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。 本公告載有涉及風險及不明確因素的前瞻性陳述。除過往事實陳述以外的所有陳述均為前瞻 性陳述。該等陳述涉及已知及未知的風險、不明確因素及其他因素，當中部分並非本公司所 能控制，且可導致實際業績、表現或成果與該等前瞻性陳述所明示或暗示者存在重大差異。 閣 下不應依賴前瞻性陳述作為未來事件的預測。本公司概不承擔任何更新或修訂任何前瞻性陳 述的責任，無論是否由於新資料、未來事件或其他因素所致。 開 拓 藥 業 有 限 公 司 * KINTOR PHARMACEUTICAL LIMITED （於開曼群島註冊成立的有限公司） （股份代號：9939） (1) 截至2022年12月31日止年度之 年度業績公告； (2) 建議修訂組織章程大綱及細則； 及 (3) 建議增加法定股本 本公司董事（「董事」）會（「董事會」）欣然宣佈本集團截至2022 年12月31日止年 度的綜合年度業績，連同截至2021年12月31日止年度的比 ...

Financial Performance - No revenue was generated for the six months ended June 30, 2022, and June 30, 2021 [11]. - Adjusted loss increased by RMB168.7 million or approximately 56.3% from RMB299.9 million for the six months ended June 30, 2021, to RMB468.6 million for the six months ended June 30, 2022 [11]. - The company reported a total comprehensive loss of RMB518.4 million for the six months ended June 30, 2022, compared to RMB325.8 million for the same period in 2021, representing a 58.9% increase in losses [88]. - The loss attributable to equity holders for the period was RMB518.4 million, compared to RMB325.8 million in the previous year, indicating a worsening financial performance [151]. - Other income decreased by RMB2.9 million or 27.6%, from RMB10.5 million for the six months ended June 30, 2021, to RMB7.6 million for the same period in 2022 [88]. - The company has incurred operating losses in each year since its inception, with no drugs approved for commercial sale as of June 30, 2022 [88]. Research and Development - R&D costs increased by RMB178.9 million or approximately 63.4% from RMB282.2 million for the six months ended June 30, 2021, to RMB461.1 million for the six months ended June 30, 2022 [11]. - Clinical research expenses accounted for RMB306.1 million or 66.4% of total R&D costs for the six months ended June 30, 2022, compared to RMB158.2 million or 56.1% for the same period in 2021 [105]. - Employee benefit expenses, including share-based compensation, rose to RMB82.9 million or 17.9% of total R&D costs for the six months ended June 30, 2022, from RMB44.3 million or 15.7% in the prior year [105]. - The company has developed a pipeline of seven clinical-stage drug candidates, with approvals for clinical trials in the PRC, the U.S., and other regions [24]. - The company aims to cover indications including COVID-19, mCRPC, AGA, acne vulgaris, HCC, blood cancer, and BCC with its product pipeline [20]. Clinical Trials and Drug Development - On February 10, 2022, the first patient in China was enrolled in the phase III clinical trial of Pruxelutamide for COVID-19 treatment [11]. - The phase III clinical trial of Pruxelutamide in combination with Abiraterone completed enrollment of 718 patients on February 24, 2022 [16]. - Pyrilutamide's phase II clinical trial for male AGA patients in the U.S. completed patient enrollment in less than six months amid the COVID-19 pandemic [16]. - The phase II clinical trial of Pyrilutamide for male AGA patients showed a significant improvement in target area hair counts, with an increase of 22.73 hairs per cm² compared to baseline, P<0.001 [16]. - The first patient in the U.S. was dosed in the multi-regional phase II clinical trial of ALK-1 antibody and Nivolumab combination therapy for advanced HCC on May 2, 2022 [18]. Financial Position and Cash Flow - Cash and cash equivalents decreased from RMB930.1 million as of December 31, 2021, to RMB337.3 million as of June 30, 2022, a decline of RMB592.9 million [124]. - The current ratio fell from 694.4% as of December 31, 2021, to 343.7% as of June 30, 2022, primarily due to decreased cash and increased borrowings [125]. - Net cash used in operating activities for the six months ended June 30, 2022, was RMB708.1 million, an increase from RMB431.8 million for the same period in 2021, reflecting a significant rise in operational expenses [133][136]. - Net cash generated from financing activities was RMB66.6 million for the six months ended June 30, 2022, down from RMB842.2 million in the previous year [131]. - Total current assets decreased from RMB1,525.9 million as of December 31, 2021, to RMB1,176.8 million as of June 30, 2022, primarily due to a reduction in cash and cash equivalents [138][141]. Operational and Administrative Expenses - Administrative expenses rose by RMB15.9 million or 32.1%, from RMB49.6 million for the six months ended June 30, 2021, to RMB65.5 million for the six months ended June 30, 2022 [99]. - Employee benefit expenses, including share-based compensation, accounted for 65.9% of total administrative expenses in the first half of 2022, compared to 63.9% in the same period of 2021 [96]. - Marketing costs increased from RMB6.2 million for the six months ended June 30, 2021, to RMB10.6 million for the same period in 2022, a rise of 71% [90]. - Utilities and office expenses increased to RMB10.6 million, representing 16.3% of total administrative expenses for the six months ended June 30, 2022 [96]. - Depreciation and amortization expenses increased to RMB4.1 million, accounting for 6.3% of total administrative expenses for the six months ended June 30, 2022 [96]. Market and Strategic Initiatives - The company is actively seeking collaboration opportunities in the market from all business perspectives [20]. - The company is focusing on multiple indications for its AR-PROTAC compounds, targeting both male and female androgenetic alopecia and acne vulgaris [24]. - The company is exploring combination therapies for metastatic solid tumors, including those involving PD-1 inhibitors [24]. - The company is committed to advancing its clinical-stage products through ongoing research and development efforts [24]. - The company aims to leverage its clinical trial approvals to enhance its market presence and drive future growth [24].

Drug Development Pipeline - Kintor Pharmaceutical has developed a pipeline of seven drug candidates currently in clinical stage[9] - Pruxelutamide (GT0918) is being developed for the treatment of COVID-19, mCRPC, and AR+ metastatic breast cancer, positioning it as a potential best-in-class drug[9] - Pyrilutamide (KX-826) is under development as a first-in-class topical drug for androgenic alopecia and acne vulgaris[9] - ALK-1 (GT90001) is being developed for metastatic hepatocellular carcinoma and various solid tumors, with an exclusive global license obtained from Pfizer in 2018[9] - PD-L1/TGF-ß (GT90008) is a dual-target antibody with potential in treating various solid tumors, including non-small cell lung cancer and triple-negative breast cancer[13] - Detorsertib (GT0486) is being developed for metastatic solid tumors such as breast cancer and prostate cancer[15] - The company has a diversified product pipeline with 7 new drug projects undergoing clinical research in China, the United States, and other countries[26] - The product pipeline includes a diversified portfolio targeting COVID-19 and major cancer types, with substantial market potential[64] - The company has developed a pipeline of seven clinical-stage drugs, with approvals obtained for clinical trials in China, the U.S., and other regions[70] Financial Performance - The company recorded revenue from out-licensing contracts of RMB34.2 million, generated from upfront payments related to the out-licensing of Pruxelutamide for COVID-19 indications[33] - Research and development costs increased from RMB328.8 million in 2020 to RMB767.9 million in 2021, representing a 133.5% increase, primarily due to three phase III MRCTs of Pruxelutamide for COVID-19 initiated during the reporting period[34] - The operating loss for the year was RMB 839,601,000, compared to RMB 504,851,000 in the previous year, indicating a worsening of approximately 66%[40] - The adjusted loss and total comprehensive loss for the year was RMB 804,748,000, compared to RMB 459,381,000, marking an increase of about 75%[40] - Other income increased to RMB 29,311,000 from RMB 25,134,000, reflecting a growth of approximately 8.7% year-over-year[38] - The total comprehensive loss for the year ended 31 December 2021 was RMB842.1 million, compared to RMB508.3 million for the year ended 31 December 2020[126] - The company has never been profitable and has incurred operating losses in each year since its inception[126] Clinical Trials and Approvals - The company received FDA approval for the phase III clinical trial of Pruxelutamide for treating male COVID-19 patients with mild to moderate symptoms on March 5, 2021[44] - The company is actively pursuing two additional phase III MRCTs for COVID-19 indications, with positive efficacy and safety results reported for the ongoing trials[42] - On June 15, 2021, the pivotal study of Pruxelutamide for COVID-19 outpatients was approved by ANVISA and CONEP in Brazil[45] - On September 1, 2021, the NMPA approved two phase III clinical trials of Pruxelutamide for COVID-19 infections in China, targeting mild to moderate patients and hospitalized patients[48] - The Phase III clinical trial for Pruxelutamide in treating mild to moderate COVID-19 patients enrolled 736 patients, with over 95% from the U.S.[72] - The clinical trial for outpatients has received approvals from regulatory bodies in Brazil and China, with a focus on high-risk populations[74] - The IND application for the pivotal phase III clinical trial of Pyrilutamide for male AGA patients was cleared by NMPA, marking it as the first topical AR antagonist to enter phase III globally[53] - The company has received approval to commence clinical trials for ALK-1 antibody in the U.S. and globally[70] Strategic Focus and Market Position - The company aims to become a leader in the research, development, and commercialization of innovative therapies for unmet clinical needs[8] - Kintor Pharmaceutical is focused on androgen receptor-related diseases, indicating a strategic focus on niche therapeutic areas[10] - The company aims to accelerate the commercialization of Pruxelutamide and increase production capacity reserves[26] - The company has established strategic cooperation with several pharmaceutical companies to enhance its business development capabilities[26] - The company has been included in the Hang Seng Composite Index and Hong Kong Stock Connect, enhancing its market presence[26] - The company is strategically focusing on areas with significant market potential, including AR-related indications[64] Research and Development Investments - Continuous investment in R&D infrastructure and talent is planned to advance clinical-stage drug candidates and pre-clinical development[200] - The company is exploring combination therapy with KN046 for advanced or refractory solid tumors in a phase Ib/II clinical trial[110] - The company is developing additional drug candidates, including c-Myc inhibitors and ALK-1/VEGF bispecific antibodies, in the discovery phase[104] - The company aims to leverage its PROTAC platform for the development of small molecule drugs, including GT20029, and explore innovative drug strategies[200] Cash and Liquidity Management - As of December 31, 2021, the company had cash and cash equivalents of RMB1,055.2 million, indicating sufficient cash to support clinical trials and R&D[35] - The company raised HK$1.16 billion in mid-2021 to support its development after its listing[26] - The company has confirmed no material adverse change in its financial, operational, or trading positions during the reporting period[121] - The Group is exposed to various financial risks, including foreign exchange risk, cash flow and fair value interest rate risk, credit risk, and liquidity risk[184] - Liquidity needs are financed through the issuance of new shares, borrowings, and government grants, with management monitoring liquidity reserves based on expected cash flows[195]

Financial Performance - No revenue was generated for the six months ended June 30, 2021, and June 30, 2020 [12]. - Adjusted loss increased by RMB136.2 million or approximately 83.2% from RMB163.7 million for the six months ended June 30, 2020, to RMB299.9 million for the six months ended June 30, 2021 [12]. - The company has not generated any revenue from drug sales and has incurred operating losses each year since inception, with total comprehensive losses of RMB195.4 million and RMB325.8 million for the six months ended June 30, 2020, and 2021, respectively [96]. - The operating loss for the period was RMB 324,401,000, compared to an operating loss of RMB 193,462,000 for the same period in 2020, indicating a deterioration of 77.9% [168]. - The company reported a total comprehensive loss of RMB (325,821,000) for the period ended June 30, 2021, compared to a loss of RMB (195,447,000) for the same period in 2020, reflecting a worsening financial performance [176]. Research and Development - R&D costs increased by RMB133.8 million or 90.2% from RMB148.4 million for the six months ended June 30, 2020, to RMB282.2 million for the six months ended June 30, 2021 [12]. - Clinical research expenses accounted for RMB158.2 million or 56.1% of total R&D costs for the six months ended June 30, 2021, compared to RMB54.5 million or 36.7% for the same period in 2020 [109]. - The increase in R&D costs was mainly driven by the advancement of clinical trials for Proxalutamide for COVID-19 [114]. - The company has established an integrated R&D platform to support drug development from discovery to clinical trials [75]. - The company is employing PROTAC technology to develop compounds targeting AR and other unmet medical needs globally [78]. Clinical Trials and Product Development - Proxalutamide (GT0918) is being researched for COVID-19 treatment, showing positive effects on patients with mild to moderate symptoms [14]. - Two registered phase III MRCTs for Proxalutamide are being conducted for mild to moderate COVID-19 patients and one for inpatients in multiple regions including the United States and Europe [14]. - Pyrilutamide (KX-826) has met the primary endpoint in its phase II clinical trial for androgenetic alopecia in China, with plans to initiate phase III trials for males and phase II trials for females in Q4 2021 [19][20]. - ALK-1 (GT90001) is undergoing phase II clinical trials in Taiwan and the US for metastatic HCC, with potential for accelerated approval based on favorable data [22][25]. - Proxalutamide is in clinical trials for mCRPC and metastatic breast cancer, with patient enrollment completed on August 25, 2021 [29]. Financial Position and Cash Flow - Cash and cash equivalents increased by RMB167.3 million from RMB1,065.6 million as at 31 December 2020 to RMB1,232.9 million as at 30 June 2021, primarily attributable to net cash proceeds of approximately HK$1.16 billion received from the Subscription [129]. - The company reported net current assets of RMB 1,852.7 million as of June 30, 2021, indicating sufficient liquidity to meet financial obligations and fund R&D activities [166]. - The net cash used in operating activities was RMB431.8 million, compared to RMB162.2 million for the same period in 2020, representing a 166.5% increase [134][135]. - The company generated net cash from financing activities of RMB 842,207,000 for the six months ended June 30, 2021, compared to RMB 1,792,803,000 for the same period in 2020, showing a decline in financing inflows [178]. - The total assets of the company as of June 30, 2021, amounted to RMB 2,400,919,000, an increase from RMB 1,851,475,000 as of December 31, 2020, representing a growth of 29.6% [170]. Regulatory and Licensing - The company has received emergency use authorization (EUA) for Proxalutamide in Paraguay, marking it as the first of its kind globally, and has entered licensing agreements for commercialization in India, 28 African countries, and Indonesia [17][18]. - The company received FDA approval for the Phase III clinical trial of Proxalutamide for treating mild to moderate COVID-19 patients on March 5, 2021, and completed first patient enrollment in the U.S. by April 25, 2021 [41]. - The company announced a licensing agreement with Fosun Pharmaceutical for the commercialization of Proxalutamide in India and 28 African countries on July 14, 2021 [45]. Employee and Administrative Expenses - Administrative expenses increased by RMB4.6 million or 10.2% from RMB45.0 million for the six months ended June 30, 2020, to RMB49.6 million for the six months ended June 30, 2021 [12]. - Employee benefit expenses, including share-based compensation, accounted for RMB31.7 million or 63.9% of total administrative expenses for the six months ended June 30, 2021 [100]. - The increase in administrative expenses was mainly due to new recruitments and annual remuneration adjustments, as well as increased repair and maintenance expenses for self-owned properties [103]. - The company has established a sales and marketing team of 16 members as of June 30, 2021, to prepare for the commercialization of its core products [84]. Market Potential and Strategic Focus - The global patient population for COVID-19 exceeds 220 million, with prostate cancer being the fastest-growing cancer type from 2015 to 2019, and breast cancer being the most common among women in 2019 [23][26]. - The market for androgenetic alopecia includes over 133.7 million patients in China and 83.1 million in the US, highlighting significant commercial potential for the company's products [23][26]. - The drug candidate portfolio strategically targets COVID-19, major cancers, and other AR-related indications, reflecting a risk-balanced and diversified approach [25][28]. - The company is committed to developing its core products for various indications to address unmet clinical needs and contribute to global health [23][26].

Drug Development Pipeline - Kintor Pharmaceutical has developed a pipeline of six drug candidates currently in clinical stage[7]. - Proxalutamide (GT0918) is being developed for the treatment of COVID-19, mCRPC, and AR+ metastatic breast cancer[7]. - Pyrilutamide (KX-826) is under development as a potential first-in-class topical drug for androgenic alopecia and acne vulgaris[7]. - ALK-1 (GT90001) is being developed for the treatment of metastatic HCC and various solid tumors, with an exclusive global license obtained from Pfizer in 2018[7]. - Detorsertib (GT0486) is a second-generation mTOR inhibitor being developed for metastatic solid tumors such as breast cancer, prostate cancer, and HCC[7]. - Hedgehog/SMO Inhibitor (GT1708F) is being developed for the treatment of leukemia and BCC[9]. - AR-PROTAC compound (GT20029) is being developed for the treatment of androgenetic alopecia and acne vulgaris[9]. - The company aims to become a leader in the research, development, and commercialization of innovative therapies[7]. - Kintor Pharmaceutical is focused on addressing unmet clinical needs, particularly in AR-related diseases[7]. Clinical Trial Progress - Proxalutamide demonstrated a 100% reduction in hospitalization risk for male COVID-19 patients and a 90% reduction for female patients, with a 92% reduction in mortality for severely infected hospitalized patients[19]. - The company received U.S. FDA approval for Proxalutamide's phase III clinical trial for COVID-19 treatment, completing the first patient enrollment and dosing[19]. - The company is conducting phase II clinical trials for Pyrilutamide in China and has completed phase Ib trials in the U.S.[19]. - The phase II clinical trial of ALK-1 combined with Nivolumab for metastatic HCC in Taiwan showed a positive objective response rate of 40%[19]. - The company completed patient enrollment for Proxalutamide phase II clinical trials for metastatic castration-resistant prostate cancer in the United States[32]. - The company completed patient enrollment for Proxalutamide's phase III clinical trials for mCRPC in China on August 4, 2020[36]. - The company completed patient enrollment for Pyrilutamide (KX-826)'s phase II clinical trial for androgenetic alopecia in China on December 29, 2020[38]. - The clinical trial of Proxalutamide for COVID-19 outpatients in Brazil recorded the first patient enrollment for patients with mild to moderate symptoms on August 20, 2020[36]. - The interim data from the phase II clinical trial of combination therapy of ALK-1 antibody GT90001 and PD-1 monoclonal antibody Nivolumab showed an overall response rate (ORR) of 40.0% among 20 evaluable patients[38]. Financial Performance - Research and development costs increased by 53.6% from RMB214.0 million in 2019 to RMB328.8 million in 2020, primarily due to accelerated clinical trials for Proxalutamide[24]. - The company had cash and cash equivalents of RMB1,389.0 million as of December 31, 2020, with sufficient funds to support ongoing clinical trials and R&D[25]. - Total equity increased significantly from RMB 369.7 million in 2019 to RMB 1,507.9 million in 2020, reflecting robust financial health[30]. - Operating loss for the year was RMB 504.9 million, compared to RMB 228.7 million in 2019, indicating increased expenditures primarily in R&D and administrative expenses[28]. - The company reported an adjusted loss of RMB 459.4 million for the year, up from RMB 220.1 million in 2019, highlighting the impact of increased operational costs[28]. - The company recorded other income of RMB 25.1 million for the year ended December 31, 2020, representing an increase of 32.2% compared to RMB 19.0 million for the year ended December 31, 2019[87]. - The company's total comprehensive loss for the year ended December 31, 2020, was RMB 508.3 million, compared to RMB 232.6 million for the year ended December 31, 2019[87]. Strategic Partnerships and Collaborations - A framework agreement was established with JD Healthcare for the sales and marketing of Pyrilutamide on JD.com Pharmacy, enhancing market presence[32]. - The company entered into a strategic partnership agreement with Hainan Visum Pharmaceutical Limited on April 12, 2021, to expand Proxalutamide manufacturing[79]. - The company has established a partnership agreement with Jiangsu Alphamab Biopharmaceuticals to jointly develop combination therapies for various cancers[64]. Management and Governance - Dr. Youzhi Tong has over 18 years of experience in biopharmaceutical R&D and management, serving as the CEO since May 2018[156]. - The management team includes individuals with extensive backgrounds in investment and consulting, which supports the company's growth strategy[159]. - The Group is committed to high standards of corporate governance to safeguard shareholder interests and enhance corporate value[186]. - The Company has complied with all applicable provisions of the CG Code from the Listing Date to December 31, 2020[186]. - The board comprises three independent non-executive directors, meeting the requirement that they represent at least one-third of the board members[198]. Future Outlook and Growth Strategy - Looking forward to 2021, the company aims to commercialize Proxalutamide for COVID-19 and strengthen both international and domestic cooperation[21]. - The company expects to submit the NDA for Proxalutamide in 2021, with patient enrollment for combination therapy with Abiraterone expected to be completed in 2021[50]. - The company plans to enhance its R&D capabilities and industrialization platform to support future growth and innovation[19]. - The company aims to leverage its expertise in AR-related research to continue clinical development of Pyrilutamide for androgenetic alopecia and acne vulgaris in both China and the United States[151]. - The company plans to utilize its exclusive global license from Pfizer to develop ALK-1 as a potential first-in-class drug, enhancing its drug development capabilities[151].

Financial Performance - For the six months ended June 30, 2020, the company reported a loss of RMB 195,447,000, compared to a loss of RMB 98,505,000 in the same period of 2019, representing a 98.5% increase in loss year-over-year [12]. - Adjusted loss for the period was RMB 163,688,000, compared to RMB 95,462,000 in the previous year, reflecting a 71.4% increase [12]. - The company reported a total comprehensive loss of RMB 195.4 million for the six months ended 30 June 2020, compared to RMB 98.5 million for the same period in 2019, reflecting an increase of 98.5% [40]. - The operating loss for the period was RMB 193,462,000, compared to an operating loss of RMB 97,359,000 for the same period in 2019, representing an increase in losses of approximately 98.00% [101]. - The company reported a basic and diluted loss per share of RMB 0.72 for the six months ended June 30, 2020, compared to RMB 0.43 for the same period in 2019, indicating a loss increase of approximately 67.44% [101]. - The net loss for the six months ended 30 June 2020 was RMB 195.4 million, an increase of RMB 96.9 million or 98.4% from RMB 98.5 million in the same period of 2019 [58]. Research and Development - Research and development costs for the first half of 2020 were RMB 148,375,000, up from RMB 89,427,000 in 2019, indicating a 66% increase [12]. - The company is focused on developing potential first-in-class and best-in-class drugs for cancers and other AR-related diseases, indicating a strategic emphasis on innovative drug development [14]. - The drug pipeline includes a diversified portfolio targeting major cancer types and AR-related indications, with substantial market potential [22]. - The company is in the discovery phase for AR degraders aimed at treating prostate cancer and other AR-related diseases [36]. - The R&D platform supports drug development from discovery to clinical trials, ensuring quality standards are met [38]. - The R&D team includes senior scientists with extensive experience in pharmaceutical R&D and entrepreneurship [38]. Clinical Trials and Drug Development - The company’s lead drug candidate, Proxalutamide, is undergoing phase III clinical trials in China and phase II trials in the United States for metastatic castration-resistant prostate cancer (mCRPC) [14]. - Proxalutamide is being developed for metastatic breast cancer in China, with combination therapy planned with Exemestane, Letrozole, and Fulvestrant [22]. - The company commenced phase III clinical trials for Proxalutamide for mCRPC in China in May 2018, with patient enrollment completed by August 4, 2020, and plans to file the NDA application in Q4 2020 [24]. - An open and multi-centre phase Ic clinical trial is being conducted to evaluate Proxalutamide in combination with Exemestane, Letrozole, and Fulvestrant for AR+ metastatic breast cancer, with subject enrollment completed in June 2020 [26]. - Pyrilutamide is an AR antagonist currently in pre-clinical stages, targeting various indications [22]. - The company expects to file an IND for GT20029, a PROTAC targeting prostate cancer and AR-related diseases, in Q4 2020 [22]. Market Potential and Strategy - The population of male patients aged 30 to 70 with androgenetic alopecia in China reached over 92.8 million in 2018, highlighting a significant market potential for AR-related diseases [15]. - The company aims to address major cancer types with large market potential, as indicated by the growth rates of prostate and breast cancer in China [15]. - The company is focusing on expanding its market presence through strategic partnerships and collaborations in drug development [21]. - The company plans to continue advancing the clinical development and commercialization of Proxalutamide in both China and the United States, aiming to expand its indications [99]. Financial Position and Cash Flow - As of June 30, 2020, the company had cash and cash equivalents of RMB 1,792.2 million, an increase of RMB 1,596.6 million from RMB 195.5 million as of December 31, 2019, primarily due to net proceeds from the Global Offering [72]. - The company reported a net cash increase of RMB 1,597,546 thousand in cash and cash equivalents for the six months ended June 30, 2020, compared to a decrease of RMB (75,148) thousand in the same period of 2019 [74]. - The current ratio as of 30 June 2020 was 759.1%, a significant increase from 154.7% as of 31 December 2019 [86]. - The gearing ratio as of 30 June 2020 was 17.3%, down from 33.2% as of 31 December 2019 [86]. - The company reported a net cash used in operating activities of RMB 162,225 for the six months ended June 30, 2020, compared to RMB 89,643 for the same period in 2019 [129]. Administrative and Other Expenses - Administrative expenses increased to RMB 45,016,000 in the first half of 2020 from RMB 12,113,000 in 2019, marking a 271% rise [12]. - Employee benefit expenses surged to RMB 48,930,000 for the six months ended June 30, 2020, up from RMB 18,922,000 in the same period of 2019, reflecting a significant increase of 158% [178]. - Listing expenses increased significantly to RMB 20,761,000 for the six months ended June 30, 2020, compared to RMB 3,043,000 for the same period in 2019, a rise of 582% [178]. - The increase in administrative expenses was also attributed to recruitment-related activities and professional advisory expenses, indicating a strategic focus on enhancing operational capabilities [49]. Revenue and Income - The company reported a total revenue of RMB 4,497,000 for the six months ended June 30, 2020, compared to RMB 4,064,000 for the same period in 2019, reflecting an increase of approximately 10.67% [101]. - The company did not generate any revenue for the six months ended 30 June 2020 and 30 June 2019, resulting in no gross profit recorded during these periods [40]. - Other income rose by RMB 0.4 million or 10.7% from RMB 4.1 million for the six months ended 30 June 2019 to RMB 4.5 million for the six months ended 30 June 2020, mainly due to an increase in interest income from bank balances [44].