Group 1 - The stock price of Valiant Biotech-B (09887.HK) increased by 113% [1] - The stock price of China Antibody-B (03681.HK) rose by 8.37% [1] - The stock price of Lepu Biopharma-B (02157.HK) went up by 5.64% [1] - The stock price of Tongyuan Kang Pharmaceutical-B (02410.HK) increased by 3.81% [1]

Group 1: Hong Kong Stock Market Movements - Jin Jing New Energy (01783) rose over 4.5% as the Hang Seng Index company is set to release its mid-year review results on August 22, with changes effective from September 8 [1] - Paper stocks in Hong Kong continued to rise, with Nine Dragons Paper (02689.HK) increasing over 7%, recording five consecutive gains, while Lee & Man Paper (02314.HK) rose about 5% [1] - Airline stocks saw significant gains, with China National Aviation (0753.HK) up over 7%, driven by the Civil Aviation Administration's emphasis on enhancing the industry’s competitive landscape [1] - Renrui Talent (06919) surged over 19% after announcing a positive earnings forecast, expecting revenue of approximately RMB 2.49 billion to 2.69 billion for the year ending June 30, 2025, representing a year-on-year growth of 21.1% to 30.8% [1] Group 2: Other Notable Stock Movements - China Antibody-B (03681) increased over 8% after entering into subscription agreements for the issuance of 182 million new shares at a subscription price of HKD 2.03 per share [2] - Fufeng Group (00546) rose over 4% with an expected net profit of RMB 1.74 billion for the first half of the year, a 67% increase year-on-year, attributed to higher sales and lower raw material costs [2] - Cao Cao Travel (02643) gained over 4%, reaching a new high following a strategic partnership with a leading commercial aerospace company [2] - NIO-SW (09866) rose over 8%, with a cumulative increase of over 40% in the month [2] Group 3: US Stock Market Highlights - Kohl's (KSS.US) saw a dramatic increase of nearly 90%, becoming a popular "meme stock" among retail investors, closing at $14.34, up 37.62% [3] - Daqo New Energy (DQ.US) closed at $24.60, with a rise of 16.75%, as silicon material prices have been on the rise, with an increase of 25-35% recently [3] - General Motors (GM.US) stock fell by 8.12% to $48.89, with the CFO indicating potential tariff impacts of up to $5 billion this year [3] - The Nasdaq Golden Dragon China Index rose 1.35%, with notable gains in Chinese concept stocks, including PONY.US up 8.62% and NIO.US up 10.84% [3] Group 4: Additional Stock Movements - Faraday Future (FFAI.US) surged over 43% after receiving a non-binding order for 1,000 vehicles valued at up to $100 million [4] - Most new energy vehicle stocks rose, with Lucid Group (LCID.US) closing at $3.13, an increase of about 11% [4] - Circle (CRCL.US) fell by 8.23% after a downgrade from "neutral" to "sell" by Compass Point Research [4] - Replimune (REPL.US) dropped 77% after the FDA rejected its application for a combination therapy for advanced melanoma, citing insufficient evidence [4]

Group 1 - Nanshan Aluminum International (02610.HK) expects a mid-term net profit of approximately $225 million to $265 million for the six months ending June 30, 2025, compared to a net profit of about $159 million for the same period ending June 30, 2024 [1] - The increase in net profit is primarily attributed to an improvement in gross margin, driven by higher alumina prices and relatively stable unit production costs [1] - The average selling price of the company's products for the first half of 2025 is expected to be around $530 per ton, up from approximately $387 per ton in the first half of 2024, but lower than $561 per ton in the second half of 2024 [1] Group 2 - TCL Electronics (01070.HK) anticipates a year-on-year adjusted net profit growth of approximately 45% to 65% for the first half of 2025 [2] - Renrui Talent (06919.HK) expects a mid-term profit attributable to equity holders to increase by 66.7% to 94.1% [2] - China Rare Earth Holdings (03788.HK) reports an increase in total gold resources to 5.07 million ounces [2]

Investment Rating - The report maintains a "Positive" investment rating for the industry [8]. Core Insights - IL-25 is identified as a novel target in the Type II inflammation pathway, showing upregulation in atopic dermatitis (AD), psoriasis, and contact dermatitis, indicating its involvement in the progression of these skin inflammatory diseases [2][5][27]. - The drug SM17, developed by Chinese Antibody, is a first-in-class (FIC) IL-17RB monoclonal antibody targeting IL-25, demonstrating promising proof-of-concept (PoC) data in Phase Ib trials for atopic dermatitis, with superior itch relief compared to existing therapies [6][35][42]. Summary by Sections IL-25 as a Target - IL-25, a member of the IL-17 cytokine family, plays a crucial role in host defense and inflammatory diseases, inducing the production of IL-4, IL-5, and IL-13, while inhibiting Th17 differentiation [5][17]. - The upregulation of IL-25 in various skin inflammatory diseases suggests its potential for multi-indication exploration [27]. SM17 Clinical Data - In the Phase Ib trial, 75% of patients in the high-dose group achieved at least a 75% improvement in the Eczema Area and Severity Index (EASI-75) by week 12, compared to 0% in the placebo group, indicating a significant difference of 75% [6][35]. - The high-dose group also showed that 91.7% of patients had a significant reduction in the Peak Pruritus Numeric Rating Scale (PP-NRS) score, with no responders in the placebo group [7][38]. - SM17 demonstrated rapid and deep itch relief, outperforming existing AD therapies while maintaining comparable skin lesion improvement [41][43]. Competitive Landscape - Currently, only two IL-25-targeting candidates, SM17 and XKH001, are in clinical development, indicating a relatively early stage of research for this target compared to more established pathways like IL-17 and IL-4 [6][33]. - The competitive landscape for IL-25 and IL-17RB-targeting drugs is evolving, with several candidates in various stages of development [34].

年初至今，新药放量+Biotech逐步减亏盈利+重磅BD频出催化创新药大行情。自三生制药拿下辉瑞60亿美元BD后，再度印证了中国创新药领域在全球的竞 争力，近期整个市场都在"疯狂"挖掘下一个重磅BD。 事实上，在众多免疫系统疾病中，特应性皮炎是一种常见的高发的疾病，尤其是在儿童人群中高发，其所带来的皮肤瘙痒以及皮肤破损，严重影响患者的生 活质量。然而目前现有治疗方案无法完全达到兼顾快速止痒、皮损改善和安全性的效果。 流行病学研究显示，全球AD患者数至少2.3亿人，我国AD患者群体庞大，超过7000万人，其中中重度AD占比约达28%。对比之下，美国预计AD成人患者数 在1650万，中重度AD占比约占40%。庞大的患者群体意味着AD市场存在着巨大潜力，也推动药企加速开发差异化疗法。 6月3日，中国抗体的股价迅速拉升，盘中股价涨幅一度达到45.75%，最终收盘价2港元，收涨30.72%；6月4日，中国抗体股价继续大涨，盘中最高价触及 2.99港元，创下自2022年2月以来股价新高，后收涨42.5%，两个交易日股价涨幅高达86.27%，这也是市场预期中国抗体创新加速，押注公司未来重磅BD交 易的真实反应。 例如，安进 ...

Group 1: Stock Movements in Hong Kong Market - Youqu Holdings (02177) surged over 24% as it actively expands into the health sector with the launch of the Canadian anti-aging health food brand Vanpearl containing ergothioneine [1] - Longfly Fiber Optics (06869) rose nearly 10% following the commencement of mass production at its advanced Wuhan base, successfully producing its first 6-inch silicon carbide wafer [1] - SF Holding (06936) increased over 5% with a reported 19.1% year-on-year growth in express delivery volume in April 2025, reaching 16.32 billion parcels [1] Group 2: Notable Developments in Other Companies - Alibaba Pictures (01060) gained over 4% after announcing a name change to Damai Entertainment, indicating a focus on offline performances and IP derivatives [2] - Innovent Biologics (01801) rose over 4% after presenting promising results for its innovative drug IBI343 for treating advanced pancreatic cancer at the 2025 ASCO annual meeting [2] - Ideal Auto (02015) saw a rise of over 6% with May deliveries reaching 40,856 units, marking a 16.7% year-on-year increase [4] Group 3: U.S. Market Highlights - Ferguson (FERG.US) increased by 2.9% with Q3 sales of $7.621 billion, a 4.3% year-on-year growth, exceeding market expectations [5] - Credo Technology (CRDO.US) surged over 14% with Q4 revenue of $170.3 million, a 179.7% year-on-year increase [6] - Nvidia (NVDA.US) rose by 2.8% as UBS projected significant revenue from a new AI data center project in Texas [6]

Group 1 - As of June 3, a total of 105 stocks reached their 52-week highs, with Huayin International Holdings (00989), Dingyifeng Holdings (00612), and Youquhui Holdings (02177) leading the high rate at 57.26%, 37.93%, and 23.02% respectively [1] - The closing prices and highest prices for the top three stocks are as follows: Huayin International Holdings at 1.370 and 1.950, Dingyifeng Holdings at 0.770 and 0.800, and Youquhui Holdings at 3.550 and 3.580 [1] - Other notable stocks that reached their 52-week highs include China Antibody-B (03681) with a high rate of 21.62% and Fengcheng Holdings (02295) at 19.52% [1] Group 2 - The report also lists stocks that reached their 52-week lows, with Des Holdings (08437) showing the largest decline at -38.79%, followed by Dimi Life Holdings (01667) at -20.50% [3] - The closing prices and lowest prices for the top three stocks that reached their lows are: Des Holdings at 0.177 and 0.071, Dimi Life Holdings at 0.140 and 0.128, and Lujizhi Technology (01745) at 0.197 and 0.194 [3] - Other stocks with significant declines include GBA Group (00261) at -11.48% and Baide International (02668) at -10.88% [3]

Financial Performance - The company reported a pre-tax loss of RMB 243,111,000 for the fiscal year ending December 31, 2023, a decrease of 14.5% compared to RMB 284,158,000 in 2022[5]. - The total equity of the company decreased to RMB 192,911,000 in 2024 from RMB 295,583,000 in 2023, reflecting a decline of 34.7%[5]. - Other income and gains totaled approximately RMB 7.6 million, a decrease of about RMB 3.1 million compared to the previous year, primarily due to a reduction in government subsidies of approximately RMB 2.4 million[79]. - Research and development costs decreased to approximately RMB 94.8 million in 2024 from RMB 135.4 million in 2023, mainly due to a reduction in laboratory supplies and testing costs by approximately RMB 33.2 million[81]. - Administrative expenses totaled approximately RMB 67.7 million in 2024, down from RMB 97.6 million in 2023, primarily due to a decrease in share-based payments of approximately RMB 13.0 million[82]. - The total available funds, including cash and cash equivalents, pledged and restricted deposits, and structured deposits, decreased to RMB 141.4 million in 2024 from RMB 233.1 million in 2023, a net decrease of approximately RMB 91.7 million[86]. - The net cash used in operating activities was RMB (130.8) million in 2024, compared to RMB (133.8) million in 2023[88]. - As of December 31, 2024, the outstanding bank borrowings amounted to RMB 419.3 million, an increase from RMB 391.4 million in 2023[90]. - The actual interest rates on bank borrowings ranged from 3.15% to 3.90% in 2024, compared to 3.30% to 4.05% in 2023[90]. - The company reported a net current liability of RMB 18,161,000 and a net loss of RMB 185,141,000 for the year ending December 31, 2024[198]. Research and Development - Research and development costs for the fiscal year 2023 were RMB 135,409,000, down 25% from RMB 180,368,000 in 2022[5]. - The flagship product, Suciraslimab, has completed two major regulatory inspections and is awaiting final approval from the National Medical Products Administration for the treatment of rheumatoid arthritis[9]. - The company is actively exploring additional therapeutic applications for Suciraslimab, including its potential use in treating Alzheimer's disease[9]. - The development of SM17, a humanized monoclonal antibody targeting IL-25, is progressing significantly, with potential applications in atopic dermatitis, asthma, and other immune diseases[10]. - The company has added two new candidate drugs to its pipeline, targeting vitiligo and osteoporosis, respectively[11]. - The company aims to achieve three interrelated milestones by 2025: obtaining regulatory approval for Suciraslimab, strategic licensing or collaboration for SM17, and expanding its global footprint[12]. - SM17 demonstrated good safety and tolerability in preclinical and Phase 1 clinical trials, outperforming JAK1 inhibitors[13]. - The Phase 1b proof-of-concept study for SM17 in patients with atopic dermatitis (AD) included 32 moderate to severe patients, with the last patient visit completed on March 24, 2025[13]. - The flagship product, Suciraslimab (SM03), achieved primary endpoints in a Phase 3 clinical study for rheumatoid arthritis (RA) in China, with the Biologics License Application (BLA) accepted in September 2023[22]. - The company is actively exploring partnerships with major pharmaceutical companies to advance the development of SM17 based on strong Phase 1 data obtained in the US and China[13]. - The Phase 1 clinical trial results for SM17 were published in the journal "Frontiers in Immunology," demonstrating excellent safety, tolerability, and pharmacokinetic properties[13]. - The extended Phase III trial for Suciraslimab is expected to complete in December 2024, with results anticipated in Q3 2025[34]. - Suciraslimab's long-term efficacy data indicates sustained response rates over time, suggesting advantages over traditional biologics[34]. - SM17's preclinical studies showed efficacy comparable to JAK1 inhibitors in treating atopic dermatitis in mouse models[39]. - The company plans to advance clinical development of Suciraslimab for additional indications, including SLE and Alzheimer's-related MCI, post-commercialization[35]. - The Phase III trial for Suciraslimab demonstrated effective reduction in disease activity for RA patients[34]. - SM17's mechanism targets IL-25, potentially benefiting patients with allergic and autoimmune diseases[36]. - The IND application for asthma was submitted in May 2023 and approved on August 11, 2023, while the IND application for AD was submitted in June 2023 and approved on September 8, 2023[40]. - A bridging Phase 1a clinical trial in China is expected to complete in May 2024, assessing the safety, tolerability, and PK characteristics of SM17, which showed good tolerability and safety[40]. - The Phase 1b clinical trial for SM17 in moderate to severe AD patients commenced with 32 patients enrolled, with the last patient visit scheduled for March 24, 2025[40]. - SN1011, a third-generation reversible covalent BTK inhibitor, has shown high target selectivity and durable controllable efficacy for potential long-term treatment of SLE, pemphigus, MS, and NMOSD[42]. - The company has established a pipeline of monoclonal antibodies and new chemical entities (NCEs) to address unmet medical needs in immune diseases[21]. - The company is optimizing the CMC for SM06, a second-generation anti-CD22 antibody, which may have stronger immunomodulatory effects[44]. - The company is conducting CMC optimization and toxicology studies for an internally developed anti-γc antibody, which shows potential for treating vitiligo and other autoimmune diseases[46]. - The company has established a preclinical research platform focused on autoimmune diseases, with ongoing clinical projects generating pharmacological data for products like SM06, which is currently in the IND application stage[64]. - The company is optimizing the production and preclinical research of SM09, with plans to apply for clinical trials after completing preclinical studies[68]. Corporate Governance and Management - The management team includes experienced professionals with extensive backgrounds in the pharmaceutical industry, contributing to strategic direction and operational management[104]. - The company is focused on strategic development and governance, with a strong emphasis on independent judgment from its board members[114]. - The board includes members with extensive backgrounds in investment, research, and strategic management within the pharmaceutical sector[112]. - The company has adopted the corporate governance code and has complied with all applicable provisions during the reporting period, except for the separation of roles between the chairman and CEO[134][148]. - The company promotes a corporate culture of "ELITES," focusing on excellence, learning, innovation, talent, efficiency, and collaboration[135][136]. - The company is committed to high standards of corporate governance to protect shareholder interests and enhance corporate value[134]. - The company has a strong management team with extensive research and business management experience, leading to stable progress in drug development[137]. - The company has appointed a new company secretary effective March 31, 2023, enhancing its corporate governance structure[131]. - The board consists of ten members, including two executive directors, four non-executive directors, and four independent non-executive directors[143]. - The board believes that Dr. Liang, as the founder and CEO, has a comprehensive understanding of the company's business, supported by Mr. Wang's role as Executive Director and President (China Region) since his appointment[150]. - The board has maintained compliance with listing rules, ensuring at least three independent non-executive directors, constituting one-third of the board, with one possessing appropriate professional qualifications in accounting or related financial management[151]. - All independent non-executive directors have confirmed their independence in writing according to listing rules, ensuring effective governance and oversight[151]. - The company has established a training program for all directors, covering topics related to their responsibilities under listing rules and relevant legal obligations[158]. - The board held regular meetings throughout the year, with a minimum of four meetings planned, approximately once per quarter, to ensure effective governance[160]. - The company has a high proportion of independent directors, with two executive directors and four independent non-executive directors, ensuring a balanced decision-making process[150]. - The company has implemented a director and officer liability insurance policy, which is reviewed annually to protect against potential legal actions[155]. - The board is responsible for leading and monitoring the company, ensuring good internal controls and risk management systems are in place[154]. - The company has established clear written terms of reference for its three committees: audit, remuneration, and nomination[163]. - The audit committee is tasked with monitoring the effectiveness of risk management and internal control systems[165]. - The remuneration committee reviewed the remuneration policies for all directors and senior management, assessing performance and making recommendations for individual remuneration[172]. - The nomination committee is responsible for reviewing the composition of the board and making recommendations for the appointment of directors[177]. - The board has adopted a diversity policy, recognizing that board diversity is crucial for achieving strategic goals and sustainable development[182]. - The gender ratio at the board level is currently 1:9 (female to male), while the employee level ratio is 45:55[185]. - The board is responsible for reviewing the effectiveness of the risk management and internal control systems, which aim to manage risks associated with achieving business objectives[187]. - An independent consultant was hired to analyze and review the adequacy and effectiveness of the risk management and internal control systems during the fiscal year[188]. - The audit committee reviews the risk management policies to ensure alignment with business strategies and monitors the management's handling of significant risks[193]. - The CFO is responsible for formulating and updating risk management policies and ensuring the implementation of risk management measures across departments[193]. Market and Industry Insights - The global autoimmune disease drug market is projected to grow from $120.5 billion in 2020 to $163.8 billion by 2030, with a CAGR of 3.1%[70]. - The Chinese rheumatoid arthritis (RA) treatment market is expected to reach RMB 32.8 billion by 2024 and RMB 83.3 billion by 2030, with a CAGR of 16.8%[70]. - The biopharmaceutical market share for biologics in the Chinese RA treatment market is projected to increase from 43.4% in 2024 to 59.8% by 2030[70]. - The global asthma patient population is expected to reach approximately 860 million by 2030, with a significant increase in patients in China[72]. - The company believes that SM17, targeting the Th2 inflammatory cytokine pathway, will provide a safe and effective treatment option for atopic dermatitis (AD) and asthma[71][72]. Production and Facilities - The Suzhou production facility is expected to pass completion acceptance in early 2025, following the completion of construction by the end of 2024[17]. - The clinical site inspections and GMP checks for the Haikou production base were completed in January 2024, which are necessary for the BLA approval process[22]. - The production facility in Haikou spans approximately 19,163 square meters with a capacity of 1,200 liters, and completed GMP inspection in January 2024[52]. - The second production facility in Suzhou, covering 43,158 square meters, is expected to complete construction by the end of 2024 and pass acceptance inspection in early 2025[53]. - The company has acquired a 43,158 square meter land in Suzhou, China, for a new production facility, expected to be completed by the end of 2024[68]. Intellectual Property - The company holds 91 invention patents as of December 31, 2024, compared to 35 patents as of December 31, 2023, indicating significant growth in intellectual property[56]. - As of December 31, 2024, the company has six pending patent applications in the U.S., seven in China, and six in the EU[54].

— 超过90%的患者达到NRS -4应答 — 超过70%的患者达到EASI 75应答 — 超过40%的患者达到IGA 0 / 1应答 近日，港股上市公司中国抗体(03681)宣布了一个令人振奋的消息，其自主研发的全球首创新药SM17(注 射用人源化抗IL-25受体单克隆抗体)治疗中重度特应性皮炎(AD)的1b期概念验证临床(POC)试验结果于4 月7日公布。根据该临床数据显示，SM17在快速止痒、皮损治疗和安全性等方面，相比已上市产品的数 据，均体现出差异化优势。 经高剂量SM17治疗的特应性皮炎患者表现如下： — 未发生严重不良事件SAE，未发生3级或以上的药物相关不良事件 据了解，作为一款靶向IL-25受体的全球首创(First-in-Class)单抗药物，SM17的临床进展不仅标志着中国 抗体在免疫疾病领域的突破，更可能为全球特应性皮炎庞大患者群体带来全新的治疗选择，展现出了巨 大的市场潜力和商业价值。 SM17：创新机制与临床潜力共振 智通财经APP了解到，生物创新药的研发与投资领域，通常以临床价值为导向。SM17作为一款全球首 创的人源化IgG4-κ单克隆抗体，其价值便在于能通过创新的作用机制，切实 ...

Financial Performance - The company reported a reduction in annual loss to RMB 185.1 million for the year ending December 31, 2024, down from RMB 243.1 million for the previous year, primarily due to reduced laboratory and trial costs [7]. - Total revenue for the year ended December 31, 2024, was RMB 2,026 million, an increase from RMB 1,365 million in 2023, representing a growth of 48.4% [116]. - Gross profit for the same period was RMB 543 million, compared to RMB 422 million in 2023, indicating a gross margin improvement [116]. - The company reported a net loss of RMB 185,141 thousand for 2024, an improvement from a net loss of RMB 243,111 thousand in 2023, reflecting a reduction of approximately 23.9% [117]. - The company's total equity decreased to RMB 192,911 thousand in 2024 from RMB 295,583 thousand in 2023, a decline of 34.7% [118]. - The basic loss per share improved to RMB (0.17) in 2024 from RMB (0.24) in 2023, indicating a positive trend in loss reduction [116]. Cash Flow and Funding - As of December 31, 2024, the total available funds, including cash and cash equivalents, amounted to RMB 141.4 million, a decrease from RMB 233.1 million as of December 31, 2023 [7]. - The net cash flow used in operating activities was RMB (130.8) million, compared to RMB (133.8) million in the previous year [82]. - The total outstanding bank borrowings increased to RMB 419.3 million as of December 31, 2024, up from RMB 391.4 million a year earlier [83]. - The group recorded a net cash flow decrease of RMB 152.0 million in cash and cash equivalents during the year [82]. - The group has pledged land use rights and construction in progress with a book value of RMB 334.3 million to secure bank loans [84]. Research and Development - The company has made significant progress in its clinical trials and pipeline development, with a Phase 3 extension trial for Suciraslimab completed in December 2024, involving 93 patients [4]. - The company has increased its patent portfolio significantly, with the number of granted and pending patents more than doubling since the beginning of the reporting period [6]. - The company initiated a Phase 1b clinical trial for treating atopic dermatitis (AD) in May 2024, with the first patient dosed on June 5, 2024 [6]. - The company aims to achieve three interrelated milestones by 2025: obtaining regulatory approval for Suciraslimab, strategic licensing or advancing SM17 collaborations, and expanding its global footprint [14]. - The company has established a robust pipeline with multiple products in various stages of clinical development, including Suciraslimab, SM17, and SN1011 [22]. Product Development and Pipeline - The flagship product, Suciraslimab, is currently undergoing the final review stage for its Biologics License Application (BLA) in China, with clinical trial site inspections completed in January 2024 [4]. - The flagship product, Suciraslimab, has successfully completed two major regulatory reviews, including clinical base review and GMP review, and is awaiting final market approval for treating rheumatoid arthritis [9]. - The product SM17, a humanized monoclonal antibody targeting IL-25, has received IND approval for asthma and atopic dermatitis (AD) in China, with a Phase 1b clinical trial for moderate to severe AD patients successfully completed [19]. - The company is actively exploring partnerships with major pharmaceutical companies to further advance the development of SM17 [11]. - The company has developed a novel asset pipeline covering preclinical, clinical, and pre-registration stages for treating various inflammatory and autoimmune diseases, aiming to maximize asset commercial value through strategic partnerships [50]. Market Outlook and Strategy - The company remains confident in the future of the Hong Kong biotech industry, supported by government policies promoting health and medical innovation [13]. - The global autoimmune disease drug market is projected to grow from $120.5 billion in 2020 to $163.8 billion by 2030, with a CAGR of 3.1% [58]. - The company aims to become a global leader in innovative therapies for immune-related diseases and other degenerative conditions [17]. - The company is focusing on developing monoclonal antibodies to address unmet medical needs in the global market [17]. - The company has established collaborations with global enterprises and research institutions to develop innovative therapies for unmet medical needs in the field of autoimmune diseases [37]. Corporate Governance and Compliance - The board confirms adherence to the corporate governance code throughout the reporting period, ensuring high standards of corporate governance [105]. - The independent auditor's report confirms that the consolidated financial statements reflect the group's financial position accurately as of December 31, 2024 [110]. - The audit committee consists of four independent non-executive directors, ensuring effective oversight of financial reporting and risk management [108]. - The financial statements for the years ending December 31, 2023, and December 31, 2024, have been submitted to the company registry as per regulations [106]. - The board believes that the combination of the roles of chairman and CEO does not impair the balance of responsibilities within the board [107].