Financial Performance - In the first half of 2025, the company's revenue reached RMB 7.519 billion, representing a year-on-year increase of 4.8% [1] - The profit attributable to shareholders for the same period was RMB 1.894 billion, showing a year-on-year growth of 27.0% [1] - Basic earnings per share were RMB 1.0426, with an interim dividend proposed at RMB 0.16 per share [1] Segment Revenue and Profit - Revenue from intermediates, active pharmaceutical ingredients (APIs), and formulations were RMB 2.304 billion, RMB 2.999 billion, and RMB 3.979 billion, respectively, with year-on-year changes of -25.2%, -23.4%, and +65.9% [1] - Segment profits for intermediates, APIs, and formulations were RMB 635 million, RMB 251 million, and RMB 1.506 billion, reflecting year-on-year declines of -40.6% and -52.0% for intermediates and APIs, while formulations saw an increase of 524.2% [1] Research and Development - The company invested RMB 551 million in drug research and development, with R&D expenses increasing by 14.9% year-on-year [2] - Of the total R&D investment, RMB 499 million was expensed, and RMB 51.7 million was capitalized [2] - The company has established a comprehensive R&D system, focusing on various platforms including biological research, chemical drug development, innovative drug development, animal health research, clinical studies, and external collaborations [2] - There are 43 new human drug products under development, with 22 classified as Class 1 new drugs, targeting areas such as endocrinology, metabolism, autoimmunity, ophthalmology, and anti-infection [2] - The company is also developing 61 new products in animal health, covering pets, livestock, poultry, and aquaculture [2]

Core Insights - The company reported a revenue of RMB 7.519 billion for the six months ending June 30, 2025, representing a year-on-year increase of 4.8% [1] - The profit attributable to shareholders for the period was RMB 1.894 billion, which is a 27% increase compared to the previous year [1] - Basic earnings per share were RMB 1.0426, and the company proposed an interim dividend of RMB 0.16 per share [1] Segment Performance - Revenue from intermediates, active pharmaceutical ingredients (APIs), and formulation products were RMB 2.304 billion, RMB 2.999 billion, and RMB 3.9785 billion, respectively, showing a year-on-year decline of 25.2%, 23.4%, and an increase of 65.9% [1] - Segment profits for intermediates, APIs, and formulation products were RMB 634.6 million, RMB 250.6 million, and RMB 1.5056 billion, reflecting a year-on-year decline of 40.6%, 52.0%, and an increase of 524.2% [1]

Core Insights - The company reported a revenue of RMB 7.519 billion for the six months ending June 30, 2025, representing a year-on-year increase of 4.8% [1] - Profit attributable to shareholders reached RMB 1.894 billion, marking a year-on-year increase of 27% [1] - Basic earnings per share were RMB 1.0426, with an interim dividend proposed at RMB 0.16 per share [1] Revenue Breakdown - Revenue from intermediates, active pharmaceutical ingredients (APIs), and formulation products were RMB 2.304 billion, RMB 2.999 billion, and RMB 3.9785 billion, respectively, showing year-on-year changes of -25.2%, -23.4%, and +65.9% [1] - Segment profits for intermediates, APIs, and formulation products were RMB 634.6 million, RMB 250.6 million, and RMB 1.5056 billion, reflecting year-on-year changes of -40.6%, -52.0%, and +524.2% [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，概不對因 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 聯邦制藥國際控股有限公司 | | 股份代號 | 03933 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二四年六月三十日止六個月中期股息 | | 公告日期 | 2025年8月28日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.16 RMB | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | HKD， 金額有待公佈 | | 匯率 | 有待公佈 | | 除淨日 | 2025年9月25日 ...

[Financial Summary](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) The Group's financial performance for the six months ended June 30, 2025, shows significant growth in profit and earnings per share Financial Summary for the Six Months Ended June 30, 2025 | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | 收入 | 7,518,683 | 7,175,804 | 4.8% | | Earnings before interest, taxes, depreciation and amortization (EBITDA) | 2,752,120 | 2,231,943 | 23.3% | | Profit before tax | 2,419,651 | 1,901,702 | 27.2% | | Profit attributable to owners of the Company for the period | 1,894,314 | 1,491,404 | 27.0% | | Earnings per share - Basic (RMB cents) | 104.26 | 82.08 | 27.0% | | 中期股息 (每股人民幣分) | 16.0 | 16.0 | 0.0% | [Condensed Consolidated Financial Statements](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) The condensed consolidated financial statements provide an overview of the Group's financial position and performance [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=%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%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the Group's revenue increased by 4.8% to RMB 7.519 billion, gross profit grew by 17.3% to RMB 3.924 billion, and profit attributable to owners of the Company rose by 27.0% to RMB 1.894 billion, with basic earnings per share at RMB 104.26 cents Key Figures from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | 收入 | 7,518,683 | 7,175,804 | 4.8% | | Cost of sales | (3,594,809) | (3,831,439) | -6.2% | | Gross profit | 3,923,874 | 3,344,365 | 17.3% | | Other income | 128,480 | 170,015 | -24.4% | | Net other gains and losses | 61,183 | 41,958 | 45.8% | | Selling and distribution expenses | (682,161) | (706,651) | -3.5% | | Administrative expenses | (435,200) | (354,050) | 22.9% | | Research and development expenses | (498,941) | (446,800) | 11.7% | | Profit before tax | 2,419,651 | 1,901,702 | 27.2% | | Profit for the period | 1,893,507 | 1,490,995 | 27.0% | | Profit attributable to owners of the Company for the period | 1,894,314 | 1,491,404 | 27.0% | | Earnings per share - Basic (RMB cents) | 104.26 | 82.08 | 27.0% | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=%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) As of June 30, 2025, the Group's total assets increased by 14.09% to RMB 29.435 billion from the end of 2024, with net current assets growing by 17.8% to RMB 8.598 billion and a stable current ratio of 1.89, while total equity attributable to owners increased by 8.19% to RMB 15.567 billion Key Figures from Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | **ASSETS** | | | | | Non-current assets | 11,131,383 | 9,762,356 | 14.02% | | Current assets | 18,303,138 | 16,070,696 | 13.89% | | **LIABILITIES** | | | | | Current liabilities | 9,705,569 | 8,772,549 | 10.64% | | Non-current liabilities | 4,115,975 | 2,625,263 | 56.78% | | **EQUITY** | | | | | Equity attributable to owners of the Company | 15,566,827 | 14,388,283 | 8.19% | | Total equity | 15,612,977 | 14,435,240 | 8.16% | | Net current assets | 8,597,569 | 7,298,147 | 17.80% | | Current ratio | 1.89 | 1.83 | 3.28% | - Property, plant and equipment significantly increased from **RMB 8.725 billion** at end-2024 to **RMB 10.022 billion** as of June 30, 2025, primarily due to capital expenditure on expanding and upgrading production facilities and office buildings[4](index=4&type=chunk)[22](index=22&type=chunk) - Cash and cash equivalents substantially increased from **RMB 6.330 billion** at end-2024 to **RMB 9.014 billion**, indicating ample Group liquidity[4](index=4&type=chunk) [Notes to the Financial Statements](index=5&type=section&id=%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) The notes detail the accounting policies, segment information, and specific financial items of the Group [1. Basis of Presentation](index=5&type=section&id=1.%20%E5%91%88%E5%A0%B1%E5%9F%BA%E6%BA%96) The condensed consolidated financial statements are prepared in accordance with HKAS 34 "Interim Financial Reporting" and applicable disclosure requirements of the HKEX Listing Rules - Financial statements are prepared in accordance with **HKAS 34** and **HKEX Listing Rules**[6](index=6&type=chunk) [2. Principal Accounting Policies](index=5&type=section&id=2.%20%E4%B8%BB%E8%A6%81%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) The condensed consolidated financial statements are prepared primarily on a historical cost basis, consistent with 2024 annual financial statements, except for certain policies related to license fee income, with no material impact from HKFRS amendments - Financial statements are prepared on a **historical cost basis**, with accounting policies consistent with the prior year, except for policies related to license fee income[7](index=7&type=chunk) - Application of HKFRS amendments (e.g., HKAS 21 amendments) had **no material impact** on the financial performance and position for the period[8](index=8&type=chunk) [3. Revenue and Segment Information](index=5&type=section&id=3.%20%E6%94%B6%E5%85%A5%E5%8F%8A%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group's revenue is categorized into three segments: intermediates, APIs, and finished products; as of June 30, 2025, finished products revenue (including license fees) significantly increased by 65.9%, while intermediates and APIs revenue decreased, with notable regional growth in Europe and South America offsetting a decline in China - The Group primarily operates in three business segments: intermediates (6-APA, Penicillin G Potassium), APIs (Amoxicillin), and finished products (insulin, antibiotics, nervous system drugs, ophthalmics, veterinary products, and license fee income)[9](index=9&type=chunk)[10](index=10&type=chunk)[11](index=11&type=chunk) Segment Revenue and Profit (For the Six Months Ended June 30, 2025) | Segment | 2025 Segment Revenue (RMB thousands) | 2024 Segment Revenue (RMB thousands) | Revenue Change Rate | 2025 Segment Profit (RMB thousands) | 2024 Segment Profit (RMB thousands) | Profit Change Rate | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Intermediates | 2,304,311 | 3,081,282 | -25.2% | 634,619 | 1,068,451 | -40.6% | | APIs | 2,999,314 | 3,917,640 | -23.4% | 250,649 | 521,959 | -52.0% | | Finished Products | 3,978,471 | 2,397,777 | 65.9% | 1,505,572 | 241,181 | 524.2% | | License fee income (included in Finished Products) | 1,433,900 | - | N/A | N/A | N/A | N/A | Revenue by Customer Geographical Market | Region | 2025 (RMB thousands) | 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | PRC (including Hong Kong) | 4,725,243 | 5,748,478 | -17.79% | | Europe | 1,741,465 | 411,566 | 323.16% | | India | 197,687 | 376,958 | -47.54% | | Middle East | 13,641 | 36,418 | -62.54% | | South America | 450,590 | 170,105 | 164.89% | | Other Asia | 258,367 | 318,585 | -18.89% | | Other Regions | 131,690 | 113,694 | 15.83% | | **Total** | **7,518,683** | **7,175,804** | **4.8%** | [4. Other Income](index=8&type=section&id=4.%20%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) Other income for the period decreased by 24.4% to RMB 128 million, primarily due to a reduction in subsidy income Details of Other Income | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Bank interest income | 65,468 | 57,599 | 13.66% | | Scrap sales | 3,133 | 5,073 | -38.24% | | Subsidy income | 54,959 | 100,709 | -45.42% | | Miscellaneous income | 4,920 | 6,634 | -25.83% | | **Total** | **128,480** | **170,015** | **-24.43%** | - Subsidy income includes tax subsidies and government grants from the Chinese government, specifically for (i) capital expenditure on plant and machinery; (ii) incentives and other subsidies for R&D activities; and (iii) unconditional incentives[14](index=14&type=chunk) [5. Net Other Gains and Losses](index=8&type=section&id=5.%20%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%E5%8F%8A%E虧%E6%90%8D%E6%B7%A8%E9%A1%8D) Net other gains and losses for the period increased by 45.8% to RMB 61.183 million, driven by gains from fair value changes in derivative financial instruments and sales of financial assets, despite a shift from foreign exchange gains to losses Details of Net Other Gains and Losses | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Net foreign exchange (losses) gains | (37,058) | 30,773 | -220.33% | | Net gains from fair value changes of derivative financial instruments | 72,973 | 70,815 | 3.05% | | Gains on sales of financial assets at FVTPL | 74,971 | 29,626 | 153.06% | | Net gains (losses) on disposal of property, plant and equipment | 7,556 | (441) | -1812.92% | | Write-off of property, plant and equipment | (57,389) | (88,329) | -35.03% | | Others | 130 | (486) | -126.75% | | **Total** | **61,183** | **41,958** | **45.82%** | - The Group entered into various foreign currency forward contracts to mitigate foreign exchange risk, with these derivative instruments not accounted for under hedge accounting[15](index=15&type=chunk) [6. Finance Costs](index=8&type=section&id=6.%20%E8%B2%A1%E5%8B%99%E6%88%90%E6%9C%AC) Finance costs for the period decreased by 17.4% to RMB 20.797 million, primarily due to a significant increase in borrowing costs capitalized to property, plant and equipment Details of Finance Costs | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Interest on borrowings | 41,229 | 31,269 | 31.87% | | Interest on lease liabilities | 377 | 400 | -5.80% | | Less: Amount capitalized to property, plant and equipment | (20,809) | (6,497) | 220.30% | | **Total** | **20,797** | **25,172** | **-17.38%** | - Borrowing costs capitalized during the interim period arose from general borrowing arrangements, calculated at an average capitalization rate of **2.55%** per annum for qualifying asset expenditures, lower than **2.87%** in the prior period[16](index=16&type=chunk) [7. Tax Expense](index=9&type=section&id=7.%20%E7%A8%85%E9%A0%85%E6%94%AF%E5%87%BA) Tax expense for the period increased by 28.1% to RMB 526 million, mainly due to new Danish withholding tax on license fee income Details of Tax Expense | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Hong Kong profits tax | 923 | 1,189 | -22.37% | | PRC corporate income tax | 306,813 | 336,336 | -8.78% | | Danish withholding tax on license fee income | 143,390 | - | N/A | | Deferred tax expense | 75,018 | 73,182 | 2.51% | | **Total** | **526,144** | **410,707** | **28.11%** | - Danish withholding tax on license fee income is subject to a statutory rate of **22%** on the gross amount, but the Group benefited from a preferential tax rate of **10%** for the period under applicable double taxation avoidance arrangements[18](index=18&type=chunk) [8. Profit for the Period](index=9&type=section&id=8.%20%E6%9C%AC%E6%9C%9F%E6%BA%A2%E5%88%A9) Profit for the period increased by 27.0% to RMB 1.894 billion, supported by decreases in staff costs, depreciation and amortization, and net inventory provisions Profit for the Period Deductions | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Staff costs | 827,144 | 877,789 | -5.88% | | Depreciation | 301,490 | 296,297 | 1.75% | | Amortization of intangible assets | 10,182 | 8,772 | 16.07% | | Net provision for inventories | 2,824 | 6,214 | -54.55% | | Inventory costs recognized as expense | 3,526,447 | 3,831,439 | -7.96% | [9

The United Laboratories International Holdings Limited 聯邦制藥國際控股有限公司 (於開曼群島成立之有限公司) (股份代號: 3933) 董事名單與其角色和職能 聯邦制藥國際控股有限公司董事會(「董事會」)成員載列如下： 張品文先生 宋敏教授 傅秋實博士 董事會設立五個委員會，各委員會的成員資料載列如下： 宋敏教授 宋敏教授 傅秋實博士 傅秋實博士 執行董事 蔡海山先生 (主席) 梁永康先生 (副主席) 蔡紹哲女士 方煜平先生 鄒鮮紅女士 朱蘇燕女士 獨立非執行董事 宋敏教授 (主席) 張品文先生 (主席) 蔡紹哲女士 香港，二零二五年八月二十八日 張品文先生 宋敏教授 傅秋實博士 傅秋實博士 鄒鮮紅女士 梁永康先生 可持續發展委員會 蔡紹哲女士 (主席) 張品文先生 宋敏教授 傅秋實博士 梁永康先生 審核委員會 薪酬委員會 張品文先生 (主席) 張品文先生 (主席) 提名委員會 風險管理委員會 ...

Group 1 - The core viewpoint of the article highlights a significant decline in innovative drug concept stocks in Hong Kong, with notable drops in companies such as Innovent Biologics (5.3% decrease), CStone Pharmaceuticals (3.72% decrease), and others [1] - U.S. President Trump's announcement to reduce drug prices to 1/1400 to 1/1500 of current prices and impose tariffs on drugs could create turbulence in the global pharmaceutical industry, presenting both opportunities and challenges for Chinese biopharmaceutical stocks [1] - Morgan Stanley's report suggests that the likelihood of tariffs on outbound licensing cooperation (BD) payments is low, as current U.S. tariffs primarily target tangible goods and focus on production repatriation, with service-related revenues, including intellectual property transfers, receiving less attention [1] Group 2 - The majority of BD agreements include granting development and manufacturing rights to global licensors, with some licensors planning to produce approved licensed drugs locally in the U.S. after receiving approval [1]

Core Viewpoint - The innovative drug concept stocks experienced a significant decline in the afternoon trading session, influenced by President Trump's announcement regarding drastic cuts in drug prices and potential tariffs on pharmaceuticals, which could create both opportunities and challenges for the global pharmaceutical industry, particularly for Chinese biotech stocks [1] Group 1: Stock Performance - Innovent Biologics (01801) fell by 5.3%, trading at HKD 94.65 [1] - Innovent Biologics (09969) decreased by 3.72%, trading at HKD 17.35 [1] - Federated Pharmaceutical (03933) dropped by 3.03%, trading at HKD 16.31 [1] - Hutchison China MediTech (00013) declined by 1.98%, trading at HKD 24.74 [1] Group 2: Regulatory Impact - President Trump stated that drug prices would be reduced to 1/1400 to 1/1500 of current prices, with immediate tariffs on pharmaceuticals [1] - Analysts suggest that if implemented, this could cause significant disruption in the global pharmaceutical industry [1] Group 3: Market Analysis - Morgan Stanley's report indicates that the likelihood of tariffs on outbound licensing deals (BD) payments is low [1] - Current U.S. tariffs primarily target tangible goods, focusing on production repatriation, while service-related revenues, including intellectual property transfers, are less affected [1] - Most BD agreements grant development and manufacturing rights to global licensees, with some licensees planning to produce approved licensed drugs locally in the U.S. after receiving approval [1]

Summary of Federal Pharmaceutical Conference Call Industry and Company Overview - The conference call discusses **Federal Pharmaceutical**, focusing on its various business segments including intermediates, insulin, anti-infection products, and animal health products [2][4][5]. Key Points and Arguments Revenue and Profit Growth - **Intermediates and Raw Materials**: Revenue is projected to grow from **1.4 billion** to **2.6-2.7 billion** RMB from 2020 to 2024, with net profit increasing from **250 million** to **2.1 billion** RMB [2][5]. - **Insulin Products**: Total revenue for insulin products is expected to reach **500 million** RMB in 2024, with rapid growth in **glargine insulin** being a major contributor [2][9]. - **Animal Health Products**: Revenue is anticipated to rise from **220 million** to **1.4 billion** RMB from 2020 to 2024, driven by partnerships and product expansion [4][13]. Market Dynamics - **Price Trends**: Prices for **6APA** and **penicillin industrial salt** have decreased, but a stabilization is expected in the second half of the year due to inventory depletion and stable supply [2][6]. - **Insulin Market**: The transition to third-generation insulin is underway, with a decline in revenue from recombinant human insulin expected to stabilize [2][7]. Research and Development Progress - **Pipeline Advancements**: Key products like **liraglutide** and **semaglutide** have received approvals, with further approvals expected for **degludec insulin** and combination therapies by 2027 [2][10][15]. - **Diabetes Segment**: New products are anticipated to significantly boost growth in the diabetes segment, with a positive outlook for the upcoming years [11]. Stability in Anti-Infection Sector - The anti-infection segment remains stable, with revenue projected to hold steady at **1.8 billion** RMB from 2020 to 2024, despite price pressures from centralized procurement [2][12]. Future Growth Potential - **Health and Wellness Initiatives**: The establishment of a new division focusing on health and wellness products is expected to drive rapid growth, with initial revenue of **20 million** RMB projected to increase significantly [4][14]. - **Market Catalysts**: Future stock price growth may be driven by new product launches, particularly in the weight loss and autoimmune sectors, with potential market sizes reaching **100 billion** USD [19]. Additional Important Insights - **Animal Health Expansion**: The company plans to expand its production capacity and product offerings in the animal health sector, which is currently limited by capacity constraints [4][13]. - **Valuation Potential**: Current market valuation is around **30 billion** RMB, with projections suggesting it could double due to new product contributions and overall business growth [19][20]. This summary encapsulates the key insights from the conference call, highlighting Federal Pharmaceutical's growth trajectory, market dynamics, and strategic initiatives across its various business segments.

Core Viewpoint - Federal Pharmaceutical (03933) has seen a stock increase of over 4%, currently trading at HKD 17.61, with a transaction volume of HKD 147 million. The company anticipates a net profit of approximately RMB 1.85 billion for the first half of the year, representing a year-on-year growth of about 24.06% compared to RMB 1.49 billion in the same period last year [1]. Financial Performance - The increase in net profit is primarily attributed to a rise in licensing fee income from Novo Nordisk, amounting to approximately RMB 1.1 billion [1]. - However, there has been a decline in segment profits for intermediates by approximately RMB 430 million and for active pharmaceutical ingredients by about RMB 270 million, partially offsetting the net profit growth [1]. Product Development - In March of this year, Federal Pharmaceutical granted exclusive overseas rights (excluding Greater China) for UBT251 to Novo Nordisk. UBT251 is noted as the first domestic three-target weight loss drug licensed to a multinational corporation at a high price [1]. - Currently, UBT251 has initiated four clinical trials in China, with expectations for significant progress in overweight/obesity indications by the second half of 2025. Phase II clinical trials are anticipated to be completed by the first half of 2026, with a potential market approval in China by 2028 [1]. - The conservative sales peak for UBT251 in the domestic market is projected to be RMB 7.7 billion, while the overseas sales peak is estimated at USD 6 billion. Assuming a 50% success rate for market approval, the risk-adjusted sales peak is expected to be RMB 3.8 billion domestically and USD 3 billion overseas [1].