Ascentage Pharma Group International （於開曼群島註冊成立的有限公司） 股份代號 : HKEX: 6855 NASDAQ: AAPG Pelcitoclax (APG-1252) APG-2449 APG-5918 Lisaftoclax (APG-2575) Alrizomadlin (APG-115) Olverembatinib (HQP1351) 目錄 | | 釋義 | | | | | | | 2 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 公司資料 | | | | | | | | 11 | | 財務摘要 | | | | | | | | 13 | | 主席報告 | | | | | | | | 14 | | 管理層討論與分析 | | | | | | | | 15 | | 董事及高級管理層 | | | | | | | | 41 | | 董事會報告 | | | 49 | | | | | | | 企業管治報告 | | | | 80 | | | | | | | | 獨立核數師報告 95 | | | | ...

研究报告 Research Report 7 Apr 2025 亚盛医药 Ascentage Pharma (6855 HK) 国内商业化表现稳健，全球化创新进入加速期 Domestic commercialization remains solid, while global innovation enters an accelerated phase [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$45.40 目标价 HK$51.90 HTI ESG 5.0-4.4-5.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$15.81bn / US$2.03bn 日交易额 (3 个月均值) US$18.75mn 发行股票数目 348.27mn 自由流通股 (%) 70% 1 年股价最高最低值 HK$47.70-HK$15.70 注：现价 HK$44.85 为 2025 ...

2024年，港股医药板块受外部因素影响出现较大幅度下跌。例如，在去年9月末强势反弹后，恒生医疗 保健指数(800804)的全年跌幅也有18.93%，港股创新药指数(931787)跌幅则在10.80%。在此背景下，亚 盛医药-B(06855)股价却在2024年全年股价累涨66.48%，大幅跑赢指数。 究其原因，在于2024年亚盛医药频繁在产品出海、创新研发以及二级市场融资等方面出现多重超预期利 好，使得公司"投资确定性"得到进一步验证。 根据最新出炉的2024年年报，投资者可以清晰看到，依托全球化研发、海外注册以及BD商业化等多方 面形成的体系化优势，亚盛医药得以持续推动核心品种耐立克®走向国际市场。而在上市在即的APG- 2575强劲商业化预期下，后续大幅净现金状态同样可期，从而推动公司创新研发踏上新台阶，为未来公 司估值持续上行突破夯实扎实基础。 全球商业化提速，核心品种潜力持续挖掘 在2024年面对外部复杂多变的投资环境，亚盛医药依旧保持了高增长态势。如今又通过良好的业绩向市 场证明其极强的内生增长能力和抗风险能力。 从亚盛医药最新披露的2024年年报数据来看，报告期内，亚盛医药实现收入人民币9.81亿元 ...

智通财经APP了解到，3月27日，头部创新药企业亚盛医药(股票代码：06855;NASDAQ：AAPG)公布 2024年全年业绩。报告期内，亚盛医药核心产品耐立克展现增长强劲态势，实现销售收入2.41亿元人民 币，同比增长52%。亚盛医药2024全年实现收入9.81亿元人民币，较去年同比增长342%，增长主要来源 于产品销售收入和对外合作授权收入等。 随着耐立克®获批适应症于2024年11月全面纳入国家医保药品目录，新的一年将迎来更广阔的增长空 间。 目前，APG-2575有4项全球注册III期临床正在开展，涉及CLL/SLL、急性髓系白血病(AML)、骨髓增生 异常综合征(MDS)多个血液肿瘤适应症，其中一项获美国FDA许可，具广阔增长空间。 值得一提的是，报告期内，亚盛医药就耐立克全球权益与武田达成BD，创下截止目前国内小分子肿瘤 药领域的最大的对外权益许可的记录，为其将来的全球商业化进程奠定了基础。 公司另一核心品种APG-2575新药上市申请(NDA)于报告期内获CDE受理，并被纳入优先审评，用于治 疗难治性/复发(R/R)慢性淋巴细胞白血病(CLL)/小淋巴细胞淋巴瘤(SLL)患者。这是首个在国内提 ...

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。 ASCENTAGE PHARMA GROUP INTERNATIONAL 此外，公司在新型Bcl-2選擇性抑制劑lisaftoclax(APG-2575)的臨床開發上保持良 好的發展勢頭。2024年11月，該品種的NDA獲CDE受理，並被納入優先審評，用 於治療難治或複發性(r/r)慢性淋巴細胞白血病╱小淋巴細胞淋巴瘤(CLL/SLL)。 這標誌着亞盛醫藥在推動該創新品種真正惠及患者的道路上邁出'里程碑'式一步。 亞盛醫藥集團 （在開曼群島註冊成立的有限公司） （股份代號：6855） 截至2024年12月31日止年度年度業績公告 美國馬里蘭州羅克維爾市和中國蘇州2025年3月27日 － 致力於在血液腫瘤等 領域開發創新藥物的領先的生物醫藥企業 － 亞盛醫藥集團（亞盛醫藥）（納斯達 克：AAPG；香港聯交所：6855）（下稱「亞盛醫藥」、「本公司」、「本集團」或「我 們」），今日公佈了其截至2024年12 ...

Investment Rating - The report assigns a "Recommend" rating for Ascentage Pharma (6855 HK) for the first time [1] Core Views - Ascentage Pharma focuses on innovative product development and international expansion, with a strong pipeline targeting cell apoptosis pathways and next-generation small molecule TKIs [3] - The company's core product, Olverembatinib (HQP1351), is the only third-generation BCR-ABL TKI approved in China and has shown significant clinical benefits for TKI-resistant CML patients [4] - APG-2575, a BCL-2 inhibitor, has the potential to become the second globally approved BCL-2 inhibitor, with multiple Phase 3 trials underway [8] - The company has achieved profitability for the first time in H1 2024, with revenue of RMB 824 million and net profit of RMB 163 million [3] Financial Performance - Revenue for H1 2024 reached RMB 824 million, a 477% YoY increase, driven by intellectual property income of RMB 678 million [52] - Net profit for H1 2024 was RMB 163 million, marking the company's first profitable period [52] - Cash reserves stood at RMB 1.1 billion as of mid-2024, with the company filing for a US IPO to further bolster its financial position [52] Product Pipeline - Olverembatinib (HQP1351): The only third-generation BCR-ABL TKI approved in China, with two indications approved and three Phase 3 trials ongoing (POLARIS-1/2/3) [58] - APG-2575: A BCL-2 inhibitor with a domestic NDA submitted for R/R CLL/SLL, potentially becoming the second globally approved BCL-2 inhibitor [8] - APG-115 and APG-1252: Targeting MDM2-p53 and BCL-2/BCL-xL pathways, respectively, both in Phase 1b/2 trials [58] - APG-2449: A third-generation ALK inhibitor approved for Phase 3 trials in NSCLC [58] Market and Sales - Olverembatinib has achieved cumulative sales of RMB 490 million since its launch, with a 120% QoQ growth in H1 2024 [4] - The product is covered by China's national medical insurance, with access to 670 hospitals and DTP pharmacies as of mid-2024 [52] - A strategic partnership with Takeda Pharmaceuticals for global rights to Olverembatinib, with a total deal value of up to $1.3 billion [96] Clinical Development - Olverembatinib has demonstrated superior efficacy and safety in clinical trials, particularly for patients resistant to other TKIs, including ponatinib and asciminib [92] - APG-2575 has shown promising results in clinical trials for CLL/SLL, with an ORR of 73.3% and a PFS of 18.53 months in heavily pretreated patients [118] Industry and Competitive Landscape - The global CML TKI market is valued at approximately $6 billion, with second-generation TKIs dominating the market [79] - In China, the BCR-ABL TKI market is around RMB 4 billion, with second-generation TKIs also leading, but Olverembatinib is the only domestic third-generation TKI [84] - APG-2575 is positioned to compete with venetoclax, the first globally approved BCL-2 inhibitor, which achieved global sales of $2 billion in 2022 [108]

[Table_Page]公告点评|制药、生物科技与生命科学 证券研究报告 [Table_Title] 【广发医药&海外】亚盛医药-B （06855.HK） APG-2575 NDA 受理，多个注册临床在研 [Table_Summary] 核心观点： （如无特别说明，报告使用货币为人民币。） ⚫ 事件：公司发布公告显示 APG-2575（力胜克拉片）治疗 R/R CLL/SLL 的新药上市申请已获 CDE 受理，并纳入优先审评。这是首个在国内提 交 NDA 的国产原研 Bcl-2 抑制剂，有望成为全球第二个上市的 Bcl-2 抑制剂。此次 NDA 是基于关键注册 II 期研究(APG2575CC201)结果。 ⚫ Bcl-2 抑制剂是 CLL/SLL 革命性疗法，APG-2575 国内进度领先。 CLL/SLL 是西方国家最常见的成人白血病类型，BTK 抑制剂的出现使 CLL 使 CLL/SLL 治疗进入 chemo-free 时代，患者生存获益大幅提高， 但 BTKi 无限期治疗使患者依从性较差，BCL2 抑制剂的出现使得有限 期治疗成为可能。维奈克拉是全球首个上市的 BCL2 抑制剂，APG- 2575 将 ...

Investment Rating - The report initiates coverage on Ascentage Pharma (6855 HK) with an "Outperform" rating and a target price of 48.0 HKD per share [6] Core Views - Ascentage Pharma is a global biopharmaceutical company focused on developing first-in-class and best-in-class drugs, particularly in oncology, with 9 small molecule drugs in clinical development [3] - The company's core products, Olverembatinib (BCR-ABL TKI) and Lisaftoclax (BCL-2), are expected to achieve risk-adjusted global sales of 17.67 billion RMB by 2033 [4] - Ascentage Pharma has made significant progress in global expansion, with key products advancing in global registration clinical trials in both China and the US [3] Product Pipeline and Market Potential - Olverembatinib, the first and only third-generation BCR-ABL inhibitor approved in China, is expected to generate risk-adjusted global sales of 10.85 billion RMB by 2033, with 9.48 billion RMB from overseas markets [4] - Lisaftoclax, a potential second global BCL-2 inhibitor, is projected to achieve risk-adjusted global sales of 6.82 billion RMB by 2033, with 6.25 billion RMB from overseas markets [4] - The company's pipeline includes multiple first-in-class potential targets, with ongoing exploration in hematologic malignancies, solid tumors, and non-oncology indications [4] Financial and Strategic Developments - Ascentage Pharma achieved its first semi-annual profit in H1 2024, with revenue reaching 820 million RMB, a 477% YoY increase, driven by licensing income [10] - The company secured a significant partnership with Takeda, receiving a $100 million option fee and $75 million equity investment, with potential milestone payments totaling $1.2 billion [10] - Ascentage Pharma has filed for a US IPO in 2024, aiming to further expand its financing channels [10] Clinical Progress and Regulatory Milestones - Olverembatinib's global Phase III registration clinical trial for CML patients resistant to two or more TKIs has been approved by the FDA, with NDA submission expected by 2026 [17] - Lisaftoclax's Phase II registration clinical trial for R/R CLL/SLL in China has been completed, with NDA submission expected in 2024 [12] - The company is conducting over 40 Phase I/II clinical trials globally, with 8 registration trials, including 2 approved by the FDA [11] Market and Competitive Landscape - The global BCR-ABL inhibitor market exceeds $6 billion, with Olverembatinib showing potential as a best-in-class product due to its efficacy and safety profile [17] - Lisaftoclax is positioned as a potential best-in-class BCL-2 inhibitor, with advantages in efficacy, safety, and dosing convenience compared to existing therapies [40] - Ascentage Pharma's focus on first-in-class targets and its global clinical strategy position it well to capture significant market share in both China and international markets [13]

Product Pipeline and Development - Olverembatinib (耐立克°) and APG-2575 Lisaftoclax are key products under development[1] - APG-115 is a novel oral small molecule MDM2-p53 inhibitor in the company's pipeline[4] - APG-1252 is a novel small molecule drug targeting Bcl-2/Bcl-xL proteins to restore apoptosis[4] - APG-1387 is a novel small molecule IAP inhibitor being developed by the company[4] - APG-2449 is a third-generation inhibitor targeting FAK, ROS1, and ALK kinases[4] - APG-5918 is a highly potent oral selective EED inhibitor in development[4] - The company's pipeline includes multiple novel small molecule inhibitors targeting various cancer pathways[4] - Key therapeutic areas include leukemia (CML, ALL, AML) and lymphoma (Bcl-2/Bcl-xL)[4][5] - The company's third-generation BCR-ABL inhibitor, HQP1351, is designed to overcome drug resistance caused by BCR-ABL kinase mutations, including the T315I mutation[7] - The company's product HQP1351 is aimed at addressing drug resistance in BCR-ABL kinase mutations, particularly the T315I mutation[7] - The company has 6 small molecule candidates in clinical development, with 40+ Phase I/II trials ongoing in China, the US, Australia, and Europe[18] - The company's lead asset, Olverembatinib, is the first and only third-generation BCR-ABL1 inhibitor approved in China for T315I-mutated CML patients[18] - Olverembatinib received 4 FDA orphan drug designations and 1 fast-track designation for CML, AML, ALL, and GIST, as well as an EMA orphan drug designation for CML[23] - Olverembatinib was included in the 2024 NCCN CML treatment guidelines and recommended by the CSCO CML and Ph+ ALL treatment guidelines[23] - Olverembatinib was included in China's National Reimbursement Drug List in January 2023, significantly improving patient accessibility[23] - Nailike® (Olverembatinib) was approved for marketing in Macau, China in July 2024, targeting TKI-resistant CML patients with or without T315I mutation[24] - Nailike® was included in the 2024 CSCO Guidelines for Hematologic Malignancies in May 2024 and the 2024 NCCN CML Guidelines in December 2023[24] - The company disclosed updated 1-year follow-up data for Nailike® in CML and Ph+ ALL at EHA 2024, showing sustained clinical efficacy and good tolerability[24] - Nailike® demonstrated significant efficacy and safety in SDH-deficient GIST patients at ASCO 2024, marking its third consecutive year of presentation at ASCO[25] - The company plans to continue Phase III trials for Nailike® in CML (POLARIS-2), Ph+ ALL (POLARIS-1), and SDH-deficient GIST (POLARIS-3) in 2024[26] - Lisaftoclax (APG-2575) is expected to submit an NDA for CLL/SLL in China in 2024, potentially becoming the second global and first Chinese Bcl-2 inhibitor for this indication[27] - Over 1,000 patients, including more than 400 CLL/SLL patients, have been treated with Lisaftoclax (APG-2575) as of June 30, 2024[27] - Lisaftoclax (APG-2575) received FDA orphan drug designations for FL, WM, CLL, MM, and AML[27] - A Phase III trial (GLORA-4) for Lisaftoclax combined with azacitidine in high-risk MDS patients is underway in China[27] - A global Phase III trial (GLORA) for Lisaftoclax combined with BTK inhibitors in CLL/SLL patients previously treated with BTK inhibitors is ongoing[28] - Lisaftoclax (APG-2575) combined with pomalidomide and dexamethasone showed an ORR of 70.4% in 27 evaluable r/r MM patients, with 10 PR, 7 VGPR, and 2 CR cases[29] - Lisaftoclax (APG-2575) monotherapy or combination therapy in newly diagnosed AML patients showed an ORR of 64.1% and a CRc rate of 51.3% in 39 patients[29] - The company plans to submit a new drug application for Lisaftoclax (APG-2575) for the treatment of r/r CLL/SLL in China in 2024[30] - Alrizomadlin (APG-115) has received six orphan drug designations from the FDA, including for soft tissue sarcoma, gastric cancer, AML, retinoblastoma, melanoma, and neuroblastoma[31] - Alrizomadlin (APG-115) demonstrated promising antitumor activity and tolerability in progressive salivary gland cancer, particularly adenoid cystic carcinoma[32] - Pelcitoclax (APG-1252) has shown preliminary antitumor activity in heavily pretreated patients and is being studied in combination with osimertinib for EGFR-mutated NSCLC[34][35] - APG-5918, an EED inhibitor, has shown potential in improving hemoglobin deficiency in preclinical models of CKD-induced anemia[36] - The company is conducting a multicenter, open-label Phase I trial of APG-5918 in advanced solid tumors or lymphomas[36] - Lisaftoclax (APG-2575) is being studied in global Ib/II trials for WM patients in combination with BTK inhibitors[29] - Alrizomadlin (APG-115) is being evaluated in multiple clinical trials in combination with immune therapies or chemotherapy for solid and hematologic tumors[31][32] - APG-5918 showed preclinical progress in improving hemoglobin deficiency in CKD-induced anemia models at EHA 2024[37] - APG-5918 demonstrated synergistic tumor growth inhibition with alrizomadlin in prostate cancer models at AACR 2024[37] - APG-2449 showed preliminary efficacy in NSCLC patients, including those resistant to 2nd-gen ALK TKIs, at ASCO 2024[38] - APG-2449 exhibited tumor metastasis inhibition and enhanced PLD's antitumor effects in epithelial ovarian cancer at AACR 2024[38] Financial Performance and Reporting - Revenue increased by RMB 681.0 million or 477.2% to RMB 823.7 million for the six months ended June 30, 2024, compared to RMB 142.7 million for the same period in 2023[13] - Other income and gains increased by RMB 0.3 million or 1.8% to RMB 17.3 million for the six months ended June 30, 2024, primarily due to increased bank interest income[13] - Sales and distribution expenses increased by RMB 6.3 million or 7.6% to RMB 89.6 million for the six months ended June 30, 2024, driven by commercialization of Olverembatinib (HQP1351) and other products[13] - R&D expenses increased by RMB 134.3 million or 43.4% to RMB 444.1 million for the six months ended June 30, 2024, mainly due to increased internal R&D spending[13] - Net income increased by RMB 565.1 million to RMB 162.8 million for the six months ended June 30, 2024, compared to a loss of RMB 402.3 million for the same period in 2023[13] - Cash and bank balances stood at RMB 1,100.3 million as of June 30, 2024, an increase of RMB 6.5 million or 0.6% compared to December 31, 2023[13] - Olverembatinib (HQP1351) achieved cumulative sales of RMB 489.7 million since its launch in November 2021, with sales in the first half of 2024 increasing by 120% compared to the second half of 2023[14] - The company received USD 100.0 million in July 2024 from Takeda Pharmaceuticals under an exclusive option agreement for Olverembatinib, with potential milestone payments and royalties up to USD 1.2 billion[14] - The company successfully issued and allotted 24,307,322 shares to Takeda Pharmaceuticals in June 2024, raising USD 75.0 million (approximately HKD 585.77 million)[14] - Revenue for the six months ended June 30, 2024, increased to RMB 823.7 million, up 477.2% from RMB 142.7 million in the same period in 2023[48][49][50] - Net profit for the six months ended June 30, 2024, was RMB 162.8 million, compared to a net loss of RMB 402.3 million in the same period in 2023[48][49] - R&D expenses for the six months ended June 30, 2024, increased to RMB 444.1 million, up from RMB 309.8 million in the same period in 2023[48][49] - The company received a $100 million option payment related to the exclusive option agreement with Takeda Pharmaceutical for the global rights to develop and commercialize Olverembatinib (耐立克®), excluding China, Hong Kong, Macau, and Taiwan[46] - The company is eligible to receive up to $1.2 billion in option exercise fees and additional potential milestone payments, as well as double-digit percentage royalties on annual net sales from the Takeda agreement[46] - Sales and distribution expenses increased by RMB 6.3 million or 7.6% to RMB 89.6 million, driven by the commercialization of Olverembatinib and other products[53] - R&D expenses increased by RMB 134.3 million or 43.4% to RMB 444.1 million, primarily due to higher internal R&D costs[54] - Administrative expenses decreased by RMB 4.3 million or 4.7% to RMB 87.0 million, mainly due to reduced labor and operational costs at the Suzhou base[56] - Financing costs decreased by RMB 18.6 million or 35.3% to RMB 34.1 million, primarily due to lower interest on bank borrowings[58] - Other expenses increased by RMB 2.9 million or 69.0% to RMB 7.1 million, mainly due to higher charitable donations[59] - The company's profit increased by RMB 565.1 million from a loss of RMB 402.3 million to a profit of RMB 162.8 million[60] - Net cash outflow from operating activities was RMB 354.4 million, a decrease from RMB 368.5 million in the previous period[61] - Net cash outflow from investing activities was RMB 131.3 million, including RMB 16.5 million for property, plant, and equipment[62] - Net cash inflow from financing activities was RMB 396.9 million, including RMB 532.0 million from the 2024 share subscription[62] - The company's current ratio improved to 1.8 from 1.4, and the quick ratio also improved to 1.8 from 1.4[63] - The company's cash and bank balances remained stable at RMB 1,100.3 million as of June 30, 2024, compared to RMB 1,093.8 million as of December 31, 2023[70] - The company's total current assets amounted to RMB 1,963.8 million, including cash and bank balances of RMB 1,100.3 million, inventory of RMB 10.7 million, and trade receivables of RMB 743.5 million as of June 30, 2024[70] - The company's total current liabilities were RMB 1,065.4 million, including trade payables of RMB 83.1 million, other payables and accrued expenses of RMB 215.2 million, and borrowings of RMB 729.5 million as of June 30, 2024[70] - The company's total non-current liabilities were RMB 1,265.3 million, including long-term borrowings of RMB 970.6 million and deferred revenue of RMB 233.4 million as of June 30, 2024[70] - The company has 574 full-time employees, with 70.9% (407 employees) engaged in R&D and laboratory work as of June 30, 2024[71] - Employee benefit expenses increased to RMB 218.9 million for the six months ended June 30, 2024, compared to RMB 201.2 million for the same period in 2023[71] - The company has 520 authorized patents globally, including 367 overseas patents, as of June 30, 2024[73] - The company plans to advance six differentiated clinical-stage product candidates to the next clinical stage and seek global NDA approvals[73] - The company aims to strengthen its global intellectual property portfolio and seek strategic partnerships with global biotech and pharmaceutical companies[73] - The company did not recommend an interim dividend for the six months ended June 30, 2024[74] - The company's unaudited condensed consolidated financial statements for the six months ended June 30, 2024, were reviewed by Ernst & Young and the Audit Committee, which found them to be in compliance with applicable accounting standards[161] - The company's interim financial information for 2024 shows revenue of RMB 823.746 million, a decrease of RMB 15.059 million compared to the previous year[169] - The company reported a net profit attributable to ordinary equity holders of RMB 162.826 million for the six months ended June 30, 2024, compared to a net loss of RMB 402.349 million in the same period last year[169] - Earnings per share for the six months ended June 30, 2024, were RMB 0.56, compared to a loss per share of RMB 1.47 in the same period last year[169] - The company reported a net profit of RMB 162,826 thousand for the first half of 2024, compared to a net loss of RMB 402,349 thousand in the same period of 2023[170] - Total comprehensive income for the first half of 2024 was RMB 165,095 thousand, a significant improvement from a loss of RMB 362,569 thousand in the first half of 2023[170] - The company's total assets as of June 30, 2024, were RMB 1,963,839 thousand, a 46.1% increase from RMB 1,344,178 thousand as of December 31, 2023[171] - Total equity increased to RMB 776,439 thousand as of June 30, 2024, from RMB 70,632 thousand as of December 31, 2023, representing a 999.5% increase[172] - Non-current liabilities decreased to RMB 1,265,281 thousand as of June 30, 2024, from RMB 1,495,588 thousand as of December 31, 2023, a 15.4% reduction[172] - The company's financial assets measured at fair value through profit or loss decreased to RMB 1,458 thousand as of June 30, 2024, from RMB 1,951 thousand as of December 31, 2023[171] - Contract liabilities decreased to RMB 233,423 thousand as of June 30, 2024, from RMB 251,189 thousand as of December 31, 2023[172] - Interest-bearing bank and other borrowings decreased to RMB 970,555 thousand as of June 30, 2024, from RMB 1,179,191 thousand as of December 31, 2023, a 17.7% reduction[172] - Deferred tax liabilities decreased to RMB 5,849 thousand as of June 30, 2024, from RMB 10,549 thousand as of December 31, 2023[172] - The company's cash and cash equivalents decreased to RMB 882,198 thousand as of June 30, 2024, from RMB 905,815 thousand as of December 31, 2023[171] - Net profit for the period reached RMB 163,001 thousand, compared to a net loss of RMB 402,351 thousand in the same period last year[173] - Total equity increased to RMB 776,439 thousand as of June 30, 2024, up from RMB 600,178 thousand as of June 30, 2023[173] - Cash and cash equivalents decreased by RMB 88,763 thousand, ending at RMB 952,434 thousand as of June 30, 2024[174] - Operating cash outflow was RMB 354,391 thousand, slightly lower than the previous year's outflow of RMB 368,464 thousand[174] - Financing activities generated a net cash inflow of RMB 396,906 thousand, primarily from the issuance of shares amounting to RMB 533,940 thousand[174] - Investment activities resulted in a net cash outflow of RMB 131,278 thousand, mainly due to investments in property, plant, and equipment, and joint ventures[174] - The company's total cash and bank balances stood at RMB 1,100,314 thousand as of June 30, 2024, down from RMB 1,581,600 thousand in the previous year[174] - The company issued ordinary shares worth RMB 533,940 thousand during the period, contributing to the increase in share capital and share premium[173] - Exchange rate fluctuations resulted in a gain of RMB 2,269 thousand, positively impacting the company's comprehensive income[173] - The company's accumulated losses decreased to RMB 5,202,121 thousand as of June 30, 2024, from RMB 5,365,122 thousand at the beginning of the year[173] - Revenue from external customers in Mainland China increased to RMB 145.33 million in the first half of 2024, up from RMB 142.70 million in the same period in 2023[179] - Revenue from Switzerland, a new market, contributed RMB 678.42 million in the first half of 2024, compared to zero in the same period in 2023[179] - Total revenue for the first half of 2024 reached RMB 823.75 million, a significant increase from RMB 142.70 million in the first half of 2023[179] - Non-current assets in Mainland China slightly decreased to RMB 1,083.22 million as of June 30, 2024, from RMB 1,

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