Core Insights - The company has been actively promoting the global expansion of its core product, Isupravaglutide α, which is intended for the treatment of Type 2 Diabetes (T2D) [1] - The company received approval for the Biologics License Application (BLA) for its core product in the Macau Special Administrative Region of the People's Republic of China, expected 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 of the product in Macau [1]

自願性公告 有關於澳門進行核心產品商業化的最新業務進展 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最新進展。 誠如本公司日期為2025年8月7日的招股章程（「招股章程」）所披露，本公司一直 積極推進其核心產品（即依蘇帕格魯肽α）的全球擴張，並於2025年6月在中華人 民共和國澳門特別行政區（「澳門」）獲得核心產品用於治療2型糖尿病（「T2D」）的 BLA（生物製品許可申請）批准。本公司董事（「董事」）會（「董事會」）欣然宣佈， 於2025年9月12日，本公司用於治療2型糖尿病的核心產品於澳門的首張處方已在 澳門華寶醫療中心開出，標誌著核心產品在澳門正式進入商業化銷售階段。 提示聲明：本公司無法保證最終能夠在澳門成功銷售核心產品。股東及本公司有 意投資者於買賣本公司股份時，敬請審慎行事。 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 Ph ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 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 呈交日期: 2025年9月4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 | 普通股 | 股份類別 | 其他類別 (請 ...

Group 1 - The company announced that on August 18, 2025, its wholly-owned subsidiary, Yinnuo Technology, subscribed to a structured deposit product from China Merchants Bank for a total amount of RMB 30 million, which is the principal amount [1] - On September 1, 2025, the company and Yinnuo Technology together subscribed to a structured deposit product from Ningbo Bank for a total amount of RMB 105 million, which is the total principal amount [1]

（於中華人民共和國成立的股份有限公司） （股份代號：2591） 有關認購結構性存款產品的須予披露交易；及 未遵守上市規則 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 認購招商銀行結構性存款產品 董事會宣佈，於2025年8月18日，銀諾技術（本公司直接全資附屬公司）以人 民幣30,000,000元的代價（即其本金額）向招商銀行認購招商銀行結構性存款 產品。 認購招商銀行結構性存款產品的主要條款載列如下： | 認購方 | 產品名稱 | 本金額 | 認購日期 | 生效日期 | 到期日 | 預期年化回報率 | | --- | --- | --- | --- | --- | --- | --- | | 銀諾技術 | 招商銀行結構性 | 人民幣 | 2025年8月18日 | 2025年8月19日 | 2025年9月19日 | 介乎1% ...

Core Viewpoint - The company reported a revenue of RMB 56.4 million for the six months ending June 30, 2025, primarily from the sales of Isuparaglutide α in China, with a gross profit of RMB 50.5 million and a gross margin of 89.4% [1] Group 1: Financial Performance - Revenue for the period reached RMB 56.4 million, mainly driven by Isuparaglutide α sales in China [1] - Gross profit amounted to RMB 50.5 million, reflecting a high gross margin of 89.4% [1] - Research and development expenses increased from RMB 51.9 million in the previous year to RMB 99.1 million, attributed to rising raw material costs and increased clinical trial expenses [1] Group 2: Research and Development - The increase in R&D expenses was due to a RMB 18.1 million rise in raw material costs and a RMB 29.5 million increase in expenses related to preclinical research and clinical trials [1] - The company is actively pursuing global expansion of Isuparaglutide α for Type 2 Diabetes (T2D) treatment and advancing clinical development for obesity and overweight indications [1] Group 3: Regulatory Approvals - In June 2025, the company received BLA approval for Isuparaglutide α for T2D treatment in Macau and submitted BLA applications in Southeast Asia [2] - Plans are in place to submit another BLA application in Latin America in the second half of 2025, with intentions to seek further approvals in other jurisdictions to address unmet medical needs [2]

Core Viewpoint - The company reported a significant increase in revenue and R&D spending, primarily driven by the sales of its product, Icosapent Ethyl, in China, and ongoing clinical trials for obesity treatment [1] Financial Performance - The company achieved a revenue of 56.446 million RMB for the six months ending June 30, 2025, compared to no revenue in the same period last year [1] - Gross profit stood at 50.49 million RMB [1] R&D Expenditure - R&D expenses rose to 99.082 million RMB, marking a year-on-year increase of 90.89% [1] - The increase in R&D spending was attributed to: - An increase in raw material costs by 18.1 million RMB due to process improvements for Icosapent Ethyl and procurement costs for injection pens used in clinical trials [1] - Additional costs of 29.5 million RMB related to preclinical research, clinical trials, and process improvements, including payments to CDMO for production process enhancements and increased CRO fees for ongoing clinical trials in China [1]

Performance Announcement Overview [Company Information and Announcement Summary](index=1&type=section&id=Company%20Information%20and%20Announcement%20Summary) Guangzhou Innogen Pharmaceutical Group Co., Ltd. released its unaudited interim consolidated results for the six months ended June 30, 2025, with comparative figures for the six months ended June 30, 2024 - Guangzhou Innogen Pharmaceutical Group Co., Ltd. released its unaudited interim consolidated results for the six months ended June 30, 2025[2](index=2&type=chunk) [Condensed Consolidated Financial Performance](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Performance) For the six months ended June 30, 2025, the company recorded revenue of **RMB 56,446 thousand** for the first time, but the loss for the period expanded to **RMB 122,470 thousand**, with net assets decreasing from the end of 2024 Condensed Consolidated Statement of Comprehensive Income Summary for the Six Months Ended June 30, 2025 (RMB thousands) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 56,446 | – | | Cost of Sales | (5,956) | – | | Gross Profit | 50,490 | – | | Other Income and Gains | 5,242 | 12,104 | | Research and Development Expenses | (99,082) | (51,905) | | Administrative Expenses | (31,555) | (30,098) | | Selling and Distribution Expenses | (44,038) | – | | Other Expenses | (3,102) | (4,503) | | Finance Costs | (425) | (873) | | Loss Before Tax | (122,470) | (75,275) | | Income Tax Expense | – | – | | Loss for the Period | (122,470) | (75,275) | Condensed Consolidated Statement of Financial Position Summary as of June 30, 2025 (RMB thousands) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Non-current Assets | 81,805 | 95,585 | | Current Assets | 857,088 | 839,215 | | Non-current Liabilities | 14,456 | 72 | | Current Liabilities | 241,718 | 138,257 | | Net Assets | 682,719 | 796,471 | - Loss for the period expanded from **RMB 75,275 thousand** in the same period of 2024 to **RMB 122,470 thousand** in the same period of 2025[3](index=3&type=chunk) Management Discussion and Analysis [Business Review](index=3&type=section&id=Business%20Review) Since its establishment in 2014, the company has built a pipeline of drug candidates for diabetes and other metabolic diseases, with its core product, Isupraglutide α, approved and commercialized in China for type 2 diabetes, while actively advancing its global clinical development for obesity, overweight, and MASH - The company has established a pipeline of drug candidates for diabetes and other metabolic diseases, with all candidates developed in-house[5](index=5&type=chunk) - The core product, Isupraglutide α, received regulatory approval in China for the treatment of Type 2 Diabetes (T2D) in January 2025 and was commercialized in February 2025[5](index=5&type=chunk)[6](index=6&type=chunk)[8](index=8&type=chunk) [Overview of Core Product Pipeline](index=3&type=section&id=Overview%20of%20Core%20Product%20Pipeline) The company's pipeline is centered on the core product Isupraglutide α, covering multiple indications such as Type 2 Diabetes, obesity and overweight, and MASH, along with several early-stage preclinical drug candidates - Isupraglutide α has been approved by NMPA for T2D and commercialized in China, also approved in Macau, with plans to submit BLA applications in other global jurisdictions[6](index=6&type=chunk) - Isupraglutide α for obesity and overweight has completed Phase IIa clinical trials in China and initiated Phase IIb/III clinical trials, while Phase II clinical trials have been initiated in Australia[6](index=6&type=chunk) - Isupraglutide α for MASH has received IND approval from FDA and NMPA, with multi-center Phase IIa clinical trials in China and the US expected to start in 2026[6](index=6&type=chunk) [Development Progress of Isupraglutide α](index=5&type=section&id=Development%20Progress%20of%20Isupraglutide%20%CE%B1) Isupraglutide α has been approved by China's NMPA and Macau BLA for T2D and commercialized, with active global expansion; clinical trials for obesity and overweight are ongoing in China and Australia; MASH indication has received IND approval in China and the US, with multi-center Phase IIa trials planned for 2026 - Isupraglutide α for T2D was approved by NMPA in January 2025 and commercially launched in China in February 2025[8](index=8&type=chunk) - The company obtained BLA approval for Isupraglutide α for T2D in Macau in June 2025, submitted BLA applications in Southeast Asian countries, and plans to submit another BLA application in Latin American countries in the second half of 2025[8](index=8&type=chunk) - Phase IIb/III clinical trials for Isupraglutide α for obesity and overweight were initiated in China in March 2025, expected to be completed in Q4 2026; Phase II clinical trials were initiated in Australia in August 2025[9](index=9&type=chunk) - Isupraglutide α for MASH received IND approval from FDA in March 2023 and from NMPA in March 2025, with multi-center Phase IIa clinical trials planned to start in the US and China in 2026[10](index=10&type=chunk) [Treatment of Type 2 Diabetes (T2D)](index=5&type=section&id=Treatment%20of%20Type%202%20Diabetes%20(T2D)) BLA for Isupraglutide α as monotherapy and in combination with metformin for T2D was approved in January 2025 and commercially launched in China in February 2025; the company is actively pursuing global expansion, with approval in Macau and BLA submissions in Southeast Asia and Latin America - Isupraglutide α was approved by NMPA in January 2025 for the treatment of T2D and commercially launched in China in February 2025[8](index=8&type=chunk) - The company obtained BLA approval for Isupraglutide α for T2D in Macau in June 2025, submitted BLA applications in Southeast Asian countries, and plans to submit another BLA application in Latin American countries in the second half of 2025[8](index=8&type=chunk) [Treatment of Obesity and Overweight](index=5&type=section&id=Treatment%20of%20Obesity%20and%20Overweight) Phase IIb/III clinical trials for Isupraglutide α for obesity and overweight were initiated in China in March 2025, expected to be completed in Q4 2026; Phase II clinical trials were initiated in Australia in August 2025 with the first patient enrolled - Phase IIb/III clinical trials for Isupraglutide α for obesity and overweight were initiated in China in March 2025, expected to be completed in the fourth quarter of 2026[9](index=9&type=chunk) - The company initiated Phase II clinical trials for Isupraglutide α for obesity and weight loss in Australia in August 2025, with the first patient enrolled and approximately 200 subjects expected to be recruited[9](index=9&type=chunk) [Treatment of Metabolic Dysfunction-Associated Steatohepatitis (MASH)](index=5&type=section&id=Treatment%20of%20Metabolic%20Dysfunction-Associated%20Steatohepatitis%20(MASH)) Isupraglutide α for MASH received IND approval from FDA in March 2023 and from NMPA in March 2025; the company plans to initiate a multi-center Phase IIa clinical trial for MASH in the US and China in 2026 - Isupraglutide α for MASH received IND approval from FDA in March 2023 and from NMPA in March 2025[10](index=10&type=chunk) - The company plans to initiate a multi-center Phase IIa clinical trial for MASH in the US and China in 2026[10](index=10&type=chunk) [Early Pipeline Product Development](index=5&type=section&id=Early%20Pipeline%20Product%20Development) Several early-stage pipeline products are in IND-enabling stages, including YN014 for Alzheimer's disease (AD), YN401 for Type 1 Diabetes, YN209 for MASH, YN203 for Type 2 Diabetes, and YN202 for obesity and overweight, with IND applications expected to be submitted sequentially from 2025 to 2026 - YN014 (for AD) has completed preclinical studies, with IND application planned for submission to FDA in the first half of 2026[11](index=11&type=chunk) - YN401 (for T1D) is in IND-enabling stages, with IND application planned for submission in 2025 or 2026[12](index=12&type=chunk) - YN209 (for MASH), YN203 (for T2D), and YN202 (for obesity and overweight) are all in IND-enabling stages, with IND applications planned for submission in 2026[13](index=13&type=chunk)[14](index=14&type=chunk)[15](index=15&type=chunk) [Financial Review](index=6&type=section&id=Financial%20Review) During the reporting period, the company recorded revenue of **RMB 56.4 million** for the first time, primarily from Isupraglutide α sales; R&D expenses and selling and distribution expenses significantly increased, leading to an expanded loss for the period; gross margin remained high due to accounting policies, while other income and gains decreased - For the six months ended June 30, 2025, the company generated revenue of **RMB 56.4 million**, primarily from the sale of Isupraglutide α in China[16](index=16&type=chunk) - R&D expenses increased from **RMB 51.9 million** in the same period of 2024 to **RMB 99.1 million** in the same period of 2025, mainly due to increased raw material costs and clinical trial expenses[23](index=23&type=chunk) - Selling and distribution expenses increased from zero in the same period of 2024 to **RMB 44.0 million** in the same period of 2025, primarily due to increased marketing and promotion expenses after the commercial launch of Isupraglutide α[26](index=26&type=chunk) [Revenue](index=6&type=section&id=Revenue) The company commercially launched Isupraglutide α in China in February 2025, recording revenue of **RMB 56.4 million** for the first time for the six months ended June 30, 2025, entirely from sales of this product in China - For the six months ended June 30, 2025, the company generated revenue of **RMB 56.4 million**, primarily from the sale of Isupraglutide α in China[16](index=16&type=chunk) [Cost of Sales](index=6&type=section&id=Cost%20of%20Sales) For the six months ended June 30, 2025, cost of sales was **RMB 6.0 million**, with the low amount primarily due to the company's accounting policy of recognizing manufacturing costs prior to commercial launch as R&D expenses - For the six months ended June 30, 2025, cost of sales was **RMB 6.0 million**[17](index=17&type=chunk) - The low cost of sales is due to the accounting policy of recognizing manufacturing costs prior to the commercial launch of Isupraglutide α as R&D expenses[17](index=17&type=chunk) [Gross Profit and Gross Margin](index=6&type=section&id=Gross%20Profit%20and%20Gross%20Margin) For the six months ended June 30, 2025, gross profit was **RMB 50.5 million**, with a high gross margin of **89.4%**, primarily reflecting the company's accounting policy of recognizing manufacturing costs prior to commercial launch as R&D expenses Gross Profit and Gross Margin (RMB thousands) | Metric | Six Months Ended June 30, 2025 | | :--- | :--- | | Gross Profit | 50,490 | | Gross Margin | 89.4% | - The high gross margin primarily reflects the company's accounting policy of recognizing manufacturing costs prior to commercial launch as R&D expenses[18](index=18&type=chunk) [Other Income and Gains](index=7&type=section&id=Other%20Income%20and%20Gains) Other income and gains decreased from **RMB 12.1 million** in the same period of 2024 to **RMB 5.2 million** in the same period of 2025, mainly due to reduced gains from termination of lease contracts and lower investment income from decreased structured deposit purchases and interest rates Details of Other Income and Gains (RMB thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Investment income from other investments classified as financial assets at fair value through profit or loss | 3,169 | 5,418 | | Bank interest income | 1,892 | 1,848 | | Foreign exchange gains | – | 264 | | Fair value gains from other investments classified as financial assets at fair value through profit or loss | 40 | 316 | | Gains from termination of lease contracts | – | 4,152 | | Others | 141 | 106 | | **Total** | **5,242** | **12,104** | - The decrease in other income and gains was primarily due to a gain of **RMB 4.2 million** from the termination of the lease for the Shanghai pilot production facility in the same period of 2024, and reduced investment income in the same period of 2025 due to fewer structured deposit purchases and lower interest rates[21](index=21&type=chunk) [Research and Development Expenses](index=8&type=section&id=Research%20and%20Development%20Expenses) R&D expenses significantly increased from **RMB 51.9 million** in the same period of 2024 to **RMB 99.1 million** in the same period of 2025, mainly due to increased raw material procurement expenses for Isupraglutide α production process improvements and higher CRO fees for Phase IIb/III clinical trials for obesity and overweight Details of Research and Development Expenses (RMB thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Preclinical research, clinical trials, and process improvement fees | 62,792 | 33,316 | | Employee benefit expenses | 12,996 | 9,198 | | Depreciation and amortization | 3,145 | 7,176 | | Raw material costs | 18,418 | 291 | | Others | 1,731 | 1,924 | | **Total** | **99,082** | **51,905** | - The increase in R&D expenses was primarily due to an **RMB 18.1 million** increase in raw material costs (for Isupraglutide α production process improvements and injection pen procurement for Phase IIb/III clinical trials for obesity and overweight), and an **RMB 29.5 million** increase in preclinical research, clinical trial, and process improvement fees (for CDMO payments and CRO fees)[23](index=23&type=chunk) [Administrative Expenses](index=9&type=section&id=Administrative%20Expenses) Administrative expenses slightly increased from **RMB 30.1 million** in the same period of 2024 to **RMB 31.6 million** in the same period of 2025, remaining relatively stable, with an increase in professional service fees offset by a decrease in employee benefit expenses Details of Administrative Expenses (RMB thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Employee benefit expenses | 14,256 | 19,736 | | Professional service fees | 12,355 | 5,476 | | Depreciation and amortization | 985 | 2,446 | | Others | 3,959 | 2,440 | | **Total** | **31,555** | **30,098** | - Administrative expenses remained relatively stable, increasing from **RMB 30.1 million** in the same period of 2024 to **RMB 31.6 million** in the same period of 2025[25](index=25&type=chunk) [Selling and Distribution Expenses](index=9&type=section&id=Selling%20and%20Distribution%20Expenses) Selling and distribution expenses significantly increased from zero in the same period of 2024 to **RMB 44.0 million** in the same period of 2025, primarily due to higher marketing and promotion expenses following the commercial launch of Isupraglutide α and the expansion of the commercialization team - Selling and distribution expenses increased from zero in the same period of 2024 to **RMB 44.0 million** in the same period of 2025[26](index=26&type=chunk) - The increase was primarily due to higher marketing and promotion expenses incurred after the commercial launch of Isupraglutide α and the expansion of the commercialization team[26](index=26&type=chunk) [Other Expenses](index=10&type=section&id=Other%20Expenses) Other expenses decreased from **RMB 4.5 million** in the same period of 2024 to **RMB 3.1 million** in the same period of 2025, mainly due to a loss on disposal of property, plant and equipment in the same period of 2024, while the current period primarily involved impairment losses on prepayments and donations - Other expenses decreased from **RMB 4.5 million** in the same period of 2024 to **RMB 3.1 million** in the same period of 2025[27](index=27&type=chunk) - The decrease was primarily due to a loss of **RMB 4.5 million** on the disposal of property, plant and equipment in the same period of 2024[27](index=27&type=chunk) [Finance Costs](index=10&type=section&id=Finance%20Costs) Finance costs decreased from **RMB 0.9 million** in the same period of 2024 to **RMB 0.4 million** in the same period of 2025, primarily due to reduced interest expenses on lease liabilities after the termination of the Shanghai factory lease in June 2024 - Finance costs decreased from **RMB 0.9 million** in the same period of 2024 to **RMB 0.4 million** in the same period of 2025[28](index=28&type=chunk) - The decrease was primarily due to reduced interest expenses on lease liabilities after the termination of the Shanghai factory lease in June 2024[28](index=28&type=chunk) [Liquidity and Capital Resources](index=10&type=section&id=Liquidity%20and%20Capital%20Resources) The company primarily funds its operations through shareholder contributions and private equity financing; net current assets decreased from **RMB 701.0 million** at the end of 2024 to **RMB 615.4 million** as of June 30, 2025, mainly due to increased current liabilities, particularly trade payables from higher CDMO service payments - The company primarily funds its operations through shareholder contributions and private equity financing[29](index=29&type=chunk) - 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 increased current liabilities[29](index=29&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, primarily due to increased trade payables[29](index=29&type=chunk) - Interest-bearing bank borrowings increased from **RMB 9.9 million** at the end of 2024 to **RMB 40.0 million** as of June 30, 2025, due to new borrowings[30](index=30&type=chunk) [Employees](index=12&type=section&id=Employees) As of June 30, 2025, the Group had **105 employees**, with total staff costs of **RMB 45.7 million**, a significant increase from the same period, mainly due to the expansion of the commercialization team; the company emphasizes talent recruitment and training, offering competitive remuneration and equity incentives - As of June 30, 2025, the Group had **105 employees**[38](index=38&type=chunk) - Total staff costs for the reporting period were **RMB 45.7 million**, compared to **RMB 28.6 million** in the same period, primarily due to the expansion of the commercialization team[38](index=38&type=chunk) - The company highly values recruiting and training qualified employees, offering competitive remuneration packages, equity incentives, and promotion opportunities[38](index=38&type=chunk) [Events After Reporting Period](index=12&type=section&id=Events%20After%20Reporting%20Period) On August 15, 2025, the company's H shares were successfully 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 - 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 H share[39](index=39&type=chunk) [Future Developments](index=12&type=section&id=Future%20Developments) Looking ahead to the second half of 2025, the company plans to actively advance the global expansion of Isupraglutide α for Type 2 Diabetes, progress its clinical development for obesity and overweight indications, and continue to promote its inclusion in the National Medical Insurance Drug List - The company plans to actively advance the global expansion of Isupraglutide α for the treatment of Type 2 Diabetes (T2D), including submitting BLA applications in Southeast Asia and Latin America[40](index=40&type=chunk) - The company will advance the clinical development of Isupraglutide α for obesity and overweight indications, including ongoing clinical trials in China and Australia[40](index=40&type=chunk) - The company plans to continue national-level negotiation efforts in the second half of 2025 to support the timely and smooth inclusion of Isupraglutide α in the National Medical Insurance Drug List[41](index=41&type=chunk) Corporate Governance and Other Information [Compliance with Corporate Governance Code](index=13&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) Since the listing date, the company has adopted the principles and code provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules; the Board believes that the combined role of Chairman and CEO ensures consistent leadership for the Group and will continue to review this arrangement - Since the listing date, the company has adopted the principles and code provisions contained in the Corporate Governance Code in Appendix C1 of the Listing Rules[42](index=42&type=chunk) - Dr. WANG QINGHUA serves concurrently as Chairman and CEO, an arrangement the Board believes ensures consistent leadership for the Group and will continue to be reviewed[42](index=42&type=chunk) [Compliance with Model Code for Securities Transactions by Directors and Supervisors](index=13&type=section&id=Compliance%20with%20Model%20Code%20for%20Securities%20Transactions%20by%20Directors%20and%20Supervisors) Since the listing date, the company has adopted the Model Code and established a code of conduct to regulate securities transactions by directors, supervisors, and relevant employees; all directors and supervisors have confirmed compliance with the code of conduct - Since the listing date, the company has adopted the Model Code and established a code of conduct for directors and supervisors dealing in the company's securities[44](index=44&type=chunk) - Following inquiry, directors and supervisors have confirmed their compliance with the code of conduct from the listing date up to the date of this announcement[44](index=44&type=chunk) [Changes in Financial Position After Reporting Period](index=13&type=section&id=Changes%20in%20Financial%20Position%20After%20Reporting%20Period) There have been no other significant changes in the Group's financial position since June 30, 2025 - There have been no other significant changes in the Group's financial position since June 30, 2025[45](index=45&type=chunk) [Audit Committee](index=14&type=section&id=Audit%20Committee) Since the listing date, the company has established an Audit Committee responsible for reviewing and overseeing the financial reporting process and internal control system; the Committee has reviewed the unaudited interim financial information for the reporting period and deemed it compliant with relevant accounting standards - Since the listing date, the company has established an Audit Committee, whose primary responsibilities include reviewing and overseeing the financial reporting process and internal control system[46](index=46&type=chunk) - The Audit Committee has reviewed the unaudited interim financial information for the reporting period and deemed it compliant with relevant accounting standards and regulations[46](index=46&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=14&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) Neither the company nor any of its subsidiaries has purchased, sold, or redeemed any of the company's listed securities since the listing date up to the date of this announcement, nor does it hold any treasury shares - Neither the company nor any of its subsidiaries has purchased, sold, or redeemed any of the company's listed securities since the listing date up to the date of this announcement[47](index=47&type=chunk) - As of the date of this announcement, the company does not hold any treasury shares[48](index=48&type=chunk) [Use of Proceeds from Global Offering](index=14&type=section&id=Use%20of%20Proceeds%20from%20Global%20Offering) The company's H shares were listed on August 15, 2025, with net proceeds from the global offering of approximately **HKD 634.7 million**, which will be used as stated in the prospectus; as of the date of this announcement, the intended use of net proceeds is consistent with previously disclosed information - The net proceeds received by the company from the global offering are approximately **HKD 634.7 million**, which will be used as stated in the prospectus[49](index=49&type=chunk) - As of the date of this announcement, the intended use of net proceeds is consistent with what was previously disclosed in the prospectus[50](index=50&type=chunk) [Interim Dividend](index=14&type=section&id=Interim%20Dividend) The Board does not recommend the payment of an interim dividend to shareholders for the reporting period - The Board does not recommend the payment of an interim dividend to shareholders for the reporting period[51](index=51&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=14&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This results announcement has been published on the company's website and the Stock Exchange's website; the interim report, containing all required information, is available on the website and will be dispatched to shareholders upon request - This results announcement has been published on the company's website (www.innogenpharm.com) and the Stock Exchange's website (www.hkexnews.hk)[52](index=52&type=chunk) Condensed Consolidated Financial Statements [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=15&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the company recorded revenue of **RMB 56,446 thousand** and gross profit of **RMB 50,490 thousand**; loss for the period expanded to **RMB 122,470 thousand**, with basic and diluted loss per share of **RMB 0.29** Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (RMB thousands) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 56,446 | – | | Cost of Sales | (5,956) | – | | Gross Profit | 50,490 | – | | Other Income and Gains | 5,242 | 12,104 | | Research and Development Expenses | (99,082) | (51,905) | | Administrative Expenses | (31,555) | (30,098) | | Selling and Distribution Expenses | (44,038) | – | | Other Expenses | (3,102) | (4,503) | | Finance Costs | (425) | (873) | | Loss Before Tax | (122,470) | (75,275) | | Income Tax Expense | – | – | | Loss for the Period | (122,470) | (75,275) | | Loss Per Share Attributable to Ordinary Equity Holders of the Parent Company (RMB) | (0.29) | (0.18) | [Interim Condensed Consolidated Statement of Financial Position](index=16&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets were **RMB 938,893 thousand**, of which current assets accounted for **RMB 857,088 thousand**; net assets were **RMB 682,719 thousand**, a decrease from **RMB 796,471 thousand** as of December 31, 2024 Interim Condensed Consolidated Statement of Financial Position (RMB thousands) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Total Non-current Assets | 81,805 | 95,585 | | Total Current Assets | 857,088 | 839,215 | | **Liabilities** | | | | Total Current Liabilities | 241,718 | 138,257 | | Total Non-current Liabilities | 14,456 | 72 | | **Equity** | | | | Total Equity | 682,719 | 796,471 | - Net assets decreased from **RMB 796,471 thousand** as of December 31, 2024, to **RMB 682,719 thousand** as of June 30, 2025[55](index=55&type=chunk) Notes to the Condensed Consolidated Financial Information [Company Information](index=18&type=section&id=Company%20Information) Guangzhou Innogen Pharmaceutical Group Co., Ltd. was established in China on December 5, 2014, primarily engaged in the R&D and commercialization of pharmaceutical products; its H shares were listed on the Main Board of the Stock Exchange on August 15, 2025 - The company was established in China on December 5, 2014, primarily engaged in the research and development and commercialization of pharmaceutical products[56](index=56&type=chunk)[57](index=57&type=chunk) - The company's H shares were listed on the Main Board of the Stock Exchange on August 15, 2025[58](index=58&type=chunk) [Basis of Preparation and Changes in Accounting Policies](index=18&type=section&id=Basis%20of%20Preparation%20and%20Changes%20in%20Accounting%20Policies) The interim condensed consolidated financial information is prepared in accordance with HKAS 34 and is consistent with the accounting policies adopted for the annual consolidated financial statements for the year ended December 31, 2024, except for the initial adoption of revised HKFRS accounting standards, which had no significant impact on the Group - The interim condensed consolidated financial information is prepared in accordance with Hong Kong Accounting Standard 34 Interim Financial Reporting[59](index=59&type=chunk) - The accounting policies adopted in the preparation of the interim condensed consolidated financial information are consistent with those adopted in the preparation of the Group's annual consolidated financial statements for the year ended December 31, 2024, except for the initial adoption of revised HKFRS accounting standards[60](index=60&type=chunk) - The amendments to Hong Kong Accounting Standard 21 had no impact on the interim condensed consolidated financial information, as all the Group's transaction currencies are convertible[61](index=61&type=chunk) [Operating Segment Information](index=19&type=section&id=Operating%20Segment%20Information) The Group's business is solely the sale of pharmaceutical products, and the chief operating decision-maker reviews the Group's overall performance, thus there is only a single operating segment; all non-current assets and revenue are derived from China, so no geographical information is presented - The Group's business is solely the sale of pharmaceutical products, with only a single operating segment[62](index=62&type=chunk) - Almost all of the Group's non-current assets are located in China, and all revenue is derived from operations in China, thus no geographical information is presented[63](index=63&type=chunk) [Details of Revenue, Other Income and Gains](index=19&type=section&id=Details%20of%20Revenue%2C%20Other%20Income%20and%20Gains) For the six months ended June 30, 2025, revenue from contracts with customers was **RMB 56,446 thousand**, entirely from pharmaceutical sales in mainland China; total other income and gains were **RMB 5,242 thousand**, a decrease from **RMB 12,104 thousand** in the same period of 2024, mainly affected by reduced investment income and gains from termination of lease contracts Revenue Analysis (RMB thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Revenue from contracts with customers | 56,446 | – | | Sale of pharmaceutical products | 56,446 | – | | Geographical market (Mainland China) | 56,446 | – | | Timing of revenue recognition (Goods transferred at a point in time) | 56,446 | – | Total Other Income and Gains (RMB thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Total other income | 5,061 | 7,266 | | Total gains | 181 | 4,838 | | **Total Other Income and Gains** | **5,242** | **12,104** | [Details of Other Expenses](index=20&type=section&id=Details%20of%20Other%20Expenses) For the six months ended June 30, 2025, total other expenses were **RMB 3,102 thousand**, mainly comprising impairment losses on prepayments and other receivables, and donations; the same period in 2024 primarily included a loss on disposal of property, plant and equipment Details of Other Expenses (RMB thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Impairment losses, net of reversals | 1,574 | 45 | | Loss on disposal of property, plant and equipment | – | 4,451 | | Donations | 1,341 | – | | Others | 187 | 7 | | **Total** | **3,102** | **4,503** | [Details of Loss Before Tax](index=21&type=section&id=Details%20of%20Loss%20Before%20Tax) For the six months ended June 30, 2025, loss before tax was **RMB 122,470 thousand**, primarily influenced by R&D expenses, selling and distribution expenses, employee benefit expenses, and listing expenses Components of Loss Before Tax (RMB thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Depreciation of plant and equipment | 1,337 | 1,282 | | Amortization of intangible assets | 2,225 | 6,079 | | Depreciation of right-of-use assets | 560 | 2,248 | | Interest on lease liabilities | 149 | 858 | | Lease payments not included in the measurement of lease liabilities | 1,580 | 1,700 | | Bank interest income | (1,892) | (1,848) | | Listing expenses | 9,794 | – | | Exchange losses/(gains) | 187 | (264) | | Gains from termination of lease contracts | – | (4,152) | | Loss on disposal of property, plant and equipment | – | 4,451 | | Auditor's remuneration | 746 | – | | Total employee benefit expenses | 45,691 | 28,551 | [Details of Finance Costs](index=21&type=section&id=Details%20of%20Finance%20Costs) For the six months ended June 30, 2025, total finance costs were **RMB 425 thousand**, mainly comprising interest on bank loans and other borrowings, and interest on lease liabilities; finance costs decreased from **RMB 873 thousand** in the same period of 2024, primarily due to reduced interest on lease liabilities Details of Finance Costs (RMB thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Interest on bank loans and other borrowings | 276 | 15 | | Interest on lease liabilities | 149 | 858 | | **Total** | **425** | **873** | [Income Tax](index=22&type=section&id=Income%20Tax) The Group is subject to income tax on a legal entity basis on profits arising in or derived from the jurisdictions where its member companies are registered and operate; the corporate income tax rate for Chinese subsidiaries is **25%** - The Group is subject to income tax on a legal entity basis on profits arising in or derived from the jurisdictions where its member companies are registered and operate[67](index=67&type=chunk) - The corporate income tax rate for Chinese subsidiaries is **25%**[68](index=68&type=chunk) [Loss Per Share](index=22&type=section&id=Loss%20Per%20Share) For the six months ended June 30, 2025, basic and diluted loss per share attributable to ordinary equity holders of the parent company was **RMB 0.29**, an increase from **RMB 0.18** in the same period of 2024; the Group had no potentially dilutive ordinary shares outstanding Loss Per Share Calculation (RMB thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Loss attributable to ordinary equity holders of the parent company used in calculating basic loss per share | (122,470) | (75,275) | | Weighted average number of ordinary shares outstanding during the period used in calculating basic loss per share | 420,263 | 419,021 | | **Loss Per Share (Basic and Diluted) (RMB/share)** | **(0.29)** | **(0.18)** | - The Group had no potentially dilutive ordinary shares outstanding, and the basic loss per share presented for the period was not adjusted[70](index=70&type=chunk) [Prepayments and Other Receivables](index=23&type=section&id=Prepayments%20and%20Other%20Receivables) As of June 30, 2025, non-current prepayments and other receivables totaled **RMB 24,608 thousand**, and current portion totaled **RMB 77,463 thousand**; current other receivables significantly increased from **RMB 1,215 thousand** at the end of 2024 to **RMB 53,256 thousand** Prepayments and Other Receivables (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Non-current:** | | | | Deductible VAT | – | 11,851 | | Prepayments for long-term assets | 23,328 | 46,340 | | Lease deposits | 1,280 | – | | **Total Non-current** | **24,608** | **58,191** | | **Current:** | | | | Deductible VAT | 17,508 | 6,676 | | Deferred listing expenses | 2,730 | 3,591 | | Prepayments to suppliers | 5,213 | 1,854 | | Other receivables | 53,256 | 1,215 | | Others | 482 | 129 | | Impairment provision | (1,726) | (165) | | **Total Current** | **77,463** | **13,300** | - Current other receivables significantly increased from **RMB 1,215 thousand** as of December 31, 2024, to **RMB 53,256 thousand** as of June 30, 2025[73](index=73&type=chunk) [Trade Receivables](index=23&type=section&id=Trade%20Receivables) As of June 30, 2025, trade receivables were **RMB 8,599 thousand**, all due within one year; there were no trade receivables as of December 31, 2024 Aging Analysis of Trade Receivables (RMB thousands) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within one year | 8,599 | – | [Trade Payables](index=24&type=section&id=Trade%20Payables) As of June 30, 2025, trade payables were **RMB 136,312 thousand**, all due within one year, an increase from **RMB 91,045 thousand** as of December 31, 2024 Aging Analysis of Trade Payables (RMB thousands) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within one year | 136,312 | 91,045 | [Dividends](index=24&type=section&id=Dividends) The company neither paid nor declared any dividends for the six months ended June 30, 2025, and 2024 - The company neither paid nor declared any dividends for the six months ended June 30, 2025, and 2024[75](index=75&type=chunk) Definitions and Glossary [Glossary of Terms](index=25&type=section&id=Glossary%20of%20Terms) This section provides definitions for key terms used in the announcement, including Company, Group, H shares, Board, Corporate Governance Code, China, CDMO, CRO, Listing, Listing Date, Listing Rules, Model Code, Prospectus, Reporting Period, RMB, R&D, Shares, Shareholders, Stock Exchange, Supervisors, Treasury Shares, Unlisted Shares, etc - The 'Group' or 'we' refers to the Company and its subsidiaries[78](index=78&type=chunk) - The 'Company' refers to Guangzhou Innogen Pharmaceutical Group Co., Ltd., whose H shares are listed on the Main Board of the Stock Exchange (stock code: 2591)[79](index=79&type=chunk) - The 'Listing Date' refers to August 15, 2025, when the H shares were listed on the Main Board of the Stock Exchange[80](index=80&type=chunk)

Group 1 - The Hong Kong biotechnology stocks experienced a collective decline, with notable drops in several companies [1] - WuXi AppTec (02126) saw a decrease of 12.95%, closing at 4.840 [2] - BioNTech (06952) fell by 12.53%, with a latest price of 13.750 [2] Group 2 - Other companies such as Valiant (09887) and Beihai Kangcheng (01228) also reported significant declines of 9.93% and 9.75% respectively [2] - The decline extended to companies like Saint Noble (02257) and MIRXES (02629), which dropped by 9.64% and 8.43% [2] - Overall, the biotechnology sector is facing downward pressure, impacting multiple firms [1]

Group 1 - The biotechnology sector in the Hong Kong stock market experienced a significant decline, with several companies reporting substantial drops in their stock prices [1] - Notable declines include Clover Biopharmaceuticals, which fell by 14.13%, and Beigene, which dropped by 8.33% [2] - Other companies such as Innovent Biologics and WuXi Biologics also saw declines exceeding 5%, indicating a broader trend of negative performance in the sector [1][2] Group 2 - The following companies reported specific percentage declines: Clover Biopharmaceuticals (-14.13%), Beigene (-8.33%), and Innovent Biologics (-6.50%) [2] - Additional companies with notable declines include Kintor Pharmaceutical (-6.38%), CanSino Biologics (-5.98%), and Zai Lab (-5.50%) [2] - The overall trend suggests a challenging environment for biotechnology stocks in the Hong Kong market [1]