Summary of Key Points Core Viewpoint - As of October 14, a total of 75 stocks reached their 52-week highs, with notable performances from Lihua Securities Holdings (08350), Deutsche Bank Tianxia (02418), and Chuangsheng Holdings (02680) [1]. 52-Week Highs - Lihua Securities Holdings (08350) achieved a closing price of 0.325, with a peak of 0.390, marking a high rate of 34.48% - Deutsche Bank Tianxia (02418) closed at 8.120, reaching a maximum of 8.990, with a high rate of 24.86% - Chuangsheng Holdings (02680) closed at 12.100, peaking at 12.350, with a high rate of 23.50% - Other notable stocks include Century United Holdings (01959) with a high rate of 20.97% and Silicon Xin Group (08349) with 14.38% [1]. 52-Week Lows - Hengda Group Holdings (03616) recorded a closing price of 0.345, with a low of 0.300, reflecting a decline rate of -11.76% - China Technology Industry Group (08111) reached a low of 0.085, with a decline rate of -8.89% - Other significant declines include Golden Leaf International Group (08549) at -8.06% and Changfeng Pharmaceutical (02652) at -4.90% [3].

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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 廣州銀諾醫藥集團股份有限公司（於中華人民共和國成立的股份有限公司） 呈交日期: 2025年10月8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) | 02591 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 420,285,370 | RMB | | 1 RMB | | 420,285,370 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | | 本月底結存 | | | 420,285,370 | RMB | | 1 RMB | | 420,285,370 | | 2. 股份分類 | ...

Core Viewpoint - The company has initiated the first patient dosing in a Phase III clinical trial for its core product, Isuparaglutide α, aimed at treating obesity and overweight conditions in China, with plans to recruit approximately 800 participants by September 30, 2025 [1] Company Summary - The company is focused on developing Isuparaglutide α as a treatment for obesity and overweight [1] - The Phase III clinical trial represents a significant step in the product's development pipeline [1] Industry Summary - The clinical trial is part of a broader trend in the pharmaceutical industry towards addressing obesity and related health issues [1] - The recruitment of 800 participants indicates a robust approach to validating the efficacy and safety of the treatment [1]

Core Insights - The company, Silver诺医药-B (02591), has announced the initiation of the first patient dosing in a Phase III clinical trial for its core product, Isuparaglutide α, aimed at treating obesity and overweight conditions [1] Company Developments - The clinical trial is set to recruit approximately 800 participants in China [1]

Core Insights - The company, Silver诺医药-B (02591.HK), has initiated a Phase IIb/III clinical trial for its core product, Isuparaglutide α, aimed at treating obesity and overweight in China, set to start in March 2025 [1] - As of September 30, 2025, the company has administered the first dose to a patient in the Phase III clinical trial for the treatment of obesity and overweight in China [1] - The company plans to recruit approximately 800 participants for this clinical trial [1]

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，並明確表示概不就因本公告全部或任何部分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。 Guangzhou Innogen Pharmaceutical Group Co., Ltd. 廣州銀諾醫藥集團股份有限公司 （股份代號：2591） 自願性公告 有關於中國進行核心產品臨床試驗的最新業務進展 於本公告日期，董事會包括執行董事WANG QINGHUA博士、姜帆女士、徐文潔 女士及黃冰先生；非執行董事HO KYUNG SHIK先生及衡磊先生；及獨立非執行 董事陶武平先生、宋瑞霖博士及陳向榮先生。 本公告乃由廣州銀諾醫藥集團股份有限公司（「本公司」）作出，以向本公司股東 （「股東」）及有意投資者告知有關本公司近期的業務發展。 誠如本公司日期為2025年8月7日的招股章程所披露，本公司於2025年3月在中華 人民共和國（「中國」）啟動本公司核心產品（即依蘇帕格魯肽α）用於治療肥胖和超 重的IIb/III期臨床試驗。本公司董事（「董事」）會（「董事會」）欣然宣佈，於2025年 9月30日，本公司已 ...

[Company Information](index=3&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) [Board of Directors and Management](index=3&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E5%8F%8A%E7%AE%A1%E7%90%86%E5%B1%A4) This section discloses the composition of the company's Board of Directors (including executive, non-executive, and independent non-executive directors), Supervisory Committee, and various committees (Audit, Nomination, Remuneration and Appraisal, Strategy) - The Board of Directors includes executive directors Dr. WANG QINGHUA (Chairman), Ms. JIANG Fan, Ms. XU Wenjie, Mr. HUANG Bing; non-executive directors Mr. HO KYUNG SHIK, Mr. HENG Lei; and independent non-executive directors Mr. TAO Wuping, Dr. SONG Ruilin, Mr. CHEN Xiangrong[4](index=4&type=chunk) - The Supervisory Committee members include Mr. LE Jianjun, Dr. LI Yuanpeng, and Ms. SHAO Anna[4](index=4&type=chunk) - Mr. CHEN Xiangrong chairs the Audit Committee, Dr. WANG QINGHUA chairs the Nomination Committee, Mr. TAO Wuping chairs the Remuneration and Appraisal Committee, and Dr. WANG QINGHUA chairs the Strategy Committee[4](index=4&type=chunk) [Registration and Contact Information](index=3&type=section&id=%E6%B3%A8%E5%86%8C%E5%8A%9E%E4%BA%8B%E5%A4%84) This section provides detailed contact information including the company's registered office, headquarters and principal place of business in China, principal place of business in Hong Kong, compliance adviser, legal advisers, auditor, H Share registrar, principal bankers, stock code, and company website - The registered office and principal place of business in China are both located at Room 409, Block H, Creative Building, Self-numbered No. 2 Tengfei 2nd Street, Sino-Singapore Guangzhou Knowledge City, Huangpu District, Guangzhou, Guangdong Province, China[4](index=4&type=chunk) - The principal place of business in Hong Kong is located at 40/F, Dah Sing Financial Centre, 248 Queen's Road East, Wan Chai, Hong Kong[4](index=4&type=chunk) - The auditor is Ernst & Young, and the H Share registrar is Tricor Investor Services Limited[5](index=5&type=chunk) - The company's stock code is **2591**, and its website is www.innogenpharm.com[5](index=5&type=chunk) [Financial Highlights](index=5&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) [Key Financial Data](index=5&type=section&id=%E8%B4%A2%E5%8A%A1%E6%91%98%E8%A6%81%E8%A1%A8%E6%A0%BC) For the six months ended June 30, 2025, the company recorded its first revenue of **RMB 56,446 thousand**, but loss for the period expanded to **RMB 122,470 thousand**, primarily due to increased R&D and selling expenses, with net assets decreasing from the end of 2024 Key Financial Data for the Six Months Ended June 30, 2025 (RMB thousand) | Metric | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | 56,446 | – | N/A | | Cost of sales | (5,956) | – | N/A | | Gross profit | 50,490 | – | N/A | | Other income and gains | 5,242 | 12,104 | -56.69% | | R&D expenses | (99,082) | (51,905) | +90.89% | | Administrative expenses | (31,555) | (30,098) | +4.84% | | Selling and distribution expenses | (44,038) | – | N/A | | Loss before tax | (122,470) | (75,275) | +62.69% | | Loss for the period | (122,470) | (75,275) | +62.69% | Balance Sheet Summary as of June 30, 2025 and December 31, 2024 (RMB thousand) | Metric | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Non-current assets | 81,805 | 95,585 | -14.32% | | Current assets | 857,088 | 839,215 | +2.13% | | Non-current liabilities | 14,456 | 72 | +19977.78% | | Current liabilities | 241,718 | 138,257 | +74.84% | | Net assets | 682,719 | 796,471 | -14.30% | [Management Discussion and Analysis](index=6&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) [Business Review](index=6&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) Since its establishment, the company has focused on drug pipelines for diabetes and other metabolic diseases, with its core product, Isepaglutide α, approved and commercialized in China, while actively pursuing global expansion and multi-indication clinical trials - Since its establishment in 2014, the company has built a pipeline of drug candidates for diabetes and other metabolic diseases, with **Isepaglutide α** as its core product[7](index=7&type=chunk) - Isepaglutide α was approved in China in January 2025 for the treatment of Type 2 Diabetes (T2D) and commercialized in February 2025[7](index=7&type=chunk)[11](index=11&type=chunk) - Isepaglutide α received BLA approval in Macau in June 2025, with BLA applications submitted in Southeast Asian countries and planned submissions in Latin America in the second half of the year[8](index=8&type=chunk)[11](index=11&type=chunk) - Phase IIb/III clinical trials for Isepaglutide α in obesity and overweight started in China in March 2025, expected to complete in Q4 2026; Phase II clinical trials commenced in Australia in August 2025 with the first patient enrolled[8](index=8&type=chunk)[12](index=12&type=chunk) - IND for Isepaglutide α in MASH was approved by FDA (March 2023) and NMPA (March 2025), with plans to initiate multi-center Phase IIa clinical trials in the US and China in 2026[8](index=8&type=chunk)[14](index=14&type=chunk) - Early-stage pipeline includes YN014 (AD), YN401 (T1D/T2D), YN209 (MASH), YN203 (T2D), and YN202 (obesity and overweight), all in IND preparation or submission phase, with IND applications expected in 2025-2026[8](index=8&type=chunk)[15](index=15&type=chunk)[16](index=16&type=chunk) [Financial Review](index=9&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) During the reporting period, the company achieved its first revenue of **RMB 56.4 million**, primarily from Isepaglutide α sales, with a **gross margin of 89.4%**, but increased R&D and selling and distribution expenses led to an expanded loss for the period - For the six months ended June 30, 2025, the company's revenue was **RMB 56.4 million**, primarily from the sales of Isepaglutide α in the Chinese market[21](index=21&type=chunk) - Cost of sales was **RMB 6.0 million**, gross profit was **RMB 50.5 million**, and the **gross margin was 89.4%**, mainly because manufacturing costs prior to commercial launch were recognized as R&D expenses[22](index=22&type=chunk)[23](index=23&type=chunk) Details of Other Income and Gains (RMB thousand) | Metric | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Total other income and gains | 5,242 | 12,104 | -56.69% | | Of which: Gain on termination of lease contracts | – | 4,152 | -100% | | Investment income from financial assets | 3,169 | 5,418 | -41.51% | - R&D expenses increased by **90.89%** from **RMB 51.9 million** in the same period of 2024 to **RMB 99.1 million** in 2025, primarily due to increased raw material costs for Isepaglutide α production process improvements and CRO fees for clinical trials[28](index=28&type=chunk) - Administrative expenses remained relatively stable, increasing from **RMB 30.1 million** in the same period of 2024 to **RMB 31.6 million** in 2025[30](index=30&type=chunk) - Selling and distribution expenses increased from zero in the same period of 2024 to **RMB 44.0 million** in 2025, mainly due to marketing and promotion and the expansion of the commercialization team after the launch of Isepaglutide α[31](index=31&type=chunk) - Other expenses decreased from **RMB 4.5 million** in the same period of 2024 to **RMB 3.1 million** in 2025, primarily due to losses from the disposal of pilot production facilities and equipment in 2024, while in 2025 mainly due to impairment losses on prepayments and donations[32](index=32&type=chunk) - Finance costs decreased from **RMB 0.9 million** in the same period of 2024 to **RMB 0.4 million** in 2025, mainly due to reduced interest expenses on lease liabilities after the termination of the Shanghai factory lease[33](index=33&type=chunk) [Liquidity and Capital Resources](index=13&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B3%87%E6%9C%AC%E8%B3%87%E6%BA%90) The company's net current assets decreased due to increased current liabilities, particularly trade payables, leading to a higher gearing ratio and a significant increase in interest-bearing bank borrowings to support operations - Net current assets decreased from **RMB 701.0 million** as of December 31, 2024, to **RMB 615.4 million** as of June 30, 2025, primarily due to an increase in current liabilities[34](index=34&type=chunk) - Current liabilities increased from **RMB 138.3 million** as of December 31, 2024, to **RMB 241.7 million** as of June 30, 2025, mainly due to increased payables for CDMO production and process improvement services[34](index=34&type=chunk) - As of June 30, 2025, the gearing ratio was approximately **27%**, higher than **15%** as of December 31, 2024[35](index=35&type=chunk) - Interest-bearing bank borrowings increased from **RMB 9.9 million** as of December 31, 2024, to **RMB 40.0 million** as of June 30, 2025, primarily from new commercial bank borrowings[36](index=36&type=chunk) - As of June 30, 2025, the company had no significant investments, no major mergers and acquisitions, no contingent liabilities, and capital commitments of **RMB 28.2 million**[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk) - The company faces foreign exchange risk, but currently has no hedging policy, and management will continue to monitor it[43](index=43&type=chunk) [Employee Remuneration and Relationships](index=14&type=section&id=%E5%83%B1%E5%93%A1%E8%96%AA%E9%85%AC%E5%8F%8A%E9%97%9C%E4%BF%82) As of June 30, 2025, the company had 105 employees, with total remuneration costs significantly increasing due to the expansion of the commercialization team, emphasizing talent recruitment, training, competitive compensation, and equity incentives - As of June 30, 2025, the Group had **105 employees**, with total remuneration costs significantly increasing to **RMB 45.7 million** from **RMB 28.6 million** in the same period, primarily due to the expansion of the commercialization team[44](index=44&type=chunk) - The commercialization team comprises **84 members**, including **39 internal staff** and **45 outsourced team members**[44](index=44&type=chunk) - The company enters into individual employment contracts with employees covering salaries, bonuses, benefits, confidentiality obligations, and intellectual property ownership, also offering equity incentives and promotion opportunities[45](index=45&type=chunk) [Post-Reporting Period Events and Future Developments](index=15&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) Post-reporting period, the company's H shares were listed on the HKEX Main Board on August 15, 2025, with net proceeds of approximately HKD 634.7 million, which will be used to advance Isepaglutide α's global expansion, multi-indication clinical development, and inclusion in the National Medical Insurance Drug List - On August 15, 2025, the company's H shares were listed on the Main Board of the Stock Exchange, with a global offering of **36,556,400 H shares** at an offer price of **HKD 18.68 per share**[46](index=46&type=chunk)[48](index=48&type=chunk) - The net proceeds from the global offering were approximately **HKD 634.7 million**, to be used for the purposes stated in the prospectus, with no changes to the intended use[48](index=48&type=chunk)[49](index=49&type=chunk) - Looking ahead to the second half of 2025, the company plans to actively advance the global expansion of Isepaglutide α for T2D treatment, progress its clinical development for obesity and overweight indications, and continue efforts for its inclusion in the National Medical Insurance Drug List[47](index=47&type=chunk) - The Board does not recommend the payment of an interim dividend for the interim report[50](index=50&type=chunk) [Corporate Governance and Other Information](index=17&type=section&id=%E5%85%AC%E5%8F%B8%E7%AE%A1%E6%B2%BB%E5%8F%8A%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) [Compliance with Corporate Governance Code](index=17&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) The company has adopted and complied with the Corporate Governance Code since its listing date, with the Chairman and CEO roles held by Dr. WANG QINGHUA, an arrangement the Board believes enhances strategic planning and decision-making efficiency - The company has adopted and complied with the principles and code provisions of the Corporate Governance Code as set out in Appendix C1 to the Listing Rules since its listing date[51](index=51&type=chunk) - Dr. WANG QINGHUA serves concurrently as the Chairman and General Manager of the company, an arrangement the Board believes ensures internal leadership consistency and efficiency in strategic planning and implementation[51](index=51&type=chunk) [Standard Securities Dealing Code for Directors and Supervisors](index=17&type=section&id=%E9%81%B5%E5%AE%88%E8%91%A3%E4%BA%8B%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E7%9A%84%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) Since its listing date, the company has adopted a code of conduct no less stringent than the Standard Code, confirming that all directors and supervisors have complied with it - The company has adopted the Standard Code and established a code of conduct no less stringent than the Standard Code to regulate securities dealings by directors, supervisors, and relevant employees since its listing date[53](index=53&type=chunk) - Following inquiry, all directors and supervisors confirmed their continuous compliance with the code of conduct since the listing date[54](index=54&type=chunk) [Disclosure of Interests of Directors, Supervisors and Chief Executive](index=18&type=section&id=%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%A3%E4%BA%8B%E5%8F%8A%E6%9C%80%E9%AB%98%E8%A1%8C%E6%94%BF%E4%BA%BA%E5%93%A1%E5%9C%A8%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%88%96%E5%85%B6%E7%9B%B8%E8%81%AF%E6%B3%95%E5%9C%98%E4%B9%8B%E8%82%A1%E4%BB%BD%E3%80%81%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E5%8F%8A%E5%82%B5%E6%AC%8A%E8%AD%89%E4%B9%8B%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) As of June 30, 2025, H shares were not yet listed, but disclosed Dr. WANG QINGHUA's beneficial ownership, controlled corporate interests, and joint interests in the company's unlisted shares and H shares, totaling approximately **33.19%** of the total issued share capital - As of June 30, 2025, H shares were not yet listed, thus Part XV of the Securities and Futures Ordinance was not applicable[56](index=56&type=chunk) Dr. WANG QINGHUA's Shareholding (as of the date of this Interim Report) | Nature of Interest | Class of Shares | Number of Shares (L) | Approximate Percentage of Shareholding in Relevant Class | Approximate Percentage of Total Issued Share Capital | | :--- | :--- | :--- | :--- | :--- | | Beneficial Owner | Unlisted Shares | 9,243,911 | 25.30% | 10.12% | | | H Shares | 36,975,645 | 8.80% | | | Interest in Controlled Corporation | Unlisted Shares | 15,624,993 | 42.77% | 17.10% | | | H Shares | 62,499,977 | 14.87% | | | Jointly Held Interest with Another Person | Unlisted Shares | 5,450,720 | 14.92% | 5.97% | | | H Shares | 21,802,880 | 5.19% | | - Dr. WANG QINGHUA, through beneficial ownership, controlled corporate interests, and acting-in-concert agreements, collectively holds approximately **33.19%** (10.12% + 17.10% + 5.97%) of the company's total issued share capital[56](index=56&type=chunk)[59](index=59&type=chunk) [Disclosure of Interests of Substantial Shareholders](index=19&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E6%96%BC%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%82%A1%E4%BB%BD%E5%8F%8A%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E4%B8%AD%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) This section discloses substantial shareholders, excluding directors, supervisors, and the chief executive, holding 5% or more of the company's shares or related shares, including various investment entities and individuals - As of June 30, 2025, H shares were not yet listed on the Stock Exchange, therefore the provisions of Part XV of the Securities and Futures Ordinance were not applicable to the company[58](index=58&type=chunk) Substantial Shareholders' Shareholding (as of the date of this Interim Report) | Name / Designation | Nature of Interest | Class of Shares | Number of Shares1 | Approximate Percentage of Shareholding in Relevant Class2 | Approximate Percentage of Total Issued Share Capital3 | | :--- | :--- | :--- | :--- | :--- | :--- | | Hong Kong Innogen Pharmaceutical Technology Co., Ltd. | Beneficial Owner | Unlisted Shares | 2,550,044 (L) | 6.98% | 2.79% | | Hong Kong Yiyun Pharmaceutical Technology Co., Ltd. | Beneficial Owner | Unlisted Shares | 5,450,720 (L) | 14.92% | 5.97% | | Shanghai Nuotang Biotechnology Co., Ltd. | Interest in Controlled Corporation | Unlisted Shares | 13,074,949 (L) | 35.79% | 14.31% | | Jingde (Guangzhou) Equity Investment Partnership (Limited Partnership) | Beneficial Owner | H Shares | 26,556,444 (L) | 6.32% | 5.81% | | KIP KIS SEA-CHINA Fund | Interest in Controlled Corporation | H Shares | 26,556,444 (L) | 6.32% | 5.81% | | KOREA INVESTMENT & SECURITIES Co., Ltd | Interest in Controlled Corporation | H Shares | 26,556,444 (L) | 6.32% | 5.81% | | Korea Investment Partners (Shanghai) Venture Capital Management Co., Ltd. | Interest in Controlled Corporation | H Shares | 41,731,556 (L) | 9.93% | 9.14% | | KOREA INVESTMENT PARTNERS Co., Ltd. | Interest in Controlled Corporation | H Shares | 41,731,556 (L) | 9.93% | 9.14% | | KOREA INVESTMENT HOLDINGS Co., Ltd. | Interest in Controlled Corporation | H Shares | 41,731,556 (L) | 9.93% | 9.14% | | Cowin China Growth Fund II, L.P. | Beneficial Owner | H Shares | 26,556,444 (L) | 6.32% | 5.81% | | ZHENG Weihe | Interest in Controlled Corporation | H Shares | 43,971,131 (L) | 10.46% | 9.63% | | HUANG Li | Interest in Controlled Corporation | H Shares | 43,971,131 (L) | 10.46% | 9.63% | | Palace Investments Pte. Ltd. | Beneficial Owner | H Shares | 25,344,931 (L) | 6.03% | 5.55% | | Temasek Holdings (Private) Limited | Interest in Controlled Corporation | H Shares | 25,344,931 (L) | 6.03% | 5.55% | | Guangzhou Industrial Investment Biomedical and Health Special Parent Fund Partnership (Limited Partnership) | Beneficial Owner | H Shares | 22,594,783 (L) | 5.38% | 4.95% | | Guangzhou Industrial Investment Holding Group Co., Ltd. | Interest in Controlled Corporation | H Shares | 22,594,783 (L) | 5.38% | 4.95% | | CICC Qide (Xiamen) Innovative Biomedical Venture Capital Partnership (Limited Partnership) | Beneficial Owner | Unlisted Shares | 2,353,008 (L) | 6.44% | 0.52% | | Henan Provincial Department of Finance | Interest in Controlled Corporation | Unlisted Shares | 2,353,008 (L) | 6.44% | 0.52% | | Jiangsu Taizhou Everbright Industrial Investment Partnership (Limited Partnership) | Beneficial Owner | Unlisted Shares | 2,413,342 (L) | 6.61% | 0.53% | | China Everbright Limited | Interest in Controlled Corporation | Unlisted Shares | 2,413,342 (L) | 6.61% | 0.53% | [Public Float](index=26&type=section&id=%E8%B6%B3%E5%A4%A0%E5%85%AC%E7%9C%BE%E6%8C%81%E8%82%A1%E9%87%8F) As of September 26, 2025, the company maintained a sufficient public float as required by the Listing Rules - As of September 26, 2025, the company maintained a sufficient public float of at least **25%** as required by the Listing Rules[71](index=71&type=chunk) [Audit Committee Review](index=27&type=section&id=%E5%AF%A9%E8%A8%88%E5%A7%94%E5%93%A1%E6%9C%83%E5%AF%A9%E9%96%B1) The Audit Committee has reviewed the unaudited interim financial information for the reporting period and deemed it compliant with relevant accounting standards and regulations - The Audit Committee has reviewed the unaudited interim financial information for the reporting period and the accounting principles and practices adopted by the Group as set out in this interim report[72](index=72&type=chunk) - The Audit Committee is of the opinion that the Group's unaudited interim financial information for the reporting period complies with relevant accounting standards, laws, and regulations[72](index=72&type=chunk) [Dealings in Listed Securities](index=27&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) From the listing date to the date of this interim report, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities, nor held any treasury shares - From the listing date to the date of this interim report, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[73](index=73&type=chunk) - From the listing date to the date of this interim report, the company held no treasury shares[74](index=74&type=chunk) [Interests in Competing Business](index=27&type=section&id=%E6%96%BC%E7%AB%B6%E7%88%AD%E6%A5%AD%E5%8B%99%E7%9A%84%E6%AC%8A%E7%9B%8A) From the company's H share listing date to the date of this interim report, no director or supervisor had any disclosable direct or indirect interest in any business competing or likely to compete with the Group's business - From the company's H share listing date to the date of this interim report, no director or supervisor had any disclosable direct or indirect interest in any business competing or likely to compete with the Group's business[75](index=75&type=chunk) [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=28&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E5%85%A5%E8%A1%A8) [Profit or Loss Statement Overview](index=28&type=section&id=%E6%8D%9F%E7%9B%8A%E8%A1%A8%E6%A6%82%E8%A7%88) For the six months ended June 30, 2025, the company recorded its first revenue of **RMB 56,446 thousand**, but due to significant increases in R&D, selling, and distribution expenses, the loss for the period expanded to **RMB 122,470 thousand** Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (RMB thousand) | Metric | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | 56,446 | – | N/A | | Cost of sales | (5,956) | – | N/A | | Gross profit | 50,490 | – | N/A | | Other income and gains | 5,242 | 12,104 | -56.69% | | R&D expenses | (99,082) | (51,905) | +90.89% | | Administrative expenses | (31,555) | (30,098) | +4.84% | | Selling and distribution expenses | (44,038) | – | N/A | | Loss before tax | (122,470) | (75,275) | +62.69% | | Loss for the period | (122,470) | (75,275) | +62.69% | | Loss per share attributable to ordinary equity holders of the parent (RMB) | (0.29) | (0.18) | +61.11% | [Interim Condensed Consolidated Statement of Financial Position](index=29&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) [Balance Sheet Overview](index=29&type=section&id=%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%A6%82%E8%A7%88) As of June 30, 2025, total assets slightly increased, but current and non-current liabilities significantly rose, leading to a decrease in net assets, while cash and cash equivalents remained stable Interim Condensed Consolidated Statement of Financial Position (RMB thousand) | Metric | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Non-current assets | 81,805 | 95,585 | -14.32% | | Current assets | 857,088 | 839,215 | +2.13% | | **Total assets** | **938,893** | **934,800** | **+0.44%** | | Non-current liabilities | 14,456 | 72 | +19977.78% | | Current liabilities | 241,718 | 138,257 | +74.84% | | **Total liabilities** | **256,174** | **138,329** | **+85.19%** | | Net assets | 682,719 | 796,471 | -14.30% | | Cash and cash equivalents | 538,292 | 526,511 | +2.24% | [Interim Condensed Consolidated Statement of Changes in Equity](index=30&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) [Equity Changes Overview](index=30&type=section&id=%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E6%A6%82%E8%A7%88) As of June 30, 2025, the company's total equity decreased to **RMB 682,719 thousand** due to the loss for the period and share-based payments Interim Condensed Consolidated Statement of Changes in Equity (RMB thousand) | Metric | June 30, 2025 | January 1, 2024 | Change | | :--- | :--- | :--- | :--- | | Total equity at beginning of period | 796,471 | 705,125 | +12.95% | | Total comprehensive loss for the period | (122,470) | (75,275) | +62.69% | | Equity-settled share-based payments recognized | 8,718 | 4,764 | +83.00% | | Shares issued | – | 250,000 | -100% | | Total equity at end of period | 682,719 | 884,614 | -22.82% | [Interim Condensed Consolidated Statement of Cash Flows](index=31&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) [Cash Flow Overview](index=31&type=section&id=%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E6%A6%82%E8%A7%88) For the six months ended June 30, 2025, net cash used in operating activities was **RMB 86,852 thousand**, net cash generated from investing activities was **RMB 72,342 thousand**, net cash generated from financing activities was **RMB 26,478 thousand**, resulting in a net increase in cash and cash equivalents of **RMB 11,968 thousand** at period-end Interim Condensed Consolidated Statement of Cash Flows (RMB thousand) | Metric | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Net cash used in operating activities | (86,852) | (80,052) | +8.50% | | Net cash generated from investing activities | 72,342 | 137,477 | -47.40% | | Net cash generated from financing activities | 26,478 | 247,322 | -89.29% | | Net increase in cash and cash equivalents | 11,968 | 304,747 | -96.07% | | Cash and cash equivalents at end of period | 538,292 | 462,651 | +16.35% | [Notes to the Interim Condensed Consolidated Financial Information](index=33&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB) [Company Information and Basis of Preparation](index=33&type=section&id=1.%20%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) The company, established in China in 2014, primarily engages in pharmaceutical product R&D and commercialization, with its H shares listed on the HKEX Main Board on August 15, 2025. The interim financial information is prepared in accordance with HKAS 34 and newly adopted revised HKFRSs, with no significant impact - The company was established in China on December 5, 2014, primarily engaged in pharmaceutical product research and development and commercialization[81](index=81&type=chunk)[82](index=82&type=chunk) - The company's H shares were listed on the Main Board of the Stock Exchange on August 15, 2025[83](index=83&type=chunk) - The interim condensed consolidated financial information is prepared in accordance with Hong Kong Accounting Standard 34 and newly adopted revised Hong Kong Financial Reporting Standards, with no significant impact on the financial information[84](index=84&type=chunk)[85](index=85&type=chunk)[86](index=86&type=chunk) [Operating Segments and Geographical Information](index=34&type=section&id=3.%20%E7%B6%93%E7%87%9F%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The company operates as a single operating segment, focusing solely on pharmaceutical sales, and does not present geographical information as almost all non-current assets and revenue are derived from China - The Group's business is solely the sale of pharmaceutical products, and the chief operating decision-maker reviews overall performance, thus there is only a single operating segment[87](index=87&type=chunk) - Almost all non-current assets and all revenue are derived from China, therefore no geographical information is presented[88](index=88&type=chunk) [Details of Revenue, Other Income and Gains](index=34&type=section&id=4.%20%E6%94%B6%E5%85%A5%E3%80%81%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E5%8F%8A%E6%94%B6%E7%9B%8A) For the six months ended June 30, 2025, the company recorded its first revenue from customer contracts of **RMB 56,446 thousand**, entirely from mainland China pharmaceutical sales, while total other income and gains decreased by **56.69%** year-on-year due to lower gain on lease termination and investment income in 2024 Revenue Details (RMB thousand) | Category | 2025 | 2024 | | :--- | :--- | :--- | | Revenue from contracts with customers | 56,446 | – | | Sales of pharmaceutical products | 56,446 | – | | Mainland China | 56,446 | – | Details of Other Income and Gains (RMB thousand) | Category | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Investment income from financial assets at fair value through profit or loss | 3,169 | 5,418 | -41.51% | | Bank interest income | 1,892 | 1,848 | +2.38% | | Gain on termination of lease contracts | – | 4,152 | -100% | | Total other income and gains | 5,242 | 12,104 | -56.69% | [Details of Other Expenses](index=35&type=section&id=5.%20%E5%85%B6%E4%BB%96%E9%96%8B%E6%94%AF) Other expenses decreased from **RMB 4,503 thousand** in the same period of 2024 to **RMB 3,102 thousand** in 2025, primarily due to losses from the disposal of property and equipment in 2024, while 2025 mainly saw impairment losses on prepayments and donations Details of Other Expenses (RMB thousand) | Category | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Impairment losses, net of reversal | 1,574 | 45 | +3400% | | Loss on disposal of property and equipment | – | 4,451 | -100% | | Donations | 1,341 | – | N/A | | Total | 3,102 | 4,503 | -31.11% | [Components of Loss Before Tax](index=36&type=section&id=6.%20%E9%99%A4%E7%A8%85%E5%89%8D%E虧%E6%90%8D) Loss before tax was primarily influenced by depreciation and amortization, lease-related expenses, listing expenses, exchange losses, and significantly increased employee benefit expenses Components of Loss Before Tax (RMB thousand) | Category | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 1,337 | 1,282 | +4.29% | | Amortisation of intangible assets | 2,225 | 6,079 | -63.40% | | Depreciation of right-of-use assets | 560 | 2,248 | -75.00% | | Interest on lease liabilities | 149 | 858 | -82.63% | | Listing expenses | 9,794 | – | N/A | | Total employee benefit expenses | 45,690 | 28,551 | +60.03% | | Of which: Share-based payment expenses | 8,718 | 4,764 | +83.00% | [Details of Finance Costs](index=36&type=section&id=7.%20%E8%B2%A1%E5%8B%99%E6%88%90%E6%9C%AC) Finance costs decreased by **51.20%** year-on-year, mainly due to a significant reduction in interest on lease liabilities, while interest on bank and other borrowings increased Details of Finance Costs (RMB thousand) | Category | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Interest on bank and other borrowings | 276 | 15 | +1740% | | Interest on lease liabilities | 149 | 858 | -82.63% | | Total | 425 | 873 | -51.20% | [Income Tax and Dividends](index=37&type=section&id=8.%20%E6%89%80%E5%BE%97%E7%A8%85) The company's Chinese subsidiaries are subject to a 25% corporate income tax rate, with no income tax expense recognized during the reporting period, and no dividends paid or declared - The corporate income tax rate for Chinese subsidiaries is **25%**[94](index=94&type=chunk) - No income tax expense was recognized during the reporting period[76](index=76&type=chunk) - The company neither paid nor declared any dividends for the six months ended June 30, 2025[95](index=95&type=chunk) [Loss Per Share](index=37&type=section&id=10.%20%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%99%AE%E9%80%9A%E6%AC%8A%E7%9B%8A%E6%8C%81%E6%9C%89%E4%BA%BA%E6%87%89%E4%BD%94%E6%AF%8F%E8%82%A1%E虧%E6%90%8D) For the six months ended June 30, 2025, basic and diluted loss per share was **RMB 0.29**, an increase from **RMB 0.18** in the same period of 2024 Loss Per Share Calculation (RMB/share) | Metric | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Loss attributable to ordinary equity holders of the parent (RMB thousand) | (122,470) | (75,275) | +62.69% | | Weighted average number of ordinary shares in issue during the period (thousand shares) | 420,263 | 419,021 | +0.30% | | Basic and diluted loss per share (RMB/share) | (0.29) | (0.18) | +61.11% | - The Group had no potentially dilutive ordinary shares in issue, thus the basic loss per share amount was not adjusted[97](index=97&type=chunk) [Property, Plant and Equipment](index=37&type=section&id=11.%20%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99) During the reporting period, the company incurred **RMB 4,160 thousand** in costs for purchasing property, plant, and equipment, with no impairment losses recognized - For the six months ended June 30, 2025, the Group's cost for purchasing property, plant, and equipment was **RMB 4,160 thousand**[99](index=99&type=chunk) - No impairment losses were recognized during the reporting period[100](index=100&type=chunk) [Leases](index=38&type=section&id=12.%20%E7%A7%9F%E8%B3%83) As a lessee, the company primarily leases office buildings for 5 to 10 years, with new right-of-use assets and lease liabilities recognized during the reporting period, along with related depreciation and interest expenses - The Group has entered into lease contracts for office buildings used in its operations, with lease terms generally ranging from **5 to 10 years**[101](index=101&type=chunk) Changes in Right-of-Use Assets (RMB thousand) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | At beginning of period | – | 36,863 | | Additions | 17,906 | – | | Depreciation expense | (560) | (2,248) | | At end of period | 17,346 | – | Changes in Lease Liabilities (RMB thousand) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Carrying amount at beginning of period | – | 45,586 | | Additions | 17,906 | – | | Interest accretion recognized during the period | 149 | 858 | | Lease payments | (1,174) | (1,663) | | Carrying amount at end of period | 16,881 | – | [Prepayments and Other Receivables](index=39&type=section&id=13.%20%E9%A0%90%E4%BB%98%E6%AC%BE%E9%A0%85%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) Non-current prepayments and other receivables decreased, while current prepayments and other receivables significantly increased, primarily driven by growth in recoverable VAT, supplier prepayments, and other receivables Prepayments and Other Receivables (RMB thousand) | Category | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Non-current total | 24,608 | 58,191 | -57.71% | | Current total (net of impairment allowance) | 77,463 | 13,300 | +482.43% | | Of which: Other receivables | 53,256 | 1,215 | +4283.13% | | Impairment allowance | (1,726) | (165) | +946.06% | [Trade Receivables](index=40&type=section&id=14.%20%E8%B2%BF%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) As of June 30, 2025, the company recorded its first trade receivables of **RMB 8,599 thousand**, all due within one year Ageing Analysis of Trade Receivables (RMB thousand) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within one year | 8,599 | – | [Financial Assets at Fair Value Through Profit or Loss](index=40&type=section&id=15.%20%E6%8C%89%E5%85%AC%E5%85%81%E5%83%B9%E5%80%BC%E8%A8%88%E5%85%A5%E6%90%8D%E7%9B%8A%E7%9A%84%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2) The company's wealth management products are mandatorily classified as financial assets at fair value through profit or loss, amounting to **RMB 150,040 thousand** as of June 30, 2025, a decrease from the end of 2024 Financial Assets at Fair Value Through Profit or Loss (RMB thousand) | Category | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Wealth management products | 150,040 | 225,192 | -33.37% | - These wealth management products, issued by mainland Chinese banks, are mandatorily classified as financial assets at fair value through profit or loss because their contractual cash flows are not solely payments of principal and interest[105](index=105&type=chunk) [Cash and Cash Equivalents](index=40&type=section&id=16.%20%E7%8F%BE%E9%87%91%E5%8F%8A%E7%8F%BE%E9%87%91%E7%AD%89%E5%83%B9%E7%89%A9) As of June 30, 2025, the company's cash and cash equivalents totaled **RMB 538,292 thousand**, a slight increase from the end of 2024, all denominated in RMB Cash and Cash Equivalents (RMB thousand) | Category | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Cash at bank | 538,322 | 526,541 | +2.24% | | Pledged deposits | 30 | 30 | 0% | | Cash and cash equivalents | 538,292 | 526,511 | +2.24% | [Trade Payables](index=41&type=section&id=17.%20%E8%B2%BF%E6%98%93%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) As of June 30, 2025, trade payables significantly increased to **RMB 136,312 thousand**, all due within one year Ageing Analysis of Trade Payables (RMB thousand) | Ageing | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Within one year | 136,312 | 91,045 | +49.72% | [Other Payables and Accruals](index=41&type=section&id=18.%20%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85%E5%8F%8A%E6%87%89%E8%A8%88%E8%B2%BB%E7%94%A8) Current other payables and accruals significantly increased, primarily due to growth in accrued meeting expenses, CSO deposits, and other payables Other Payables and Accruals (RMB thousand) | Category | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Non-current other payables | 72 | 72 | 0% | | Current total | 62,884 | 37,312 | +68.53% | | Of which: Accrued meeting expenses | 14,319 | – | N/A | | CSO deposits | 16,800 | – | N/A | | Other payables | 8,935 | 6,365 | +40.38% | [Interest-bearing Bank Borrowings](index=42&type=section&id=19.%20%E8%A8%88%E6%81%AF%E9%8A%80%E8%A1%8C%E5%80%9F%E6%AC%BE) Interest-bearing bank borrowings significantly increased to **RMB 40,025 thousand**, all unsecured bank loans bearing interest at **2.11% to 3.00%** per annum and repayable within one year Interest-bearing Bank Borrowings (RMB thousand) | Category | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Unsecured bank loans | 40,025 | 9,900 | +304.29% | - The bank loans are unsecured, bear interest at an annual rate of **2.11% to 3.00%**, and are repayable within one year[110](index=110&type=chunk) [Share Capital](index=43&type=section&id=20.%20%E8%82%A1%E6%9C%AC) As of June 30, 2025, the company's issued and fully paid share capital was **RMB 420,263 thousand**, consistent with the end of 2024, following a **RMB 250,000 thousand** capital injection from B+ round investors in 2024, of which **RMB 22,595 thousand** was credited to share capital Summary of Share Capital Changes (RMB thousand) | Metric | June 30, 2025 | January 1, 2024 | | :--- | :--- | :--- | | Number of shares in issue | 420,262,949 | 397,668,166 | | Share capital | 420,263 | 397,668 | - In 2024, B+ round investors injected **RMB 250,000 thousand** into the company, of which **RMB 22,595 thousand** was credited to share capital[111](index=111&type=chunk) [Share-based Payments](index=44&type=section&id=21.%20%E8%82%A1%E4%BB%BD%E7%82%BA%E5%9F%BA%E7%A4%8E%E7%9A%84%E4%BB%98%E6%AC%BE) The company approved an employee incentive scheme in March 2023, granting restricted shares with a 25% annual vesting schedule. As of June 30, 2025, **6,064,206 restricted shares** remained unexercised, and share-based payment expenses totaled **RMB 8,718 thousand** - The employee incentive scheme was approved on March 28, 2023, granting restricted shares to promote the Group's operational success[112](index=112&type=chunk) - Restricted shares vested at a rate of **25%** on December 31, 2023, 2024, 2025, and 2026, respectively, while Dr. Wang's shares vested fully in September 2023[113](index=113&type=chunk) Changes in Restricted Shares (shares) | Metric | June 30, 2025 | January 1, 2024 | | :--- | :--- | :--- | | Unexercised at beginning of period | 6,704,206 | 9,028,426 | | Forfeited during the period | (640,000) | (1,897,000) | | Unexercised at end of period | 6,064,206 | 6,704,206 | - For the six months ended June 30, 2025, share-based payment expenses amounted to **RMB 8,718 thousand**[114](index=114&type=chunk) [Commitments and Related Party Transactions](index=45&type=section&id=22.%20%E6%89%BF%E8%AB%BE) As of the reporting period end, the company's capital commitments totaled **RMB 28,189 thousand**, primarily for purchasing property, plant, and equipment. No related party transactions occurred during the period, but key management personnel remuneration is disclosed Contractual Commitments (RMB thousand) | Category | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Contracted but not provided for purchase of property, plant and equipment | 28,189 | 24,893 | - During the reporting period, the Group had no transactions with related parties[116](index=116&type=chunk) Key Management Personnel Remuneration (RMB thousand) | Category | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Fees | 330 | 50 | +560% | | Salaries and bonuses | 4,675 | 4,031 | +16.00% | | Share-based payment expenses | 2,665 | 6,099 | -56.30% | | Total | 7,850 | 10,396 | -24.50% | [Fair Value of Financial Instruments](index=45&type=section&id=24.%20%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9A%84%E5%85%AC%E5%85%81%E5%83%B9%E5%80%BC%E5%8F%8A%E5%85%AC%E5%85%81%E5%83%B9%E5%80%BC%E7%AD%89%E7%B4%9A) The company's wealth management products are measured at fair value through profit or loss, categorized as Level 2 in the fair value hierarchy, amounting to **RMB 150,040 thousand** as of June 30, 2025 Financial Assets Measured at Fair Value (RMB thousand) | Category | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Wealth management products | 150,040 | 225,192 | - The fair value of wealth management products is derived using discounted cash flows based on expected rates of return, classified as Level 2 in the fair value hierarchy[106](index=106&type=chunk)[118](index=118&type=chunk) [Events After Reporting Period and Approval of Financial Statements](index=46&type=section&id=25.%20%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) The company's H shares were listed on the HKEX Main Board on August 15, 2025, and the Board approved and authorized the publication of the financial statements on August 29, 2025 - The company's H shares were listed on the Main Board of the Stock Exchange on August 15, 2025[119](index=119&type=chunk) - The Board approved and authorized the publication of the financial statements on August 29, 2025[120](index=120&type=chunk) [Definitions](index=47&type=section&id=%E9%87%8B%E7%BE%A9) [Glossary of Terms](index=47&type=section&id=%E6%9C%AF%E8%AF%AD%E5%AE%9A%E4%B9%89) This section provides definitions for key terms and abbreviations used in the report, covering professional vocabulary related to corporate governance, finance, product development, and market, ensuring clear understanding of the report content - Provides definitions for key terms and abbreviations used in the report, such as 'Audit Committee', 'Board', 'CDMO', 'Corporate Governance Code', 'China', 'Company', 'Corresponding period', 'CRO', 'CSO', 'Directors', 'Dr. Wang', 'Global Offering', 'Group', 'H Shares', 'HKD', 'HKAS', 'HKFRSs', 'Hong Kong', 'Listing', 'Listing Date', 'Listing Rules', 'Standard Code', 'Prospectus', 'Reporting Period', 'RMB', 'R&D', 'Shares', 'Shareholders', 'Stock Exchange', 'Supervisors', 'Treasury Shares', 'Unlisted Shares', and '%'[121](index=121&type=chunk)[122](index=122&type=chunk)[123](index=123&type=chunk)

Group 1 - The stock of Silvergate Pharmaceuticals-B (02591.HK) increased by over 4% on September 16, reaching a rise of 4.42% to 46.3 HKD [1] - The trading volume for Silvergate Pharmaceuticals-B was 12.5852 million HKD at the time of reporting [1]

Core Viewpoint - Silver诺医药-B (02591) has seen a stock price increase of over 4%, currently trading at 46.3 HKD with a transaction volume of 12.5852 million HKD, following the announcement of its core product's market expansion [1] Group 1: Product Development and Approval - The company is actively advancing the global expansion of its core product, Isuparaglutide α [1] - The product received BLA (Biologics License Application) approval for the treatment of Type 2 Diabetes (T2D) in Macau by June 2025 [1] - The first prescription for the core product for T2D treatment was issued at the Huabao Medical Center in Macau on September 12, 2025, marking the official commercialization phase in Macau [1]

Core Viewpoint - Silver诺医药-B (02591) has seen a stock price increase of over 4%, currently trading at 46.3 HKD with a transaction volume of 12.5852 million HKD, following the announcement of its core product's approval for commercialization in Macau [1] Group 1: Company Developments - The company is actively advancing the global expansion of its core product, Isuparaglutide α [1] - The core product received BLA (Biologics License Application) approval for the treatment of Type 2 Diabetes (T2D) in Macau, expected by June 2025 [1] - The first prescription for the core product in Macau was issued on September 12, 2025, marking the official entry into the commercial sales phase [1]