Financial Performance - The company's revenue for Q1 2024 was CNY 330,434,802.62, representing a 96.41% increase compared to the same period last year[5]. - Total operating revenue for Q1 2024 was CNY 330,434,802.62, a significant increase from CNY 168,238,991.99 in Q1 2023, representing a growth of approximately 96.5%[18]. - Total operating costs for Q1 2024 reached CNY 682,453,542.19, compared to CNY 506,546,573.98 in Q1 2023, indicating an increase of about 34.7%[18]. - Net loss for Q1 2024 was CNY 348,921,696.49, compared to a net loss of CNY 323,774,631.80 in Q1 2023, showing an increase in loss of about 7.8%[19]. - The total comprehensive loss for Q1 2024 was CNY -372,204,285.59, compared to CNY -326,630,103.58 in Q1 2023, reflecting an increase in comprehensive loss of about 13.9%[19]. Cash Flow - The net cash flow from operating activities was a negative CNY 426,289,929.83[5]. - Cash flow from operating activities resulted in a net outflow of CNY -426,289,929.83 in Q1 2024, worsening from CNY -349,845,397.38 in Q1 2023[20]. - Cash flow from investing activities showed a net outflow of CNY -81,362,490.71 in Q1 2024, compared to CNY -584,089,411.54 in Q1 2023, indicating a reduction in outflow[21]. - Cash flow from financing activities generated a net inflow of CNY 401,987,661.35 in Q1 2024, contrasting with an outflow of CNY -47,838,016.27 in Q1 2023[21]. - The ending cash and cash equivalents balance as of Q1 2024 was CNY 619,732,575.42, down from CNY 1,086,332,437.19 at the end of Q1 2023[21]. Shareholder Information - The company reported a total of 5,422 common shareholders at the end of the reporting period[10]. - The top shareholder, HKSCC NOMINEES LIMITED, held 189,566,728 shares, accounting for 34.83% of total shares[10]. - The company had a total of 5,422 shareholders as of the reporting date, with 5,397 being A-share holders and 25 being H-share holders[12]. - The top 10 shareholders held a total of 189,566,728 shares, representing a significant portion of the company's equity[12]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 5,478,656,892.82, a decrease of 0.90% from the previous year[6]. - The total liabilities as of March 31, 2024, were RMB 2,400,104,697.08, compared to RMB 2,090,972,550.70 at the end of 2023, indicating an increase in liabilities[16]. - The total equity attributable to shareholders decreased to RMB 3,078,552,195.74 from RMB 3,437,268,153.89[17]. - The company reported a net loss of RMB 3,202,432,084.51 in retained earnings as of March 31, 2024, compared to a loss of RMB 2,853,510,388.02 at the end of 2023[17]. - The inventory increased to RMB 751,473,242.66 from RMB 741,559,576.19, reflecting a rise in stock levels[16]. - The company’s short-term borrowings rose significantly to RMB 574,000,648.97 from RMB 284,276,638.87, indicating increased leverage[16]. Research and Development - Research and development expenses totaled CNY 331,178,800.01, an increase of 32.62% year-on-year[6]. - The ratio of R&D expenses to revenue was 100.23%, a decrease of 48.20 percentage points due to the significant increase in revenue[6][9]. - Research and development expenses amounted to CNY 331,178,800.01 in Q1 2024, up from CNY 249,722,218.25 in Q1 2023, reflecting a rise of approximately 32.5%[18]. Earnings Per Share - Basic and diluted earnings per share were both -CNY 0.65[6]. - The company reported a basic and diluted earnings per share of CNY -0.65 for Q1 2024, compared to CNY -0.60 in Q1 2023[19].

Sales Performance - The sales of Taitasip for the treatment of systemic lupus erythematosus (SLE) saw significant growth in 2023, attributed to its inclusion in the national medical insurance drug list and a commercial team of over 700 professionals covering more than 2,300 hospitals in China[5]. - The sales of Vidiqi monoclonal antibody for the treatment of locally advanced or metastatic gastric cancer (including gastroesophageal junction adenocarcinoma) also experienced notable growth, supported by its inclusion in the national medical insurance drug list and a commercial team of over 600 professionals covering more than 2,000 hospitals in China[5]. - The company reported a significant increase in sales volume for both of its marketed products in 2023, reflecting strong market demand[5]. - The company's revenue increased from RMB 767.8 million in 2022 to RMB 1,076.1 million in 2023, driven by strong sales of its autoimmune product TaiTasi and oncology product VidiCim[30]. Clinical Development - The company initiated three Phase III clinical studies in 2023 for Taitasip, targeting IgA nephropathy, Sjögren's syndrome, and myasthenia gravis, with significant progress reported[5]. - The Phase III clinical trial for systemic lupus erythematosus (SLE) in China was completed in Q3 2022 with positive results, leading to NMPA approval in November 2023[11]. - The Phase III clinical trial for IgA nephropathy has been initiated in China in H1 2023, following positive results from a Phase II trial[13]. - The FDA approved the global Phase III IND for the treatment of adult primary Sjögren's syndrome (pSS) in December 2023[14]. - The company is currently conducting a Phase III clinical trial for HER2-expressing urothelial carcinoma patients and a Phase II trial for HER2-expressing invasive bladder cancer patients in China[6]. Research and Development - The company has established a comprehensive end-to-end drug development capability since its founding in 2008, focusing on unmet medical needs in China and globally[5]. - The company is focused on expanding its market presence both domestically and internationally, maintaining strong momentum in 2024[6]. - The company is developing multiple candidates, including RC88 (Mesothelin ADC), which has the potential to be the next first-in-class product[6]. - The company has a robust pipeline with over ten candidate drugs in various stages of clinical development targeting a wide range of indications[7]. - The company aims to develop more first-in-class and best-in-class products to meet unmet medical needs and provide substantial returns to shareholders[6]. Financial Performance - The company reported a net loss of RMB 1,511,229,000 for the year 2023, compared to a loss of RMB 998,830,000 in 2022[191]. - The net loss for the year was RMB 1,511,229 thousand, an increase from RMB 998,830 thousand in the previous year, indicating a worsening financial position[186]. - Basic loss per share for the year was RMB 2.80, compared to RMB 1.88 in 2022, showing a decline in shareholder value[186]. - Total revenue for 2023 reached RMB 1,076,130 thousand, a 40.1% increase from RMB 767,775 thousand in 2022[186]. - The company’s cash and cash equivalents decreased to RMB 726,552,000 in 2023 from RMB 2,069,180,000 in 2022, a decline of 64.9%[188]. Corporate Governance - The board consists of four executive directors, two non-executive directors, and three independent non-executive directors, ensuring compliance with listing rules regarding independence[59]. - The company has maintained compliance with corporate governance codes throughout the fiscal year ending December 31, 2023[58]. - The board is committed to high standards of corporate governance to protect shareholder interests[58]. - The company has implemented a robust internal control and risk management system, overseen by the board of directors[61]. - The company has purchased liability insurance for directors and senior management to cover potential legal responsibilities[61]. Risk Management - The company faces risks related to delays in clinical development and regulatory approvals, which could severely impact its business[102]. - The company has implemented a risk management framework to identify, assess, and monitor key risks related to its strategic objectives[87]. - The audit committee has conducted an annual review and is confident in the implementation and effectiveness of the group's risk management and internal control procedures[88]. - The company has established a mechanism for the board to obtain independent opinions and advice, ensuring effective governance practices[72]. - The company warns that it cannot ensure the successful development and commercialization of its drug candidates, urging shareholders and potential investors to act cautiously[20][24][27]. Shareholder Engagement - The company emphasizes the importance of maintaining effective communication with investors to enhance transparency and mutual understanding[96]. - The company encourages shareholder participation in meetings to express concerns and provide feedback to the board[95]. - The company has made amendments to its articles of association to improve governance in accordance with regulatory requirements[97]. - The company has not disclosed any significant interests held by the controlling shareholder in contracts important to the group's business during the reporting period[115]. - The company has established employee incentive platforms holding a total of 102,381,891 A-shares as of December 31, 2023[145]. Future Outlook - The company aims to commercialize TaiTasi and VidiCim in China and expand their market presence in 2024[30]. - The company plans to enhance market penetration for Vidiqi monoclonal antibody in 2024 through continued efforts in the oncology sector[5]. - The company plans to utilize all remaining unutilized A-share issuance funds by December 31, 2024, based on current market conditions[44]. - The company aims to enhance its long-term incentive mechanism to attract and retain talent, aligning the interests of shareholders, the company, and core team members[136]. - The company plans to expand its market presence with new product launches and technology developments in the upcoming quarters[124].

Investment Rating - The report downgrades the investment rating of Rongchang Biopharmaceutical (9995.HK) to "Hold" from a previous rating, maintaining a target price of HKD 33.0, indicating a potential upside of 12% from the current price of HKD 30.0 [1][2]. Core Views - The company is expected to achieve a revenue growth of over 50% year-on-year in 2024, driven by its innovative drugs RC18 and RC48. However, the lack of clear guidance on the international launch timeline for its product Tai Tasi Pu has led to the downgrade in rating [1][2]. - The company reported a revenue of RMB 1.08 billion in 2023, reflecting a year-on-year increase of 40.2%, with product sales contributing RMB 1.05 billion, up 42.1% year-on-year. The net loss attributable to shareholders was RMB 1.51 billion, a 51.3% increase year-on-year [1][2]. - The report highlights that the company has sufficient cash flow to sustain operations for approximately three years, with a cash balance of RMB 727 million at the end of 2023 and a net cash burn of RMB 1.5 billion for the year [1][2]. Financial Performance - The report provides a financial forecast indicating that revenue is expected to grow to RMB 1.61 billion in 2024, representing a 49.9% year-on-year increase, and further to RMB 2.52 billion in 2025 [6][7]. - The gross profit margin for product sales improved to 75.9% in 2023, an increase of 12.4 percentage points year-on-year, primarily driven by the sales growth of innovative drugs [1][2]. - The report anticipates that research and development expenses will rise to RMB 1.5 billion in 2024, reflecting the ongoing clinical trials for core products [1][2]. Key Catalysts - Major catalysts for 2024 include potential international licensing for RC18, approval for RA indications in China, and data readouts for RC48 and RC88 in clinical trials [1][2]. - The management expressed confidence in achieving the revenue guidance for 2024, citing strong sales performance in the first quarter [1][2].

M N 2 Apr 2024 CMB International Global Markets | Equity Research | Company Update RemeGen (9995 HK) Awaiting the fruition of overseas BD collaborations RemeGen recorded RMB1.08bn of revenue in FY23, including RMB1.05bn from Target Price HK$41.72 product sales (+42% YoY), contributed equally by RC18 and RC48. In FY23, (Previous TP HK$57.65) GP margin (vs product sales) increased to 76.9% (vs 63.4% in FY22). Selling Up/Downside 53.7% expense ratio (vs product sales) increased from 60% in FY22 to 74% in FY23, ...

海 外 研 证券研究报告 究 ＃industryId＃ 医疗保健业 ＃investSuggestion＃ ＃ ＃09995 .HK ＃荣dy昌Com生pa物ny＃ 港股通（沪/深） 增持 ( i维 nve持 stS ） dyStockco uggesti d e＃ ＃title＃ onChan 管线全球进展顺利，销售表现稳健 ge＃ ＃市场ma数rk据et Data＃ ＃createTime1＃ 2024年 04月 03日 日期 2024-04-02 公 收盘价（港元） 27.65 投资要点 司 ＃summary＃ 总股本（百万股） 544.33 ⚫ 事件：公司公告2023年年报，2023年实现营业收入10.76亿元，同比增 点 流通股本（百万股） 189.58 长40.16%，实现归母净利润-15.11亿元（2022年同期为-9.99亿元）。 评 净资产（百万元） 3437.27 报 总资产（百万元） 5528.24 ⚫ 点评：公司泰它西普和维迪西妥单抗2023年销售保持稳健增长，两个产 告 每股净资产（元） 6.31 品医院药品准入进展顺利，泰它西普多个适应症全球持续进展，有望逐 数据来源：Wind，兴业 ...

股 票 研 究 [Table_industryInfo] 医药 [ Table_Main[荣I Tnaf 昌bol]e 生_Ti物tle]（ 9995） [评Tab级le_：Inv est] 增持 当前价格（港元）： 25.65 业绩符合预期，商业化有望加速兑现 2024.03.29 海 ——荣昌生物2023 年报点评 [ 交Ta易bl数e_M据a rket] 外 丁丹(分析师) 甘坛焕(分析师) 52周内股价区间（港元） 15.22-52.00 当前股本（百万股） 544 公 0755-23976735 021-38675855 当前市值（百万港元） 13,962 司 dingdan@gtjas.com gantanhuan028803@gtjas.com 证书编号 S0880514030001 S0880523080007 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 2023年两款药物销售额均超 5亿元，泰它西普MG适应症预计年底提交NDA，RC48 荣昌生物 恒生指数 香 国内外提线临床进展顺利，预计2024年产品收入增速超50%。维持“增持”评级。 10% 摘要： ...

交银国际研究 公司更新 医药 收盘价 目标价 潜在涨幅 2024年3月28日 港元27.15 港元56.00↓ +106.3% 荣昌生物 (9995 HK) FY23 产品收入强劲，FY24 重点关注泰它西普海外进展，维持买入评级  FY23 产品收入强劲，1H24 高增长可期：2023 年收入 10.76 亿元（同比 个股评级 +40.2%），其中产品收入10.49亿元（+42.1%），维迪西妥和泰它西普分 买入 别录得 5.3 亿/5.2 亿元（+56%/+32%）。净亏损 15.11 亿元（同比扩大 +51.3%）。截至2023年末，公司银行结余及现金7.27亿元，银行授信约 40亿元。销售费用7.75亿元（+75.9%），费用率72%（+15百分点）；研 1年股价表现 发费用13.06亿元（+33.0%）。进入2024年，公司预计全年产品销售增长 9995 HK 恒生指数 50%以上（即15.7亿元以上），四个季度的爬坡曲线将相对平缓。考虑到 20% 10% 1H23在销售策略调整等因素的影响下，收入基数较低，而商业化团队扩 0% -10% 张和培训优化已基本完成，我们看好公司在1H24的收入环比和 ...

Financial Performance - The company's product sales revenue for the year ended December 31, 2023, was approximately RMB 1,049.2 million, representing a 42.1% increase from RMB 738.2 million in the same period last year[2]. - For the year ended December 31, 2023, the company's revenue was RMB 1,076.1 million, an increase from RMB 823.0 million[6]. - Revenue increased from RMB 767.8 million in 2022 to RMB 1,076.1 million in 2023, driven by strong sales of the autoimmune product TaiTasi and the oncology product Vidisic[31]. - The net loss increased from RMB 998.8 million in 2022 to RMB 1,511.2 million in 2023[40]. - The company reported a net loss attributable to ordinary equity holders of RMB 1,511,229,000 for 2023, compared to a loss of RMB 998,830,000 in 2022[79]. - Other income and gains decreased from RMB 232.5 million in 2022 to RMB 110.6 million in 2023, primarily due to a reduction in government subsidies by RMB 75.6 million[32]. - The company incurred a net loss of RMB 1,511.2 million for the year, compared to a net loss of RMB 998.8 million in 2022, leading to a basic loss per share of RMB 2.80, up from RMB 1.88[48]. Research and Development - The company has a robust pipeline with over ten candidate drugs in various stages of clinical development targeting multiple indications[8]. - The company initiated a Phase III clinical trial for RC28-E injection for wet age-related macular degeneration (wAMD) in China in January 2023[4]. - The company is currently conducting late-stage clinical trials for RC18 to explore its potential in treating various autoimmune diseases[9]. - The company completed a Phase III clinical trial for systemic lupus erythematosus (SLE) in China, achieving positive results and receiving full NMPA approval in November 2023[10]. - The company is conducting a Phase III trial comparing RC48 combined with chemotherapy for treating HER2-expressing locally advanced or metastatic urothelial carcinoma, with progress reported as smooth[18]. - The company has successfully renewed the inclusion of its drug in the national medical insurance catalog by the end of 2023[17]. - The company is actively assessing the potential of RC18 for treating other autoimmune diseases, although success cannot be guaranteed[15]. Regulatory Approvals - Tai'taixip received FDA approval for a Phase III clinical trial for the treatment of generalized myasthenia gravis (gMG) in January 2023, and was granted Fast Track Designation[3]. - Vidi's monoclonal antibody received NMPA approval for multiple clinical trials, including treatment for HER2-positive breast cancer and advanced solid tumors throughout 2023[4]. - RC88 received FDA approval for a Phase II IND for treating gynecological tumors in December 2023[5]. - The company received FDA approval for a global Phase III trial of the treatment for primary Sjögren's syndrome (pSS) in December 2023[13]. - The company received CDE approval in April 2023 for the Phase II IND of Vidisicimab combined with Trastuzumab injection (brand name: Tuoyi®) for HR-positive, HER2-low expressing breast cancer patients[20]. Commercialization and Market Strategy - The company has commercialized two products, RC18 (brand name: 泰愛®) and RC48 (brand name: 愛地希®), and is conducting clinical trials for over 20 indications in China and the United States[7]. - The company has established a sales and marketing department focused on the commercialization of pipeline products, with independent sales teams for autoimmune and oncology fields[28]. - The company is focused on commercializing TaiTasi and Vidisic in China while accelerating clinical trials and regulatory submissions for pipeline products[30]. - The company is expanding its market presence through targeted marketing strategies and direct interactions with key opinion leaders and physicians[28]. Financial Position and Assets - The company's bank balance and cash as of December 31, 2023, amounted to RMB 726.6 million[6]. - Total non-current assets increased to RMB 3,299.3 million as of December 31, 2023, from RMB 2,809.1 million in 2022, driven by growth in property, plant, and equipment[50]. - Current assets decreased to RMB 2,228.9 million in 2023 from RMB 3,212.1 million in 2022, with cash and cash equivalents significantly dropping to RMB 726.6 million from RMB 2,069.2 million[50]. - The company's total liabilities increased to RMB 1,137.5 million in 2023 from RMB 892.3 million in 2022, with interest-bearing bank borrowings of RMB 286.3 million reported for the first time[51]. Corporate Governance - The company has adopted corporate governance principles and has complied with all applicable codes during the fiscal year[44]. - The audit committee reviewed the financial statements and confirmed that the annual performance complies with applicable accounting standards and regulations[45]. - The financial statements are prepared in accordance with the International Financial Reporting Standards and presented in RMB[55]. Employee and Compensation - The total number of employees as of December 31, 2023, is 3,615, with total compensation costs amounting to RMB 1,152.3 million, an increase from RMB 810.7 million in 2022, primarily due to an increase in employee count and salary levels[43].

Financial Performance - The company's operating revenue for Q3 2023 was approximately CNY 347.04 million, representing a year-on-year increase of 58.28%[6]. - The net profit attributable to shareholders for Q3 2023 was a loss of CNY 327.23 million, with a cumulative loss of CNY 1.03 billion for the year-to-date[6]. - Total operating revenue for the first three quarters of 2023 reached RMB 769,470,314.65, a significant increase of 35% compared to RMB 569,635,902.97 in the same period of 2022[20]. - Net profit for the first three quarters of 2023 was a loss of RMB 1,030,585,859.60, worsening from a loss of RMB 688,219,233.92 in the same period of 2022[21]. - The company experienced a total comprehensive loss of RMB 1,038,494,630.57 in 2023, compared to a loss of RMB 680,108,752.02 in 2022[22]. Research and Development - Research and development expenses totaled CNY 317.52 million in Q3 2023, an increase of 49.16% compared to the same period last year[7]. - The ratio of R&D expenses to operating revenue was 91.49%, a decrease of 5.59 percentage points year-on-year[7]. - The company continues to invest heavily in R&D to support its drug pipeline and clinical trials, leading to increased operational costs[12]. - Research and development expenses increased to RMB 857,977,852.40 in 2023, compared to RMB 662,541,383.59 in 2022, marking a 29.5% rise[21]. Assets and Liabilities - Total assets at the end of Q3 2023 were approximately CNY 5.51 billion, down 8.42% from the end of the previous year[7]. - The equity attributable to shareholders decreased by 20.56% year-on-year, amounting to approximately CNY 3.96 billion[7]. - The company's total assets as of September 30, 2023, amount to ¥5,514,357,338.62, a decrease from ¥6,021,189,680.87 at the end of 2022[19]. - Current assets total ¥2,235,196,172.88, down from ¥3,212,137,039.58 in the previous year[18]. - The total liabilities as of September 30, 2023, are ¥1,558,115,861.03, compared to ¥1,040,890,051.43 in the previous year[19]. Cash Flow - The company reported a net cash flow from operating activities of CNY -1.11 billion for the year-to-date[7]. - Cash flow from operating activities showed a net outflow of RMB 1,114,762,180.68 in 2023, compared to a net outflow of RMB 1,080,292,854.28 in 2022[23]. - Cash inflow from investment activities totaled RMB 846,955,292.55 in 2023, while cash outflow was RMB 1,767,323,954.74, resulting in a net outflow of RMB 920,368,662.19[24]. - The company reported cash and cash equivalents at the end of Q3 2023 amounting to RMB 546,094,957.35, down from RMB 1,967,108,319.61 at the end of Q3 2022[24]. - The company has a total of ¥609,013,239.33 in cash and cash equivalents, down from ¥2,187,326,306.04[18]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 5,045[13]. - HKSCC NOMINEES LIMITED holds 189,566,228 shares, accounting for 34.83% of total shares[14]. Market Strategy - The increase in operating revenue was primarily driven by higher sales of injectable drugs, including TaiTasi and VidiXimab[11]. - The company is focusing on expanding its market presence and developing new products and technologies[16].

Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 419,073 thousand, representing an increase of 20.1% compared to RMB 348,779 thousand for the same period in 2022[8]. - Gross profit for the first half of 2023 was RMB 316,418 thousand, up from RMB 181,274 thousand in the same period of 2022, indicating a significant improvement in profitability[8]. - The company reported a pre-tax loss of RMB 703,362 thousand for the first half of 2023, compared to a loss of RMB 489,126 thousand in the same period of 2022[8]. - The net loss for the period was RMB 703,362 thousand, compared to a net loss of RMB 489,126 thousand in the previous year, indicating a 43.8% increase in losses[104]. - The company reported a basic loss per share of RMB 1.30 for the period, compared to RMB 0.96 in the same period last year[104]. - The company's total comprehensive loss for the period was RMB 709,024 thousand, compared to a loss of RMB 486,630 thousand in the previous year[108]. Assets and Liabilities - Total assets as of June 30, 2023, amounted to RMB 5,831,113 thousand, a decrease from RMB 6,021,191 thousand as of December 31, 2022[8]. - Total liabilities as of June 30, 2023, were RMB 1,535,961 thousand, an increase from RMB 1,040,891 thousand as of December 31, 2022[8]. - The total equity as of June 30, 2023, was RMB 4,295,152 thousand, down from RMB 4,980,300 thousand as of December 31, 2022[8]. - The company's total current assets decreased to RMB 1,264,418,000 as of June 30, 2023, from RMB 2,187,942,000 at the end of 2022[133]. - The company's cash and cash equivalents decreased to RMB 1,119,661 thousand as of June 30, 2023, down from RMB 2,069,180 thousand at the end of 2022[133]. Research and Development - Research and development expenses increased to RMB 540,453 thousand in the first half of 2023, compared to RMB 449,672 thousand in the same period of 2022, reflecting the company's commitment to innovation[8]. - The company is conducting late-stage clinical trials for its proprietary drug, RC18 (brand name: Tai'ai®), targeting eight autoimmune diseases[12]. - The company has over ten drug candidates in its pipeline, with seven in clinical development targeting more than twenty indications[9]. - The company is focusing on the development of its lead antibody-drug conjugate (ADC), RC48, for treating HER2-expressing solid tumors, with multiple late-stage clinical trials ongoing in China[22]. Market and Product Development - The company aims to become a leading player in the global biopharmaceutical industry, focusing on innovative biologics for unmet medical needs[9]. - The commercialization team for autoimmune products has gained access to over 600 hospitals as of June 30, 2023, following the inclusion of Taitasip in the national medical insurance catalog[35]. - Revenue from the Chinese market was RMB 416,118 thousand, up 26.5% from RMB 328,668 thousand in 2022[123]. - The company plans to launch two new products by the end of 2023, targeting a market expansion of 15% in the oncology sector[173]. Shareholder and Equity Structure - As of June 30, 2023, the company’s total shares outstanding are 544,263,003, including 354,681,764 A-shares and 189,581,239 H-shares[2]. - Major shareholders include RongChang Holding Group LTD., which holds approximately 53.20% of A shares and 12.79% of H shares, reflecting significant control over the company[66]. - The company has granted restricted shares under the 2022 A-share incentive plan to several executives, indicating a commitment to align management interests with shareholder value[64]. - The ownership structure suggests potential stability in management decisions, as major shareholders are also involved in the company's strategic direction[63]. Financial Management and Governance - The independent auditor, Ernst & Young, reviewed the interim financial information and found it compliant with applicable accounting standards and regulations[97]. - The company has adopted the corporate governance code and has complied with all applicable code provisions during the reporting period[95]. - The company confirmed that all directors and supervisors complied with the standard code of conduct for securities trading during the reporting period[96]. - The company did not declare or pay any dividends for the six months ended June 30, 2023, consistent with the previous year[128]. Future Outlook - The company plans to utilize all remaining unutilized proceeds by December 31, 2023, based on the best estimates of future market conditions[54]. - The company has set a revenue guidance of RMB 1 billion for the full year 2023, indicating a growth target of 20%[173]. - The company is exploring potential mergers and acquisitions to enhance its product portfolio and market reach[173]. - The company anticipates a positive outlook for the next fiscal year, driven by strong user engagement and innovative product offerings[81].