has successfully entered the National Medical Insurance Drug List, which is expected to significantly boost sales of 华堂宁® in the coming years[9]. Research and Development - Research and development expenses for the first half of 2024 totaled approximately RMB 119.8 million, an increase of about RMB 48.8 million or 68.7% compared to the same period in 2023[4]. - Clinical studies for HMM0601 and HMM0701 are ongoing, with 1,368 and 102 patients recruited respectively, focusing on the long-term safety and clinical benefits of dorzagliatin[3]. - The company plans to launch a new fixed-dose combination drug containing dorzagliatin and metformin by 2028, targeting type 2 diabetes and its complications[7]. - The company is exploring additional indications for dorzagliatin, including kidney disease, neurodegenerative diseases, and cognitive disorders, using a Mendelian randomization framework[7]. Operational Efficiency - The company aims to achieve profitability by 2025 through operational optimization and increased production capacity of dorzagliatin[5]. - The production capacity of dorzagliatin is expected to exceed 3 million boxes in 2024, with new processes established to enhance production capacity[3]. - The company anticipates an increase in gross margin as the production scale of dorzagliatin expands[3]. Cash Flow and Liquidity - As of June 30, 2024, the bank balance and cash amounted to approximately RMB 1,338.8 million[4]. - Operating activities used RMB 226.8 million in cash for the six months ended June 30, 2024, compared to a cash inflow of RMB 258.77 million for the same period in 2023[19]. - Cash and cash equivalents as of June 30, 2024, amounted to RMB 1,338.8 million, reflecting the company's liquidity position[19]. - The company’s cash and cash equivalents decreased to RMB 1,338,809,000 from RMB 1,460,824,000, indicating a reduction in liquidity[55]. Expenses and Liabilities - Selling expenses rose from RMB 529 million for the six months ended June 30, 2023, to RMB 611 million for the same period in 2024, an increase of RMB 82 million, mainly due to higher labor and promotional costs[15]. - Administrative expenses increased from RMB 540 million for the six months ended June 30, 2023, to RMB 611 million for the same period in 2024, an increase of RMB 71 million, primarily due to higher employee compensation and travel expenses[13]. - Current liabilities increased to RMB 311,076,000 from RMB 252,034,000, reflecting a rise in financial obligations[55]. - The company’s non-current liabilities increased to RMB 1,376,880,000 from RMB 1,372,188,000, showing a slight rise in long-term financial commitments[56]. Shareholder Information - The company has adopted two share plans, including a pre-IPO share incentive plan and a post-IPO share option plan, in compliance with new listing rules[40]. - The total number of options exercised during the reporting period is 4,700,000[46]. - As of June 30, 2024, there are 43,323,276 shares available for future grants under the post-IPO stock option plan[49]. - The company recognized share-based payment expenses of RMB 7,356,000 for the six months ended June 30, 2024, compared to RMB 11,626,000 for the same period in 2023[90]. Corporate Governance - The company has adopted a corporate governance code to enhance shareholder value and transparency[108]. - The audit committee has reviewed the unaudited interim results for the six months ending June 30, 2024, ensuring compliance with applicable accounting principles[110]. - The company has confirmed that all directors complied with the applicable standards of the corporate governance code during the reporting period[107].

2024 年 09 月 02 日 公司点评 买入/维持 华领医药-B(02552) 目标价: 5.47 昨收盘:1.15 医疗保健 药品及生物科技 华堂宁 24H1 同比增长 46%，二代 GKA 美国临床 24Q4 读出 ◼ 走势比较 (40%) (22%) (4%) 14% 32% 50% 23/9/4 23/11/1524/1/2624/4/724/6/1824/8/29 华领医药-B 恒生指数 ◼ 股票数据 总股本(亿股) 10.56 总市值(亿港元) 12.14 12 个月内最高/最低价 (港元) 2.65/1.08 相关研究报告 <<华堂宁放量限制因素解除，二代 GKA 美国临床顺利推进>>--2024-04- 05 证券分析师：周豫 E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 证券分析师：霍亮 E-MAIL：huoliang@tpyzq.com 分析师登记编号：S1190523070002 研究助理：戎晓婕 E-MAIL：rongxj@tpyzq.com 一般证券业务登记编号：S1190123070050 事件： 近日，公司发布 2024 年中 ...

Sales Performance - For the first half of 2024, sales of Huadongning® reached 846,000 boxes, a significant increase from 212,000 boxes in the same period of 2023, representing a growth of approximately 299%[2] - The sales revenue for the first half of 2024 was RMB 102.7 million, reflecting a growth of 46.0% compared to RMB 70.3 million in the first half of 2023[2] - 华堂宁®在2024年上半年的收入达到人民币102.7百万，预计在2024年下半年继续增长[4] - 截至2024年6月30日，华堂宁®已售出约846,000盒，销售额约人民币102.7百万，较2023年同期增加634,000盒或人民币32.3百万[8] - 华堂宁®自首次商业上市至2024年6月30日，累计销售约1,150,000盒，销售额约人民币196.9百万[8] - 2024年上半年，为华堂宁®开具处方的医院数量超过2,100家[4] - 华堂宁®已成功纳入国家医保药品目录，预计未来销量将大幅上升[9] Financial Performance - The company reported a pre-tax loss of approximately RMB 142.2 million for the first half of 2024, an increase of 57.9% compared to the same period in 2023[3] - The total other income for the first half of 2024 was approximately RMB 55.1 million, including milestone revenue from Bayer of about RMB 47.8 million[3] - The company reported revenue of RMB 102,663,000 for the six months ended June 30, 2024, compared to RMB 70,331,000 for the same period in 2023, representing an increase of approximately 46%[36] - The gross profit for the six months ended June 30, 2024, was RMB 47,762,000, up from RMB 44,047,000 in the same period of 2023[36] - The company incurred a loss before tax of RMB 142,241,000 for the six months ended June 30, 2024, compared to a loss of RMB 90,096,000 for the same period in 2023[36] - The company reported a loss attributable to shareholders of RMB 142,241,000 for the six months ended June 30, 2024, compared to a loss of RMB 90,096,000 for the same period in 2023, representing an increase in loss of approximately 58%[50] Research and Development - Research and development expenses for the first half of 2024 totaled approximately RMB 119.8 million, an increase of 68.7% from RMB 71.0 million in the first half of 2023[3] - Research and development expenses increased significantly to RMB 119,776,000 for the six months ended June 30, 2024, compared to RMB 70,998,000 for the same period in 2023[36] - Dorzagliatin与SGLT-2抑制剂联合使用的研究显示可改善血糖控制，为扩展适应症提供新机会[7] - 公司正在进行针对2型糖尿病患者的上市后真实世界证据研究，以优化医疗实践[5] - Dorzagliatin的III期临床试验显示良好的安全性，未出现高甘油三酯血症风险[4] - 公司计划于2028年推出Dorzagliatin-二甲双胍固定剂量组合新药[6] Cash Flow and Liquidity - As of June 30, 2024, the bank balance and cash amounted to approximately RMB 1,338.8 million[3] - The company reported a net cash outflow from operating activities of RMB 226.8 million for the six months ended June 30, 2024, compared to a net inflow of RMB 258.8 million for the same period in 2023[19] - Cash and cash equivalents as of June 30, 2024, amounted to RMB 1,338.8 million, with no significant investments or acquisitions reported during the period[18] - The net current asset value was RMB 1,205.1 million as of June 30, 2024, compared to RMB 1,320.4 million as of December 31, 2023, reflecting cash flow management efforts[30] - The company monitors cash and cash equivalents to manage liquidity risk, maintaining levels deemed appropriate for operations[30] Operational Expenses - Selling expenses increased from RMB 529 million for the six months ended June 30, 2023, to RMB 611 million for the same period in 2024, primarily due to increased labor costs and promotional expenses[15] - Administrative expenses rose from RMB 540 million for the six months ended June 30, 2023, to RMB 611 million for the same period in 2024, mainly due to increased labor costs and travel expenses[13] - Employee costs, including directors' remuneration, totaled RMB 86,006,000 for the first half of 2024, compared to RMB 85,808,000 in 2023, an increase of about 0.2%[46] Financing and Investments - The company secured new bank loans amounting to RMB 122,562,000 during the interim period, with interest rates linked to the Loan Prime Rate (LPR) ranging from 3.2% to 3.3%[57] - The company plans to continue investing in Shanghai Hualing Biotechnology Co., Ltd. to ensure sufficient commercial supply of dorzagliatin, with funding expected from internal resources and/or external borrowings[34] - The net proceeds from the global offering amount to RMB 747.2 million, with 36.4 million remaining unutilized as of June 30, 2024[60] Corporate Governance - The company has declared no interim dividend for the six months ending June 30, 2024[61] - The board confirms compliance with applicable corporate governance codes during the six-month period ending June 30, 2024[63] - The company has adopted the standard code for securities trading by directors since its listing date[62] Other Financial Metrics - The company has not recognized any income tax expenses for the six months ended June 30, 2024, and 2023[18] - The company had a net equity of RMB (33,171,000) as of June 30, 2024, compared to RMB 101,151,000 as of December 31, 2023[38] - The company has no significant contingent liabilities as of June 30, 2024, apart from those disclosed in the announcement[35] - The company’s subsidiary in China is subject to a preferential corporate income tax rate of 15% due to its certification as a high-tech enterprise[47] Management Changes - Robert Taylor Nelsen has resigned as a non-executive director effective July 12, 2024[64]

Financial Performance - The group will receive a transaction amount not exceeding RMB 40.0 million for the year ending December 31, 2023, with the actual transaction amount being RMB 10.7 million[3]. - The total amount of related party transactions disclosed did not exceed the annual cap set by the company for the year ending December 31, 2023[5]. - As of December 31, 2023, the company's bank balance and cash amounted to approximately RMB 1,460.8 million[96]. - Since the commercial launch at the end of October 2022 until December 31, 2023, the company achieved total revenue of RMB 94.2 million[98]. - Total revenue for the year ended December 31, 2023, was approximately RMB 76.6 million, reflecting sales of about 251,000 boxes of Huadongning®[144]. - Other income increased by 214.6% to approximately RMB 131 million, primarily due to milestone payments being amortized[123]. - The company reported a pre-tax loss increase of approximately RMB 7.7 million or about 4% to approximately RMB 211.2 million for the year ending December 31, 2023[124]. - Operating cash flow generated was RMB 889.4 million, adjusted for pre-tax loss and non-operating cash income[131]. - Total expenses for the year ended December 31, 2023, were approximately RMB 383.3 million, with RMB 171.5 million attributed to research and development expenses[145]. - Gross profit for the year was approximately RMB 37.4 million, with a gross margin of 48.8%, an increase of 5.1% from 43.7% in the previous year[163]. Research and Development - R&D expenses rose by approximately RMB 42.0 million or about 32% to approximately RMB 171.5 million for the year ending December 31, 2023[120]. - The increase in R&D spending reflects a commitment to enhancing product development and regulatory compliance[199]. - The company has submitted patent applications for new indications of dorzagliatin in preventing diabetes and memory impairment[126]. - The company is focusing on expanding glucose kinase therapy to prevent diabetes and delay complications[127]. - The company plans to continue research on dorzagliatin's efficacy in preventing memory decline and its relationship with neurodegenerative diseases[158]. - The company is developing fixed-dose combination products of dorzagliatin with existing oral antidiabetic medications, aiming to address unmet medical needs[191]. - The company is optimizing core technologies for allosteric modulation of physiologically important protein targets to develop first-in-disease therapies[191]. - The company is conducting clinical research on dorzagliatin for diabetes prevention, with the SENSITIZE II study initiated at CUHK[143]. - The company has achieved significant milestones in the development of dorzagliatin, including its combination with DPP-4 and SGLT-2 inhibitors to improve blood glucose control in diabetic and obese patients[101]. - The company has published results from the SEED-DREAM study in a prominent medical journal, showing significant improvements in β-cell function and insulin secretion in type 2 diabetes patients[172]. Product Development and Market Strategy - The company is focused on new product development and technological advancements to enhance market competitiveness[3]. - The company has entered into a commercial cooperation agreement with Bayer, receiving an advance payment of RMB 300 million in 2020 and an additional RMB 400 million upon NDA approval in January 2023[69]. - The company is developing a second-generation glucose kinase activator for diabetes as a once-daily oral therapy in the U.S., with the IND application completed and accepted by the FDA by the end of 2023[101]. - The company has expanded the production capacity of dorzagliatin in collaboration with manufacturing partners to meet the anticipated demand from Bayer's sales push in China in 2024[102]. - Huadongning® has been included in the National Medical Insurance Drug List, with expected significant sales growth in the coming years[128]. - The company expects an increase in sales of Huatangning® following its inclusion in the National Medical Insurance Drug List, with a reimbursement standard of RMB 10.78 per day[177]. - Approximately 20,000 type 2 diabetes patients have used Huadongning® for over 14 months, demonstrating the safety and efficacy of dorzagliatin in restoring glycemic homeostasis[116]. - Revenue from core product Huadongning® shows effective restoration of blood glucose regulation in selected type 2 diabetes patients[192]. - The company has achieved several milestones related to Huatangning® development, which are expected to accelerate its commercialization process[177]. Share Options and Incentive Plans - The maximum number of shares that can be granted under the pre-IPO share incentive plan is capped at 117,000,000 shares, with 0 shares issued as of the last practicable date[8]. - The total number of unexercised options as of the reporting period is 81,776,923 shares, with 10,411,320 shares exercised and 4,653,960 shares lapsed[13]. - The weighted average closing price for shares exercised under the incentive plan is HKD 3.00[13]. - The share options granted have various exercise prices, with the lowest being HKD 0.546 and the highest being HKD 3.822[13]. - The group has established an employee trust to manage the pre-IPO share incentive plan[8]. - The group has not issued any share options post-IPO[14]. - The stock options granted will vest over a period of 36 months after the first anniversary of the vesting start date[29][30][32][33][59][60][62]. - The maximum number of shares available for grant under the post-IPO share option scheme is subject to board determination[23]. Financial Risks and Currency Exposure - The company operates primarily in China, with most transactions settled in RMB, facing currency exchange risks without any forex hedging activities[195]. - The company has not engaged in any foreign exchange hedging activities, exposing it to currency-related gains or losses[195]. - The company’s financing strategy includes converting part of its USD funds into RMB for operational needs[195]. - Financing costs rose to RMB 7.9 million in 2023 from RMB 3.7 million in 2022, attributed to increased bank loans[197]. - Government grants and bank interest income contributed to the increase in other income, with government grants rising by RMB 22.5 million[194].