Core Viewpoint - Deloitte has resigned as the auditor for Shenghe Bio-B (02898) effective immediately due to a failure to reach an agreement on the audit fees for the consolidated financial statements for the year ending December 31, 2025 [1] Group 1 - Deloitte submitted a resignation letter dated September 9, 2025 [1] - The resignation is effective immediately [1] - The reason for the resignation is the inability to agree on audit fees for the company and its subsidiaries [1]

董事會謹此宣佈，德勤‧關黃陳方會計師行（「德勤」）已提呈其日期為2025年9月9 日的辭任函件（「辭任函件」），據此，德勤已辭任本公司核數師（「核數師」）一職， 即時生效，原因為本公司未能就審核本公司及其附屬公司（「本集團」）截至2025年 12月31日止年度的綜合財務報表的審核費用與德勤達成共識。董事會及本公司審 核委員會（「審核委員會」）已審閱德勤提供的審核建議及其他專業會計師事務所提 供的審核建議，並已考慮彼等各自的行業經驗、技術知識、資源分配、往績記錄 及建議費用。鑑於其他專業會計師事務所提供的建議更具競爭力，董事會及審核 委員會認為更換核數師將提高本公司審核工作的成本效益。 德勤於辭任函件中確認，概無與其辭任有關的事宜須提請本公司股東（「股東」）垂 注。董事會及審核委員會亦已確認，除上文所披露的審核費用外，德勤與本公司 並無其他意見分歧，亦無其他有關更換核數師的事宜須提請股東垂注。 於本公告日期，董事會確認，德勤尚未就本集團截至2025年12月31日止年度的綜 合財務報表展開任何審核工作。因此，預期更換核數師將不會對本集團截至2025 年12月31日止年度的年度審核工作構成任何重大影響。 – 1 – ...

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: 盛禾生物控股有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02898 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 200,000,000 | USD | | 0.0005 | USD | | 100,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 200,000,000 | USD | | 0.0005 | USD | | 100,000 | FF301 第 1 頁 ...

Core Viewpoint - Shenghe Biotechnology-B (02898.HK) reported a significant increase in other income and a reduction in R&D expenses, but also experienced a rise in losses for the six months ending June 30, 2025 compared to the same period in 2024 [1] Financial Performance - Other income increased by 178% from approximately RMB 1.8 million for the six months ending June 30, 2024 to approximately RMB 5.0 million for the reporting period, primarily due to increased interest income from financial institutions [1] - R&D expenses decreased from approximately RMB 37.7 million in the first half of 2024 to approximately RMB 28.8 million in the reporting period, mainly due to a reduction in share-based compensation [1] - Losses for the period increased from approximately RMB 36.1 million for the six months ending June 30, 2024 to approximately RMB 38.2 million for the reporting period [1]

Group 1 - The company Shenghe Biotechnology-B (02898) reported its interim results for 2025, showing other income of 5.035 million, which represents a year-on-year increase of 182.55% [1] - The company recorded a net loss of 38.199 million, reflecting a year-on-year increase of 5.88% [1] - The loss per share was reported at 0.25 yuan [1]

Group 1 - The company Shenghe Biotechnology-B (02898) reported its mid-year results for 2025, showing other income of 5.035 million, which represents a year-on-year increase of 182.55% [1] - The net loss for the company was 38.199 million, reflecting a year-on-year increase of 5.88% [1] - The loss per share was reported at 0.25 yuan [1]

Financial Performance - For the six months ended June 30, 2025, the company reported a net loss of RMB 38.199 million, compared to a net loss of RMB 36.077 million for the same period in 2024, representing an increase in loss of approximately 5.9%[3] - Total revenue for the reporting period was RMB 5.035 million, a decrease from RMB 1.782 million in the same period of 2024, indicating a decline of approximately 71.7%[3] - The total comprehensive loss for the period was RMB 38.199 million, compared to RMB 36.077 million in the previous year, indicating a worsening financial position[3] - The company reported a basic loss per share of RMB 0.25 for the current period, compared to a loss of RMB 0.34 per share in the same period last year[3] - Government subsidies received amounted to RMB 17,000 thousand for the six months ended June 30, 2025, compared to RMB 38,000 thousand for the same period in 2024[15] - Financial income for the six months ended June 30, 2025, was RMB 5,018,000 thousand, an increase from RMB 1,744,000 thousand in the same period of 2024[15] - The company recorded a net loss of approximately RMB 38.2 million in the reporting period, up from approximately RMB 36.1 million for the six months ended June 30, 2024[66] Expenses - Research and development expenses amounted to RMB 37.708 million, compared to RMB 28.767 million in the previous year, reflecting an increase of about 31.1%[3] - Administrative expenses were RMB 15.270 million, up from RMB 12.678 million in the prior year, marking an increase of approximately 20.5%[3] - Total research and development expenses for the reporting period amounted to approximately RMB 28.8 million, with employee costs contributing approximately RMB 8.2 million[61] - Administrative expenses for the reporting period were approximately RMB 12.7 million, reflecting a decrease due to reduced costs associated with the company's listing[62] - Financial costs increased to approximately RMB 0.8 million in the reporting period, primarily due to increased interest expenses on bank loans[63] Assets and Liabilities - Total assets decreased from RMB 516,589 thousand to RMB 483,807 thousand, a decline of approximately 6.35%[7] - Current assets net value decreased from RMB 448,852 thousand to RMB 413,991 thousand, a decline of about 7.76%[7] - Total liabilities increased from RMB 492,998 thousand to RMB 488,066 thousand, a decrease of about 1.23%[7] - The company reported a total equity of RMB 481,266 thousand, down from RMB 511,938 thousand, a decrease of about 5.98%[8] - The debt-to-asset ratio increased to approximately 13.73% as of June 30, 2025, compared to 8.7% as of December 31, 2024[71] Cash Flow - The cash and cash equivalents as of June 30, 2025, were approximately RMB 171 million, a decrease from RMB 79 million as of December 31, 2024[3] - Cash and cash equivalents totaled approximately RMB 171 million as of June 30, 2025, an increase of approximately 116% from approximately RMB 79.0 million as of December 31, 2024[67] Strategic Initiatives - The company is focusing on expanding its market presence and enhancing its product offerings through ongoing research and development initiatives[2] - The company has not provided specific guidance for future performance but indicated a commitment to improving operational efficiency and financial performance[2] - The company is exploring potential strategic partnerships and acquisitions to bolster its market position and drive growth[2] Research and Development - The company focuses on the discovery, development, and commercialization of biopharmaceuticals for cancer and autoimmune diseases, with three core products: IAH0968, IAP0971, and IAE0972[27] - The company is focused on developing regulatory immune microenvironments through direct modulation of innate and adaptive immune systems[10] - The company is developing antibody-cytokine fusion proteins to overcome limitations of traditional cytokine therapies, aiming to enhance anti-tumor effects and address the needs of cancer patients[29] - The company has a diverse product pipeline with multiple candidates in various clinical stages, including IAP0971 and IAE0972, targeting different cancers and autoimmune diseases[41] Clinical Trials - IAH0968 is an antibody-dependent cellular cytotoxicity (ADCC) enhanced monoclonal antibody currently in Phase II clinical trials for colorectal cancer and gastric cancer[27] - The company has initiated Phase II clinical trials for IAE0972 targeting head and neck squamous cell carcinoma and nasopharyngeal carcinoma[27] - IAP0971, a self-developed dual-target PD-1 antibody, showed good safety at a dose of 200μg/kg in Phase I trials for advanced malignancies, with no observed dose-limiting toxicities (DLT) or maximum tolerated doses (MTD)[34] - The company has initiated a Phase II and III clinical trial for IAE0972 in combination with chemotherapy for recurrent or metastatic HNSCC and NPC, with the first patient dosed in May 2025[38] Corporate Governance - The company has adopted corporate governance principles and has complied with all applicable rules during the reporting period[81] - The audit committee consists of three independent non-executive directors, ensuring compliance with corporate governance standards[84] - The audit committee has reviewed the interim results for the reporting period and expressed no dissent[85] Employee and Training - The group had a total of 128 employees as of June 30, 2025, with total compensation costs of approximately RMB 18.1 million during the reporting period, compared to approximately RMB 28.5 million for the six months ending June 30, 2024[79] - The group emphasizes employee training to enhance technical and product knowledge, offering various training courses for different positions[79] - The company has established a performance evaluation system to determine salary increases, bonuses, or promotions for employees[79] Future Plans - The company plans to utilize the net proceeds from the global offering fully by the end of 2028, based on the progress of core product development[77] - The company aims to focus on the development of antibody cell fusion proteins to strengthen its position in drug development[54] - The company plans to expand GMP-compliant production facilities to increase production capacity and build a commercial team[54]

盛禾生物控股有限公司 董事會會議通告 盛 禾 生 物 控 股 有 限 公 司（「 本 公 司 」， 連 同 其 附 屬 公 司 ， 統 稱「 本 集 團 」）董 事（「 董 事」）會（「董事會」）謹此宣佈，本公司將於2025年8月29日（ 星期五 ）舉行董事會會 議，藉以（ 其中包括 ）考慮及批准本集團截至2025年6月30日止六個月的中期業績 及其刊發，考慮派發中期股息（ 如有 ）並處理任何其他事務。 承董事會命 香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部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。 Sunho Biologics, Inc. 盛 禾 生 物 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：2898） 主席兼執行董事 張峰先生 香港，2025年8月19日 於本公告日期，執行董事為張峰先生、殷劉松博士及姜曉玲女士；非執行董事為 范融奎先生；及獨立非執行董事為陳向榮先生、馮嵐女士及史錄文先 ...

致：香港交易及結算所有限公司 公司名稱: 盛禾生物控股有限公司 呈交日期: 2025年8月1日 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7月31日 狀態: 新提交 I. 法定/註冊股本變動 FF301 III.已發行股份及/或庫存股份變動詳情 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02898 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 200,000,000 | USD | | 0.0005 USD | | 100,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 200,000,000 | USD | | 0.0005 USD | | 100,000 | 本月底 ...

Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of RMB 9,485,000, a decrease of 54.9% compared to RMB 21,005,000 in 2023[5]. - The company incurred a pre-tax loss of RMB 79,965,000 for 2024, an improvement from a loss of RMB 132,701,000 in 2023, representing a 39.6% reduction in losses[5]. - Other income decreased by approximately 54.8% from about RMB 210.0 million in 2023 to approximately RMB 94.9 million in the reporting period, mainly due to a reduction in government subsidies received[49]. - The company's income tax expense for the reporting period was zero, consistent with the year ended December 31, 2023[57]. - The net loss for the reporting period decreased to approximately RMB 80.0 million from approximately RMB 132.7 million for the year ended December 31, 2023[58]. - As of December 31, 2024, the total cash and cash equivalents amounted to approximately RMB 79.0 million, a decrease of about 36.9% from approximately RMB 125.1 million as of December 31, 2023[59]. - The company's total borrowings as of December 31, 2024, were RMB 34.3 million, with RMB 9.5 million secured by bank deposits[61]. - The debt-to-asset ratio decreased to approximately 8.7% as of December 31, 2024, from approximately 135.8% as of December 31, 2023[62]. - The company recorded listing expenses of approximately RMB 25.8 million and RMB 19.6 million for the reporting period and the year ended December 31, 2023, respectively[56]. - The total employee compensation cost for the reporting period was RMB 48.4 million, slightly up from RMB 48.2 million for the year ended December 31, 2023[72]. Research and Development - Research and development expenses increased to RMB 71,117,000 in 2024, up 65.3% from RMB 43,041,000 in 2023, reflecting the company's commitment to advancing its product pipeline[5]. - The company has nine pipeline products, with three currently in clinical stages focused on cancer treatment as of December 31, 2024[7]. - The core product IAH0968 entered Phase IIb/III clinical trials for HER2-positive advanced or metastatic colorectal cancer and gastric cancer in 2024[9]. - The core product IAP0971 commenced Phase I/II clinical trials for high-risk non-muscle invasive bladder cancer in 2024[9]. - The company received IND approval for IAE0972 to conduct Phase II/III clinical trials for recurrent or metastatic head and neck squamous cell carcinoma and nasopharyngeal carcinoma in 2024[9]. - IAH0968 has shown a 40% objective response rate (ORR) and an 80% disease control rate (DCR) in patients with previously treated metastatic CRC and BTC[17]. - IAP0971 is a dual-target PD-1 antibody expected to enhance anti-tumor activity by activating immune cells at the tumor site[19]. - IAE0972, a dual-functional fusion protein targeting EGFR, is designed to activate immune cells and is currently in clinical trials for advanced solid tumors[22][23]. - The product pipeline status as of December 31, 2024, includes several promising candidates across different stages of development[28]. - The company has developed multiple candidates based on its AICTM platform, including IAP0971, IAE0972, IBB0979, and ISH0613, which are currently in clinical stages[36]. Corporate Strategy and Goals - The company aims to become a leading international biopharmaceutical innovation enterprise by 2025, marking a critical year for its global development[10]. - The company aims to maximize asset value through international collaboration opportunities[12]. - The company is focused on expanding its market presence and enhancing its R&D capabilities in biopharmaceuticals and biosimilars[77]. - The company aims to develop innovative immunotherapies to overcome the limitations of current therapies, such as low response rates and drug resistance[96]. - The company aims to actively seek international collaboration opportunities to maximize asset value and enhance global brand recognition[47]. Management and Governance - Zhang Feng appointed as Executive Director and Chairman of the Board on July 22, 2023, with over 23 years of experience in the pharmaceutical industry[75]. - Dr. Yin Liusong appointed as CEO and Chief Scientific Officer on July 22, 2023, with over 10 years of experience in the biopharmaceutical sector[76]. - Jiang Xiaoling appointed as Executive Director and Vice President on July 22, 2023, responsible for R&D and product registration, with over 17 years of drug development experience[77]. - The management team includes professionals with extensive backgrounds in investment and auditing, enhancing the company's strategic direction[79]. - The independent directors bring over 22 years of experience in the pharmaceutical industry, contributing to governance and strategic oversight[83]. - The board consists of three executive directors, one non-executive director, and three independent non-executive directors, ensuring a balanced and independent decision-making process[185]. - The company has maintained compliance with corporate governance codes since its listing date and will continue to review and enhance its governance practices[187]. - The board has established mechanisms to ensure it receives independent viewpoints and opinions, enhancing its ability to make independent judgments[189]. Production and Facilities - The company has established four production lines with a total capacity of 1,600 liters, including three 200-liter and one 1,000-liter single-use bioreactors[46]. - A new 5,000-liter bioreactor production line has been installed and certified as of November 2023, enabling the company to produce candidates for Phase III clinical trials and commercialization[46]. - The company is expanding its GMP-compliant production facilities to increase production capacity[12]. - The company has successfully completed over 30 batches of antibody cytokines, mAbs, bsAbs, and fusion proteins to meet preclinical research and early clinical trial needs[46]. Risks and Challenges - The company has faced significant risks related to the successful development and commercialization of its clinical and preclinical drug candidates[104]. - The company may encounter difficulties in recruiting patients for clinical trials targeting late-stage cancer treatments[104]. - The actual market size for the company's candidate products may be smaller than expected, impacting market acceptance and sales[108]. - The company faces risks related to compliance with applicable regulations and industry standards, which could harm its reputation and business[112]. - Regulatory approval processes for drug candidates are lengthy and may change, which could severely harm the business if approvals are delayed[116]. Shareholder Information - The board of directors did not recommend the payment of a final dividend for the reporting period, consistent with the previous year[74]. - The company had no charitable or other donations during the reporting period, consistent with 2023[136]. - As of December 31, 2024, the company had no distributable reserves, unchanged from 2023[138]. - The company did not enter into any equity-linked agreements that would lead to the issuance of shares during the reporting period[139]. - The company has confirmed compliance with non-competition commitments, with no offers or notifications received from Mr. Zhang since the agreement was signed until December 31, 2024[160].