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之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就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。 ALPHAMAB ONCOLOGY 康寧傑瑞生物製藥 （於開曼群島註冊成立的有限公司） （股份代號：9966） 正面盈利預告 本公告乃由康寧傑瑞生物製藥（「本公司」，連同其附屬公司統稱「本集團」）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(2)(a)條及香港 法例第571章《證券及期貨條例》第XIVA部項下的內幕消息條文（定義見《上市規 則》）作出。 本公司董事（「董事」）會（「董事會」）欣然知會本公司股東（「股東」）及潛在投資 者，基於對本集團截至2024年12月31日止年度（「報告期」）的未經審核綜合管理 賬目的初步評估以及對目前所得最新資料的評估，預期本集團將於截至2024年12 月31日止年度錄得利潤不少於人民幣150.0百萬元，而截至2023年12月31日止年 度則錄得虧損約人民幣210.6百萬元。此乃本公司首次實現年度盈利。 本公司於報告期內轉虧為盈，主要基 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, indicating a positive outlook on its future growth potential [8]. Core Insights - The company is recognized as a leading developer of innovative oncology therapies, particularly focusing on bispecific antibodies and antibody-drug conjugates (ADCs) [6][19]. - The report highlights the promising clinical data for its products, particularly KN026 and JSKN003, which are expected to significantly contribute to revenue growth in the coming years [8][19]. Summary by Sections Company Overview - The company is a prominent player in the biopharmaceutical industry, specializing in the development of targeted cancer therapies. It has a stable ownership structure and an experienced management team [6][42]. - The company has successfully transitioned to developing bispecific ADCs, leveraging its proprietary glycoengineering technology [6][19]. Product Pipeline - KN026 is the company's second commercial product, a HER2 bispecific antibody that shows superior efficacy compared to traditional therapies. It is currently undergoing multiple clinical trials in China and the US, targeting HER2-positive breast cancer and gastric cancer [2][4][19]. - JSKN003, the company's first ADC product, demonstrates comparable efficacy to DS-8201 but with significantly better safety profiles. It is in advanced clinical trials for HER2 low-expressing breast cancer [7][36][40]. Financial Projections - The company forecasts revenue growth from CNY 305 million in 2024 to CNY 471 million in 2026, with a compound annual growth rate (CAGR) of 39.41% and 35.74% respectively [8]. - The net profit is projected to improve from a loss of CNY 1.46 billion in 2024 to a profit of CNY 630 million by 2026, indicating a turnaround in financial performance [8]. Market Potential - The report estimates that KN026 could reach peak sales of approximately CNY 3.371 billion by 2032, driven by its applications in breast and gastric cancers [19][34]. - The company is positioned to capture significant market share in the HER2-targeted therapy space, with ongoing collaborations enhancing its development capabilities [54].

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 康寧傑瑞生物製藥 呈交日期： 2024年11月29日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 09966 | 說明 | 普通股 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | | 庫存股份變動 | | | | | 事件 | 已發行股份（ ...

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。 ALPHAMAB ONCOLOGY 康寧傑瑞生物製藥 （於開曼群島註冊成立的有限公司） （股份代號：9966） 自願公告 於2024年SITC年會呈列的JSKN033的I/II期臨床試驗的 最新研究成果 本公告乃由康寧傑瑞生物製藥（「本公司」，連同其附屬公司統稱「本集團」）自願作 出，以知會本集團股東（「股東」）及潛在投資者有關本集團之最新業務進展。 本公司董事（「董事」）會（「董事會」）欣然宣佈，本集團自主研發的用於治療HER2 表達晚期或轉移性實體瘤的JSKN033的I/II期臨床試驗（「JSKN033-101」）的最新 研究成果入選2024年SITC年會最新突破性摘要，且於年會期間以壁報形式首次公 佈，本公司的網站http://www.alphamabonc.com亦相應公佈了此研究成果。有關 研究結果概述如下。 JSKN033，HER2雙特異性抗體ADC與PD-L1抑制劑的創新型皮下注射高濃 度 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 康寧傑瑞生物製藥 呈交日期： 2024年10月30日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 09966 | 說明 | 普通股 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | | ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 康寧傑瑞生物製藥 呈交日期： 2024年10月29日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 09966 | 說明 | 普通股 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | | ...

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。 ALPHAMAB ONCOLOGY 康寧傑瑞生物製藥 豁免嚴格遵守《上市規則》第3.28條及第8.17條 茲提述康寧傑瑞生物製藥（「本公司」）日期為2024年10月22日的公告（「該公 告」），內容有關（其中包括）更換本公司聯席公司秘書。 根據《香港聯合交易所有限公司（「聯交所」）證券上市規則》（「《上市規則》」）第 8.17條，上市發行人須委任一名符合《上市規則》第3.28條規定的公司秘書。《上市 規則》第3.28條規定，上市發行人須委任一名人士為其公司秘書，該名人士必須為 聯交所認為在學術或專業資格或有關經驗方面足以履行上市發行人公司秘書職能 的人士。 如該公告所述，程湫漤女士（「程女士」）目前尚不具備《上市規則》所規定的相關 學術或專業資格或相關經驗。本公司已向聯交所申請豁免嚴格遵守《上市規則》第 3.28條及第8.17條規定（「豁免」）。 本公司董事（「董事」）會（「董事會」）謹此宣佈，聯交所已 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 康寧傑瑞生物製藥 呈交日期： 2024年10月23日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 09966 | 說明 | 普通股 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | | ...

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之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就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。 ALPHAMAB ONCOLOGY 康寧傑瑞生物製藥 （於開曼群島註冊成立的有限公司） （股份代號：9966） (1)根據首次公開發售後購股權計劃授出購股權；及 (2)根據限制性股份獎勵計劃授出獎勵股份 本公告乃根據《香港聯合交易所有限公司（「聯交所」）證券上市規則》（「上市規 則」）第17.06A、17.06B及17.06C條而作出。 茲提述康寧傑瑞生物製藥（「本公司」，連同其附屬公司，統稱「本集團」）日期為 2020年4月14日及2021年3月23日的公告、2024年5月21日的通函及2024年6月12 日舉行之股東週年大會投票表決結果公告（「該等公告及通函」），內容有關（其中 包括）採納首次公開發售後購股權計劃（「首次公開發售後購股權計劃」）及採納限 制性股份獎勵計劃（「限制性股份獎勵計劃」）、修訂其各自的計劃規則及更新計劃 授權限額。除另有界定者外，本公告所用詞彙與該等公告及通函所界定者具有相 ...

[Company Overview](index=11&type=section&id=Company%20Overview) [Company Profile](index=11&type=section&id=Company%20Profile) Alphamab Oncology is a biopharmaceutical company focused on oncology treatments, leveraging its bispecific antibody, multifunctional protein, and ADC technology platforms - The company positions itself as a leading biopharmaceutical company in China, specializing in innovative therapeutic biologics in bispecific antibodies, multifunctional protein engineering, and ADC fields[16](index=16&type=chunk) - The product pipeline is highly differentiated, including the marketed KN035 (Envida®) and three late-stage clinical products such as KN046 (PD-L1/CTLA-4 BsAb) and KN026 (HER2 BsAb)[17](index=17&type=chunk)[18](index=18&type=chunk) - Next-generation ADC drugs like JSKN003 (HER2 ADC), JSKN033 (ADC combination), and JSKN016 (HER3/TROP2 ADC) are actively progressing in clinical trials, with positive early data presented at multiple international academic conferences[19](index=19&type=chunk) [Company Information](index=14&type=section&id=Company%20Information) This section lists key company information including the core management team, committee members, company secretary, registered office, principal place of business, legal advisors, auditors, and share registrar - The Chairman and CEO is founder Dr. Ting Xu. The composition of the Audit, Remuneration, Nomination, and Strategy Committees is clearly defined[20](index=20&type=chunk) - The company's auditor is Deloitte Touche Tohmatsu[22](index=22&type=chunk) [Business and Financial Highlights](index=16&type=section&id=Business%20and%20Financial%20Highlights) [Financial Highlights](index=16&type=section&id=Financial%20Highlights) In the first half of 2024, the company's revenue increased by **27.2%** year-on-year to **RMB 174 million**, with gross profit growing **38.2%** to **RMB 143 million**. Loss for the period expanded slightly to **RMB 44.9 million** from **RMB 39.9 million** in the prior year period. Net assets remained stable Key Financial Data for H1 2024 (Condensed Consolidated Statement of Profit or Loss) | Indicator | 2024 H1 (RMB Thousands) | 2023 H1 (RMB Thousands) | | :--- | :--- | :--- | | Revenue | 173,561 | 136,465 | | Gross Profit | 142,754 | 103,300 | | R&D Expenses | (194,531) | (194,681) | | Loss for the Period | (44,896) | (39,862) | | Total Comprehensive Expenses | (44,614) | (40,434) | Balance Sheet Summary as of June 30, 2024 | Indicator | June 30, 2024 (RMB Thousands) | December 31, 2023 (RMB Thousands) | | :--- | :--- | :--- | | Non-current Assets | 549,170 | 578,583 | | Current Assets | 1,592,832 | 1,558,530 | | Net Assets | 1,628,751 | 1,672,112 | [Business Highlights](index=17&type=section&id=Business%20Highlights) During the reporting period, the company achieved significant progress in its product pipeline, external collaborations, and production capacity. The Phase III clinical trial for core product KN046 completed final OS analysis, showing positive results. Multiple ADC drugs (JSKN003, JSKN016, JSKN033) advanced smoothly in clinical trials, and an ADC development collaboration was established with ArriVent. KN035 was approved for launch in Macau and production capacity expanded - The Phase III clinical trial of KN046 for advanced squamous non-small cell lung cancer (sq NSCLC) completed final OS analysis, demonstrating statistically significant OS benefit after model adjustment, with significant PFS benefit also observed[17](index=17&type=chunk)[27](index=27&type=chunk) - ADC pipeline progressed rapidly: JSKN003 presented positive Phase I data at AACR and ASCO annual meetings; JSKN016 completed first patient dosing in China; JSKN033 completed first patient dosing in Australia[26](index=26&type=chunk)[27](index=27&type=chunk) - External collaborations achieved breakthroughs, including a licensing agreement with Glenmark for the development and commercialization of KN035 in multiple overseas markets, and a research collaboration with ArriVent BioPharma, Inc. for the discovery and development of novel ADC products[26](index=26&type=chunk)[27](index=27&type=chunk) - Production base capacity continued to expand, with **6,000L** capacity expansion completed and operational, and construction of ADC drug substance and drug product manufacturing facilities initiated[28](index=28&type=chunk) [Management Discussion and Analysis](index=19&type=section&id=Management%20Discussion%20and%20Analysis) [Product Pipeline, Commercialization, and Future Development](index=19&type=section&id=Product%20Pipeline%2C%20Commercialization%2C%20and%20Future%20Development) Leveraging its proprietary technology platforms, the company has built a differentiated oncology drug pipeline including monoclonal antibodies, bispecific antibodies, and ADCs. KN035 has been successfully commercialized, with core products KN046 and KN026 planned for NDA submission in 2025. Future strategies include enriching early-stage pipelines, focusing on bispecific antibodies and bispecific ADCs, and actively pursuing global strategic collaborations - The company possesses multiple proprietary technology platforms, including sdAb/monoclonal antibody, CRIB, CRAM, and BADC, supporting its diverse drug candidate development[32](index=32&type=chunk) - Regarding commercialization, KN035 (Envida®) commenced commercialization in November 2021. Core products KN046 and KN026 are expected to submit NDAs in 2025[33](index=33&type=chunk) - Future development strategy focuses on leveraging in-house R&D capabilities to enrich early-stage pipelines, particularly in tumor immunotherapy bispecific antibodies and bispecific ADCs, and will continue to seek strategic collaboration opportunities such as co-development and out-licensing for core products[34](index=34&type=chunk) [Financial Review](index=21&type=section&id=Financial%20Review) Total revenue for the first half of 2024 increased by **27.2%** year-on-year, primarily driven by a significant increase in license fee income. R&D expenses remained stable, while other income substantially decreased due to exchange rate impacts. Loss for the period expanded from **RMB 39.9 million** to **RMB 44.9 million** [Revenue Analysis](index=21&type=section&id=Revenue%20Analysis) Total revenue for the first half of 2024 was **RMB 173.6 million**, a **27.2%** year-on-year increase. This growth was primarily driven by license fee income, which significantly rose from **RMB 7.2 million** in the prior year period to **RMB 78.2 million**, while drug sales and royalty income decreased Revenue Composition (For the Six Months Ended June 30) | Revenue Source | 2024 (RMB Thousands) | 2023 (RMB Thousands) | | :--- | :--- | :--- | | Drug Sales and Royalty Income | 90,643 | 117,015 | | License Fee Income | 78,613 | 7,511 | | Provision of R&D Project Goods/Consumables | 4,305 | 11,939 | | **Total** | **173,561** | **136,465** | - The significant increase in license fee income (recognized at a point in time) primarily stemmed from new collaboration and licensing agreements signed in the first half of 2024[38](index=38&type=chunk) - Drug sales and royalty income decreased year-on-year, with sales-based royalty income declining from **RMB 45.5 million** to **RMB 20.8 million**[38](index=38&type=chunk) [Cost and Expense Analysis](index=23&type=section&id=Cost%20and%20Expense%20Analysis) During the reporting period, cost of sales and administrative expenses remained relatively stable. R&D expenses were **RMB 194.5 million**, largely consistent with the prior year period, with staff costs and outsourced service fees being the main components, accounting for **34.3%** and **27.8%** respectively - Cost of sales slightly decreased from **RMB 33.2 million** to **RMB 30.8 million**, remaining relatively stable[39](index=39&type=chunk) R&D Expense Composition (For the Six Months Ended June 30) | Expense Nature | 2024 (RMB Thousands) | Proportion | 2023 (RMB Thousands) | Proportion | | :--- | :--- | :--- | :--- | :--- | | Outsourced Service Fees | 54,040 | 27.8% | 64,156 | 33.0% | | Staff Costs | 66,861 | 34.3% | 66,961 | 34.4% | | Raw Material Costs | 28,326 | 14.6% | 23,924 | 12.3% | | Depreciation and Amortization, etc. | 36,566 | 18.8% | 30,905 | 15.9% | | Others | 8,738 | 4.5% | 8,735 | 4.4% | | **Total** | **194,531** | **100.0%** | **194,681** | **100.0%** | [Balance Sheet and Cash Flow Analysis](index=25&type=section&id=Balance%20Sheet%20and%20Cash%20Flow%20Analysis) As of June 30, 2024, the company's net assets were **RMB 1.629 billion**. Cash and cash equivalents increased to **RMB 1.14 billion**. Current ratio and quick ratio decreased but remained at healthy levels. Total bank borrowings increased to **RMB 320 million** - Inventories decreased from **RMB 78.7 million** to **RMB 65.2 million**, primarily due to optimized inventory management[51](index=51&type=chunk) - As of June 30, 2024, cash and cash equivalents were **RMB 1.14 billion**, an increase from **RMB 1.086 billion** at the end of 2023[54](index=54&type=chunk) - Bank borrowings increased from **RMB 250 million** to **RMB 320 million** to support working capital needs[60](index=60&type=chunk) Key Financial Ratios | Ratio | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Current Ratio | 4.61 | 5.84 | | Quick Ratio | 4.42 | 5.55 | | Debt-to-Equity Ratio | (0.50) | (0.50) | [Corporate Governance and Other Information](index=30&type=section&id=Corporate%20Governance%20and%20Other%20Information) [Share Incentive Schemes](index=35&type=section&id=Share%20Incentive%20Schemes) The company has Pre-IPO and Post-IPO Share Option Schemes and a Restricted Share Award Scheme to incentivize employees. During the reporting period, **1.18 million** share options were granted under the Post-IPO Share Option Scheme, and **130,000** award shares were granted under the Restricted Share Award Scheme. The company revised relevant scheme terms and updated authorization limits in June 2024 - During the reporting period, **406,065** share options under the Pre-IPO Share Option Scheme were cancelled, and **80,000** were exercised[85](index=85&type=chunk) - During the reporting period, **1,180,000** new share options were granted under the Post-IPO Share Option Scheme, with an exercise price of **HKD 4.350**; an additional **120,000** share options lapsed[86](index=86&type=chunk)[87](index=87&type=chunk) - During the reporting period, **130,000** award shares were newly granted under the Post-IPO Restricted Share Award Scheme, with **88,000** shares vested and **157,037** shares lapsed[91](index=91&type=chunk)[92](index=92&type=chunk) [Use of Proceeds](index=42&type=section&id=Use%20of%20Proceeds) As of June 30, 2024, approximately **HKD 1.888 billion** (about **92.5%**) of the **HKD 2.043 billion** net proceeds from the Global Offering have been utilized, primarily for R&D and commercialization of core products KN046 and KN026. Approximately **HKD 39.4 million** of the **HKD 376 million** net proceeds from the 2023 Top-up Placement have been utilized, mainly for clinical trials of the ADC pipeline Use of Net Proceeds from Global Offering (As of June 30, 2024) | Purpose | Allocated Amount (HKD Millions) | Utilized Amount (HKD Millions) | Unutilized Amount (HKD Millions) | | :--- | :--- | :--- | :--- | | KN046 R&D and Commercialization | 1,021.3 | 947.7 | 73.6 | | KN026 R&D and Commercialization | 408.5 | 328.0 | 80.5 | | KN019 R&D | 102.1 | 102.1 | 0.0 | | Construction of New Suzhou Facilities | 306.4 | 306.4 | 0.0 | | Working Capital, etc. | 204.3 | 204.3 | 0.0 | | **Total** | **2,042.5** | **1,888.4** | **154.1** | Use of Net Proceeds from Top-up Placement (As of June 30, 2024) | Purpose | Allocated Amount (HKD Millions) | Utilized Amount (HKD Millions) | Unutilized Amount (HKD Millions) | | :--- | :--- | :--- | :--- | | JSKN003 Clinical Trials | 301.0 | 30.4 | 270.6 | | JSKN016 Clinical Development | 37.6 | 8.4 | 29.2 | | General Corporate Purposes | 37.6 | 0.6 | 37.0 | | **Total** | **376.2** | **39.4** | **336.8** | [Condensed Consolidated Financial Statements](index=45&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Principal Financial Statements and Notes](index=45&type=section&id=Principal%20Financial%20Statements%20and%20Notes) This section contains the condensed consolidated financial statements and related notes for the six months ended June 30, 2024, reviewed by Deloitte. The statements show total revenue of **RMB 174 million** and a loss for the period of **RMB 44.9 million**. Notes provide detailed explanations of accounting policies, revenue composition, various expenses, asset and liability positions, share-based payments, and related party transactions [Note 3: Revenue and Segment Information](index=54&type=section&id=Note%203%3A%20Revenue%20and%20Segment%20Information) The company's revenue primarily derives from drug sales and royalties, license fees, and provision of R&D goods. The company operates as a single reportable business segment. During the reporting period, three major customers contributed over **10%** of total revenue - The Group's business is managed and assessed as a single segment, with the vast majority of non-current assets located in China[123](index=123&type=chunk)[124](index=124&type=chunk) Major Customer Revenue Contribution (For the Six Months Ended June 30, 2024) | Customer | Revenue (RMB Thousands) | | :--- | :--- | | Customer A | 90,643 | | Customer B | 42,563 | | Customer C | 35,634 | [Note 16: Bank Borrowings](index=64&type=section&id=Note%2016%3A%20Bank%20Borrowings) As of June 30, 2024, the company's total bank borrowings amounted to **RMB 320 million**, an increase from **RMB 250 million** at the end of 2023. Of this, **RMB 200 million** were secured borrowings, with an effective annual interest rate ranging from **2.50%** to **2.87%** Bank Borrowings Composition (RMB Thousands) | Type | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Secured Bank Borrowings | 200,000 | 200,000 | | Unsecured Bank Borrowings | 120,000 | 50,000 | | **Total** | **320,000** | **250,000** | - Secured bank borrowings are collateralized by the Group's property, plant, and land use rights[150](index=150&type=chunk)[171](index=171&type=chunk) [Note 17 & 18: Share Capital and Share-based Payments](index=65&type=section&id=Note%2017%20%26%2018%3A%20Share%20Capital%20and%20Share-based%20Payments) During the reporting period, **80,000** ordinary shares were issued due to the exercise of share options. **1.18 million** new share options were granted under the Post-IPO Share Option Scheme, with fair value calculated using a binomial model. **130,000** award shares were newly granted under the Restricted Share Award Scheme. The notes detail the changes in each scheme and valuation model parameters - As of June 30, 2024, the total number of ordinary shares issued by the company was **964,923,807**[153](index=153&type=chunk) - The **1.18 million** share options newly granted on April 23, 2024, had an estimated total fair value of **HKD 2,048,689**, calculated using a binomial option pricing model[160](index=160&type=chunk)[161](index=161&type=chunk) - During the reporting period, unvested restricted shares changed from **1,051,068** at the beginning of the period to **936,031** at the end of the period[166](index=166&type=chunk)