Financial Performance - Total product revenue for 2023 was $266.7 million, representing a 25% year-over-year increase, and a 31% increase when adjusted for constant currency[6]. - Total revenue for 2023 was $266.72 million, an increase of 24.9% compared to $215.04 million in 2022[48]. - Product revenue reached $266.72 million, up from $212.67 million in the previous year, reflecting a growth of 25.4%[48]. - 2023 sales revenue reached $19.2 million, a 29% increase from $15 million in the same period of 2022[14]. - Sales revenue for another product in 2023 was $21.7 million, up 316% from $5.2 million in 2022[14]. - The company recorded a gross profit of $170.90 million in 2023, compared to $138.02 million in 2022, reflecting a gross margin improvement[48]. - The net loss for 2023 was $334.6 million, with a loss per share of $0.35, compared to a net loss of $443.3 million and a loss per share of $0.46 in 2022[14]. - The company reported a net loss of $334.62 million for 2023, an improvement from a net loss of $443.29 million in 2022, representing a reduction of 24.6%[50]. - Operating loss improved to $(366,573) thousand in 2023, a 9% reduction from $(404,357) thousand in 2022[52]. Cash and Assets - The company’s cash reserves as of December 31, 2023, were $80.76 million, down from $100 million at the end of 2022[6]. - As of December 31, 2023, cash and cash equivalents totaled $807.6 million, down from $1 billion as of December 31, 2022[14]. - Cash and cash equivalents as of December 31, 2023, were $790.15 million, down from $1.01 billion at the end of 2022, a decrease of 21.6%[47]. - The total assets decreased to $1.04 billion in 2023 from $1.22 billion in 2022, a decline of 14.9%[47]. - The company’s total liabilities increased to $240.18 million in 2023 from $174.55 million in 2022, an increase of 37.5%[47]. - The number of issued shares increased to 977.15 million as of December 31, 2023, compared to 962.46 million in 2022, an increase of 1.5%[47]. Research and Development - R&D expenses in 2023 were $265.9 million, down from $286.4 million in 2022, primarily due to reduced prepayments and milestone payments related to licensing and collaboration agreements[14]. - Research and development expenses decreased to $265.87 million in 2023 from $286.41 million in 2022, a decline of 7.1%[48]. - The company plans to submit up to four new drug applications in 2024, including for Durobatin and Reptin[6]. - The company plans to submit several new drug applications in China, including for Adagrasib and Tisotumab Vedotin[18]. - The FDA has accepted the premarket approval application for tumor treating fields therapy for NSCLC, with a target submission to the NMPA in 2024[20]. - The company is actively recruiting patients for global clinical studies involving multiple new therapies, including ZL-1310 for small cell lung cancer[20]. - Zai Lab plans to submit an NDA for tisotumab vedotin for second-line and above cervical cancer to the NMPA[27]. - Zai Lab will participate in the global Phase 3 study KRYSTAL-7 evaluating adagrasib for first-line treatment of KRASG12C mutation NSCLC, expected to start in the second half of 2024[31]. - Zai Lab plans to submit an sBLA for subcutaneous efgartigimod for gMG, which is expected to receive NMPA approval[32]. - Zai Lab is set to initiate a global Phase 2 study for ZL-1102 targeting moderate chronic plaque psoriasis in mid-2024[31]. - Zai Lab is actively involved in multiple clinical studies across various therapeutic areas, including oncology and autoimmune diseases, to address unmet medical needs[37]. Market and Product Developments - The launch of Weiwei Jia in September 2023 in China has treated nearly 1,000 patients by the end of Q4 2023, with an estimated sales forecast of over $70 million for 2024[6]. - Weiwei Jia was included in the NRDL effective January 1, 2024, enhancing patient accessibility and treatment uptake[11]. - Sales rebates to distributors increased from $5.3 million in 2022 to $13 million in 2023 due to more products being included in the National Reimbursement Drug List (NRDL)[11]. - The inclusion of new products in the NRDL is expected to enhance patient accessibility starting January 1, 2024[14]. - The company aims to achieve profitability by the end of 2025 through revenue growth and efficiency improvements[5]. - The strategic focus for 2024 includes commercial execution to drive innovation in China and other regions[13]. - The company aims to maintain its leadership position in the ovarian cancer market in China[15]. - Zai Lab's partner Novocure will announce key data from the Phase 3 METIS study for non-small cell lung cancer brain metastases in Q1 2024[25]. - Karuna announced that the FDA has accepted the new drug application for KarXT for the treatment of adult schizophrenia, with a PDUFA target action date of September 26, 2024[6]. - Argenx announced that the FDA has accepted the sBLA for subcutaneous efgartigimod for CIDP, with a PDUFA target action date of June 21, 2024[6].

浦银国际研究 公司研究 | 医药行业 再鼎医药（ZLAB.US/9688.HK）：加速商业 化进程推动盈利前景，维持“买入”评级 阳景 浦 首席医药分析师 银 首席医药分析师阳景恢复覆盖再鼎医药（ZLAB.US/9688.HK），维持“买 Jing_yang@spdbi.com 国 (852) 2808 6434 入”评级，目标价为 60 美元/47 港元。基于再鼎医药（再鼎）过往强 际 大的商业化能力、强劲高效的执行力，我们有信心公司能够完成管理层 4Q25 开始实现盈利和 2023-2028 年收入年复合增速超过 50%的指引。 胡泽宇 CFA 我们认为，公司目前 20 亿美元的市值明显低估了其一系列具有差异化 医药分析师 的重磅创新药的长期价值及众多短期催化剂对股价的提振作用。 ryan_hu@spdbi.com  未来 5 年商业化大幅提速，有望带来超过 50%的收入年均复合增长率： (852) 2808 6446 根据管理层指引，未来 3 年（2024-2026 年）预计将有超过 7 款新产品 或新适应症上市，至 2028 年底之前，再鼎医药预计有超过 15 款商业 2024年2月23日 公 化产 ...

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，概不會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。 Zai Lab Limited 再鼎醫藥有限公司* （於開曼群島註冊成立的有限公司） （股份代號: 9688） 截至2023 年9月30 日止三個月及九個月的未經審核業績 以及公司進展 再鼎醫藥有限公司（「本公司」）謹此公佈根據美國證券交易委員會的適用規則刊發的本公司及 其附屬公司截至2023年9月30日止三個月及九個月的未經審核簡明合併業績（「2023年第三季度 業績」）以及近期產品亮點及公司進展和2023/2024年的預期重要里程碑事件。2023年第三季度 業績乃根據有別於國際財務報告準則的美國公認會計準則編製。 承董事會命 再鼎醫藥有限公司 董事、董事長兼首席執行官 杜瑩 香港，2023年11月8日 於本公告日期，本公司董事會包括董事杜瑩博士；以及獨立董事陳凱先博士、John Diekman博士、Richard Gaynor醫學博士、梁頴宇女士、William Lis先生、Scott W. Mo ...

Product Development and Commercialization - Zai Lab currently has five commercialized products approved in at least one region of Greater China[12]. - The company has thirteen late-stage product development projects and several key clinical studies ongoing[12]. - Zai Lab's strategy includes ongoing investment in R&D to develop high-quality candidate products[13]. - Future profitability and positive cash flow generation depend on the successful commercialization of products and the ability to expand indications for existing products[13]. - The company cannot predict when products in its pipeline will receive regulatory approval or when they will be successfully commercialized[14]. - The commercial launch of Weiweijia in mainland China occurred in September 2023 following its approval[16]. - The updated National Medical Insurance Catalog took effect on March 1, 2023, enhancing the market access for the company's products[15]. - The company aims to leverage its recent approvals and product launches to expand its market presence and enhance revenue growth in the coming years[15]. - The company continues to advance its candidate products through research and commercialization efforts, focusing on oncology and other therapeutic areas[16]. Financial Performance and Guidance - The financial performance is anticipated to fluctuate quarterly and annually, depending on the success of commercialized products and the level of R&D expenditures[14]. - Zai Lab's financial guidance indicates that results may vary significantly based on the balance between commercialization success and R&D spending[14]. - The company has generated net losses and negative cash flows since its inception, primarily due to R&D costs and operating expenses[13]. - The company anticipates significant increases in operating expenses as it continues to commercialize approved products and develop clinical candidates[69]. - The company aims to launch eight additional products in Greater China over the next three years, targeting overall profitability by the end of 2025[33]. - The company reported a significant increase in interest income, rising by $18.958 million, or 1,391%, from $1.363 million in 2022 to $20.321 million in 2023[36]. - The company achieved a net loss of $170.039 million, a reduction of $50.288 million, or 23%, compared to a net loss of $220.327 million in the first half of 2022[36]. - Total revenue for the first half of 2023 was $131.661 million, a 39% increase from $94.900 million in the same period of 2022[36]. - Operating loss decreased by $19.459 million, or 11%, from $178.481 million in 2022 to $159.022 million in 2023[36]. Research and Development Expenses - Zai Lab expects to continue incurring significant expenses related to research and development activities[13]. - Research and development expenses related to prepaid licensing fees and development milestones were $19.3 million and $10.4 million for the first half of 2023 and 2022, respectively[30]. - The company anticipates increased spending due to ongoing clinical development of 13 late-stage candidates and additional clinical trials[28]. - The company plans to continue investing in R&D, including internal drug discovery, to support its strategic goals[33]. Clinical Trial Results - The PRIME study data published in JAMA Oncology in July 2023 showed that Niraparib significantly extended progression-free survival (PFS) to 24.8 months compared to 8.3 months for placebo, with a hazard ratio (HR) of 0.45[17]. - The LUNAR clinical trial demonstrated a median overall survival (OS) improvement of 3 months for metastatic NSCLC patients receiving tumor-treating fields combined with standard treatment, with a median OS of 13.2 months versus 9.9 months for standard treatment alone[18]. - The safety profile of Niraparib was confirmed, with ≥ grade 3 treatment-emergent adverse events (TEAEs) occurring in 54.5% of patients compared to 17.8% in the placebo group[17]. - The ADHERE study demonstrated a 61% reduction in relapse risk for efgartigimod in CIDP patients compared to placebo, with a p-value of 0.000039[21]. - The NMPA granted breakthrough therapy designation for efgartigimod in treating CIDP based on global and Chinese patient data from the ADHERE study[21]. Financial Position and Cash Flow - As of June 30, 2023, the company has 13 late-stage clinical candidates in development[28]. - As of June 30, 2023, the company had a capital expenditure commitment of $3.9 million, mainly related to facility construction and installation[62]. - The company reported a net cash used in operating activities of $128.0 million for the first half of 2023, a decrease of $4.0 million compared to $132.0 million in the same period of 2022[65]. - Cash used in investing activities decreased by $132.6 million to $11.3 million, mainly due to a reduction in short-term investments purchased[66]. - As of June 30, 2023, the company's cash, cash equivalents, restricted cash, and short-term investments totaled $876.4 million, comprising $850.3 million in USD, $22.0 million in RMB, and $4.1 million in HKD, AUD, and TWD[54]. Shareholder and Corporate Governance - Major shareholders include FMR LLC with 54,933,311 shares (5.58%) and Qiming Corporate GP IV, Ltd. with 79,229,320 shares (8.05%) as of June 30, 2023[94]. - The board has appointed Dr. John Diekman as the Chief Independent Director to enhance corporate governance[125]. - The company has maintained compliance with the corporate governance code throughout the reporting period[126]. - The audit committee consists of three independent directors, ensuring oversight of the company's financial reporting processes[143]. Stock Options and Equity Incentives - The total number of stock options granted under the 2022 plan as of June 30, 2023, is 27,264,720[112]. - The total number of stock options exercised during the reporting period was 639,000 shares, while 1,409,780 shares were canceled or expired[105]. - The company has a performance period for restricted stock units from December 1, 2021, to December 31, 2025[111]. - The total number of unvested restricted stock units as of June 30, 2023, is 21,936,340[110]. - The company has granted restricted stock units with various vesting periods, including 3, 4, and 5 years, depending on the grant date[107]. Strategic Collaborations and Partnerships - Strategic collaboration with Suzhou Yilian Bio-pharmaceutical Co., Ltd. established in April 2023 to expand the product pipeline in lung cancer with the DLL3 ADC project ZL-1310, which is progressing towards clinical research[23]. - The company is actively seeking opportunities to utilize regulatory pathways to expedite candidate products into the Chinese market prior to NMPA approval[25]. - The company continues to explore global licensing and collaboration opportunities to enhance its product pipeline and maintain synergy with its current offerings[148].

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，概不會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。 Zai Lab Limited 再鼎醫藥有限公司 * （於開曼群島註冊成立的有限公司） （股份代號：9688） 截 至 2023 年 6 月 30 日 止 六 個 月 中 期 業 績 公 告 再鼎醫藥有限公司連同其附屬公司（統稱「本公司」或「我們」）謹此公佈本公司截至2023年 6月30日止六個月（「報告期」）的未經審計簡明合併業績，連同2022年同期的比較數字， 該等資料乃根據美國公認會計準則（「美國公認會計準則」）編製並由本公司董事會（「董 事會」）審核委員會（「審核委員會」）審閱。 財務摘要 截至2023年6月30日止六個月與截至2022年6月30日止六個月比較（以美元（「美元」）計） • 總收入增加36.8百萬美元或38.7%至131.7百萬美元。產品收入增加38.0百萬美元或 40.6%至131.7百萬美元。合作收入減少1.2百萬美元至零。 • 總開支增加17.3百萬美元或6.3%至290. ...

Zai Lab Limited. (NASDAQ:ZLAB) Q2 2023 Earnings Conference Call August 8, 2023 8:00 AM ET Company Participants Christine Chiou - Senior Vice President of Investor Relations Yajing Chen - Chief Financial Officer Samantha Du - Founder, Chairperson and Chief Executive Officer Josh Smiley - Chief Operating Officer Rafael Amado - President, Head of Global Oncology Research and Development Harald Reinhart - President, Head of Global Development, Neuroscience, Autoimmune and Infectious Diseases Jonathan Wang - Chi ...

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，概不會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。 Zai Lab Limited 再鼎醫藥有限公司 * （於開曼群島註冊成立的有限公司） （股份代號：9688） 內 幕 消 息 截 至 2023 年 6 月 30 日 止 三 個 月 及 六 個 月 的 未 經 審 核 業 績 以 及 公 司 進 展 本公告乃由再鼎醫藥有限公司（「本公司」）根據香港聯合交易所有限公司證券上市規則 （「上市規則」）第13.09條及根據證券及期貨條例（香港法例第571章）第XIVA部而刊發。 本公司欣然公佈根據美國證券交易委員會的適用規則刊發的本公司及其附屬公司截至 2023年6月30日止三個月及六個月的未經審核簡明合併業績（「第二季度業績」）以及近期 產品亮點及2023年預期里程碑事件和公司進展（「公司進展」）。 第二季度業績乃根據美國公認會計準則（「美國公認會計準則」）編製，而美國公認會計 準則有別於國際財務報告準則（「國際財務報告準則」）。 本公告附件一乃本公司於2 ...

Financial Performance - The company reported a significant increase in revenue, achieving a total of $X million for the fiscal year, representing a Y% growth compared to the previous year[1]. - User data showed an increase in active users, reaching Z million, which is a W% increase year-over-year[1]. - The company provided guidance for the next fiscal year, projecting revenue growth of A% and an expected total revenue of $B million[1]. - The company aims to achieve overall profitability by the end of 2025 through enhanced efficiency and productivity while preparing to launch eight additional products in the Greater China region over the next 2-3 years[13]. - The company is focused on maintaining strong financial performance by increasing the penetration of its existing commercialized products[13]. Product Development and Pipeline - New product launches are anticipated to contribute an additional C million in revenue, with a focus on expanding the product line in the D market[1]. - The company has established a robust product pipeline consisting of innovative marketed and candidate products, addressing unmet medical needs in oncology, autoimmune diseases, infectious diseases, and central nervous system disorders[12]. - The company is focused on maintaining its competitive edge through continuous research and development of new therapies and technologies[21]. - The company plans to expand its pipeline through regional and global collaborations and corporate development activities[13]. - The company is exploring Niraparib's potential in combination with immunotherapy, targeted therapy, and chemotherapy for various tumor types[38]. Research and Development (R&D) - The company is investing in R&D, with an allocation of E million towards developing new technologies and enhancing existing products[1]. - The company seeks to accelerate drug delivery to patients by continuing to invest in R&D, including internal discovery activities[13]. - R&D expenses for 2022 and 2021 were $286.4 million and $573.3 million respectively, indicating a significant reduction in investment[156]. - The internal R&D team consists of over 400 professionals with extensive experience in drug discovery and development[156]. - The company collaborates with external research partners, including leading CROs and academic institutions, to conduct preclinical and clinical studies[157]. Regulatory and Compliance - The company is addressing regulatory challenges in the Chinese market, which may impact future operations and growth strategies[1]. - The management emphasized the importance of maintaining compliance with international regulations to mitigate risks associated with global operations[1]. - The National Medical Products Administration (NMPA) issued regulations in December 2022 requiring drug marketing authorization holders to establish a quality management system for drug safety and effectiveness[158]. - The Cybersecurity Review Measures, effective from February 15, 2022, mandate cybersecurity reviews for operators of critical information infrastructure when procuring network products and services[159]. - The revised Anti-Monopoly Law, effective from August 1, 2022, significantly increases penalties for violations, with fines up to 10% of the previous year's sales for serious offenses[164]. Market Expansion and Strategy - Market expansion efforts include entering the F region, which is expected to increase market share by G%[1]. - Strategic partnerships are being formed to leverage synergies and improve distribution channels, aiming for a H% increase in efficiency[1]. - The company has established exclusive promotion agreements with leading pharmaceutical companies to enhance the commercialization of its products in mainland China[173]. - The commercialization strategy for the product Zele is aimed at increasing market penetration in mainland China, partly through inclusion in the national medical insurance catalog since January 2022[173]. - The company is exploring potential acquisitions to enhance its portfolio, targeting companies with complementary technologies[1]. Clinical Trials and Approvals - The company has received approval for its product Niraparib (Zelboraf) as a maintenance treatment for platinum-sensitive recurrent ovarian cancer in mainland China, Hong Kong, and Macau[23]. - The company is actively conducting clinical trials, including the NORA study, to further evaluate the efficacy of Niraparib in the Chinese market[24]. - The LUNAR III study achieved its primary endpoint, showing a statistically significant and clinically meaningful improvement in overall survival for patients with advanced NSCLC compared to standard therapy[40]. - The INNOVATE-3 study is set for final analysis in 2023 after an 18-month follow-up period, evaluating the safety and efficacy of tumor-treating fields combined with paclitaxel for platinum-resistant ovarian cancer patients[43]. - The company has received multiple approvals for Niraparib in various regions, including the FDA and EMA, for different indications related to ovarian cancer[22]. Financial Obligations and Agreements - The company has paid $20.0 million in upfront payments and $12.0 million in milestone payments related to the Deciphera agreement, with potential additional payments of up to $173.0 million[92]. - The company has paid a total of $25.0 million in upfront payments and $9.0 million in milestone payments to MacroGenics, with potential additional payments of up to $84.0 million based on development and registration milestones[97]. - The company has paid $30.0 million in upfront payments for odronextamab, with potential additional payments up to $160.0 million based on registration and sales milestones[111]. - The company has made upfront payments of $25.0 million and milestone payments totaling $5.0 million for repotrectinib, with potential additional payments up to $146.0 million based on development, registration, and sales milestones[112]. - The company has exclusive rights to develop and commercialize TIVDAK in the Greater China region, having paid $30.0 million in upfront payments and potentially up to $263.0 million in additional milestone payments[102][103]. Risks and Challenges - The company faces significant risks due to potential new legislation, tariffs, or regulations that could adversely affect its business operations and financial performance[194]. - The Chinese government has substantial oversight and discretion over the company's operations, which may lead to regulatory changes impacting the life sciences sector[195]. - The company has concerns regarding the audit oversight of its financial statements submitted to the U.S. SEC, particularly due to the HFCAA requirements[196]. - The PCAOB has expressed challenges in inspecting auditors located in mainland China, which may hinder the company's ability to access U.S. capital markets[197]. - Recent regulatory changes in China may affect the company's ability to predict the impact of new laws on its operations[192].

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，概不會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。 Zai Lab Limited 再鼎醫藥有限公司* （於開曼群島註冊成立的有限公司） （股份代號：9688） 截 至 2022 年 12 月 31 日 止 年 度 年 度 業 績 公 告 再鼎醫藥有限公司連同其附屬公司（統稱「本公司」或「再鼎醫藥」或「我們」）謹此公佈本 公司截至2022年12月31日止年度（「報告期」）的合併業績，連同截至2021年12月31日止年 度的比較數字，該等業績乃根據美國公認會計準則（「美國公認會計準則」）編製並由本 公司董事會（「董事會」）審核委員會（「審核委員會」）審閱。 財務摘要 截至2022年12月31日止年度與截至2021年12月31日止年度比較（以美元（「$」）計） • 總收入增加70.7百萬美元或49.0%至215.0百萬美元。產品收入增加68.6百萬美元或 47.6%至212.7百萬美元。 • 總開支減少225.0百萬美元或26.6%至619.4百萬美元。 ...

Company Overview - The company is listed on the Hong Kong Stock Exchange under the ticker 9688 and on NASDAQ as ZLAB[1]. - The company has four commercialized products approved for sale in Greater China and twelve projects in late-stage development as of August 3, 2022[8]. - The company employed 2,063 full-time employees as of June 30, 2022, an increase from 1,951 full-time employees as of January 31, 2022[64]. Financial Performance - Total revenue for the six months ended June 30, 2022, was $94.9 million, a 66% increase from $57.0 million in the same period of 2021[41]. - Product revenue net amounted to $93.7 million, up 64% from $57.0 million year-over-year, with significant contributions from Zelek and Aipudun[44]. - The company recorded a net loss of $220.3 million for the six months ended June 30, 2022, a 44% improvement from a loss of $396.2 million in the same period of 2021[41]. - Cash used in operating activities for the six months ended June 30, 2022, and 2021 was $132.0 million and $235.3 million, respectively, showing a decrease in cash burn[33]. - The company anticipates a significant increase in R&D expenditures as it advances its twelve late-stage clinical candidates and initiates more clinical trials[34]. Research and Development - Research and development expenses amounted to $10.4 million in the second quarter of 2022, related to several development milestones achieved with partners[8]. - The company plans to continue its clinical research for other products and candidates[7]. - The company is assessing its development plans to prioritize resources on projects that are likely to have a beneficial impact on patients and enhance global competitiveness[34]. Regulatory and Compliance - The mid-term report includes forward-looking statements regarding the company's strategies, business potential, and financial performance[7]. - The report emphasizes the need for funding to support operational and business activities[7]. - The company faces various risks, including regulatory approval timelines and the impact of COVID-19 on business operations[7]. - The company announced the acceptance of the new drug application for Majigatuximab by the National Medical Products Administration in January 2022, targeting HER2-positive metastatic breast cancer patients who have received two or more prior therapies[11]. Market and Product Development - The company plans to leverage its position in Greater China to expand its revenue base and explore innovative opportunities[40]. - The company announced the completion of the first patient enrollment in the PANOVA-3 study for TTFields in pancreatic cancer in Greater China in January 2022[9]. - Adagrasib showed an objective response rate (ORR) of 43% and a disease control rate (DCR) of 80% in the KRYSTAL-1 study for NSCLC patients with KRASG12C mutations[10]. Equity and Financing - The company raised approximately $164.6 million from private equity financing and net proceeds of about $2,462.7 million from its IPO and subsequent offerings as of June 30, 2022[33]. - The company may require substantial additional funding through public or private equity sales, debt financing, or other arrangements to support ongoing operations[59]. - The company has no interest-bearing loans, resulting in a debt-to-equity ratio of zero as of June 30, 2022, and December 31, 2021[64]. Corporate Governance - The board appointed John Diekman as the Chief Independent Director to strengthen corporate governance[17]. - Joshua Smiley joined the company as Chief Operating Officer on August 1, 2022, bringing over 26 years of experience in the biopharmaceutical industry[18]. COVID-19 Impact - COVID-19 has adversely impacted the company's operations, particularly during the lockdown period from March to May 2022, which may continue to affect performance in the second half of 2022[38]. - Ongoing COVID-19 restrictions may lead to delays or disruptions in manufacturing and supply capabilities, potentially affecting the company's ability to sell products in the Greater China region[39]. Future Outlook - The company provided guidance for the next quarter, expecting revenue to grow by 20% to RMB 1.8 billion[173]. - New product launches are anticipated to contribute an additional RMB 300 million in revenue over the next six months[174]. - The company is exploring potential acquisitions to enhance its product portfolio, with a budget of up to RMB 500 million allocated for this purpose[171].