Financial Performance - Ascentage Pharma reported a significant increase in revenue, reaching HKD 26.5 million in 2021, compared to HKD 44.2 million in 2020, reflecting a decrease of approximately 40%[21]. - The company reported a significant increase in revenue, achieving a total of $150 million for the fiscal year, representing a 25% year-over-year growth[29]. - Total revenue for 2021 reached RMB 27,910,000, an increase from RMB 12,450,000 in 2020, representing a growth of 124%[42]. - For the year ended December 31, 2021, the company's revenue was RMB 279.1 million, an increase of RMB 154.0 million or 123.2% compared to RMB 124.5 million for the year ended December 31, 2020[76]. - The total comprehensive loss for the year ended December 31, 2021, was RMB 813.7 million, compared to RMB 740.8 million for the year ended December 31, 2020[77]. - The company reported a loss of RMB 782.4 million for the year ended December 31, 2021, compared to a loss of RMB 677.6 million for the year ended December 31, 2020, primarily due to increased R&D expenses[77]. Research and Development - The company is actively developing several new drug candidates, including APG-115, a novel oral MDM2-p53 inhibitor, and APG-2575, a new oral Bcl-2 inhibitor, aimed at enhancing cancer treatment options[23]. - The company is focused on advancing its clinical trials, with multiple candidates in different stages of development, including APG-1252, which targets Bcl-2/Bcl-xL proteins to restore apoptosis[23]. - The company aims to leverage its proprietary technology platforms to innovate and develop next-generation therapies for cancer and other diseases, positioning itself as a leader in the industry[25]. - The company has established partnerships with two leading research institutions to accelerate the development of its pipeline products[31]. - The company has over 50 clinical trials ongoing globally, with key products like Aolebatin and APG-2575 being recognized at major international conferences, showcasing their "Best-in-class" and "First-in-class" potential[44]. - The company has established a robust pipeline with eight clinical-stage small molecule candidates, focusing on innovative drug development in oncology and related diseases[46]. Market Expansion and Strategy - Ascentage Pharma's market expansion strategy includes establishing subsidiaries in various regions, such as Jiangsu Ascentage Pharma Pty. Ltd. in Australia and Ascentage Pharma Group Inc. in the United States, to enhance its global presence[23]. - The company is expanding its market presence in Asia, with plans to enter three new countries by the end of 2024[31]. - The company plans to explore opportunities for mergers and acquisitions to enhance its competitive position in the market[34]. - The company is investing $20 million in new technology to improve drug development processes, aiming for a 15% reduction in time to market[31]. - The company plans to enhance clinical trial center capacity and improve patient recruitment efficiency to support core product development[108]. Financial Position and Investments - Total current assets increased to RMB 1,885,280,000 in 2021 from RMB 1,079,044,000 in 2020, marking a growth of 75%[42]. - The company is dedicated to improving patient outcomes through the development of innovative therapies, with a strong emphasis on addressing unmet medical needs in oncology[25]. - The company is investing $50 million in R&D for new technologies aimed at enhancing product offerings and improving user experience[118]. - The company has completed two strategic acquisitions in the past year, enhancing its market position and expanding its product portfolio[121]. - The company has a workforce of 613 employees, with 456 (74.4%) engaged in R&D[105]. Regulatory and Compliance - The company's strategic focus on regulatory compliance and quality assurance is expected to facilitate smoother approval processes for its drug candidates in various markets[25]. - The company is committed to developing innovative therapies that are more effective and affordable to address unmet medical needs[108]. - The management team emphasizes a commitment to sustainability, with plans to reduce carbon emissions by 30% over the next five years[119]. Risks and Challenges - The company faces financial risks related to its net loss during the reporting period, despite one candidate drug being commercialized, and may require additional financing to support operations[137]. - There are significant risks associated with the clinical development of candidate drugs, including the potential failure of clinical trials and difficulties in patient recruitment[139]. - The company faces significant risks in obtaining regulatory approvals for candidate drugs, which could severely damage its business if not achieved[140]. Shareholder and Management Information - The company has a significant concentration of ownership among its major shareholders, with the top shareholders holding substantial percentages[1]. - The company has experienced management changes, with Chen Yiqing appointed as CFO on November 29, 2021, succeeding Zhang Su[129]. - The company has not recommended the payment of dividends for the fiscal year ending December 31, 2021[135].

Financial Performance - Ascentage Pharma reported a revenue of HKD 150 million for the first half of 2021, representing a 25% increase compared to the same period last year[9]. - The company reported a net loss of HKD 100 million for the first half of 2021, which is a 15% reduction compared to the previous year[9]. - As of June 30, 2021, the company's total assets increased to HKD 1.2 billion, reflecting a strong financial position to support future growth initiatives[9]. - For the six months ended June 30, 2021, revenue increased by RMB 10.4 million or 396.2% to RMB 13.0 million from RMB 2.6 million for the same period in 2020, primarily from intellectual property licensing fees from one customer[21]. - The company reported a total comprehensive loss of RMB 384.773 million for the six months ended June 30, 2021, which includes a loss of RMB 376.682 million[122]. - The net loss for the six months ended June 30, 2021, was RMB 376.682 million, an 18.0% increase from RMB 319.177 million for the same period in 2020, primarily due to increased R&D expenses[46]. - The company's equity increased to RMB 1,449,895,000 from RMB 846,621,000, representing a growth of 71%[121]. Research and Development - The company has allocated approximately HKD 200 million for research and development in 2021, focusing on new drug candidates and innovative therapies[9]. - Ascentage Pharma is committed to advancing its proprietary drug development programs, with a focus on oncology and age-related diseases[9]. - The company aims to achieve a 30% increase in patient enrollment for ongoing clinical trials by the end of 2021[9]. - The company is conducting over 40 I/II clinical trials across the US, Australia, Europe, and China for its clinical-stage candidates[23]. - Research and development expenses increased by RMB 66.0 million or 26.3% to RMB 317.5 million from RMB 251.5 million, driven by more clinical trials for candidate drugs and an increase in R&D personnel[21]. - The company is focused on enhancing its R&D capabilities to develop innovative therapies that address unmet medical needs and improve patient health[65]. Strategic Initiatives - Ascentage Pharma plans to enhance its market presence through strategic partnerships and collaborations, particularly in the Asia-Pacific region[9]. - The company is exploring potential mergers and acquisitions to bolster its pipeline and expand its market reach[9]. - The company entered into a collaboration and licensing agreement with Innovent Biologics on July 14, 2021, regarding the development and commercialization of HQP1351[12]. - A significant event occurred on July 14, 2021, where the company entered into a collaboration and licensing agreement for HQP1351, with a prepayment of $30 million due within 15 days[66]. - The company aims to establish strategic partnerships with global biotech and pharmaceutical companies to capitalize on commercialization opportunities in the global oncology drug market[65]. Clinical Trials and Product Development - The leading candidate HQP1351 received "Breakthrough Therapy Designation" from China's CDE in March 2021, and the company has obtained a total of 12 orphan drug designations (ODD) from the US FDA as of June 30, 2021[23]. - APG-2575 has shown an objective response rate (ORR) exceeding 80% in patients with relapsed/refractory CLL, with no dose-limiting toxicities observed at the maximum dose of 1,200mg[30]. - APG-1252 has been administered to 183 patients, demonstrating good tolerability and preliminary anti-tumor activity in heavily pre-treated patients[31]. - APG-115 showed an ORR of 24.1% and a disease control rate (DCR) of 55.2% in a clinical trial for melanoma patients resistant to PD-1/PD-L1 inhibitors[33]. - The company is developing new generation TKIs to meet the significant demand in current disease treatments[25]. Financial Health and Investments - The company has established a global intellectual property portfolio with 144 granted patents and over 510 patent applications as of June 30, 2021, with approximately 110 patents granted overseas[24]. - The company has authorized the issuance of up to 20% of its then-issued share capital at the annual general meeting held on May 10, 2021[12]. - The company plans to construct a 100,000 square meter facility in Suzhou for R&D and production, expected to be operational in the second half of 2021[43]. - The company has not engaged in any major litigation or arbitration during the reporting period[100]. - The company has no significant investments or future plans related to major investments or capital assets as of the mid-year report date[111]. Employee and Shareholder Information - The company employed 531 full-time employees as of June 30, 2021, with 75% engaged in R&D activities[63]. - The company has adopted various employee incentive plans, including restricted share unit plans, to attract and retain talent[64]. - As of June 30, 2021, key executives collectively hold 26.55% of the company's shares through controlled entities[69]. - The board of directors did not recommend the distribution of an interim dividend for the six months ended June 30, 2021[67]. Market and Economic Conditions - The company anticipates ongoing negative impacts on global operations due to COVID-19, affecting clinical trial recruitment, regulatory interactions, and supply chain[44]. - The expected timeline for utilizing the remaining net proceeds is based on the company's best estimates of market conditions and may be affected by the progress of R&D due to COVID-19[109].

Financial Performance - Ascentage Pharma reported a significant increase in revenue, reaching $50 million, representing a 25% year-over-year growth[4]. - The company reported a total revenue of RMB 500 million for the fiscal year 2020, representing a 20% increase compared to the previous year[10]. - The company reported a revenue for the last fiscal year reached $500 million, representing a 15% increase compared to the previous year[91]. - The company has set a future outlook with a revenue guidance of $600 million for the next fiscal year, indicating a projected growth of 20%[92]. - The company provided a future outlook, projecting a revenue growth of 25% for the next fiscal year, driven by new product launches and market expansion[10]. - The company reported a net loss of $15 million for the last quarter, which is a 10% improvement compared to the previous quarter[8]. - The company incurred a net loss of RMB 677.6 million for the year ended December 31, 2020, down from RMB 1,480.7 million in 2019, primarily due to the absence of fair value losses on redeemable convertible preferred shares in 2020[46]. - The total comprehensive loss for the year ended December 31, 2020, was RMB 740.8 million, a significant reduction from RMB 1,579.5 million for the year ended December 31, 2019[46]. Research and Development - The company has allocated $10 million for research and development in the upcoming year, focusing on innovative therapies for cancer treatment[4]. - Research and development expenses increased by 30% to RMB 150 million, reflecting the company's commitment to innovation and new technology development[10]. - The company has a robust pipeline with eight clinical-stage and four preclinical candidates, focusing on difficult-to-target proteins and next-generation tyrosine kinase inhibitors[19]. - The company is investing heavily in R&D, allocating $H million towards new technology development, which is projected to yield results in the next 1-2 years[86]. - The company plans to enhance operational efficiency, targeting a reduction in costs by J% through various optimization strategies[84]. - The company is focused on developing innovative drugs in the fields of oncology, hepatitis B, and age-related diseases[98]. Market Expansion - Ascentage Pharma is expanding its market presence in Europe, with plans to establish partnerships with at least three local distributors by the end of 2023[8]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[10]. - The company plans to expand its market presence in Europe, targeting a 30% increase in market share within the next two years[95]. - The company is actively developing new products, including HQP1351, which is expected to enter the market by Q3 2024[6]. Strategic Partnerships and Collaborations - The management emphasized the importance of strategic collaborations, aiming to finalize at least two partnerships with biotech firms in the next six months[4]. - The company has established strategic partnerships, including collaborations with AstraZeneca and MSD, to enhance clinical development capabilities[20]. - The company is exploring potential mergers and acquisitions to enhance its product pipeline and market reach, with a budget of $20 million set aside for this purpose[6]. - The company is exploring potential mergers and acquisitions to enhance its product portfolio and market reach[10]. - The company aims to strengthen strategic partnerships with global biotech and pharmaceutical companies to capitalize on commercialization opportunities in the oncology market[74]. Operational Efficiency - The company is committed to enhancing its operational efficiency, targeting a reduction in operational costs by 15% over the next year[6]. - The management team emphasized a strategic shift towards digital transformation, aiming for a digital revenue growth of I%[85]. Corporate Governance - The company is committed to high standards of corporate governance, with the board believing that effective governance practices are crucial for growth and maximizing shareholder value[176]. - The board consists of nine directors, including one executive director, four non-executive directors, and four independent non-executive directors, ensuring compliance with listing rules regarding board composition[179]. - The company has established committees, including nomination, remuneration, and audit committees, to oversee specific areas of the company's affairs[177]. - The audit committee is responsible for overseeing corporate governance policies and compliance with legal and regulatory requirements[187]. Social Responsibility - The company actively engaged in social responsibility by donating RMB 500,000 to hospitals in Wuhan for purchasing protective equipment during the COVID-19 pandemic[43]. - The company has a commitment to environmental responsibility and plans to publish its environmental, social, and governance report within three months of the annual report[101]. Risks and Challenges - The company faces significant financial risks, including reliance on additional financing to support operations and the potential dilution of shareholder equity[102]. - The success of the company's clinical candidates is uncertain, with risks related to clinical trial recruitment and regulatory approval processes[104][105]. - The company has not yet commercialized any products and faces competition that may hinder its ability to successfully develop and market its candidates[106]. - The company relies on third parties for preclinical research and clinical trials, which poses risks if these parties fail to meet contractual obligations[108]. Employee and Management - The company has a total of 433 full-time employees, with 361 (83.4%) engaged in R&D and 72 (16.6%) in administrative and business development roles[70][71]. - The company has maintained a retention rate of over 90% over the past two years, supporting the continuous development of its knowledge base[73]. - The management team has extensive experience, with an average of over 20 years in the pharmaceutical industry, ensuring strong leadership[90].

Financial Performance - Ascentage Pharma reported a total revenue of approximately $10 million for the first half of 2020, reflecting a year-over-year increase of 25%[1]. - The company anticipates a revenue guidance of $20 million for the full year 2020, representing a 50% increase compared to 2019[1]. - Ascentage Pharma reported a revenue of RMB 100 million for the first half of 2020, representing a 20% increase compared to the same period last year[9]. - Revenue for the six months ended June 30, 2020, increased by 13.0% to RMB 26 million from RMB 23 million for the same period in 2019[15]. - The company reported a net loss of RMB 50 million for the first half of 2020, which is a 10% improvement compared to the same period last year[9]. - The net loss for the six months ended June 30, 2020, was RMB 319.2 million, down 49.6% from RMB 633.3 million for the same period in 2019, primarily due to a reduction in losses from convertible redeemable preferred shares[43]. - The total comprehensive loss for the six months ended June 30, 2020, was RMB 311.7 million, a 51.5% decrease from RMB 642.1 million for the same period in 2019[36]. - The basic and diluted loss per share improved to RMB 1.53 in 2020 from RMB 6.51 in 2019, reflecting a significant reduction in losses per share[98]. Research and Development - The company plans to invest $5 million in R&D for new drug development, particularly in the area of Mcl-1 inhibitors, to enhance its product offerings[1]. - Ascentage Pharma is developing new therapies targeting Mcl-1 and MDM2 pathways, with expected completion of Phase I trials by the end of 2021[9]. - The company is focusing on the development of its pipeline, which includes five drug candidates currently in various stages of clinical trials[9]. - The company has over 40 ongoing Phase I or II clinical trials in the US, Australia, and China as of June 30, 2020[16]. - The company is actively recruiting patients for ongoing studies of HQP1351 and other key candidates, indicating a robust pipeline for future growth[20]. - The company is committed to improving R&D capabilities to develop innovative therapies that are more effective and affordable for patients[53]. Strategic Partnerships and Market Expansion - Ascentage Pharma has established strategic partnerships with two major pharmaceutical companies to accelerate the development of its core products, which is expected to enhance its competitive edge[1]. - The company is focusing on expanding its market presence in the Asia-Pacific region, aiming for a 30% increase in market share by the end of 2021[1]. - The company aims to strengthen strategic partnerships with global biotech and pharmaceutical companies to capture more commercialization opportunities in the oncology market[52]. Clinical Trials and Product Development - The company has initiated clinical trials for its lead drug candidate HQP1351, which targets BCR-ABL mutations, with a focus on the T315I mutation[10]. - HQP1351 has received "one-time umbrella approval" in China and is being developed as a monotherapy for TKI-resistant or T315I mutation chronic myeloid leukemia (CML) patients, with two key Phase II clinical trials completed[20]. - APG-2575, a novel oral Bcl-2 selective inhibitor, is undergoing Phase I trials in multiple regions and has received FDA orphan drug designation[16]. - The company plans to initiate several clinical trials for blood cancers, including multiple myeloma and non-Hodgkin lymphoma, in the second half of 2020[22]. Financial Position and Cash Flow - As of June 30, 2020, the group's cash and bank balance decreased by 51.2% to RMB 430.7 million from RMB 882.5 million as of December 31, 2019, primarily due to cash payments for R&D activities and the construction of the Suzhou facility[44]. - The net cash used in operating activities was RMB (298,618) thousand for the first half of 2020, compared to RMB (217,187) thousand for the same period in 2019, indicating a worsening cash flow situation[103]. - The company raised RMB 254,862 thousand through new bank loans during the first half of 2020, compared to RMB 65,000 thousand in the same period of 2019, showing a significant increase in financing activities[103]. Corporate Governance and Shareholder Information - The company continues to evaluate the effectiveness of its corporate governance structure, including the separation of the roles of Chairman and CEO[92]. - The board of directors confirmed compliance with the securities trading code during the reporting period, ensuring adherence to governance standards[93]. - The company has a total equity ownership of 32.17% held by Dr. Yang, Dr. Guo, Dr. Wang, Dr. Zhai, and their respective special purpose companies[63]. - The company continues to actively cooperate and communicate among its major shareholders post-IPO[63]. Future Outlook - The company anticipates launching its first commercial product by the end of 2022, targeting a market size of RMB 1 billion[9]. - The company is committed to enhancing its comprehensive business development and commercialization capabilities beyond core R&D[52]. - The company plans to accelerate the advancement of eight differentiated clinical candidates to the next clinical stage and apply for NDA globally[52].

Product Development and R&D - Ascentage Pharma reported a core product HQP1351, which is a significant focus for the company[9] - The company is committed to developing new technologies and products, with ongoing research and development efforts aimed at innovative therapies[9] - The company plans to continue expanding its research and development efforts to enhance its product pipeline and market presence[15] - As of December 31, 2019, the company has a robust pipeline consisting of eight clinical-stage drug candidates, including HQP1351, APG-2575, APG-1387, and APG-115[19] - The company is conducting over 30 Phase I or II clinical trials in the US, Australia, and China to evaluate its eight drug candidates[19] - HQP1351, a third-generation BCR-ABL/KIT inhibitor, is currently undergoing critical Phase II clinical trials for chronic myeloid leukemia (CML) patients with T315I mutations in China[21] - The company plans to submit a New Drug Application (NDA) for HQP1351 in China in 2020, following the completion of patient recruitment for two key studies[21] - The company aims to produce drugs for clinical use at its new global R&D center and production facility in Suzhou, China, which was inaugurated in November 2019[17] - The company is focused on developing innovative therapies targeting difficult-to-drug protein-protein interactions (PPIs) and next-generation tyrosine kinase inhibitors (TKIs)[19] - The company plans to initiate several clinical trials for APG-2575 in 2020, targeting blood cancers including MM and NHL[22] - APG-1252 is expected to enter Phase II trials for relapsed/refractory SCLC following the completion of Phase I results[24] - The company has received approval to start Phase Ib/II trials for APG-115 in combination with chemotherapy for hematological malignancies[25] - APG-1387 has been approved for combination trials with chemotherapy and immune checkpoint inhibitors for advanced solid tumors in China[26] - The Mcl-1 inhibitors AS00491 and APG-3526 have shown significant anti-tumor activity in preclinical models, achieving complete remission in human AML and MM xenograft models[27] - The company is advancing its pipeline with multiple candidates in various stages of clinical development, focusing on innovative cancer therapies[27] Financial Performance - Total revenue for 2019 reached RMB 14,513,000, representing a significant increase compared to RMB 6,807,000 in 2018[15] - Research and development expenses for 2019 amounted to RMB 463,883,000, up from RMB 249,565,000 in 2018, indicating a focus on innovation[15] - The net loss for 2019 was RMB 1,480,714,000, compared to a loss of RMB 345,307,000 in 2018, reflecting increased investment in R&D[15] - Total current assets as of December 31, 2019 were RMB 909,105,000, a decrease from RMB 990,219,000 in 2018[15] - Total non-current assets increased to RMB 295,945,000 in 2019 from RMB 239,157,000 in 2018, indicating growth in long-term investments[15] - Total current liabilities rose to RMB 202,062,000 in 2019, up from RMB 105,269,000 in 2018, suggesting increased short-term obligations[15] - Total equity improved to RMB 890,475,000 in 2019, recovering from a deficit of RMB 1,011,586,000 in 2018[15] - The total comprehensive loss for the year ended December 31, 2019, was RMB 1,579.5 million, compared to RMB 369.1 million for the year ended December 31, 2018[35] - The company reported a significant increase in user data, with a growth rate of 25% year-over-year in active users[63] - The revenue for the fiscal year reached $500 million, representing a 15% increase compared to the previous year[64] - The company reported a net profit margin of 12%, up from 10% in the previous year[68] - The company reported a net loss during the reporting period and has no revenue from product sales, indicating a need for additional financing to support operations[76] Market Expansion and Strategic Initiatives - The company is actively pursuing market expansion strategies, particularly in the United States and Australia, to increase its market presence[9] - The company is exploring potential market expansion opportunities to increase its footprint in the biopharmaceutical sector[15] - The company aims to establish strategic partnerships with global biotech and pharmaceutical companies to capitalize on commercialization opportunities in the global oncology market[53] - The company is exploring potential mergers and acquisitions to bolster its growth and enhance its product pipeline[9] - The company has established global collaborations with leading biotechnology and pharmaceutical companies, including a clinical cooperation agreement with Junshi Biosciences in April 2019[31] - A strategic acquisition of a biotech firm was completed, valued at $100 million, aimed at enhancing R&D capabilities[69] Corporate Governance and Compliance - Ascentage Pharma's governance structure includes an audit committee and a board of directors to ensure effective oversight and management[9] - The company emphasizes the importance of corporate governance in maintaining investor confidence and regulatory compliance[9] - The company is committed to maintaining compliance with international financial reporting standards to ensure transparency and accuracy in its financial reporting[12] - The company has a scientific advisory board chaired by co-founder Dr. Wang Shaomeng, consisting of renowned scientists with expertise in cancer research and development[29] - The board includes members with diverse expertise in finance, investment, and pharmaceutical development, enhancing the company's strategic decision-making capabilities[62] - The management team emphasizes the importance of independent oversight and governance to ensure effective management and strategic direction[62] - The company has established a shareholder communication policy to ensure timely access to relevant information for shareholders and the investment community through various communication tools[174] - The board has established committees, including a nomination committee, remuneration committee, and audit committee, to oversee specific areas of governance[141] Risks and Challenges - The company faces significant risks related to the clinical development of candidate drugs, including potential delays in clinical trials and the need for regulatory approvals[77][78] - The company relies on third parties for preclinical research and clinical trials, which poses risks if these parties fail to fulfill their contractual obligations[81] - The company is dependent on maintaining patent protection for its technologies, as loss of such rights could adversely affect its ability to commercialize its products[80] - The pharmaceutical industry in China is highly regulated, and changes in regulations may impact drug approvals and commercialization[83] - The company has experienced challenges in recruiting patients for clinical trials, which could impact its clinical development activities[77] Shareholder and Ownership Structure - Ascentage Pharma's major shareholders hold 45.53%, 27.69%, and 26.78% of the company's equity, indicating a concentrated ownership structure[9] - The total number of shares held by major shareholders and directors indicates a significant concentration of ownership within the company[107] - The company has established a unified action agreement among key shareholders to collaborate on business interests[103] - The total number of shares available for issuance under the pre-IPO share option plan is capped at 12,307,533 shares, representing 5.89% of the company's issued share capital[114] - The major shareholders include the Founder's Special Purpose Company, which also holds 32.17% of the shares[108] Audit and Financial Reporting - The consolidated financial statements have been audited by Ernst & Young, who will retire at the annual general meeting but are eligible and willing to be re-elected[138] - The independent auditor's report confirms that the financial statements for the year ended December 31, 2019, have been prepared in accordance with the Hong Kong Companies Ordinance disclosure requirements[182] - The audit report emphasizes the importance of internal controls to prevent material misstatements due to fraud or error[187] - The auditors provided reasonable assurance that the financial statements are free from material misstatement, although they cannot guarantee that all material misstatements will be detected[187] - The audit focused on the adequacy of disclosures related to R&D expenses, including the accounting policies for capitalizing or expensing development costs[184] Employee and Management Structure - The company had a total of 410 full-time employees, with 327 (79.8%) in R&D and 83 (20.2%) in administrative roles[50] - The senior management team has an average of 15 to 20 years of experience in the biotechnology industry, playing a crucial role in driving business success[50] - The management team has extensive experience, with an average of over 20 years in the pharmaceutical industry[65] - The company has a high employee retention rate of over 90% over the past two years, contributing to the continuous development of its knowledge base[50] Environmental and Social Responsibility - The company is committed to environmental responsibility and sustainable development, with plans to publish its environmental, social, and governance report within three months of the annual report[75] - The company made a charitable donation of HKD 1 million to the Hong Kong Community Chest during the reporting period[88]